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FRIDAY 25 MARCH 2022

ISSUE 3,707

CITYAM.COM

P&O BOSS SAILS INTO CHOPPY WATERS EXPLAINING REDUNDANCY DECISION IN WESTMINSTER

ILARIA GRASSO MACOLA AND LOUIS GOSS P&O BOSS Peter Hebblethwaite yesterday admitted the ferry operator broke the law by failing to consult employees and unions before firing 800 people. Hebblethwaite told MPs there was “absolutely no doubt” P&O broke UK employment laws, as he admitted the firm “chose not to consult” employees and unions. “We chose not to consult and we are,

and will, compensate everybody in full for that,” the chief executive said as he appeared before a parliamentary committee. Hebblethwaite argued that the layoffs had been an “incredibly difficult decision” but necessary to save the company from bankruptcy. The company head faced a grilling from MPs over the legality of P&O’s decision to fire all 800 of its employees via a

pre-recorded video call. Hebblethwaite admitted those set to replace the fired seafarers will be paid below the UK minimum wage, at rates of just £5.50 an hour, whilst in international waters. The P&O boss faced calls to stand down from his position, as he claimed he had informed transport secretary Grant Shapps of plans to lay off employees.

Select committee chairman Huw Merriman said it was “untenable to come to Parliament and say you have decided to break the law,” while cochairman Darren Jones said he had never seen “such a flagrant disrespect” for the UK legal system. Lawyers speaking to City A.M. called on the government to “make an example out of P&O” with Martin Williams, head of employment at Mayo Wynne, claiming it is cheaper for companies to “cynically break the law” and pay the price, than follow it.

FREE SPRING STATEMENT

Sunak taken to task over tax maths JACK BARNETT TOP POLICY wonks yesterday slammed chancellor Rishi Sunak’s decision to push ahead with the national insurance hike while cutting the basic rate of income tax as “indefensible”. All of the windfall households will receive from lower income tax bills will be offset by fiscal drag and a 1.25 percentage point national insurance rise and other tax raising measures, the Institute for Fiscal Studies (IFS) said. Sunak’s tax tweaks proved him to be a “fiscal illusionist,” Paul Johnson, director at the IFS, said, adding “he told us that he cut taxes… but [he] also allowed taxes to rise”. “On current plans… the income tax take will stay about the same as in the previous year, and then continue rising. That’s the effect of inflation and fiscal drag,” he added. Fiscal drag occurs when an individual pays more tax on each additional pound they earn due to frozen tax thresholds. Figures released this week revealed inflation hit a new 30year high of 6.2 per cent. Sunak promised to slash the basic rate of income tax by 1p in the pound by 2024. He also raised the national insurance threshold by around £3,000, a pair of decisions Johnson said was “indefensible”.

INSIDE COST OF LIVING CRUNCH P4 UKRAINE THE ‘END OF GLOBALISATION’ P7 LLOYDS’ SKY HIGH PROFITS P9 P&O AND THE HABIT OF EXPLOITATION P19 SIX NATIONS P23

NEWS

CITYAM.COM

FRIDAY 25 MARCH 2022

STANDING UP FOR THE CITY

P&O’s makeover pledge is no quick fix to navigate the ship storm

F ONE of London’s esteemed public relations agencies was involved in the briefing of P&O boss Peter Hebblethwaite before his appearance in front of a parliamentary committee yesterday, it would perhaps be wise for said firm not to put it in their next pitch document. In the annals of disastrous select committee hearings, this was right up there: a slow-motion ferry crash televised across most major networks.

THE CITY VIEW It’s no surprise that Hebblethwaite reported that bookings had taken a hit in the aftermath of the very public, horrendously handled redundancies of 800 workers last week. The reputational hit that

Hebblethwaite described yesterday will only get worse. There is no question that P&O felt the need to make significant changes to its operating model. There is nothing wrong with that; it is the nature of business, and as a firm that deals in leisure travel and freight the pandemic was a perfect storm the like of which is rarely seen on the usually placid waters of the English channel. But by God did it handle its

business poorly. One wonders about the stewardship of DP World. Hebblethwaite, surely, understands the outsized role that P&O plays in the British imagination: the company synonymous with everything from day trips to Le Touquet and the democratisation of foreign travel to the none-so-British booze cruise. Did the Dubai owners not understand the backlash they

DANCING IN THE BREEZE Golden daffodils stretch in the gardens of Alnwick castle, the Northumberland stately home used to film Downton Abbey, which re-opens today

would meet? There seems little way out now for the firm other than to take its political, public and (possibly) legal punishment, hope to survive it, and pray that its new operating model of barely-paid staff keeps it afloat. But there will be precious little sympathy or thanks for those at the top who have run their own brand, and that of business as a whole, into very choppy seas indeed.

WHAT THE OTHER PAPERS SAY THIS MORNING THE DAILY TELEGRAPH

SPIRALLING PRICES RISK SPARKING RIOTS ACROSS UK, WARNS FRENCH BANK

The cost of living crisis risks sparking a wave of rioting in Britain because its economy is one of the most fragile in Europe, French investment bank BNP Paribas has warned.

THE TIMES

SPAIN’S FORMER KING JUAN CARLOS FACES UK TRIAL FOR HARASSING EX-LOVER

Spain’s former king may still be taken to court after a British judge ruled that he was not immune from prosecution in a case of harassment brought by his ex-lover.

THE FINANCIAL TIMES

RUSSIA’S SEVERSTAL ON VERGE OF DEFAULT AS CITI BLOCKS INTEREST PAYMENT

Severstal would become the first major Russian firm to default since the invasion of Ukraine, after Citigroup blocked an interest payment from the company that is majority owned by oligarch Mordashov.

Rail regulator prosecutes TfL and TOL over 2016 Croydon tram crash ILARIA GRASSO MACOLA THE OFFICE of Rail and Road (ORR) announced yesterday it was prosecuting Transport for London (TfL) and Tram Operations Limited (TOL) over their involvement in the 2016 Croydon crash. The railway regulator said its prosecution would allege that both TfL and TOL breached health and safety law, as they failed to “ensure passengers’ safety” aboard the network. Driver Alfred Dorris would also face criminal charges, the ORR said. “Following a detailed and thorough investigation, we have taken the decision to prosecute Transport for London, Tram Operations Limited and driver Alfred Dorris for what we believe to be health and safety failings,”

said ORR’s chief inspector of railways Ian Prosser. “We have made a fair, independent and objective assessment about what happened , and it is now for the court to consider if any health and safety law has been breached.” The hearing is expected to take place at Croydon Magistrates’ Court, with a date to be set shortly. A TfL spokesperson said the body would consider the proceedings once filed, while TOL said it would cooperate in full with the legal process. Seven passengers were killed and 51 injured on 9 November 2016 in Croydon, when a tram toppled over and spun off tracks after hitting a curve 33mph faster than the legal limit. Driver Alfred Dorris was arrested at

the scene but in July a court ruled out the crash as an accident. The verdict was deemed a “total farce” by the victims’ families as coroner did not summon representatives from either TfL or TOL to give evidence. Coroner Sarah Ormond-Walshe instead relied on evidence from the Rail Accident Investigation Board (RAIB), who said Dorris had a “micro-sleep” which caused him to be disoriented before the curve. But as official documents seen last year by City A.M. showed, TfL had been told about driver fatigue on the tram network more than two years before

the crash. Fatigue management was highlighted by an independent audit of Croydon Tramlink as one of the “seven weaknesses” the network suffered from in terms of In November 2016 a tram toppled over and spun off tracks in Croydon safety management. Even though TfL made note of this in its own report that same month, it gave Tramlink the highest safety rating. Commenting on the ORR’s decision to prosecute, Ben Posford, the families’ lead solicitor said: “This comes as

welcome news for the families of the victims of the Croydon tram crash who have been fighting for years for justice. “Their hopes of a criminal prosecution and an unlawful killing conclusion were dashed, so I hope they can get some solace from this latest bid to prosecute TfL, TOL and Dorris.” Danielle Wynne, granddaughter of one of the victims, told PA news agency the prosecution had come as “a little sense of relief,” after six difficult years. “I will be in that courtroom, I will be there however long it takes, every step of the way, it’s for them, it’s justice for our loved ones and I don’t want their lives to have been lost for nothing, because that’s what it feels like at the moment.”

FRIDAY 25 MARCH 2022

CITYAM.COM

Russian closures hit Next as firm to hike prices EMILY HAWKINS FASHION retailer Next has lowered its profit guidance by £10m after it stopped sales in Ukraine and Russia. The high street name also shrunk its sales guidance for the 2022/2023 year by £85m, a two per cent dip. In results published yesterday, it anticipated full price sales would rise five per cent and group profits would hit £850m, a 3.3 per cent boost. However, the firm warned prices would increase by an average of eight per cent, sending shares down over three per cent yesterday afternoon. An improved outlook for UK retail sales would mitigate the expected loss of lower margin sales overseas and the associated cost of increased markdown, Next noted. The closure of its Ukrainian and Russian businesses was forecast to come at an £18m loss to profit before the UK’s performance was factored in.

It marked pre-tax profit of £823m, a 140 per cent rise on the year prior, for the year to January 2022. The retailer said its performance last year had exceeded expectations, despite several months of physical retail closures due to Covid lockdowns. There has been a “very sharp reversal” of lockdown fashion trends, with shoppers ditching casual clothes for more formal options once more. “We’re seeing a return to pre-pandemic trends,” Next boss Lord Wolfson told City A.M. yesterday afternoon. Shoppers were also hunting for more investment pieces and picking up fewer cheaper items, Wolfson added. The chief executive officer said the company was assuming its Ukraine operation would remain closed for the rest of the year. Wolfson said he did not want to “get into the whys and wherefores” of how long its Russian sites may remain shut.

NEWS

Apollo £6bn: US giant gears up for Boots bid ANNA MOLONEY

The CMA warned the private equity takeover could raise fuel prices at 121 forecourts

Watchdog: Morrisons takeover could lead to higher fuel prices EMILY HAWKINS THE COMPETITION watchdog has said Morrisons’ blockbuster private equity takeover could lead to higher fuel prices. Clayton, Dubilier & Rice (CD&R)’s £7bn takeover of the supermarket could lead to higher fuel prices in 121 locations where both firms own

forecourts, the regulator said. The Competition and Markets Authority (CMA) said it has concerns about the supply of petrol. CD&R owns the Motor Fuel Group (MFG), the largest independent UK operator of petrol stations, with 921 petrol stations, under brands such as Esso, BP and Shell. It has five days to submit plans.

US INVESTMENT giant Apollo has become a major frontrunner in the bidding race for the UK’s biggest high street chemist, as it lines up banks to finance a £6bn takeover offer for Boots. The New York-based firm is in talks with Bank of America, Credit Suisse and Royal Bank of Canada to support the bid, according to Sky News which first reported the news yesterday. Apollo and Asda are now thought to be the the only serious contenders to take over the high street giant after initial frontrunners Bain and CVC abandoned their joint bid in February. Sycamore is also not thought to have committed to a bid. A new round of bids is expected next month. With over 50,000 employees and 2,000 stores, the sale of the Walgreens-owned firm will mark the takeover of one of the UK’s biggest private sector employers. Walgreens, which snapped up the firm in 2014, started exploring the sale in December. The process is being run by Goldman Sachs.

NEWS

FRIDAY 25 MARCH 2022

CITYAM.COM

Cost of living crunch already dealing blow to UK economy as sales cool

Living standards collapse since financial crisis JACK BARNETT THE AVERAGE UK household is expected to have foregone £11,000 in real income growth by 2027 compared to pre-financial crisis trends, according to fresh analysts released by the Institute for Fiscal Studies yesterday in the wake of chancellor Rishi Sunak’s spring statement. Meanwhile, UK living standards will fall quicker over the course of this parliament than any other since records began, according to the Resolution Foundation (the Foundation). The typical non-retired household is forecasted to be two per cent worse off by the time of the next election. “Although incomes are forecast to grow in 2024/25 – aided by the income tax cut – and future years – driven by growing real wages – the outlook over the next few years taken together is very poor,” the Foundation said. Sunak announced at this week’s spring statement the threshold at which workers start paying national insurance will rise £3,000 from July, effectively a tax cut to help ease a once in a generation cost of living squeeze. He also promised to cut the basic rate of income tax by 1p in the pound to 19

per cent by 2024. But independent forecasters said the changes will be cancelled out by scheduled tax hikes. Living standards are being eroded by a combination of global factors that are fuelling inflation in the UK and across rich nations. Russia’s invasion of Ukraine has sent oil and gas prices soaring, raising petrol costs and energy bills. An ongoing global supply crunch and a gumming up in crucial trade flows triggered by the pandemic has engineered shortages of goods and services, putting upward pressure on prices. A labour squeeze has also intensified pay pressures. Fresh figures published by the Office for National Statistics this week revealed inflation in the UK hit a 30-year high of 6.2 per cent. It is expected to peak at somewhere near nine per cent. However, the cost of living in Europe is running at the same level. In the US, it is even higher, hitting a 40-year high of 7.9 per cent. Living standards fall when incomes fail to keep up with the rate of price rises.

households’ real disposable income comes under mounting pressure,” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said. UK households will be hit by the sharpest drop in living standards since the mid 1950s this year, according to the government’s fiscal watchdog, Office for Budget Responsibility. Tombs “expect[s] the recovery in households’ real expenditure to slow to a crawl over the coming months” as a result.

Consumers are slashing spending to alleviate pressure on their finances due to inflation

‘Wall of worry’ hits household confidence

TAXES AS A SHARE OF THE ECONOMY Source: OBR

Historical data

2010-11 onwards, magnified scale

36 34

Percent of GDP

THE DAMAGE the cost of living squeeze is inflicting on UK households is already starting to weigh on the economy as an already 30-year inflation rate is set to trend even higher. A fresh flurry of data released yesterday revealed consumers are slashing spending to alleviate pressure on their finances caused by inflation reaching a three decade high of 6.2 per cent.

Seasonal retail sales slowed to a net balance of minus 23 per cent this month and are expected to remain below historical standards in the coming months, according to the Confederation of British Industry. The second quickest rise in costs recorded led firms to raise prices to protect margins at the fastest pace since records began in 1999, according to the latest purchasing managers’ index from S&P Global. Spending is “gradually trending back towards pre-Covid levels, as

March 2020 forecast October 2021 forecast March 2022 forecast Outturn

30 28

JACK BARNETT

26 1948

1958-59 1968-59 1978-79 1988-89 1998-99 2010-11

2014-15

2018-19

2022-23

2026-27

CHANGES IN REAL INCOME PER PERSON Source: OBR Percentage change on a year earlier

JACK BARNETT

FORECAST

8 7 6 5 4 3 2 1 0 -1 -2 -3

2004-2005

2010-2011

2016-2017

2022-2023

AVERAGE REAL ANNUAL EARNINGS

Source: IFS

45,000

Tend 1990-2008

40,000

£11,000

35,000 30,000

OBR forecast

25,000 20,000 15,000

2008

2018

2027

“A WALL of worry” made up of a 30year high inflation rate, the Russia-Ukraine war and looming tax hikes is plaguing UK households, reveals a closely watched survey released today. Brits’ optimism dropped five points to minus 31 this month marking the fourth month in a row consumer confidence has fallen, according to research firm GfK. Worryingly, the survey was carried out before a string of bleak forecasts revealed the scale of the hit to UK living standards this year. Britain’s fiscal watchdog, the Office for Budget Responsibility, is forecasting the worst drop in living standards for around 70 years this year partly caused by inflation averaging over seven per cent across the whole of 2022. The cost of living is already running at 6.2 per cent, its highest level since 1992, prompting the Bank of England to hike interest rates to pre-pandemic levels of 0.75 per cent. “A wall of worry is confronting consumers this month,” Joe Staton, client strategy director at GfK, said. “Consumers across the UK are experiencing the impact of soaring living costs with 30-year-high levels of inflation, record-high fuel and food prices, a recent interest-rate hike and... higher taxation too,” Staton added.

Moscow Stock Exchange reopens for first time in a month – as shares rise JACK BARNETT

Moscow’s benchmark Moex index closed over four per cent higher yesterday

THE MOSCOW Stock Exchange partially reopened yesterday after trading in shares was frozen for more than three weeks as authorities tried to avoid a collapse in Russian equity prices. Shares actually rose after trading resumed, with Moscow’s benchmark

index closing up over four per cent. The index is still down around 30 per cent over the year so far. Trading resumed in 33 of the 50 shares in the Russian equity benchmark, including Gazprom, Sberbank, Rosneft and VTB Bank, for a shortened trading session running from 9.50am to 2pm Moscow time. Exchanges were permitted to be

settled in either dollars or roubles. However, foreign investors were locked out from selling shares until 1 April. All money must remain in Russia even after traders ditch their holdings. Russian companies have been hobbled by Western sanctions designed to plunge the Russian economy into turmoil.

CITYAM.COM

FRIDAY 25 MARCH 2022

Shell boosts UK energy strategy with £25bn boost NICHOLAS EARL SHELL will invest up to £25bn in the country’s energy systems over the next decade, revealed UK country chair David Bunch yesterday. He said: “I can announce that Shell UK is planning to invest between £20bn and £25bn into the UK energy system over the next decade.” He revealed 75 per cent of the investment will be in low and zero-carbon products and services, including offshore wind, hydrogen and electric mobility. The ramped-up spending, which is subject to board approval, is intended to boost the UK’s net zero ambitions and ensure the security of its domestic energy supplies. Bunch also called on the government to support the energy transition with a clear strategy, warning that “Shell cannot act alone.” He said: “Investing this money requires urgency of action across government to deliver the enabling policy and business case frameworks. These must address both the supply and demand side of the energy transition – in areas such as hy-

drogen and CCS, for example.” Shell has committed to reaching net carbon emissions by 2050 across its businesses, in line with government pledges. The government set out a 10-point energy plan ahead of the COP 26 climate conference in Glasgow last October which included bolstering renewables. Prime Minister Boris Johnson will roll out updates to the UK’s energy security strategy later this month, following Russia’s invasion of Ukraine. In the past few weeks, he has held roundtables in Downing Street with industry leaders about speeding up new projects across the energy sector. Shell’s latest commitment to investing in the UK follows its reported decision to reconsider its Cambo oil field exit, with the government increasingly keen on North Sea oil and gas exploration. The energy giant is not the only company with plans to boost domestic investment, with BP last month pledging to double its UK spending through the middle of the decade. The vast majority of the proposed funds will be used towards green energy sources such as offshore wind and hydrogen power.

BIDEN HIS TIME US reaches LNG deal with EU allies to boost trading bloc’s gas supplies

THE US IS putting the finishing touches on plans to supply the EU with 15bn cubic metres of LNG by the end of the year to reduce the trading bloc’s reliance on Russian fossil fuels, according to the Financial Times. The deal is expected to be unveiled today.

IN BRIEF

BORIS JOHNSON BACKS NUCLEAR POWER RAMP-UP

Prime Minister Boris Johnson revealed yesterday the UK’s energy strategy will expand nuclear and offshore wind capacity, with the government looking to boost the energy independence and bring down the cost of living. He said: “We need to go big on nuclear in this country, we need to go much bigger on offshore wind. We can make sure that by investing in energy production, domestic energy production, independent energy production, we can have sustainable longterm suppliers that will bring down the costs for consumers over the long term.” Downing Street is expected to set out its strategy by the end of the month, following Russia’s invasion of Ukraine.

OPEC WARY OF SANCTIONS ON RUSSIAN ENERGY SUPPLIES

Opec officials are concerned about the prospect of any potential EU bans on oil from its partner Russia, according to news agency Reuters. The organisation has reportedly conveyed its concerns to the EU, fearing restrictions on Russia would hurt consumers. Major Opec members such as Saudi Arabia and the United Arab Emirates have tried to navigate a neutral course between the West and Russia following the invasion of Ukraine. Both countries have also rejected calls so far from the US and UK to boost oil output. The EU relies on Russia for around a third of its oil usage – and the trading bloc has remained split over joining the UK and US in imposing sanctions on the country.

NEWS

Carbonplace and Climate Impact X team up for carbon credit scheme EXCLUSIVE NICHOLAS EARL CARBONPLACE and Climate Impact X (CIX) have joined forces on a pilot strategy to lower entry barriers for companies seeking to buy, compare and retire carbon credits on the voluntary carbon market. The aim is to provide businesses of all sizes the chance to reduce

carbon emissions to reach net zero targets and improve efficiency through voluntary purchasing of carbon credits. With global demand for voluntary carbon credits expected to increase 15-fold by 2030 and 100-fold before 2050, carbon markets could become an important driver of the shift to a low-carbon economy.

Carbonplace is a settlement platform backed by banking giants such as BNP Paribas, Natwest Group, Standard Chartered, and UBS. It was launched last year and expected to be fully operational by the end of 2022. CIX is a joint venture with Asia’s largest lender DBS Group, Standard Chartered, Temasek, and market operator Singapore Exchange.

NEWS

CITYAM.COM

FRIDAY 25 MARCH 2022

Competition watchdog to unveil open banking regulatory body EXCLUSIVE CHARLIE CONCHIE

The Competition and Markets Authority (CMA) will announce that open banking regulation will now be overseen by a new Joint Regulatory Oversight Committee (JROC). The committee is chaired by the Financial Conduct Authority and the Payments Service Regulator, with the CMA and Treasury attending as members, according to four people

THE COMPETITION watchdog is set to unveil a new committee of regulators today to oversee the rollout of open banking technology, after sustained pressure from fintechs to speed up its decision making, City A.M. has learned.

close to the announcement. Open banking was introduced in 2018 to free up data sharing and drive competition in finance, but fintechs have criticised the lack of progress. Sources said there was still a huge amount of uncertainty. “It’s still not clear how the hell we get to open finance,” one said.

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Mccoll’s hopes for rescue plan as boss quits EMILY HAWKINS THE CHIEF of beleaguered convenience store chain Mccoll’s has quit as the business faces an existential crisis. The chain has been in talks with lenders over emergency cash, as it hopes to find a buyer to secure its future. After three decades with the chain, Jonathan Miller quit the company yesterday. Non-executive chairman Angus Porter has stepped into the role of executive chairman until a replacement for Miller can be appointed. Meanwhile chief operating officer Karen Bird has become interim chief executive to manage the day-to-day responsibilities. Hopes of respite via a takeover from forecourt giant EG Groups were dashed when discussions came to a halt. Angus Porter, executive chairman of Mccoll’s, said: “As we discuss with our stakeholders the transformation of our business to a grocery-led convenience offer, Jonathan and the board have agreed that now is the right time to bring in a new chief executive to lead the business into a new phase.

“In the meantime, we have a strong management team in place to take the business forward, and we are confident in our strategy to capitalise on the opportunity in the convenience sector in the years ahead.” Supermarket Morrisons is thought to have recruited City advisors as it mulls what to do about Mccoll’s, which helps run the Morrisons Daily stores. The supermarket has hired advisers from investment bank Houlihan Lokey to assess options for its exposure to Mccoll’s, Sky News reported earlier. Miller said: “It has been an enormous privilege to work for Mccoll’s for the last 30 years, most recently leading the business and transforming our offer in partnership with Morrisons.” Miller will still remain as a “significant” shareholder in the group, he said. Mccoll’s share price dipped more than seven per cent yesterday following the announcement. The share price has tumbled more than 90 per cent in the past year. Some 16,000 people are employed by the convenience store group, with around 6,000 on a full-time basis.

DREAMY RESULTS Mattress retailer Eve Sleep reports third year of revenue growth

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LOCKDOWN drove shoppers online when hunting for new mattresses, with revenue hitting £26.6m in 2021. This was up from £25.2m the year prior, while gross profit stood at £14.7m, slightly higher than the £14.4m in 2020, shares fell almost five per cent.

IN BRIEF

TV EXEC MICHAEL GRADE NAMED GOVERNMENT’S PREFERRED OFCOM CHAIR

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Michael Grade, a former BBC chairman and executive chairman of ITV, was named yesterday as the British government's preferred choice to be the next head of media regulator Ofcom. Grade’s nomination to be the new chair will be ratified after an appearance before lawmakers on parliament’s media committee. “Lord Grade’s experience at the highest level of a number of broadcasters and his expert knowledge of the British media landscape makes him an ideal candidate for this role,” culture secretary Nadine Dorries said. Grade has also been chair of Ocado, lottery operator Camelot and non-executive chair of Pinewood and Shepperton Film Studios.

CHELSEA BIDDERS ELIMINATED AS RAINE GROUP FINALISES HIGH PROFILE SHORTLIST

A number of bidders were told yesterday that they were no longer in the running for the £3bn auction of Chelsea football club. Owner of the New York Jets American football team Woody Johnson and Saudi Media Group were reported to be among those missed off the competitive shortlist, according to Sky News and PA news agency. Part-owner of the LA Dodgers Todd Boehly and former Liverpool and British Airways chair Martin Broughton are thought to be among the frontrunners in the takeover war. The news came as Chelsea fans became able to buy match tickets again, with the UK government amending the club’s operating licence and the club gaining access to a £30m fund.

FRIDAY 25 MARCH 2022

CITYAM.COM

NEWS

PM urges west to sanction Russian gold amid chemical warfare fears MILLIE TURNER PRIME Minister Boris Johnson urged the west to press sanctions on Russia’s gold reserves yesterday. Johnson doubled down on his stance that the country had already “crossed a red line” during its unprovoked invasion of Ukraine, again accusing Russian president

At least 1,035 people have been killed during the brutal conflict, according to the UN

Blackrock boss lauds economic ‘war’ on Russia CHARLIE CONCHIE

THE BOSS of the world’s biggest asset manager Blackrock said Russia’s invasion of Ukraine will spell the end of globalisation as we know it, as he praised the private sector for waging “economic war” on Russia. Larry Fink said the war had catalysed capital markets, financial institutions and companies to “go beyond” imposed sanctions and join governments in shutting Russia out from the financial system. “The Russian invasion of Ukraine has put an end to the globalisation we have experienced over the last three decades,” he said. “Russia has been essentially cut off from global capital markets, demonstrating the commitment of major companies to operate consistent with core values.” Fink said the “economic war” showed what the private sector can achieve when companies “come together in the face of violence and aggression”. Blackrock’s $10 trillion (£7.5 trillion) in assets weathered a $17bn hit from the invasion of Ukraine, after shuttered markets and western sanctions caused

the value of its Russian assets to plunge. Blackrock had now pivoted away from its dealing with Russia, he said. The invasion has sent shockwaves across the global energy system as western nations scramble to sever ties with Russian commodities, and Fink predicted this would accelerate a shift to green energy after the immediate crisis subsides. “We’ve already seen European policy makers promoting investment in renewables as an important component of energy security,” he said. Fink pointed to Germany increasing its target to reach 100 per cent clean power by 2035, 15 years ahead of its previous pre-war target. The UK government has been pushed onto an emergency energy security footing in the wake of the war, with ministers hurrying through clean energy and nuclear projects. Currency shifts had also been accelerated, Fink said, and Blackrock was studying digital currencies due to increased client interest. “A global digital payment system... can enhance the settlement of international transactions while reducing the risk of money laundering,” he said.

LARRY FINK SAID... This economic war shows what we can achieve when companies, supported by their stakeholders, come together in the face of violence and aggression

The Russian invasion of Ukraine has put an end to the globalisation we have experienced over the last three decades

Blackrock is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients

Vladimir Putin of war crimes to broadcasters ahead of a Nato summit in Brussels yesterday. The comments prompted the Kremlin to describe Johnson as the “most active anti-Russian leader”, which spokesman Dmitry Peskov added would “lead to a foreign policy dead end”. The Kremlin has also accused the

west of preparing a chemical weapons attack, which Nato secretary-general Jens Stoltenberg said could be Russia’s way of creating a climate for its own use of chemical or biological warfare. At least 1,035 people have been killed, including 90 children, during the month-long conflict so far, according to the United Nations human rights office yesterday.

FRIDAY 25 MARCH 2022

CITYAM.COM

SINGLED OUT Lawyers have become scapegoats for Ukraine, Law Society says

FTSE 100 firms mull discretionary pension hikes amid soaring inflation CHARLIE CONCHIE

IN A LETTER to The Times, Law Society president I Stephanie Boyce said British lawyers are being “singled out” for their involvements with Russia, as she warned that lawyers are becoming scapegoats for the “horrors in Ukraine”.

NEWS

FTSE 100 firms are mulling discretionary pension hikes as soaring inflation threatens to outpace the rate of annual growth in payouts. Corporate pension schemes typically have some inflation protection baked in, but as inflation rates hit 6.2 per cent yesterday according to the Consumer Price Index, pensioners could be left with a sizeable hole in their spending power. Bosses are now considering the

highly unusual step to hike pensions to keep apace with inflation. “We’re going to get a raft of pensioners who are going to get their letter with an explanation that rather than six or seven per cent growth in line with inflation, it will only be three per cent,” Raj Mody, global head of retirement and pensions consulting at PwC, told City A.M. “I spoke with two FTSE 100 companies this week who said they are looking at discretionary top-ups if this rate of inflation continues.”

Mody said he had “seen a lot of different economic cycles” go through and the concept of discretionary increases certainly was “not on the cards for ages”. Edd Collins, director at law firm Willis Towers Watson, said consideration of discretionary hikes had increased in the past weeks with inflation continuing to surge. But he warned that the full impact may not be realised until 2023, due to schemes paying out in line with inflation rates in September.

Lloyds’s profits strongest in six years despite blow from an ever ‘risky world’ LOUIS GOSS

said the war in Ukraine will be a “major claim” in 2022, as the firm said it is now in LLOYDS of London has said the ongoing “close dialogue” with the market to conflict in Ukraine will be the major event understand its exposures. of 2022, after the insurer yesterday posted However, the City of London mainstay its strongest results in six years. said that Ukrainian, Belarusian, and Speaking to City A.M., Lloyds chief Russian businesses currently make up executive John Neal said the insurer’s less than one per cent of Lloyds’ global results are among “the strongest Lloyds footprint. has ever presented,” as he suggested the The firm said that all direct and indirect firm’s robust performance had come in claims are expected to fall within spite of the fact we are entering an manageable tolerances, as it said claims increasingly “risky world”. linked to the Ukraine crisis will not pose “In a world buffeted by increasingly any solvency challenges. complex and connected risks – from the The Lloyds chief explained that the City pandemic to a geopolitical conflict – the of London firm expects any Ukraine losses Lloyd’s market is standing by its to be “manageable,” as he suggested the customers and supporting their recovery war is not “out of line with the type of when things go wrong,” Neal said. catastrophes we are used to managing”. The London insurer said it had returned He noted that claims could arise from to profitability after posting overall profits various sources – from the war’s impact of £2.3bn for the full year 2021, compared on supply chains to heightened levels of to a £900m loss in 2020. cybercrime. However, Neal was clear the The City of London insurer’s firm has enough in its coffers to withstand performance comes after Lloyds paid out the blow. £19.9bn worth of claims last year – Lloyds said it had strengthened its including £2.9bn to customers impacted solvency position by £2.6bn over the past by Covid – as it claimed its turnaround year, to build up huge stockpiles of had mainly been driven by an increased £36.6bn, giving it a central solvency ratio focus on profitability. of 388 per cent. Neal noted that Lloyds has paid out 86 After fining underwriting firm Atrium a per cent of all Covid related claims so far, record £1m, over its failures to deal with a as he said the insurer is ready to pay out years’ long campaign of sexual up to £6bn to those impacted by the harassment and bullying, Neal said there effects of the pandemic. should be “no doubt” Lloyds will come Looking ahead, the 336-year-old insurer down hard on bad behaviour.

Global financial markets, particularly for commodities, have been volatile

Bank of England re-evaluates plan to raise banks’ cash buffer CHARLIE CONCHIE THE BANK of England is reassessing plans to hike banks’ capital requirements in the second quarter of this year due to the financial shocks of the war in Ukraine. In a quarterly report from its Financial Policy Committee yesterday, the Bank said that lender’s capital levels remained strong but the volatility of the markets and strains of the war meant it may not be the right time to raise the requirements from banks.

Global financial markets, particularly for commodities, have been volatile and uncertainty over the economic outlook has increased significantly,” the BoE said. It added: “Given this uncertainty, the Committee will continue to monitor the situation closely and stands ready to vary the UK CCyB rate in either direction.” Threadneedle street had previously intended to hike banks’ countercyclical capital buffer (CCyB) to two per cent, up from one per cent, in the second quarter of this year.

Knights’ workers opted into shares scheme as stock price plummets LOUIS GOSS

Shares plunged after Knights reported Omicron had led to a slowdown in work

HUNDREDS of Knights’ employees have agreed to buy shares in the listed law firm at more than double their current price. Employees bought into the law firm before its share price plummeted in response to a trading statement earlier this week.

In total, 524 employees opted into Knights’ scheme, which allowed employees to buy shares in the firm at a price of £2.96 per share – 20 per cent less than the £3.70 closing price on 21 February. However, shares in the firm have plummeted over the past few days, after Knights issued a trading statement claiming the “persistent

effects of Omicron” had hindered its return to the office and led to a “slowdown in corporate work”. Knights, which has 17 offices across the UK, said high rates of illness amongst its staff meant the firm failed to benefit from a fast return to the office, as it claimed the slow return damaged its “teambased culture”.

IN PARTNERSHIP WITH UK GOVERNMENT

YOU’RE HIRING? HERE’S HOW TO FIND THE RIGHT PERSON FOR YOUR JOB Looking to fill vacancies quickly? Jobcentre Plus has thousands of quality candidates, while the service can also help design bespoke training courses and attract difficultto-find regional staff, turning recruitment into a stress-free experience…

hen construction group Morgan Sindall Infrastructure won a coveted contract to build six new railway stations in Northumberland, they were delighted. There was one small problem: the company had no offices in the northeast, making recruitment difficult. Like many building firms, Morgan Sindall Infrastructure needs staff on a transient, job-by-job basis, maybe for a few months, maybe a couple of years. As the firm’s social value manager, Chris, puts it, “We move around the country, wherever the work takes us… We’d like to employ as many local people and businesses as we can, but the challenge is landing and recruiting the talent we need for these local projects.” Enter Jobcentre Plus. After Chris contacted the government service, it started putting feelers for candidates out in the northeast, as well as providing Morgan Sindall Infrastructure with local offices and even an ‘employment suite’ in Newcastle so they could conduct interviews. “They were able to connect with local organisations providing employment, training and

skills support to local people,” says Chris. “It was a huge bonus; a process that would normally take us six months only took us a couple of weeks.” As Morgan Sindall Infrastructure has found, those companies wanting to recruit a skilled workforce can find a wealth of talent through Jobcentre Plus. It’s a service many businesses might appreciate right now: one recent Business Barometer report from the Open University and the Institute of Directors found 63% of decisionmakers said recruiting was difficult as candidates didn’t have the requisite skills for the role. Thousands of people across the country are ready to be recruited through Jobcentre Plus, which can help reduce the stress, time and cost of recruitment. In fact, its dedicated work coaches are helping thousands of employers connect with the people they need – without the additional fees of private agencies.

FINDING THE WAY

Now Jobcentre Plus is introducing, Way to Work. This partnership between government and employers seeks to get 500,000

Jobcentre Plus has been a huge boost to our recruitment

jobseekers into work by the end of June 2022. This will help fill record numbers of vacancies, support job-ready people into the labour market and help them progress into a career. The pandemic caused a shift in work habits – including those who moved to new locations and those who found themselves unemployed for the first time, who are now considering new roles in new sectors. Every job centre now has an employer adviser whose role it is to engage with employers to try and identify where there are vacancies. Chris, an employer adviser lead for construction and rail, for Northumberland, Tyne and Wear, says they are proactive in approaching employers and offering services. “We can support any employer – whether it’s a supermarket with large scale recruitment for a new store opening, to your local newsagent who has one or two vacancies.” Chris describes the process of working with Jobcentre Plus “as a collaboration”; a synergetic relationship demonstrated by the bespoke service that jobcentres can

provide employers, from helping craft job advertisements to training candidates in sector-based work academies. “I would ask employers to tell us exactly what you're looking for, as we will match and screen applicants pertinent to the job role that you're looking for,” says Chris. “This means we can tailor those services to the company’s needs. We want the right person into the right job.” For longer lead recruitment, employer advisers work with training providers to design a course for jobseekers that matches a company’s needs. “Not only are they upskilled but they will be guaranteed an interview at the end of the training and work experience with an employer,” says Chris, reeling off a list of sectors including car manufacturing, care and warehousing. Chris’s team are currently helping upskill jobseekers so they’re workplace-ready. “It works really well where you have a good lead in time for a recruitment especially with new store openings or the Northumberland line project where you've got a large employer coming in,” says Chris. “The rail project is a scheme

that's going to run over a few years and we're able to equip people with the skills they need when they get to the interview stage”. Morgan Sindall Infrastructure has worked with Jobcentre Plus before to unearth future talent and Chris says one of the big boons about working with the service is the wide net it casts for vacancies. “As a business you want to make sure your opportunities are promoted far and wide,” says Chris. “Jobcentres have an extended reach of contacts, so are an ideal place to help with that.” Their searches can find candidates not found in traditional job recruitment. “Some of the entry requirements and language used in job descriptions might put people off from applying, no matter how hard we try to make that accessible,” says Chris. “But if you’ve got a jobcentre adviser sitting face-to-face with a potential applicant, explaining and demystifying the detail of what you’re advertising, then you’ll find candidates who wouldn’t have otherwise applied.” There’s an even an opportunity to quickly find out what candidates have to offer. For employers

who aren’t sure how an interviewee might behave in the workplace – and vice versa – the programme runs a work trial whereby anyone on Universal Credit or Jobseeker’s Allowance can do a trial for up to three weeks and remain on benefits. Jobcentre Plus will also pay the potential recruit’s travel costs. Recruiting via Jobcentre Plus can also help diversify a company’s talent pool, says Chris. The UK has one of the lowest percentages of female engineers in Europe, but Chris notes Jobcentre Plus can help find “people who are underrepresented in our industry, such as women, people with disabilities and refugees.” Morgan Sindall Infrastructure has already started work on the Northumberland rail project, bolstered by staff found through Jobcentre Plus. Says Chris, “My advice for other businesses is to remember this service free,. So, give it a try… It’s been a real boost for our recruitment, and I can’t imagine any business being disappointed.”

HOW JOBCENTRE PLUS CAN HELP IDENTIFY

FUTURE STARS

We found Jack through Jobcentre Plus, he’s a huge asset to our business

Jack, 19, lives in London and is Business Information Modelling (BIM) Coordinator at Morgan Sindall Infrastructure. Here he talks about how he landed his dream job through Jobcentre Plus Jack says: “When I first walked into my local jobcentre, I’d just dropped out of my A-levels and had no knowledge of construction: it was an industry completely foreign to me. I just thought of my uncle, who’s a plumber, or my brother, who’s an electrician. But just a few weeks later I was being interviewed for an apprentice’s role at top construction firm Morgan Sindall Infrastructure. Despite being very nervous, I managed to answer difficult questions and I got the job. This might not have been possible if it wasn’t for the interview adviceand coaching that I received through the jobcentre, who also helped me with health & safety courses, and my all-important CSCS (Construction Skills Certification Scheme) card, which enables me to work on sites. ‘It’s been two-and-a-half years since that interview, and I’m now working as a BIM Coordinator, it

involves building data to digitally create 3D models of finished buildings. If you walk past one of our sites and scan the QR code, you might find a virtual reality 360° panorama I helped create of what the finished railway station might look like. And even though it’s been a long time since I used Jobcentre Plus, I know that if I was struggling in the role, I could contact them anytime for support and advice.’ ‘As part of my job at Morgan Sindall Infrastructure, I sometimes give presentations. At the start of one recent talk at the London Transport Museum, I asked a group of schoolchildren if they wanted to be an engineer. Two hands went up. By the time we’d finished the talk, I asked them again, and two-thirds of hands shot up. To be able to inspire the next generation of engineers like that is great.” Jack’s boss, Chris, says: “Jack has gone from being an apprentice to working in our BIM team within just two short years. He’s really grown as an individual. He’s now getting involved in giving presentations to clients and is a real asset to us as a business.”

NEWS

CITYAM.COM

FRIDAY 25 MARCH 2022

Toshiba shareholders reject board plans for breakup as crisis continues CHARLIE CONCHIE TOSHIBA shareholders have rejected plans to split the Japanese Conglomerate in two as bosses’ lengthy battle with investors over the future of the firm deepens. Investors voted down a proposal to split up the firm yesterday, sparking a major sell off that saw its share price plunge as much as five per cent. Bosses had looked to push through the plans at an extraordinary

general meeting (EGM) in the hope of ending a turbulent period for the industrial giant, which has seen the resignation of two chief executives. Toshiba’s previous boss Satoshi Tsunakawa stepped down earlier this month over opposition to the break up plans, which had raised doubts over whether the firm would press ahead. A potential sale to private equity bidders had been floated as an alternative to a break up, but at the EGM shareholders also rebuffed

suggestions from Toshiba’s secondlargest shareholder, Singapore fund 3D Investment Partners, to reopen talks with private equity firms. Bankers at UBS had pushed to split up the firm into three last year but the plans were similarly met with firm resistance from shareholders, resulting in the plans for a two-way split. Toshiba now sits in limbo, with boss Taro Shimada saying it was not “appropriate to express [his] personal thoughts” after the rejections.

Toshiba has faced shareholder opposition for its plans to split the group

IN BRIEF

Bank of England to probe City’s crypto exposure CHARLIE CONCHIE THE BANK of England is scrutinising the City’s exposure to crypto assets with calls for firms to voluntarily disclose their investment strategy and plans in the space. In a letter to top City bosses yesterday, the Bank’s deputy governor Sam Woods said that the industry had exploded in the past three years and it was now looking to reassess the financial industry’s exposure. “While firms have taken limited exposure to cryptoassets to date, we are aware of increased interest from banks and designated investment firms in entering various crypto markets,” he said. “Many of these markets are new and untested. They have limited history, different risk profiles, can be characterised by very high volatility, and have market participants and structures that can be significantly different from the other markets in which firms participate.” Woods said that in light of the planned expansion from firms, Threadneedle Street was now undertaking a “survey of firms” current and planned exposures over 2022”.

The global crypto market has ballooned to $1.7 trillion (£1.2 trillion) as derivative products and decentralised financial services sectors have sprung up, but its size is now triggering concerns over global financial stability. He warned that firms will have to adapt existing risk management strategies and systems to suit the relatively new and different risk profile of many crypto activities. The warnings come as policy makers grapple with how to clamp down on crypto assets and bring them within the realms of regulators. The Bank of England’s Financial Policy Committee said in its minutes of its meeting on 9 and 18 March released yesterday that regulatory frameworks globally should be beefed up to deal with the role of crypto. “Enhanced regulatory and law enforcement frameworks are needed, both domestically and at a global level, to address developments in these markets and activities,” the committee said. City watchdog, The Financial Conduct Authority, is also looking to tighten retail investors’ access to crypto assets by clamping down on misleading promotional material.

CITY COMEBACK Hong Kong leader Lam ‘optimistic’ about re-opening global hub HONG Kong is looking likely to “open up to the rest of the world” once its latest Covid-19 wave fades, leader Carrie Lam said yesterday, following fears that financial institutions were “losing patience” with the global finance hub.

‘NO FAULT’ LAW SHAKEUP TO BOOST DIVORCES

Government plans to bring in new “no fault” divorce laws next month could lead to a surge in the number of couples filing divorce proceedings. The release of pent-up demand, following the introduction of “no fault” divorce laws on 6 April, is expected to see a boom in demand. More than three quarters (78 per cent) of separating couples are waiting for the introduction of “no fault” divorce laws before they get a divorce, new research from Stowe Family Law revealed.

EVS SEE EXPANSION OF PUBLIC CHARGING POINTS

Warhammer maker Games Workshop’s share price rallied yesterday after an update

Electric vehicle (EV) owners will benefit from a 10-fold increase in public chargepoints by the end of the decade, the Department for Transport has announced. Raising the number of public chargepoints in the UK from 30,000 to 300,000 by 2030 is part of the government’s new Electric Vehicle Infrastructure Strategy. Some £500m will be invested to install public chargepoints across England’s motorways, improve charging for longer journeys and help drivers without access to off-street parking.

EMILY HAWKINS

HMRC RAMPS UP PROBES TO RECOUP COVID REVENUE

Warhammer maker shares level up amid steady gaming demand GAMES Workshop shares skyrocketed after the Warhammer maker said its most recent trading was “in line with expectations”. The war games manufacturer said trading in the three months to the end of February was as expected. The news sent shares up more than six per cent yesterday afternoon. As a result, the firm announced a dividend of 70p per share, reflective of its policy of returning “truly surplus cash”. Total dividends declared this year

now add up to £2.35 a share, up on £1.85 the previous year. The plastic and metal modelmaking specialist revealed a dip in profits for the past six months as higher costs offset sales growth in results published in January this year. Pre-tax profits fell by 3.7 per cent to £88.2m for the six months to 28 November, the retailer reported. The business pointed to £2m in extra shipping and freight costs due to Brexit, as well as hiked warehouse costs. Games Workshop saw game sales increase over lockdown.

HMRC has launched 137,000 tax investigations in the six months to December 2021, up nine per cent from the 126,000 investigations in the same period last year, according to new data shared with City A.M. yesterday. This amounts to the Revenue opening 1,062 tax investigations per day. HMRC is ramping up its compliance activity as it looks to make up for revenue lost during the pandemic, tax investigation insurance firm PfP, which shared the findings, said.

Hospitality gets a sunshine boost as fair weather drives Brits to the pub EMILY HAWKINS HOSPITALITY transaction volumes are up on pre-pandemic levels, according to fresh data from Barclaycard Payments. Transaction volumes were well ahead of pre-Covid levels for a number of hospitality and leisure sectors over the weekend.

Pubs and bars enjoyed a boost of 83.2 per cent compared to the same weekend in 2019, and 476.1 per cent on the same weekend in 2020, just days before the first national Covid lockdown was imposed. Amusement parks have also enjoyed higher transactions, up 144.7 per cent versus the 2019 comparable. Restaurants saw a 19.6 per cent

boost on 2019 levels. Rob Cameron, Barclaycard Payments CEO said: “It is great to see friends and families enjoying the sunshine and showing their support for UK businesses, despite wider concerns about the cost of living.” With sunshine forecast and Mother’s Day ahead, the positive uplift is expected to continue.

CITYAM.COM

FRIDAY 25 MARCH 2022

AWARDS

IN PARTNERSHIP WITH

CATEGORY BANK OF THE YEAR

THE NOMINEES ARBUTHNOT LATHAM A former winner, Arbuthnot have shown why they remain at the top of their game with a continued boutique offering and a strong rebound in 2020. The firm’s lending balances reached two billion pounds for the first time in the Bank’s history and an interim, final and special dividend provided shareholders with plenty of reason to be cheerful.

THE CO-OPERATIVE BANK Previously never far from the headlines, Co-op Bank returned to profitability in 2021 for the first time in a decade behind a boom in its mortgage lending offering. It’s some turnaround under chief executive Nick Slape and with wellpublicised ambitions to grow into a bigger market player, 2021 could mark a milestone year in the bank’s history.

COUTTS BANK The Queen’s bank may have gone woke but it’s certainly not broke. The first major bank to achieve the ‘B corp’ certification, signalling a commitment to purpose as well as profit, 2021 saw Coutts add £3bn to its balance sheet and another forward march on plans to bring the business’ different arms together.

The banks battling to be the best After 2020 - when banks moved fast to keep their business customers afloat at some cost to their balance sheet - the deluge of 2021, with profitability returning to the sector at pace. Some outshined the others, though, whether it was with new ethical commitments or continuing decades of trusted service with the knowledge and experience you'd expect. You can't do much without a bank here's our pick of 2021's stars. LOOK OUT FOR THE NEXT CATEGORY: ACCOUNTANCY FIRM OF THE YEAR

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Get in touch with awards@cityam.com or visit cityam.com/awards

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LLOYDS BANKING GROUP A strong year for the high street stalwart saw profit rebound from a tough 2020 under CEO Charlie Nunn. The firm’s shift to digital has been long discussed but seems well on its way and with jumps in both business and mortgage lending there’s no reason to see why Lloyds won’t remain ‘on your side’ for some time to come.

STARLING BANK Starling continues to shine bright amongst the constellation of challenger banks on the market, continuing significant growth in 2021 despite an ever-tougher competitive environment. Business accounts continue to grow at pace and a host of partnerships and technology seems set to keep Starling hot on the tails of the established players.

NEWS

FRIDAY 25 MARCH 2022

CITYAM.COM

Enemy to lover: Uber to list New York yellow taxis LEAH MONTEBELLO RIDE-HAILING giant Uber yesterday announced it would list all New York taxis on its app in a bid to address the ongoing driver shortage across the city. The agreement was announced by Creative Mobile Technologies, which makes apps for the city’s yellow cabs, and Curb, a ride-hailing app for licensed US taxi and for-hire rides. Confirming the news with City A.M., Uber shared a statement from senior vice president of mobility and business operations Andrew Macdonald. “Our partnerships with taxis look different around the world, and we’re excited to team up with taxi software companies CMT and Curb, which will benefit taxi drivers and all New Yorkers”, he said. To many, this partnership is a winwin: taxi drivers will get more access to demand, cities will get less empty

miles driven, and riders will have access to more ride options. It is understood that passengers will also pay roughly the same fare for rides as for Uber X rides. However, like London, the relationship with the Big Apple and Uber has not been an easy one. The NYC Taxi & Limousine Commission capped the number of Uber vehicles in 2018 following rising congestion and drivers’ wages worries. Speaking to City A.M., James Farrar, the general secretary of App Drivers and Couriers Union in the UK, said: “In general, unregulated incursion of apps into the regulated fares market is fraught with problems. “Publicly set tariffs in New York and London are designed to protect the consumer and to ensure the driver is paid a living wage. When apps take over the distribution it’s a bit like a cuckoo entering the nest.”

NETFLIX PUSH Streaming giant pumps £48m into South African film and TV STREAMING giant Netflix said it will pump 929m rand (£48m) into the South African creatives industry by 2023 in an attempt to boost subscriber numbers. The company said the funding will go into one international production and three local shows.

ILARIA GRASSO MACOLA

Techradar owner Future snaps up Waive and Whatculture.com LEAH MONTEBELLO TECHRADAR owner Future snapped up Whatculture.com and Waive yesterday in a momentous video and data push. Whatculture is a digital-only brand focused on the gaming and entertainment market. Boasting three million website users and over eight million Youtube

Bank branch on track for May reopening

subscribers, the acquisition of Whatculture is set to boost Future’s growing portfolio of video content. Meanwhile, Waive is a data insight platform that provides intelligence on emerging content trends. This purchase will further extend the media group’s “Aperture” data platform and data science capabilities. Shares were down two per cent.

TRANSPORT for London (TfL) announced yesterday that works on the Northern line’s Bank branch were on track for the line’s reopening in mid-May. “We are on track, we had good progress in the first half of the blockade,” said Huy Pham, one of the project’s managers. Part of the Bank Station Capacity Upgrade project, the works aim to increase capacity at Bank and Monument stations by 40 per cent. As part of the redevelopment, a new southbound platform has been built, while the former platform has been transformed into a commuter’s concourse. “[The customer concourse] is really going to improve congestion in that area, providing relief for passengers,” Pham added. The project, which saw the line’s closure between Kennington and Moorgate since mid-January, improved the station’s connectivity with 12 additional escalators. Despite the reopening, the whole project will not be completed until later this year, TfL said.

CITYAM.COM

FRIDAY 25 MARCH 2022

FEATURE

Connecting the Community

Crypto curiosity is on the rise – especially in UK males

HE latest data on the UK’s attitude towards cryptocurrency has shown a surprise upturn in involvement or interest in digital assets. As part of its ‘Global Consumer Trends Report’, Dynata has revealed that almost a quarter of Brits have now bought cryptocurrencies. The report also points out that ‘millennial males’ dominate the UK’s crypto adoption, with 65 per cent of them having bought or invested in Bitcoin and other assets. In the UK, crypto appears to be favoured by men, with 34 per cent of Gen Z (aged 25 and under) males having bought or invested. Figures for Gen Z women were significantly lower at around 26 per cent. At 65 per cent, Britain’s millennial males are far more prolific crypto investors than the global average of 46 per cent, which is much higher than the global average across all generations and genders at 20 per cent. Many analysts consider that greater adoption will come when people choose to have their salary paid in crypto as opposed to their own country’s currency. Interestingly, Dynata’s research – collected last month across 11 countries - revealed that 65 per cent of British males aged between 25 and 39 were ‘extremely’ or ‘very’ interested in receiving their paycheck in cryptocurrency. Looking at the demand for crypto wages for all Brits, a sizable percentage – some 28 per cent - were ‘ex-

BECKHAM BOOSTS BLOCKCHAIN

FOOTBALL legend David Beckham has been unveiled as a global brand ambassador for the DigitalBits blockchain. The former Real Madrid and England star will help to communicate the message behind the DigitalBits blockchain to consumers, brands and other organisations worldwide. Citing a ‘shared interest’ in disruptive, inclusive technology, the 46-year-old will embark on a series of projects that will demonstrate the potential of blockchain technology. “I am always keen to find new ways to connect with my fans across the world,” Beckham explained.

ADA BREACHES DOLLAR

tremely’ or ‘very interested’ in the idea. Globally, the figures showed up some thought-provoking patterns. In China, 34 per cent of workers said they would like to be paid in cryptocurrency – a sentiment matched by the USA at 37 per cent, and Canada at 32 per cent. Given the volatility associated with decentralised finance, there has

been a slow uptake in using crypto for purchases. However, this too appears to be changing, with 15 per cent of Brits saying they have used a cryptocurrency to buy something. Remarkably, this figure rises massively in the 25-to-39 age bracket where 38 per cent have used cryptocurrency to buy items. In terms of what Brits are spending

their crypto on, the most popular choice was ‘gift cards’ which accounted for 41 per cent of crypto users. When it comes to NFTs, 71 per cent of under 25s, 68 per cent of 25 to 39year-olds, and 35 per cent of 26 to 55year-olds were interested in investing in non-fungible tokens. Just eight per cent of users aged 56 and over were interested in NFTs.

First shoots of altcoin season start to show

FTER breaking through the $43,000 on Tuesday, the price of Bitcoin has been largely stable at around that level mark in the second half of the week. The leading cryptocurrency is up around five per cent over the past seven days as of last night. The price of Ethereum is also up around 10 per cent, currently hovering close to $3k. The stability comes despite falling Bitcoin trading volume, with the sevenday average real Bitcoin volume currently just $4 billion. Over the past seven days, we’ve only seen volume exceed $7 billion

CRYPTO NEWS IN BRIEF

once, with the majority of days tracking at around $3-7 billion. This suggests that any big price moves are currently built on shakier foundations. There are also particularly significant discrepancies between weekend and weekday trading volumes, indicating that weekend traders have left the market. What will bring them back? The reliance on more institutional investors could also explain the increasing correlation between Bitcoin and the S&P 500, which reached a new 17-month high last Friday. Bitcoin’s correlation to the S&P

500 has only been higher for five days in Bitcoin’s history. If you’re looking for big moves at the moment, they can be found further down the crypto rankings, with a number of major altcoins waking up after a fairly quiet period. Cardano has seen massive gains in the latter half of the week, growing by more than 12 per cent on Wednesday. Solana also increased in price by over five per cent on the same day. The Small Cap Index which includes smaller alt coins has seen a magnificent

March and is so far up 17 per cent, having hovered around zero per cent until March 16 when it started increasing rapidly. The move could suggest more enthusiasm for risk among investors at least temporarily, possibly indicating that the market is waking up again after a spring of muted risk appetite.

CARDANO has heaved itself back over the dollar mark after an impressive 38 per cent surge in upward movement this week. The four-year-old blockchain’s native ADA token has long been hailed as one of cryptocurrency’s success stories and having great potential in the future of decentralised finance. But critics of the project – brainchild of Ethereum co-founder Charles Hoskinson – have been circling ever since ADA pulled back from its all-time high of $3.10 in September last year. Many naysayers have shown frustration at what they deem to be laborious progress for the seventh-largest cryptocurrency by market cap. Following its September peak, ADA slowly ebbed, eventually slipping below $1 on February 19 where it dropped to as low as $0.75 before returning to the $0.90 to $0.95 range last week.However, after breaching one dollar on Wednesday, ADA was trading at around the $1.18 mark last night.

THAILAND BANS CRYPTO PAYMENT

BANGKOK’S financial chiefs have dramatically announced a ban on using cryptocurrency as a means of payment. The sudden ruling – which does not affect holding or investing in crypto – comes into effect from April 1. Last year, Thailand’s Securities and Exchange Commission said it wanted to create a framework of regulation to accommodate digital assets as well as attracting the crypto industry to Bangkok. However, citing money laundering concerns, the SEC has now suggested the country’s central bank simply lacked the capacity to provide assistance in the event of financial irregularities brought about by crypto scams.

CRYPTOCOMPARE LONDON

MARKET data platform CryptoCompare will be hosting its Digital Asset Summit in London next week. The event, to be held at Old Billingsgate, will gather 600 delegates, 50 speakers, 45 exhibitors and 30 top-tier exchanges. For more details and tickets, visit https://summit.cryptocompare.com.

FRIDAY 25 MARCH 2022

MARKETS

FTSE 100 7467.38 6.75

FTSE 250 20893.19 108.43

Price Chg High Low

GILTS

DIVERSIFIED INDUSTRIALS

Tsy 2.500 24 ................374.66 Tsy 5.000 25 ................110.32 Tsy 4.250 27 ................115.27 Tsy 6.000 28 ............... 128.83 Tsy 4.125 30 ................384.35 Tsy 4.250 32.................124.47 Tsy 4.250 36 ...............130.08 Tsy 4.750 38.................142.18 Tsy 4.250 46 ................146.81

0.45 0.03 0.05 0.03 0.53 0.10 0.15 0.28 0.63

378.2 118.9 124.8 140.4 402.3 138.0 148.0 163.4 175.8

354.4 110.2 115.0 128.5 366.4 123.8 129.0 140.8 144.8

Aston Martin.................906.8 -1.4 2201.0 758.2 TI Fluid Systems ...........196.0 2.0 327.0 179.0

BANKS -1.7 7.9 0.0 3.9 -9.4 -6.0 -1.4

217.1 567.2 55.1 253.5 580.8 1656.0 218.1

151.6 359.8 41.2 189.3 410.0 901.0 160.2

BEVERAGES Britvic...............................795.0 -3.0 1006.0 741.0 Coca-Cola HBC AG......1595.5 -36.0 2784.0 1460.5 Diageo .............................3747.5 1.5 4103.5 2983.0

CHEMICALS 0.010410.0 6348.0 -1.7 161.7 98.8 -32.5 3300.0 1721.0 -1.0 564.0 252.4 -35.0 2706.0 1777.0

CONSTRUCTION & MATERIALS Balfour Beatty ...............262.2 Barratt Devel .................525.6 Bellway .........................2728.0 CRH ................................3206.0 Genuit Group .................. 511.0 Grafton Group............. 1003.0 Ibstock..............................176.4 Marshalls........................664.5 Morgan Sindall Gp.....2455.0 Persimmon ....................2192.0 Taylor Wimpey ...............137.3 Vistry Group...................983.4 Volution ...........................403.5

-3.5 462.3 295.7 -13.0 1661.0 1355.5 -68.0 4305.0 2920.0 -4.4 590.0 341.8

ELECTRICITY Contour Global................193.0 -2.2 206.5 178.0 Drax Gp ............................710.0 -8.5 729.0 393.8 SSE ..................................1674.5 4.5 1704.5 1434.5 Halma ............................ 2479.0 Morgan Advanced .......300.0 Oxford Instruments ...2115.0 Renishaw ......................4024.0 Spectris .........................2614.0 XP Power......................3605.0

-24.0 3216.0 2217.0 -8.0 412.5 280.5 -30.0 2680.0 1760.0 -34.0 6565.0 3768.0 6.0 4083.0 2458.0 -35.0 5690.0 3470.0

EQUITY INVESTMENT INSTRUMENTS

AUTOMOBILES & PARTS

Croda International ..7384.0 Elementis..........................115.0 Johnson Matt.............. 1854.5 Synthomer ..................... 305.6 Victrex ..........................1896.0

Smith (DS) ......................323.9 Smiths Gp......................1518.0 Smurfit Kappa Gp.......3375.0 Vesuvius.......................... 350.6

ELECTRONIC & ELECTRICAL EQUIPMENT

AEROSPACE & DEFENCE BAE Systems ..................748.8 13.8 754.4 494.0 Chemring Gp .................. 327.0 3.0 338.0 256.0 Meggitt ............................762.4 -1.2 839.2 397.0 QinetiQ .............................303.8 4.2 356.0 243.0 Rolls-Royce .......................92.3 0.2 147.5 87.0 Ultra Electronics ........3320.0 -18.0 3370.0 2002.0

Barclays ...........................168.3 HSBC Hldgs......................517.6 Lloyds Banking ................49.5 NatWest Group..............224.2 Standard Chartered....502.6 TBC Bank Group.........1040.0 Virgin Money UK ............177.3

Price Chg High Low

-1.2 322.8 215.6 -11.0 794.8 525.6 -40.0 3712.0 2654.0 -22.0 4002.0 2936.0 -14.0 801.0 452.0 -15.0 1412.0 965.0 -1.3 239.2 154.0 11.5 845.0 573.5 10.0 2685.0 1764.0 -35.0 3238.0 2120.0 -1.2 191.7 127.9 -32.1 1346.5 929.6 -5.5 560.0 157.0

3i Infrastructure...........335.0 Aberforth Smlr Cos ..1340.0 Alliance Trust.................971.0 Allianz Tech ....................276.5 AVI Global Trust............194.2 Baillie Gifford Japan...826.0 Baillie Gifford US ...........237.5 Bankers InvTst ..............106.8 Bellevue Healthcare.....180.6 BlackRock Smaller .....1636.0 BlackRock Wld Mining .754.0 BMO Global Smaller.....154.6 BR Throgmorton ...........734.0 Caledonia Inv ..............3585.0 Chrysalis Inv .................. 174.0 City of London IT..........410.0 Edin Inv Trust ................633.0 Edin Wwide ....................219.0 European Opp ................734.0 F&C Investment ...........842.0 Fidelity China SPE .......260.0 Fidelity Emg .................. 665.0 Fidelity Eur ..................... 297.5 Fidelity Spec Val ...........289.5 Finsbury G&I Tst............817.0 GCP Infra Inv.................108.0 Greencoat UK.................150.4 Harbourvest Glb.........2525.0 Henderson Sml Co .......994.0 Herald Inv Trust .........1860.0 HICL Infr ..........................167.2 Hipgnosis Songs Fund ..115.8 ICG Enterprise .............1152.0 IMPAX ENVIRO MKTS . 456.0 JPM American...............746.0 JPM Emerg Mkt .............112.6 JPM Euro Disc. ............. 442.0

-5.0 362.5 292.5 2.0 1612.0 1180.0 -3.0 1078.0 901.0 -1.5 370.0 244.0 -0.8 222.0 172.0 2.0 1118.0 764.0 -4.5 358.0 191.4 -0.4 125.0 98.5 -2.6 208.0 154.4 -10.0 2220.0 1458.0 5.0 771.0 502.0 -0.8 177.0 142.6 -16.0 1042.0 638.0 0.0 4100.0 2630.0 -1.5 277.0 152.5 1.5 417.0 377.0 -3.0 657.0 580.0 -2.5 363.5 195.0 -6.0 891.0 650.0 -3.0 946.0 779.0 0.0 436.5 218.5 -12.0 947.0 619.0 -2.5 345.0 267.5 -2.5 315.0 258.0 -4.0 930.0 756.0 -0.8 111.8 95.5 -0.6 157.6 126.6 -45.0 2940.0 1988.0 -16.0 1370.0 888.0 -20.0 2630.0 1634.0 -1.8 178.2 160.0 -0.2 129.2 102.6 -20.0 1314.0 984.0 -3.5 583.0 396.0 -6.0 777.0 597.0 0.0 139.0 100.6 -2.0 582.0 374.5

CITYAM.COM

FTSE ALL SHARE 4155.88 0.72 Price JPM Japan IT ................510.0 Jupiter Fund Mngt ......204.2 Law Debenture ............. 798.0 Mercantile IT .................221.0 Monks Inv Tst .............1060.0 Murray Inc Tst...............867.0 Murray Intl Tst ...........1228.0 Ninety One .....................250.0 Pantheon Intl Partn ......311.0 Pershing Square.........2795.0 Personal Assets Tst...50000 Polar Cap Tech Tst .....2238.0 Renewables Infra Gp ... 132.4 RIT Cap Partners.......2545.0 Schroder Asia ................541.0 Schroder Oriental .........269.5 Scot American Inv ......500.0 Scottish Mortgage ....1008.0 Sequoia Econ Infra ......... 97.1 Smithson Inv................1578.0 Syncona ...........................169.0 TEMPLE BAR INV TR 1160.0 Templeton Em Mkts .....152.0 Vietnam Enterprise ..... 750.0 VinaCapital Vietna ......502.0 Witan Invest .................. 227.5 Wwide Healthcare .....3110.0

Chg High Low -6.0 729.0 465.5 -3.6 299.6 178.2 -3.0 830.0 717.0 -0.5 291.0 195.4 -20.0 1472.0 980.0 -5.0 952.0 770.0 -4.0 1232.0 1076.0 3.8 277.4 219.2 -2.0 351.0 254.0 30.0 3115.0 2465.0 100.0 50900 45000 -12.0 2750.0 2010.0 -1.2 139.4 120.6 -40.0 2765.0 2330.0 0.0 641.0 498.0 0.5 294.5 254.5 1.0 543.0 446.5 -18.5 1543.5 834.6 -0.7 114.6 96.8 -12.0 2025.0 1398.0 -3.2 262.5 159.4 2.0 1272.0 1008.0 -2.0 208.0 140.6 -7.0 791.0 575.0 -1.0 545.0 413.0 -1.5 257.0 208.5 -45.0 3910.0 2960.0

FIXED LINE TELECOMMUNICATIONS BT Gp ................................184.8 2.8 205.6 135.2 Telecom Plus ............... 1530.0 10.0 1612.0 1010.0

FOOD & DRUG RETAILERS Greggs ............................2416.0 -44.0 3416.0 2176.0 Ocado Gp .......................1103.0 -21.0 2236.0 1086.0 Sainsbury(J)...................259.5 1.9 340.0 235.0 SSP Group.......................235.1 -1.9 392.4 214.3 Tesco.................................275.1 -1.1 303.4 219.7

FOOD PRODUCERS Assoc British Foods...1688.5 Cranswick ....................3486.0 Greencore Gp ..................131.7 Hilton Food Gp .............1184.0 Premier Foods.................115.8 Tate & Lyle ......................710.0 Unilever.........................3370.0

-8.0 2490.0 1626.5 46.0 4148.0 3182.0 -0.8 170.8 113.5 8.0 1240.0 1004.0 1.4 122.2 92.6 -5.0 815.8 629.4 -15.0 4360.0 3328.0

FORESTRY & PAPER

Price Chg High Low CMC Markets .................274.5 15.0 538.0 219.5 Coats Group.......................81.4 4.4 81.4 56.0 Hargreaves Lans..........1039.5 -6.5 1772.0 995.6 IG Gp.................................794.5 1.5 952.5 717.0 Integrafin Holdings......415.0 -3.2 602.0 372.0 Intermediate Cap ......1686.0 6.0 2379.0 1385.0 Intl Public Prtnshps .....168.6 0.0 174.8 156.0 Investec ...........................481.7 -0.5 482.2 215.5 IP Group ............................94.3 0.2 155.2 79.0 JTC ...................................820.0 -34.0 936.0 611.0 Liontrust....................... 1246.0 -30.0 2485.0 1090.0 London Stock Exch ....7824.0 -18.0 8282.0 6370.0 Man Group ..................... 222.8 1.4 242.5 159.5 OSB Group ...................... 547.5 -13.5 576.0 418.8 Paragon...........................494.0 -5.2 617.5 427.2 Petershill Partners .......243.5 -3.5 350.7 194.8 Plus500 .........................1465.0 -2.5 1573.5 1255.5 Provident Financial ..... 305.2 -1.8 381.6 210.0 Quilter ..............................139.6 1.6 168.9 114.6 Rathbone Grp...............1742.0 -8.0 2065.0 1518.0 Ruffer Investment.......308.0 -2.0 316.0 230.0 Schroders..................... 3150.0 -102.0 3871.0 2817.0 SDCL Energy ...................116.5 -4.5 124.0 97.8 TP ICAP ........................... 149.8 -0.2 250.6 110.7

GENERAL RETAILERS B&M.................................580.6 7.2 644.0 525.6 Currys.................................88.3 -0.1 159.2 84.4 Dunelm Gp....................1099.0 -25.0 1551.0 1036.0 Frasers Group ...............666.5 -5.0 813.5 460.8 Howden Joinery Gp..... 784.8 -16.6 975.6 727.6 Inchcape.........................694.0 -4.0 933.0 651.5 JD Sports Fashion .........147.7 -4.0 234.0 131.6 Kingfisher........................261.8 0.2 376.4 261.6 Marks & Spencer .......... 153.8 -4.8 256.9 131.6 Moonpig...........................219.0 -1.4 488.4 203.6 Next ................................6176.0-208.0 8426.0 5770.0 Pets at Home Gp ...........391.8 -1.2 519.0 347.2 Vivo Energy ....................136.4 0.0 138.4 96.0 Watches of Switz .......1126.0 -44.0 1518.0 661.0 WH Smith......................1426.0 -12.5 1920.0 1311.0

HEALTH CARE EQUIPMENT & SERVICES Convatec..........................218.5 9.4 262.6 166.8 Mediclinic Intl ...............343.8 -1.2 348.4 275.8 Smith & Neph...............1229.0 1.5 1592.5 1179.0 Spire Health .................. 248.0 2.0 254.5 92.8

HOUSEHOLD GOODS

Mondi ..............................1511.5 10.0 2068.0 1309.0

GENERAL FINANCIAL 3i Group .........................1325.5 Ashmore Gp....................234.6 Brewin Dolphin ...............313.5 Bridgepoint Group........318.0 Capital Gearing ..........5130.0 Close Brothers .............1188.0

RISERS % Polymet Int..................................166.00 20.7 Homeserve ..................................806.50 14.6 Bridgepoint Group ......................318.00 9.8

-11.0 1503.5 1138.5 3.4 418.0 221.2 -1.0 406.0 266.0 28.5 569.0 266.5 10.0 5180.0 4690.0 -13.0 1645.0 1072.0

Berkeley Grp Hldgs ...3936.0 Countryside ....................283.0 Crest Nicholson .............283.6 Reckitt Benckiser ......5635.0 Redrow............................ 540.4

-47.0 4943.0 3670.0 -4.0 571.5 258.4 -8.2 463.8 266.6 16.0 6801.0 5391.0 -2.4 718.8 523.8

INDUSTRIAL ENGINEERING Bodycote .........................663.5 -18.5 984.5 615.5 Hill & Smith .................1548.0 16.0 1902.0 1214.0

Price Chg High Low IMI ..................................1426.0 -28.0 1838.0 1277.0 Melrose Ind ....................125.5 -3.1 190.8 109.3 RHI Magnesita .......... 2500.0 -36.0 4704.0 2500.0 Rotork ..............................332.8 1.0 373.4 285.2 Spirax-Sarco..............12325.0 -190.0 17135.010985.0 Weir Gp..........................1765.0 -123.5 2005.0 1429.0

INDUSTRIAL METALS Evraz ...................................81.0 Ferrexpo ...........................170.1

INDUSTRIAL TRANSPORTATION

Games Workshp .........7355.0 235.0 12220.0 6365.0

LIFE INSURANCE 0.6 -0.6 0.5 -1.9 -4.2 -11.0 7.5

302.3 179.0 445.5 370.9 111.4 75.5 307.8 238.9 759.8 581.8 1585.5 1000.0 1731.5 1180.0

-30.0 -9.4 10.8 12.0 -46.0 -3.4 -0.5 0.1 -12.4 3.0 -0.2 -9.5

3170.0 2250.0 454.4 306.0 741.8 543.6 1108.0 829.0 3910.0 1882.0 624.0 464.4 132.5 73.4 280.0 187.0 869.4 571.8 2424.0 1807.0 800.4 569.2 1224.0 909.8

MEDIA

MINING Anglo American ......... 3941.0 Antofagasta .................1781.5 BHP Group ...................2801.5 Centamin ........................... 91.0 Endeavour Mining...... 1920.0 Fresnillo ............................767.6 Glencore .........................500.3 Hochschild Mining ........132.5 Polymet Int.....................166.0 Rio Tinto ........................5857.0

15.0 3968.0 20.5 1925.0 61.0 2801.5 3.7 121.5 20.0 2100.0 41.6 986.8 -10.9 511.3 3.1 209.2 28.5 1729.0 57.0 6658.0

2470.5 1227.0 1835.2 80.7 1510.0 622.4 284.2 100.0 92.0 4375.5

MOBILE TELECOMMUNICATIONS Vodafone Gp ...................124.8

Price Chg High Low

NONLIFE INSURANCE Admiral Gp...................2583.0 -17.0 3688.0 2439.0 Beazley..............................417.8 1.6 504.0 294.4 Direct Line Ins ...............274.3 2.4 322.3 250.9 Hiscox ..............................948.0 2.2 987.6 770.0 Lancashire Hldgs...........394.6 1.4 725.0 346.6 BP ......................................389.2 1.3 417.2 278.4 Capricorn Energy...........219.4 0.8 222.2 125.6 Energean .......................1178.0 46.0 1178.0 620.0 Harbour Energy .............499.6 25.2 520.0 310.1 Shell ...............................2081.0 -4.0 2085.0 1833.4 Tullow Oil........................... 54.1 0.9 64.9 40.3

OIL EQUIPMENT & SERVICES Wood Gp(J) ....................170.2 -5.2 289.7 158.3

LEISURE GOODS

4imprint........................2835.0 Ascential .........................334.4 Auto Trader Gp..............653.6 Euromny Inst Inv..........910.0 Future ........................... 2600.0 Informa............................585.4 ITV ...................................... 82.1 Moneysupermkt.com ... 199.4 Pearson .............................767.2 RELX ..............................2320.0 Rightmove Group ..........652.6 WPP ................................1021.5

% -6.5 -4.2 -4.0

OIL & GAS PRODUCERS 0.0 698.2 53.1 9.4 501.0 116.0

Clarkson........................3695.0 -65.0 4180.0 2700.0 Clipper Logistics ..........884.0 -3.0 891.0 585.0 Redde Northgate ..........433.5 0.5 443.0 345.0 Royal Mail ........................361.1 6.5 606.4 339.5

abrdn ...............................204.6 Aviva .................................435.7 Just Group ........................89.0 Legal & General.............271.7 Phoenix Gp.....................640.2 Prudential ....................1082.0 St James Place ............1465.5

FALLERS

Weir Gp.......................................1765.00 Softcat ...................................... 1692.00 JTC ...............................................820.00

0.6 142.4 106.9

PERSONAL GOODS Burberry Gp................. 1656.0 6.0 2264.0 1551.5 PZ Cussons......................192.6 -1.8 274.5 182.8

PHARMACEUTICALS & BIOTECHNOLOGY AstraZeneca ................9836.0 Dechra Pharma.......... 4020.0 Genus.............................2834.0 GlaxoSmithKline .........1625.6 Hikma Pharma ............ 2122.0 Indivior ............................270.2 Oxford Biomedica .........681.0

106.0 9836.0 7099.0 -80.0 5405.0 3384.0 -88.0 6070.0 2834.0 13.0 1707.8 1277.6 43.0 2690.0 1825.0 0.2 286.6 122.0 -7.0 1634.0 602.0

REAL ESTATE Assura ................................66.0 Big Yellow Gp .............. 1498.0 British Land ....................513.0 Captl & Count Prop ......168.7 CLS Hldgs .......................202.0 Derwent London ........ 3106.0 Grainger...........................291.6 Grt Portland Est .............737.0 Hammerson ......................30.9 Land Securities..............765.6 LondonMetric Prop ......266.4 Primary Hlth Prop .........146.1 Safestore Hldgs ...........1272.0 Savills .............................1159.0 SEGRO ............................1291.0 Shaftesbury................... 592.0 TR Property IT ..............435.0 Tritax Big Box ................235.6 Tritax Eurobox ............... 101.2 UK Commercial Prop .....82.3 Unite Group .................. 1123.5 Urban Logistics .............185.0 Workspace Gp ...............672.5

-0.3 79.8 59.6 5.0 1724.0 1109.0 3.0 556.4 463.1 -0.3 186.3 149.8 -5.5 262.0 185.2 21.0 3802.0 2883.0 -1.4 335.0 266.8 0.0 803.5 679.8 0.3 44.2 29.6 2.8 813.2 653.2 0.0 285.2 212.4 0.0 169.6 131.1 8.0 1418.0 789.5 -15.0 1450.0 1051.0 -8.0 1436.5 933.0 1.0 662.0 547.5 -4.0 510.0 386.0 -1.2 249.0 179.5 -1.6 124.0 95.9 -1.1 85.5 71.9 -10.0 1237.0 990.2 -6.5 191.5 118.5 17.0 971.0 604.5

SOFTWARE & COMPUTER SERVICES Auction Tech ..................991.0 -11.0 1642.0 788.0

/€ 1.1996 /$ 1.3181 /¥ 161.29

Price Avast.................................571.6 Aveva Gp.......................2494.0 Baltic Classifieds...........135.0 Computacenter...........2932.0 FDM Group....................1014.0 Kainos Gp .....................1382.0 Micro Focus Intl ............400.1 NCC Grp ...........................178.6 Playtech ...........................616.0 Sage Group .................... 686.4 Softcat .......................... 1692.0 Trustpilot.........................138.0

Ä Ä Ã

0.0001 €/$ 1.0987 0.0021

€/£ 0.8336

1.4660

€/¥ 134.45

Chg High Low -0.4 645.4 434.5 -47.0 4220.0 2365.0 -0.5 255.0 99.8 -26.0 3030.0 2340.0 -18.0 1362.0 830.0 9.0 2084.0 1191.0 -1.9 587.6 333.1 -1.4 335.0 167.4 7.5 770.0 351.0 -3.6 853.8 606.2 -74.0 2240.0 1445.0 -4.9 460.0 128.4

SUPPORT SERVICES Ashtead Gp ..................5200.0 -88.0 6450.0 4278.0 Babcock Intl Grp...........339.2 5.2 380.2 228.4 Biffa ..................................334.5 -3.0 416.0 266.0 Bunzl ..............................2891.0 -9.0 2969.0 2251.0 DCC ................................5784.0 -10.0 6500.0 5500.0 Diploma.........................2544.0 -74.0 3460.0 2420.0 discoverIE Gp................800.0 -10.0 1262.0 670.0 Electrocomp ................1058.0 -2.0 1255.0 868.0 Essentra...........................315.0 5.5 357.0 251.0 Experian ...................... 2988.0 2.0 3667.0 2495.0 Ferguson ....................10860.0 -365.013305.0 8668.0 Hays ..................................126.0 -2.4 176.7 112.9 Homeserve .....................806.5 103.0 1212.0 608.5 Intertek Gp...................5142.0 -6.0 6198.0 4735.0 IWG.................................. 256.5 -5.2 380.0 232.4 MITIE GROUP..................60.1 -1.9 77.3 46.5 Network Int................... 256.6 1.3 447.6 171.8 Pagegroup.......................501.0 -12.0 680.5 432.2 Rentokil Initial...............515.0 6.8 636.2 444.5 Sanne Group...................914.0 -1.0 946.0 603.0 Serco ................................139.8 0.5 145.8 121.2 Travis Perkins.............. 1285.5 -33.5 1830.0 1222.0

TECHNOLOGY HARDWARE & EQUIPMENT Spirent Comms..............245.2 -3.2 300.2 215.6

TOBACCO Br Am Tob ....................3262.0 71.0 3439.0 2512.5 Imperial Brands ...........1617.0 15.0 1818.5 1465.5

TRAVEL & LEISURE 888 Holdings.................. 192.7 -2.4 478.0 187.2 Carnival..........................1251.4 -28.0 1865.4 1092.2 Compass Gp................. 1666.5 -11.5 1820.5 1407.5 Dominos Pizza................375.8 -3.2 465.2 346.0 easyJet ........................... 509.2 -6.0 1095.0 439.5 Entain .............................1656.5 -18.5 2377.0 1392.5 FirstGroup........................107.0 -0.2 107.2 73.1 Flutter Ent....................8834.0 -124.016480.0 8000.0 Intercontl Htls ............ 5138.0 -18.0 5336.0 4399.0 Intl Cons Airl.................. 135.7 -3.1 217.8 116.2 Mitchells & Butlers .....228.0 -4.8 332.2 211.0 National Express ...........226.6 -4.8 328.2 192.6 Rank Gp ............................137.8 -5.6 207.0 129.6

Price TUI AG .............................223.3 Wetherspoon (JD) ........791.0 Whitbread.................... 2742.0 Wizz Air Holdings ......2564.0

Ä Ã Ã

0.0017 0.0001 1.2340

Chg High Low -0.7 448.2 181.3 -17.0 1404.0 733.0 53.0 3545.0 2436.0 7.0 5398.0 2496.0

AIM 50 Abcam ........................... 1358.0 Advanced Medical ....... 295.0 Alliance Pharma.............112.0 ASOS...............................1583.5 Camellia ........................6025.0 Caretech Holdings ........683.0 Central Asia Metals .....239.0 Clinigen Group ...............921.0 CVS Group....................1830.0 Dart Group .....................1107.0 Diversified Energy .........114.4 EMIS Group .................1344.0 FD Technologies ..........1746.0 Fevertree Drinks .........1801.5 Frontier Devs............... 1226.0 Gamma Comms ...........1324.0 GB Group .........................555.5 Gooch & Housego ........958.0 Hurricane Energy...............9.8 Impax Asset Mgmt .....894.0 Iomart Group .................158.4 IQE.......................................40.5 James Halstead .............251.0 Johnson Service Gp ......116.0 Keywords Studios .....2240.0 Learning Tech Gp .......... 168.1 M&C Saatchi ..................185.0 M.P. Evans ....................1000.0 Majestic Wine................371.0 Midwich Group .............606.0 Molten Ventures ..........708.0 Mortgage Advice B ....1100.0 Next Fifteen Comm ...1300.0 Nichols...........................1300.0 Numis Corporation .......261.0 Polar Capital Hdgs....... 599.0 Purplebricks Gp...............25.4 Renew Holdings.............687.0 RWS Holdings ................363.2 Secure Income REIT ...443.5 Serica Energy................400.0 Smart Metering Sys.....774.0 Telford Homes................349.5 Thorpe (F.W.).................420.0 Watkin Jones .................251.0 Young’s Brew NV..........656.0 Young’s Brew-A........... 1450.0

5.0 1750.0 1171.0 5.0 341.0 232.5 -1.0 114.2 91.0 -49.0 5826.0 1583.5 50.0 7400.0 5975.0 -7.0 699.0 530.0 3.0 293.0 200.5 0.5 930.0 581.0 70.0 2770.0 1580.0 -14.5 1564.5 938.6 -3.2 128.8 97.7 -36.0 1460.0 1100.0 -24.0 2940.0 1378.0 -42.5 2812.0 1513.0 0.0 3225.0 1120.0 -16.0 2335.0 1314.0 -3.5 952.5 507.5 -2.0 1550.0 936.0 0.4 11.0 0.7 -27.0 1482.0 732.0 -1.6 321.5 140.0 1.1 64.7 29.2 0.0 580.0 246.0 0.0 180.4 105.0 -16.0 3302.0 1952.0 1.9 235.8 142.5 1.0 210.0 121.5 18.0 1000.0 672.0 6.0 888.0 348.5 2.0 700.0 420.0 -19.0 1180.0 611.0 -15.0 1500.0 1050.0 -25.0 1340.0 680.0 -47.5 1640.0 1105.0 -7.0 398.0 238.0 0.0 915.0 522.0 -0.9 110.0 14.1 -1.0 872.0 564.0 -27.2 696.5 363.2 6.0 443.5 352.0 15.5 400.0 112.6 1.0 1030.0 688.0 0.0 349.5 349.5 -10.0 520.0 331.0 1.0 276.5 208.0 -9.0 982.0 655.0 30.0 1675.0 1325.0

CITYAM.COM

FRIDAY 25 MARCH 2022

CITY DASHBOARD LONDON REPORT

London’s top indexes struggle for direction on tame day in the City

ONDON’s top indexes struggled to squeeze out any gains yesterday on a tame day of trading in the City. The capital’s premier FTSE 100 index edged 0.09 per cent higher to 7,467.38 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.52 per cent to 20,893.19 points. Retailers held the FTSE 100 back yesterday, led by Next posting the biggest fall on the index, dropping 3.26 per cent. Investors responded badly to the high street retailer announcing prices will rise eight per cent this autumn to account for higher costs. Staff shortages and disruption caused by the Russia-Ukraine war have squeezed the firm’s margins, prompting traders to ditch their holdings. Fellow retailer JD Sports added to the

sector’s woes, tumbling 2.61 per cent. FTSE 250-listed Marks and Spencer was among the worst performers. Concerns about businesses’ capacity to withstand strong inflationary pressures and remain profitable weighed on overall market sentiment, analysts said. “Brent Crude oil at $122 per barrel is going to be a tough one for businesses to stomach as energy costs go through the roof,” Russ Mould, investment director at AJ Bell, said. “The cost of running factories, moving trucks and powering computers will put a squeeze on profit margins which means corporate earnings expectations may have to be reduced unless we see a significant reduction in inflationary pressures,” he added. European shares were also muted, with Germany’s Dax 30 closing slightly lower.

MARKETS

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Bridgepoint has been marked as a stock to Buy, with a target price of 380p, after its final results for 2021 came in slightly ahead of expectations, according to Peel Hunt analysts. With capital raising plans remaining unchanged and the firm not foreseeing any material delays to its first close in the second quarter of this year, analysts have not budged on their forecasts.

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Playtech has also been pegged as a stock to Buy by Peel Hunt analysts, who have given it a target price of 800p. The company reported strong trading levels yesterday – with the turnout of 2021 better than expected for onlookers. Analysts also expect Playtech to receive an “attractive” takeover offer – or alternatively, desirable bids for its component parts.

PANACEA FOR FEARS The best

cure for high prices is high prices as they prompt a search for other options or force users to consume less. Any sort of ceasefire in Ukraine could also ease a lot of fears over supply from Russia, which is a top-five global provider of diamond, gas, oil, aluminium, potash, nickel, titanium and steel. RUSS MOULD, AJ BELL

CITY MOVES WHO’S SWITCHING JOBS TILNEY SMITH & WILLIAMSON

Wealth management and professional services group Tilney Smith & Williamson, which is set to re-brand to Evelyn Partners in the summer, has bolstered its London financial planning team. Francesca Allard, who joins as a financial planning associate director, brings a strong interest in cashflow modelling and intergenerational planning.

The incoming director moves from James Hambro & Partners, where she was an associate financial planner, after five years. “I am very pleased to welcome Francesca to our financial planning team in London,” head of financial planning, Emma Sterland said. “Francesca joins our business at exciting time as we prepare to re-brand to Evelyn Partners and move into our new London office in Gresham Street in the coming months.”

JANUS HENDERSON

Investment group Janus Henderson has appointed a

new CEO, who steps into the role in late June. Ali Dibadj joins the City-headquartered firm from AllianceBernstein, where he had been chief financial officer and head of strategy since February last year. Succeeding Dick Weil, who will retire at the end of March 2022, Dibadj spent almost a decade in management consulting, including at McKinsey & Company and Mercer. “We are pleased to appoint Ali Dibadj as the company’s next CEO,” chairman Richard Gillingwater said. “We thank Dick Weil for his leadership over the years and wish him all the best in his well-deserved retirement.”

MUZINICH & CO

Muzinich & Co. has expanded its environment, social and governance (ESG) team with a new director based in London. Yiannis Bartzilas joins from Pimco, where he was an ESG and Climate Change specialist. Bartzilas is set to work closely with the investment teams across the business, becoming a key player in Muzinich’s internal ESG groups. “As a firm, we have been onboarding accounts with socially responsible exclusions for over twenty years in line with client demand,” director of responsible investing, Archie Beeching, said.

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OPINION

FRIDAY 25 MARCH 2022

CITYAM.COM

OPINION EDITED BY SASCHA O’SULLIVAN

Sunak’s tax plans are a cheap rip-off of the American habit of picking winners Tim Sarson

HEN Frank Sinatra first uttered the words “the best is yet to come”, the UK’s fiscal strategy probably couldn’t have been further from his mind. But the words ring true after a spring statement that did little to make life any easier for those of us who make a living trying to read the Chancellor’s mind. The short-term focus was, of course, the cost of living. After weeks of looking like he would stand firm, pressure to soften the blow of rising inflation, energy prices and national insurance was too great to ignore completely. But as for the Chancellor’s longer-term strategy, the hints were few and far between. The ears of tax advisors across the country pricked up when Sunak announced that he had a new “tax plan” but we were left with a relatively scant but nicely branded document that did little to help us read the tea leaves, and a set of HMRC proposals on some quite specific changes to capital allowances and R&D incentives that wouldn’t quite meet the ambition of a tax plan. We heard nothing about addressing the various cliff edges that thresholds create in our tax system – in inheritance tax, stamp duty or indeed the Organisation for Economic Co-operation

Rishi Sunak’s spring statement yesterday has been met with criticism from all corners and Development’s (OECD) proposed global minimum tax. The imbalance between how we tax employment income compared to those that receive a pension or rental income also went unaddressed. In fact, raising the threshold for national insurance while not lowering the lowest income tax band until 2024 will widen this gap. The Chancellor left few breadcrumbs behind for us to follow, aside from maybe a very early picture of how he wants to tax businesses. We didn’t get a complete vision – far from it – but there were some indicators as to how the “Brand Rishi” corporate tax system could take shape.

With that in mind, the references to the US tax system in the speech were far from throwaway comments. Sunak’s preference seems to be for a high headline rate, keeping the hike in corporation tax to 25 per cent next year, but compensating for this by narrowing the tax base. Just like the longstanding tax policies used on the other side of the Atlantic, the Chancellor’s approach is to deploy very targeted reliefs to reduce the otherwise quite high tax burden on those businesses or sectors that he perceives deserve or need it. This was consistent with the targeted relief and additional funding doled out in the

last year’s Autumn Budget. It’s hard to say for certain whether this foreshadows the Chancellor’s plans to redesign the tax system as a whole, but this approach of picking winners is certainly not new for this government. It’s reminiscent of other areas of the strategy as well - designating a select group of new freeports or naming specific towns for special attention in the Levelling Up White Paper, for example. It’s an approach that has stood the test of time in America, but one that adds huge amounts of complexity – if you think our tax system is complicated, wait until you see (and weigh)

An Evergreen gift: supply chain plans need to move from the Dark Ages onto our screen

N MARCH last year, the plight of a ship, stuck in the Suez canal became a fixation for people across the world. The Ever Given became grounded and caused reverberations to global supply chains for weeks. The latest misadventure is that of the ironically named Ever Forward, which grounded in Chesapeake Bay near Baltimore, Maryland. For the Evergreen Marine Corps, the owner of the ships, lightning really does strike twice. The Ever Given was an iconic moment of global supply chain-related panic, with over 350 ships forced to queue behind the container ship and its containers bound for destinations across the globe. In the wake of the incident, the very concept of getting items from A to B was thrust into the spotlight. The supply chain and procurement worlds are often accused of being opaque; parcels arrive without questions being asked, deals are signed with a handshake in a warehouse somewhere. In reality, the reason for this opacity

Jack MacFarlane

is that procurement still lives in the Dark Ages. Sometimes thousands of parties bid for the same job, and handling these kinds of RFPs (requests for proposals) can be a mammoth and expensive task carried out over email and attachments, and even sometimes pen and paper. Since the Ever Given blocked the Suez Canal, businesses around the world have been paying closer attention to their supply chains and procurement processes. This increased focus has been further accelerated by other supply chain crises such as Brexit and Covid-related port closures in places like Yantian, China. In 2022,

it’s safe to say Chief Supply Chain Officers are in high demand. The solution, as is often the case in antiquated industries, is technology. Procurement professionals today typically use outdated software that is liable to all kinds of compliance risks, inefficiencies, frustrations, human errors, and increased spending. Outdated manual processes and broken servers can lead to issues, whereas AIpowered technology can help manage all procurement in a way that’s more efficient, accountable, and auditable. When a crucial trading artery like the Suez Canal is blocked, with the right technology you can see where your items are and where they need to go. Otherwise, you’re in the dark. Moving procurement away from emails, archaic and clunky processes, and sometimes even physical folders in filing cabinets, we can start to understand the intricacies of complicated supply chains. Through digitalisation, we can bring visibility to the sector. If buyers can see their suppliers’ ESG cri-

teria all in one place, for example, they can make informed decisions based on sustainability metrics. When that happens, it becomes commercially (rather than just ethically) incentivised to “go green”. Total transparency allows everyone to make smarter purchasing decisions. It’s no longer acceptable for a business to hide behind ignorance around their suppliers. But the only way to have insight into every single supplier you work with, is through significant technological advancement. When a seismic event happens, like the Suez Canal blockage or a global pandemic, businesses that have visibility across their supply chain can adapt fastest and use data to find alternate solutions and prosper. With a number of traditional sectors having gone digital to help customers and staff adapt to a new way of living, we now need procurement and the supply chain to go the same way. £ Jack Macfarlane is founder and chief executive officer of DeepStream

the global deforestation threat that is the US tax code. The advantage it could have is to give the Chancellor the flexibility to manoeuvre his fiscal levers in ways that help achieve the Conservative Party’s political objectives. An election is not that far away, and the Government will want examples of Levelling Up in action and Brexit benefits to demonstrate to its newly acquired voters – both of which have facets that could be accelerated through smart allocation of tax carrots and sticks. Overall, the tax changes introduced in this Spring Statement were necessarily reactive and, as such, it is difficult to put a finger on any kind of unifying philosophy behind the tinkering the Chancellor has engaged in so far. We know that Sunak wants to be a “low tax” Chancellor, but exactly how he plans to do that is far from clear. Perhaps his moves to emulate the American system are a stop-gap approach until the Office for Budget Responsibility’s forecasts start giving him the confidence to materially lower taxes. Or perhaps this penchant for “picking and choosing” is itself the green shoots of his long-term strategy. Given the current political and economic climate, both at home and internationally, it’s not surprising that a lot of difficult decisions around tax have been deferred until the autumn. The likely onslaught of government consultations arriving over the next few months will give us a better inkling of what’s in the Chancellor’s mind. £ Tim Sarson is head of tax at KPMG UK

FILL HER UP, CHANCELLOR Rishi Sunak wants to be a low-tax Tory but his spring statement photoshoot made him a meme, after he posed filling up a Sainsbury employee’s car with petrol. He struggled with the complex task of paying for his coke. contactless. Clearly HMRC doesn’t take Apple Pay.

FRIDAY 25 MARCH 2022

CITYAM.COM

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR Returning to City streets

surgeries. Investors who have put faith in the office are also being repaid by its importance for meeting people’s personal and professional needs. Lonely and lacking opportunities to connect with colleagues, many workers saw their mental health suffer while working from home; more than half of respondents to one survey said as much. On top of this, full-time work from home disproportionately impacted early-career workers, who were less likely to have a suitable “home office” setup. Now, tomorrow’s business leaders are leading from the front, driving the return to the office and the revival of the City. There is good grounds to predict that appetite for the office will remain robust in the long term, and London is better off for it. Giles Fuchs

[Re: £5bn investment turnover for central London office market since start of 2022] Post-Omicron optimism has helped refuel confidence in London’s office market to the tune of £5bn since the turn of the year – and rightly so. Investors have correctly identified the underlying fundamentals of the City. The offices that will continue to attract the most investment are those that support both sides of people’s work-life balance, going beyond being simply work spaces. Offices with their own shops, bars, and cafes are increasingly commonplace. The most forward-thinking operators herald a future that incorporates bookable bedrooms, hair salons, and even GP

DEEP FINKING Ukraine war puts end to globalisation, says Larry Fink

Blackrock boss Larry Fink has said Russia’s invasion “put an end to the globalisation we have experienced over the last three decades” and warned that many companies will be looking at their global dependencies.

OPINION-IN-BRIEF: INSTAGRAM AND TIKTOK OUTLAWED ON THE ROADS - FINALLY From today, people driving and using their phones for any activity will be breaking the law. Reckless drivers could face a fine of up to £1,000, 6 points on their licence or a full ban. “I will do everything in my power to keep road-users safe”, Transport Secretary Grant Shapps proudly announced. The new measures, which most people probably thought already existed, have been in place for most other jurisdictions. Many European countries had banned the use of phones behind the wheel since

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the 1990s. All the while, many British drivers were able to exploit the “interactive communication loophole”: only things like actively making a call were considered illegal. Our previous laws belonged to the vintage era of Nokia phones, when making a TikTok or shooting the sunset-on-the-road Instagram story while driving wasn’t a thing. Let’s hope the new law really brings more safety to our roads, rather than just an easy win-win press release for Shapps.

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OPINION

› E: opinion@cityam.com COMMENT AT: cityam.com/opinion

The public shaming of P&O won’t help us give up the habit of exploitation for good Barry Johnston

E ALL know the playbook by now. Big corporation does something immoral or illegal, often both. Cue public outcry and calls for “something to be done”. The chief exec is hauled before a parliamentary committee to account for himself (it’s usually a man) and then, well … that’s often where things end. But this time, the outcome may be different. Yesterday’s mauling of the P&O Ferries execs at the BEIS Select Committee was a classic of the canon - Darren Jones MP’s opening zinger, one for the ages. “Are you in this mess because you don’t know what you are doing, or are you just a shameless criminal?” As he squirmed and faltered over his opening words it was almost - but not quite - enough to make you feel a sting of sympathy for CEO Peter Hebblethwaite. Unsurprisingly he never got round to answering that one. Instead we got the tried and tested opening apology - remember the most

The danger is this ritual of humiliation of execs is now priced in to board decisions humble day of Rupert Murdoch’s life? Next, the expression of empathy for those screwed over by what was an extremely difficult but sadly unavoidable decision. And then an hour or so of rinse and repeat while failing to offer any satisfactory detail to account for their actions. One wonders whether Hebblethwaite and his colleague Jesper Kristensen, chief operations officer of P&O owner DP World, had factored this uncomfortable scrutiny into their decision making matrix when deciding to fire 800 of their employees with no notice, via Zoom. The danger is that this ritual humiliation of execs is now “priced in” to boardroom decision making - a storm to be weathered rather than a point of

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P&O chief exec defended the decision to fire 800 workers over Zoom orientation to help plot a different course. At its heart, the P&O scandal is about what factors are considered when making decisions - big or small within a business. While there are innumerable businesses out there that are looking after their staff, giving back to their communities and protecting the environment, the behaviour of this errant ferry company has once again put the trust and reputation of business in the headlines for the wrong reasons. There is currently debate about whether and what employment laws P&O may have broken, and P&O’s sacked employees should certainly have their day in court. But the case asks fundamental questions about UK company law too. At the risk of absolutely killing the maritime metaphor, the 2006 Companies Act is a corporate North Star towards which our businesses must align their behaviour. Section 172 of the Companies Act lays out the “job description” of company directors, placing the interests of

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shareholders above those of other stakeholders like workers, customers, local communities and national interest. The P&O decision trampled all over the interests of these latter groups. That a decision like that could be made again without breaching this law raises serious questions. In his contribution, government Minister Robert Courts indicated that the government is looking at the wider business behaviour aspects of this case and will come to parliament with a package of proposed measures next week. This should include an amendment to Section 172 that updates the duties of company directors to align their wider social and environmental impact with the delivery of profit. For those companies that can’t locate their moral compass, now is the time to update the law to steer them on the right course. £ Barry Johnston is founding partner at Purpose Union

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LIFE&STYLE

FRIDAY 25 MARCH 2022

CITYAM.COM

GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

ART RECOMMENDED TATE BRITAIN COMMISSION: HEW LOCKE TATE BRITAIN BY STEVE DINNEEN

he Tate Britain continues to put its more fashionable sibling the Tate Modern to shame with its flagship public installation, following up last year’s neon-soaked post-apocalypse by Heather Phillipson with a zeitgeist-capturing parade by British sculptor Hew Locke. The cavernous Duveen Galleries play the host to a rambling procession, with dozens – 150 to be precise – of life-size figures ambling through the space, each one intricately crafted from cardboard and fabric, a sculpture in its own right. The mass of people seem to hail from across the globe – there are references to the South American nation of Guyana, where Locke spent much of his childhood, as well as signifiers of African, Asian and British folk traditions (Locke has lived in Cornwall since 1980 and there are The Wicker Man-esque folk-horror vibes to many of his creations). Split into loose groups, it seems not everybody in this parade is here for the same reason. There are black-clad families in mourning, groups of protestors, religious figures, flag-bearers with the confidence of a pride movement, others just there to enjoy the carnival atmosphere. Colonialism is ever-present, with references to the national and commer-

MOVIES AMBULANCE DIR. MICHAEL BAY

BY JAMES LUXFORD

s painful as it might be to admit, it’s the perfect time for Michael Bay to make a comeback. Cinemas need big, bold crowd-pleasers, and there’s noone bigger or bolder than the man behind the Bad Boys and Transformers franchises. His new film is called Ambulance, but those thinking this will be a sensitive ode to first responders will be in for a shock. Yahya Abdul-Mateen II plays Will, an army veteran with a wife who needs expensive surgery. He turns to his adoptive brother Danny (Jake Gyllenhaal), a career criminal, for help. Danny is planning to rob $35m from an LA bank, and with no options left Will agrees to help. Things go south quickly when an officer arrives at the wrong time, and is shot in the resulting chaos. The brothers steal the ambulance caring for him, with paramedic Cam (Eiza Gonzalez) trying to keep the officer alive while Will and Danny evade capture in a frantic car chase around The City of Angels. All the tricks in Bay’s toolbox are present and correct. Cars race down sun-bleached LA streets, overshadowed by helicopters, with the whole thing captured on a camera that can’t sit still. It’s as if Bay is paying homage to himself, which in a way he is; he even references his own work when a character quotes from The Rock. Still, there’s a pleasing familiarity to the ex-

cial powers that plundered Africa, India and South America. There are chests decorated with bonds for Nigerian Gold Mines Limited, bills of sale from the East India Company, stocks in the Black Star Line shipping company that transported slaves across the ocean. This all reflects the dubious history of the Tate itself, whose original benefactor Henry Tate made his fortune in the sugar business (Tate was 14 and his partner Abram Lyle 12 when slavery was abolished in 1833, but while neither directly owned slaves research by the Centre for the Study of the Legacies of British Slave-ownership at University College London concluded the Tate & Lyle empire was “constructed on the foundation of slavery”). Locke says his installation makes links with the “historical aftereffects of the sugar business, almost drawing it out of the walls of the building”. Elsewhere you can see nods to other subjects Locke has addressed in his work, including climate change and totalitarianism. But this isn’t a didactic experience, rather one of defiance. While the expressionless tribal masks and children with wreaths of flowers for heads are certainly sinister (were a character in a movie to stumble across this scene you wouldn’t bet on them surviving very long), the colours and flamboyant clothing suggest joy rather than hate. The ambiguity of time and geography allows this ragtag group to supersede any one message, instead presenting a general feeling of hope through unity, of banishing the evils of the past by collaborating towards a better future. This space, where colonialism ripples through from the past, has been reclaimed.

ecution that keeps you entertained: brainless, but never boring. The script offers a cast of sarcastic, hyper-masculine characters, with even hostage Cam being quickly established as a no-nonsense maverick who gets the job done. Gonzalez has little to do other than shout at Gyllenhaal and look into the middle distance, but she adds emotional stakes to this live action Grand Theft Auto mission. Abdul-Mateen, recently wasted as the new Morpheus in The Matrix Resurrections, is an interesting anti-hero, doing the wrong thing for the right reasons and never losing your sympathy. The film is made for Gyllenhaal, however, as the kind of fast-talking sleazebag who fits perfectly in these movies. Moving at a million miles an hour, his energy matches the pace of the film as

he once again proves more effective as a villain simply because he seems to be having a lot more fun. It’s not exactly Nightcrawler, but he has a presence that elevates the madness. Ending as puzzlingly as it began, Ambulance is not a smart movie, and is unlikely to win any new fans for The God of Explosions. However, if you want to switch your brain off and watch things blow up, there are worse ways to spend two hours.

UNMISSABLE THE WORST PERSON IN THE WORLD DIR. DIR. JOACHIM TRIER BY JAMES LUXFORD

Director Joachim Trier rounds out his Oslo Trilogy, which began with 2006’s

Reprise and continued with 2011 Cannes favourite Oslo, August 31st. For this final chapter, Trier has chosen a romantic comedy, one of the more challenging film genres with all its tropes and cliches to avoid. Yet, by subverting all of those conventions he has made one of the most original movies of the year. Renate Riensve plays Julie, a twentysomething who never seems to know which path to take. Skipping from one career to the next, and going through relationships just as quickly, her road to happiness seems blocked by the feeling that the grass is always greener on the other side. Under Trier’s direction, this familiar set up becomes something human and relatable. Julie is flawed but in a way that isn’t played for laughs, but rather to understand the messiness of life and love. In one moment, she is asked by a new lover whether she is aware that what she is about to do will “destroy” her current relationship. With wide eyes, and an earnest, uncomfortable grin, she replies “yes, of course”. The character is not an idealised heroine, but a portrait of human frailty that is both funny and understandable. Superbly matched with Riensve is Anders Danielson Lie as Aksel, a comic artist who is perfectly suited to Julie, but pushed away thanks to her restlessness. Aksel has his own problems, but then who doesn’t? Despite the title, Trier is not in the business of judgment. The filmmaker objectively views every twist and turn, acknowledging that it’s difficult for a generation where anything is possible. The Worst Person In The World is a thoughtful, expressive take on young adulthood, made all the more surprising when framed through a genre that

CITYAM.COM

FRIDAY 25 MARCH 2022

THEATRE

HERE COMES THE SUN

RECOMMENDED CLYBOURNE PARK PARK THEATRE BY ADAM BLOODWORTH

ruce Norris’ clever play about the way racism lurks in the suburbs was a knock-out when it premiered twelve years ago. It bagged Olivier and Tony Awards for Best Play, and the Pulitzer Prize for Drama. So it should have: its script points out the systemic prejudices that are in many ways as pervasive today as they were fifty years ago. Clybourne Park is a fictional suburb outside of Chicago which we first visit in the middle of last century, when it is populated solely by white middle class people. We meet a family whose son has died by suicide in an upstairs room who decide to sell their house to a black couple for lower than market value so they can move quickly. The second half, set in 2009, shows how the area has become racially diverse, but one white couple moving in display how racism persists. Bruce Norris’ script still feels cleverly complex, exposing the conscious and unconscious ways white people have historically and systematically discriminated, and the damage that creates. The second half in particular points out the shadows in which discrimination can hide - and then appear horrifically in focus. There are enjoyably rambunctious ensemble skits at the end of both acts,

LIFE&STYLE

Whether you’re north, south, east or west, we have you covered for sunshine boozing NORTH

which provoke audiences to laugh along in shock. Things fall down the stairs, and fists almost fly as freely as the torrents of racism. In Norris’ script, the potent stench of racism is best expressed through satire not seriousness, so when the play is funny, that’s when the white guys - particularly Andrew Langtree’s horribly ignorant Karl and Steve characters (actors play different characters in act 1 and act 2) - have their bigotry writ large. The trouble is that both acts take a while to get going, and some of the establishing scenes lack energy. At these points, the play reports the grim realities of racism, but never quite pulls

off the right emotional highs. Perhaps this is down to variable performances: while Imogen Stubbs feels properly anguished as grieving mother Bev, Richard Lintern doesn’t quite reach the formidable heights of Russ, who is responsible for setting the tone early in the play. (He’s much better in the second half when he gets a more physical, comic performance as Dan, a builder discovering a time-kept secret.) Clybourne Park’s script has teeth, but Oliver Kaderbhai’s revival is hitand-miss in how it conveys the ferocious damage they can cause. Clybourne Park plays at the Park Theatre until April 23

has a well-known blueprint. Expect to see more from Riensve in the future, and for this breakthrough role to become a cult favourite in many an arthouse cinema for years to come.

While Dominik would show all the storytelling skills that would make him a critical darling in the future, it wouldn’t work without Bana. While he would go on to mould himself into the Hollywood friendly star of films such as Troy, Hulk, and Star Trek, he was never better than when he inhabited Read’s bloated, coke-crazed persona. It’s quite something to make such a horrible man entertaining, but provided you can make it through the beatings without wincing, he offers a quotable moment in every scene. This is the type of gritty independent film that isn’t made anymore, besides the odd self-conscious copycat. Chopper is still delightful cinematic anarchy, with Bana offering a masterful performance that he hasn’t matched since.

UNMISSABLE CHOPPER 20TH ANNIVERSARY EDITION DIR. ANDREW DOMINIK BY JAMES LUXFORD

The early 2000s were a goldmine for stylish crime classics. Films like Sexy Beast and Lock, Stock… might have stolen the headlines, but The 21st century had barely started when a gem from Australia introduced us to a new star. Eric Bana, a TV comedy actor, found instant stardom when he took the lead in Andrew Dominik’s Chopper, the story of Melbourne crime legend Mark “Chopper” Read. One of Australia’s most feared criminals during the 70s and 80s, Dominik’s film draws on documented fact and some artistic license to paint the picture of a charismatic but violent man, using both criminals and police in order to wreak his own personal brand of havoc. More than a dry biopic, the movie becomes a gruesome character study where no-one fits into a neat box. Chopper is undoubtedly repulsive, misogynistic, and by his own admission fond of “a bit of torture”. However, we also see the laid back, almost charming character that baffles the shady men who make up his world. Drugs, violence, and fame all converge to offer a provocative take on what could have been a conventional crime story. There’s no dramatic rise and fall, just a trail of blood and dark humour.

It is a fact not widely known that Walthamstow is the best place in London for outdoor drinking. This is because of the so-called ‘Beer Mile’, a strip of grey commercial estate that’s home to a string of breweries, each with their own spin on outdoor drinking. Most famous is Truman’s Social Club but we recommend checking out Signature Brew, Exale, Wild Card and Pillars Brewery, each with its own beers brewed on-site.

EAST

When the guys behind the superlative east London restaurant Leroy come up with a new concept, you should take notice – especially if that concept, called Royale, involves recreating a slice of the French Riviera in Hackney; perfect for a lazy, sunny afternoon. If you’re looking further east, we recommend Greenwich’s The Sail Loft, which has a huge outdoor area right on the water. We also love The Crooked Billet in Clapton, with its huge garden, surfeit of dogs and hip, east London charm.

SOUTH

Vinegar Yard is one of London’s biggest, most sun drenched beer gardens and a great spot to bask with friends this weekend. Open every day from noon till late, the site is home to a host of bars serving beer, wine and cocktails. You can also enjoy some of London’s top street food from the likes of Nanny Bills, Bad Boy Pizza Society, and Baba G’s. Those in Peckham will already be familiar with rooftop suntrap Frank’s, but those in the know prefer the nearby Kanpai, where you can drink sake in London’s only sake distillery. Further south is Lost in Brixton, a rooftop paradise hidden within Brixton Village ideal for catching up over Latin Americaninspired cocktails and local craft beers.

WEST

Pergola Paddington is a leafy, outdoor venue tucked away near the canal. Guests can soak up the rays on the rooftop and enjoy dishes from food traders including Filth & Co (burgers), Yuki’ (Japanese), and Kwispy (fried chicken). All the way out in Ravenscourt Park you can find The Eagle, which serves decent food on its massive astroturf lawn, which has beanbags and deck-chairs to complete the summer holiday vibes. Elsewhere, The Prince has a gigantic beer garden with food from Patty & Bun and Homeslice.

CENTRAL

Any City workers looking to take a busman’s holiday this weekend can return to the Square Mile and get sloshed at 14 Hills, whose rooftop bar overlooks Fenchurch Street. Or, if you’re one of the mad dogs or Englishmen travelling to Tottenham Court Road on a sunny weekend, try the small but perfectlyformed The Carpenters Arms – good luck bagging a table though.

22 PUNTER FRIDAY 25 MARCH 2022

CITYAM.COM Life Is Good winning the Breeders’ Cup Dirt Mile at Del Mar in November

THE PUNTER RACING TRADER

BILL ESDAILE’S DUBAI WORLD CUP 1-2-3

1 LIFE IS GOOD 2 HOT ROD CHARLIE 3 CHUWA WIZARD

Life is definitely Good for Dubai favourite backers

HILE it may no longer be the world’s richest race, the Dubai World Cup (4.30pm) is still a huge draw, and this looks a topclass renewal of the £8.8 million spectacle at Meydan. Form from the best middle distance dirt contests around – the Breeders’ Cup Classic, Pegasus World Cup and The Saudi Cup – comes together and there’s a good international feel to the race as well, with representatives from five nations. US-trained horses have won four of the last 10 editions and they look to hold a formidably strong hand once again, occupying the first four positions in the

betting. Favourite LIFE IS GOOD was seen at his devastating best in the Grade One Pegasus World Cup at Gulfstream Park in January, where he galloped his rivals into submission from the front. While the time of that race wasn’t impressive compared with past renewals, it was hard to knock the manner in which he beat Breeders’ Cup Classic winner Knicks Go, winning by over three lengths without being fully extended. He didn’t look to be tying up at the finish either, so this extra furlong is unlikely to find him out and after only seven career starts, he might even improve for the step up to one-mile-two-furlongs – a frightening thought for his

rivals. Todd Pletcher’s star has drawn the perfect inside stall number to employ the same front-running tactics we saw in Florida and while he’s a short price for a race of this quality, he is tough to oppose. Breeders’ Cup Classic form suggests HOT ROD CHARLIE has something to find with his main market rival, as he was comprehensively beaten by Knicks Go at Del Mar in November. Doug O’Neill’s runner does have the advantage of track experience, however, having made all the running to beat inferior rivals in the Group Two Al Maktoum Challenge R2 at the beginning of last month.

That came in a reasonable time, only 0.11 seconds outside standard, but William Buick, who was aboard that day, had to get serious with him to see off the attentions of locally-trained Al Nefud. That horse is currently favourite for the Group Two Godolphin Mile earlier on the card, so it could yet prove to be reasonable form, but Hot Rod Charlie will need to improve if he’s to trouble his more lightly-raced rival. It’s notable that top US-based rider Flavien Prat prefers Hot Rod Charlie to Country Grammer, the horse he finished second on in last month’s Saudi Cup. Both Country Grammer and Midnight Bourbon ran fine races in Riyadh to fill

out the frame, but the worry is that a hard race in Saudi could have left its mark so it might be better to look elsewhere. This is a good race to play on the World Pool with Tote.co.uk and have a go at a Trifecta (pick the first three home in the correct order) or a Quinella Place (find two of the first three horses in any order). Japanese-trained CHUWA WIZARD finished runner up to Mystic Guide in this race last year, and he looks the one to include in those exotic combinations. A strong pace, with Life Is Good and Hot Rod Charlie going forward, should suit him and he can be ridden to pick up the places from a good draw in stall three.

Man has huge amount of Promise to become top class sprinter

LUE Point won the Al Quoz Sprint Sponsored By Azizi Developments (1.35pm) for Charlie Appleby in 2019 before going on to land a historic Royal Ascot double a few months later. Now, I’m not saying MAN OF PROMISE will scale those heights, but I do think he could be the next superstar sprinter to don the famous Godolphin blue silks. He bolted up in a Listed race over

course and distance in January and was then even more impressive when beating A Case Of You by four and three quarter lengths in the Group Three Nad Al Sheba Turf Sprint earlier this month. Both Blue Point and Jungle Cat, Appleby’s two winners of this race, came here having won the trial earlier that month, and all looks set for another powerful display by Man Of Promise.

The five-year-old was well beaten in last year’s renewal, but he looks a different horse this season and as long as a 21-day turnaround isn’t too short a gap, he is the one to beat at around 2/1. It could be a Godolphin one-two as Creative Force reappears here having won the Group One Qipco British Champions Sprint on his final start of 2021. He has gone well fresh in the past

and looks the one for a World Pool Quinella (pick the first and second in any order) with Tote.co.uk alongside his stablemate. Japan have won three of the last five runnings of the Dubai Turf Sponsored By DP World (3.20pm) and they can do it again with SCHNELL MEISTER. He is a Grade One winner in Japan and has the assistance of Christophe Lemaire who landed a four-timer at The

Saudi Cup meeting last month. Fellow Japanese runner Panthalassa would be the one I would put in a Quinella with Tote.co.uk.

POINTERS Man Of Promise 1.35pm Meydan Man Of Promise/Creative Force Quinella Schnell Meister 3.20pm Meydan Schnell Meister/Panthalassa Quinella

DUBAI WORLD CUP

Based on enhanced Tote Win dividend at Tote.co.uk vs the Industry Starting Price. Tote+ bets will be settled at a value which is 10% bigger than the Þæ Ä Ú æËæ ¬õ¬ Ä Ä ö ɬ½½ ½ö üÞ × ü æ ½ Þæ ]V ËÄ cËæ s¬Ä æÞ ËÄ g; ʥ .Ú¬Þ© ©ËÚÞ Ú ¬Ä¤ ɏ ××½¬ ½ ×ËË½Þ ÄËæ ü æËæ ×½êÞ ÞüÃ Ë½ɐɁ cËæ Ɂ ËɁêºȼ æËæ Ɂ¬ Ä ËĆ ¬ ½ æËæ ×× customers only. Full Terms and Conditions apply. 18+ BeGambleaware.org.

FRIDAY 25 MARCH 2022

CITYAM.COM

SPORT

RFU between rock and hard place over Jones

T HAS been a challenging week for the Rugby Football Union following the conclusion of another disappointing Six Nations for England. The expectation, which the RFU have helped to foster, is that England should be the best team in the world. But the reality, as winning just two games at the Six Nations showed, is that they’re miles away from the leading international rugby sides. It wasn’t all doom and gloom, with some encouraging aspects to England’s championship, like good players coming into the side and standing up to the challenge. Joe Marchant, Marcus Smith, Alex Dombrandt, Sam Simmonds and Freddie Steward – we’ve been clamouring for some of these players to get a chance and they mostly delivered. But a lack of continuity and precision cost England. The defence was always

RUGBY COMMENT Ollie Phillips creaking when put under pressure, while they didn’t pose enough questions in attack. South Africa might have won the World Cup by kicking the leather off the ball but seeing England adopt that as Plan A in France last weekend was a bit embarrassing. With Eddie Jones coming under fire this week, the RFU attempted to ease the pressure with a statement saying they were “encouraged by solid progress”. Like plenty of other people, I just don’t believe that can be true. But at

the same time, I’m not sure what else the RFU can say. Jones has lost a bit of the aura he had when he first arrived in 2015, and perhaps players as well as supporters have grown a bit tired of him. But you have to hand it to him when it comes to World Cups. He is the master of that short but intense environment, as he showed by getting an ordinary England team to the final in 2019. Inconveniently for the RFU, though, Jones’s fairly miserable brand of rugby is at odds with their aim of coaxing people back into the game. I’ve been saying he should go for ages. The ideal time would have been after the World Cup, which was an awesome run. The RFU’s problem,

were they minded to sack Jones, is finding someone to come in 18 months before the 2023 tournament. I’m convinced they want Steve Borthwick to succeed him, but it’s too soon. Until he’s won something at Leicester he won’t leave and England won’t appoint him. So the RFU is stuck between a rock and a hard place. They can’t encourage the wolves waiting at the door for Jones, so they have had little choice but to toe the party line.

ON THE WAYNE

On the topic of coaches on thin ice, how is Wayne Pivac still in the Wales job? Beaten by Italy at Jones comes into his own at World Cups

the Six Nations, they are awful and have been for some time. Like their English counterparts, the Welsh union won’t want to make a change but sometimes you have to do the right thing. Pivac has to go.

ELECTRIC BLEUS

France were worthy Grand Slam winners: amazing in defence and electric in attack, they’re great news for rugby and must be favourites for next year’s home World Cup. Having beaten New Zealand and South Africa in the autumn too, the biggest threat to them is that they believe their own hype. They will need to go up another level in 2023. Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development and behavioural change. Follow Ollie on Twitter and on LinkedIn.

The Women’s Six Nations is on the rise but holders are out of reach, says Matt Hardy

HANGE is in the air at this year’s Women’s Six Nations, which now has its own slot in the calendar and a first title sponsor in TikTok – but that looks unlikely to extend to the outcome of the competition. Champions England start as hot favourites tomorrow – no surprise given their 18-game winning run, which includes last year’s championship and a pair of victories over the Black Ferns. But in what is set to be the most widely televised edition yet, each team also has the added incentive of hitting form ahead of this autumn’s World Cup in New Zealand.

ENGLAND

The Red Roses are expected to walk this Women’s Six Nations, and complacency is probably the biggest threat to their chances. A tweak to the format last year for Covid reasons meant England only played three games yet still finished

France are England’s closest challengers and host them in what could prove a final round decider with a positive points difference of 110. Former world player of the year Emily Scarratt returns from injury to feature in Simon Middleton’s squad alongside current world player of the year Zoe Aldcroft. It’s difficult to look beyond England in this tournament but France are their closest challengers and host them in what could prove a finalround title decider.

FRANCE

France have pushed England close in

WHO CAN STOP THE RED ROSES? the past and faced them in the final of last year’s modified competition. Coached by the highly-rated Annick Hayraud, they offer potency in attack and brutality in defence. They’re in England’s World Cup pool, too, so this could be a chance for Les Bleus to figure out some of England’s weaknesses – and gain a psychological edge by toppling their rival ahead of the showpiece event.

IRELAND

Ireland are on a low. They haven’t won the title since 2015 and are working through the recommendations of a damning report on the women’s programme prompted by their failure to qualify for the World Cup.

Missing out on the tournament was a surprise but the fallout may only make the team more determined to take a scalp or two and show their union that they should be taken more seriously.

ITALY

Italy joined the Women’s Six Nations in 2007 in place of Spain, bringing the competition into line with the men’s version. They haven’t suffered the same dismal fortunes as their male counterparts, though. Le Azzurre finished above both Scotland and Wales in 2020, the last time all six sides played one another, and were second only to England the previous year.

While the circumstances surrounding their arrival may have been controversial, Italy have been a welcome addition to the competition and this season will look to win more than one match for the first time since 2019.

SCOTLAND

Scotland are on a high at the moment, having just qualified for the World Cup with a storming 59-3 play-off win over Colombia. That tie means they have also played more recently than their Women’s Six Nations rivals. Their last win in the competition came in 2018 when they beat Ireland and the odds of them adding to that in their opening fixture at home to England this weekend will be long, but the

round two match against Wales is a more realistic target.

WALES

Wales lie seventh in the European rankings, below Spain, and have struggled in this competition lately but their set-up received a boost ahead of this Women’s Six Nations in the form of a string of central contracts. It is hoped that this change, which follows a similar move by England three years ago, will be a catalyst for improved results, though no one is expecting a quick fix. They haven’t won a game in the competition since 2019 but Wales have a chance to turn those fortunes around on the opening weekend when they play Ireland.

SPORT

CITYAM.COM

FRIDAY 25 MARCH 2022

DAMNED IF YOU DO... England have no choice but to back Jones, says Ollie Phillips PAGE 23

SPORT

ONE MATCH FROM HISTORY Bale double fires Wales to brink of Qatar 2022 World Cup

LEACH AND MAHMOOD SPARE ENGLAND BLUSHES

Gareth Bale scored twice as Wales beat Austria 2-1 in a World Cup playoff last night and moved to within one game of qualifying for the finals for the first time since 1958. Bale’s rocket of a free-kick and second-half shot on the turn put the hosts in control and they held on after Marcel Sabitzer pulled one back. They will face Scotland or Ukraine for a place at Qatar 2022. Elsewhere, Italy will miss the World Cup after losing 1-0 to North Macedonia, who will play Portugal for a place at the tournament later this year.

£ Tail-enders Jack Leach and Saqib Mahmood rescued England with a defiant 90-run stand on the first day of the third and final Test against West Indies in Grenada last night. England fell from 23-0 to 90-8, with Joe Root and Jonny Bairstow going for ducks, after the tourists were put in to bat on a lively pitch. But Leach (41 not out) and Mahmood (49) dug in for the 10th wicket to steer England to 204 and keep hopes alive of winning the series, after draws in the first two Test matches. Opener Alex Lees (31), Chris Woakes (25) and Craig Overton were the only other players to reach double figures as Jayden Seales took 3-40.

JOHNSON BACKS UKRAINE IN EURO 2028 GAFFE

Favourites emerge in Chelsea sale T WO rival groups, fronted by Todd Boehly and Sir Martin Broughton, last night emerged as the favourites to buy Chelsea as bankers began whittling down the suitors. US bank the Raine Group, hired to sell the club by sanction-hit owner Roman Abramovich, ruled out offers from Saudi Media Group and a consortium led by Woody Johnson. The status of other bids, such as that of US sports franchise owners the Ricketts family and another fronted by British property developer Nick Candy, was uncertain. Chelsea have been the subject of a bid-

SPORT DIGEST

Boehly and Broughton bids to fore as bank trims list of suitors, writes Frank Dalleres

ding war since the start of the month and will become the most expensive sports team ever sold if they fetch more than $3.3bn or £2.5bn. Some would-be buyers were still believed to be waiting for official word on whether they had been shortlisted but there was confidence that two bids led the way. Boehly, the US dealmaker and partowner of baseball’s LA Dodgers, has partnered with Swiss billionaire Han-

sjorg Wyss and British businessman Jonathan Goldstein on his bid. Former British Airways chairman Sir Martin’s consortium also includes Lord Coe and is reported to be backed by serial US sports investors and current Crystal Palace minority shareholders Josh Harris and David Blitzer. Saudi Media Group’s interest sparked excitement among some Chelsea fans but they faced a potential regulatory

hurdle of proving their separation from the Saudi state. Johnson, the owner of NFL franchise New York Jets and the former US ambassador to the UK, also learned his offer had failed. Other prominent bidders included the Ricketts family, who own baseball’s Chicago Cubs and flew to England this week to woo Blues supporters. Candy, whose consortium features South Korean investors, and London based asset manager Centricus also made offers for the current European champions. Once Raine and Abramovich have settled on a buyer, Chelsea must present the deal to the UK government.

£ Prime Minister Boris Johnson appeared to undermine the UK and Ireland’s bid for Euro 2028 yesterday by suggesting Ukraine be named hosts. Johnson also joined a chorus of criticism of Russia, who only declared their interest in staging the championship hours before the deadline on Wednesday. “The idea of Russia holding any football tournament or any kind of cultural event right now is beyond satire,” he said. “I can’t believe that anybody would seriously consider their suggestion. I think the best thing possible would be for the entire Russian forces to retire forthwith from Ukraine and hand the tournament to them.”

COVID RULES SAKA OUT OF THREE LIONS FRIENDLIES

£ Arsenal winger Bukayo Saka has been ruled out of England’s upcoming friendlies after contracting Covid-19. “I am gutted to withdraw from the England camp but I have tested positive and will be isolating until I am negative,” the 20-year-old wrote on social media. England are not expected to call up a replacement for Saka as they prepare for the games at Wembley against Switzerland on Saturday and Ivory Coast on Tuesday.

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