Thursday 11 May 2023

CITY READIES FOR RATE TO STAY HIGHER

JACK BARNETT

THE BANK of England is poised to back a 12th straight interest rate hike today, marking what some experts reckon will be the death of the era of ultra-cheap money.

Bank governor Andrew Bailey (pictured) and the rest of the Monetary Policy Committee (MPC) –the nine-member group tasked with setting interest rates in the UK –will vote for a 25 basis point increase, hoisting borrowing costs to a near 15-year high of 4.5 per cent, the City suspects.

Inflation in the UK is running at a historic high of 10.1 per cent and has been in the double digits since last summer, likely luring Bailey and co into piling more misery on businesses and families in a bid to tame prices.

JD Wetherspoon boss Tim

TEAM OF THE YEAR RUGBY STARS WHO STOOD OUT P25

JUST

Martin yesterday stressed inflation remained an “intractable issue” for the hospitality sector and slammed MPs for “a lack of understanding” how inflation could be tackled by freeing businesses from red tape.

Britain’s inflation problem is proving much harder to tackle than the US’s and Europe’s. Numbers out yesterday showed the rate of price increases across the pond fell unexpectedly to 4.9 per cent last month.

That decline strengthened Wall Street’s expectations that the Federal Reserve –the Bank’s American equivalent –will end its aggressive interest rate rise campaign at its next meeting on 14 June.

However, the Bank may eventually send rates to a peak of at least 4.75 per cent and could have to keep policy tight for several years to prevent an in-

flation resurgence.

UK borrowing costs are on course to top four per cent for the whole of this year and next and still be running at 3.25 per cent in 2027, according to forecasts out today from Britain’s oldest economic think tank, the National Institute of Economic and Social Research (NIESR).

If the projections play out, Britain’s monetary policy playbook of the last decade or so would be ripped up.

That move “represents a regime shift that ought to be handled with great care,” Jagjit S Chadha, director of NIESR, said.

Between March 2009 and April 2022, UK interest rates were kept below one per cent after they were slashed in response to the 2008 global financial crisis and the Covid-19 pandemic.

Not everyone thinks Bailey and co should raise rates today. Six members of the Institute of Economic Affairs’ shadow MPC said rates should be kept unchanged. Two backed cuts.

JUST STOP OIL brought chaos to the Square Mile yesterday morning, blocking roads around Moorgate and Bank junction during the morning rush hour.

Commuters were met with the sound of angry horns and bus drivers telling passengers to walk as the twodozen protestors marched through the capital.

The police eventually intervened

to move the protestors on to the pavement.

The campaigners were protesting the investment in new oil and gas projects by some City firms.

London is regarded by most surveys as the leading global hub for green finance, with more than 100 green exchange-traded funds, and where more than £100bn-worth of sustainability-related bonds have been issued in recent years, as per research by think-tank Z/Yen.

JACK MENDEL AND REPORTERS

BANK EXPECTED TO HIKE TODAY AND EXPERTS WARN LEVEL WILL STAY ELEVATED FOR SOME TIME YET

INSIDE JOHN LEWIS CHAIR UNDER PRESSURE P3 LIZZY LINE HAILED BY COMMUTERS P6 MARKETS P15 OPINION

STOP IT Anti-oil protestors come to global green finance hub

COMPORTA CONFIDENTIAL WHY NOW’S THE TIME TO BUY ON THE PORTUGUESE COAST P20-P21

STANDING UP FOR THE CITY

Transport upgrades are vital to keep London at the top of the financial table

ASK most of those who are yet to come back to work three or four or five days a week what the biggest barrier is and the answer is usually either the commute being a pain in the neck or being too expensive. So it won’t necessarily shock you to learn that in the aftermath of the Elizabeth Line’s arrival –relatively cheap, and very easy –the number of people going back to work more regularly has gone up. That data, from office firm IWG, points to another truism: if you build it, they will come.

The UK’s inability to plan and execute national infrastructure schemes is as much a part of our culture as tea and biscuits. Let’s take just two: the south east is in dire need of runway capacity, but both building at Heathrow seems

THE CITY VIEW

to be impossible and a new airport vetoed as too costly. And HS2 –whether it’s a good idea or not –has somehow managed to be started without anyone knowing whether or where it’ll be finished, leading to roadworks on the Euston Road turning a key London axis into gridlock in order to build a platform that may or may not be used. It’s silly to compare the UK to China or anywhere else without democratic recourse, but it is nonetheless staggering. Amidst this miserable track record, the over-budget and delayed Crossrail stands as

something of a triumph –and it might be a model for London’s infrastructure projects going forward. In part funded by the businesses who would get the most benefit from it, raising the capital wasn’t ever a serious problem. Could that be a way for Crossrail 2, or other projects, to go from drawing and design to onthe-ground reality?

One thing is for sure –it doesn’t look like the capital is set to receive much cash from Whitehall to build future-proofed transport projects, with even the current TfL budget dependent on protracted negotiations to come. And the danger of that is the capital’s vital moving parts fall behind international rivals. London is still the golden goose, but that’s no reason for complacency.

City

Developing Producing wind farms oil & gas

+

bp’s wider transformation is underway. Whilst today we’re mostly in oil & gas, we’ve increased global investment into our lower carbon & other transition businesses from around 3% in 2019 to around 30% last year.

GET SET... GO The world’s fastest growing sport, Padel, has arrived in the

PADEL, a cross between tennis and squash, has been brought to the Square Mile. Pop-up courts across the City will be available to all. Ruth Duston, MD of Primera, said “boosting the local economy has been at the heart of our activity”.

Embattled John Lewis chair survives confidence vote

LAURA MCGUIRE

JOHN LEWIS chair Sharon White (pictured) will remain chief of the business after winning a vote of confidence on her future leadership, but remains under considerable pressure with partners voting against her performance over the last year.

A majority of partners yesterday said they had confidence in White’s leadership moving forward, but not in her decisions over the past year.

“The council did not support last year’s performance, in which we reported a full-year loss and no partner bonus,” Chris Earnshaw, president of the John Lewis Partnership Council, said. Its understood that exact figures on the vote have not been disclosed yet.

The future of White’s

I THINK I’D RATHER FLY Uber announces new flight feature

reign as leader has looked in the balance recently as she faced backlash over her plans to bring in outside investment and raise cash.

The Partnership, which included department store John Lewis and grocery store Waitrose, has suffered hefty losses over the last year, most recently a £234m loss in 2022.

“Life isn’t about waiting for the storm to pass, it’s about learning to dance in the rain,” White told the PartnerShe also said “the board could consider external investment”.

White, who has previously vowed to keep the Partnership “unique”, also doubled down on her stance to keep the business employee-owned, saying that there were “no ifs no buts” about the stance changing.

UBER has launched a new feature that allows customers to book flights on the app, as the firm looks to expand modes of travel for users. The ridehailing giant is rolling out the new booking tool for domestic and international flights in partnership with online travel agent Hopper. GM Andrew Brem said target booking speeds were just one minute.

Brexit to blame? France beats UK on investment

JACK BARNETT

EXPERTS have today partially blamed post-Brexit uncertainty for helping France pip the UK to Europe’s investment hub crown for the second year in a row. The UK was home to 15.6 per cent, or 929, of all European foreign direct investment (FDI)

projects last year, down from 16.9 per cent in 2021, according to consultancy EY.

Last year’s relatively weaker investment figures are down from the UK bagging more than one in every five European foreign investment projects in 2015 –the year before the Brexit referendum.

“Political uncertainty and the ongoing impact of Brexit on trade and investment will likely have played a part in the UK’s performance,” EY’s report said. Investment projects in France climbed from 1,222 to 1,259 in 2022, breaking the European record for the second year straight.

not or. Discover more

Keeping oil and gas flowing where and when it’s needed and increasing investment in the transition to lower carbon energy. That’s our strategy. Right now, we’re gathering weather data to help us build offshore wind farms that aim to produce enough power for the equivalent of 6 million homes, and help the UK reach its goal of fivefold growth in wind power by 2030. And, crews are operating a drilling rig, destined to help one of our existing facilities keep delivering the energy needed to meet critical demand.

Santander, TSB and Virgin Money probed over ‘measly’ savings rates

CHRIS DORRELL

AN INFLUENTIAL parliamentary body has expanded its inquiry into the low savings rates paid by the UK’s retail banks, describing the current rates on offer as “measly”.

Having investigated the UK’s four largest retail banks, MPs on the Treasury Committee have now sent letters to Nationwide, Santander, TSB and Virgin Money.

These lenders account for a quarter of all personal current accounts,

according to the Financial Conduct Authority.

The MPs have demanded to know why the savings rates on offer at those banks are much lower than the Bank of England’s base rate.

According to the Treasury Committee, Virgin Money’s everyday saver account offers only 0.25 per cent, Santander offers 0.7 per cent and TSB 0.9 per cent.

While Nationwide offers the best rate, at 1.25 per cent, this is still far below the Bank of England’s base rate

of 4.25 per cent, which is likely to be lifted today.

“The UK’s biggest banks are continuing to squeeze record profits from their loyal savers,” Harriett Baldwin, chair of the Treasury Committee, said, adding that “the loyalty penalty” would be particularly severe for elderly customers who might be less able to switch accounts.

Nationwide and Virgin said their savings rates were “competitive”, while TSB and Santander said they will respond to the letter soon.

GUEST ANALYSIS

Hunter

DECKS HAD TO BE CLEANED

The strain of the enforced transformation programme is showing at Asos, although there are some early chinks of light. Ultimately, the company identified that it had, in places, become inefficient and that certain customers, brands, partnerships and indeed geographies were becoming untenable. The group has battened down the hatches to drive towards a sustainable model, with the priority being profitability over growth.

Asos revenues tumble but chief remains ‘hopeful’ despite loss

ASOS yesterday posted a half year loss as the fashion retailer continues to be beaten by a tough economic climate and a slowdown in consumer spending, with its share price closing down over 23 per cent after the news.

The online-only FTSE 250 retailer said it had made an adjusted loss before tax of £87.4m during the six months ending 28

February, compared to a profit of £14.8m the same period last year.

Revenue fell seven per cent in the first six months to February to £1.84bn, down from £2bn for the period last year.

However, the brand, struggling to keep up the momentum of its lockdown growth, said the dip in earning reflects “deliberate actions” by the group to boost profitability.

These actions included reduced

markdowns and enacting a discipline on “marketing spend” – which the group previously hinted at in its turnaround plan called ‘Driving Change’.

Asos chief Jose Antonio Ramos Calamonte remained hopeful about the cost-cutting initiative, with the plans reportedly on track to bring in a return to profitability in during the second half of its 2023 financial year.

Calamonte said: “Over 95 per cent of

the £200m of benefits expected in H2 FY23 are based on initiatives already in place.”

Sarah Riding, retail partner at Gowling WLG, said: “It’s been a difficult period for Asos, having been hit hard by the cost of living crisis, rising inflation and changing consumer trends post-pandemic.

It is hoped the business’ turnaround plan under chief executive Jose Antonio Ramos Calamonte could help it to get back on track.

In the meantime, the decks need to be cleared, which has inevitably come at a cost. The previously announced stock write-off of £128m, property impairments and closure costs such as the head office function each contributed to an overall pretax loss of £290.9m for the period, widening the loss of £15.8m the year previous.

There is little doubt that there is never a perfect moment within a rugged retail environment to be undertaking a transformation of this magnitude.

Even so, the change was necessary and the group has strings to its bow which could prove to be a saviour.

KPMG and PwC China audits had ‘unacceptable’ deficiencies, US finds

CITY A.M. REPORTER

AUDITS by KPMG’s China unit and PwC’s Hong Kong business contained “unacceptable rates” of deficiencies, the US accounting regulator found following a recent inspection.

The Public Company Accounting Oversight Board (PCAOB) said the deficiencies were of such significance

that it believed the firms failed to obtain sufficient evidence to support their work.

The regulator gained access to the audits after the US passed new legislation granting it access to Chinese companies’ accounts that are listed in the US.

The PCAOB did not name any of the firms reviewed in the inspection.

“Any deficiencies are unacceptable,” said PCAOB chair Erica Williams , although she explained first-time inspections often threw up issues.

A spokesperson for PwC said “we are working with the PCAOB to address the issues as part of our commitment to continuous improvement”.

Representatives of KPMG were contacted for comment.

MPs said elderly savers that are less able to switch would be hit most by poor rates

LAURA MCGUIRE

Capita warns of £20m hit from cyber attack

CHARLIE CONCHIE

A CYBER attack against outsourcing firm Capita, which saw personal information leaked onto the dark web is likely to cost £15 to £20m to resolve, the firm has revealed.

Capita, which provides data and IT outsourcing processes, was hit by a cyber attack in March and personal information including addresses and passport images were leaked online. The firm said yesterday it continues to work “closely and at speed with specialist advisers and forensic experts to investigate and resolve the cyber incident”.

“Capita understands now, based on its own forensic work and that of its third-party providers, that some data was exfiltrated from less than 0.1 per cent of its server estate,” the firm said in an update.

“Capita has taken extensive steps to

SPOONS BOOMS Wetherspoon on track for record year amid cost of living crisis

US lenders post record profits despite turmoil

CHRIS DORRELL

PROFITS at US banks in the first quarter reached record levels, rising by a third to a total of $80bn (£63bn), even as the sector dealt with the fallout of Silicon Valley Bank’s (SVB) collapse.

recover and secure the customer, supplier and colleague data contained within the impacted server estate, and to remediate any issues arising from the incident.”

The firm, one of the UK government’s biggest suppliers, said it expects to incur “exceptional costs” of around £15m to £20m as a result of the cyber attack.

The hack triggered warnings from financial regulators in the past week that pension firms and top corporate clients of Capita should investigate whether their customers’ data had been leaked in the attack.

The update came as the firm said its underlying trading performance remained in line with expectations.

Adjusted group revenue for Core Capita for the first four months of 2023 was up by 4.8 per cent year-onyear, while sales performance had been “strong”.

The banking turmoil was in fact a significant contributor to the profit boost. Half of the increase came from First Citizens and Flagstar who saw huge one-time gains from their respective acquisitions of SVB and Signature Bank, according to data compiled by Bankregdata.

Beyond the one-off gains, the data showed that banks benefitted substantially from rising interest rates and the continuing strength of the US economy.

In addition, the data showed low levels of loan default despite fears of an impending recession.

The reports showed that less than five per cent made losses in the first quarter. JP Morgan saw the biggest profit, notching $11.7bn.

The biggest loss was recorded by Pacwest which lost $1.2bn according to the figures. Its shares are down over 70 per cent in the year to date.

JD WETHERSPOON is expecting a “record” year, with the London-listed boozer reporting its highest ever sales during the Easter week as the cost of living crisis saw punters seek out cheap pints. Shares bounced on the news, closing up 5.24 per cent.

Non-compete clauses slashed as ministers begin post-Brexit changes

JESSICA FRANK-KEYES

NON-COMPETE clauses will be slashed to three months in a bid to boost competition between employers, as a key EU ‘sunset’ clause is ditched. It comes as part of a move by the government to scrap its own plans for thousands of EU laws to automatically expire at the end of the year, in what was dubbed a post-Brexit bonfire.

Business secretary Kemi Badenoch told MPs the government was amending the Retained EU Law Bill

WISE MOVE Fintech chief to take threemonth sabbatical to look after newborn son

(REUL) which would have seen laws copied over to the UK after Brexit deleted from the statute books, unless specifically retained or replaced.

Campaigners had warned the government this so-called ‘sunset clause’ could lead to crucial laws and regulations simply vanishing or being overlooked –but Brexit-backing MPs are likely to be angered by the move.

Badenoch said her department would “replace the current sunset in the bill with a list of the retained EU laws that we intend to revoke at the

Lizzy Line proves a hit with return to work crowd

GUY TAYLOR

LONDON’s popular Elizabeth Line has prompted a surge in workers heading into the office, new research for its oneyear anniversary shows.

Footfall data from the workspace operator IWG has today revealed a 23 per cent increase in the number of visits to offices across nine Elizabeth Line stops since the month before it opened last year.

Inner city locations had particularly strong boosts in attendance, with Paddington and Canary Wharf office spaces seeing respective rises of 50 and 22 per cent.

The findings come after an immensely successful year for the new line, which now accounts for a whopping one in six of all rail journeys made in the UK, according to figures released by the Office for Rail and Road in March.

Mark Dixon, CEO of IWG said: “There is now a wealth of evidence to show that long and costly daily commutes will be

a thing of the past for a large proportion of white-collar workers, as hybrid working continues to take hold.

“Where arduous commuting barriers have been reduced, be that through improved transport links such as the Elizabeth Line or the increased availability of local workspaces in the suburbs and former dormitory towns, the demand for offices and hybrid workspace is thriving.”

The data also showed newly connected suburbs outside London are reaping the benefits of increased connectivity. Reading saw an uptick close to 45 per cent on the previous year, with Slough, and Maidenhead seeing rises of 38 and 19 per cent respectively.

The firm said the figures demonstrate the “integral role that shorter commutes play in bringing workers together to collaborate in person”, as further IWG research showed 58 per cent would be put off applying for jobs with a long daily commute.

end of 2023” when the EU bill is back in parliament next week.

She said: “This provides certainty for business by making it clear which regulations will be removed.”

Deregulation measures announced included changes to employment law on recording working hours which the government says could help save firms around £1bn a year –while retaining the EU’s 48-hour working time directive.

Labour blasted the government’s Uturn as “humiliating”.

HEY BIG SPENDER Wealthy splurge £3.1bn on luxury London homes as demand rises

WISE chief Kristo Kaarman yesterday announced he will be taking a three-month sabbatical from September to spend time with his family. The news comes after the firm in June confirmed Kaarman was under investigation by the FCA in relation to an outstanding tax bill.

Virgin Media O2 price hikes lift revenue

ABBY WALLACE

VIRGIN Media O2 yesterday reported a slight increase in revenue in the first quarter of 2023 as a result of price increases and stronger consumer retention. Adjusted quarterly revenue increased 3.9 per cent on the same period last year to £2.6bn, the company announced yesterday. Meanwhile, adjusted ebitda for the first quarter increased two per cent to £950.4m. The company said that its earnings were partly held back by higher energy costs.

Mobile revenues also grew by 3.4 per cent to £1.43bn as the company benefitted from raising contract prices.

The company said its fixed customer base grew by 20,900 net additions in the quarter, taking the total base to 5.8m as it held onto customers despite price increases.

It added that it was on track to deliver 5G services to half of UK homes this year and did not change its full year guidance.

“We continue to invest in the upgrade and expansion of our footprint and we are on target to cover 80 per cent of the country with full fibre. When coupled with bringing 5G services to more areas and reaching half of the UK this year, we are playing a big role in future-proofing the UK’s digital infrastructure,” chief executive Lutz Schuler said in a statement.

Meanwhile... London’s less rich seek smaller and more affordable homes

VICKY SHAW

SOME property professionals are seeing trends towards home buyers looking for smaller, more affordable homes and people moving out of older homes to buy more energy-efficient new-builds, according to surveyors.

Overall, there are signs that buyer demand remains subdued in the face

of relatively high borrowing costs, the Royal Institution of Chartered Surveyors (Rics) said.

Its April market survey of the UK property market found that a net balance of 37 per cent of professionals reported demand from buyers falling, rather than rising.

New instructions to sell were broadly flat, with the survey pointing

to a slight decline in fresh properties coming to market along with a downward pressure on house prices.

Simon Rubinsohn, Rics chief economist, said: “Most notably, buyer demand still appears to be subdued in the face of relatively high borrowing costs, the prospect of at least one more interest rate hike and ongoing affordability challenges.”

LONDON’s mega wealthy splurged £3.1bn on 161 luxury homes across the capital's most affluent boroughs in the year to 23 March – the strongest year for London’s luxury property market since the Brexit vote. Kensington, Belgravia and Mayfair led the charge.

National Express announces new name ‘Mobico’

GUY TAYLOR

NATIONAL Express is to change its parent company name to Mobico Group from June 2023.

The coach operator said it believes the name ‘Mobico’ “better reflects” the “international nature” of the group, as it continues a shift to mass transit.

Ignacio Garat, group chief executive at National Express, said: “Whilst National Express is a highly valued consumer brand, Mobico better represents our multi-modal operations, global reach and future ambitions.”

Its subsidiaries will retain their wellknown names, with National Express still used for the UK national coach network.

Brands across the group’s global oper-

ations such as Alsa, Wedriveu and Peterman, will also retain their names, with the company currently operating in North America, Europe, North Africa and the Middle East. Garat added: “We remain focused on providing best-inclass services and delivering our evolve strategy, with the intent of establishing Mobico Group as the world’s premier shared mobility operator.”

Earlier this year, National Express said a series of train strikes helped it more than triple annual profits as passengers switched to buses and coaches to avoid rail disruption.

The group reported underlying pretax profits of £145.9m, up from £39.7m in 2021, with annual revenues surpassing pre-pandemic levels for the first time since Covid hit.

WHAT’S IN A NAME?

NATIONAL EXPRESS ISN’T THE FIRST TO TRY A NEW MONIKER...

ROYAL MAIL BECOMES CONSIGNIA... AND THEN ROYAL MAIL AGAIN:

Few names changes have made national news, but the decision to ditch Royal Mail in favour of Consignia (a mash-up of Consign and Insignia, geddit) lasted only a year before being reversed. The current boss Simon Thompson, allegedly on the way out, may wish his problems were as easy to fix.

BRITISH GAS BECOMES CENTRICA:

Another controversial move at the time, the rebranding of the parent company of British Gas has usually gone down as one of the more successful –not least because it allowed the company to leave behind associations with the state-owned, not entirely reliable energy provider that it had been born from after privatisation.

STANDARD LIFE ABERDEEN TO ABRDN:

The merger of two financial giants, Standard Life and Aberdeen Asset Management, did leave a fairly clunky moniker, but few were impressed when the answer to this particular riddle was simply pulling the vowels out. It’s been some time since the change, and it’s still pronounced Aberdeen, but it lks lke a wst f tm nd mny to us.

EUROSTAR BECOMES, ERR, EUROSTAR:

A quick paint job on Eurostar’s European trains could have been left at just that, but advertising it as a full corporate rebrand was going some. “Eurostar was selected (as the new name) due to high consumer awareness at both a European and a global level,” the rail operator said. Well, yes, funny that.

Tui shares down as bookings fail to woo investors

GUY TAYLOR

TUI REPORTED revenues overtook pre-pandemic levels in its half year results yesterday as it cashed in on increased bookings and stronger summer travel demand.

The travel company reported revenues of £2.78bn, a £870m improvement on the previous year, with bookings hitting 12.9m across the winter and summer seasons. Losses shrunk by £180.75m.

Chief Sebastian Ebel said “strong booking development and significantly improved quarterly figures underline our expectations”.

The operator said capacity was returning to pre-pandemic levels, with the agency “confident” it will close in on 2019 figures this summer. This comes after TUI announced the era of ultra cheap flights was ‘over’, as reported in the Times.

However, Sophie Lund-Yates of Hargreaves Lansdown said despite the positives, the results had not done enough to “plug the biggest hole” as liquidity risk remained “at the forefront of investors’ minds”. This proved true, with shares closing down five per cent.

New data shows UK ‘fraud capital of the world’

CHRIS DORRELL

THE UK has far further to go in its campaign against fraud as fresh figures show over £1.2bn was stolen in 2022.

According to new figures from UK Finance, £2,300 was lost every minute to authorised push payment (APP) fraud and unauthorised fraud last year. Commenting on the report, UK Finance chief executive David Postings called the UK “the fraud capital of the world”.

Unauthorised fraud losses from payment cards, remote banking and cheques reached £726.9m in 2022, less than one per cent below 2021 figures.

APP fraud reached £485.2m, down 17 per cent compared to 2021. APP fraud is when a customer is tricked into authorising a payment to an account controlled by a criminal.

Although the figures showed a slight decrease in fraud levels, director of economic insight and research Lee Hopley pointed out this represented

CRACKDOWN LOOMS Firms warned to clean up before consumer duty shake-up

Liontrust’s GAM takeover could face challenges

CHARLIE CONCHIE

LONDON-LISTED fund manager

Liontrust is facing a battle with a group of GAM shareholders and a potential challenge from regulators after a takeover move last week.

an “unwinding” of trends during the pandemic when financial crime spiked.

For the first time, in the second half of the year UK Finance also collected data on where the fraud originated.

The data showed 78 per cent of APP fraud cases originated online.

A further 18 per cent of fraud cases originated via telecommunications.

Generally, fraud from telecom companies was of a higher value and accounted for 44 per cent of losses.

The figures come shortly after the government released its strategy to tackle fraud which controversially watered down proposals to make tech companies reimburse fraud victims.

Postings said that “tech companies should be reimbursing” victims of fraud. “There’s no reason they couldn’t [use] a reimbursement fund.”

Proposals under consideration by the Payment System Regulator would force banks to reimburse all victims of APP fraud where the loss is over £100.

THE FINANCIAL Conduct Authority (FCA) is preparing to roll out its new consumer duty this summer, which will shift more responsibility onto firms. The new rules, which will come into force from 31 July, will set “higher and clearer standards” across financial services in a bid to safeguard consumers, FCA executive director Sheldon Mills (right) said.

Used car market accelerates as supply chain issues ease and prices lower

GUY TAYLOR

THE UK’s used car market has seen its biggest quarter of growth since 2020 as consumers opt to cut costs and supply chain issues finally ease.

Figures published by the Society of Motor Manufacturers and Traders (SMMT) showed the UK market for second-hand vehicles rose 4.1 per cent in the first quarter of 2023, following

three successive periods of decline. Some 1.85m deals took place, up 72,798 on the same period in 2022.

SMMT chief Mike Hawes said “easing supply chain challenges have re-energised new car registrations”.

Post pandemic sky-high prices stunted sales of used vehicles, caused by demand outstripping supply.

Supply chain issues and the global semiconductor shortage caused a

slowdown in new vehicle production while demand for used motors rose.

Chris Knight of KPMG told City A.M. higher household essential bills and borrowing costs,” would also be “key factors” for consumers deciding to buy a used car, rather than new.”

He added: “Used car prices remain elevated versus pre-pandemic [and] demand continues to be ahead of supply for some brands and models.”

Liontrust struck a £96m deal to buy former rival GAM as chief John Ions continues an acquisitive push. However, the deal is now facing a formal challenge from an investor group made of NewGAMe and Bruellan (which together own 8.4 per cent of GAM), who argue the takeover “is contrary to... Swiss takeover law”.

The pushback may prove a speed bump for Liontrust’s takeover of the firm due to the investor challenges.

Shareholders have been given until 11 August to greenlight the deal, but investors may not receive the exchanged Liontrust shares until the end of the year, leaving them in limbo until the deal is complete.

Analysts also voiced concerns over the deal last week. David McCann of Numis said he had “strong reservations” over the deal due to hefty deal costs Liontrust and GAM declined to comment. Finma, the Swiss regulator, did not respond to a request for comment.

Cleverly talks down hopes of US trade deal

JESSICA FRANK-KEYES

FOREIGN secretary James Cleverly (pictured) has talked down hopes of a UKUS trade deal during a visit to Washington DC.

Speaking in the US yesterday, Cleverly said the government was not “prioritising” a free trade agreement (FTA) but aiming for “real economic coordination” with the superpower.

His comments came at a press conference held with US secretary of state Anthony Blinken.

Cleverly told reporters: “I know FTAs are often used as a shorthand for closer economic partnerships. We are not prioritizing an FTA with the US because there are many areas where we can work more closely, more collaboratively, have real economic coordination that does not require the traditional kind of tariff-reducing elements of an FTA.”

Sunak, Starmer and the ghosts of prime ministers past

SKETCH

Blinken was also asked about concerns allies might feel the US’s Inflation Reduction Act is “protectionist” –the 2022 federal legislative package aims to cut rising prices by reducing the deficit and investing in domestic energy production and clean energy.

Blinken responded that the law marked a “historic commitment” to tackling climate issues, and housed an intent to work with international players to “build the strongest possible collective infrastructure, supply chains, and ecosystem to produce [new] technologies”.

“There are profound benefits for many of our partners around the world,” Blinken stressed.

Negotiations on an FTA with the US began back in May 2020, but the House of Commons says there is no current deal and “an agreement is not expected soon”.

AFTER a weekend imbued with tradition, Rishi Sunak and Keir Starmer continued the national history lesson, and used Prime Minister’s Questions to quote former inhabitants of Downing Street. With a strong opening gambit after dismal local election results, Sunak recycled a vintage PMQs line from Tony Blair in 2007, who once told David Cameron: “The right honourable gentleman can be as cocky as he likes about the local elections, come a general election, policy counts.”

He couldn’t, however, quite bring himself to finish the quote, which said: “On policy, we win and he loses.” Stung by the use of his idol as a verbal bayonet, Starmer told Sunak he had yet to even win a vote amongst his own party, let

alone the election.

“Last year, he lost a Tory beauty contest to (Liz Truss), who then lost to a lettuce. No matter who the electorate is, the Prime Minister keeps entering a two-horse race, and somehow finishing third.”

An unusually boisterous Rishi, still feeling svelte from his Taylor-Swift themed Soul Cycle class over the weekend, clawed back some control, threatening to read the extensive list of promises made by Keir Starmer which he has now backtracked on.

“It’s a bit rich to hear about mandates,” yelled the PM, “when he’s broken every promise he was elected on. He’s not just Sir Softie, he’s Sir Flaky too.”

Thankfully Sunak, who hasn’t eaten processed sugar since 2012, managed to get the words out before he started salivating, before launching an attack on Rachel Reeves to distract everyone while he scoffed down a Mexican Coke. Starmer, leaping to the defence of his shadow chancellor and still smarting from the Blair insult, bellowed back: “There’s only one party who broke the economy and they’re sitting right there.”

As he waved his finger wildly over the opposite benches, trying to draw the ghost of Theresa May in the air, he continued: “To quote one of his more electorally successful predecessors, ‘nothing has changed’.”

Sunak backs UK oil and gas industry in grilling over Rosebank oilfield

NICHOLAS EARL

RISHI SUNAK has backed continuing North Sea oil and gas production, arguing that the UK “will need fossil fuels for the next few decades”. Speaking in Parliament yesterday, Sunak cited the latest report from the Climate Change Committee, which predicts half of the UK’s energy requirements between now and 2050 will still be met by oil and gas, and as much as 64 per cent between 2022 and 2037.

“We will need fossil fuels for the next few decades as we transition to a greener future. During that period, it makes absolutely no sense not to invest in the resources we have here at home,” Sunak said.

He added that importing foreign fossil fuels “at twice the carbon emissions as our local resources” also made no sense.

Sunak’s comments came in response to a grilling at PMQs from Green Party MP Caroline Lucas, who questioned whether he could “look

Not too late to build a British battery industry

NICHOLAS EARL

THE UK government must continue to support the creation of a British battery industry, a senior tech boss has warned, as a growing number of firms are being pulled towards the US due to its attractive investment environment.

Alan Hollis, chief executive of battery cell specialist AMTE Power –Britain's only surviving home-grown battery producer –said the sector was of vital importance to the UK’s green transition, supporting both electric vehicles and renewable power storage.

“We need to make sure that we are creating the UK battery industry at sufficient scale so that we can have the infrastructure and the global supply chain to support a battery industry, because it’s critical in the drive to net zero and for our energy security,” Hollis told City A.M.

But he said the UK needs to get an industrial strategy in place soon.

“We’ve got to get an end-to-end industrial strategy in place and, hopefully, the government in the autumn statement will come forward with some excellent proposals on creating the right environment to drive investment into the UK battery industry,” he said.

Hollis said it was “absolutely possible” for the West to challenge China’s dominance in the market.

“It’s not something that can happen overnight and this is why there’s an awful lot of battery production facilities and supply chains being developed in Europe and North America at this particular moment in time,” he said.

Hollis’ comments follow the collapse of Britishvolt, which was supposed to be the hub of the UK’s electric vehicle battery ambitions. It was later sold to Aussie rival Recharge.

It also follows the unveiling of $400bn (£317bn) in green subsidies included in the US Inflation Reduction Act, which has seen a host of firms pivot to invest there to take advantage of the more lucrative investment climate on offer.

In light of the act, Hollis previously hinted to Sky News that his firm could consider moving a huge chunk of its operations across the pond.

But Hollis said the company is still going ahead with developing its manufacturing facilities in Thurso, Scotland.

“I’m confident that we will be able to develop our facility here in the UK, because that’s what we want to do,” he said.

his daughter in the eye” if he allows Rosebank, the largest undeveloped North Sea oilfield, to be approved.

Sunak has previously called his daughter the “climate change champion” in his house.

“I wonder if he’s asked her what she thinks about Rosebank,” Lucas said.

“If he gives this the green light, will he be able to look his daughter in the eye and honestly say that he has done everything in his power to give her and all other young people a liveable future?”

could produce a total of 500m barrels of oil

Harbour blames windfall tax as it cuts 350 jobs

NICHOLAS EARL

HARBOUR Energy, the largest oil and gas producer in the North Sea yesterday confirmed it still expects to cut hundreds of jobs in the UK.

It first announced its intentions to downsize its UK operations last month, after its profits were scrubbed out by the windfall tax.

In its latest quarterly update, Harbour revealed the company’s review of its British operations is on track to complete in the second half of this year – including the slashing of 20 per cent of its Aberdeenshirebased workforce.

Wind makes more electrcity than gas in a quarter for first time ever

NICHOLAS EARL

THE UK’s growing fleet of wind turbines generated more electricity than gas-fired power stations in the first three months of this year, according to new data released by Drax.

Almost a third (32.4 per cent) of the UK’s electricity was supplied from wind power during the first quarter of 2023, outpacing gas which delivered 31.7 per cent.

It is the first time wind has provided the largest share of power in

any quarter in the history of the country’s electricity grid.

Across the three months, Britain’s turbines generated 24 TWh of electricity – enough to charge more than 300m Tesla Model Ys.

Output from wind was three per cent higher than during the same quarter last year, while gas was down five per cent.

Almost 42 per cent of Britain’s electricity came from renewable sources (wind, solar, biomass, and hydro) in the first three months of 2023.

It now predicts “a reduction of about 350 onshore positions” which would deliver annual savings of about £40m from 2024, alongside an estimated £12m one-off charge in Harbour’s 2023 results.

Harbour has suffered heavily from the windfall tax since it was introduced last May – which has effectively established a 75 per cent tax on profits in the North Sea for the next six years.

Harbour blamed the tax for driving down its full-year profits from £2.1bn to just £7m last year –with the energy firm calculating a £1.3bn hit from the Energy Profits Levy alone.

Its headline figures over the first three months of this year are encouraging, however, with the FTSE 250 company posting an estimated revenue of £870m.

Virgin Atlantic hits out at Heathrow ‘failings’ as high costs hit recovery

GUY TAYLOR

VIRGIN ATLANTIC said yesterday that challenges surrounding last year’s passenger cap at Heathrow and ongoing economic uncertainty affected its final year results, with the airline not expecting to return to profit until 2024.

Rising fuel prices and a cost of

living crisis “contributed towards losses, albeit significantly improved on 2021,” Shai Weiss, Virgin Atlantic’s CEO, said.

But Weiss added that, as demand begun to return last year, “failings at Heathrow and the complexities of ramp up pushed our operation to its limits.”

It reported total revenues of £2.9bn

in 2022, and pre-tax losses of £206m. Passenger numbers inched closer to pre-Covid numbers, reaching 75 per cent of 2019 levels.

Interactive Investor’s Victoria Scholar said Virgin was lagging behind rivals like IAG. “While there were rumours of an IPO in 2021, it looks like that is no longer happening anytime soon,” she said.

The government is currently targeting a vast ramp up in wind power

It is estimated that Rosebank

THE NOTE BOOK

BOOK-WRITING novices need know one thing before putting metaphorical pen to paper: submitting that manuscript after months of toil is certainly a punctuation mark in the author’s journey, but far from a full stop. That’s because once your ideas are organised, polished and have been passed along to the editing process it is time to consider how to find an audience for them. The natural extension of the philosophical question “if a tree falls in a forest and no one is around to hear it, does it make a sound?” is that

“if a book is written and no-one reads it, has it ever been published?”

Consequently, there is much hard marketing that goes into shifting hardbacks, which starts with glossy, colourful covers designed to leap from the shelves and ends – well, never really.

I’ve only ever published in lockdown, when launch parties extended to a simple glass of fizz at home. So last night in Waterstones off Leadenhall Market

was a chance to push the boat out with friends and family for ‘The Everything Blueprint’, my tale of the UK’s great technology success, the microchip designer Arm. The promotion kicked off long before the first bottle was opened, with a string of social media posts teasing milestones in the story and generous endorsements secured from Sir James Dyson and veteran venture capitalist Sir Michael Moritz. Then there was a well-timed newspaper serialisation and the now obligatory video of author opening box of books and cradling the finished product for the first time.

I’d like to think the story sells itself, but why leave that to chance? I could do worse than follow the playbook of Arm’s founding fathers who were great salesmen. They went global from the off to find customers for its designs that are today used 30bn times a year to power smartphones, car systems, laptops and data centres. If only I could shift that many copies.

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES

CITY of LONDON - Notice of Making

A WORTHY PRIZE

Far from the non-fiction section, I celebrated another title, ‘The Boy with Flowers in His Hair’, which won our 10th annual Oscar’s Book Prize on Tuesday night. The £10,000 award celebrates the best in picture books, which are vital to spark a child’s love of reading and all-round curiosity. Oscar was our son, who we lost in 2012, and his is a glorious legacy. Our prize will always be 45 years younger than the Booker Prize but our chosen category is

£ Arm’s story is a reminder that business success is often unpredictable. Warren East, who attended last night’s launch party, was the company’s chief executive when rival chip giant Intel was intent on extending its dominance of the PC world into Arm’s mobile heartland.

When East joined a conference call with Apple in April 2008, he was convinced Arm was about to be ejected from the iPhone in favour of Intel. In fact, Apple wanted to forge a tighter relationship that continues to this day.

BULLISHNESS ON CAPITAL MARKETS IN SHORT SUPPLY

I’ve always thought business people are fundamentally optimistic and, back at my day job, the latest Quoted Companies Alliance Small and Mid-cap Sentiment Index proves it. Despite stubborn inflation, political uncertainties and new technological challenges, directors are more bullish about the prospects for the UK economy and their own businesses than they were six months ago.

£ One theme of the book is how microchips became the commodity that underpins the global economy rests, which explains the US-China tensions centred on Taiwan. But it also highlights human quirks. In all likelihood Arm and Nokia would have found each other eventually, but first contact came because a Brit who worked for the company in Oulu, northern Finland, was sent Arm’s first brochure as a joke. A colleague back home thought its headquarters, a barn, looked just like a sauna which the Finns would enjoy.

Less welcome is the fact that one in three were concerned they would face a takeover bid during the next 12 months – a reminder that UK equities are on the whole going cheap. Meanwhile, one in seven are likely to consider delisting and one in six are likely or fairly likely to move their primary listing. Not so optimistic for London’s world-leading capital markets.

City of London

Basinghall Street and Nicholas Lane – Amendments to the waiting and loading restrictions

The City of London (Waiting and Loading Restriction) (Amendment No. 7) Order 2023

1. NOTICE IS HEREBY GIVEN that the Common Council of the City of London Corporation has all other enabling powers. By amending The City of London (Waiting and Loading Restriction) (Consolidation No. 2) Order 2021. This order shall come into operation on the 10 May 2023 and may be cited as The City of London (Waiting and Loading Restriction) (Amendment No. 7) Order 2023.

2. The effect of the Orders will be to:

(a) Basinghall Street to:-

(1) extend the existing no waiting at any time and no loading Mon - Fri 7am – 7pm restrictions on both sides to a point 1.2m north of the northern side of Masons Avenue.

(2) to revoke the existing no waiting restriction (single yellow line) for the length described in (a) (1) above.

(b) Nicholas Lane to:-

(2) to revoke the existing no waiting restriction (single yellow line) for the length described in (b) (1) above.

3. Copies of the Order, which will come into operation on 10 May 2023, the statement of reasons hours on Monday to Fridays inclusive for a period of six weeks from the date on which the Orders were made at the Planning Enquiry Desk, North Wing, Guildhall, London, EC2V 7HH or on the Further information and copies of the documents may be obtained from Network Performance, City of

4. Any person desiring to question the validity of the Orders or of any provision contained therein on has not been complied with may, within six weeks from the date on which the Orders were made, make an application for the purpose to the High Court.

Dated 4 May 2023

Ian Hughes, Director, City Operations

Notice of Proposal

Amendment to the one-way restriction at Widegate Street. The City of London (One Way Streets) (Amendment No. *) (Widegate Street) Order 202*

In exercise of the powers conferred by sections 6, 122 and 124 of, Act 1984 and of all other powers, NOTICE IS HEREBY GIVEN that the Common Council of the City of London Corporation intend to make an amendment to The City of London (One Way amendment Order. The effect of the Orders would be in:

(a) Widegate Street, One Way Street

Street, from east to west.

Copies of the proposed Order, the statement of reasons for proposing to make the Order and plans showing the proposals, & Projects, City of London, PO Box 270, Guildhall, London EC2P 2EJ or by telephone No. 020 7332 3970 or email to policy. make representation to the proposals should send a statement of their objection or representation and the grounds thereof in writing to the Head of Network Performance at the address reference 2023-Widegate/OW.

Today, James Ashton, author of ‘The Everything Blueprint’ and CEO of the Quoted Companies Alliance, takes the City A.M. pen

Getting it under your Arm is almost as much work as writing the book

no less important.

JOIN THE CONVERSATION AND BECOME A PART OF ONE OF LONDON’S MOST TRUSTED NEWS SOURCES

INTERVIEW

Primarybid chief executive Anand Sambasivan on why he’s bullish on London

WHEN Anand Sambasivan, then a young banker at Credit Suisse, mapped out his next move in the wake of the financial crisis in 2009, he had two options before him: London or New York.

The Wall Street banker had already enjoyed a seven-year stint at two firms that straddled both Cities, but as he prepared to now set out on his own venture, the decision was quickly made for him: “I came to London on a temporary basis, and I never looked back. I immediately fell in love with the city,” he tells City A.M. in an interview.

Sambasivan founded his first firm in London in 2010 before setting up feted fintech firm Primarybid in 2016, with the intention of opening up the public markets to retail investors.

Looking back a decade and a half later amid a troubling period for London’s financial services sector, does he have any regrets?

“I’m getting so tired of all of the UK and City bashing that’s going on. The one point I’ll make very loud and clear is the UK is an incredible place to start a business, especially a fintech business.”

SKIN IN THE GAME

Sambasivan’s seems a rare positive voice in the Square Mile these days amid a mood of existential panic, fuelled by a slew of firms seemingly snubbing London’s markets in favour of the Big Apple.

Charlie Conchie interviews the biggest movers and shakers in tech, fintech and financial services

down 61 per cent compared to the same period in 2022.

And the equity markets downturn has triggered accelerated moves into new areas for Primarybid. Rising interest rates and the dearth of IPOs have made debt a more important pillar, and the firm is now eyeing growth with new bond issuance for firms.

He says the firm is already in talks with a number of “large, publicly-listed corporates” in London who are scoping out how to utilise its platform for debt issuance.

CAPITAL MARKETS COMEBACK

Even with those new revenue streams, however, Sambasivan says he’s bolshy on the comeback of the firm’s core business in the UK. Regulators and officials at the London Stock Exchange have rolled out a number of regulatory tweaks over the past three years to try and boost the amount of cash flowing into the public markets.

Reviews of the listing regime in 2020 and secondary markets last year have been ushered forward at some pace, and central to those has been increasing retail investor participation. Planned reforms fall squarely in line with Primarybids’ ambitions, he says. “Public markets are there to kind of democratise access and wealth creation… but it really wasn’t happening outside of the secondary

He does, of course, have skin in the game. Primarybid thrives on a steady stream of capital raising and IPOs in its home market, and he says the slump in IPO activity in both London and beyond has hit the firm.

“We are going to be in periods where the markets are up, and when the markets are down. We’re in the period when markets are down. And yes, it isn’t great,” he says.

“I’m a banker. So I am a deal junkie at the end of the day and I love to see deals.”

Primarybid’s investor base also points to how entwined it has become with the capital markets ecosystem in London. The firm added the London Stock Exchange Group to its investor roll in 2019 and has struck an equity and debt issuance deal with the bourse.

While London has been hit particularly hard by an IPO downturn –total cash raised fell by 80 per cent in the first quarter compared to last year –he points to the fact the IPO downturn is not a London phenomenon. Globally, there were just 299 IPOs in the first quarter of the year raising $21.5bn –

OF ALL THE UK BASHING - IT’S AN INCREDIBLE PLACE TO START A BUSINESS’

markets,” he adds. “Primarybid was formed with this notion that the markets are either public or they’re not –you can’t have it both ways.”

He says crucially the appetite for greater retail investor participation in the public markets in the UK is coming from firms themselves rather than investors. While volatility on the public markets has caused firms to issue less over the past 18 months, “when they do, they want to do retail”.

That appetite for retail is also now growing internationally. Primarybid has integrated its technology into European exchange Euronext and in 2021 allowed retail investors to participate in the New York float of London members’ group Soho House.

STATESIDE EXPANSION

As a number of big name firms eye potential listings in New York, he says Primarybid could help tap into a hefty retail following in the UK.

Those comments are to be expected from a firm that is eyeing big growth plans in the US. But, he insists, it will be a “focused expansion” rather than “diluting anything we’re doing here in the UK”.

Primarybid, Sambasivan says, is one firm that will not be ditching its London hub in favour of New York. Even as negative headlines abound over the flood of firms away from the capital, he says Primarybid is as positive as ever over London’s prospects.

“I hear the negativity, but I don’t subscribe to it. If anything, it’s gotten better,” he says. “From where I sit, if I was to start over today, this would be the place I would do it.”

I hear the negativity, but I don’t subscribe to it... if I was to start over today, this would be the place I would do it

We’re in the period when markets are down. And yes, it isn’t great... I am a deal junkie at the end of the day

‘I’M SICK

THE SQUARE MILE AND ME

WHAT WAS YOUR FIRST JOB?

From the age of 13 I had a paper round. I grew up in a very rural community in Somerset, the round involved cycling up some big hills to remote farms – a great start to the day! I then took on a sales job in a Bridal Boutique – I loved this, lots of tulle and talking.

WHAT WAS YOUR FIRST JOB IN FINANCIAL SERVICES?

I fell into finance at the university milk round, having studied history – and was offered a training contract with Price Waterhouse. Frankly I wasn’t sure what I had signed up for – but serendipity played a part and I quickly realised that the fit was good!

WHEN DID YOU FIRST KNOW YOU WERE IN THE RIGHT JOB?

I am naturally inquisitive. I was fascinated by all the many businesses I visited. I loved learning about what they did and the people in those businesses – ideal for an auditor and invaluable experience in the job I do today.

WHO IS THE CITY OF LONDON FIGURE YOU MOST ADMIRE AND WHY?

Can I have two?

Sheridan Ash (right), who is technology and innovation leader at PwC UK, and Claire Thorne, who is venture partner at Deep Science Ventures. Sheridan and Claire are co-CEOs of Tech She Can, a charity working together with industry, government, and schools to improve the ratio of women in technology roles.

WHAT’S ONE THING YOU LOVE ABOUT THE CITY OF LONDON? AND ONE THING YOU WOULD CHANGE?

There is a vibrancy in the City that isn’t seen anywhere else. The blend of old and new is a powerful reminder of our roots. However, when you walk along Cheapside at lunchtime the lack of diversity is painfully apparent. In the most creative and diverse place in the world, we are not seeing diversity in the City. I’m one of a relatively small number of female CEOs in the executive search industry. As a business community we must change how we identify our future leaders, the pace of change in shifting the diversity dial is painfully slow. We all should be challenging convention to drive change. It’s a non-negotiable.

WHAT’S BEEN YOUR PROUDEST ACHIEVEMENT?

Personally, having taken 10 years out of the formal workplace whilst my girls were little, to find myself running a dynamic, successful forward-looking organisation is pretty awesome! Now I am working with a very talented team to drive change in a very traditional industry. Technology allied with open minded leaders is how we will do this. AI has negative associations at the moment, but it is my belief that when we integrate AI responsibly and deliberately, we enhance the result. With valuable input from brilliant human minds it is a powerful force for good.

We dig into the memory bank of the City’s great and good: this week, Katrina Cheverton, CEO of recruitment and consulting firm Savannah Group, joins City A.M. for a chat

WHAT’S YOUR MOST MEMORABLE INTERVIEW?

I will never forget the interview with John Ellis, former CEO of Savannah Group. John’s warmth and genuine interest in people are unforgettable.

WE’RE GOING FOR LUNCH AND YOU’RE PICKING –WHERE ARE WE GOING?

Aqua Shard is one of my favourites… shows off the wonderful City Skyline –a treat.

AND DO YOU HAVE A FAVOURITE POST-WORK WATERING HOLE?

Where.s Fred.s – a lockdown phoenix round the back of The Ned. Excellent service and a super atmosphere – at any time of the day or night. We love to support our local.

QUICKFIRE ROUND

WHAT’S YOUR FAVOURITE...

MOVIE: LORD OF THE RINGS

BOOK: REBECCA

MUSICIAN/ARTIST: TAKE THAT TEA OR COFFEE? BUILDER’S TEA PLEASE

ARE YOU OPTIMISTIC FOR THE REST OF 2023?

Absolutely! The environment is always changing, but with that comes opportunity. Bold ideas backed with innovation and integrity will succeed. I am convinced that H2 2023 will see an exciting turnaround.

GIVE US ONE BOLD PREDICTION FOR THE CITY THIS YEAR?

The second half of 2023 will see unexpected confidence and growth; and diverse senior hires will stop being

headline news – as they become expected.

WHERE’S HOME DURING THE WEEK?

I live with my family in Tunbridge Wells.

AND WHERE WOULD WE FIND YOU ON A SATURDAY AFTERNOON?

In my garden, or driving my daughter to a golf match.

YOU’VE GOT A WELL-DESERVED TWO WEEKS OFF. WHERE ARE YOU GOING, AND WHO WITH?

Holidays are a real motivator for me. Last year we spent three weeks exploring Western Canada – amazing memories for us and our girls. So, another exploring trip would be on my list.

CITY DASHBOARD

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS

LONDON REPORT BEST OF THE BROKERS

FTSE 100: Asos shares nosedive as markets gear up for rate rise

LONDON’s FTSE 100 slipped in the City yesterday as online fashion retailer ASOS was pummelled after a dim set of results. The capital’s premier index shed 0.29 per cent to close at 7,741.32 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per cent to finish at 19,248.3 points.

Shares in London were fairly muted in the opening session, with banks leading the way, driven by investors piling into the sector the day before the Bank of England’s next interest rate decision.

Markets reckon the Monetary Policy Committee will opt for a 25 basis

points rise to 4.5 per cent, the 12th straight upward move.

Those expectations put upward pressure on shares in high street banks, who tend to benefit from a higher interest rate environment. Barclays advanced 1.32 per cent, while Natwest and Lloyds Bank added around 0.9 per cent apiece. However those gains ran out of steam in the afternoon.

Consumer-focused stocks suffered heavy selling likely on concerns households could finally cut back on spending in response to inflation.

Ocado led losses on the FTSE 100, while Asos catapulted more than 20 per cent lower to the bottom of the FTSE 250 after posting a half-year loss.

JD Wetherspoon yesterday said it was expecting “record” sales this year as it shrugged off inflationary pressure. Analysts at Peel Hunt increased their full year profit-before-tax forecast by 31 per cent to £41m and said the chain had “long-term recovery potential.” They recommended holding shares at a target price of 700p.

Manufacturing company Spirax-Sarco reported sales growth in line with expectations in a quarterly update on Wednesday. The company did not change its full year guidance. Peel Hunt analysts also did not alter their forecasts and recommended a target price of 12,000p.

Was jumping on the coronation worth it for brands? Here’s what the public think

THE CORONATION of King Charles III saw a big marketing and advertising push from brands. Some are logical enough but others, have been less obvious (for example, Heinz’s Tomato “Kingchup”, or Aldi’s Coronation Carrot).

So it might be useful to ask if jumping on to major royal events like this is actually worth it for businesses. For one thing, YouGov Daily data shows that seven in 10 Britons think brands focusing activities on the coronation of King Charles are doing so to maintain a positive public image for themselves – with

Stephan Shakespeare

just one in 10 believing they are sincere. For another thing, Britons’ royalists are, in some respects, less interested in certain forms of advertising.

YouGov Profiles shows that those members of the public who follow the Royal Family are more likely to believe

that ads are a waste of time than the general public. Perhaps most importantly, just seven per cent (of both the public and Britons in general) think the monarchy are an acceptable topic for brands to communicate about.

So, it may be worth remembering for the future that whatever commercial boon brands receive from royal-themed promotions could be dulled by a general suspicion of advertising – and a scepticism that companies offering congratulation to the royals are being genuine.

Stephan Shakespeare is the co-founder and CEO of YouGov

HOW BRITONS WHO ARE INTERESTED IN THE MONARCHY FEEL ABOUT ADVERTISING

% of Britons who answered “Definitely/tend to

I rarely notice who sponsors an event

I find advertising annoying

I don’t think brands should express views on political or social issues

I feel bombarded by advertising

I think ads are a waste of time

I don’t trust the adverts on TV

I would consider spending a short amount of my time to interact with a promotional stand or event

I often notice the advertisements on the internet

BOE DECISION CASTS SHADOW OVER UK “London markets ended the day on the back foot. What is certain is that double digit inflation can’t be ignored and at least another quarter per cent rate hike has been priced in.”

DANNI HEWSON, AJ BELL

OPINION

EDITED BY SASCHA O’SULLIVAN

Rishi Sunak’s fate is cursed by 13 years of the Conservatives’ electoral success

LAST week much of England went to the polls in what may well end up being the last major test of public opinion before the next general election. On raw numbers, it was a disaster for the Tories, who lost over a thousand individual councillors and ceded control of 48 councils.

You could reasonably conclude that a set of elections which put Labour as the largest party in local government since 2003 would be a triumph for the party. But instead, John Curtice and Michael Thrasher, widely regarded as the country’s top election analysts, used statistical games to suggest that if you instead analyse a sample of council wards to reflect the entirety of the UK, Labour is projected to still fall short of an overall majority at a general election.

Let’s be quite clear – this is nonsense built on stilts. Such projections are useful for seeing how parties’ performance has changed from one local election to another, but local elections cannot accurately predict how people would vote in a general election, nor how such votes would translate into seats. This is because the political dynamics in councils are simply too varied and peculiar to match the two-party race for Downing Street, with minor parties or independents having long done better at local elec-

tions. The best evidence for this is that nobody genuinely believes that over a third of the electorate is going to vote for parties other than Labour or the Tories at the next general election, as both Curtice and Thrasher have projected.

This tendency to give the Conservatives more credit than they are due, is based on a flawed assumption that the massive majority won in 2019 would take some kind of miracle to overturn. Much of the chatter around the next election, while acknowledging Labour’s current advantage, still assumes Starmer, like David Cameron, would need a coalition as a staging post for their next government. Only

this week, rumours of a pact with the Lib Dems sent the tabloids into a feeding frenzy. But British politics is no stranger to

the type of sudden change in fortune needed to turn Jeremy Corbyn's defeat into Keir Starmer's triumph in the space of one election. Unlike the US system, there is little opportunity to entrench local power by gerrymandering or doling out local government jobs to those with the right political allegiances. As recently as the 2015 general election we saw once dominant parties swept away, with Labour losing 98 per cent of its seats in Scotland, while across Britain the Liberal Democrats lost 86 per cent of their MPs. In other words: it’s very possible for Labour to gain enough seats to secure a working majority. Clement Attlee and Tony Blair both secured more than

Artificial intelligence will make my job obsolete, and I’m (almost) at peace with it

LISTENING to Jeff Buckley, I'm gripped. An almost overpowering sadness and melancholia floods the room. As tears trickle down my cheeks, I realise I'm crying for the second time in as many days to the haunting rendition of Corpus Christi Carol. It's not the bittersweet vocals bringing me down. It's a much deeper sorrow; I realise I'm mourning the passing of an age.

Last week, I heard that very same hymn in very different circumstances. Either the pollen count inside St Bride’s church was unpleasant in the extreme, or others were pierced by the same shards of emotional shrapnel that punctured the air in remembrance of a man I had known for decades. I'm not ashamed to say it; but as I wept, I could sense I was not alone.

St Bride's has long been regarded as the journalist's church. Sadly, this was not the first time I'd been here to say goodbye to a friend and colleague and I don't expect it to be my last. However, there was something very

Andy Blackmore

out of the ordinary about the level of emotion I felt that day.

Eamonn McCabe was a true Fleet Street superstar and giant in the world of photography; it is his life we were gathered here to celebrate. He was a photographer and picture editor par excellence. I accept many of you reading this will not have heard of him, however, he helped change the way you look at news and sports photography.

I was lucky enough to work for Eamonn in the mid 90s. In retrospect, this was our last hurrah; a golden age for photojournalism and press photographers. Eamonn was a secret weapon drafted in by Peter Preston, then Editor

at The Guardian. He gave up being a sportsphotographer to become a picture editor; parachuted into the position in an effort to win a circulation war with a brash new kid on the blockThe Independent.

Well they called it a war, but it's a strange conflict that has no losers. In fact, both the reader and photography were left all better for such tilting at windmills, indeed some might say it was Fleet Street's finest hour. Eamonn was a man who cared passionately about photography and photographers and passed that enthusiasm on to me. The rise of the internet and the move to digital, plunging circulations, slashed budgets, increased costs, lower rates and less work all mean that today, life as a editorial photographer is, more or less, unsustainable as a career. Inevitably, new technology proved a disaster for a profession now forced to accept to the mantra of doing more with less. Thankfully, we thought, things can't get much worse. And then, you guessed it - things just got worse. In the time

since Eamonn's death, the world seems to have gone bonkers, obsessed with all things AI and ChatGPT-4.

The final nail in the coffin was hammered home a few weeks ago when an AI-generated image won first prize at one of the world’s most prestigious photography competitions. Eamonn would have been apoplectic, undoubtedly spewing a wholly unprintable monologue.

Now, you may call me cynical but don't ever call me stupid, for I have enough painful experience to know what can happen when we are harnessed by a desire to cut corners, at whatever cost. Left unchecked, the rise of AI machines eventually makes dinosaurs of us all. But as we photographers and picture editors stood around St Bride's, it was a mass extinction event. Quite simply, the end of an era. And if that doesn't make you weep, what on earth will?

£ Andy Blackmore is the picture editor of City A.M.

140 gains to take Labour from a distant second place into government with massive majorities. They were able to do this because the Tory vote imploded as the party exhausted itself and the public during a long period in office. In both 1945 and 1997 the Tories share of the vote fell by more than eleven percentage points; a fast-receding tide which made it impossible for the party to run an effective defensive campaign to minimise losses. And today’s Tories are currently on pace to lose an even bigger chunk of their previous support than John Major or Winston Churchill.

True, Starmer is no Tony Blair; he doesn’t excite voters in the way the New Labour leader did. But then again neither did Attlee or before him Henry Campbell-Bannerman, the Liberal leader who defeated the Tories in 1906. Attlee and Campbell-Bannerman secured progressive victories over the Tories just as crushing as New Labour. Blair’s personal charisma undoubtedly had a powerful sway on the electorate, but just as important was voters' exhaustion with a failing government. This is also true of local elections where people across England voted for whichever party was best placed to defeat the Conservatives.

By the time we get to the next election, we will have been ruled by Toryled governments for fourteen years or more. No party since Lord Liverpool was Prime Minister in the 1820s has managed to win re-election after being in office for thirteen years or longer. It is not Sir Keir Starmer who needs a miracle to be living in Downing Street after the next general election: it’s Rishi Sunak.

£ Will Cooling writes about politics and pop culture for the It Could be Said substack

YOU’RE BEING MANIPULATED

The Conservatives lost a thousand councillors at the local elections

Tucker Carlson may have been kicked off of Fox News for spreading misinformation, but that’s not holding him back. The former presenter has launched a talkshow on Twitter, a platform he claims is the only one left which allows free speech

We assume Starmer, like Cameron, will need a coalition as a staging post

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR

We need an AI watchdog, fast

[Re: Britain badly needs a godfather of AI regulation, but we’ll never be able to afford him (or her), May 4] City A.M is right to raise concern over the impact of AI and the need for a watchdog.

New technology always has both good and bad implications for society –including the City. We are still adjusting to the rise of the internet and are again living under a very real threat of nuclear warfare.

The technology could lead to better decisions but also make whole industries obsolete - and these are just outcomes we understand. Job losses

aren’t merely creative destruction. Processing forms might not be a great career but if it’s the only work in a town ravaged by globalisation, the loss is catastrophic.

The crux issue is that the UK legislates based on past disasters and AI is too big to leave to the market. The EU is already moving and the UK is being left behind. Regulators - that we can afford - are already in place for medicine, nuclear energy and finance. AI has the same if not greater risk profile.

Prevention is better than cure. One of the key figures in creating AI has just warned we may not be around if we don’t respond – and that surely is the call to action we must heed.

Chris Smith Public Finance

CLEANING UP OUR ACT Conde Naste forced into pay settlement for cleaners

Brits will flock to Duolingo to dust up on their French but they’re terrified of maths

Phoebe Arslanagic Wakefield

UK STUDENTS are some of the most anxious about maths in the world, also scoring highly in their negative perceptions towards the subject, with around a third of students failing to pass their maths GCSE. By Rishi Sunak’s arithmetic, poor numeracy costs our economy so he wants to make it compulsory for teens to study maths, in some form, up until the age of 18.

But the reaction to this policy in some quarters – fair questions regarding how deliverable it is with maths teachers in short supply aside – leaves me wondering if it is not only schoolkids who are in need of an arithmetical attitude adjustment. Actor Simon Pegg took to social media to vent his frustration at the announcement, saying that he had hated maths at school and claiming Sunak wants to create a “f****** drone army of data-entering robots”.

If Pegg remains haunted by his teenage run-ins with geometry, he’s not alone: American research has found that 93 per cent of US adults experience

EXPLAINER-IN-BRIEF: A REFRESHER ON COALITION GOVERNMENTS

The Lib Dems haven’t had such a good day since Jo Swinson said she was going to be the next British Prime Minister.

The party are now being teed up as the decider of power in the next government, if neither the Conservatives or Labour manage to win an all-out majority.

The last time we had a fullyfledged coalition government was with David Cameron andyou guessed it - the Liberal Democrats, with the leader Nick Clegg made deputy prime minister.

Cameron eventually won a slim majority in 2015, but Theresa May then reminded everyone of the perils of minority government when she relied on the DUP for supply-andconfidence. The agreement with the Ulster unionists was different to a coalition, but every time May needed to get legislation through the Commons, Arlene Foster, the then leader of the DUP, was able to eek out promises from the PM. The original ‘coalition of chaos’ was an imagined Labour-SNP partnership in the 2015 election campaign.

maths anxiety, a negative emotional response to maths, resulting in stress and tension. In a country like the UK, where it is normal to loudly proclaim how much you hate maths, it may be that we are not much better than our American friends, our hearts beginning to pound when we must calculate how best to split a complicated restaurant bill. There is evidence that those of us who are able to stomach, or perhaps even summon up real enthusiasm for the subject are reaping the benefits. A quick look at Britain’s highest paying university degrees reveals that they are dominated by maths-based subjects, including computing and economics. We also have a shortage of STEM graduates in the UK, degrees which will usually require an A-level in maths.

Beyond the bountiful economic prospects available to number-lovers in this maths-phobic nation, there are good reasons to consider sharpening your skills as an adult.

There is evidence that being trained in maths improves your ability to problemsolve and employ abstract reasoning. A 2021 study even used brain scans to reveal that those who dropped maths after GCSE had lower concentrations of an important neurotransmitter that is connected to brain plasticity, than those who had continued with the subject: the researchers were actually able to spot the scans of students who did or did not continue with maths, based purely on concentrations of this brain chemical.

Abstract reasoning benefits or no, the joy I felt when I secured a good grade in my maths GCSE and dropped the subject forever was very real. Only, that turned out not to be the end of the story.

A decade on, I had instead become increasingly maths-curious. Interested in developing statistical skills, I was intrigued by the relationship between maths and philosophy, and starting to

wonder more and more if maths could really have been as horrible as I remembered. A few months ago, I bit the bullet and emailed a maths tutor.

I joined my first Zoom call with Alex the tutor with some apprehension. But a few lessons on, as we negotiate statistics together, the time flies by, even when Alex warns me he is about to sound a “a bit school-teacherish”. Sitting down of an evening to do maths homework may not be what I pictured myself doing in my twenties, but with the zeal of the converted, I want to see more people shed their teenage baggage and give maths another try.

After all, the language learning app Duolingo has been downloaded over 20 million times in the UK. If so many of us brushing up on school favourites like Spanish and French in our spare time, then why not linear algebra? I can promise that you’ll be rewarded with a rush of positive brain chemicals, it’s a chance to exorcise classroom demons, and perhaps make yourself more employable into the bargain.

£ Phoebe Arslanagic-Wakefield, a City A.M columnist, is chair of Women in Think Tanks

With the zeal of the converted, I want to see more people shed their teenage baggage

Duolingo has been downloaded 20 million times in the UK

Cleaners at the offices of Vogue in the UK have been given a 11 per cent pay rise after threatening to strike. The United Voices of the World Union claimed they were previously paid ‘poverty wages’ by the fashionistas.

Connecting the Community

Binance to focus on UK as US whips away the welcome mat

BINANCE is set to turn its attention to becoming fully regulated in the UK after declaring the US has become a “very difficult” place for the crypto industry.

The world’s largest cryptocurrency exchange is understood to have become disenchanted by an apparent crackdown on crypto in the US.

Uncertainty over the digital asset industry in the United States has been rumbling for several months, but more acutely since the Securities and Exchange Commission began probing rival exchange Coinbase.

More recently, President Joe Biden even waded in by pledging a heavy 30 per cent tax levy on the energy used by cryptocurrency miners.

Speaking at a digital asset summit in London yesterday, Binance’s chief strategy officer Patrick Hillmann pledged his company would now do “everything we possibly can” to become regulated in the UK.

Hillman described how “the US right now is in this weird place” adding it had “been very confusing over the past six months”.

The exchange has, in the past, made a handful of attempts to be given the green light to operate in the UK, but its intentions were rebuffed a couple of years ago by the Financial Conduct Authority.

Eyebrows were raised in Endeavour Square when FCA chiefs claimed Binance was incapable of being regulated after providing inaccurate data about its business activity. The authority also took a dim view of Binance’s ‘no fixed abode’ approach when it came to its global headquarters. However, it is widely believed the

UK government and the FCA’s previously hard-line stance on cryptocurrency has softened since 2021 – a thawing that could pave the way for Binance to turn its back on the US and focus on the UK instead.

Hillmann was pressed at the FTrun conference on whether or not Binance had resubmitted an application, but he declined to answer.

While many crypto commentators have been quick to acknowledge the UK’s finance bodies were warming to DeFi organisations, the opposite can be said of their US counterparts.

Several crypto companies have been on the receiving end of blatant warning shots across the bows from US regulators, with Binance

CRYPTO NEWS IN BRIEF

KRIYA PATEL APPOINTED TAP GLOBAL CEO

LONDON-based crypto app Tap Global Group Plc has appointed Kriyakant “Kriya” Patel as Chief Executive Officer. He has held senior and executive leadership positions across payments, e-money, and financial technology businesses, including as Chief Operating Officer of Newcastle Card Solutions, Advisory Board Member of The Payments Association, Chair of the Gibraltar E-Money Association and, most recently, as Chief Executive Officer of Transact Payments Limited for nine years.

OKX CONTINUES EXPANSION WITH TURKEY OFFICE

CRYPTOCURRENCY exchange OKX says it will be opening offices in Turkey over the summer. The company made the announcement ahead of the Blockchain Economy Istanbul Summit 2023.

OKX President Hong Fang, Chief Innovation Officer Jason Lau and Chief Marketing Officer Haider Rafique said they believe Turkey has massive potential for Web3 and blockchain innovation.

“Opening an office in Turkey will be a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future,” said Hong Fang.

“Turkey is an important market for us, and we're excited to build strong relationships with our users and contribute to the development of its crypto ecosystem."

HONG KONG SAYS REGULATION WILL BE TIGHT

and Coinbase taking the most fire. Hillmann did, however, concede some degree of hope that the current stance of the United States might change in the future.

“I expect at some point the US is going to want to pivot and play catchup to Europe which just passed Mica (an EU crypto legislation framework), which is a huge step forward,” he said.

Interest rate uncertainty keeps crypto markets flats

IIT’S been another flat week in the crypto markets, with little movement among major cryptocurrencies.

The price of Bitcoin was down 0.65 per cent last night, holding at around $28k, while Ethereum is changing hands for $1,881, up 1.5 per cent.

The price still seems to be following macro news, with interest rates this week again at the heart of the conversation. Federal Reserve chairman Jerome Powell and his team announced another interest

rate hike of 0.25 per cent on Wednesday last week. This brings the tally to nine rate hikes in what’s been the Fed’s most aggressive hiking cycle since the 1980s.

Many analysts believe this may be the last one as the US economy and the financial system are showing signs of buckling under the pressure. Inflation also seems to be dropping off slightly, with Consumer Price Index (CPI) figures down slightly from five per cent last month to 4.9 per cent.

Powell commented on the possibility of a

pause on hikes after the latest Fed meeting that “we’re closer, or maybe even there”. However, he also warned that rates were unlikely to come down this year.

“We on the committee have a view that inflation is going to come down not so quickly, it will take some time,” he told reporters, and “in that world, if that forecast is broadly right, it would not be appropriate to cut rates” this year. In alt coin news, the majority of the attention has been on Pepe coin. The

memecoin saw a meteoric rise of almost 5,000,000 per cent since its launch in midApril to reach a total market capitalisation of $1.8 billion, but finally saw pullback this week with the token falling nearly 50 per cent after a peak on Friday.

FINANCIAL chiefs in Hong Kong say digital asset regulations will have no grey areas when the region opens its doors to cryptocurrency exchanges next month. "Our regulations will be tight," declared Eddie Yue Wai-man of the Hong Kong Monetary Authority (HKMA) this week. "We will let the industry develop and innovate. We will let them create the ecosystem here, and that actually brings a lot of excitement - but that doesn't mean light-touch regulation."Hong Kong launches a new licensing system for the platforms offering crypto services from June 1.

COMPETITION TO IMPROVE DEFI

GLOBAL law firm Jones Day is accepting submissions for the 2023 FinAccelerate DeFi Challenge – a competition that seeks to promote the development of innovative solutions to some of the limitations and risks currently associated with decentralised finance (DeFi). The contest is part of FinAccelerate - an accelerator program launched in October 2022 to help selected fintech start-up companies by providing legal guidance and connections to leading financial institutions, investors and potential joint venture partners. The competition was announced in California by Crypto AM editor-at-large James Bowater.

FOR ALL THE LATEST NEWS, VIEWS AND ANALYSIS HEAD OVER TO

Changpeng Zhao, co-founder and CEO of Binance

To steal a commonly-used phrase from Gen Z, Comporta is popping off. Foreign investors have been quietly moving here in their droves over the past decade, encouraged no doubt by the iconic photos of Madonna riding horseback on the beach when she lived in Portugal. It’s not just the Queen of Pop who chose Comporta: George Clooney and Sharon Stone are backers to a new luxury gated residence which is pricing out even the wealthy investors. “They do a ‘high net worth test,’” one Comporta property owner tells me. “You need many millions to partake.”

Princess Beatrice and her husband are also living locally after they got involved in the megawatt development, and visiting the Comporta beach, it’s understandable why the A-Listers come. The wide stretch of sand is similar to the beaches of Miami or South Africa and goes for 40 miles uninterrupted. Locals and Lisbonites down for the weekend sip wine in the one beach bar, or eat fresh seafood in the one restaurant, but that’s it. It’s a simple set up: if you were Madonna, you could pull up near a random sand bank, cut through to the beach, and not see anyone for miles either way.

A ten minute walk down a modest board walk, then along an even more modest undeveloped dirt track, and you’re in the village of Comporta. It’s smaller than a Devon beach town but bigger than the handful of shops you might find clustered around a Devon bay. Shops pertaining to be bohemian but are actually quite expensive sell glasswares, clothes, ornaments, many made locally. The sellers look so content and relaxed that they might fall asleep at any moment. The town’s mostly owned by foreign investors these days, many British. One local tells me there’s only one authentic Portuguese restaurant left in Comporta, but still, this is where Portuguese people go on their holidays or to retire.

With a car, you could spend four or five days exploring the coastline from Comporta to Melides to the south, then to the north to the Sado Estuary, where dolphins can be spotted all year round. There’s horse riding, and some water sports, but mainly this part of the coastline is about doing absolutely bugger all. It’s about discretion: about getting away from the hordes and having a kilometre’s worth of beach to yourself.

There are plenty of amazing properties on the market. Brits can easily buy in Portugal and one local tells me houses priced at £300,000 a few years back are now going for £1 million. But get in now: rates are only going to keep rising as the new hotels and the Clooney resort continue to bring more cache to the area, one of the last underdeveloped secrets left on the Portuguese coast.

The arrival of the AlmaLusa hotel in

PORTUGAL’S SECRET COASTLINE

lends this now luxury property a warmth; architecturally it retains its motel vibe, only the rooms are incredibly comfy now, and the pool’s had a glow up. In my room, there’s an elegant curtain hung between the bed and the living area, and furnishings and fittings are all in natural terracotta shades. Many of the pieces were sourced locally, including the unusual lampshades made of wicker, which sort of look like the unkempt hair of a scarecrow. (Don’t worry, that makes them sound far scarier than they are.)

At the rooftop bar I meet the British and Portuguese founders who say: “Comporta is what St. Tropez was 50 years ago. Or 100 years ago.”

“Mr Louboutin wanted guests to feel like they were entering his private residence,” I’m told as I enter the Vermelho hotel a half-hour drive away in the sleepy-quaint village of Melides, from which you can wander quickly into nearby stretches of absolutely remote countryside to look out to ad-

to the shoes; elsewhere it’s all incongruous beauty, with design details referencing India, Mexico and Africa. Detail is everywhere, from the pillows that look so nimbly embossed with curves in red that you wouldn’t want to touch them, to the Romanesque clay bathtubs big enough for four people, frankly, some with views to the nature outside, where goats graze beyond the grand defences of the hotel walls. Lunch is obviously exquisite. This is the sort of place where you’d get a job just to hang out full-time. I spent a few days drifting up and down this genteel coastline, bumping into expats who had been diligently keeping this place secret. The forthcoming Costa Terra Golf & Ocean Club is going to explode this quietly fabulous part of the world into the mainstream. Get in now before the developers do.

To book the hotels visit almalusahotels.com/comporta; vermelhohotel.com

A-Listers and royalty are moving to Portugal’s secret coastline, so get in now, says Adam Bloodworth

EVERYTHING YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET

From top left going clockwise, the beach at Comporta where Madonna rode her horses; the AlmaLusa hotel in Comporta and the Vermelho hotel in Melides

THREE PROPERTIES IN COMPORTA AND MELIDES TO INVEST IN NOW TO GET IN ON THE ACTION

Fully-furnished luxury

This four-bed property in Comporta-Carvalhal pays tribute to the architectural styles of Comporta village with its arresting simplicity. There is a private swimming pool, landscaped garden and terrace, and the property comes fully-furnished. There is 24-hour security thrown in and access to an onsite gym. £852,334

A modern spin on traditional architecture A six-bed detached house within a gated community in the Comporta region, this property has its own private swimming pool. It has an eyecatching design, with the bedrooms spread across four separate cabins. Each has a clean and minimalistic look with high ceilings and lots of natural light. The property is surrounded by centuries-old olive trees and is a short walk from the beach. £2,565,699.

Spectacular contemporary living

This three-bed villa near Melides is within a residential resort amongst native olive groves. It is close to the beach, and has a spectacular and unusual architectural style that incorporates the nature closeby. The property promotes an "indoor-outdoor" lifestyle with sliding doors and plenty of natural light, generous-sized rooms, a fire pit and terrace. £3,296,270. Visit zoopla.co.uk to arrange viewings of these properties

ELEVATED LIVING IN THE HEART OF WESTMINSTER

The Broadway at Orchard Place, SW1 is at the cutting edge of high-end experiential living, housing a collection of modern apartments steeped in iconic architecture and a revival of art deco design.

• Panoramic views of the iconic London skyline

• World-class amenities including cutting edge gym, personal training rooms and a 25-metre pool, with vitality pool and steam room

• At the heart of The Broadway is Orchard Place, a destination comprising of residential, workspace and retail, inviting residents to be well in this dynamic, mixed-used locale

• A short walk away through St James’s Park, is the fashionable shopping, private members’ clubs and a wealth of restaurants in both St James’s and Mayfair

• Walking distance to Westminster and St James’s underground stations

• A selection of two-bedroom apartments available to rent furnished or un-furnished Live. Work.

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GOING OUT

EDITED BY STEVE DINNEEN @steve_dinneen

A GREAT MICHAEL J. FOX HOMAGE

STILL

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man than the movies. He talks about his insecurities as a jobbing actor, the exhaustion of shooting sitcom Family Ties during the day and Back To The Future at night, and how his relationship with future wife Tracy Pollan saved him from disappearing up his own backside. His health has dimmed the public memory of that period of success, so it’s fascinating to be reminded of his leap from unknown to household name in just a few years.

or viewers of a certain generation, watching Michael J Fox in Still will inevitably bring a certain amount of sadness. The man who became an icon of Hollywood cinema as Marty McFly in Back To The Future has been living with Parkinson’s Disease since 1991, publicly disclosing his condition years later. However, to look upon the Canadian as someone to be pitied would be to miss the point of this new film about his journey. Directed by Davis Guggenheim (An Inconvenient Truth), confessionals and cleverly edited footage are used to chart Fox’s journey from a diminutive Alberta youngster to one of the biggest stars in Hollywood. Those looking for cinema trivia may be disappointed, as this is more about theWhile it isn’t all he is, Fox’s condition certainly looms large. It is heart-breaking to see montages of his attempts to hide a hand tremor in various projects in the 90s, as well as stories of timing medicine to maximise his productivity, and cramming roles in simply to get away from reality.

Guggenheim and Fox offer a very raw and honest portrait, but one that doesn’t have time for sadness.

Instead, it looks at the fight of a man who never wants to slow down. Still isn’t about fame, or illness, but instead the strength of character it takes to navigate both. “I’m a tough son of a bitch” Fox declares, and Guggenheim’s film only cements that claim.

CELINE DION ROM-COM IS A TURN-OFF

overcome. Many great rom-coms start with a misunderstanding or mistaken identity, but no amount of soft lighting can make Rob’s actions seem anything less than creepy.

T

However, it may not be remembered as fondly. Priyanka Chopra Jonas plays Mira, a grieving widow who copes with the death of her husband by texting messages of love to his old number. In the time since his death, that number has been assigned to the work phone of music journalist Rob (Sam Heughan). Drawn to her passion, Rob is desperate to meet Mira, and is assisted by singer Celine Dion in finding her.

There’s a grimness to the film’s conceit that neither cast nor crew can

here have been a few romantic comedies in recent years that have moulded themselves around famous singers. 2019’s Yesterday was anchored around the music of The Beatles, while Last Christmas used George Michael as a soundtrack for festive love. At one point titled It’s All Coming Back To Me Now, this week’s release Love Again heavily relies on the legacy of diva Celine Dion.It doesn’t help that the script is excruciating, and the characters are one dimensional (the Gay Best Friend and Wacky Sister archetypes are present and correct). Throw in that none of what transpires seems to make a lick of sense, and you have a story that is a stretch even for a genre that plays with plausibility. Chopra and Heughan have little chemistry other than being both very attractive people, while the presence of Celine Dion is baffling.

It makes thematic sense given her greatest hits are used for the soundtrack, but her scenes as Rob’s Yoda-like mentor feel like a fever dream.

Love Again starts out with an uncomfortable premise, and things get worse from there. Even those who ironically enjoy Hallmark TV romances might have difficulty with a movie that can’t seem to hit the right notes.

BOOK CLUB: THE NEXT CHAPTER

DIR. BILL HOLDERMAN BY VICTORIA LUXFORD

O

BY VICTORIA LUXFORD

LOVE AGAIN

DIR. JAMES C. STROUSE BY VICTORIA LUXFORD

down, Vivian (Fonda) has found love and is set to be married. The group uses the nuptials as an excuse to go to Italy for the girls’ trip they’ve always wanted, but their quest for new experiences doesn’t go smoothly.

The original was hardly a classic, but the chemistry between the stars was enough to make it a surprise hit five years ago. This follow up is more of the same, relying on the legendary actors to produce enough laughs to cover up the fact that there is next to no plot. The best moments are when you see them enjoying each other’s company, before the necessity of story takes them somewhere entirely unbeliev-

LENNY HENRY ON HIS FORMIDABLE BEST FORM THEATRE

UNMISSABLE

AUGUST

IN ENGLAND

BUSH THEATRE

BY ADAM BLOODWORTH

Lenny Henry’s beloved as a comedian, but before that he was primarily an actor, as he reminds us with such panache in August in England, a new piece of writing penned by Henry about the Windrush Generation.

Henry’s story about a black man whose life is upturned when he is wrongly asked to leave the UK by the Conservative government is simple but damningly effective. Henry has a natural likeability that makes him ideal for playing characters with this sort of narrative driven dialogue, and like you might expect, the piece u-turns from being an utter joy to tear-inducing.

Henry plays August, a Londoner who enjoys running his veg stall , but after his wife dies of cancer, he’s left alone to look after the children, until a raft of intrusive letters start appearing on his doormat from the government.

The Conservative government wrongly deported or detained hundreds of Brits of African descent in 2018, some of whom died after being deported or faced losing their jobs and being displaced from loved ones. Many of the people in the audience were directly affected by the Windrush Scandal and were in floods of tears.

That said, the lion’s share of Henry’s delivery is a comedy act. The six foot three comedian lumbers about delivering one-liners, giving a physical performance, grasping the walls of the Bush Theatre, sometimes sitting with the audience, sometimes offering them rum shots, and they relish every half-sentence he utters.

There’s a clever directorial turn at the end in which Henry is incarcerated in a detention centre, like so many were. It’s all horribly uncomfortable, confronting and realistic-feeling: we

UNMISSABLE

GLORY RIDE

CHARING CROSS THEATRE

BY ADAM BLOODWORTH

need more theatre that gets the balance just right. Audiences are told they can stay in the space for fifteen minutes after the show to gather them-

selves, and many choose to, sobbing into each other’s arms. In August in England, Henry has found a career gear-change, and it’s a pertinent one.

able. Fonda and Keaton handle the more melodramatic moments, while Bergen is a delight as someone who can even make tired gags seem fresh.

Craig T Nelson, Don Johnson, and Andy Garcia play their roles well as the men in their lives, but they are mostly there to create dilemmas for their costars.

Overall, Book Club’s next chapter is a pleasant Hollywood fairytale where likeable people in nice outfits go somewhere pretty. The audience that made the first movie a hit won’t mind that one bit, and the scenic dreaminess may inspire one or two to book a getaway of their own.

Gino Bartali won the Tour de France for Italy in the 1930s and 1940s but it was another of his conquests that became legendary: how he secretly smuggled documentation to refugees in the Second World War, helping save the lives of thousands of people being persecuted after Italy and Germany signed a military alliance.

The Charing Cross Theatre has a reputation for staging a good pedigree of musicals, having just run the brilliant Allegiance, with Star Trek’s George Takei.

Like Allegiance, Glory Ride could easily fit a bigger stage: it’s got good songs, ambitious choreography and a decently developing story with some strong lead performances.

Josh St Clair, formerly of Frozen and School of Rock, gives a tender, relatable portrayal of Bartali, who passed away

in 2000. You can feel how excrutiating it must have been to have become a beacon of national pride for a country you feel politically at odds with, and how tough it must have been managing the way he used his fame to help people. But he was a true hero and St Clair’s Bartali is someone you’d easily while away an afternoon with.

Amy Di Bartolomeo has a sensational vocal range as Adriana Bani. Musical theatre fans will remember from her Catherine of Aragon in Six. Relish her deliciously high notes.

There are some decent songs, too, including the titular and patriotic Glory, that almost crescendoes the roof of, as well as the more reflective I Never Learned To Say Goodbye.

The second act could have benefitted from a ten minute cut early on, although the arc with Fed Zanni’s Mario character is a compelling plotline about how best friends were torn apart by their differing levels of patriotism. Even the accents are on point. It’s a thrill ride, like Bartali’s brave midnight cycle dashes must have been back in the day.

24 places and Tulsa: Brits face LIV Golf battle

SINCE LIV Golf launched last year, Ian Poulter and Lee Westwood have rarely been out of the headlines for long.

Sure, commissioner and CEO Greg Norman has been LIV’s most prominent spokesperson and Phil Mickelson and Dustin Johnson its two most high-profile signings but, after that, the British pair have been the focus of much coverage.

Ryder Cup hero Poulter and three-time European order of merit winner Westwood took a lot of the early heat around the new cir-

OPINION

SPORT COMMENT

Ed Warner

THE important thing in the Olympic Games is not winning but taking part.” Really, Baron? That’s so 19th century! I’d love to hear the thoughts of a time-travelling Pierre de Coubertin in the Stade de France at Paris 2024, or perhaps in the stands at a Premier League football match, or ringside at a heavyweight title boxing bout. Fight well, sure, but conquering is essential. Isn’t it?

Over the past few weeks I’ve taken a few governing bodies to task in this column. Readership has spiked, which might indicate fans like a bit of controversy, or perhaps more positively that they care about the way the sports they love are run. I’m conscious that I might have fallen into a sewer of criticism, so this week I’d like to wallow in the joy of sport.

At the Wheelchair Rugby European Championships last weekend, a roving interviewer on our event presentation team stuck her mic into a gaggle of schoolkids who’d been on a coach for hours across Wales to get to the Principality Stadium. One youngster declared it to be “the best school trip I’ve ever been on.”

She and her classmates had watched a rather one-sided group match in which both teams had kept the hits coming right up to the final whistle, in spite of the gap between them. No letting up, whether conquering or conquered.

RAZZLE-DAZZLE

It may be a well-worn cliche, but I do subscribe to the view that sport is unscripted theatre. Spectacle, razzle-dazzle, high and low emotion, a storyline, all bound by its physical staging, but crucially with unexpected plot twists and an unknown ending.

You can come away from the show and give a one or five-star review, but the next performance may be the exact reverse. Be sure, though, that evident commitment from the actors is necessary for your enjoyment.

The Harlem Globetrotters were also in town in Cardiff last weekend. True sport? I think we can agree not. No jeopardy. Theatre loves a villain,

cuit, having been among the first sign-ups to emerge.

And their legal battle with the DP World Tour over their right to retain membership, and potential be involved in future Ryder Cups, while playing in LIV Golf continues to rumble on.

But Poulter, Westwood and a clutch of other British players may not be firm fixtures in the LIV Golf news cycle for too much longer unless they can engineer a rapid improvement

Westwood is 43rd in the standings

in their results.

Under the new LIV Golf League format implemented this year, any player who finishes lower than 24th in the standings at the end of the season is at risk of being cut from the competition.

The move is designed to ensure the league is not a closed one, with promotion and relegation from the International Series on the Asian Tour and the opportunity for captains to trade underperforming players for new blood during the off-season.

Of the seven players from the UK and Ireland playing on the Saudi-backed tour, Paul Casey is currently the highest in the standings, at 24th, after five of 14 tournaments. Poulter is 33rd, and Westwood 43rd.

AMERICAN FLAVOUR

As a team captain, Poulter will likely be protected from being traded out although he could, in theory, still be relegated if he finishes in the bottom five places of the individual standings.

Westwood is also part of Poulter’s Majesticks, who lie rock bottom of the team table. So is compatriot Sam Horsfield, who is 29th in the individual rankings thanks to a top-10 finish in Orlando last month, and his occasional injury stand-in Laurie Canter (40th).

Just above them are Martin Kaymer’s Cleeks, who feature Northern Ireland’s Graeme McDowell (36th) and English journeyman Richard Bland (37th).

IT’S THE WINNING, NOT THE TAKING PART

Casey is the one British player punching his weight, although his only points this season came in a fourth-place finish at the opening tournament in Mexico.

On the whole, LIV Golf has a very American flavour at the top of the leaderboard. The top three men in the individual standings are from the US, as are 11 of the top 20.

Sergio Garcia and Cameron Smith, the Australian winner of last year’s Open Championship, are the only players from beyond the Americas in the top 10.

At the summit sits Talor Gooch, who became the first player to win back-toback LIV Golf events last time out in Singapore. The former Oklahoma student is on a hat-trick in Tulsa.

Further down the standings there is another battle playing out, however, and Poulter, Westwood and their fellow Brits are in the thick of it.

essence of the Games reflects its origins. Fame and fortune are the prizes on offer.

I’ve no problem with that. Money brings glamour. It enables higher production values. Jeopardy is intensified, and with it temptation. The theatre is elevated.

Sport often struggles to contain the fallout from the cash washing round it, and the inequalities it creates. But give me this as a problem to manage any day; just surround me with people who have the nous, creativity and determination to see that enough of the riches are sequestered for investment in the fabric of the sporting system, thereby ensuring its longevity. Tomorrow’s superstars need to start somewhere, after all.

URGE TO CONQUER

Drama of the week? For me, the denouement of the regular English Football League season.

In particular, Cambridge United’s great escape from relegation, a finalday win clawing the U’s out of the drop zone they had occupied for the whole of 2023. The board had loyally (and unfashionably) stuck with manager Mark Bonner throughout. Try scripting that! Governing bodies have to do the dull regulatory stuff. But they must also foster an environment in which glorious stages are set for amazing athletes to perform phenomenal sporting feats. Do it themselves, or get out of the way and let others build the theatres, hire the actors and sell the stories of their performances.

And if governing bodies get in the way, screw things up, or try and take credit for themselves where it is not due, then yes they open themselves

You can of course find intense sporting enjoyment far away from the grandest stages, where money is not at stake, simply pride and a sating – however temporary – of the urge to conquer. That conquering may even be of your own demons.

The Blair-era “stickers for all” belief in non-competitive school sport never sat easily with me. But I understand why everyone gets a medal for completing the London Marathon, and why hundreds of thousands line the streets to watch them earn one. Fight well then. Play the game the right way. But fight and play to conquer. That way I’ll be sure to keep watching.

Ed Warner is chair of GB Wheelchair Rugby and writes at sportinc.substack.com

Poulter, Westwood and other UK players at risk of being cut from tour unless results improve, writes Frank Dalleres

My Premiership Team of the Year was one of the easiest in a while

IT IS that time again when everyone with an interest in rugby names their Premiership Team of the Year. I am no different, so here goes. It took a small amount of debate with City A.M. colleagues but, all in all, this was one of the easiest XVs to put together.

FRONT ROW

Gloucester loosehead prop Val RapavaRuskin was one of the first names to make my team given his incredible performances throughout the season.

Though he was injured for a short time, the Georgian-born scrummager was unlucky not to have been capped by England in the Six Nations.

Alongside the Gloucester man is West Country rival Will Stuart at Bath. The tighthead, too, had injury issues in the season but has finished as the best No3 in the league for me.

Between the two props is Leicester’s Julian Montoya. It was a toss-up between Montoya Agustin Creevy but the Tiger took it for his stability.

The omnipresent veteran Alex Goode rarely put a foot wrong for Saracens during this season

SECOND ROW

I am not sure anyone would have imagined putting him in their XV at the start of the season but Ollie Chessum walks into my team this year. Having been a revelation in the second row at Leicester, the lock continued to shine for England. Partnering the Tigers’ lock in the pack is Saracens’ Theo McFarland. A former basketball player, the Pacific Islander has been sensational and makes it in despite suffering an injury in December.

BACK ROW

Ben Earl was the first name I listed this year and he has again been astonishing for Saracens, he is cementing himself as one of the best players in England.

RUGBY COMMENT

Ollie Phillips

Partnering him in the back row are London Irish No7 Tom Pearson and Leicester No8 Jasper Wiese. Pearson has been one of the breakthroughs of the season while Wiese has been the most consistent No8.

HALF-BACKS

It’s an all-Northampton affair at halfback with Alex Mitchell at scrum-half and Fin Smith starting at fly-half.

Mitchell has been by far the best No9 this season and, although he hasn’t been at his very best during the campaign, he has still out-shone his rivals.

Smith began the year at Worcester but has slotted into the Saints backline sublimely following the departure of Dan Biggar. His kicking success percentage is top drawer and there is little that he hasn’t been able to cope with.

CENTRES

Another Worcester casualty, Ollie Lawrence, joins Robert du Preez of Sale in the midfield. Lawrence has been paramount in Bath developing from consistent losers into winners, while du Preez was the linchpin for Sale without George Ford and continued in good stead alongside the former England No10.

BACK THREE

Cadan Murley of Harlequins makes the XV as the player with the most tries to his name – 15 – while Newcastle’s sensational winger Mateo Carreras lines up on the opposite wing.

The duo have been superb for their countries and a great example of what the Premiership can offer.

The omnipresent Alex Goode completes my Team of the Year with the Saracens veteran again completing a campaign in which he rarely put a foot wrong.

£ Former England Sevens captain Ollie Phillips is the founder of Optimist Performance, experts in leadership development and behavioural change. Follow Ollie on Twitter

MY PREMIERSHIP TEAM OF THE SEASON

FORWARDS

RUGBY WORLD CUP BAROMETER

In association with

IN PARTNERSHIP WITH

PLAYER OF THE WEEK Gavin Coombes, 28-year-old back row forward for Ireland and URC side Munster

Tipped earlier on in the season by City A.M. as one to watch in 2023, Coombes put in an absolutely monstrous shift as Munster beat Glasgow 14-5 to progress to this weekend’s United Rugby Championship semi-finals, where his province will play Leinster in Dublin. Coombes carried 12 times, the most of any player on the pitch, won two turnovers and completed a number of tackles. Though he did not score, his record this season is 10 tries in 14 matches. He is certainly in the picture to be in Andy Farrell’s Ireland squad in what is a hotly contested position.

WHO’S HOT WHO’S NOT

1. Val Rapava-Ruskin (Gloucester Rugby)

2. Julian Montoya (Leicester Tigers)

3. Will Stuart (Bath Rugby)

4. Ollie Chessum (Leicester Tigers)

5. Theo McFarland (Saracens)

6. Ben Earl (Saracens)

7. Tom Pearson (London Irish)

8. Jasper Wiese (Leicester Tigers)

BACKS

09. Alex Mitchell (Northampton Saints)

10. Fin Smith (Worcester/Northampton Saints)

11. Cadan Murley (Harlequins)

12. Robert du Preez (Sale Sharks)

13. Ollie Lawrence (Worcester/Bath Rugby)

14. Mateo Carreras (Newcastle Falcons)

15. Alex Goode (Saracens)

Sticking with Montpellier, Luke Cowan-Dickie was set to join but has reportedly failed his medical. Sale Sharks could save the hooker.

Gregor Townsend’s future has been uncertain as Scotland head coach but the 50-year-old has signed a new contract until 2026.

Included in Wales’s preliminary squad, Henry Thomas has been forced to walk away from Montpellier over the decision to accept the call.

Manie Libbok is not the first name many say when asked to name a Springbok but the No10 scored 18 points in the Stormers’ 33-21 win.

ED WARNER COLUMN

SPORT

SHEIKH ‘NO’ TO MESSI AT UNITED

FOOTBALL

West Ham ‘entering their Fergie time’

MATT HARDY

WEST Ham are peaking ahead of tonight’s Europa Conference League semi-final against AZ Alkmaar, according to manager David Moyes.

The Hammers returned to winning ways with a 1-0 victory over Manchester United at the weekend, a result which has given Moyes’s men renewed hope of surviving in the Premier League.

West Ham are currently 15th, seven points clear of the relegation places with three games to play, and will this evening look to get off to a good start in their last-four tie with Dutch opponents. The former United and Everton boss says his side are peaking for the run-in.

“I remember Sir Alex Ferguson always used to talk about that this was the time of the year where you had to be at your best,” Moyes said.

“It tends to be now that games are really important; semi-finals, finals, league games you have to win.

“Having your best form at this time of the season is always important. I do believe that we are playing some of our best stuff just now. I think we can still get much better and I’m hoping we’re going to show that in the coming games.”

FRANK DALLERES

MANCHESTER United will not make any attempt to sign Lionel Messi on a free transfer this summer if Sheikh Jassim Bin Hamad Al Thani buys the club.

Messi, 35, is due to leave Paris SaintGermain next month when his contract with the Qatar-owned French champions expires.

His availability has sparked a €1bn scramble for his services involving his former club Barcelona, Saudi Arabia and Major League Soccer.

The seven-time Ballon d’Or winner would represent a statement signing for any new owner at Old Trafford, where a

US SPORTS

potential world record £5bn takeover is nearing a conclusion.

But Sheikh Jassim has ruled out extending Messi’s association with Qatar by signing him for United, sources with knowledge of the situation told City A.M.

The chair of Qatar Islamic Bank and his takeover rival, British billionaire Sir Jim Ratcliffe, are waiting to learn whether United owners the Glazer family will accept either of their offers.

Both parties submitted third offers, valuing the 20-time English champions at £5bn or more, at the end of last month.

The Glazers are said to value United at £6bn.

Sheikh Jassim has proposed a full

takeover, while Greater Manchester-born Ratcliffe, the founder and chair of conglomerate Ineos, has bid for just over half of the club in a deal which would allow the Glazers to retain a minority shareholding.

Sheikh Jassim has also pledged to ringfence a further $1bn for investing in Old Trafford, United’s Carrington training ground and Erik ten Hag’s first-team squad.

That war chest will not, however, be used to revive attempts to lure Messi, the subject of past approaches from United’s rivals Manchester City, to the Premier League.

The Argentina captain led his country to

Back-to-back Jags games pave way for London NFL franchise

FRANK DALLERES

THE NFL is stepping up preparations for a possible London franchise by handing the Jacksonville Jaguars a historic double-header in the capital later this year.

The Jags, who have staged a game in London every year since 2013, will become the first NFL team to play two fixtures in consecutive weeks outside the United States.

They are due to play the Atlanta Falcons on 1 October at Wembley Stadium and then face the Buffalo Bills at the Tottenham Hotspur Stadium on 8 October.

Scheduling back-to-back games in London is another test of the logistics of housing a permanent franchise in the city and has long been seen as the next step on the roadmap.

A third game in London this autumn will see the Baltimore Ravens play the Tennessee Titans on 15 October, before the NFL heads to Germany the following month for two games in Frankfurt’s Deutsche Bank Park.

“We can’t wait to welcome teams to London for three brilliant weekends of football in October,” said Henry Hodgson, general manager of NFL UK.

World Cup glory in Qatar in December but is set to leave PSG under something of a cloud at the end of the season.

Messi was disciplined by the club this month for an unauthorised trip to Saudi Arabia, by whom he is paid £25m a year to promote the country as a tourist destination.

The episode fuelled speculation that he will join arch-rival Cristiano Ronaldo in the Saudi Pro League, where Al Hilal are reported to have offered him a €1bn (£868m) deal.

Messi’s departure from PSG comes as the club continues to pivot from its Galactico era to one focused on the best young players and French talent.

A positive result in London will give West Ham an advantage going into next week’s second leg with Alkmaar in the Netherlands.

Bar the 1999 Intertoto Cup, West Ham have not won a trophy since the 1980 FA Cup, when they beat Arsenal in the final at Wembley.

Moyes came close to ending that wait for silverware last year only to see West Ham succumb in the semifinals of the Europa League to eventual winners Eintracht Frankfurt.

Swiss side Basel and Fiorentina of Italy will contest the other semifinal in Europe’s third tier competition tonight. The final is due to be played on 7 June at Prague’s Fortuna Arena.

2023 Rugby World Cup to feature first female referee

MATT HARDY

JOY Neville will make history later this year when the Irish referee becomes the first female official selected for a men’s Rugby World Cup.

The tournament takes place in France this autumn and Neville, 39, is among the group of television match officials –rugby’s version of VAR.

Elsewhere England’s Wayne Barnes, who has been the man in the middle for 102 international Tests, will head across the Channel alongside fellow countrymen Luke Pearce, Matthew Carley and Karl Dickson.

Nika Amashukeli, meanwhile, is set to become the first Georgian referee at

a Rugby World Cup. The 28-year-old had been tipped to officiate at the showpiece event.

“The journey to Rugby World Cup 2023 is not an easy one for match officials,” World Rugby’s high performance 15s match official manager Joel Jutge said.

“There are fewer roles with as much public scrutiny, but I am proud of how the team has responded to the ups and downs, always being open and acting with integrity.”

The World Cup begins on 8 September, with the final due to take place on 28 October. Steve Borthwick’s England are in a pool with Argentina, Japan, Samoa and Chile.

‘It’s not about taking part, it is all about the winning’

RUGBY UNION

Basketball set to demonstrate its UK growth on O2 finals day, writes Matt Hardy

TICKETS are sold out and have long been difficult to find but on Sunday the hottest event in British basketball takes place at the O2.

The iconic venue is set to host the men’s and women’s finals of the British Basketball League, where the London Lions will be looking to become the first side to win both titles.

More than 16,500 fans will pack into the Greenwich venue as the sport enjoys a boom in popularity in the UK.

Basketball is among the top five most watched sports globally, alongside the likes of cricket and football.

It is also played just about everywhere, with hoops installed on the housing estates of England, adjacent to metal football nets.

At the highest level the BBL continues to grow, develop and build upon investment from American private equity firm 777 Partners, who bought 45 per cent of the league for £7m.

777 Partners also has a stake in EuroCup competitors London Lions but there is investment across the field. British NBA star OG Anunoby last

PREVIOUS WINNERS

2021-22

Men: Leicester Riders 78-75 London Lions

Women: London Lions 70-45

Sevenoaks Suns

2021-22

Finals played in Leicester

2019-20

No final due to Covid-19

2018-19

Men: Leicester Riders 93-61 London City Royals

Women: Sevenoaks Suns 60-55

Leicester Riders

2017-18

Men: Leicester Riders 81-66 London Lions

Women: Sevenoaks Suns 69-44

Leicester Riders

month purchased a stake in the franchise, building on the appeal of the league across the world.

“A day doesn’t go by that I don’t get a call from somebody interested either in exploring an investment in an existing club or wanting to put a team in a large city that doesn’t have a team in the UK,” Aaron Radin, BBL chief executive, told City A.M

“We’ve put so much of the focus and prioritisation on next year and beyond from an operational content [and] business perspective that the ongoing business of managing this year has been about giving as much input as we could to our broadcast partners and trying to build up an audience across social.

“I am pleasantly pleased that the level of scepticism has been small and the level of buy-in has been strong. In terms of the product on the court, the games are entertaining and I think the quality of play is high.

“When I go to the games and talk to

JUMPING THROUGH HOOPS

the fans they’re having a high level entertainment experience.”

Both of Sunday’s finals are to be contested by the London Lions and Leices-

£7m

easier for Americans to culturally adapt here.”

But change is on the horizon for BBL. Reports this week have suggested that the play-offs – currently quarter-finals and semi-finals played over two legs between the top eight sides after the regular season – could become best-of-three series.

Furthermore, in a bid to maximise the commercialisation of the BBL, the All Star Game could return for the first time since 2011.

CONTENT FOCUS

The BBL chiefs are clearly looking to revolutionise and develop the sport in the United Kingdom, given the number of positive examples across the pond in the United States, where the NBA rules the hoop-shooting world.

You could therefore reasonably assume that the ultimate aim inside the BBL is for a play-off series, much like the sport’s American cousins.

“In terms of next year, there is an enormous focus on content on every-

ter Riders, with the Lions looking to defend their women’s crown and the Riders their men’s.

“We’ve had several NBA guys [enquire], famous footballers here in the UK and investment groups,” said Lenz Balan, vice-president of 777 Partners.

“It’s just really exciting [to see] what the potential will look like. I think some folks are afraid that it was just a London thing.

“[One player] who has played in the Euro League said ‘Playing in the UK is great, I would play in Cheshire. It’s about the familiarity: the language, it’s

thing from the production of the game to the manner we produce and distribute content,” Radin added.

“[And] there’s no reason why we shouldn’t be playing in larger arenas and filling them. There’s clearly sport madness in this country in terms of enthusiasm and excitement about attending live sport.

“Football is a little but different, it is a religion, you’re born into it, right? There’s a level of enthusiasm [for basketball] that I think would support that in terms of a market standpoint.

“My hope is that we own, operate and are partnered on the management of the facilities that we are playing in, and that they’re world class facilities.

“Fans are going to be the best brand ambassadors for our product – you have a great experience at a game and you tell your friends about it or post it on social media.”

In the world of sports business, when push comes to shove, the amount of eyes watching on is important to any investor. And BBL has seen itself set records for attendances in the play-off finals – 16,500 this year – but also in the trophy finals, a separate competition, where 6,000 tuned up in Glasgow.

“We view this as a growth equity investment,” Balan said. “We understood that when we came into it, it’s going to require far more than the £7m that we have invested.

“We’re fortunate in that we have a group of clubs that are dedicated to the sport and want to see it grow.

“We haven’t gotten our cash back yet but we didn’t plan to. We realise this is a long-term equity story. We’ve made plenty of mistakes and learnings.

“There’s momentum, significant momentum, and basketball [fans and onlookers] are taking notice.”

A day doesn’t go by that I don’t get a call from somebody interested in an investment

The O2 will host both the BBL and WBBL finals on Sunday.

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