Thursday 7 September 2023

BUSINESS WITH PERSONALITY

MARK KLEINMAN NATWEST’S NEW CHAIR HAYTHORNTHWAITE HAS A PACKED IN-TRAY P12

CLEAR AS MUD

THE BANK OF ENGLAND is nearing the end of its monetary-tightening cycle, the Bank’s governor suggested yesterday, adding that there will be a “quite marked” fall in inflation by the end of the year.

“There was a period when it was clear rates needed to rise going forwards, and the question for us was how much and over what time frame. We’re not, I think, in that phase anymore,” Andrew Bailey said when he was questioned by MPs yesterday.

“We’re much nearer the top of the cycle... on the basis of current evidence,”

INSIDE TODAY YOUR 8-PAGE GUIDE TO THE RUGBY WORLD CUP

CITY REFORMS WORKING

Zilch: Reform giving City a listing boost

EXCLUSIVE

CHARLIE CONCHIE

BUY-NOW pay-later firm Zilch could shift onto the public markets as soon as next year after a slew of reforms have boosted London’s appeal as a listing destination, the firm’s chief has said.

Speaking with City A.M. in a video interview to be published today, Zilch founder Philip Belamant said the fintech outfit was gearing up for a move onto the public markets “in the next year or so” and London had ramped up its appeal after pushing through a major reform agenda in the past two years.

he added.

His comments prompted the pound to fall to a three-month low, dropping 0.6 per cent to trade below $1.25, as markets bet that the Bank might not lift rates as high as previously thought. Markets are currently pricing in a further two 25 basis point rate hikes, which would see the Bank rate reach a peak of 5.75 per cent.

Bailey stressed, however, that his comments should not be taken as an indication for which way he will vote in the upcoming Monetary Policy Committee (MPC) meeting in September.

The Bank is growing increasingly confident that rising rates are helping to

tame inflation. Inflation came down to 6.8 per cent in July, having peaked at over 11 per cent last year.

While Bailey said August inflation might see a slight rise due to rising fuel prices, he said it would continue falling over the rest of the year.

“Many of the indicators are now moving as we would expect them to move and are signalling that the fall in inflation will continue and, as I’ve said a number of times, I think will be quite marked by the end of this year,” he said.

However, Bailey said the strength of wage bargaining had surprised the Bank and it will look to see whether pay rise

demands ease off going forward.

Swati Dhingra, another member of the MPC, said there were “very promising signs” that inflation is falling. She pointed out that producer price inflation has fallen significantly and that “almost every item” in the consumer price index has turned negative.

Although interest rates are likely nearing their peak, the Bank’s rate-setters have increasingly signalled that rates will have to be left higher for longer than markets expect.

Bailey said the decision of when to start cutting rates will be “an important judgement”.

“When we think about listing, we think about liquidity, policy and perception. And if you had asked me this question 24 months ago or before that, the answer really was that it would be difficult to see that you would get all those things from the London Stock Exchange,” Belamant said. “But a lot has changed, and we’re really excited to have this dialogue with [London Stock Exchange chief] Julia [Hoggett] and the team. Government is leaning in heavily here in the UK and you’re starting to see a lot of reform happening,” Belamant added.

£ CONTINUED ON PAGE 3

HOUSEBUILDING SLUMP

METERS P4 MARKETS REPORT P13 OPINION P14-15 CULTURE P34-36 SPORT P37-39

CHRIS DORRELL

POUND SINKS AFTER BAILEY SAYS WE’VE ‘MOVED ON’ FROM RATE RISES –BUT GOVERNOR SAYS HE’S NOT OFFERING FORWARD GUIDANCE AHEAD OF THIS MONTH’S RATES DECISION

Housebuilding slump should push government into action

NEWS that housebuilding fell at its fastest rate since the pandemic last month should be a urgent wake up call for the government, and the country’s opposition party, to sort out the state of the UK’s housing and rental market. The Bank of England’s aggressive, and some might say much delayed, rate hike campaign, has crimped demand for homes as the price of mortgages skyrockets. The recent fall in house prices hasn’t done

STANDING UP FOR THE CITY THE CITY VIEW

much to help potential first time buyers, and housing remains well out of reach for many young, hardworking people in the City. However, the increase in mortgage rates has also started to feed through into rents, which have sharply shot up across the capital.

This, again, is heaping pressure onto young people looking to start a career in the City. High rents risks pushing these bright young individuals –our future generation of business leaders and entrepreneurs –into thinking that it might just be worth looking to another international city to start their career.

Britain and London’s housing problems therefore pose a huge potential problem for the UK’s competitiveness at large.

But the problem can be fixed –build more houses (or free others up to build more houses) that people want to live in, in places they want to live in. Despite this relatively simple solution, achieving it has proved more challenging, with a succession of housing ministers failing to overturn the country’s onerous planning rules and get housebuilding rates up. There is precious little sign right now from the Conservative party

that prior to an election we will see a mass housebuilding programme. Meanwhile, Labour would be wise to realise that housebuilding, and reforming the UK’s planning rules, is a vote winner, and shouldn’t become captured by nimbyist voters. A radical drop in the price of the roof above one’s head – through house prices and rents stabilising whilst wages rise alongside –would be transformative for the UK and its future generations.

RINGING IN

THE NEW APP The

City A.M. team yesterday headed down the road to open the

London Stock Exchange,

in a fitting celebration for the launch of our new app

A special day for the team yesterday as we headed to Paternoster

Square to open the London Stock Exchange to mark the launch of the all-new City A.M. app, and also celebrate the paper’s 18th birthday. In attendance for the bell-ringing were luminaries of our organization, including MD Lawson Muncaster, editorin-chief Andy Silvester and news editor Ben Lucas. Our new app is your ticket to real-time market updates, expert analysis and financial insight. It’ll also get you a free pint at a Shepherd Neame pub in the City today –cheers to that!

Rishi Sunak closing in on UK rejoining EU’s £85bn Horizon science research scheme

SAM BLEWETT AND DAVID HUGHES

RISHI Sunak appears set to announce that the UK will rejoin the European Union’s £85bn Horizon science research programme.

Sources familiar with the negotiations between the two sides said that the Prime Minister has given the goahead for a deal to be finalised.

The level of compensation for the UK being frozen out of the scheme during a tit-for-tat retaliation in a post-Brexit row over Northern Ireland is still thought to be an issue.

A deal could be announced within

days, as first reported by Bloomberg.

One source told the PA news agency that Sunak had signalled his approval of the deal but that the level of compensation for the two missed years of collaboration could still be an issue.

A conversation with European Commission president Ursula von der Leyen would be expected before the announcement.

At Prime Minister’s Questions on Wednesday, Sunak told MPs his “priority and preference” was to associate with Horizon but “on terms that are right for both the British taxpayer and for British science and research”.

In a hint at a possible breakthrough, he said the government had been “extensively involved in discussions” with the and “I hope to be able to conclude those successfully”.

Whitehall sources said in July that a draft deal was with the PM, prompting scientists to cautiously celebrate the development.

But Downing Street said a UK-based alternative known as Pioneer remained on the table as Sunak continued to be concerned about “value for money”.

Horizon is a collaboration involving Europe’s leading research institutes

WHAT THE OTHER PAPERS SAY THIS MORNING

WEWORK TELLS LANDLORDS IT WILL RENEGOTIATE MOST OFFICE LEASES

Wework is seeking to renegotiate nearly all of its leases, weeks after the Softbankbacked office space group warned there was substantial doubt about its ability to continue as a going concern.

BLOOMBERG MICROSOFT XBOX CHIEF ‘CONFIDENT’ ON CLOSING ACTIVISION DEAL

Microsoft Xbox chief Phil Spencer said the software giant is confident it can get its $69bn purchase of Activision Blizzard over the line, as it continues to work with UK regulators.

THE GUARDIAN DEEZER AND UNIVERSAL MUSIC SIGN DEAL TO FOCUS ROYALTIES ON BIG ARTISTS

Streaming platforms Universal Music and Deezer have struck a music streaming deal to create a royalty model designed to hand greater rewards to popular artists.

ONS launches review of data revisions after GDP upgrade

CHRIS DORRELL

THE OFFICE for National Statistics

(ONS) has asked the statistics regulator to review “best practice” for its data revisions a week after the ONS published major revisions to its GDP data.

The ONS updated its GDP estimates showing that the economy was larger than previously thought in 2020 and 2021. The revisions suggest the UK's recovery from the Covid pandemic was roughly in line with peers, whereas previous estimates had indicated that it was lagging behind.

The revisions have sparked criticism from many quarters, with many questioning the sheer scale of the changes.

Professor Ian Diamond, the UK’s National Statistician, who oversees the ONS, said, however, it was “not surprising” that the revisions were “larger than usual” given the impact of the pandemic.

“I remain confident that our initial estimates for the Covid years were the best possible on the data available. I want to underpin faith in our work, and this review will help us do that,” Diamond said.

THE FINANCIAL TIMES

Housebuilding slump deepens as rate rises bite

CHRIS DORRELL

HOUSEBUILDING fell at the fastest pace since the pandemic last month, but office refurbs helped keep the UK construction sector in positive territory in August.

According to the S&P Global and CIPS UK Construction purchasing managers’ index (PMI), housebuilding fell deeper into negative territory in August, as rising interest rates weighed on demand.

The sector recorded a score of 40.8, comfortably below the 50 mark which separates growth from contraction.

“Housing activity fell at its second sharpest level since 2009, excluding the pandemic years, and overall new orders dropped at the fastest rate since May 2020,” John Glen, chief economist at the CIPS, said.

Rising interest rates have sent mortgage rates soaring, knocking demand among many would-be buyers. Firms commented on the “subdued” market

and cutbacks to new build projects.

Despite the steep downturn in housebuilding, overall activity in the construction sector remained positive in August at 50.8. This was down from 51.7 the month before, but marginally higher than economists had predicted.

However, new orders fell at the fastest pace in three years, suggesting activity will begin to fall in the months to come.

The data came as housebuilder Barratt posted a disappointing full-year update, with adjusted profit before tax falling 16 per cent over the full year to June.

The number of homes the company built also declined 3.9 per cent during the term to 17,206.

It follows a warning put out by the company weeks ago that thetotal home completions will be in the range of 13,250–14,250 in 2024, down from the 16,500–17,000 figure chief David Thomas outlined after the mini-budget in September last year.

Natwest taps Haythornthwaite as chair as search for boss continues

CHRIS DORRELL

NATWEST has picked Rick Haythornthwaite to succeed Howard Davies as chair of the bank, the lender confirmed yesterday. Haythornthwaite, who is currently chair of Ocado and The AA, will join the bank as a non-executive director in January before taking up the new role on 15 April next year.

Transpennine Success? Tory minister defends nationalising rail operator

GUY TAYLOR

RAIL MINISTER Huw Merriman has said that nationalising Transpennine Express was the “right decision” after cancellation rates fell dramatically at the troubled rail service.

Transpennine Express was nationalised in May after months of delays, poor service and cancellations.

“I believe that that was the right

Zilch warms towards idea of London listing

CONTINUED FROM PAGE 1

The comments come after Hoggett invited the firm to open the market on its third birthday last week, in a sign of the charm offensive being launched at homegrown tech firms. The capital has come under fire in the past two years over a dearth of growth technology firms floating on the market, with ministers and regulators scrambling to boost its appeal.

But regulators have pushed ahead with reforming the market, with fresh measures including introducing dual-class share structures and plans to scrap the standard and premium segment of the market.

The move was quickly welcomed by City minister Andrew Griffith, who said: “He is an experienced and widely respected choice to Chair one of the UK’s largest banks.”

The news comes as Natwest recovers from the debanking scandal involving former UKIP leader Nigel Farage, which saw boss Alison Rose forced to resign. Paul Thwaite has since been appointed interim chief executive.

Belamant said the firm had made no decisions on its eventual IPO destination but reforms had bumped London up the agenda.

“We’ll make that assessment in the future at the right moment in time, but certainly I would say that the LSE seems to be transforming in front of our eyes,” he added.

Zilch has been among the fastest growing fintech firms in Europe, racing towards a $2bn valuation with its card-based buy-now paylater product.

decision to make… I believe the evidence backs it up now,” the Tory minister told MPs yesterday.

The operator, which covered regions in the north of England and Scotland, had been hit by overtime bans from train drivers who were members of the ASLEF union.

While Merriman admitted it was difficult period for the operator just after it was taken over by the state,

the rate of cancellations has fallen since it struck a deal with ASLEF.

“It was difficult early days, because its very unsettling, so the cancellation rate actually towards the end of May was back up to 26 per cent, but with the rest day agreement in place, when there’s not action short of a strike, that cancellation rate has gone down to five per cent,” Merriman said.

Hapag-Lloyd chief warns of ‘rougher seas ahead’ for container shipping

GUY TAYLOR

HAPAG-LLOYD’s chief executive yesterday warned of “rough seas ahead” as a combination of tumbling freight rates and a slump in demand pummels major container shipping groups’ bottom lines. Speaking to reporters on a conference call yesterday, Rolf Habben Jansen said it was a“challenging market environment” amid “weak” demand for container transport over the last year.

Energy bosses defend meter installations

NICHOLAS EARL

ENERGY bosses have called for the current ban on prepayment meters to be lifted, and for suppliers to have the power to impose installations on customers.

Senior figures across major energy firms called for Ofgem’s embargo on prepayment meters to be lifted, in a grilling from a panel of MPs in Westminster yesterday.

Chris O’Shea, boss of British Gas owner Centrica, told the Energy Security and Net Zero Committee that vulnerable customers risked suffering increasingly high debts without some form of enforcement to contain energy usage.

“I think we have to balance the effort between allowing people to run up bills they can’t repay and making customers retribute respectfully,” he said.

Rachel Fletcher, group director of policy and regulation at Octopus, said she believed prepayment meters co permitted if they were installed “responsibly” with “smart prepayment meters only”, a position which was backed by Eon UK’s chief executive Chris Norbury.

EDF’s managing director of customers

Philippe Commaret and Simon Oscroft, co-founder of So Energy, were also not in favour of a prepayment meter ban being made permanent.

Last month, British Gas revealed in its half-year results that the supplier has seen a £173m increase in bad debt.

Meanwhile, debt counselling charity Step Change revealed that 55 per cent of its clients with dual fuel tariffs were in arrears as recently as July, while antifuel poverty charity National Energy calculates 6.3m people are still in fuel poverty heading into October.

Ofgem has imposed an industry-wide moratorium on forced prepayment meter installations since January, preventing suppliers from using them to contain customer debts without consent following a scandal over British Gas’s use of third party suppliers to forcibly install meters.

A date for reviving the usage of prepayment meters has not yet been confirmed by Ofgem, which is set to publish a market compliance review into the practice this autumn.

Freight rates, he said, have come down to a level which is “too low”, coinciding with a rise in costs at container shipping lines, while a slew of new ships entering the market eats into the massive piles of cash built up by the sector as global lockdowns were lifted.

Habben Jansen’s tepid outlook marks a major downturn from the highs of recent years, when the container shipping sector went through an unprecedented boom, notching in more profit during the

Sticking to net zero goals critical for investment, says Tesco boss

NICHOLAS EARL

TESCO boss Ken Murphy has publicly defended the UK’s net zero goals, and called on political parties to stick by their environmental commitments. Speaking at a Reuters Impact event yesterday, the supermarket supremo urged politicians to provide businesses with the certainty they needed to invest in low carbon products and solutions in the food sector. He said this would ensure supermarkets could “safeguard the shopping basket from shocks

Dover port chief calls for transition period ahead of new EU border rules

THE CHIEF executive of the Port of Dover has called for a transition period to avoid significant disruption next year when the EU’s new border control system starts.

The long-delayed new system, known as the Entry Exit Scheme (EES), is set to be introduced next autumn, and

will require non-EU citizens to register additional biometric data on top of their passport.

Speaking exclusively to City A.M.

Doug Bannister, said there would be a “surge of people” needing to register their details for the new system when it launches, potentially fuelling delays and disruption.

He said there were “a number of

tomorrow” and boost food security. However, he warned levels of investment in the UK remain well below the OECD average.

“The food industry is willing to invest, but needs more stability and confidence when it comes to future policy. That is why it’s critical that all parties, regardless of political creed, stand by their net zero commitments and timelines,” he added.

A Defra spokesperson said the government had “outlined a range of measures that will contribute to our net zero commitments”.

three years from 2020 than in the previous six decades combined.

But demand has slumped over the last year and freight rates have tumbled back to pre-pandemic levels, while fears grow over the huge oversupply of vessels ordered during the pandemic boom.

Hapag-Lloyd saw its half year profits fall by more than half last month, while fellow shipping group Maersk warned of a “radically changed business environment” as profits plunged in May.

UK risks losing up to £100bn in energy projects

NICHOLAS EARL

THE UK risks missing out on as much as £100bn of investment in domestic offshore energy projects, unless the government provides more certainty over the country’s tax regime and potential green subsidies, trade association Offshore Energies UK (OEUK) has warned.

The industry body has called for a stable and competitive tax environment and a faster process for planning and regulatory approval.

In its latest economic report, OEUK forecast that up to £200bn could be spent in offshore energy –including oil, gas, wind, carbon capture and storage, and low carbon hydrogen this decade in a bid to bolster supply security and reach net zero.

However, firms will struggle to reach final investment decisions for half of this projected funding as they become mired in red tape and navigate the country’s tax regime, the group said.

Without changes, OEUK fears the UK will struggle to ramp up domestic energy generation to the levels it requires.

David Whitehouse, chief executive of OEUK, warned “the UK must not be left behind” and that private investment is "critical”.

“The UK mustn’t just become a good place to do energy business, it must become irresistible.”

outstanding questions that we still need answers to” regarding the EES, including “whether there’s going to be any sort of transitionary period and what that transition looks like.”

He warned that if some of these decisions aren’t made by the run up to the end of the year, it would impact its ability to handle the new rules and could see traffic jams at the port.

The supermarket boss said investment was needed to boost UK food security

port boss said

The industry is suffering from an oversupply of ships ordered during the pandemic boom

Centrica boss Chris O’Shea

Virgin Media O2 buys ex-Russian owned Upp –but won’t keep it

JESS JONES

VIRGIN Media O2 (VMO2) has bought British broadband provider Upp, and plans to sell it on to a UK fibre builder, the telecoms giant announced yesterday.

VMO2 said it had acquired Upp in an all-cash deal and will “carry out integration work”, paving the way for UK broadband company Nexfibre to secure Upp’s network assets within the next year.

Through the transaction, Liberty

Global-owned Nexfibre hopes to expand its reach to 175,000 sites in the East of England.

Late last year, the UK government ordered Russian oligarch-backed investment company Letterone to sell Upp, saying the ownership was a national security risk.

Although the value of the deal remains undisclosed, it is apparently in the “high tens of millions of pounds”, according to a report in the Financial Times.

According to VMO2 boss Lutz

TRG ups outlook as Wagamama sales defy gloom

THE RESTAURANT GROUP (TRG) yesterday raised its annual profit expectations following a surge in revenue in the half year, defying gloomy expectations for the UK’s casual dining market.

TRG, which owns a slew of casual dining chains and pubs including Wagamama and Frankie and Benny’s, reported a 10 per cent rise in total revenue during the term to £467.4m.

The London-listed firm also reported a 15 per cent rise in adjusted ebitda as it was boosted by a return to travel and sunny weather via its Brunning & Price Pubs chain and concessions stand business.

Its positive trading notice comes amid a challenging period for the UK’s hospitality sector, with many businesses battling a slowdown in trade due to rising living costs. A spending report published earlier this week by Barclays showed restaurateurs suffered a 5.8 per cent monthly decline in sales in August, as customers cut back on eating out to save money.

Despite the challenging environment, Wagamama, the firm’s golden goose, showed signs of performing well, with sales surging four per cent on a like-forlike basis.

Speaking to City A.M., TRG boss Andy Hornby said that customers have become more selective about where they choose to dine and spend amid the cost of living crisis.

“I think we have to be realistic that customers post-Covid are definitely being more discerning,” he said. “Your food quality and value for

Schuler, the move aims to create some rivalry to the “BT status quo”.

“Building on the strong foundations that exist today, Virgin Media O2 and nexfibre have a clear strategy in place to be the biggest fibre challenger in the country,” he said.

Matthew Howett, founder and chief executive of telecoms research group Assembly, said this “could well be the first domino to fall in terms of an altnet being bought by one of the big players.”

Darktrace shares dip after firm reins in forecast

JESS JONES

BRITISH cybersecurity specialist Darktrace has dimmed its outlook for 2024, causing shares to dip over three per cent yesterday.

Darktrace, which recently cleared its name over allegations it had previously overstated sales in its accounts, yesterday posted a 31.3 per cent jump in revenues to $545m (£434m) in its full year results.

However, the group lowered its ebitda forecast for next year to 17 to 19 per cent next year, down from a previous 22 per cent forecast in July.

Halfords revenues rise as group capitalises on motoring sector

money has to be really good to get customers back.”

Earlier this year, TRG said it would reduce its estate by about 30 per cent, as it looked to cut loss-making sites to boost profit.

TRG has plans to open six Wagamama sites during the year and is setting a target to open between eight to 10 sites per year from 2024 onwards.

Shares closed down 2.5 per cent.

HALFORDS yesterday reported a 14.1 per cent jump in revenue for the first five months of the year as the retailer was bolstered by demand for “basic needs” services such as motoring.

The motoring and cycling retailer said that revenue in its autocentres division grew 34.6 per cent, with motoring now accounting for over 75 per cent of the group’s sales. However, earnings in its cycling arm were down slightly by 1.7 per cent as the London-listed firm said it

was impacted by unfavourable weather and low consumer confidence.

The company said its trading remained in line with expectations, with the group poised to post between £48m and £58m of profit before tax for the year.

It is a more positive update than the group’s annual results published earlier this summer, when Halfords reported a £38.3m drop in annual profits after its lockdown boom.

Shares finished in the green, closing up almost three per cent.

The firm said this was due to a decision to pay 100 per cent of its sales commissions upfront instead of 50 per cent upfront and 50 per cent a year later.

With the shift, Darktrace aims “to better align with market practices and improve [its] ability to hire and retain experienced talent,” chief financial officer Cathy Graham said. Long-term, the firm does not expect the move to harm its finances.

Davy Analyst James Musker said Darktrace’s full year results were “largely a success”.

“I think it’s this change in commission payments that’s brought the stock down this morning, a short term hit to FCF unlikely to make investors unhappy, particularly if they’re valuing on a FCF basis… otherwise it’s a strong print – PBT beat and an upgrade to the guide,” Musker said.

Summer travel rebound boosts WH Smith as airport store sales rise

LAURA MCGUIRE

WH SMITH yesterday reported a 28 per cent surge in full-year revenues compared to a year ago, as the group was bolstered by a busy period for summer travel.

The high street stalwart said revenues across its train and airport stores jumped 42 per cent as travel

rebounded post-pandemic.

During the year, the business opened 20 new stores, including eight new stores in hospitals, and plans to open over 15 new stores over the next year.

In its home market of the UK, total revenue rose 36 per cent compared to last year, while US revenue surged 31 per cent.

WH Smith said the North American travel market had rebounded quicker than other countries, with the group opening 43 stores in the region during the year. Despite the positive update, shares in the retailer fell almost seven per cent, with analysts suggesting investors had been worried by the slowdown in the pace of sales growth.

LAURA MCGUIRE

The cycling retailer is starting to regain ground after a post-pandemic slowdown

The stationer saw a significant uptick in sales in its travel hub stores

LAURA MCGUIRE

The boss of Virgin Media O2 said he hoped to create a rival to the “BT status quo”

TRG’s star brand Wagamama saw an uptick in first-half sales

Government statement on Online Safety Bill branded as ‘nonsense’

JESS JONES

THE UK government has denied its stance on the controversial Online Safety Bill has changed despite admitting that the technology to access messages without compromising user privacy does not currently exist.

The bill has come under intense scrutiny from tech companies as it

seeks to override encryption to scan online messages sent in the UK in order to detect criminal activity. However, in a statement in the House of Lords yesterday, the government conceded it would only issue a notice to scan a provider when it is “technically feasible” to do so.  Communication providers like Proton, Whatsapp and Signal have threatened to leave the UK if the bill

OUCH Google faces £7bn legal claim over anti-competitive search engine practices

passes in its current state.

Matthew Hodgson, chief and cofounder of end-to-end messaging tool Element, said the statement was “nonsense” and a delay tactic.

A government spokesperson said:

“Our stance on tackling child sexual abuse online remains firm, and we have always been clear that the Bill takes a measured, evidence-based approach to doing so.”

Spotify slams reports of gangs using platform

JONES

SPOTIFY has hit back at an investigation by a Swedish newspaper that said the music streamer’s platform was allegedly being used by gangs to launder their ill-gotten gains via fake streams.

Svenska Dagbladet (SvD), a daily paper published in Stockholm, reported on Tuesday that criminal gangs have been paying for false streams of tracks by artists they are in cahoots with, then pocketing the money Spotify pays out in response to the high number of streams.

SvD reported that an anonymous police officer said the streaming giant has “become a bank machine for the gangs” who have direct links to “deadly violence”.

Responding to the report, a Spotify spokesperson said: “It is our belief that this story, full of anonymised sources, is largely a work of fiction.”

“Regarding the article by SvD, we cannot comment on far-fetched suggestions and hearsay, and Spotify is not aware of any contact by law enforce-

ment about this,” they added.

“As we made clear before this story ran, less than one per cent of all streams on Spotify have been determined to be artificial,” Spotify said, adding their systems can detect any anomalies as streaming revenues are not paid to rights holders in real-time.

But while Spotify claimed to have no evidence of their platform being used for money laundering, SvD stood by its reporting.

SvD’s managing editor, Daniel Kederstedt, said: “We find it interesting that Spotify chooses to discredit the messenger instead of curiously wanting to find out more about the information in order to, if necessary, develop its business for the better.

“The fact that Spotify, for example, does not know the platform has been used for money laundering doesn’t mean it is not true.”

SvD said it used anonymous sources due to the “great risk” interviewees exposed themselves to, adding that it backed up each allegation with documentation and/or testimony.

M&G injects £31m into holographic car display company Envisics

JESS JONES

GLOBAL investor M&G has given a $40m (£31.9m) boost to Envisics, an augmented reality (AR) firm, to help drive the growth of their holographic displays. Envisics, founded in 2018, has created ‘head up displays’ (highly sought after holographic displays made for the inside of cars), which the company says can enhance situational awareness, offer “intuitive” information

to the driver, and create more room in the vehicle.

M&G made this move on behalf of the £129bn Prudential With Profits Fund, becoming the third-largest Envisics shareholder and securing a board seat. The investment will help fund the firm’s international expansion. This investment adds to Envisics’ list of prestigious backers, including Hyundai Mobis and Inmotion Ventures, the investment arm of Jaguar Land Rover.

JESS

THE COMPETITION Appeal Tribunal is seeking £7bn from Google in damages for UK consumers, with the tech giant accused of shutting out competition in mobile search and driving up prices as a result. A Google spokesperson said the case was “speculative and opportunistic”.

WHAT GOES UP MUST COME DOWN

THE WORLD’s first ‘Skyscraper Challenge’ will be held in the Square Mile this weekend, raising vital funds for pregnancy and baby loss charity Tommy’s.

Some 850 intrepid runners will run up 42 stories of The Leadenhall Building, before a 200 metre abseil down the side of the iconic skyscraper - or zipwiring 130 metres from the roof across London’s skyline to the Gherkin. The event, run by the same company

behind the London Marathon, is a 100 per cent not for profit event to raise more than £1m for Tommy’s, the charity which supports research into babies’ health and offers information and support during pregnancy and through baby loss.

£ FIND OUT MORE ABOUT THE CONTESTANTS, THE CHALLENGE, AND DONATE AT SKYSCRAPERCHALLENGE.CO.UK

VIKI GADSBY PEET

I want to show my children the value of health and fitness - and this seemed a great way to do it!

I have two children- Evie (3) and Seb (4)- who were born either prematurely or pre-term. In addition, we sadly lost Evie’s twin during pregnancy. Tommys have always provided fantastic support, guidance and advice services for families requiring additional support in difficult circumstances such as these.

Whilst I do strength training –I don’t have very good cardio strength! So training in terms of running will be a big challenge for me. I’m very much looking forward to the zipwire and seeing the views across

RICHARD

FREEMAN

London – and showing my son and daughter how brave I can be with heights.

I’m thrilled to be taking part in this challenge to support Tommys – it’s been a great way to share my experience with more people, especially around traditionally taboo subjects such as miscarriage. It’s opened my dialogue with a wide array of people, with many sharing their stories with me also. I want to do this challenge to help change the narrative around the loneliness of miscarriage, highlighting the importance of exercise (especially for mums and kids) and use it as an opportunity to give back to an amazing charity.

Checking the ropes...

In August 2019, our son (Jacob) was born prematurely at 29 weeks. The incredible care in NICU means that today he's a happy, healthy 4-year old, about to start school. Sadly, my wife and I have more recently experienced pregnancy loss twice, at 15 weeks and then at 12 weeks. My sister, Claire, died of a cot death over 30 years ago at 10 weeks old, so awareness of baby loss has always been a part of my life. The research and resources from Tommy's offers incredible support in such tough situations.

When Jacob was nearly one, I was diagnosed (aged 36) with acute leukaemia, which ultimately led to a stem cell transplant in November 2020. Building back my fitness has been a huge part of my recovery, so taking part in physical challenges such as this has a whole new dimension. Finally, I proposed to my wife Alissa at the top of a zipwire, so this was simply too exciting a challenge to turn down.

I've been busy training and have done practice climbs at my office (mostly getting in people's way and a lot of strange looks)so I'm looking forward to the big day.

stairs of the Cheesegrater for charity - before abseiling, or zipwiring, their way down...

BOBBING away in the middle of the Red Sea on a dive ship, with the sun beating overhead and the world’s richest coral reefs sitting in the crystal waters below, a single thought flashed across the mind of Anthony Thomson.

“I’m just really bored of this,” the Metro and Atom Bank founder recalls. The year was 2006. Thomson had just offloaded his City comms business to Publicis and was six months into a year-long career break; then abruptly cut short. Thomson, it seems, is a man who doesn’t like to sit around. Even now, a decade and a half after kicking off the challenger bank revolution in the UK with plenty of money stashed away for an easy retirement, we talk as he readies the launch of his latest venture Archie, a new accelerator designed to supercharge a new generation of entrepreneurs.

Why doesn’t he put his feet up after all these years and enjoy the spoils?

“I don’t play golf. I have some hobbies, but this is my hobby,” he tells City A.M. in an interview.

‘A BIT OF AN ACCIDENT’

Thomson’s atypical journey to bank founder may be part of the reason for his reluctance to slow down. Born and raised in Newcastle, he travelled down to London for his first financial services gig with insurance firm Sunlife Canada in the early 80s on something close to a whim.

Some founders and entrepreneurs speak spiritually of a calling, some innate urge drawing them into an industry. Thomson’s rationale was more hard-headed at the time.

“The reason I joined Sunlife Canada, and the reason I ended up in financial services, was because in addition to the job they offered me £500 in relocation expenses,” he says.

“Back then it was a lot of money. I was able to get all of my possessions I wanted to London in trips in my box waggon golf, so getting into financial services was a bit of an accident really.”

He took over the insurance firm’s marketing operation before transitioning to agency land, co-founding his comms business before selling up. It is in his marketing background that the shoots of Thomson’s banking career can be traced. In 2007, the high street banking roster was a staid and steady one. The same names had existed for over a century without a new licence granted by the watchdog.

“Everything I saw in UK banking at the time was that banks thought the only thing that mattered to customers was price,” he says.

“And everything I knew from my marketing background was that customers are value driven. In banking, people want good value, but value isn’t just about price.”

His concept for a new type of banking was born, one that looked beyond the money. Now just came the actual practicalities.

“Launching a bank –how difficult can that be?”

CHALLENGER REVOLUTION

Smart regulatory tweaks in the early 2010s and a push for better competition in banking catapulted the UK to the forefront of a challenger revolution.

Now over 70 lenders offer retail banking services in the UK and Britain has spawned some of the biggest names in the business in the likes of Monzo and Starling.

But between 2007 and 2010 in the wake of the financial crisis, Thomson and colourful US bank builder Vernon Hill faced more untravelled turf. Metro was the first of the crop to emerge and

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Metro Bank founder Anthony Thomson on the banking revolution, and why he’s not stopping yet

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won the first new licence in 150 years. And the bank has, in some regard, suffered for its early arrival.

iPhones were just beginning to take up their permanent place in the hands of the population and Metro bet on a sprawling and brightly coloured branch-centric model. The bank has also since suffered a slew of travails, including wrongly marking a hefty chunk of its loan book in 2019 and incurring a £5.8m fine.

While Thomson stands by the concept of Metro and the need for a new type of banking, he says the firm got its strategy wrong.

“It was very clear to me from market data that the future of banking was going to be digital in general and mobile in particular,” he says. “The Metro Bank board didn’t share that view. They thought the future was still gonna be branch-based.”

Metro’s shares have cratered in recent years and the firm has been the target of takeover bids from private equity.

After leaving the bank in 2012, Thomson’s view on his co-creation now is not a glowing one.

“I think Metro going forward is always going to be a niche player.”

For its part, however, Metro has doubled down on its physical and digital strategy and is among the few lenders to be actively expanding its footprint. It’s even making inroads into new territory, with 11 ‘stores’ set to open in the North by 2026.

UP AND ATOM

It was in the call to digital banking that Thomson began his next venture: feted Durham-based bank Atom.

Atom has emerged as something of a darling in recent years with steady

profits and a more traditional lending approach compared to the breakneck customer growth of its bigname peers.

“It’s a tougher model and much harder yards than if you’re going to build a traditional balance sheet bank. Which is why in the early days, it did look like Monzo and Starling and others were accelerating way, way beyond Atom,” he adds.

“But I think the time has proved that the model was right. Atom is now making money.”

He left in 2018 after Spanish bank BBVA snapped up a major stake, but still, as expected as a founder and major shareholder, he maintains it is the bright spot in the crowded field of British lending.

The lender now is gearing up for one of the most hotly anticipated IPOs in recent years, which he is insistent should take place in the UK after a “horror show” flirtation with a SPAC merger in the US.

“I think it’d be very unusual to see a bank like Metro float on the other market than the UK,” he adds.

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The plan is to offer founders expertise and mentoring in exchange for a stake in the business. He says it gives him skin in the game of a new crop of companies.

His wife has in the past lobbied him for a slowdown and feet up, but he has made his objections quite clear.

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SCIENCE AT THE HEART OF THE MILESQUARE

THE MODELLINGstarted with Hurricane Andrew,” Oriol Gaspa Rebull tells me about the forecasting work Aon does to measure the risk of so-called ‘catastrophic’ events.

That 1992 hurricane, which did extraordinary damage to South Florida, woke the industry up to the increasing severity of weather events. Every ‘event,’ of course, leaves insurers on the hook, which is why they turn to Aon to provide reinsurance to reduce their risk. Aon, then, need to price up the level of risk involved - and that’s where the model comes in. But Oriol, who leads the UK catastrophe analytics team at Aon, tells City A.M. that just handing judge-

ment calls to ‘the model’ wouldn’t work.

“You can only model what you know.

So, the model changes every time something happens that isn’t in the model: the storm surge after Katrina in the US, the Tohoku tsunami in Japan, Hurricane Sandy, also a US catastrophe.

“But what the reinsurance industry realised is that if you just look at the numbers now, you might miss something. The job of the analytics experts in the catastrophe area is to work out what we are missing, and how to quantify those

As ever, scratching underneath the surface of the reinsurance industry produces ever more questions. Perhaps that’s

why Rebell tells us that the industry is a “hidden gem.” For one thing, when it comes to catastrophic modelling of everything from floods to wildfires to earthquakes, Aon works in collaboration with academia to advance, and make practical use of scientific research.

“I went to a conference about earthquakes in Japan, and these top researchers were explaining how difficult it had been for them to develop a model,” he recounts. “In the reinsurance industry we’d been working with academia and modelling the complexity those researchers were trying to put into their model for about ten years.’

Perhaps that’s why Rebull found the role at Aon so interesting. He came into the insurance industry from outside.

“I was researching earthquakes at a UK institution, and I was hired because of my technical skills. I didn’t know what reinsurance was,” he chuckles.

He talks of three parts of his team. He works with senior people with real expertise who can talk to clients in the markets with experience. A second raft of people are developing their

skills, running the modelling, learning the industry and the client. And the third raft are younger people and graduates, who spend the first two years learning the modelling work.

His advice to the youngsters in his team is “be vocal.”

“Tell people what you would like to do. You never know what may come your way. In a company as large as Aon, there are always opportunitiesbut we’re not wizards, so you need to tell people what you want to do.”

For Rebull that was travelling the world, working on exciting new challenges. Reinsurance is full of those.

“People are not aware at all of how sophisticated the industry has become. People always say to me ‘I never imagined it was that complicated’.

What’s keeping Rebull’s attention today? The weather. Climate matters to insurers - from the catastrophic modelling to the cost of insuring a Bordeaux vineyard.

“One thing that really grabs people is the work we’re trying to do with the climate. It’s a hot topic. But it’s eyeopening when people realise that actually we’re helping clients on journeys towards a less impacted world.”

Oriol Gaspa Rebull tells City A.M. why analytics and forecasting is at the heart of a ‘hidden gem’ sector

There are always opportunities - so be vocal about the ones you want

THE NOTE BOOK

Elevating artist-fan connections

LONDON’s summer festival season, which is now gradually coming to an end, offers a chance to reflect on the capital’s special relationship with music. Each weekend across the summer months a tapestry of musical events have unfolded, attracting some of the biggest names in world music to London’s parks and open spaces.

Globally recognised as a melting pot of cultures and nationalities, London’s festival season provides an avenue for people to come together and experience the storytelling power of music.

Notting Hill Carnival, which took place over the bank holiday weekend, is a prime example of London’s remarkable capacity to champion diversity through music, bringing together millions of Londoners in celebration of music, culture, arts and love. Festivals are not only a fun and

entertaining way to spend a day, but also play a pivotal and crucial role in advancing London's growth as a multicultural city. Music festivals not only boost community pride but also serve as a means of introducing and educating individuals from diverse global backgrounds about different cultures; to lose them would be a travesty.

In amongst this paean to London’s music scene lies a more serious truth –that artists cannot access the funding that they once had. Initiatives such as Anna Wintour’s recently-announced ‘Vogue World’ are vital, and at a time where emerging artists are increasingly undercut and undervalued –they need all the help they can get. Preserving and promoting art and music shouldn’t be a luxury, it’s a necessity –and London’s festivals are testament to that.

With live music venues closing by the day, artists need to embrace innovative methods to engage their fan base. Participating in impromptu live music gatherings, audience meet-and-greet sessions and crafting unique merchandise all constitute a symbiotic avenue through which artists can establish connections with their supporters, with fans reciprocating by endorsing their favourite artists.

£ A new report by the Independent Society of Musicians (ISM) has revealed that British musicians are feeling the impact of Brexit, with continental gigs drying up. Preserving London’s stature as a music hub, enriched by a multitude of emerging artists and talents that draw inspiration from across the globe, hinges upon our commitment to actively support and advocate for local artists. They need all the support they can get if the UK is to continue to be regarded as a global talent mint.

City reform could unlock £225bn, say top firms

CHARLIE CONCHIE

THE CITY could inject an extra £225bn into the economy if regulators strip back red tape around financial services and unleash a wave of pension capital into the economy, a group of top firms have claimed.

A package of reform across the insurance, pensions and sustainable finance sectors could help the country dodge a “low-growth trap” and inject cash across the country, according to new analysis from the City of London Corporation, alongside firms including Lloyd’s, Schroders and JP Morgan.

The group of firms has laid out five key objectives of reform today in a new report titled a “Vision for Economic Growth”, which include unlocking cash from the country’s pension funds and becoming a “digital first economy”.

“The UK’s productivity growth is low, GDP increases are sluggish, and wages aren’t keeping pace. The standard of living for many has been flat or declining and the prospects for the younger generation are uninspiring,” said Lord Mayor of London and former chair of pensions giant Phoenix Nicholas Lyons.

“But, given the right legislative and

regulatory conditions, the financial and professional services sector can boost investment in our businesses and drive growth right across the country, financing our future.”

The calls come after Lyons won a commitment from several top pension firms earlier this year to divert a percentage of their cash into start-ups.

Lyons has been lobbying the sector for a Future Growth Fund to channel more capital into small business.

Calls have been growing for ministers and regulators to push ahead with faster reform of the sector amid fears over the standing of London on the international stage.

Chancellor Jeremy Hunt announced a package of reform in December last year in what had been previously dubbed Big Bang 2.0.

However, top pension bosses today sounded the alarm on reform efforts and said stripping back rules must be done with “extreme caution”.

In its response to a consultation on how to get more defined benefit pension money invested in the economy, the Association of British Insurers said the “central purpose of DB pension schemes – to pay the benefits promised to members – should not be undermined.”

£ Recently, there has been a furore about the role of AI in the music industry; artists are understandably concerned about how AI impersonations may infringe on their image and music.

Nonetheless, I am of the belief that technological advancements present artists with a continually expanding array of opportunities to connect with new audiences and existing fans. Whether through the staging of virtual live

Stockholm-headquartered

NEAR (LONDON) LIFE...

Recently, I ventured outside of London to visit Castle Farm, a restaurant just south of Bath, which has had excellent reviews. I can add mine to that –I was blown away by the offering. Londoners are getting increasingly used to the idea that good restaurants can indeed be found outside the city, and this is certainly proof. If you’re planning a getaway in the West Country, make sure you stop by. I’ve also been reading ‘Life 3.0’ by Max Tegmark. I might be biased as he’s partSwedish, but it’s an excellent overview of AI’s potential to radically alter the world.

music experiences or the creation of limited-edition merchandise exclusively shared with their most dedicated top five per cent of listeners, the horizons opened by emerging technologies are boundless. As change of any kind inevitably carries challenges, our survival as an industry hinges on our adaptability and capacity to confront inevitable transformations with a mindset geared toward solutions.

SVB collapse drives business to Clearbank

CHRIS DORRELL

CLEARBANK has doubled its deposit base in six months as it benefited from rising interest rates and attracted new clients in the wake of Silicon Valley Bank’s (SVB) collapse.

The fintech clearing bank said it saw a 20 per cent spike in deposit inflows immediately after SVB’s collapse, taking its total deposits to £3.7bn. Since then, Clearbank has continued to accumulate deposits with it now holding £5.4bn.

Ashmore has seen its share price plummet in the last six months

Fund manager Ashmore sees six per cent profit drop on outflows

LAWRENCE WHITE AND KARIN STROHECKER

EMERGING markets-focused fund manager Ashmore yesterday reported a six per cent fall in annual profit, as investors sought to curb risk amid choppy financial markets worldwide.

Ashmore said it saw net outflows of $11.5bn over the financial year ended 30 June, taking its assets under management to $55.9bn.

The fund manager reported a profit before tax of $140.9m, which was supported by higher interest on cash

balances following a slew of rate rises.

Emerging markets have had a choppy few years with stocks and bonds suffering hefty losses as the Covid-19 crisis and Russia’s invasion of Ukraine roiled the global economy.

“We’ve been through a cycle in emerging markets… but we feel there is good evidence emerging now that there is a recovery coming through,” said Tom Shippey, Ashmore’s group finance director.

Shares in Ashmore finished in the green, though they remain 25 per cent down six months ago.

“The main driver has been institutions seeking better returns than those offered so far from the mainstream banks, which have been slow to pass on rate rises and to offer competitive deposit offerings,” Emma Hagan, chief risk and compliance officer at Clearbank said.

As interest rates have risen, consumers have been more proactive in parking their money at banks offering competitive rates.

Many challengers have benefited from this trend over the past year. Clearbank, which launched in 2015 as the first new clearing bank in 250 years, offers fully regulated banking infrastructure and clearing services. It does not lend its customers’ funds, meaning deposits are immune from the risks of a bank run.

Fellow clearer, Bank of London, recently announced it had secured in deposits in the first six months since it secured a banking licence.

Dinesh Nayar runs Creator Studio, a

merch firm which is growing its presence in the capital

Festivals are more than just parties –they’re real income

MARK KLEINMAN

BREAKING BUSINESS STORIES AND ANALYSIS

Natwest’s new chair can bank on a turbulent ride

It’s appropriate that Rick Haythornthwaite’s most recent assignment was completing a review of armed forces incentivisation for the Ministry of Defence.

His next –chairing Natwest Group, as I revealed on Sky News yesterday –might also feel like National Service.

Certainly, his two immediate predecessors at the bank, Sir Philip Hampton and Sir Howard Davies, who will step down next April, were under siege for much of their tenure.

The taxpayer-backed bank, still haunted by Fred Goodwin’s legacy, has again been left reeling in recent weeks by Nigel Farage after the unedifying row over the closure of his Coutts accounts.

Haythornthwaite’s appointment restores a sense of order. Whether he has agreed to surrender quite enough of his other directorships is debateable (he will step down as chair of the privately owned AA but remain on the board, remain as chair of Ocado but give up seats at Globant and several other companies), but in difficult circumstances Natwest’s board has arrived at a sensible destination.

By accepting the job now,

Skarbek on his way back as banker heads for Europa Partners

Few London M&A bankers boast a more prolific track record than Jan Skarbek, Citi’s head of UK investment banking until a year ago.

Skarbek resigned after an internal investigation over allegations that he had made an inappropriate remark to a female colleague while on an overseas work trip, thereby bringing an

abrupt halt to his 28-year career with the US bank.

Now, Skarbek is planning a comeback: I can reveal that he has joined Europa Partners, a Londonbased advisory boutique as a partner.

Europa, founded in 2000 by former SBC Warburg banker Paul Zisman, has advised on a string of media and technology deals,

Haythornthwaite has put himself in prime position to become the chairman who oversaw Natwest’s return to full private ownership.

Suggestions yesterday in some quarters that his background as an industrialist would somehow hamper him are nonsense. He spent nearly 15 years at Mastercard International, one of the world’s biggest payments companies, and his diverse portfolio of non-executive roles over recent decades have given him an important perspective on the real economy that banks such as Natwest serve.

It won’t be an easy job, however.

Haythornthwaite’s most important tasks will be to appoint Dame Alison Rose’s permanent successor as chief executive, and to strengthen a board which, not unreasonably, has been bereft of genuine heavyweights since Royal Bank of Scotland’s bailout. He may also have an incandescent Farage to contend with at times. That MoD review may well come in handy for unexpected reasons – not least preferential access to a surplus Army flak jacket.

including the sale of London-listed Haynes Publishing Group and New Scientist. Skarbek becomes the firm’s fourth partner, and brings an extensive deal pedigree. He worked with Pearson on its successful defence against Apollo Global Management, for Parker Hannifin on the takeover of , and with Clayton Dubilier & Rice on

the £2.6bn take-private of UDG Healthcare that completed last year.

His arrival at Europa underlines the trend of bulge-bracket bankers departing for boutique firms since the financial crash of 2008.

According to one long-standing client of Skarbek told of the banker’s move, his appointment will be a big asset to Europa.

Going green at Port Talbot will come with a cost

Steel yourselves –you’ve heard this one before: the government is in advanced talks with Tata Steel about a state bailout to preserve the future of steelmaking at Port Talbot.

The familiarity of that statement is hardly surprising: successive prime ministers, chancellors and business secretaries have wrestled with the conundrum of how to preserve an emblem of Britain’s remaining manufacturing capability. So far, none has managed to persuade its Indian parent that the economics are worthwhile.

That looks like it’s about to change. As I reported at the weekend, a £500m publicly funded grant to Tata Steel is now,

apparently, imminent. I understand an announcement has been pencilled in for next week, although it is of course subject to change. Crucially, though, it looks to have removed a pivotal element of the proposal earlier this year that Whitehall officials insisted on when they were discussing £300m packages for Tata Steel and British Steel, its smaller competitor. Indeed, ministers have already acknowledged that substantial job losses are inevitable if it hands over £500m (or conceivably more) to enable Tata

Steel to replace Port Talbot’s blast furnaces with greener electric arc furnaces. Insiders say the latest discussions envisage as many as 3,000 of the company’s 8,000-strong workforce being lost during and after that transition.

It’s perfectly legitimate to argue that a stream of redundancies over time is preferable to the closure of the country’s biggest steelworks and thousands of additional cuts immediately, as Tata has threatened on several occasions. Nevertheless, ministers’ perception that

they have been held hostage less than 18 months before a general election in which their economic credibility will be tested as never before does not override the need for rational decision-making. If the government is to sign a formal agreement with Tata Steel, it should be on the basis that no additional cuts must take place in the next decade. If they do, the money should be repaid, in full, with interest. The structuring of an agreement in a similar way to the postoffer undertakings which now govern public company takeovers would provide some comfort that Whitehall takes the giveaway of substantial amounts of public money with the appropriate degree of seriousness.

Struggling brand Superdry is well liked but losing money – why?

SUPERDRY recently announced losses approaching £150m –with CEO Julian Dunkerton citing lower-than-expected sales growth and accompanying challenges with liquidity. Despite these challenges, Dunkerton claimed that the fashion brand was in sound health, blaming the impact of poor weather and a challenging consumer environment for the brand’s recent fortunes. Data from YouGov BrandIndex shows that Superdry is indeed a well-regarded brand. Our data shows that Impression scores, a measure of overall sentiment, were at 14.1 as of 1 September 2023; comparing favourably to an average score of 11.1 across UK high street fash-

Stephan Shakespeare YouGov CEO

ion retailers. The public also think the brand’s goods are of a high standard: Quality scores were at 22.0 compared to an industrywide average of 12.3. So Superdry is a brand that mostly outperforms the competition in terms of perceived likability, quality and customer happiness. But in a cost of living

crisis, the area where it suffers may be holding it back more than usual: while industry-wide Value for Money scores are at 3.0, Superdry’s are -2.3 – suggesting that, overall, people think the brand represents poor bang for buck. Brands that are perceived as “premium” aren’t necessarily doomed to suffer in an age of belt-tightening –Marks & Spencer, for example, recently celebrated its re-entry into the FTSE 100. But Superdry’s example shows just how difficult it can be for high-end brands to make money when consumers have less and less cash to splash.

Stephan Shakespeare is the co-founder and CEO of YouGov

@MARKKLEINMANSKY

CITY DASHBOARD

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS

LONDON REPORT BEST OF THE BROKERS

Rising oil prices and ailing housebuilders hit London indexes

LONDONmarkets fell yesterday as rising oil prices raised the prospect of continued inflationary pressures, offsetting a brief burst of optimism following comments from Andrew Bailey.

The FTSE 100 closed 0.16 per cent lower at 7,426.14 while the FTSE 250 fell 0.21 per cent to 18,451.82.

Oil prices remained high after Russia and Saudi Arabia cut supply yesterday, leaving a barrel of brent just below $90. Saudi Arabia has decided to take 1m barrels out of the market until the end of the year, while Russia is making a similar — albeit smaller — reduction.

BP and Shell gained on the back of this, but wider sentiment was impacted by fears that a reduction in supply would reignite inflationary pressures.

Despite the impact of higher oil prices, investors were briefly boosted by com-

ments from Andrew Bailey which suggested that rates will not have to climb much higher in the UK.

Both the FTSE 100 and FTSE 250 turned green shortly after Bailey’s comments, but failed to hold onto their gains. The pound meanwhile slumped to a three month low to trade below $1.25.

On the FTSE, housebuilders fell following a poor trading update from Barratt Developments, which ended 1.0 per cent lower. The FTSE 100’s other housebuilders also struggled. Persimmon fell 1.3 per cent, Taylor Wimpey 0.4 per cent and Berkeley 0.6 per cent.

“The UK’s housebuilding sector has confronted a challenging 2023, with persistently high interest rates posing a risk to future bookings, potentially falling short of previous years’ levels,” said Andy Murphy, director of content, industrials at Edison Group.

Analysts at Peel Hunt rated Bakkavor a ‘buy’ after the fresh prepared food provider reported a 7.4 per cent hike in like-for-like revenues in its half year results. Its adjusted operating profit also rose 2.1 per cent to £43.4m. “Bakkavor has taken action to address the current market conditions and there is improved visibility as cost pressures have eased,” analysts said.

HIGH OIL PRICES RISK UPSETTING MARKETS

Analysts at Peel Hunt rated Halfords a ‘buy’ after the motoring and cycling retailer reported a jump in revenues for the first 20 weeks to 18 August. The motoring and cycling retailer said that revenue in its autocentres division grew 34.6 per cent and retail rose 3.7 per cent. “Halfords’ strategy to move towards the services side of the business is bearing fruit and the Autocentres LFL of 16.6 per cent is stellar,” analysts said.

THE FUTURE OF CITY AM

“Energy prices are big inflationary drivers, and just at the time when the price spiral appears to be moving more obediently downwards, high crude prices could cause upset.”

SUSANNAH STREETER, HARGREAVES LANSDOWN

OPINION

EDITED BY SASCHA O’SULLIVAN

Our productivity is a problem to be solved by the slackers in the workforce

THERE are few things politicians seem to like more than hard work. While many question their own diligence, it is one of the subjects our leaders talk about most. Policies are framed around “hard-working families”, or the “strivers” in contrast to the “shirkers”. Indeed, we still have a “Labour” party as one of our major political forces. Yet perhaps we might be better served by embracing a bit of laziness.

Britain’s problem is perhaps not that we don’t work hard enough, but that we don’t work smart enough. OECD surveys indicate we log more hours on the clock than many richer European nations – it is our output that is lagging. Productivity in Britain has been stuck for ages and our workers are outperformed, rather than outworked, by the Germans, French, Americans, and even the Italians.

This productivity problem is a major source of our faltering economic growth and stagnant wages. Since the 2008 crisis, productivity has improved at around 0.5 per cent per year, compared with an average of 2.3 per cent from the seventies to the 2000s. Had we continued that trend, our work would be almost 40 per cent more productive today, with a consequential up-

lift in living standards and prosperity. With that in mind, we should be focused on working better, rather than necessarily harder. Our predicament is partly the result of policy choices. Tax systems have discouraged some of the necessary investment, while governments have tended to prioritise high employment and immigration, in a way which has encouraged people to work longer rather than better. Our economy has also become more focused away from areas like manufacturing, which tend to have bigger growths in productivity.

This rhetoric also has implications on a personal level. When we talk about improving ourselves or developing our careers, most people cite the importance of hard work. Yet this can often be a misdirection. It was Bill Gates who said that lazy people make the best employees because they are the most efficient. Their desire for an easy ride helps them find the most direct way through a problem. A diligent person will climb a mountain every day, a smart slacker will build a tunnel once.

To encourage people to build personal wealth, we should also be talking

Let’s be honest, Keir Stamer’s Labour party don’t know how to fix Broken Britain either

THE political strife scale flies around social media when politicians face difficulty. It starts off mildly with a status like “colourful” and “controversial” and then works its way up to “beleaguered” and “embattled” until someone becomes “former” and “disgraced”. The Conservative government almost certainly moved up another notch this week — perhaps somewhere in the vicinity of “besieged”.

The latest conflict is over the unlikely subject of concrete. Reinforced Autoclaved Aerated Concrete (RAAC) is a bubbly, lightweight, and cheap material used in schools and other public buildings across the second half of the 20th century. Problematically, it is not particularly durable, with a lifespan of only 30 years. Over 150 schools with buildings containing Racc have been identified as being at risk of collapse.

Consequently, some schools cannot reopen for the new term. The government is now getting the blame for failing to invest enough in mainte-

Matthew Lesh

nance. The best defence they can muster is that the scale and seriousness of theproblem was not clear until recently. Hardly reassuring. To make matters worse, Education Secretary Gillian Keegan was caught in an open mic moment declaring that she had done a "f****** good job" whileothers had sat "on their arses".

Self-congratulation at a time of crisis does not exactly demonstrate competent leadership.

Suffice it to say, this is an absurdly apt metaphor for the disrepair that Britain’s economy has fallen into.. An extraordinary 7.5 million people are waiting for treatment in the NHS, while junior doctors and consultants coordinate their upcoming walkouts

to maximise disruption. This comes after a summer filled with transport strikes. Homeownership has become unaffordable for millions of young people, removing the opportunity for secure ownership, delaying family creation and increasing living costs. We are also facing the highest tax burden in the post-war era, while public service quality only seems to worsen.

The general economic news is not much better, despite recent ONS data revisions painting a better short-term picture on GDP. The workforce is still smaller than before the pandemic, with millions more claiming out-ofwork benefits. Incomes have been declining in real terms over recent years, as skyrocketing inflation combined with low productivity growth. This is, of course, nothing new. Economic growth has been stagnant for well over a decade. The challenges looking forward are also terrifying –namely, an ageing population putting more pressure on healthcare, social care and pensions just as tax revenues take a hit from a declining workforce. Taken together, the news is pretty

about creating value rather than slogging away. Those who find a niche that other people need are the ones who prosper most. It of course takes effort and dedication to execute this, but often no more so than in less valued pursuits. By talking this up more, politicians could help to foster more of a spirit of entrepreneurship – building up the value-creators, rather than the hard workers.

The narrative around hard work is an appealing one. It feels morally just that what you put in is echoed in what you get out. But if industry was the only thing that mattered, we’d still be digging holes with our hands. Efficiency, progress and value creation are vital too – and Britain is sadly lacking in all of these.

To drag us out of our economic malaise, we perhaps need to embrace laziness a little more. Our nation’s problem is not that we are skiving off. Most people work long hours, in fairly tough and unforgiving roles. Low productivity, however, means that at a personal and a national level, we are not seeing the rewards of this. With better outputs, we could be better off and have more money for public services – whether that is investing in green technology or stopping school roofs from falling in.

In the run-up to our next election, the politicians should perhaps give the talk of hard work a break. Rather than the strivers, we should hear it for the problem-solvers, the short-cut finders, and the value creators. Such a re-orientation might help pull us out of the rut.

£ John Oxley is a political commentator and an Associate Fellow at Bright Blue

FOR THE BOYS

bleak. The Tories, who have been in power for 13 years, appear incapable of addressing these fundamental issues. The public has certainly lost faith, with the Tories’ primary vote languishing below 30 per cent for the last year and Labour on track to form a government with 45 per cent support.

But this will likely be a case of the old political truism that elections are about throwing out bad governments rather than electing oppositions. Labour has done well-enough identifying the problems well but shows little willingness or ability to address them. The rhetoric around reform –be it the NHS or the housing market – is welcome. But “missions” like the highest growth in the G7 or breaking down barriers to opportunity are vacuous without meaningful reform.

If Labour cannot make difficult but necessary reform decisions to get Britain moving, they might find themselves beleaguered or even embattled in the not-too-distant future.

£ Matthew Lesh is Director of Public Policy at the Institute of Economic Affairs

John Oxley

Jeremy Hunt has warned about productivity levels at record lows in the UK

Newly appointed Defence Sec Grant Shapps defended his appointment after admitting he didn’t know how many ranks there were in the army. He was accused him of being promoted because it was a job ‘for the boys’. Thankfully, he has his alter ego Michael Green to help him out

Britain’s problem is not that we don’t work hard enough, but that we don’t work smart enough

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR Mathematics can’t lie to you

[Re:We should be ashamed that half of us have the numeracy levels of a primary school kid, Aug 29]

Lord Mayor Nicholas Lyons is correct to draw attention to the numeracy skills of our adult population.

Two decades ago, we knew that 50 per cent of all adults did not know how to mathematically compute what 50 per cent of 100 was (they not knowing the simple formula or how to apply it - only knowing what it was by dint of their shopping habits for discounts).

Thus, it would then stand to reason, statistically and by way of mathematical trend, that the figure will increase among the offspring of those

same adults and, hence, the problem will become much bigger, to the point that the median ability, let alone average, becomes inexorably worse. Thank you Mr Lyons, for addressing this critical issue head on, in an attempt to arrest the growth of that number (and, thus, the decline in our collective ability).

I trust that the 50 per cent of adults so afflicted, are able to follow the above, or at least be shamed into doing something about it. If not for themselves, at least for their children's sake, and our collective well-being. 50 per cent of the adult population cannot be left to do the heavy lifting. Lifting the other 50 per cent deadweight, must not be allowed to continue. Maths don't lie.

This is not going on in China!

Michael O'Neill

RED HOT SUMMER Hottest European season on record, scientists report

A year on, King Charles has triumphed in keeping the love for the monarchy alive

Will Cooling

THIS week last year Britain said goodbye to its most beloved monarch and hello to its most despised Prime Minister. While Liz Truss personal and policy failures as Prime Minister only surprised me in how quickly she was bundled out of Downing Street, the way the country handled the death of Elizabeth II confounded my predictions.

It was far from uncommon for even non-royalists to predict that the death of the only monarch most of the population had ever known would be a moment of national trauma, similar to the outpouring of emotion that followed Princess Diana’s death twentyfive years earlier.

The world had the hottest summer period ‘by a large margin’, according to the EU earth observation agency. They said the record for the warmest days were ‘not just broken but smashed’ by the last few months of heatwaves.

EXPLAINER-IN-BRIEF: UNIVERSAL MUSIC CHALLENGES STREAMING GIANTS

Universal Music has agreed a deal with the French streaming service Deezer which could flip the current model for paying artists.

The arrangement means professionals artists could be paid an extra 10 per cent and the streaming of their music will count as double that of nonprofessional musicians with less than 1,000 listens a month.

The aim of this is to try and get rid of “the noise” on streaming platforms, according to Deezer chief exec Jeronimo Folgueira. He said it is “fundamentally

wrong that 30 seconds of the recording of a washing machine gets paid the same as the latest single by Harry Styles.”

If users actively search for a particular musician, the royalties will be doubled again. The current formula means subscription fees are of listeners is dived among copyright holders based on their share of listening. But there is no lever to measure for quality or pull factors which draw new listeners in. The new model will likely be seen as a test case for other streaming services like Spotify.

But that didn’t happen, and it didn’t happen in large part because the Royal Family didn’t want it to happen. And that’s because a nation wallowing in grief at the loss of Elizabeth would not be ready to take its new King and Queen into their hearts. Far from ceding the spotlight to eulogies for his late mother, Charles III was at the heart of events over the ten days of national mourning. He personally greeted crowds in London and addressed the nation in a special television broadcast the day after his mother’s death, allowed cameras into the meeting of the Privy Council that acclaimed him King, and toured the country before her funeral, visiting the parliaments and assemblies of Britain.

And this hyperactivity was not just in service of praying tribute to the past. In his short statement to the nation, the King outlined how he would act as monarch moving forward, and also moved quickly to confirm that not only would his wife be our new Queen but that his eldest son would succeed him as Prince of Wales. This meant that William’s wife would become Princess of Wales, a title once denied to Camilla. He also pointedly confirmed that Prince Harry would continue to build his new life overseas. By moving quickly, he was able to impose his preferred arrangements before opponents were able to mobilise; be they super-fans of Princess Diana or Meghan Markel, Welsh nationalists, or constitutional reformers.

But more than that he placed his focus on the nation’s future, and his and his son’s role in that future. Ever

so gently and subtly, the message was put across that the new King was a change for the better. His depth of experience as the longest serving heir apparent in history, was cited as a positive to him making an immediate success of his reign, whereas his mother was more reliant on advisors early on.

His military service in the 1970s, which had seldom been discussed while his parents were alive, out of fear it would look bad in comparison to their service during the Second World War, was now highlighted. That he was physically robust enough to revive the tradition of the monarch riding on horseback in uniform during his birthday celebrations, something his predecessor stopped doing in 1986, was praised by the same people who would never have dreamed of criticising her for riding in a carriage.

I even found myself doing such mental gymnastics as I thought back on the late Queen’s life, and wondering whether it was rather thin of genuine accomplishments, compared to her more outspoken son, who had

achieved success with charities, businesses, and activism.

What we have seen this past year is a masterclass in manufacturing consent. Those, like myself, who assumed that the gentle, very British personality cult that had been built up around Queen Elizabeth would continue into her death, misunderstood how ruthlessly focused the Royal Family is on ensuring that today’s monarch of the day is a popular and esteemed figure. The current monarch must always be the best monarch we’ve ever had. Otherwise, we might want to change who our head of state is.

It is therefore no surprise that predictions that support for the monarchy would fall away when the popular monarch died have proven to be wrong; recent polling show support for the monarchy being exactly where it was last summer. Truly this is a year that can be summarised by one simple saying; The Queen is Dead, Long Live The King.

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

Tomorrow is the one year anniversary of Queen Elizabeth’s death

THE SQUARE MILE AND ME

WHAT WAS YOUR FIRST JOB?

When I was 16, I was a weekend waitress at a restaurant in the mall. I was saving for a trip to Europe. It was very hard, fast-paced work.

WHAT WAS YOUR FIRST ROLE IN FINANCIAL SERVICES?

I had never intended to work in finance, I always thought I would be a lawyer.

But I saw an internship at Goldman Sachs as a stepping stone after graduating from university. I joined the country risk team in 2007 as an intern, fortuitously before the financial crisis, where I gained an understanding of political and economic systems.

WHEN DID YOU KNOW YOU WANTED TO BUILD A CAREER IN THE CITY?

I only realised it when I got there. I loved the interconnectedness of finance and the real world. When I left to get my MBA I thought I might leave the industry but quickly realised I would miss the pace and saw the potential to have an impact.

WHAT'S ONE THING YOU LOVE ABOUT THE SQUARE MILE?

I love the focus on solving problems. AND ONE THING YOU WOULD CHANGE?

We need to make sure we are solving the right problems.

WHAT’S ONE OF YOUR MORE MEMORABLE MOMENTS?

Another CEO and I in the same industry have been sharing restaurant tips and recipes for years. It all culminated with a hot pot dinner at an underground Chinese restaurant where a stain is almost guaranteed.

AND ANY CITY FAUX PAS?

In my early days at Goldman, I dialled into a firmwide meeting where only partner managing directors generally spoke. When the topic turned to matters within my department, I proceeded to offer my opinion. A total faux pas at the time.

WHAT'S BEEN YOUR PROUDEST MOMENT?

PensionBee’s listing on the London Stock Exchange in 2021. To have achieved this five years after launching our product to consumers was a testament to our team’s hard work and dedication.

It's incredibly fulfilling to see how our product has changed the lives of people saving for retirement. The UK saving crisis is a big problem to solve but it’s what makes me want to come to work. Being on the right side of change, particularly in financial services, is very motivating.

AND WHO DO YOU LOOK UP TO?

There’s no one person in particular. I tend to look around and search for insights, thoughts and approaches that inspire me from everyone I interact with. That’s why I think it’s really important to invest in your network and meet new people as often as you can.

ARE YOU OPTIMISTIC FOR THE BACK HALF OF 2023?

Yes, because consumer confidence is

up and businesses are doing well.

WE'RE GOING FOR LUNCH, AND YOU'RE PICKINGWHERE ARE WE GOING?

Flat Iron Steakhouse.

AND IF WE'RE GRABBING A

DRINK AFTER WORK?

A rare event, so would rather let you pick! I tend to be home before my kids’ bedtime.

WHERE'S HOME DURING THE WEEK?

With my family in West Brompton.

AND WHERE MIGHT WE FIND YOU AT THE WEEKEND?

I have three small kids, so either at the same place or at a local park!

YOU'VE GOT A WELLDESERVED TWO WEEKS OFF.

WHERE ARE YOU GOING?

I visit three places fairly regularly to see family; Cape Town, Varna (Bulgaria) and Barcelona. I was born in Bulgaria so it's always nice to go back.

We find out what makes the Square Mile’s latest and greatest tick. Today, it’s Romi Savova, the founder and CEO of London-listed and HQed fintech darling PensionBee

This World Cup can be the shot in the arm that the sport needs, says Matt Hardy

SOMETIMES sporting moments transcend the core fanbase. A controversial call, a moment of brilliance or an event offfield; sporting tournaments have a habit of producing something exceptional. And goodness knows rugby needs that now.

A sport that has given us Jonah Lomu, Jonny Wilkinson’s drop goal and Japan’s 2015 victory over the Springboks is in a little bit of bother.

There’s confusion around the game’s future, continued issues with regards to player safety and a number of financial woes which seem to cripple the sport time after time.

So tomorrow, with a World Cup getting underway at the Stade de France in Paris, just how excited can we be?

Well, very.

England go into the tournament at rock bottom, having suffered their first ever loss to a Tier Two nation against Fiji just a fortnight ago.

Head coach Steve Borthwick hasn’t yet reached his first anniversary in the job and could even be ousted from the position depending on the outcome of their four pool games – against Argentina, Japan, Chile and Samoa. They ditched their previous coach Eddie Jones in December 2022 and have been at sixes and sevens ever since.

A coaching line-up without too much international experience is propping up Borthwick, who does himself have World Cup team management on his CV – notably with a major upset when Japan toppled South Africa in 2015.

The 2003 winners will begin their campaign without captain Owen Farrell – the veteran fly-half banned for a high tackle – and they’ll be without ball-carrier Billy Vunipola for their clash against the Pumas on Saturday. It really is a do or die couple of weeks for England, and that’s worth watching on its own, but the tournament is packed with storylines and sub-plots for players, coaches and fans alike to drool over.

BLOCKBUSTER

Hosts France have found their flair

RUGBY READY TO REDISCOVER JE NE SAIS QUOI

ROLL CALL: LIST OF PREVIOUS WINNERS

1987 New Zealand (1)

1991 Australia (1)

1995 South Africa (1)

1999 Australia (2)

2003 England (1)

2007 South Africa (2)

2011 New Zealand (2)

2015 New Zealand (3)

2019 South Africa (3)

and, despite the absence of fly-half sensation Romain Ntamack, will surely be there or thereabouts come the final next month.

World No1 side Ireland have prepared without their captain Jonny Sexton due to a recent ban and defending champions South Africa are out to defend their title. Their geographic neighbours Namibia are in their seventh consecutive tournament. England, as previously stated, and Wales have new coaches and fresh, rather unsuccessful, approaches to the game with neither side heading into their opening matches exactly buoyed with confidence. Borthwick’s England have blamed training, bans and injuries but have been unable to stem the flow of negativity around the side.

Wales, with a returning Warren Gatland, are yet to cement their starting XV, and look light in a number of positions. Fiji, though, for the first time ever, go into the World Cup as the highest ranked side in their pool.

Australia have Jones, Argentina have Michael Cheika and the likes of Samoa and Tonga will compete with former New Zealanders and Wallabies in their sides after rule changes bolstered their player pools.

And on the All Blacks, they head into this event off the back of a record loss just a fortnight ago.

Chile appear for the first time, and will be part of the fist ever South American derby at a World Cup –against the Pumas – while Portugal return for the first time since the 1990s.

Uruguay’s inclusion makes it a record three nations from South America. Scotland are on the rise, Japan are flustered, Georgia are eyeing a bigname scalp, Italy might just about come good and we all get underway tomorrow with a blockbuster between France and New Zealand at the Stade de France.

So amidst the doom, gloom and naysayers hovering over and around the sport, there is something to cheer over the next month. There will be storylines, inevitable peaks and troughs, and undoubtedly a surprise. Buckle up and take it all in, then, because the next 47 matches could be the perfect formula to help rugby rediscover its je ne sais quoi. And blimey it’s needed.

France needs Les Bleus to get party started

IF I COULD turn back time and play more of my career in France, I would do it in a heartbeat. The country is rugby mad and you’re put on a pedestal by fans. That’s why this could be one of the great World Cups – the country is about to descend into two months of pandemonium.

And in the 10th edition of the tournament, which begins tomorrow evening, there’s so much at stake for fans, teams and coaches. There are storylines of survival, development and resurrection and tales of disappointment and dismay going into this tournament and France is the perfect theatre to host the crescendo. The Stade Velodrome in Marseille,

Ollie Phillips

where England face Argentina on Saturday, is one of the best arenas I have ever played in. Steep, banked seats in their tens of thousands demanding you put on a show. It is such an amazing experience. This is a World Cup that could light up a generation of dormant rugby fans, and I think it is going to be ab-

solutely magnificent. I am in the French capital this weekend and soaking up rugby and culture 24/7 will be the best.

GIDDY

I get giddy when the tournament comes around and so much of where the World Cup could be heading might be decided by the end of the first round of fixtures.

I think Argentina will beat England and Fiji will beat Wales. I hope, for the sake of excitement protruding into the midweek fixtures, that France beat New Zealand in tomorrow’s opener. And deep inside I would like to see Scotland topple defending champions South Africa. But the Springboks re-

main my favourites for the title and I believe it’ll take one almighty shift to stop them from lifting a fourth William Webb Ellis trophy.

I do expect England and Wales to flop, though Steve Borthwick’s boys should escape their pool and reach the last eight. I am less hopeful for Wales, however.

And if I were a betting man, I would take a punt on Georgia winning the most scrum penalties.

The wannabe Six Nations side struggled against Scotland at the set piece but they’ll be in the mix.

The one thing that this World Cup needs, though, if for France not to fluff their lines.

There is so much pressure riding on

the hosts and a heavy defeat to New Zealand or a laboured win against one of the lowly sides could get the fans a little bit jittery.

When they’re against you it is obvious, and it can be difficult to recover from that feeling inside the stadium. France can do it, and it would be one almighty party if they did, but the Boks will fancy themselves too.

It’s going to be a very interesting two months and I can’t wait to experience and live every moment of it.

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

RUGBY WORLD CUP 2023

ALLEZ! KNOW YOUR W

South Africa, Ireland or Scotland face an early exit in Pool B, writes Matt Hardy

EVERY World Cup has to have a pool of death featuring three top-ranked teams with every chance of making it to the last eight – one of which will be dumped out prematurely.

This year in France that dreaded group is Pool B. Holders South Africa have been drawn with world No1 side Ireland, world No5 side Scotland, a revived Tonga and Romania.

The Springboks are the favourites for the title but will know that progression from a difficult pool will likely only land them a tie against France or New Zealand.

They have the depth, quality and winning mentality which could see them become the second nation after the All Blacks to win back-to-back William Webb Ellis trophies.

But getting out of their pool won’t be straightforward – both Ireland and Scotland will fancy their chances and results against Tonga could be influential in terms of bonus points.

Six of the previous nine World Cup finals have seen a European team on the losing side, but Scotland and Ireland are still to grace the showpiece match.

The Scots, now under Gregor Townsend, reached the semi-finals in 1991 but Ireland have never gone beyond the quarter-finals stage, a record they need no reminding of and will be

desperate to break this autumn. And when the two sides meet in the final round of Pool B fixtures it’s likely to be a winner-takes-all scenario to determine who joins favourites South Africa in the last eight.

POOL OF DEATH

But this is not a pool of death simply because it contains three top-five ranked teams.

Tonga, bolstered by former All Blacks and other internationals who have returned to their ancestral home, are a different beast to competitions gone by. They will not roll over for the bigger sides, instead putting up a fight and potentially causing monumental pool stage upsets.

Romania got their spot in the tournament due to Spain’s disqualification and though they’re not as strong as they once were, they’ll be keen to ensure they’re not seen as simply making up the numbers.

Pool B is a corker of a group, with three realistic semi-final hopefuls vying for two spaces in the quarter-finals. But all five teams have upset potential, both in their favour and against, and this pool is therefore a wonderful opportunity for incredible rugby right across the group stages. It’s the pool everyone wanted to avoid but no one can take their eyes off.

AGROUP that spans four continents and includes the hosts, three-time winners and a number of difficult challengers, Pool A could be the surprise package.

France and New Zealand are favourites to progress to the last eight where they will likely be rewarded with a Test against either Ireland, Scotland or South Africa.

But in a resurgent Italy and the stubborn duo of Uruguay and Namibia, a loss here or there for the

two favourites could give the Azzurri a shot at making it through on bonus points.

Usually the hosts begin their campaign with a match they believe they can win. In 2019 Japan opened against Russia, in 2015 England faced Fiji and in 2011 the All Blacks played Tonga.

Tomorrow night, though, France begin with the altogether stiffer challenge of their main Pool A rivals at the Stade de France. They’ll back themselves in their stronghold but

they could be caught cold by serial World Cup winners New Zealand.

France are without the likes of centre Jonathan Danty in their XV and are certainly weaker than many would have hoped prior to the tournament.

It is difficult to see past the opening match as the one which will decide who tops the pool, and both sides will be eager to lay down an early marker.

But four years ago the Springboks opened against the All Blacks, lost,

and then went on to win the tournament – so it is not the be all and end all.

There’s also a strong possibility of both New Zealand and France opening and closing the Rugby World Cup –they’re the two sides many are backing.

Pool A looks to be one of the easier ones to predict ahead of the tournament, but every competition has thrown a surprise in the past and Italy will want to be that team this time around.

HOSTS FRANCE AND MULTIPLE WINNERS THE ALL BLACKS TOP THE BILL IN POOL A, SAYS MATT HARDY

WORLD CUP GROUPS

ENGLAND FACE AN UPHILL TASK TO ESCAPE POOL D, SAYS MATT HARDY

WHEN the World Cup draw was made in 2020, Pool C looked like one full of intrigue. You had former winners England, improving Argentina and a Japan side who had thrived as hosts a year prior. Throw in qualifiers later confirmed as Samoa and Chile and the group is exciting.

But the pining for fixtures in Pool C has faded since. England now look lost and face the real threat of failing to reach the knockout stages. Steve Borthwick is at the helm and it hasn’t gone to plan.

Their toughest game is up first –against Argentina – and they will be without captain Owen Farrell and the squad’s only outright No8, Billy Vunipola, with the duo currently banned. They’ve lost three of their four warm-up matches, including the team’s first ever defeat to Fiji, and have struggled to develop a consistent attacking structure.

The Pumas, under veteran coach Michael Cheika, could be dark horses in this competition given their slightly easier route to a potential semi-final than others.

They have the pace and attack with the brute force needed to be an all-round team, and have beaten the All Blacks since the last World Cup.

They’ll fancy themselves for a spot in the last eight.

As will Japan, who have sprung surprises at the last two World Cups. In 2015, under Eddie Jones, they toppled the Springboks and in 2019 they made the last eight. This year they have dipped and been well beaten by a number of Pacific Island and European nations.

FOOLISH

Samoa, with the inclusion of a number of new stars after changes to international eligibility rules, are suddenly contenders in Pool D and will be no pushovers. Their final warm-up game saw them fall just short against a world-leading Ireland and the island nation are looking more prepared than ever. Given England’s woes, a shot at the quarter-finals may be in the offing. And to round it all off, Chile in their first ever World Cup, who take the number of South American nations at this tournament to three. They beat the United States and Canada to make it to France and will be part of the first ever South American derby at the tournament when they take on Argentina. Pool D is wide open, and it would be foolish to assume England will stroll into the knockout stage.

POOL C is fun, fun, fun. You’ve got Wales under a returning Warren Gatland who look completely off the ball; an Australian side under Eddie Jones who are backing youth over experience; Fiji, fresh from a historic victory over England; plus a European pair in Georgia and Portugal who will have points to prove.

For the first time ever, Fiji will go into a World Cup as the highest ranked side in their pool. The world No7s have had a disrupted preparation but found a

way through it and start against Wales, a team they beat in 2007 when the World Cup was last in France. This could be their first real shot at the last eight since then, but how they deal with the pressure remains to be seen.

In a blow to their hopes, starting flyhalf Caleb Muntz has been ruled out of the World Cup with a knee injury having guided the side to an impressive performance against France and a win against England. Muntz’s absence could be a key factor

for Fiji and whether they are able to shock Wales and progress through to the quarter-finals.

Gatland’s Wales look like a car with no wheels and there have been few signs of a fix, but being written off is exactly what the head coach will want at this stage.

Georgia have beaten them in recent years and plenty will fancy the Welsh to be dumped out before the last eight.

Despite finishing fourth last time out, Wales have been discarded as a contender – and Australia haven’t

been too far off that status either. But Georgia could be a surprise package, with an aim of finishing in the top three of the pool and thereby securing an automatic spot at the 2027 tournament.

It is on the eastern European nation to stamp their authority on the game. They have more than that on the line, too, as they look for a reason to shift public opinion in favour of their desired inclusion in the Six Nations. This pool has a little bit of everything, and is not one to neglect.

Don’t overlook the appeal of Pool C, where Wales and Australia will have to improve, writes Matt Hardy

RUGBY WORLD CUP 2023

Maggie Alphonsi, who triumphed with England in France, tells Matt Hardy how the Red Roses did it

AS EVENING turned to night on 19 August 2014 under the floodlights of the Stade Jean-Bouin, flanker Maggie Alphonsi celebrated becoming one of only a handful of England players to win a Rugby World Cup.

Her side’s 21-9 victory over Canada in the French capital remains the last time an English side, male or female, claimed the most prestigious trophy in rugby.

As such, the 74-cap former Red Roses star possesses valuable insight into what England’s men need to do to complete their own Parisian smash and grab over the coming weeks.

“Going into our World Cup we had these ‘what-ifs’. We planned for if those scenarios cropped up, such as injuries, what if your big ones go down, your starting fly-half or captain, and how you manage that,” Alphonsi tells City A.M.

“We made sure to try and have depth in each position. Many times we would have training sessions where the captain was told not to turn up, or a certain coach wouldn’t turn up. What would the team do in those scenarios? You learn to manage those.”

England face such a scenario in their first game at this World Cup against Argentina, where Owen Farrell and Billy Vunipola will both be missing through suspension.

“Farrell is the captain [of England] and a significant leader in that team and misses the opening match, but England are full of leaders,” she adds.

“France have lost Romain Ntamack, who was going to be the starting No10, but then Matthieu Jalibert now stands up in that role.

“It is a shock to the system when there’s any significant or drastic changes in a squad but what you find with most teams is that they get on with it.”

England head into this World Cup in disarray. They’ve been blaming too much and too little training, and a disrupted preparation, among other reasons.

But beyond England there

HOW TO WIN THE RUGBY WORLD CUP

are storylines for core rugby fans and a new generation of viewers to get stuck into.

“It’s really entertaining,” says Alphonsi, an ambassador of Six Nations Rugby Insights Partner Sage. “There’s only so much you can talk about what happens on the field and it’s hard to talk a lot about it before the tournament has started, but there are undercurrent storylines which aren’t negative, they’re just really interesting and they grip a viewer.

“People do want to know how Eddie Jones does after leaving England but then his selection,

Alphonsi won the World Cup with England in 2014

TEST YOUR RUGBY KNOWLEDGE WITH OUR QUIZ

WHO was the leading try-scorer at the last World Cup? Just how bad is Ireland’s record in the knockout stages? And who is making their tournament debut in France this month?

Test your rugby knowledge with our quiz.

1. WHICH OF THESE AFRICAN NATIONS HAVE NOT YET COMPETED AT A RUGBY WORLD CUP?

a) Kenya

b) Namibia

c) Ivory Coast

d) Zimbabwe

2. HOW MANY DIFFERENT TEAMS HAVE LIFTED THE WILLIAM WEBB ELLIS TROPHY?

a) 3

b) 4

c) 5

d) 6

3. WHICH OF THESE SIDES HAS NOT REACHED THE QUARTERFINALS IN EVERY EDITION?

a) Australia

b) New Zealand

c) France

d) South Africa

4. WHO ARE MAKING THEIR WORLD CUP DEBUT IN 2023?

a) Chile

b) Russia

c) Portugal

d) Uruguay

5. HOW MANY POINTS WERE

SCORED IN TOTAL IN THE HIGHESTSCORING MATCH IN WORLD CUP HISTORY?

a) 100

b) 125

c) 145

d) 162

6. WHAT’S THE BIGGEST NUMBER OF TRIES SCORED BY ONE TEAM IN A WORLD CUP MATCH?

a) 22

b) 23

c) 24

d) 25

7. JONNY WILKINSON AND GAVIN HASTINGS ARE FIRST AND SECOND FOR POINTS SCORED IN WORLD CUP HISTORY. WHAT IS THEIR COLLECTIVE TOTAL?

a) 494

wow, with no Michael Hooper and Quade Cooper. Those of us who know Eddie know he makes those big calls and his emphasis is on youth. I am looking forward to seeing if England meet Australia at some point.

“It definitely creates interesting conversations such as Warren Gatland with Wales and Joe Schmidt [as consultant] with Ireland. I am excited about this World Cup.

GLOBAL VIEWERS

“Japan [2019] was amazing but this World Cup has an interesting vibe. There’s lots of competition: Ireland are No1, France are third and it’s their home tournament. Many countries have moved around [the rankings] and players aren’t there due to injury. It is going to appeal to a lot of people and I hope it grabs the global viewers.”

So all that’s left is to dissect who wins it. The top five teams in the world by

b) 504

c) 514

d) 524

8. WHO SCORED THE MOST TRIES AT THE 2019 WORLD CUP?

a) Cheslin Kolbe, South Africa

b) Kotaro Matsushima, Japan

c) Josh Adams, Wales

d) Makazole Mapimpi, South Africa

9. HOW MANY EUROPEAN NATIONS MADE THE SEMI-FINALS IN JAPAN 2019?

a) 1

b) 2

c) 3

d) 4

10. HOW MANY TIMES HAVE IRELAND LOST IN THE QUARTERFINALS?

ranking are in the same half of the draw, meaning only two of them will reach the semi-finals.

Teams ranked six through 10, including Fiji in seventh as the highest-ranked side in their pool, are on the other half of the draw. This means two teams ranked below spot five are guaranteed places in the final four.

Last time England’s men reached the final in France they were controversially undone by a refereeing decision. Alphonsi knows what it means to taste success across the channel in a World Cup. But England are conspicuous by their absence from her tips for glory. “You wonder what happens off the field but Scotland, after what they’ve done, are a side who can get through [to the quarter-finals],” she says.

“I initially went off France after Ntamack’s injury but I think France will do it. Ireland will be up there but I feel it will be France.”

a) 9

b) 8

c) 7

d) 6

11. WHICH TEAM FAILED TO QUALIFY FOR THE 2023 TOURNAMENT FOR THE FIRST TIME EVER?

a) United States

b) Canada

c) Hong Kong

d) Germany

12. HOW MANY NATIONS HAVE COMPETED AT THE RUGBY WORLD CUP?

a) 19

b) 22

c) 24

d) 26

Going into the World Cup we had these ‘what-ifs’. We’d have training sessions where the captain was told not to turn up. What would the team do in those scenarios?

LONDONTIME

FULL FATHOM WHY THE NEXT ‘MOONSWATCH’ WILL BE A BLANCPAIN P29

KING

OF THE SEAS

Tudor will be breaking waves at the America’s Cup, reports Alex Doak

Setting sail with the elite Alinghi Red Bull Racing, Tudor has launched two new versions of its 'FXD' Pelagos diving watch. There is now a 'time-only' and a stopwatchfitted 'chronograph' (pictured right), each inspired by regatta racing.

Expect to see the Chrono model on wrists at the America's Cup, whose 37th edition is off the coast of Barcelona next summer.

With cases made from carbon composite, titanium, and stainless steel, they are designed to withstand the harsh conditions on deck.

The ‘FXD’ suffix is a contraction of ‘fixed’, as the strap attachment bars of these Pelagos designs are milled from the same carbon-comp’ case section as the ‘AC75’ boats themselves.

What’s more, the watches are powered by Tudor’s mechanics, made in-house at the brand’s cutting-edge new facility up in the Swiss Jura mountains – adjusted to ‘chronometer’ levels of timing precision, as standard (–6/+4 seconds a day variance).

The horological tech’ might be new, and this might be an inaugural venture into the

‘F1 of the seas’ America’s Cup, but the historic Swiss yachting team couldn’t have welcomed a more experienced maritimer on board.

As far back as 1952, Tudor was the choice of the intrepid British North Greenland Expedition, kitting out the two-year scientific mission with a five-pound payload of 26 ‘Prince’ watches, all encased by the waterresistant Oyster case pioneered by mother brand Rolex. From the sixties onwards, Tudor’s affordable version of the Rolex Submariner diving watch even became the default choice of the French navy’s combat divers.

Back on deck for 2024, it’s not just the FXD’s case that’s fixed solidly; its racy strap is a single piece of fabric, fit to survive any snags. Since 2010, Tudor has had the rare privilege of working with legendary French weaver Julien Faure, fashioning intricately patterned bands from its 19th-century Jacquard looms. The new Pelagos FXD features a highly technical new ribbon construct, battened down by a titanium ‘D’ buckle, in turn secured by a selfgripping fastener.

Edited by Alex Doak

In the same matte-blue and red accents of Alinghi Red Bull Racing's monohull, the dial of the Pelagos FXD Chrono (£4,340) puts legibility first: broad hourmarkers and 'Snowflake' hands in luminescent ceramic composite

GIRARD-PERREGAUX GOES BACK TO THE FUTURE

Along time ago, in a valley far, far away, the watchmakers of Girard-Perregaux could never imagine casing their creations in composites like this.

Girard-Perregaux is joining the seventies throwback club with its super-stylish Laureato. While many brands are celebrating that decade’s seminal electronic tech, this octagonal classic came from another groovy watchmaking revolution: a shift to larger, sportier luxury timepieces in steel. Perfect for sashaying effortlessly between the jetset’s various hang-outs.

This year’s new ‘Absolute 8Tech’ iteration is the ultimate example of

how Girard-Perregaux has reinvented the Laureato since 2019: as a crucible for watchmaking’s new frontier, materials science.

After wild and wonderful experiments in casemaking using unheard-of things like metallised sapphire crystal, carbon glass and rubber alloy, ‘8Tech’ brings a mesmerising, seemingly marbled look to the Laureato’s monumental facets. A stopwatch-fitted ‘chronograph’ rendered in carbon/titanium composite, invented and made by a micro-engineering skunkworks downhill from G-P’s hometown of La Chaux-de-Fonds, near Lake Neuchâtel.

The Laureato’s eight-sided bezel (hence the ‘8’ in 8Tech) is positioned above a circular plinth, in turn resting upon an angular ‘tonneau’ or barrel-shaped case. These all coalesce with architectural might thanks to a process of pre-impregnating carbon fibre with lightweight titanium powder in extremely thin layers. Just 0.05mm ‘thick’, they’re stacked in varying orientations then cut into octagons, before being moulded under heat and pressure, then milled. All industry firsts, and all redolent of 21st-century horology’s cutting

£23,600, girard-perregaux.com

What’s ticking? WATCH NEWS

Swiss watchmaking is a multifaceted beast. Here, Tissot does the digital time warp; one of its neighbouring Jura Mountains blue-bloods fastforwards to the materials future; while Germany’s finest ‘uhrmacher’ slides into top gear

In a shock move announced on 25 August, in the absence of any direct descendants, Jörg Bucherer announced he has sold his company’s eponymous retail empire to Rolex –Switzerland’s biggest and best-known watchmaker. The company now finds itself in ownership of 100 luxury watch boutiques on high streets worldwide, from Austria to the US. For more than 90 years, the two businesses have worked together, with 53 of those Bucherer stores stocking Rolex watches and 48 its sibling Tudor. Herr

Bucherer is the last person to have known Hans Wilsdorf himself, Rolex’s founder of 1905, and will remain as honorary president of the Bucherer group. Rolex’s acquisition caused uncertainty among investors that the boat could be rocked when it comes to allocation of stock or opportunities to retain or open Rolex retail franchises. But the Swiss blue blood, known as the ‘Crown’ after its famous logo remains adamant that “Bucherer will keep its name and continue to independently run its

business… [The] fruitful collaboration between Rolex and the other official retailers in its sales network will remain unchanged.”

THE CROWN HITS TOWN SOUND LCD SYSTEM HAMPTON TICK

With tongue firmly in cheek, Swiss stalwart Tissot has dropped a summer bombshell that not only takes you back to the back of the classroom, but celebrates all that was good about quartz LCD-display watches in the seventies.

The advent of this all-new technology from Japan in 1969 wasn’t all bad for Switzerland –it ignited an explosion in design creativity. The PRX Digital is a fusion of Tissot’s DeLorean-esque design language at the time, revived brilliantly in recent years with amazing-value Powermatic 80

mechanics inside.

Only now, the analogue hands switch to liquid-crystal digits, with a historic ‘DGT2040’ movement that’s still Swiss-made by Swatch-Group stablemate ETA.

It was 1976 when Tissot started toying with LCD – a miniaturised ’Stratos’ Lancia drafted by the Bertone coachbuilder in gleaming black – then the car connection kicked up a gear in 1979, when Tissot became official timekeeper of the Lotus Formula 1 team, creating digitals with multiple displays (the Quartz F1 and TS-X are both ripe for revival).

The arrival of a screen in place of a dial not only chimed with Tron-obsessed schoolkids (or, latterly, the ironic Casio wearers of Shoreditch), it also opened up a new frontier of timekeeping– brought to bear within the PRX Digital’s otherwise luxuryspec, multi-facet satin-polished case and bracelet: dual time zones, day-date, chronograph, timer, backlight… plus an alarm to annoy teacher.

Tissot PRX Digital available now at £310 (black or silver) or £395 (gold-PVD coated) at tissot.com

The 2023 Concours of Elegance took place from last weekend at Hampton Court Palace. The spectacular gathering of 60 automotive treasures were spread like watch-dial indexes about the Fountain Gardens of Sir Christopher Wren’s Baroque south front, under the suitably discerning auspices of A. Lange & Söhne. And while the master uhrmacher of Saxony’s Glashütte village wasn’t hosting many fellow German marques, it was certainly keeping time throughout the centenary celebrations of the Le Mans’ endurance race.

Henry VIII and all six wives’ former

Roundabout proof that it is indeed business as usual came on Monday from Bucherer's biggest competitor, Watches of Switzerland, which announced that it has started selling ‘certified pre-owned’ Rolex watches in the UK. After an understandable plunge at the London Stock Exchange, Watches of Switzerland’s shares are rallying, back up to 605p at the time of writing (Wednesday morning).

home hosted 24 historic entrants, including the first car to win at Circuit de la Sarthe back-to-back in 1929 and 1930, Bentley’s Speed Six ‘Old Number One’, considered to be among the greatest of Le Mans landmarks, based on a sporting version of the venerable 6½ Litre tourer.

While the Bentley won the 1920s category, it was nonetheless an Italian masterpiece that came away with ‘Best in Show’ at the twelfth edition of the Concours: a 1955 Maserati A6GCS/53 Frua Spider. In Teutonic black, at least. concoursofelegance.co.uk

BUT ADOPTING THE AZURE TONES OF A DIVING WATCH’S NATURAL HABITAT MAKES FOR SOME BEAUTIFUL PIECES

ORIS AQUIS PRO 4000M

The historic watchmaker of Holstein has progressed in leaps, bounds and huge splashes in recent years –from designer savvy to inhouse mechanical nous. This latest bathyscaphe for the wrist goes several nautical miles in both senses, fit to dive all the way down to 4,000 metres, powered by Oris’s mammoth 120-hour ‘400’ movement, but kitted out with an ingenious timing bezel, lockable once set with a vulcanised rubber ring.

£4,900, oris.ch

CHRISTOPHER WARD

C63 SEALANDER GMT

In a sunray-brushed ‘Dragonfly Blue’ dial, Maidstone’s bafflingly affordable brand launches a dazzling refresh of its Swiss-made diver, driven by mechanics from the rocksolid white-label outfit Sellita (also supplier to TAG Heuer and Oris, no less). This new Sealander comes with a second 24-hour ‘GMT’ timezone hand, and also premieres a new bracelet design for Christopher Ward, dubbed ‘Consort’ – a switch-up whose five-link array lends a sophisticated ‘beach to beach bar’ versatility.

£1,060, christopherward.com

GRAND SEIKO SPORT

GMT CALIBER 9S

This 200-metre waterresistant watch from Japan’s answer to Switzerland looks skyward rather than seaward, inspired by daybreak over Mount Iwate, near the Grand Seiko atelier. They’re calling the shimmering dial pattern ‘A sea of clouds’, with a Hi-Beat 36000 GMT Caliber 9S86 ticking beneath: a mechanical classic assembled and painstakingly adjusted by the handful of watchmakers in Seiko’s mountainside ‘Shizukuishi’ studio.

£7,250, grand-seiko.com

WORDS BY LAURA MCCREDDIE-DOAK

INTO THE BLUE IT MIGHT SEEM ON-THE-NOSE,

Forget flipped

Working in secret, Swatch’s boffins colluded with luxury stablemate Omega to reimagine its iconic Speedmaster. This was the chronograph that Buzz Aldrin strapped around his spacesuit before bounding about the moon in 1969, a watch so perfectly conceived as to be near-identical half a century on (and still NASA’s go-to wristwear aboard the ISS).

It’s a cult in its own right, and one that’s now birthed a whole new cult, capable of packing-out Carnaby Street with fevered queues.

It is of course the ‘MoonSwatch’ quartz chronograph, cased in Swatch’s slick ‘bioceramic’ polymer derived from castor-oil plants.

It’s a beauty, from the coveted sansserif Omega logo, paired with ‘Speedmaster’ in those iconic joined-up italics, to the NASA-spec Velcro strap, framed by a logarithmic calculation scale satisfying the most anal Omega #watchnerd. It’s perfect right down to the most cultish telltale: the ‘dot over 90’.

TO THE MOON: SWATCH GROUP SWINGS AGAIN

It says everything of the mythology surrounding the original ‘Moonwatch’ that Swatch’s reinterpretation would spark such an inferno of demand from Millennials and Gen-Zedders come ‘drop day’, with weeks-long (yes, ‘weeks’) queues snaking around 110 select Swatch boutiques dotted around

the world from 9am on 26 March. Among these were plenty of cool kids wearing Apple Watches, itching to get back into analogue timetelling. The same cool kids, plus a few more ‘connoisseur’ sorts, will be queuing this Saturday in anticipation of Swatch’s next bioceramic collab’ with Swatch

Group stablemate Blancpain, teased just this Monday with requisite red-hot speculation.

My prediction is a ‘Sistem 51 Fathoms’ placky mechanical version of the ‘Fifty Fathoms’ diver made by Blancpain since 70 years ago – the brand stoically positioned upon rebirth in the

eighties as never deigning to make a quartz watch.

Those not averse to a sleeping bag and a thermos flask flipped the MoonSwatch for thousands over RRP on Ebay. But the MoonSwatch in all its colourways (11, each embodying a member of our Solar System, including Moon and Sun) is not a limited edition. Sure enough: anyone can now stroll into one of those 110 shops and take their pick.

Well, to a point. As the ensuing ‘Moonshine Gold’ editions – central seconds hand rendered in Omega’s special alloy of harvest-moon gold –have proved, the MoonSwatch still inspires feverish demand.

Last Wednesday’s dazzling ‘Blue Moon’ night sky saw a Moonshine version of the blue ‘Mission to Neptune’ model and a borderline desperate plea for calm on Swatch’s website: “We’re working around the clock behind the scenes to make the 11 unique watches and are replenishing our selected Swatch stores regularly… so you should indeed be able to get your hands on one.”

Cynics might level that MoonSwatch – and therefore this Saturday’s ‘x Blancpain’ drop – is a masterful, affordable articulation of the horological zeitgeist for ‘hype’ (just Google ‘Tiffany Patek Philippe Nautilus’ for context).

But there’s no denying that it’s fun. It also gives hope to a venerable industry facing a tide of ‘black mirrors’ gleaming from younger wrists, plus, crucially, it’s a moonshot in the arm for the post-pandemic high street.

Pateks: the ‘hype watch’ that’s still in orbit is a £228 Swatch, says Alex Doak

Laureato Skeleton. More than 230 years of craftsmanship, revealed through 55 hand-polished angles. 100% by us. Design and movement, since day one.

HOTPROPERTY

If you can make it here, you’ll make it anywhere..

New York , New York! Now is the time to buy in this little-known Manhattan suburb, says Adam Bloodworth

FOCUS ON INWOOD, NEW YORK

At Inwood Hill Park there’s a metal plaque pointing out where Manhattan was sold from native Americans to a Belgian coloniser back in 1626, for the lowly price of some trinkets and beans. A tulip tree had marked this spot for 280 years, but when it died in 1938 it severed the last living link to the Native Americans who lived in Manhattan before colonisation.

There are older things than that in Inwood Hill Park: Umpire Rock, or Manhattan Schist, formed 500 million years ago, forms dramatic stone formations including caves, as well as pathways through the undergrowth. It is the same rock that forms the bouldery landscape at Central Park six kilometres south.

The very northernmost tip of Manhattan, Inwood locals joke that Harlem is Downtown for them. Many Manhattanites haven’t heard of the neighbourhood - and yet, for the locals who live there, this is Manhattan’s affordable sanctuary.

“There are parks here!” one local who gave me a tour exclaimed. In New York, green space is a luxury even the millionaires cannot afford. The Manhattan nature problem means that if you own a five million dollar apartment anywhere south of Midtown, you’re a fairly hefty walk from Central Park, the only decent park in the city. (Piers along the west coast of the city are creating green spaces but they don’t feel like proper nature escapes.)

Both Inwood Hill Park and another local option, Fort Tyron Park, feel properly escapist, with sprawling fields for sports games and picnics, and in Inwood Hill Park, the last indigenous tree population left in New York forms a huge canopy for runners to escape the heat, or just to sit for a while.

A twenty-eight minute subway journey, or an eighteen minute drive, has you in the boisterous throws of the Upper West Side. Thirty-five and you’re in the heart of Midtown, with Broadway’s theatres, the alternative bars of

Hell’s Kitchen and the tourist trap attractions New Yorkers avoid, like Times Square, within reach.

In Inwood, the roads like Park Terrace East, a two minute walk from the subway station at 215 Street, are peaceful, with good parking, and many of the flats are pre-war. It is a safe area, with large Dominican and Puerto Rican populations, and an increasing number of American young professionals too, who are capitalising on what locals call one of the last spots of Manhattan where property is affordable.

One bedroom historic flats with their original wooden flooring and “sunken” kitchens - a New York apartment quirk so popular they are basically fetishished - go for around £400,00 and sometimes less. In quality terms, it’s much better than what you’d find in London the same distance away from the city centre.

In the apartment I viewed at 95 Park View Terrace there is herringbone flooring that dates back to the 1920s. The views out from the window look like something from Friends, with external metal fire staircases zig-zagging across the buildings. There is barely a soul on the street. A five-minute walk away to the fringes of the park, we stop for a doughy walnut cookie and oat milk iced latte at the Inwood Farm, a chirpy neighbourhood place that’s heaving at the weekend. The owner looks genuinely pleased to meet me when I’m introduced as a newcomer to the area.

Also walkable within five minutes from the flat is a good deli and one of New York’s original Irish pub dive bars,

Liffy’s, which stays open until 4am at weekends, until which point the bar guy offers thoughtful recommendations on local beers.There’s also a high street with all the shops you’d need.

There are many reasons for Londoners to invest in a property in New York, says Alistair Brown from ABIRE. “There is really good price stability at the moment, so buyers are getting a good bang for their buck. This is in contrast to many parts of the UK which are incredibly volatile and unstable,” he says.

“Also, New York also offers a good mix of property. Whereas in London many buyers end up fighting over a property they might actually not love that much, in New York, there is a wider range of choice.

“UK buyers are also attracted by the ease of access in and out the city. With around 40 flights - daily - between these two megacities access is both easy and short. Many who work in finance on both sides of the Atlantic are finding that the positive nature of the New York property market has created a new opportunity for the twin city living.

“Another benefit is that the cost for a Brits is the same as for a local U.S. citizen too. There is no extra stamp duty or taxes levied on foreign buyers. The only incremental cost to a Briton is if they choose to set up a more complex entity structure to hold the property. This, along with the other facts, are no doubt helping to further drive market demand from the U.K. to the US which will continue into next year.”

Since completion of the Empire State Trial in December 2020, New York has been completely cyclable, meaning you can technically get to Battery Park at the bottom of Manhattan and up to Hudson Valley to the north of New York State and beyond - even to Canada - by following that one trail. One day we woke, hired a Citi Bike, and cycled

from Inwood for around four hours to reach Battery Park for sunset. We had intended on getting beers, but we needed water instead, so we stopped on a bench by the jetty at South Cove and watched as the fireball dipped between skyscrapers on the New Jersey side of the Hudson River. It was a perfect day in New York.

BUY A FLAT IN NYC FOR UNDER $500,000

1.

Two bedroom appartment

This spacious pre-war twobedroom apartment features its original herringbone flooring, with high ceilings and crown moulding typical of the era. With a fully modernised kitchen, and brand new appliances, this 950 square foot 1935 Inwood property has the best of old and new. Request a viewing by emailing javier.amor@compass.com. 680 W 204th St, apartment 3E, New York, NY 10034

2.

Three bedrooms

This three-bedroom apartment over 1,120 square feet is an example of the type of value you can find in this stretch of Manhattan. Built in 1910, this pre-war property features its original fixtures, such as the bedroom doors with mouth-blown glass which have been restored with period-specific antiques. There are modern amenities and plenty of natural light, as well as decently sized living spaces and bedrooms. Contact kelly.cole@compass.com for viewings. 447 Fort Washington Ave APT 44, New York, NY 10033

“There are parks here!” one local said.

In New York, green space is a luxury even the multimillionaires cannot afford

A serene hideaway in busy Mayfair

London icon Claridge’s

Being a lifestyle reporter is a tough job. Sometimes it means getting massages at newly-opened spas and calling it work. What I have learned from all this labouring is that massages tend to be the same. Nice, but forgettable by the time you lay down for the next. (Again, it’s a tough job.)

The massage I had at the newly opened Claridge’s Spa was not the same. It was a thing of confidence and precision quite unlike I’ve had anywhere else. It starts with the frankly delicious setting. At the new Claridge’s Spa, which exists deep below Clar-

idge’s hotel, there are sleek, modern treatment rooms that instantly calm. They tout the sort of feng shui that feels impossible to conjure without some form of illegal alchemy. Surely no human could cook this up. The space, created by interior architect André Fu, pays homage to Japanese gardens and living spaces.

My masseuse rollcalled what felt like every luxury establishment in London when I asked where she’d worked, then told me she’d moved to Claridge’s because was after a new challenge. She pummeled at my upper back with the caring touch of a loving relative who

knows that sometimes tough love is best. (Cause pain she did, at my request. Those knots will be better for it.)

Away from the massage room and the spa is simple. Only a handful are allowed in at a time, so there’s always a cabana free at the end of the pool. Fruit is piled in one corner next to a jug of water. There are no over-the-top frills, just a good pool with beautiful interiors, and the chance to feel properly relaxed and switched off somewhere so piercingly central.

The changing rooms take themselves as seriously as the rest. Not designed for more than three or four people at a time, instead of an ordinary changing area each private room has its own rainforest shower, toilet, and sink with a huge mirror. I felt so comfortable in my shower that I started singing before remembering I was in public. Oops. (Oh well, I convinced myself the one other guest in there enjoyed my tones.)

Claridge’s is lush, isn’t it? First opened in 1812, it still has its original 1920s double-height doors, embellished with beautiful detail, as well as furnishings and glassware from the heyday of hedonism. We had a cocktail in The Fumoir after our treatments with fried chicken because frankly when you’re at Claridge’s, who wants to leave?

Ask for your drink in an original piece of glassware, then sit at the bar, for something truly special. In a city of constant change, it’s comforting to know there is always Claridge’s. The old with the blisteringly new. Any excuse

has opened a spa. Adam Bloodworth on why the luxury hotel now finally has everything it needs –and why it’s a design marvel

Summit and Awards 2023 set to cap off ‘Web3 Week’

THE fourth annual Crypto AM Summit and Awards is set to take place in the City of London next month.

The prestigious event, showcasing and honouring industry leaders in cryptocurrency and blockchain, will be held on October 10 and 11 at the Honourable Artillery Company.

It will cap off a series of Web3 events based in London. CCData kicks things off by bringing its CCDAS gathering to Old Billingsgate on Tuesday October 3, before Zebu Live picks up the baton on October 5 and 6 at the Woolwich Works.

The Crypto AM Summit and Awards then provides the sprint to the finish line the following Tuesday and Wednesday.

James Bowater, Crypto AM editorat-large, said he was thrilled to see the trio of digital asset events showcasing London Web3 Week.

“With the world’s attention in the crypto and digital asset space currently focused on Asia, the Middle East and the US, it is essential that the UK maintains its enviable position to capitalise on infrastructure and rails to take advantage of this unfolding revolution,” he said.

“All three excellent events are fielding a wide array of high-quality speakers and will be extremely well attended.

“For our part, we’ll be showing off the outrageous amount of talent, capability and infrastructure that London has to offer, then bringing London’s Web3 Week to a glitzy

ABRIEF outbreak in the market came to an abrupt end last

Thursday, with the price of Bitcoin dropping from $28k down to $26k. It’s largely stayed there since, putting it down six per cent over the past week. Ethereum has performed a little better, dropping five per cent to $1,630.

The big news was the US District of Columbia Court of Appeal’s ruling that t he Securities Exchange Commission (SEC) was wrong to reject Grayscale’s BTC ETF application. The SEC denied Grayscale’s BTC

finale with what has become one of the industry’s most celebrated awards ceremonies.”

CCData CEO and co-founder

Charles Hayter said it was an honour to see CCDAS serve as the inaugural event for London’s Web3 Week - a joint initiative between CCData and Flight3’s Zebu Live.

“It brings together leading stakeholders from both the digital asset

and traditional finance sectors to foster the understanding and adoption of digital assets,” he said.

“Central to the week is CryptoAM’s annual Summit and Awards. With a deep history in the space, these awards are a key event that showcases some of the most innovative and cutting-edge companies in London and the broader digital asset sector.”

Zebu Live’s Harry Horsfall added he

TRIDENT DIGITAL’S $8M SEED FUND

DIGITAL asset lender The Trident Digital Group has announced an $8m seed funding round co-led by New Form and White Star Capital, with participation from CMT Digital, Joint Effects, and Permit Ventures.

The group’s CEO - Anthony DeMartinosays the intention is to ensure Trident “will offer proper risk management and strike a balance between security and capital efficiency”. Trident will also go to market with a yield product focused on fintech, crypto native treasuries, and VCs with significant idle funds. “Our solutions are structured to ensure maximum transparency and capital efficiency while ensuring regulations are adhered to,” added Toby Norfolk-Thompson, Trident’s Chief Commercial Officer.

CRYPTO INDUSTRY HAS ‘REPUTATION PROBLEM’

THE cryptocurrency industry is struggling to improve its reputation, according to new research by blockchain protection company CoinCover. The report - based on a survey of 16,316 people in nine countries – found that the two most significant barriers to mass crypto adoption were volatility and security risks.   CoinCover’s research, which was also based on an extensive literature review, and interviews with market experts, analyses the reasons for crypto’s current reputation, questions whether this is justified, and advises on confidence-building measures to help the industry move forward.

and his team were proud to bring London Web3 back for its second year.

“While it’s relatively young, it's the result of 10 years of building and collaborating with the London community,” he said.

“Our beautiful city is at a crossroads, and with the talent, community and capital available, it could become a major player in the global Web3 scene.”

Stagnant market giving way to falling prices

spot ETF application last year, but Grayscale argued the regulator unfairly dismissed the application while approving BTC futures ETF applications. Grayscale said its spot ETF should be judged on the same grounds.

“The court’s panel of judges said Grayscale showed that its proposed Bitcoin ETF is ‘materially similar’ to the approved Bitcoin futures ETFs. That’s because the underlying assets - Bitcoin and Bitcoin futures – are ‘closely correlated,’ and because the surveillance sharing agreements with the CME (Chicago

Mercantile Exchange) are ‘identical and should have the same likelihood of detecting fraudulent or manipulative conduct in the market for bitcoin’,” according to Reuters.

However, there was bad news for those seeking more certainty around the future of Bitcoin ETFs. The US regulator delayed its decision for all six Bitcoin exchange traded fund (ETF) applications until October, including Blackrock’s.

The regulator has 240 days to come to a final decision, starting on the date it

WARNING OVER TIKTOK SCAM

CYBER security specialist Norton is warning TikTok users of an elaborate scam involving AI deepfake parodies of wealthy celebrities like Elon Musk and Mr Beast. Researchers at the internet safety organisation uncovered a new scam on the platform that preys on users’ hopes to earn quick money, but sign-up pages divert to harmful sites. The scam involves videos of the celebrities promoting a cryptocurrency opportunity with a giveaway of £8,000 in Bitcoin in exchange for a simple registration. The promised amount can be seen in a user’s account, but in order to withdraw the money, they’re asked to deposit £300 to £500.

first began its review of the applications.

Elsewhere, the US Jobs market showed signs of slowing down. The unemployment rate leapt to 3.8 per cent in August, raising expectations that the Federal Reserve will not raise interest rates this month, which has had a strong correlation to volatility in the crypto market in the last two years.

GREEN DAY FOR IOTEX

CRYPTO NEWS IN BRIEF FOR ALL THE LATEST NEWS, VIEWS AND ANALYSIS HEAD OVER

IN what is rapidly being acknowledged as a bear market, there are few glimmers of green hope for crypto traders. However, Ethereum token IOTEX appears t o be bucking the downward trend and offering up some sport with a defiant 24-hour rise of four per cent yesterday, matched by a lift of almost three per cent across seven days.

The token notched a 24-hour trading volume of 163 per cent to $5.5m as it briefly reached $0.0147 yesterday afternoon.

CULTURE

EDITED BY STEVE DINNEEN @steve_dinneen

This week marks the 30th anniversary of the X-Files first airing in 1993. A global smash of almost unprecedented levels (the premier of the 2016 reboot attracted 50 million viewers), it left an indelible mark on popular culture. I still vividly remember hunching over our ancient TV set every Monday evening, obsessing about a show that felt unlike anything I’d seen before. In the three months leading up to the anniversary, I rewatched the entire thing – all 218 episodes, both featurelength films and the 13 episode spin-off series The Lone Gunmen –to search for the secrets to its lasting appeal. It involved plenty of cancelled plans and there were times when I questioned my life choices, but after more than 10 continuous days of XFiles, here are 30 things I learned.

1. Gillian Anderson is a far better actor than David Duchovny. From the very first episode there’s a clear gulf in the quality of acting between the two leads. Duchovny has bags of charisma and he excels at comedy but his dramatic acting chops leave much to be desired. He happily hams it up when required but there’s none of the quiet pathos that Anderson imbues her character with. It’s no surprise that Duchovny’s career peaked with the X-Files while Anderson went on to conquer both stage and screen.

2. It’s an incredible cultural artefact

Future generations will study The XFiles as a relic of a bygone age. Even today it feels like a 90s period drama. There’s an unmistakably premillennium aesthetic to everything from the costumes to the American small towns that Mulder and Scully habitually visit for their cases, and for people of a certain age it feels impossibly nostalgic.

3. Conspiracy theories aren’t what they used to be. In the X-Files, conspiracy theories are a way for Mulder to speak truth to power. It’s about the oppressed fighting back against the tyranny of the elite. But in the years since the show began, conspiracy theories have increasingly become tools of propaganda. The XFiles attempts to address this in its (pretty terrible) eleventh and final season, which aired in 2018, but conspiracy-nut Mulder still looks unhinged by association with what has become one of the more toxic aspects of modern culture.

4. Finding light switches is hard and torches are cool. Mulder, Scully et al never met a light switch they liked, preferring to whip out their gigantic flash lights, which they would routinely swoosh across the camera lens, momentarily blinding viewers at least three times an episode.

5. “The truth” is a tricky McGuffin for a TV show. The entre raison d’être of the X-Files is to uncover the ephemeral concept of “The Truth”. If you were to play a drinking game every time the T-word is mentioned you would be dead before the first season was over. The problem is, “The Truth” can never really be uncovered, otherwise there would be no more XFiles, so the show ends up stuck in a kind of limbo, with its characters –especially Scully – forever on the cusp of a major discovery before essentially resetting for the start of the next episode.

WHAT I LEARNED REWATCHING EVERY X-FILES EPISODE

THE HIT SHOW TURNS 30 THIS WEEK: WITH MORE THAN 230 HOURS WORTH OF MATERIAL, STEVE DINNEEN DIVED BACK IN

6. The X Files straddled the era when episodic TV was giving way to longform drama. In 1993, most prestige TV took the form of self-contained stories, only loosely held together by an overarching narrative, largely because studios were scared viewers wouldn’t return were they to miss an episode (David Lynch’s Twin Peaks, which first aired in 1990, is an outlier here). Continuous dramas, on the other hand, were seen as disposable, trashy affairs. The X-Files helped bridge the gap, even if the “monster of the week” episodes tended to be better.

7. The X-Files was progressive in many ways but boy have some episodes aged badly. Series creator Chris Carter’s show is, at its heart, a critique of technocracy and a rejection of the military-industrial complex. Scully is a smart, independent woman, albeit one who has the truth pointed out to her by a man literally every week. But when dealing with race, gender and sexuality it often feels horribly outdated. There’s an episode called “Gender Bender” featuring a bunch

of gender fluid serial killers. There’s a borderline unwatchable episode in which an evil spirit steals the pigment from black people’s skin. More insidious is the use of spooky “ethnic panpipes” every time a character from a different culture appears, and the clumsy stereotypes adhered to throughout the series, from Haitian voodoo practitioners to gambling Chinese-Americans to wise old native Americans.

8. The flip side of this is that the XFiles gave a generation a knowledge of obscure folklore. Even three decades after I first saw the episode, I still remembered the Latin American Chupacabra – literally “goat sucker” –a fearsome, vampiric yeti-esque monster that terrorises rural communities in Mexico and the American South. Other creatures from real-life folklore include Chinese “Hungry Ghosts”, the Jersey Devil, and the Algonquin werewolf known as the Manitou.

9. Up to 24 episodes a season at 45 minutes each is too much. There’s a reason why the best TV shows – The

Sopranos, Deadwood, Mad Men –tend to average 13 episodes a season. The X-Files suffered from spreading itself too thin, especially from season four onwards, when Chris Carter had burned through his best ideas.

10. There were some classic X-Files baddies but none who made quite as lasting an impression as Eugene Tooms, the stretchy man who sneaks through your air vents to eat your liver. In X-Files lore he’s next due to appear in… 2023. Time to seal up your house. Shout outs also go to creepy mortician Donnie Pfaster, serial killer Luther Lee Boggs and, of course, recurring villain The Cancer Man.

11. As well as making international superstars of its two leads, The X-Files helped launch the careers of dozens of now-famous faces. Jack Black, Bryan Cranston, Seth Green, Shia LaBeouf, Ryan Reynolds, Lucy Liu, Aaron Paul, Octavia Spencer, Luke Wilson, Danny Trejo – the list sounds like the cast of a Wes Anderson film. The X-Files was to Hollywood what Casualty was to British dramas, a never-ending conveyor belt of talent where the

stars of tomorrow began their careers.

12. The very first episode deals with ‘little green men’ – AKA ‘greys’ –coming to earth in their flying saucers and this remains a key passion for Mulder throughout. The X-Files was perhaps more prescient than it realised – just last month David Grusch, a former US intelligence officer, appeared before congress claiming the US government is in possession of “intact and partially intact” and “non-human” pilots of crashed UFOs. Perhaps the truth really is out there.

13. The X-Files was so popular that the real-life story became almost as riveting as the one on-screen Duchovny, at the time more famous than Anderson, always harboured ambitions beyond the show and was itching to leave for several seasons. There were reports of a rift between the two stars, who rarely spoke unless they were sharing a scene (Anderson later claimed the spat was down to the humidity in Vancouver, where the show was shot, which made her

hair frizzy and meant she had to spend more time in hair and makeup). Add to all this the salacious reports of Duchovny’s sex addiction and you had a veritable off-screen soap opera.

14. Ideas of masculinity have changed since the 90s. While generally presented in a positive light, Mulder is a problematic guy by today’s standards. He’s possessive over Scully (especially her love life), watches porn in his office, and drags his colleagues into unspeakable danger without filling in a single form. Time for a meeting with HR.

15. It seems absurd in hindsight but Gillian Anderson was considered risky casting and Chris Carter had to fight to get her on the show. Studio executives were keen for someone more “conventionally attractive” –whatever that means. She went on to be voted world’s sexiest woman in FHM, an accolade that also feels problematic these days.

16. The spotlight may have been on Mulder and Scully but the series’ most

enduring sex symbol might just be Assistant Director Walter Skinner. The barrel-chested, bald-headed boss-man responsible for keeping Mulder and Scully in line has inspired a rabid devotion in the X-Files fan community.

17. The X-Files helped solidify the myth of the noble FBI agent. Alongside the likes of Twin Peaks and Silence of the Lambs, the show cemented the stereotype of FBI agents in trench coats and power suits going up against terrible forces in the name of protecting the public.

18. The show had some really wild ideas. The episodes charting the overarching narrative – known as the “mytharc” – went to some strange places. There was a deadly virus – or was it a vaccine? – being spread by… bees? And there was a black goop that went into people’s eyes that might have been an alien, or alien DNA. I think the bees were linked to that. I’ve watched over 230 hours of this and I still don’t really know.

19. There is also the question of what the hell is going on with Mulder’s

sister. Abducted by what appear to be aliens, she is the key motivation for Mulder to join the FBI and start the XFiles. She turns up every five minutes throughout the series, often turning out to be an alien clone and melting into a puddle of toxic goo. The resolution to that story is one of the more disappointing moments in the X-Files, managing to be both unsatisfying and utterly bonkers.

20. Disappointing endings is a common theme for The X-Files. The show has finished several times (only to be rebooted) and it has never managed to stick the landing. Chris Carter just can’t seem to find a way to wrap up either the sprawling mythology of the show or the complex entanglements of its characters.

21. The spin-off series The Lone Gunmen is not worth your time. Some of the best recurring X-Files characters were the ‘Lone Gunmen’, a trio of noble conspiracy nuts and proto-hackers who would help Mulder when things got tough. They were so popular they got their own show, a 60s-inspired spy caper that

hundreds of episodes, I never once skipped the credits.

24. Movie spin-offs are hardly ever a good idea. Taking place between seasons five and six, the first X-Files movie was a bombastic take on the show’s mythology, delving deeper into the inscrutable bee storyline. But it didn’t look like the X-Files, it looked like a movie, and there was a tendency to use the big budget on what are now incredibly dated special effects and unnecessary explosions. The second X-Files movie was equally uninspiring, despite sticking to a self-contained ‘monster of the week’ story. This one starred Billy Connolly as a paedophile priest and does little to justify its extra run time nor the extra budget. The X-Files is just better as a TV show.

25. Between seasons four and five, filming moved from Vancouver to LA This marked a turning point for the show –suddenly The X-Files looked just like every other show made in LA. Gone were the moody grey skies, the constant drizzle, the verdant greenery, and the thick, ominous forests. It was never quite the same.

26. Summer is not the ideal time to rewatch The X-Files. The few evenings of sunshine we got this year I spent indoors with the blinds closed. There moments during the ‘Scully has a baby now’ storyline that I considered abandoning the entire project. There’s a reason it was broadcast in the autumn.

27. You can survive losing one of your stars. After years of speculation, Duchovny left the X-Files as a regular character at the end of the seventh season, something many saw as a death knell for the show. He was replaced by Robert Patrick’s (Terminator 2) Agent John Doggett, a sceptical straight-shooter with a tragic past. This ended up being a shot in the arm for the series, allowing Scully to finally take the role of the “believer”. Anderson and Patrick also developed some great chemistry.

may be the worst thing I have ever watched to completion. Let me take this bullet from the Lone Gunmen for you: avoid at all costs.

22. Chris Carter’s other TV series, Millennium, is also technically part of the X-Files universe. When that show was cancelled after three seasons, Carter used an X-Files episode to wrap the story up, dragging its characters into the orbit of Mulder and Scully. I agonised over whether that meant I had to rewatch this too but thankfully Millennium is now impossible to stream and the DVDs are out of print so I happily ticked it off my list.

23. The X-Files has one of the most iconic opening credits of any TV show Would it have captured the imagination in quite the same way without Mark Snow’s iconic soundtrack? Or that enigmatic opening sequence that shows a series of mysterious images (the guy who made it has since revealed they were just things he thought looked cool rather than anything related to the show)? Even after rewatching

28. But you can’t survive losing both After two seasons pairing Doggett and Scully (the second of which petered out hard), it was Anderson’s turn to take a back seat, with Annabeth Gish’s Agent Monica Reyes taking her place. A lack of chemistry with Robert Patrick, lack of acting talent, and a general lack of ideas on the show made this the worst X-Files season – a real drag.

29. Despite fizzling out somewhat, the X-Files made a cultural impact the likes of which have rarely been seen A rare confluence of talent, timing and execution helped lay the foundations for a new wave of quality TV. There’s a reason people who weren’t even born 30 years ago know all about Mulder and Scully, and that Mark Snow’s score now appears on countless TikTok videos. It’s a modern classic –albeit a flawed one –and is rightly revered.

30. It’s worth rewatching – just prepare for a mammoth undertaking. There were times during my rewatch that it felt like I had always been watching the X-Files and would always be watching the X-Files. But for the most part it was a blast, both as a cultural excursion into the recent past and as a warm, cosy hit of nostalgia. And Eugene Tooms is still terrifying.

GOING OUT

UNMISSABLE

DIR. CELINE SONG

Playwright and TV writer Celine Song makes her directorial debut with Past Lives, a film that made a big splash at the Berlin Film Festival, and now comes to cinemas with a huge amount of buzz.

It follows two childhood friends, Nora (Greta Lee) and Hae Sung (Teo Yoo), who seem destined to be together as twelve-year-olds in South Korea, but become separated when Nora’s family moves to Toronto. The story charts their reunion years later in New York, where Hae Sung has come to visit Nora (who is now married). Each one marvels at how their connection has remained, and wonder if their destiny had been to be together.

The most romantic movies tend to be about romance that can never be.

From Casablanca and Brief Encounter, to twentieth century hits Lost In Translation and Call Me By Your Name, there is emotional gold to be mined from seeing two people who would be perfect for each other, only for life to get in the way.

Past Lives adds to that lineage, while bringing in its own set of complications. Song’s screenplay, and the performances of the main cast, all acknowledge how real life isn’t as clear cut as we would hope. Neither Hae Sung or Nora are especially unhappy with the lives they have, but that gravitational pull is something neither can turn away from.

Hollywood conventions dictate that

Nora’s husband Arthur, played by First Cow star John Magaro, would be either abusive or clueless, but here he is neither. Indeed, he understands the role he plays in their story, joking that he would be the “evil White American husband standing in the way of destiny”. It’s that openness in

the story that makes it different, and so compelling.

The entire story is gently told, but every change in expression, every brush of the hand, feels like an earthquake. There’s a delicate balance of past and present scenes, amplifying the script’s discussion of in-yeon, a Korean-based

PEDRO ALMODOVAR’S STEAMY TAKE ON BROKEBACK MOUNTAIN

RECOMMENDED

A STRANGE WAY OF LIFE

It’s rare that a 30-minute short finds its way into cinemas, but Pedro Almodovar’s new work has more than a little historical interest.

The Spanish arthouse legend was one of the original choices to direct Brokeback Mountain (he turned it down, believing he wouldn’t be given the freedom he wanted), and almost 20 years later we get to see what his romantic Western would look like.

Almodovar and Ethan Hawke play Silva and Jake, two former gunslingers who were lovers 25 years ago. Now a sheriff, Jake has business that means he crosses paths with Silva again, reigniting a flame that puts both men on uncertain ground. Filmed with the same melodrama and bravado that you would expect from the director, it’s surprising how neatly his vision fits into the genre. Those expecting something that

turns the Western on its head may be shocked to see how reverent he is to the classics, albeit with characters that don’t exactly fit the macho archetype. The romance is steamy stuff, with both actors providing intense performances as men who can barely contain their emotions at this unexpected meeting. There’s a substantial flashback to their initial relationship, which builds to a nail-biting finale. The limited time means this feels

like a one act play rather than a substantial feature, but to be left wanting more is not always a bad thing.

philosophy regarding fate and past lives. Are Hae Sung and Nora experiencing their own in-yeon, or is it just time and wondering what might have been? Song considers it all beautifully. Credit should also go to musicians Christopher Bear and Daniel Rossen of the band Grizzly Bear for a soundtrack

that echoes the mood without telling the audience what to feel. A quietly devastating drama, Past Lives might be one of the early contenders for next year’s Oscars, and is certainly one of the best films you’ll see all year. Watch it before the awards season chatter begins.

DOCUMENTARY: A LIFE ON THE FARM

DIR. OLIVER HARDING BY VICTORIA LUXFORD

Oliver Harding's discovery of a bizarre home video belonging to Charles Carson, an eccentric neighbour of his late grandfather. Finding that Carson's feature length missives have spread around the world and made the long-dead farmer a cult figure, this brief documentary examines the footage, and features talking heads debating what it all means. At its best, it celebrates creativity, pointing out that this man who lived in relative

ife On The Farm follows directorobscurity found an outlet for self expression. Harding and others argue that Carson had technical talent given the 90s consumer equipment he was using, and that his work should be taken seriously, despite featuring dead relatives and graphic animal births.

Some of the American indie filmmakers interviewed go too far with their praise; bunched in hotel rooms in a sea of plaid shirts, the enthusiasts compare him to Van Gogh and Scorsese.

Neither artist was quite as bizarre as Carson. A Life On The Farm is a touching tribute to a true original.

L

Ed Warner

IT ALL starts tomorrow evening. Are you ready for the best ever Rugby World Cup? A tournament for the ages? Two phrases that would best be banned from the lexicon of all sport event organisers.

France 2023 is certainly the biggest Rugby World Cup to date, throwing 20 nations into the mix for two more weeks than previous editions of the competition. As a result it is the longest, 48 matches strung over eight weeks like a half load of washing pegged on a garden-length line.

Such is the scheduling constraint of a sport of intense physicality coupled with the demands of broadcasters. Last year’s men’s football World Cup processed 32 teams in just half the time; this autumn’s Cricket World Cup has 48 matches in 46 days.

At least World Rugby’s cretinous decision to seed the tournament almost three years out from the first match has created a “group of death” and hence a slug of pool stage jeopardy rather than the usual procession. Pick two from South Africa, Ireland and Scotland to then face France or New Zealand in the quarter-finals.

Harry Wells of Twenty First Group provides a much more cool-headed analysis of the mistake of the early RWC draw than I heard from an agitated Irish Rugby Football Union director recently. Wells’s report is worth reading.

Whether this proves for you to be the best ever World Cup will depend on the quality of the weekend spikes in action that punctuate the next two months – and possibly how your own team fares.

But of course comparisons across tournaments are impossible, relying as they do on memory, perspective and yardsticks chosen. Still, though, organisers across sports insist on such hyperbolic aggrandisement, justifying ginormous budgets to match.

Last week’s column about disability sport’s struggle for visibility prompted a reader to send a link to a British athlete predicting Paris 2024 would be the “best ever” Paras. My response was to suggest we play “best ever” bingo over the next year, marking off every kneejerk, lazy use of the phrase. Most pertinent was his analysis of the battle for airtime:

“I’m not sure I’m smart enough or have thought hard enough on how Para sport will all pan out and where the successes and failures will be. My sense is it remains super unique as there just isn’t bandwidth for us all to take all the new variants of: Para equivalent of standard sport; women’s equivalent of men’s sport; new sports – AirSpeeder, Kings League, XFL. We only have so much time.”

That certainly prompted me to Google AirSpeeder. It claims to be “the world’s first VTOL (vertical take-off and landing) crewed racing series for electric flying cars”, just so you know. Whether or not that piques your interest, the point about bandwidth is bang on.

For all the media hype ahead of the opening match, rugby union sits below the true heavyweights in the roster of global sports. It also faces such existential challenges that its ability to endure in

BEST WORLD CUP EVER... REALLY?

something like its present form for many more World Cups must be questioned.

Let’s hope this doesn’t prove a tournament for the footnote curiosity of tomorrow’s sporting historians.

ARE UGO SITTING COMFORTABLY?

To an almost complete absence of fanfare, the government has published a new sports strategy. It’s a tired retread of existing initiatives, almost entirely devoid of anything novel.

Had the architects of the strategy been looking for a headline, they might have secured one with their creation of a National Physical Activity Taskforce with a trio of chairs: the Culture Secretary, the Sports Minister and former rugby star

Ugo Monye.

My experience of boards with two cochairs is that they are unwieldy, inefficient and consequently frustrating to sit on. As to those with three – well, I’ve never seen one before.

“It is clear that a major effort is needed to get Britain moving and boost our national health. I’m determined to use my experience and drive forward this ambitious strategy,” Monye said.

Monye will do well to exert any degree of control over taskforce proceedings. It could prove an interesting ride for him over the next 15 months, assuming the current Parliament runs its full course.

In the interests of fairness, I’ve seen nothing innovative from the Labour opposition on sport either.

BARK AT THE MOON

It is no surprise that Britain hosting major sporting events remains a major plank of the government’s strategy. Taxpayers must hope that post-event reviews are rigorous and 100 per cent independent.

Birmingham City Council has just

announced it is effectively bust, unable to meet its liability for historic pay discrimination against female employees. Given the legal case involved dates back more than a decade, how smart does it now seem to have hosted the Commonwealth Games in the city last year? And what price the Ozzy the Bull statue in a bankruptcy sale?

Surely there’s no remaining hope of Birmingham coming to the rescue of the Commonwealth Games Federation to host the orphaned 2026 Games. And who will pick up the city’s share of the costs of the European Athletics Championships slated for Brum in the same year?

PAWNING THE FAMILY SILVER

I’m grateful to an ever-excellent Substack from The Grumbler for highlighting media reports that Yorkshire County Cricket Club may sell and lease-back its Headingley home in order to clear the debts that threaten its ability to continue as a going concern.

As The Grumbler points out, such transactions have not ended well in football. My day at the Ashes in Leeds this summer revealed the ground to be sorely in need of investment.

It’s hard to see that happening under any landlord motivated to maximise its financial return and whose tenant is strapped for cash.

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

Former rugby player Monye is now a pundit

Let’s hope the Rugby World Cup doesn’t prove a tournament for the footnote curiosity of tomorrow’s historians

SPORT

Saudi Arabia close to beating Premier League summer spree

FRANK DALLERES

THE SAUDI Pro League could overtake the Premier League and become the world’s biggest spenders of the summer transfer window in net terms with further deadline-day signings today.

Al-Ittihad have continued to pursue a world record £215m swoop for Liverpool forward Mohamed Salah, despite the Merseyside club’s insistence that he is not for sale.

A successful deal for Salah would push the Saudi Pro League’s total net spend for the summer to around £940m, within touching distance of the Premier League’s £1bn. But even if that transfer does not materialise, Saudi Arabia has already announced its arrival as a major force in the market during a transformative window.

Following Cristiano Ronaldo’s move to the competition in December, a procession of stars from European football have been lured to the Middle East this summer.

Salah suitors Al-Ittihad recruited Real Madrid striker Karim Benzema, Al Hilal signed Brazil No10 Neymar, while former Liverpool forward Sadio Mane joined Ronaldo at Al Nassr.

Saudi clubs have already spent more in gross terms this summer than everyone except Premier League teams, who invested a record £2.36bn. Their running total stands at €900m

Rugby union still below heavyweights in roster of global sports PAGE 37

(£772m) before the league’s final day of business. The Saudi Pro League transfer deadline is at 10pm UK time on Thursday.

That is the same total as Ligue 1 in France, and more than Serie A in Italy (€850m), Germany’s Bundesliga (€745m) and La Liga in Spain (€440m).

It has also been of benefit to English clubs, who have received around £250m in transfer fees from Saudi sides. “The Saudi Pro League has provided an additional active market in which clubs can earn a substantial fee on the sale of their players,” Calum Ross, assistant director in Deloitte’s Sports

Mitchell and May poised for World Cup starts

feature on the bench.

MATT HARDY

Business Group, said this week.

“The emergence of more active participants in the global transfer market has the potential to accelerate clubs’ efforts to establish financially sustainable business models.

“Clubs that have sold players to those from emerging international leagues have then gone on to spend receipts with a large number of other clubs, both within and outside of the Premier League.”

Liverpool reportedly rejected a £150m offer for Salah from Al-Ittihad last week and were braced for another approach before the window shut.

Sabalenka to become world No1 after win against Zheng

MATT HARDY

FORMER Australian Open winner

Aryna Sabalenka made it four out of four Grand Slam semi-final appearances this year after the Belarusian toppled Qinwen Zheng yesterday at Flushing Meadows.

On track for her first ever US Open title, Sabalenka beat her Chinese opponent 6-1 6-4 in Arthur Ashe Stadium to reach the final four in New York.

She will become world No1 on Monday as a result of her progress and the lack of Iga Swiatek at this stage of the tournament.

“I think I definitely played great

tennis today. I’m super happy with the win against her, she’s played unbelievable tennis this US Open,” she said.

“I am super happy to give myself another opportunity to do better in the semis.

“I’m trying to focus on my game, I’ll focus on being No.1 after the US Open.”

It’s a third straight semi-final at Flushing Meadows for the 25-yearold from Minsk.

Today is semi-finals day for the women’s side of the draw and play opens with the clash between home hero Coco Gauff and Karolina Muchova.

ENGLAND are set to name Alex Mitchell at scrum-half and Jonny May on the wing as Steve Borthwick’s side get set to face Argentina at the Rugby World Cup on Saturday.

Mitchell and May were both excluded when Borthwick named his squad but injuries to Jack van Poortvliet and Anthony Watson ensured the duo travelled to France, where England take on Argentina, Japan, Chile and Samoa.

Northampton Saints scrum-half Mitchell has reportedly beaten Danny Care and Ben Youngs to the starting No9 shirt – Care is set to

May will join with his opposite winger and Freddie Steward at fullback to complete an England backline that begins their World Cup hopes with their most difficult game. A win over Argentina would put the national team in pole position to qualify to the quarterfinals but defeat at the hands of the South American side will give other pool rivals – Samoa, Japan and Chile – hope of causing an upset.

England have been fortunate and are drawn the softer half of the Rugby World Cup draw, avoiding the likes of Ireland, France, South Africa and New Zealand until the semi-finals.

On Argentina, England and Leicester Tigers tighthead Dan Cole said: “You look at their team in the Rugby Championship, they’re dangerous. If you have one scrummage where you are not fully focused they will do you damage and get stuck into you. They’re a dangerous team and they’ve grown their game in other areas. We know what’s coming up front. “They love the physical contest. You speak to some of their front five – Tomas Lavanini when he was at Leicester and Montoya – and they relish the physical part of the game. The World Cup begins tomorrow in Paris and runs through until 28 October.

Hermoso files complaint in non-consensual kiss dispute

MATT HARDY

WORLD Cup winner Jenni Hermoso has filed an official complaint to Spanish prosecutors over her kiss from suspended football chief Luis Rubiales.

The incident took place as the Spanish national team collected their medals after a 1-0 win over England’s Lionesses in the Women’s World Cup final last month.

Hermoso making the complaint, after Rubiales appeared to forcefully grab and kiss the player on the lips, could see the RFEF president face criminal charges.

The news came a day after Spain’s national team coach Jorge Vilda was

sacked and replaced by Montse Tome, the country’s first female national team coach.

On 29 August, Spanish prosecutors opened a preliminary investigation into whether the events of the World Cup final amounted sexual assault.

"Given the public statements made by Jennifer Hermoso, the sexual act she was subjected to by Luis Rubiales was not consensual," a statement said at the time.

Rubiales has denied the allegations of a non consensual kiss despite being suspended by Fifa for a period of 90 days over the incident.

An accurate time frame of progression is as of yet unknown.

TENNIS

Saudi side Al-Ittihad remain keen on Liverpool’s Mo Salah

FOOTBALL

IT TOOK just over 24 hours for the European Super League to collapse under the weight of its own hubris and half-baked concept when it was revealed to a stunned football world in April 2021.

Africa’s version, announced in August last year and heralded as a means of bridging the gap with wealthier regions, has already lasted longer but there are growing concerns that it is also headed for the scrapheap before a ball has been kicked.

On Saturday in Cairo, the draw for the inaugural African Football League was made. Ironically, the Confederation of African Football (CAF) dropped the word “Super” from the name to avoid negative associations with the failed European incarnation.

But while the draw took place, a legal row was escalating that threatens the future of a competition that is due to start next month but already appears to be on a rocky footing.

The dispute, between CAF and beIN Media Group, has also raised serious questions about the financial sustainability of the Confederation, its main competitions, the Africa Cup of Nations (Afcon) and CAF Champions League, and the role in all of this of Fifa. The world governing body is officially a partner of CAF in the African Football League, the latest sign of its increasing influence on the continent.

Last Friday lawyers acting for CAF informed beIN that it was unilaterally terminating a $415m (£332m) contract between the parties that was due to run until 2028. It followed an extended period of wrangling over rebates that the Qatar-based broadcaster believed it was owed due to disruption caused by Covid-19 pandemic and last-minute decisions to move the last two Afcons. But perhaps the biggest issue is the African Football League.

The establishment of a new top-tier tournament for the best clubs in Africa naturally diminishes the standing of the CAF Champions League, which currently holds that title, and therefore the value of beIN’s rights package. But because CAF has billed it as a joint ven-

IS AFRICA’S OWN SUPER LEAGUE GOING UP IN SMOKE?

ture with Fifa, it has argued that it does not fall under the scope of the existing deal. That has gone down as well in Doha as might be expected.

CAF’s termination means it does not currently have a broadcaster in the 38 territories covered by the beIN deal, which include Asia, the US and, crucially, throughout North Africa. As a result, fans of many of the teams involved in the current CAF Champions League campaign, this week’s Afcon qualifiers and the finals themselves, due to take place in January in the Ivory Coast, have been left in the dark. It could also have some serious financial implications. CAF announced a $15.7m (£12.6m) loss for the last financial year, and that was before it torpedoed the deal with beIN, believed to

have been its biggest single commercial contract. As yet it has not announced a new broadcaster. And there may be more pain on the horizon.

Over the weekend, beIN CEO Yousef Al-Obaidly contacted CAF to raise his concerns. In a letter seen by City A.M., he wrote: “I must make clear to you that beIN does not accept this termination and will take all necessary legal steps to challenge and overturn it.” It is understood that beIN is ready to sue.

In a similar episode four years ago involving previous rightsholder Lagardere Sports, CAF paid around $50m in an out-of-court settlement.

It all adds to the uncertainty around the African Football League. The new competition was expected to be underwritten by Saudi investment but that

AFRICAN FOOTBALL LEAGUE DRAW

QUARTER-FINALS Simba (Tanzania)

v Al Ahly (Egypt)

Tout Puissant Mazembe (DR Congo)

v Esperance Sportive de Tunis (Tunisia)

Enyimba (Nigeria)

v Wydad (Morocco)

Atletico Petroleos de Luanda (Angola) v Mamelodi Sundowns (South Africa)

has evaporated, while the format has been shrunk from 24 teams to eight for its first season. CAF and Fifa say it will expand next year, though it remains unclear how that will be funded. Matches, which start on 20 October, will be streamed on the competition’s website.

In the meantime, questions swirl around the machinations of CAF and its relationship with Fifa. In his letter, beIN chief Al-Obaidly mentioned “significant concerns” that the contract termination “may have been taken without the necessary scrutiny and approvals required under CAF’s internal regulations”. CAF and Fifa declined to comment. A CAF press conference today is expected to shed more light on the situation.

A legal row has raised questions about the future of a new pan-African league, writes Frank Dalleres