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BUSINESS WITH PERSONALITY

NERDFEST FROM ROBOT DOGS TO HEADPHONES: THE LATEST FROM VEGAS TECH SHOW P20 THURSDAY 11 JANUARY 2018

ISSUE 3,038

CITYAM.COM

BUFFETT’S BITCOIN BUBBLE WARNING

BERKSHIRE HATHAWAY BILLIONAIRE SAYS CRYPTO CRAZE WILL ‘COME TO A BAD ENDING’ LYNSEY BARBER @lynseybarber THE SO-CALLED Oracle of Omaha has become the latest high-profile investor to weigh in on bitcoin as he gave an indication of his succession plans by promoting two potential heirs. Warren Buffett, the billionaire boss of Berkshire Hathaway, yesterday said “with almost certainty” that cryptocurrencies “will come to a bad ending”. During an interview with CNBC, he added: “When it happens or how or anything else, I don’t know.” The self-made billionaire’s comments came after he labelled bitcoin a “mirage and a joke” back in 2014. Buffett also refused to jump on board with bitcoin futures, despite talk of the contracts, which were launched by two US exchanges in December, adding an air of respectability to the crypto craze. Bitcoin futures are expected to attract a greater number of institutional investors this year.

DRY JANUARY? TOP TIPS FOR CUTTING OUT THE BOOZE P21

“I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about?” he asked. “We don’t own any, we’re not short, we’ll not grab a position in them,” Buffett added. Many investors are turning their attention to bitcoin and its rivals including Ripple, ethereum and

litecoin. Cryptocurrencies have already paid off for some of Buffett’s younger rivals, including early adopters such as the Winklevoss twins and veteran Silicon Valley venture investor Tim Draper. But opinion has been split, with some steering clear of what’s been described as a bubble, while regulators have warned investors they could lose everything. Earlier this week, JP Morgan Chase chief executive Jamie Dimon U-turned on his previous assertion it was a “fraud”, adding that “the blockchain is real”. Meanwhile, 87-year-old Buffett promoted two long-serving potential heirs to the Berkshire Hathaway throne, Gregory Abel and Ajit Jain, to vice chairs with board positions. There has long been speculation as to who will succeed Buffett, and when it will happen. Buffett revealed a successor had been identified back in 2015, but has remained tight-lipped as to who he has picked. Buffett, who is one of Apple’s biggest investors but does not own an iPhone, said the appointments were “part of a movement to succession over time” and Abel and Jain were “the two key figures”. Berkshire Hathaway’s famously valuable class A shares closed 1.26 per cent higher last night, at $308,350.

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Hammond to EU: It takes two to tango CATHERINE NEILAN AND JASPER JOLLY @CatNeilan @jjpjolly PHILIP Hammond last night criticised the “relative silence” of the EU over its desires for a future trading relationship and stressed the bloc must ditch any thoughts of “punishing” the UK. Speaking at the Die Welt economic summit dinner in Berlin, the chancellor sent a message to EU officials that “it takes two to tango” and urged leaders to start preparing for a future relationship that includes “high levels of access for goods and services”. “I know the repeated complaint from Brussels has been that the UK ‘hasn’t made up its mind what type of relationship it wants’ but in London, many feel that we have little, if any, signal of what future relationship the EU27 would like to have with a post-Brexit Britain,” he said. Hammond noted the “marked asymmetry” between the “enthusiasm” of some third countries to strike a future trade deal and the silence from Europe. “I am saying this to you... because I fear that many EU opinion-formers see this as a question only for British politicians, for British voters to resolve, before they engage with the EU27,” he said. £ CONTINUES ON P4

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CITYAM.COM

THURSDAY 11 JANUARY 2018

YACHT ARE YOU LOOKING AT? Nautical fans and exhibitors gather for a splashing good time at the London Boat Show

THE CITY VIEW

How Apple could upset its trillion-dollar cart

I

T HASN’T exactly been a happy new year for Apple. The tech giant rang in 2018 apologising to customers for deliberately slowing the performance of older iPhone models in a bid to spur new purchases. And this week, Apple investors Jana Partners and CalSTRS – which together own about $2bn of the company’s stock – ramped up pressure on the iPhone maker to address the effects of its products on children. Apple has a lot riding on 2018 – the year it is expected to become the world’s first trillion-dollar company. But to hit this mega milestone, Apple has to jump through some tricky hoops. Sales of Apple’s star product, the iPhone X, were stellar in multiple markets around the world, including the UK, for the three months to November. However, analysts have lowered iPhone X shipment projections for the first quarter of this year because of slowing demand at the end of the holiday season. Shipments are predicted to drop to 25m units in the first quarter of this year, down from 30m in the fourth quarter of 2017. Sinolink Securities analyst Zhang Bin said the high price may weaken demand in the first quarter, and therein lies Apple’s biggest obstacle. The tech goliath needs to push tech boundaries that justify product pricetags in the way that other tech titans sure are. Amazon, which is also tipped to become a trillion-dollar company this year, wowed nerds at the Consumer Electronics Show (CES) in Las Vegas this week with digital glasses compatible with its voice assistant Alexa. Another one that got people talking was a partnership with Kohler to make Alexa fill up bathtubs and flush toilets. All these innovations are expected to come at a price that does not break the bank. Apple, which does not attend the tech show, is not known for launching products as quickly or as inexpensively as its peers. This, analysts say, could hit its fanfare. No doubt Apple has come a long way from laptops and an overreliance on smartphones. Its superlative services business, which includes iTunes, Apple Music, Apple Pay and more, is a fast-growing arm that can easily keep customers hooked and investors happy. But with its market cap currently just shy of $900bn, investors will be closely watching Apple’s growth strategy when it unveils its first quarter 2018 earnings on 1 February. No pressure, Tim Cook.

Follow us on Twitter @cityam FINANCIAL TIMES

FERRERO NEARING DEAL FOR NESTLE ARM

Italy’s Ferrero is on the verge of formalising a $2.8bn (£2bn) deal to acquire Nestle’s US confectionery business, which includes brands such as Butterfinger, Nerds, Laffy Taffy and Crunch chocolate bars. The maker of Nutella and Tic Tacs candies prevailed in an auction process and is set to sign off on a deal on Sunday, according to people following the situation closely.

HEXAGON CHIEF ACQUITTED OF TRADING CHARGES

The chief executive of Swedish technology group Hexagon has been acquitted of insider trading by a court in Oslo, raising pressure on Norwegian

WHAT THE OTHER PAPERS SAY THIS MORNING

financial crime investigators. Ola Rollen was found not guilty of all charges last night, and immediately stated he was committed to staying as chief executive of Hexagon.

LONDON Boat Show kicked off in style yesterday, as an armada of 347 exhibitors descended on the ExCeL conference centre, closely followed by hoardes of boating enthusiasts. Here, a custom Bentley Continental GT Convertible Galene Edition car is displayed on the Princess stand. A princess of another sort was also present, as Princess Anne visited RNLI staff and volunteers.

Manufacturing leads way but construction wavers JASPER JOLLY, CAITLÍN MORRISON AND EMMA HASLETT

@jjpjolly @citycait @emmahaslett BRITAIN’S manufacturing industry recorded its largest output since before the financial crisis at the end of last year but the construction sector weakened, according to data published yesterday. The three-month rolling average of the index of manufacturing reached 104.9 in November 2017, the highest since April 2008, when it was 105.5, according to the Office for National Statistics (ONS). Manufacturing continued its recent strong run to grow by 3.5 per cent year-on-year in November, above the consensus estimate of 2.8 per cent, although the rate of growth slowed from the 4.7 per cent seen in the previous month. The broader index of production,

THE TIMES

GOVE BACKS RISING STARS TO CONTEST LEADERSHIP

which incorporates mining activity and the oil sector, grew by 2.5 per cent year-on-year in November, also above consensus expectations although slower than the previous month. Industrial production has now increased for eight months in a row, the first time this has been achieved since 1994, according to Samuel Tombs, chief UK economist at Pantheon Macroeconomics. Lee Hopley, chief economist at manufacturing lobbying group EEF, said: “A quick check in the rear-view mirror confirms that UK manufacturers were, in the main, in good shape as 2017 came to a close, with the majority of sub-sectors enjoying growth. “Exports continue to pick up with the pace of growth in goods headed overseas outpacing the rate at which we’re sucking in imports, enabling us to start chipping away at our sizeable trade deficit.”

THE DAILY TELEGRAPH

EX-BHS OWNER ATTACKS PENSIONS REGULATOR

Trade figures also released yesterday by the ONS showed the trade deficit narrowed by £2.1bn in the three months to November last year. The ONS said the narrowing of the total trade deficit was due to increased exports including works of art and cars, while the change in the trade in goods deficit was down to an increase in exports to non-EU nations. However, the good news for the UK economy was tempered by concerns for the bellwether construction industry, which saw output shrink for the sixth quarter in a row in the three months to November. ONS figures showed output contracted by two per cent in the three months to November, the largest fall since August 2012. However, on a month-on-month basis, output edged up 0.4 per cent between October and November.

THE WALL STREET JOURNAL

EMPLOYERS’ PAYOUTS TO SETTLE CLAIMS SURGE

A future Conservative leadership contest could be a battle between the defence secretary and the new education secretary, Michael Gove has said. The environment secretary foresaw a fight between Gavin Williamson and Damian Hinds.

Former BHS owner Dominic Chappell struggled to recall his own age in the witness box yesterday as he told a court he was “devastated” by the “outrageous” stance of the pensions watchdog after he took over the high street chain.

US employers are shelling out more money than ever to resolve legal fights over their treatment of workers. Settlements from the 10 biggest classaction suits reached a record $2.72bn (£2bn) last year, reports Seyfarth Shaw. That is up sharply from $1.75bn in 2016.

MAY WANTS PLASTIC-FREE AISLES IN SUPERMARKETS

GREENING ‘BLOCKED TUITION FEE CUTS’

FOX NEARS DEAL TO BUY LOCAL STATIONS

Supermarkets should introduce plasticfree aisles where all food is loose as part of a government pledge to cut waste, Theresa May will say today. The Prime Minister will commit to eliminating “avoidable” plastic waste within a quarter of a century.

Theresa May is now free to carry out reform of tuition fees after she sacked the two ministers who blocked her plans, her former chief of staff says. Nick Timothy says Justine Greening, the former education secretary, opposed plans for a review to cut tuition fees.

21st Century Fox is nearing a deal to buy about 10 television stations that Sinclair Broadcast Group is shedding as it seeks regulatory approval for its purchase of Tribune Media, according to people familiar with the matter. It comes as Fox prepares to sell assets to Disney.


THURSDAY 11 JANUARY 2018

CITYAM.COM

Spreadbetters brush off blow from watchdog

OLIVER GILL

@ojngill BRITAIN’S biggest spreadbetting firms yesterday shrugged off a damning assessment of the contracts for differences (CFD) sector by the City’s top financial watchdog. In a letter to the spreadbetting chief executives, the Financial Conduct Authority (FCA) uncovered “flawed” processes, “significant weaknesses” and conflicts of interest. Consumers are at “serious risk of harm from poor practices in this sector”, the FCA said. Shares in IG Group, CMC Markets and Plus500 fell between two and five per cent, a far cry from the sectorwide plunge that followed the announcement of a regulatory crackdown just over a year ago. IG, the largest of the listed trio, welcomed the FCA review. “We believe that stricter supervision of those firms who do not comply will

lead to improved client outcomes in the industry,” IG said. CMC insisted the FCA findings will not “have any additional financial impact on the group.” Plus500 added: “The guidance contained in the letter is not directly applicable to its business model.” The FCA review found between July 2015 and July 2016 more than threequarters (76 per cent) of retail customers lost money using CFDs. The watchdog said: “You should consider whether your firm complies with the FCA’s requirements when providing or distributing CFDs to retail customers on an advisory or discretionary basis. “Following our feedback to them, several firms have said they intend to stop providing CFDs to firms that distribute this product on an advisory or discretionary basis. Others are no longer distributing this complex, high-risk product on these bases to retail consumers.”

NEWS

03

Government is prepared for Carillion failure OLIVER GILL

Like-for-like grocery sales jumped 2.3 per cent over Christmas at the supermarket

Argos helps boost Sainsbury’s to best-ever Christmas period OLIVER GILL @ojngill SAINSBURY’S yesterday posted record Christmas trading, with online sales boosted by “stellar growth” from Argos. Total like-for-like sales grew by 1.1 per cent, within which grocery grew by 2.3 per cent. Online

groceries and convenience sales rose by 8.2 per cent and 7.3 per cent respectively. Full-year profits are expected to be “moderately” ahead of consensus expectations, Sainsbury’s said. But chief executive Mike Coupe tempered the announcement by stressing Sainsbury’s remains locked in a “challenging market”.

@ojngill THE GOVERNMENT yesterday admitted it has prepared for the failure of troubled contractor Carillion after shares collapsed by more than 90 per cent in a year. But Cabinet Office parliamentary secretary Oliver Dowden insisted ministers were “working closely” with key suppliers such as Carillion and remained “committed to maintaining a wealthy supplier market”. The comments came as Carillion yesterday tried to convince lenders to plug a funding hole of hundreds of millions of pounds. Over the weekend, the Wolverhampton-headquartered firm said it would present a business plan to lenders led by Royal Bank of Scotland, Barclays and HSBC this week. The proposals are set to include a pathway to return Carillion to profitability in return for expected concessions. City analysts have warned what little value is left in Carillion’s share price may be wiped away by its bankers taking control.

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THURSDAY 11 JANUARY 2018

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Shadow chancellor McDonnell will rub shoulders with Davos elites CATHERINE NEILAN @CatNeilan AVOWED anti-capitalist John McDonnell is going to the World Economic Forum in Davos in order to tell the assembled billionaires and world leaders why the market economy has failed. The shadow chancellor was invited to the annual event in the Swiss Alps and “will use the opportunity to set

out why it is vital we rewrite the rules of the global economy”, his spokesman said yesterday. “He will further explain Labour’s vision for an alternative economic approach to replace the current model of capitalism that has failed the many; and led to an unsustainable concentration of wealth and power in the hands of a few.” The spokesman said McDonnell –

who is attending alongside US President Donald Trump – will “raise the problem of growing inequality across the developed world, and the need for countries and corporations to work closer together to clamp down tax avoidance and evasion”. More than 2,500 people are expected at this year’s conference, including Prime Minister Theresa May and French President Emmanuel Macron.

John McDonnell is bound for the expensive Swiss ski resort of Davos

Brexit on menu as City chiefs head to No 10 CONTINUED FROM FRONT PAGE Hammond also urged the EU to consider “putting behind us any narrative of ‘punishment’ for leaving and [start] focusing on the mutually beneficial relationships we have now and can continue in the future”. He was speaking the night before he, Prime Minister Theresa May and Brexit minister Robin Walker meet banking chiefs in the latest of Downing Street’s regular roundtables, aimed at better engaging business. It follows accusations that the key industry was frozen out in the run up to last summer’s General Election. Around a dozen senior figures from firms including Goldman Sachs, Barclays and HSBC are expected to attend. A source at one of the firms told City A.M. they were hoping to use the meeting to impress the need for early clarity and certainty around the transition period. It is the first meeting with City chiefs since the UK was granted sufficient progress by the European Council, meaning post-Brexit transition and trade can now be discussed.

Downing Street confirmed there would be “various CEOs and European chiefs of financial institutions who have a presence in the UK”. Prominent bank leaders expected to attend the meeting, which was first reported by Sky News, include Goldman Sachs’s top London banker, Richard Gnodde, and HSBC chairman Mark Tucker. A senior banker from JP Morgan and Barclays chief executive Jes Staley have also been invited, City A.M. understands. Agreeing a transitional deal with the EU to allow financial services firms on both sides of the Channel to continue to serve clients after Brexit in March 2019 is seen by bank bosses as a vital step in protecting the City. However, during an interview with the BBC the chief executive of the Berlin stock exchange, Artur Fischer, said he expected that financial services would suffer a hard Brexit, without a bespoke deal for the sector. “My feeling is that now for about one year we more and more come to the conclusion that it will be a hard Brexit when it comes to financial services,” he said.

National Audit Office will probe the £39bn Brexit divorce bill CATHERINE NEILAN @CatNeilan THE NATIONAL Audit Office (NAO) yesterday said it is investigating the £39bn cost of the so-called divorce bill, agreed by Theresa May in order to push ahead in Brexit negotiations. Earlier in the day, Treasury Select Committee chair Nicky Morgan had revealed she had written to Amyas Morse, the head of the NAO, asking him to “examine the reasonableness” of the settlement. “Parliament must be able to

scrutinise the reasonableness of this bill. Accordingly, I have written to Sir Amyas to request that the NAO examines the withdrawal payment, including the assumptions and methodologies used,” Morgan said. Morse said the team was already on the case. He said: “I can confirm that we intend to report on the main elements of the financial settlement with the EU. We are already in discussions with HM Treasury aimed at planning our work. I expect our report to be published in late March.”


THURSDAY 11 JANUARY 2018

CITYAM.COM

European stocks set to pay record 2018 dividends

LUCY WHITE

@LucyGJWhite EUROPEAN stocks are set to pay out a record €323bn (£286bn) in dividends this year, according to investment manager Allianz Global Investors. At 7.7 per cent more than last year, Allianz believes the rise in payouts means corporates are paying more attention to shareholder interests. “We haven’t had such an optimistic outlook as we do going into 2018 for quite some time,” said Jorg de VriesHippen, chief investment officer at Allianz’s equity Europe team. “The economy in Europe is running well and corporate profits are expected to continue to develop positively, which has a positive impact on companies’ dividend payments and pay-out ratios.” In the UK, Allianz’s Simon Gergel predicted that insurance companies like Prudential and Legal & General and banks like Lloyds and Barclays

should provide good dividend growth. “Elsewhere, higher commodity prices and efficiency savings are supportive of the large payments from the big oil companies and the mining sector,” he added. Last year, the highest average dividend yield – or how much a company pays out each year relative to its share price – was not found in the UK, which has traditionally been the most important market for dividend hunters in terms of volume of stocks. Instead, Portugal offered the highest dividend yield at 4.47 per cent. Spain and Finland followed, while the UK ranked fourth at 3.98 per cent. Germany was in 11th place, with 2.51 per cent. “Decisive factors are the individual amount of the dividend and how a company can translate expected cash flows into a sustainable dividend policy,” said De Vries-Hippen. “At the moment, oil, telecoms and insurance stocks are attractive.”

NEWS

05

Saudi bourse adjusts rules to attract funds ANDREW TORCHIA

A full update on Royal Mail’s pension and pay talks will be delivered tomorrow

Royal Mail talks make ‘progress’ raising hopes of breakthrough OLIVER GILL @ojngill ROYAL Mail pension and pay talks have delivered “substantial progress” across all four critical points, with its main union preparing a major announcement outside the negotiating room tomorrow. Hopes will be raised a deal has been

struck over a bitter year-long dispute. The Communication Workers Union (CWU) has been locked in topsecret discussions with execs from Royal Mail since October, in the latest round of talks to avert Britain’s first post-privatisation postal strike. On Tuesday night the CWU said it had been advised that “substantial progress” had been made.

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SAUDI Arabia’s stock exchange is adjusting its rules to make it easier for foreign investors to trade – steps that may help the bourse absorb a huge IPO by oil giant Saudi Aramco this year, the exchange’s chief executive said yesterday. Trading limits will be made more flexible for the exchange’s independent custody system, Khalid al-Hussan said. The system allows foreign investors to use a global custodian bank rather than a local broker to hold their assets. Foreign asset managers will be allowed to aggregate the orders of their portfolios and funds, helping them obtain better prices. Both changes will take place by 21 January. Meanwhile, Saudi Aramco is working to secure billions of dollars in cheap loans from banks seeking to strengthen their ties with the oil giant before its stock listing, banking and export credit agency (ECA) sources said. Citigroup, Standard Chartered and Sumitomo Mitsui Banking Corp were advising on the transactions, which two sources said could raise at least $5bn (£4.4bn) to $6bn, all Reuters with ECA-backing.

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THURSDAY 11 JANUARY 2018

CITYAM.COM

Bond market jitters spread as Asian policymakers prompt big questions @jjpjolly THE SELL-OFF in bond markets around the world continued yesterday as investors nervously eyed Asian central bank actions and prominent investors questioned whether the long-running bond bull market was finally turning. The yield on the US 10-year Treasury shot up to just short of 2.6 per cent last night, its highest point

since March 2017, while Japanese 10year Treasuries hit an almost six-month high of 0.087 per cent. Bill Gross, nicknamed the “bond king” during his time at US investor Pimco, this week said late last night that his Janus Henderson fund is now shorting government bonds, which have entered a “bear market” as central banks consider reining in their loose monetary policy. The drop in prices, which move inversely to yields, was given

impetus yesterday by Bloomberg reports that Chinese government officials are considering slowing or halting US Treasury purchases. The exit of a major buyer of US Treasury bonds from the market could add significant pressure to prices. This came after the Bank of Japan dialled back its purchases of longerterm Japanese government bonds, a move which triggered speculation that the central bank is planning to slow quantitative easing purchases.

Rising wholesale fuel costs are pushing pump prices higher

Drivers warned of ‘misery’ as oil prices march up

COURTNEY GOLDSMITH

@courtneynoelg BRITISH motorists were warned to expect “pump price misery” throughout 2018 as oil prices headed towards $70 a barrel for the first time in more than three years. The RAC said a knock-on effect will likely push pump prices higher as the cost of wholesale fuel rises. Its Fuel Watch data showed oil prices were last over $70 a barrel on 3 December 2014. The average price of petrol currently stands at 121.27p a litre while diesel is at 123.97p, having risen from 2017 lows of 114.33p and 115.02p respectively, the RAC said. In the last two months alone, petrol prices have risen nearly 5p a litre, and the RAC expects prices to rise further in 2018 if $70 a barrel oil becomes the new normal. Oil prices sat at near three-year

highs yesterday, but data from the US Energy Information Administration (EIA) somewhat slowed their upward march. The EIA data said crude stockpiles fell by 4.9m barrels, more than the 3.89m barrel draw analysts had pegged, according to Thomson Reuters. This came after data from the American Petroleum Institute on Tuesday showed US crude inventories falling by 11.2m in the week to 5 January. The EIA data also showed gasoline inventories increased to 4.1m barrels while dealers expected a 2.6m increase. A knee-jerk drop sent Brent crude oil to an intra-day low of $68.75 a barrel, but it soon recovered to trade around $69 again. Earlier in the day it reached a high of $69.37 a barrel. US West Texas Intermediate (WTI) prices reached a December 2014 high of $63.67 a barrel earlier on.

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THURSDAY 11 JANUARY 2018

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Interserve leaps after contract worries subside

OLIVER GILL

@ojngill INTERSERVE investors were sent into a frenzy yesterday on an announcement the support services firm had nipped contract woes in the bud. Determined not to be tarred with the same brush as rival Carillion, Interserve said annual performance would be in line with October guidance. Shares closed up almost 20 per cent yesterday in response. Interserve, which employs 80,000 people worldwide, had previously shocked investors in September with a surprise trading announcement. Concerns of contractor contagion surfaced in September when new Interserve boss Debbie White revealed “disappointing” trading in July and August alongside a statement which said costs to exit its misadventure into the waste business would “significantly exceed” the £160m previously guided. The firm’s stock market valuation halved within a day in September. Accountants from PwC were drafted in to review contracts, while

consultants from Oliver Wyman are helping to sort out strategic objectives. EY is advising a syndicate of lenders that includes Lloyds, RBS, HSBC and Santander. The firm said it had established a new management team “engaged in a comprehensive review of the group’s contract portfolio and a thorough review of the group’s non-trading balance sheet items”. White added: “The new management team, and the board, have been working to stabilise the business and provide a sound foundation to continue to serve our customers effectively, underpin our future growth and to restore shareholder value.”

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BIG PHONE BILL Carphone Warehouse fined £400,000 over 2015 data breach

CARPHONE Warehouse has been ordered to pay £400,000 after hackers gained access to the personal data of 3m customers. Information commissioner Elizabeth Denham said it was “concerning” that the retailer had not had tight security.

PageGroup posts double-digit growth in all markets except UK ALYS KEY @alys_key SHARES in recruiters PageGroup jumped more than nine per cent yesterday after it increased annual gross profits by 10 per cent. But performance in the UK continued to lag behind, with profits falling, in contrast with 22 other countries in which the firm had record gross profit. Gross profit was up 9.9 per cent for the year on a constant currency basis to £711.6m. The company also

expects operating profit to be ahead of consensus. In the Europe, Middle East and Africa region, which accounts for almost half of the business, gross profits increased 15 per cent. Double-digit growth was also recorded in the Americas and Asia Pacific, but annual profits dropped by 3.8 per cent in the UK. Group chief executive Steve Ingham said the decline was due to “challenging market conditions, with the macro environment impacting some clients and senior candidates”.

NEWS

07

Taking stock: Struggling M&S steals Dixon Carphone’s finance director HELEN CAHILL @HelCahill MARKS and Spencer has pinched Dixons Carphone’s finance director as it bids to revive its sales. Humphrey Singer was finance director at Dixons Carphone from 2014 onwards, and has held finance positions at other major consumer brands, such as Cadbury Schweppes and Coca-Cola. He is also a non-

executive at Taylor Wimpey. At M&S, Singer will receive a base salary of £600,000, slightly more than the £590,000 annual salary of Helen Weir, who he is replacing. Weir will stay in post until 31 March, when she will leave the business to build up a portfolio career. M&S’ chief executive Steve Rowe said: “As we embark on our five-year transformation programme, Humphrey will be a great addition to the top team. His

experience as part of the team that led Dixons through its period of change and migration to multichannel retailer is most relevant to what we are undertaking here.” The news comes ahead of M&S’ update on Christmas trading. Rowe is seeking to follow through on a promise to bring the retailer’s clothing sales back into growth, and will need to show he can turn around a recent decline in food sales.


THURSDAY 11 JANUARY 2018

CITYAM.COM

RYANAIR LOSES CROWN Rival Lufthansa records higher 2017 passenger numbers

@lynseybarber DAIMLER has taken a stake in an innovative British mapping startup that created an entirely new postcode system for Mongolia last year. The German car maker behind Mercedes has taken a 10 per cent stake in What3words, a startup creating a three-word address for each nine square area on the planet.

Car makers join to launch $1bn venture fund

LUCY WHITE

@LucyGJWhite RENAULT, Nissan and Mitsubishi yesterday launched a new venture capital fund, Alliance Ventures, which plans to invest up to $1bn (£740m) over the next five years. The firm, which is set to become the largest corporate venture capital fund in the automotive industry, expects to plough up to $200m into startups and partnerships in its first year. Renault and Nissan will each provide 40 per cent of the capital, while Mitsubishi Motors will add the other 20 per cent. Alliance has already made its first deal, in US battery technology company Ionic Materials. As well as acquiring part of the company, Alliance has agreed a research and development partnership with Ionic – which could help drive innovation in electric cars. By the end of 2022, Renault, Nissan and Mitsubishi plan to launch 12 pure electric models, bring to market 40 vehicles with autonomous drive technology and develop robo-vehicle ridehailing services.

“Our open innovation approach will allow us to invest and collaborate with startup companies and technology entrepreneurs, who will benefit from the global scale of the Alliance,” said Renault-Nissan-Mitsubishi’s chairman and chief executive Carlos Ghosn. The three car manufacturing businesses together sold 10m vehicles last year, through 10 separate brands. With the new fund, they intend to generate a “fair financial return”. The fund is also a key part of Renault-Nissan-Mitsubishi’s Alliance 2022, which aims to double the “annualised synergies” – or how much the companies can save by working together – to more than €10bn (£8.9bn) by the end of 2022. The firms hope their combined revenues will hit €240bn by then, while annual unit sales will exceed 14m. Alliance Ventures will be led by Francois Dossa, who accumulated more than 20 years’ experience in investment banking at firms such as Societe Generale before becoming the chief executive of Nissan Brazil. The group will be recruiting more venture capital experts.

Khan: Give TfL more commuter routes to tackle ‘terrible service’ REBECCA SMITH @BexKSmith SADIQ Khan yesterday said it was “vital” the government devolves more commuter routes to Transport for London (TfL) to tackle the “terrible services” passengers experience. His comments were in response to a new National Audit Office report, which found passengers on the Thameslink, Southern and Great Northern (TSGN) franchise suffered the worst service on the rail network. Parliament’s spending watchdog

said the franchise had not delivered value for money. Mayor of London Khan said the report was “yet more damning evidence of the terrible services inflicted on London’s rail passengers by Govia Thameslink and the government”. “It’s vital that the government leaves behind its broken franchise model and devolves more commuter routes to TfL,” he added, and said Londoners would get the “highvolume, high-frequency suburban metro services they deserve”.

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Daimler invests in British startup mapping the world with words LYNSEY BARBER

LOW-COST airline Ryanair has slipped from the top spot as Europe’s biggest airline by passenger numbers, with German rival Lufthansa flying ahead. Lufthansa said yesterday it welcomed 130m passengers last year, while Ryanair said it flew 129m.

NEWS

The deal, the value of which has not been disclosed, follows the two working together on a feature for Mercedes vehicles that lets drivers get to destinations just by saying or typing the three words. “With Mercedes-Benz User Experience, we have moved one big step closer to our goal of making the vehicle into a mobile assistant,” said Daimler’s head of digital and mobility. “Our collaboration with

What3words is heading in exactly this direction: inputting locations in a simple way makes life easier for our customers and ensures a special experience. For this reason, we will further expand out cooperation with What3words in future and develop new fields of application.” The startup, founded in 2013, boasts several existing backers, including Force Over Mass Capital, Horizon Ventures and Intel Capital.


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THURSDAY 11 JANUARY 2018

EVERY LIDL HELPS Discounter produces double-digit sales rise

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FAST-GROWING discounter Lidl said yesterday that its sales in the month of December grew 16 per cent year-on-year. Lidl’s busiest day was 22 December as families stockpiled food for the big day.

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Taylor Wimpey lifts number of completions

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Burford invested $1.3bn in litigation last year

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@citycait HOUSEBUILDER Taylor Wimpey increased home completions during 2017 and said it expects further growth over the next 12 months. The FTSE 100-listed firm reported five per cent growth in completions, which hit 14,541 last year, up from 13,881 in 2016. The group said the average selling price on private completions increased by three per cent to £296,000 from £286,000. Taylor Wimpey said its order book was valued at £1.6bn at the end of 2017, excluding joint ventures, and said it “ended the year in a robust position”, with net cash of £512m, having paid out £450m in dividends to investors last year. The housebuilder said it will report results in line with expectations for the 2017 financial year, along with an improved operating profit margin of 21.2 per cent. The company expects to pay out a total dividend of £500m in the 2018 financial year. “We achieved a strong financial and operational performance in 2017 and are continuing to deliver against our strategy. Despite wider macroeconomic uncertainty, housing market fundamentals remain solid and our trading performance has been good,” said chief executive Peter Redfern. “We were particularly pleased with the improvements in our customer satisfaction metrics during the year, which were the result of a number of changes made to our approach in 2016. In the last six months we recorded average customer satisfaction scores of over 90 per cent, and we will continue to prioritise making further improvements in this area.”

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LUCY WHITE @LucyGJWhite LITIGATION finance firm Burford Capital, backed by investors including Invesco and star fund manager Neil Woodford, is weighing up a new bond issuance as it revealed it invested $1.3bn (£960m) in legal cases last year. The total, more than triple the amount it ploughed into litigation financing in 2016, comes as Old Mutual recently upped its stake in Burford to become a top five investor. Over the past year, Burford has taken a number of bigname cases onto its books. It invested $45m in a FTSE-listed company – understood to be BT – to fund current and future claims, and shift legal costs off the business’s balance sheet. It also pumped €30m (£27m) into Hausfeld, a firm which is pursuing claims related to the Volkswagen emissions scandal, to help the firm establish a new office.


THURSDAY 11 JANUARY 2018

CITYAM.COM

Christmas cheer: Ted Baker’s shares take off as winter sales heat up HELEN CAHILL @HelCahill TED BAKER’S shares took off yesterday after the brand unveiled strong sales for the Christmas period. For the eight weeks from 12 November to 6 January, retail sales grew by six per cent, and online sales jumped 35 per cent. E-commerce now represents just over 30 per cent of Ted Baker’s business, but the high-end high street chain is still increasing its physical presence, with average retail square footage rising by 5.9 per cent over the period. By the close, Ted Baker’s stock was up by 9.94 per cent to 3,118p. Ted Baker is regarded by analysts as a strong performer in the retail space, having proved its ability to grow its sales despite tough trading conditions. The firm repeated its warning

yesterday that conditions will “remain challenging” in the year ahead, but the market’s response to its Christmas figures suggest there is confidence Ted Baker will prevail. Ray Kelvin, founder and chief executive of Ted Baker, said: “The Ted Baker brand has continued to perform in line with expectations over the Christmas period.”

TED BAKER 3,150 3,100 3,050 3,000 2,950 2,900 2,850 2,800

3,118 10 Jan

4 Jan 5 Jan 8 Jan 9 Jan 10 Jan

ALYS KEY

The shift towards online spending is putting profit margins under pressure

Moss Bros’ stock slumps 16 per cent on profit warning 16%

@HelCahill MOSS Bros’ shares tumbled 16 per cent yesterday after the retailer warned on its profits. In an update on Christmas trading, Moss Bros said its full-year profits will be between £6.5m and £6.8m, below analysts’ expectations.

TOP SCORE Fast fashion brand Quiz charges ahead with strong festive revenues online and in international markets SCOTTISH-BASED fashion brand Quiz boasted double-digit sales growth over Christmas, bolstered by its online and international operations. Group revenue rose by 31.9 per cent over the seven weeks from 19 November to 6 January.

The firm said it faced a “very challenging consumer backdrop”, and that footfall was lower than anticipated in December, the busiest time of year for retailers. Shares closed down at 75.6p. Patrick O’Brien, UK research director at Global Data, said nonfood retailers were “struggling”, and predicted more profit warnings for the sector.

Superdry’s strong holiday performance marred by results

Shoezone misses a step but budget firm survives tough year

HELEN CAHILL

HELEN CAHILL

@HelCahill SUPERDRY announced a positive Christmas performance yesterday, but its shares fell after it unveiled a drop in profits. For the 26 weeks ended 28 October 2017, group revenue was up 20.4 per cent to £402m, which included a £12m boost from foreign exchange rates. Wholesale sales increased by 34.1 per cent to £159.3m, and retail revenue rose 12.8 per cent to £242.7m, which represented like-for-like sales growth of 6.3 per cent.

@HelCahill SHOEZONE’S sales edged downwards in 2017, but the discount shoe shop survived a rocky year for nonfood retailers. For the year ended 30 September, Shoezone’s revenue fell 1.2 per cent, down from £159.8m to £157.8m. The retailer said the sales drop reflected the closure of loss-making stores. E-commerce drove growth at the discount shoe retailer, however, with online sales rising 34 per cent. Profits were also down, falling 7.7 per cent to £9.5m.

@alys_key LUXURY leather goods company Aspinal of London maintained momentum last year as an improved online business helped to push up sales. The brand, which primarily makes high-end handbags, wallets and purses, reported a 24 per cent rise in sales to £29.4m in the year to March 2017. This kept pace with a 27 per cent rise in sales during the same period the year before. Much of the growth was down to improvement of e-commerce operations. Using data to increase repeat purchasing and the amount bought by each customer, Aspinal pushed up online revenue by 36 per cent. Aspinal noted that it had opened new stores in Leeds and Edinburgh, as well as new concessions stands, increasing the number of retail locations to 24 from 21.

City of London update

Tackling rough sleeping in the Square Mile

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HE City Corporation is running a poster campaign until the end of January in high footfall areas across the Square Mile to highlight how people can make referrals and donations to support services helping to tackle homelessness. A range of new services is helping the City Corporation’s outreach team, delivered by St Mungo’s, to deal with rough sleepers who require specialist professional intervention. Plans include the commissioning of new specialist beds for those struggling with drug use and mental health issues, a specialist mental health worker focusing on longer

Christmas trading at the retailer was strong, with group revenue rising by 12.6 per cent year-on-year to £215.6m. This translated into like-for-like sales growth of 4.7 per cent. But pre-tax profit fell from £12.7m to £9.1m, a drop of 28 per cent, due to value movement on its forward currency contracts. Frederik Nassauer from Aberdeen Standard Investments, which owns 7.5 per cent of Superdry’s stock, said the retailer was taking advantage of the consumer shift to online shopping and was producing new products that resonated with its customers.

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Aspinal bags steady growth via e-commerce

HELEN CAHILL

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term triggers, an outreach welfare specialist and expanded access to detox and rehabilitation treatment. If you are concerned about a rough sleeper you can report via streetlink.org.uk, through the StreetLink app or calling 0300 500 0914.

Crime and punishment THE troubled lives of convicts in 18th and 19th century London provide the focus of a free exhibition now on at London Metropolitan Archives. Criminal Lives, 1780-1925: Punishing Old Bailey Convicts looks back to when imprisonment was becoming the dominant method of punishing offenders. This represented a shift from retribution inflicted on convicts’ bodies to attempts to reform their minds. The exhibition uses prints, photographs and original documents from the Old

Bailey archives as well as items including a policeman’s truncheon, a reproduction Millbank Prison uniform, and convicts’ photographs. cityoflondon.gov.uk/lma

News, info and offers at www.cityoflondon.gov.uk/eshot


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Ethereum bucks gloomy crypto trend as it climbs to a record high COURTNEY GOLDSMITH @courtneynoelg WHILE nearly all major cryptocurrencies traded in the red yesterday, ethereum shot up to an alltime high. Ethereum, which recently reclaimed its spot as the second biggest cryptocurrency by market capitalisation, rose in double digits to an all-time high of $1,417,

according to Coindesk’s aggregate price index. Meanwhile, bitcoin dropped below $14,000, and Ripple, which just last week shot up to near $4, traded as low as $1.70. Along with many other cryptocurrencies, ethereum’s ether token rode the current of bitcoin mania in 2017. The digital currency is up more than 13,000 per cent in the last year, and its market cap

reached a high of $137bn (£121bn) yesterday, compared with bitcoin’s value of around $240bn, according to Coinmarketcap. Unlike bitcoin, which was created as an alternative to fiat currencies, ether is the token that fuels the ethereum blockchain, and it aims to be a “world computer” that uses a blockchain to replace internet third parties, which store data in clouds and servers.

Modern technology within an elegant, historic space Conferences Meetings Private Dining Special Occasions Weddings

Tullow Oil reduced its debt by more than $1bn in 2017

Tullow’s cash flow boosted by strong oil prices COURTNEY GOLDSMITH @courtneynoelg ROBUST production and rising oil prices helped drive strong cash flow at Tullow Oil as the firm works to slash its debt. In a trading update yesterday, Tullow said it expects to report free cash flow of $500m (£370m) for the year to the end of December, “significantly” exceeding its forecasts. The increased cash flow has allowed Tullow to continue to pay down its debt following a refinancing package in November. Net debt is expected to be $3.5bn at the year end, a reduction of $1.3bn over the course of 2017. Tullow said the positive turn came about due to strong production performance, rigorous cost discipline and a rising oil price. “After the near-death experience of early 2016, Tullow looks like it’s turned a corner,” said Nicholas Hyett, equity analyst at Hargreaves Lansdown. “Falling debt and new borrowing facilities have given the group extra breathing space, while increasing

One Moorgate Place is a Grade II listed venue tucked away in the heart of Central London. With spaces such as the Main Reception Room and Members’ Room that boast Victorian opulence, elegance and charm, they are perfect for private dinners or small wedding receptions. Our Great Hall, recently refurbished, has been transformed into a modern understated space, with floor length lights illuminating the room with a twinkly glow and wall to wall draping to create a welcoming atmosphere. The Great Hall is an incredibly versatile space, with the most up to date in AV technology so you can adapt the space to your exact requirements.

production and a healthier oil price environment means more money is coming through the door. “While the group has kept a tight grip on spending, improved conditions means Tullow is renewing its focus on exploration and development. It’s an area where the group has an excellent track record, and recent progress in east Africa bodes well.” Tullow said 2017 oil production in west Africa, where its Jubilee and Ten oilfields are located, exceeded expectations for the year, averaging 89,100 barrels of oil per day. The company expects to produce between 86,000 and 95,000 barrels of oil equivalent per day in 2018. Paul McDade, the firm’s chief executive, said recent licence additions in the Ivory Coast and Peru give the company a strong foundation to grow the business and further reduce debt. After a strong 2017, he said: “Over 2018 we expect to continue this positive momentum.” Tullow expects to report revenue of around $1.7bn and gross profit of $800m for the year.

Energy price cap could come into effect by Christmas COURTNEY GOLDSMITH

For further information about One Moorgate Place please contact us on the details below: www.onemoorgateplace.com +44 (0)20 7920 8613 events@onemoorgateplace.com

@courtneynoelg THE GOVERNMENT’S plan to cap energy prices could come into effect by Christmas, but legislation would need to be ready before parliament’s summer recess. Speaking at a Business, Energy and Industrial Strategy Select Committee meeting, Dermot Nolan, the chief executive of Ofgem, said the bill would need to receive royal assent, meaning the Queen formally approves it and makes it law, before

the summer recess on 20 July. Prime Minister Theresa May announced plans to intervene in the energy market with a temporary price cap to tackle “rip-off energy prices” in October, and ministers are aiming to get the cap in place by next winter. Meanwhile, Energy UK will today announce that a record 5.5m customers switched energy supplier in 2017, up 15 per cent from 2016. The industry is working to get customers more engaged with their bills and improve competition.


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THURSDAY 11 JANUARY 2018

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CURRENCY TRANSFERS ADVERTISEMENT FEATURE

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THURSDAY 11 JANUARY 2018

Facebook tries to outsmart Alexa with launch of $499 home device LYNSEY BARBER @lynseybarber WATCH out Amazon, it looks like Facebook is about to muscle in on smart home territory. The social networking giant is poised to launch a device for chatting via video, according to a report, similar to Amazon’s Echo Show which is a smart speaker with a screen powered by the Alexa voice assistant. The device will be called Portal and be priced at $499 (£369), online news network Cheddar reports, and is set to make its debut at Facebook’s developer conference in May. Suggestions about Facebook’s work on such a device first surfaced last year, and the mooted launch of the product – its first self-built hardware – would come at a time when the battle for people’s time and attention at home beyond the smartphone is heating up. But the move also comes as

Facebook is headed by Mark Zuckerberg

Hospitality and car industries boost salaries REBECCA SMITH

questions are being raised about Facebook’s influence and a broader turning of the tide against the pervasiveness of technology. Facebook has already made a move into producing original video content, with Facebook Watch

unveiled in August last year. Apple is also set to launch its own smart home speaker. The device was first announced last summer but its launch has been delayed, meaning Apple missed out on the crucial Christmas shopping season.

YOUR GOLF TRAVEL PRESENTS

AIM FOR THE STARS

@BexKSmith INDUSTRIES including hospitality and agriculture were among those boosted by increases in advertised pay last year, according to new analysis. A report by job board CV-Library assessed average advertised salaries in UK industries in 2017 compared with 2016, and hospitality came top with pay up 10.4 per cent. That was followed by the automotive industry, agriculture, property and retail, with salaries up 10.2 per cent, 9.5 per cent, 8.5 per cent and 8.1 per cent respectively. CV-Library founder Lee Biggins said: “Interestingly, some of these industries are ones that could be struggling because of a lack of EU workers – agriculture and hospitality for example are heavily reliant on this labour, which could explain why higher pay is being offered.� Vicky Pryce, chief economic adviser at the Centre for Economics and Business Research, said: “What seems to be happening across many sectors is that many businesses until now have

reacted to the uncertainty over final Brexit arrangements by being cautious and meeting increased demand largely by hiring more workers, many of them though not exclusively from the EU, rather than by investing.� “There is a limit on how far you can go with this strategy and remain competitive and the problems have been accentuated in most sectors, including retail and agriculture, by a less forthcoming supply of migrant labour in the aftermath of the Brexit vote. As a result salaries being offered are reported to be rising in many areas,� she added.

10 INDUSTRIES WITH THE HIGHEST PAY RISES IN 2017 NAME Hospitality Automotive Agriculture Property Retail Media Design Construction Charity IT

RISE 10.4% 10.2% 9.5% 8.5% 8.1% 7.5% 7.5% 6.9% 6.6% 5.1%

TAP AND GROW Apple Pay and Google Pay popularity set to increase this year

26 TH-28 TH FEBRUARY 2018

The Celebrity Invitational at PGA Cataluyna LVD0867LQWKHJROĆQJFDOHQGDU Enter as a team of 3 for this unique competition. ALL FOR JUST £2,250 PER TEAM (£750 PP) What the the Celebrity Invitational includes: - Airport Transfers - 2 Nights Stay at 5* Hotel Camiral - Practice Round on Monday - 2 Rounds of Golf on the stunning tunning Stadium Course and To our Course Co - All Food and Drink including a BBQ Lunch - Gala and Prize Presentation

Please contact Rhys Weston for further information 020 7336 5416 or rhysw@yourgolftravel.com m//events//celeb-am c www.yourgolftravel.com/

EUROPE’S NO.1 5 STAR RESORT

A FORECAST from eMarketer estimates 22 per cent of those with smartphones will be using their phone to pay by the end of 2018, up from 13 per cent in 2016 and the equivalent of 9.2m people. The pace of growth will slow in the long term with the ubiquity of contactless cards thought to be holding back the uptake of mobile pay.

Firm directors face high rates of workplace performance anxiety REBECCA SMITH @BexKSmith THOSE in senior positions are more prone to experiencing “workplace performance anxiety� than in any other role, according to a new study by Rada in Business. The commercial subsidiary of the Royal Academy of Dramatic Art (Rada), which works with UK firms to transfer actor training techniques like improvisation to the workplace, surveyed 1,000 firms in the report released yesterday.

It found that despite their authority, senior directors feel workplace anxiety an average of 10 times per month, twice the national average across the UK workforce. The report found the biggest issue for directors was around communicating, affecting 94 per cent of those surveyed. Just under 40 per cent of senior directors cited networking with new business prospects and pitching as the situations where they feel the most uncertain about their performance.


THURSDAY 11 JANUARY 2018

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CITY DASHBOARD LONDON REPORT

Another fresh record as bank shares rally

A

RISE in banks and oil stocks boosted the UK’s top share index to a fresh record yesterday as climbing bond yields supported financials across Europe. Britain’s blue-chip FTSE 100 index was up 0.2 per cent at 7,748.51 points, a new closing record and outperforming the broader European market, while mid-caps declined 0.6 per cent. British banks joined in a rally with European peers as bond yields rose. The gains in financials added 37 points to the FTSE. “When there’s movement in the bond yields, the UK banks do benefit from that in a number of ways. Firstly, they make higher revenues in terms of their returns,” John Moore, trader at Berkeley Capital, said. “We think UK banks could do quite well despite the uncertainty, purely because we see them as undervalued.” Royal Bank of Scotland led the FTSE 100, up 4.6 per cent after Morgan Stanley upgraded its rating on the stock to “overweight”. Morgan Stanley said RBS was the most resilient UK bank in an uncertain outlook.

TOP RISERS 1. Royal Bank of Scotland up 4.6 per cent 2. HSBC up 3.81 per cent 3. Prudential up 3.28 per cent

TOP FALLERS 1. Taylor Wimpey down 4.16 per cent 2. Paddy Power Bet. down 3.69 per cent 3. Rolls-Royce Hldgs. down 3.21 per cent

RBS peers HSBC and Standard Chartered also gained 3.7 and 3.3 per cent as banks across the region rallied, with the pan-European banks index at a two-year high thanks to rising bond yields. Yesterday was another day dominated by Christmas updates from retailers, with shares in grocer Sainsbury’s advancing 1.9 per cent after it beat forecasts slightly in its Christmas trading update. This continued a positive theme for food retailers over the festive period as HSBC was one of the banking stocks that rallied yesterday shoppers resisted cutting back on food purchases despite inflationary pressures on the consumer. Peer Morrisons enjoyed a rally in the previous session after its own update. Sainsbury’s however cautioned the market for general merchandise and clothing would be tough in 2018, and mixed results from non-food retailers yesterday reflected this difficult environment. Ted Baker shares jumped 9.7 per cent to lead the mid-cap index, thanks to a surge in online purchases.

7,740

To appear in Best of the Brokers, email your research to notes@cityam.com

860

P 10 Jan

855

837.50

850 845 840 835

4 Jan

5 Jan

8 Jan

9 Jan

10 Jan

Analysts at Investec are wondering whether the management team or Big Yellow Group have more tricks in store. The premium storage unit company has managed to rack up some rate growth in the third quarter, despite an industry in which rates have stayed flat. But investors wonder how long this can be kept up without affecting occupancy. Investec pointed to the fact that the mature company has “limited pipeline opportunities, or protection in the event that earnings momentum slows”, reiterating a “sell” recommendation and 625p target price.

FRONTIER DEVELOPMENTS 1,550

P

1,500 1,450 1,400

10 Jan

1,350

1,425

1,300 1,250

4 Jan

5 Jan

8 Jan

9 Jan

10 Jan

Gaming company Frontier Developments could be about to level up, according to analysts at Liberum. First-half revenues demonstrated the continued strong performance of its first two launched franchises, and the third and potentially biggest one so far, Jurassic World Evolution, is on its way to a summer release after debuting at an October expo. Liberum sees some mid-term upside if management delivers on a plan to build a global, multi-franchise, multi-platform strategy. But for now analysts have left forecasts unchanged and reiterated a “buy” rating.

MARSHALLS 470

P

465

457

460

10 Jan

455

7,700

7,748.51

7,680

10 Jan

7,660

5 Jan

8 Jan 9 Jan 10 Jan

5 Jan

8 Jan

NEW YORK REPORT

Wall St falls on China and Nafta concerns

BIG YELLOW GROUP

4 Jan

7,720

4 Jan

BEST OF THE BROKERS

445

7,760

15

YOUR ONE-STOP SHOP BROKER VIEWS AND MARKET REPORTS

450

FTSE

MARKETS

9 Jan

10 Jan

Investors were floored by the strong performance of paving manufacturer Marshalls which, in the words of analysts at Peel Hunt, “has again performed better than the wider construction market it serves”. Like-for-like revenue is up six per cent and the group’s order book is getting fuller. With growth expected in the non-domestic areas of water management, rail and new housing, Marshalls is paving the way to a strong 2018, with potential upside. Peel Hunt researchers stuck with their “buy” rating and a 490p target price for now, noting the likelihood of extra dividends.

T

HE THREE major US stock indexes ended lower yesterday after a choppy trading session as investors worried that China would slow US government bond purchases and that US President Donald Trump would end a key trade agreement. The S&P and the Nasdaq snapped a six-day rally after Bloomberg reported that China, the world’s biggest holder of US Treasuries, could slow or stop buying the government bonds. The report sent Treasury yields to a 10month high. The S&P 500 pared some losses as yields backed away from their intraday peaks and investors digested the China report. But the index lost ground again in mid-afternoon trading after Reuters reported that Canada is increasingly convinced Trump will soon announce a US exit from the North American Free Trade Agreement. It cited two unnamed government sources. The Dow Jones Industrial Average fell 16.67 points, or 0.07 per cent, to 25,369.13, the S&P 500 lost 3.06 points, or 0.11 per cent, to 2,748.23 and the Nasdaq Composite dropped 10.01 points, or 0.14 per cent, to 7,153.57. Investors were particularly skittish about the China report as they worried that the market was overdue for a correction. The S&P financial index was the best performer among the S&P 500’s 11 major sectors with a 0.9 per cent rise, helped by gains in Berkshire Hathaway, JP Morgan and Wells Fargo. Banks and insurance companies often rise with bond yields as investors expect a profit boost from higher interest rates. Rate-sensitive sectors such as utilities and real estate were the biggest losers with declines of 1.1 per cent and 1.5 per cent. Investors started 2018 with high hopes for strong US earnings growth. Banks will kick off earnings season on Friday. Earnings for S&P 500 companies are expected to increase by 11.8 per cent, with the biggest contribution from the energy sector, according to Thomson Reuters.

CITY MOVES WHO’S SWITCHING JOBS TRAVELEX

Travelex, a leading global foreign exchange and money transfer specialist, announces that Gareth Williams, currently global HR director, is to take on the newly created role of chief innovation and transformation officer in addition to his current mandate. In his new role, Gareth’s responsibilities will extend to include developing the innovation and transformation plan for Travelex, driving a culture of innovation and entrepreneurship and will look to put

strategies in place to futureproof the workforce. He has made a new appointment in his leadership team to head up the future of work which will identify the skills and capabilities required to support Travelex’s position as the world’s leading foreign exchange specialist for the future. Gareth joined Travelex in 2011 and was appointed to the executive committee in 2013 as global HR director. Alongside his new role, Gareth will remain responsible for Travelex’s global people and learning agenda.

James Workman to the Rathbone UK Opportunities Fund as an equity analyst, supporting fund manager, Alexandra Jackson. Prior to this James had worked as an assistant investment manager at Rathbones, covering private client portfolios, court of protection funds and charity funds for Rathbone Investment Management. He has also worked for energy industry advisers, Calash and energy investment banking business, Simmons & Company.

RATHBONES

Multinational construction consultancy firm, Linesight, has announced the appointment of Rhonda Curliss as chief communications officer. Based in London, Rhonda will be responsible for the development of

Rathbones, one of the UK’s leading providers of investment management services for individuals, charities and professional advisers, has appointed

To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com

LINESIGHT

Linesight’s global communications strategy while also working closely with Michael Riordan, managing director UK, on the growth and positioning of the company’s London and Manchester operations. Prior to joining Linesight, Rhonda worked for global architecture firm HLW where she was principal of global communications and co-managing director of its Los Angeles office. With a background in global architecture and interior design, her appointment is a strategic addition to the management team. Exceptional delivery is one of her core strengths. She will bring a unique perspective to Linesight and complement its approach of working closely alongside clients, their design teams and other consultants and partners to maximise value for end users.


16

OPINION

THURSDAY 11 JANUARY 2018

CITYAM.COM

FORUM EDITED BY RACHEL CUNLIFFE

Quit doublethinking and ask the tough questions about the NHS

G

EORGE Orwell created the concept of doublethink in 1984 to describe a state of brainwashing so profound that it is possible to believe two mutually contradictory opinions at the same time. We have reached this point with the NHS. Ask people whether the NHS needs more money, and the answer will be as quick as a tendon reflex: yes, our NHS is on its knees, it is at crisis point. Ask the same people whether we should restructure the NHS, or bring in business, the answer will be just as quick: no, our NHS is the best health service in the world and doesn’t need altering. Two irreconcilably contrary positions. Doublethink. The government’s own statements twist history to the point of breaking, as they try to persuade us that the NHS is better prepared than ever for winter. The health secretary and the Prime Minister have both toured the television studios in recent weeks to claim on the one hand that we’re fabulously resourced and prepared, but at the same time apologising for being so underresourced and under-prepared that we’re cancelling a month’s worth of elective surgery. Doublethink. With no extra money, the NHS dealt with 10 per cent more hospital attendances in 2017 than in 2016. In any business, this would be considered a cost-neutral increase in productivity. In the NHS, this is taken for granted. Partisan statistics make this worse. It is wonderful to know how many

“extra” nurses are employed in the health service, though it’s a bit of a disappointment to find out that this is gross, rather than net, when you bear in mind that people retire or quit. Governments come and go in a shorter time frame than it takes to train a doctor, rendering most statistics of what a government has done to staffing hospitals fairly irrelevant. The sad fact is that the NHS is far too big and unwieldy to be run by a government department. And it is too precious to be buffeted around by the whims of whichever government happens to be in power. Foetal hearts and schizophrenia do not pay heed to government philosophy. We need a debate and a plan: a plan that sets out the next thirty years of health policy, not the next five. I offer no answers, only questions. As a paediatrician, my experiences are limited and different from my colleagues in other fields. But a grown-up debate needs to answer the following questions. First, how do we get people home on the day they are medically fit to leave hospital? Patients can only come into hospital if other patients can leave expediently. Better funding for social care? More “cottage” hospitals? Private rehabilitation hotels with a social responsibility? Second, what does “free at the point of need” mean? The NHS already has exceptions to what is offered for free. Should we be renationalising dentistry? Should we offer basic false legs, but ask patients to pay a supplement for more advanced ones, like we do with fillings? Let’s stop saying that

Keir Shiels

Foetal hearts and schizophrenia do not pay heed to government philosophy healthcare is completely free except when it isn’t, and work from there. Third, how responsible are people for their own health? The call to fine drunks in A&E needs to be opposed robustly. What do we do to the woman who was mugged because she was drunk? Or the man who suffered a small brain haemorrhage in the pub and is behaving drunk but isn’t? The old woman who breaks her hip falling down the stairs but has had a sherry? I’ve seen all of these cases. They’re not debating points. Blaming the patients for the service that looks after them is backwards thinking. Fourth, what is private business involvement and how does it provide continuity of care? America has the most ridiculous healthcare system in the entire

world. Why can’t we have a debate about funding that discusses Japan, the Netherlands, Korea, Germany, and New Zealand? Can we learn anything from them? Fifth, is it possible to improve mental health services without impacting financially on acute medical and surgical services? How can we integrate them? Sixth, how “national” should a National Health Service be? Should a hospital in Leicester have access to the blood results and notes of a patient in London? How do we facilitate data-sharing? How much money can be spent on a national IT system, and how safe would it be? Seventh, what is the role of a GP? Should patients be able to go straight to a specialist for some problems? Should paediatricians, obstetricians and psychiatrists be in GP practices? Does having a named doctor matter to people? And finally, what is expected of our healthcare practitioners? What should the shape of our training be? How general and how specialised are we expected to be? Should paediatricians be pulled into adult A&E when they haven’t treated a smoking-related illnesses, heart attacks, or osteoporosis for 10 years? What is safety? How can we ask people to be quicker without cutting corners? These eight topics are at the foundation of our health service’s future. Nothing should be off limits for discussion. No philosophising. No pontificating. No eulogising. And no doublethink. £ Dr Keir Shiels is a specialist registrar in paediatrics.

Playing the global outlook game for 2018

Y

OU COULD be forgiven for feeling a little confused about the 2018 global economic outlook. Goldman Sachs has described it as being “as good as it gets”, while Citi has highlighted the evidence of “late cycle froth”. What is clear is that, for the first time since the financial crisis, there is evidence of both a synchronised economic upturn across the US, Eurozone, and Asian economies, and also equity prices reaching yet new highs, driven by a Trumpian logic which only sees the good news and none of the bad. In the US, the Shiller cyclically adjusted price earnings ratio has only been higher before the 1929 Wall Street crash and the dot-com boom and bust. Leverage measures for the US market – such as borrowing-equity as a proportion of GDP – tell a similar story, and highlight concerns that bear markets will follow bull markets, just as seagulls follow trawlers. These measures are by no means full-proof evidence of a looming asset market decline, but they are

serious indicators of the potential for such a downturn. And the trigger for any downturn could well be political, not economic. Economic synchronisation might be good news, but the scale of political synchronisation is worrying. Across the globe, political problems abound – the US, Germany, the UK, France, Italy, and Spain – and raise serious questions as to whether the politicians could respond to any economic downturn in the near future. I’m reminded of the joke that politicians and nappies should be changed regularly – and for the same reason. The goods news, of course, is that expectations are for a strengthening global economy with an end to quantitative easing and a gradual increase in interest rates – but to well below historic norms. All well and good if this proves to be the case, but it might not. Financial markets are well and truly signed up to the idea that any normalisation of monetary policy will not trigger an asset market deflation. But that is a view, not a certainty.

Graeme Leach

Closer to home, there is a rich nexus of politics and economics in the UK. In terms of the economic fallout, Brexit has been the dog that didn’t bark, but that does not mean that we can ignore all political uncertainty. If a Corbyn government began to be considered a serious possibility, financial markets would fall – big time. The political risk premium is heterogeneous not homogenous. The UK economic outlook looks good, but not exciting. The postBrexit decline in sterling has helped create an upturn in orders and export orders, and fashion a rebalancing of sorts, with a shift towards net exports and investment and away from consumption. But it’s not all good news. The April 2018 increase in employer

and employee auto-enrolment contributions will combine with the squeeze in real incomes to moderate consumption. Continued weak broad money supply growth in the UK also strongly suggests more of the same in terms of 2018 GDP growth – in other words growth of just under two per cent this year, the same as in 2016 and 2017. The downside economic risk is that the impact of any normalisation would be greater than expected, hitting zombie companies and households. The upside risk is that the output gap is far less than thought, and capacity constraints – in labour and product markets – drive inflation even further above target. But even here there is an offset. If capacity constraints result in higher productivity growth, unit labour costs improvements will reduce the threat of a wage price spiral. £ Graeme Leach is chief executive and chief economist of Macronomics, a macroeconomic, geopolitical and future megatrends research consultancy.

LETTERS TO THE EDITOR

Career contrarian [Re: ‘Expertise’ has become a tool of the liberal establishment to drown out opposing views] In Paul Ormerod’s otherwise highly insightful article, he implies that Toby Young was pressured into resigning from his post at the new Office for Students after unfair criticism that he was “unqualified”. He then goes on to list Young’s qualifications in the education field. But while he is right on Young’s relevant expertise, he skirts over the real reasons for the justified anger at the appointment. Young’s Twitter comments were not “near the knuckle”, and nor were they merely the expression of controversial points of view. They were deliberately intended to cause offence and raise the profile of Young as a so-called “contrarian”. The tweets in question include sexual and demeaning comments, often reducing individual women (some of them Young’s colleagues) to their body parts, and misogynistic and homophobic slurs. In addition, Young has in the past appeared to endorse eugenics and railed against accessibility requirements for disabled students. After a career profiting off such contrarianism, regardless of whether he actually believes it, how can Young expect to earn the respect of the colleagues and students he would be representing? He is, of course, entitled to share his opinions, but he must accept being judged and criticised accordingly. Calls for resignation had nothing to do with his expertise, and everything to do with his poor judgement. R Levy

Boris bother [Re: Was Theresa May’s cabinet reshuffle a good move?] Alex Deane writes that there is “always room to carp” when it comes to the reshuffle. Boris Johnson as foreign secretary has risked the further detention of a British national in Iran, and made us a laughing stock abroad with his repeatedly crass comments. I don’t think I would last long in my job if I was as tactless when visiting my international colleagues abroad. The only reason he wasn’t fired is because he would be a greater threat as a “mutineer” on the back benches. Chris Key

BEST OF TWITTER Total UK trade deficit narrowed £2.1bn to £6.2bn in the 3 months to November; excluding erratic items it narrowed £1.2bn to £6.1bn @ONS The question “what do you think of cryptocurrencies?” is surely irrelevant. What matters is what you think everyone else thinks of them. I don't like gold much, but everyone else seems to love the stuff. @rorysutherland Genius Pete Wishart asks the PM to give a score “between 1 and 10” on how Brexit is going. He then sits down delighted and holds up a sign saying “Nul Points”. Which is not a score between 1 and 10. @tompeck Trump visit to Davos is the final rebuke to Bannon who once derided attendees as the “gutless global elite” @lionelbarber


THURSDAY 11 JANUARY 2018

CITYAM.COM

WE WANT TO HEAR YOUR VIEWS

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The US misjudged employment – Europe can avoid the same error

I

T IS commonly recognised that the Eurozone economic cycle is lagging that of the US by roughly three years. Despite the clear parallels, investors appear to be heedless to the lessons learnt about the US over that time. Notable amongst these lessons has been the proclivity for the Federal Reserve to be caught on the hop, specifically in its economic projections. The US economic surprises weren’t so much around headline growth; the Fed’s 2014 prediction that 2017 growth would average about 2.4 per cent looks downright prescient today. It was elsewhere that things went awry. Indeed, a curious combination of much tighter unemployment and looser monetary policy than anticipated has prevailed – the latest unemployment rate is down to 4.1 per cent, and Fed funds rate is being held low in a range of 1.25 to 1.5 per cent. It turned out that the US economy could operate at a significantly lower than expected rate of unemployment, somehow without delivering undue inflationary pressures. No one really knows exactly why US wage growth has languished in the doldrums. The mystery of why a booming economy hasn’t produced fatter paychecks has given rise to a whole host of theories. Two of the most plausible explanations are that there is “hidden unemployment” not captured in the headline rate, and that older workers, on lower average pay growth, are staying in employment for longer and depressing aggregate pay growth. These factors are likely to play an even greater role in muddying the relationship between European unem-

OPINION

Karen Ward

ployment and wage growth. The headline rate of unemployment could grind to a very low level by historical standards with very little upward pressure on wages. Much as there were in the US, in Europe there are signs that a relatively high proportion of workers with jobs would like to be working more hours. But the most interesting component of the story is the people on the fringes of the labour market being enticed back into gainful employment. The participation rate in many European countries is currently still extremely low. In France, roughly 56 per cent of adults participate in the jobs market in some way, compared to 63 per cent in the US. Germany has a rate higher than its continental neighbours (61 per cent), but still well below the US. In Italy, the participation rate is less than 50 per cent. The difference is most stark in the older age categories. In the US, nearly 20 per cent of over-65 year olds work, compared with seven, three, and four per cent in Germany, France, and Italy respectively. But a pressure to join the labour force is mounting, from all directions, for all age groups. Bloated government balance sheets and a

push for social reform are contributing to incrementally siphoning what were once generous benefits. One example is public and private early retirement schemes, which are being phased out. The conventional view – that Europe has poor demographics – misses this untapped potential workforce entirely. The key lesson is that the headline rate of unemployment is profoundly misleading. This traditional indicator is a poor gauge of limits to growth or incipient inflationary pressures – and this will be even more of an issue for Europe than it has been for the US. European firms are likely to be able to bear down on wage pressures for some time. If robust global demand means they regain some top line pricing power, then the scene is set for an expansion in corporate margins. Meanwhile, the ECB is likely to be troubled by wage growth that remains too low to be consistent with their close-to-but-below two per cent inflation target. They are likely to fret over the possibility that inflation has got stuck or de-anchored. While they may still feel it appropriate to cease adding to their balance sheet over the course of 2018, the prospect of normalising interest rates shortly after seems remote. The lessons of the US economic cycle are writ large for Europe; robust growth, low cost pressure, and loose monetary conditions could well fuel risk assets, for far longer than one might imagine. £ Karen Ward is chief market strategist (UK and Europe) at JPMorgan Asset Management.

:@cityam

DEBATE Does the continued boom in UK manufacturing prove the Brexit doomsayers wrong? Just 18 months after the Brexit vote, I doubt there were many Remainers who would have expected the British manufacturing sector to perform so strongly over such a sustained period, particularly considering the global political turmoil we’ve experienced in that time. It may be too early for the government to claim that Brexit will be plain sailing for UK industry, but the current signs seem to suggest that companies are operating smart, flexible plans which can mitigate for reasonable turbulence in demand and the strength of the pound. Provided this continues, there’s no reason why the UK can’t continue to attract significant foreign investment, cementing the sector as a

The UK has slumped to the slowest growing economy in the G7 since the Brexit vote. UK growth forecasts are abysmal. Inflation is up, prices are rising, the value of the pound has collapsed, and real wages continue to fall. If this is what the sunlit uplands of Brexit look like, I don’t think many people will be too cheery. Brexit is already costing us all money, £300m a week since the referendum. This isn’t Project Fear, this is Project Reality. Brexit is much more complicated than we were told, and as the costs start to mount, we all have the right to keep an open mind about whether it’s the right path for the country.

YES DENNIS DE JONG

key manufacturing hub on the edge of Europe, but at the centre of something far bigger. It might seem easy to brush these figures aside, but though it currently accounts for just a tenth of GDP, who’s to say this isn’t British manufacturing reshaping itself as a key pillar of the future economy? £ Dennis de Jong is managing director at UFX.com.

NO PHIL WILSON

For UK manufacturing to thrive, we must remain a member of the Single Market and the Customs Union. No doubt the government will end up trying to reinvent the wheel, but I think they’ll soon find that no reinvention will be as round as the original. £ Phil Wilson is Labour MP for Sedgefield and a leading supporter of the pro-European group Open Britain.

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18

MARKETS

THURSDAY 11 JANUARY 2018

FTSE 100

FTSE 250

7748.51 17.49

Price Chg High Low

-0.02 -0.02 -0.06 -0.07 -0.08 -0.05 -0.11 -0.16 -0.15 -0.20 -0.14 -0.18 -0.29 -0.39 -0.23 -0.41 -0.28 -0.24 -0.51 -0.54 -0.27 -0.27 -0.60 -0.67 -0.35 -0.74 -0.78 -0.82 -0.89 -0.39 -0.32

Tsy 5.000 18 . . . . . . .100.71 Tsy 1.250 18 . . . . . . .100.42 Tsy 4.500 19 . . . . . .104.57 Tsy 3.750 19 . . . . . . .105.32 Tsy 4.750 20 . . . . . .109.04 Tsy 2.500 20 . . . . . .364.64 Tsy 8.000 21 . . . . . . .124.74 Tsy 1.875 22 . . . . . . .120.96 Tsy 4.000 22 . . . . . . .113.47 Tsy 2.250 23 . . . . . . .107.39 Tsy 2.500 24 . . . . . .364.96 Tsy 0.125 24 . . . . . . .114.08 Tsy 5.000 25 . . . . . .127.28 Tsy 4.250 27 . . . . . . .127.47 Tsy 1.250 27 . . . . . . .133.23 Tsy 6.000 28 . . . . . .147.06 Tsy 0.125 29 . . . . . . .123.32 Tsy 4.125 30 . . . . . . .366.72 Tsy 4.750 30 . . . . . .138.02 Tsy 4.250 32 . . . . . . .134.13 Tsy 1.250 32 . . . . . . .150.97 Tsy 0.125 36 . . . . . . .140.15 Tsy 4.250 36 . . . . . .138.98 Tsy 4.750 38 . . . . . . .151.74 Tsy 0.625 40 . . . . . .161.90 Tsy 4.500 42 . . . . . .153.23 Tsy 3.500 45 . . . . . .134.93 Tsy 4.250 46 . . . . . .153.95 Tsy 4.025 49 . . . . . .159.89 Tsy 0.500 50 . . . . . .188.77 Tsy 0.250 52 . . . . . .184.94

105.6 101.7 109.4 109.4 114.0 375.0 133.0 129.1 118.0 110.9 375.4 120.3 132.9 133.0 141.5 153.9 130.6 380.7 143.9 139.1 160.8 150.1 144.1 157.2 175.2 159.2 140.3 160.4 166.7 209.1 206.3

100.7 100.4 104.5 105.3 109.0 364.4 124.7 120.6 113.4 107.3 363.2 113.7 127.1 126.3 132.0 146.5 121.4 360.2 136.2 131.5 147.7 134.8 135.1 147.0 155.6 147.7 128.6 147.3 152.5 177.0 171.5

AEROSPACE & DEFENCE BAE Systems . . . . . . . . .577.8 Cobham . . . . . . . . . . . . .123.6 Meggitt . . . . . . . . . . . . .474.7 QinetiQ Group . . . . . . . .215.9 Rolls-Royce Holdi . . . . .839.0 Senior . . . . . . . . . . . . . .287.8 Ultra Electronics . . . . .1246.0

5.2 1.7 -17.5 -11.1 -27.8 19.6 -7.0

677.0 148.0 526.0 319.7 981.0 290.8 2204.0

535.5 96.2 410.6 201.5 660.0 175.8 1142.0

AUTOMOBILES & PARTS GKN . . . . . . . . . . . . . . . .331.0 1.6 376.5 294.3

BANKS Aldermore Group . . . . . .311.0 Barclays . . . . . . . . . . . . .201.2 BGEO Group . . . . . . . .3822.0 Close Brothers Gr . . . .1462.0 CYBG . . . . . . . . . . . . . . .329.6 HSBC Holdings . . . . . . .795.5 Lloyds Banking Gr . . . . .69.0 Metro Bank . . . . . . . . .3700.0 Royal Bank of Sco . . . . .293.4 Standard Chartere . . . . .818.7 TBC Bank Group . . . . . .1672.0 Virgin Money Hold . . . .287.5

0.4 -0.6 154.0 0.0 0.8 29.2 0.6 154.0 12.9 25.9 60.0 3.5

311.9 210.2 239.3 178.9 3842.0 2766.0 1715.0 1316.0 340.3 260.0 795.9 620.8 73.1 62.2 3834.0 3112.0 293.6 214.9 846.7 685.9 1818.0 1390.0 348.0 258.2

BEVERAGES Barr (A.G.) . . . . . . . . . . .655.0 Britvic . . . . . . . . . . . . . . .791.5 Coca-Cola HBC AG . . . .2381.0 Diageo . . . . . . . . . . . .2649.0

-10.0 -3.0 1.0 -11.0

670.0 820.0 2671.0 2725.0

498.9 578.0 1779.0 2131.5

CHEMICALS Croda Internation . . . .4436.0 -76.0 4512.0 3268.0 Elementis . . . . . . . . . . .286.2 -0.8 317.1 259.1 Johnson Matthey . . . .3132.0 -88.0 3503.0 2727.0 Sirius Minerals . . . . . . . .24.2 -0.3 35.0 17.3 Synthomer . . . . . . . . . .487.2 -5.8 509.5 372.0

BATS UK 100

FTSE ALL SHARE

20760.00 114.95

GILTS

CITYAM.COM

4251.90 3.78

Price Chg High Low Victrex plc . . . . . . . . . .2666.0 -38.0 2730.0 1832.0

CONSTRUCTION & MATERIALS Balfour Beatty . . . . . . .302.2 1.3 CRH . . . . . . . . . . . . . . .2749.0 -15.0 Galliford Try . . . . . . . . .1277.0 -22.0 Ibstock . . . . . . . . . . . . . .267.4 3.4 Kier Group . . . . . . . . . .1079.0 -11.0 Marshalls . . . . . . . . . . . .457.0 10.0 Polypipe Group . . . . . . .411.4 1.4

303.0 253.5 2920.0 2530.0 1583.0 1142.0 268.0 176.3 1503.0 993.5 480.2 281.7 436.5 331.0

ELECTRICITY Drax Group . . . . . . . . . .279.4 -6.4 384.6 256.4 SSE . . . . . . . . . . . . . . . .1305.0 -5.0 1557.0 1294.0

ELECTRONIC & ELECTRICAL EQ. Halma . . . . . . . . . . . . .1290.0 Morgan Advanced M . .343.0 Renishaw . . . . . . . . . .5365.0 Spectris . . . . . . . . . . . .2561.0

-16.0 -1.0 25.0 12.0

1322.0 913.5 346.4 281.9 5555.0 2681.0 2834.0 2229.0

EQUITY INVESTMENT INSTRUM. Aberforth Smaller . . . .1366.0 4.0 1366.0 1103.0 Alliance Trust . . . . . . . .763.0 -1.0 768.0 645.0 Bankers Inv Trust . . . . .902.0 4.0 902.0 701.0 British Empire Tr . . . . . .751.0 5.0 751.1 647.0 Caledonia Investm . . .2850.0 5.0 3008.0 2625.0 City of London In . . . . .442.5 1.0 443.0 393.4 Edinburgh Inv Tru . . . .705.0 0.0 779.5 686.0 F&C Global Smalle . . .1405.0 -5.0 1420.0 1222.0 Fidelity China Sp . . . . . .254.5 1.0 255.5 176.8 Fidelity European . . . . .231.0 1.5 231.0 185.0 Finsbury Growth & . . . .767.0 -2.0 777.0 647.0 Foreign and Colon . . . .664.0 -1.0 668.0 542.0 GCP Infrastructur . . . . . .123.0 -0.4 133.0 118.8 Genesis Emerging . . . .737.0 -3.0 742.0 605.0 Greencoat UK Wind . . . .123.6 -0.2 126.5 116.7 HarbourVest Globa . . .1260.0 2.0 1306.0 1180.0 Herald Investment . . .1180.0 0.0 1200.0 881.5 HICL Infrastructu . . . . . .160.3 -0.4 174.6 153.3 International Pub . . . . .157.4 0.0 166.6 150.3 John Laing Infras . . . . . .125.2 0.2 140.2 118.3 JPMorgan American . . .412.5 -0.5 415.0 359.6 JPMorgan Emerging . .906.0 -6.0 917.0 695.0 JPMorgan Indian I . . . . .775.0 -2.0 785.0 609.0 Jupiter European . . . . .761.0 11.0 761.0 553.5 Mercantile Invest . . . .2200.0 -10.0 2220.0 1719.0 Monks Inv Trust . . . . . . .816.0 3.0 818.0 588.5 Murray Internatio . . . .1282.0 -6.0 1307.0 1135.0 NB Global Floatin . . . . . .94.8 0.2 100.2 93.0 Perpetual Income . . . .383.0 0.0 408.5 356.0 Pershing Square H . . .1046.0 -8.0 1250.0 959.0 Personal Assets T . .40900.0 -50.0 41580.039270.0 Polar Capital Tec . . . . . .1174.0 -12.0 1197.0 859.5 RIT Capital Partn . . . . .1972.0 -6.0 1984.0 1815.0 Riverstone Energy . . .1296.0 0.0 1370.0 1204.0 Scottish Inv Trus . . . . . .883.0 -5.0 897.0 763.0 Scottish Mortgage . . . .468.0 -2.2 471.0 336.0 Sequoia Economic . . . .113.0 -1.5 115.5 106.1 Syncona Limited N . . . .210.5 -0.5 213.5 127.3 Temple Bar Inv Tr . . . .1330.0 4.0 1335.0 1210.0 Templeton Emergin . . .803.0 -6.0 811.7 610.0 The Renewables In . . . .109.8 0.4 112.2 102.8 TR Property Inv T . . . . .402.5 -1.5 405.3 286.0 Vietnam Enterpris . . . .474.0 0.0 478.0 301.1 Witan Inv Trust . . . . . .1106.0 2.0 1108.0 903.5 Woodford Patient . . . . .83.6 -0.3 106.0 82.0 Worldwide Healthc . .2600.0 0.0 2679.0 2114.0

BATS UK 250

DOW JONES

18853.14 120.62

13144.26 19.09

Price Chg High Low Smurfit Kappa Gro . . .2478.0 -10.0 2507.0 1962.0 Vesuvius . . . . . . . . . . . .591.5 0.0 606.0 401.4

FIXED LINE TELECOMS

Ted Baker . . . . . . . . . . . . . . . . . .3118.0 Pagegroup . . . . . . . . . . . . . . . . .516.0 Senior . . . . . . . . . . . . . . . . . . . . .287.8 Centamin (DI) . . . . . . . . . . . . . . .163.0 Royal Bank of Scot . . . . . . . . . . .293.4 Metro Bank . . . . . . . . . . . . . . . .3700.0 BGEO Group . . . . . . . . . . . . . . .3822.0 HSBC Holdings . . . . . . . . . . . . . .795.5 TBC Bank Group . . . . . . . . . . . .1672.0 Prudential . . . . . . . . . . . . . . . . .1970.5

BT Group . . . . . . . . . . . .272.8 -0.8 396.9 243.8 TalkTalk Telecom . . . . .136.2 -5.3 218.0 134.5 Telecom Plus . . . . . . . .1174.0 -28.0 1321.0 1069.0

FOOD & DRUG RETAILERS Booker Group . . . . . . . .232.9 -0.3 Greggs . . . . . . . . . . . . .1337.0 -20.0 Morrison (Wm) Sup . . .229.5 -2.8 Ocado Group . . . . . . . . .409.1 -15.3 Sainsbury (J) . . . . . . . . .253.9 5.5 SSP Group . . . . . . . . . . .626.0 -28.0 Tesco . . . . . . . . . . . . . . . .211.9 -2.5 UDG Healthcare Pu . . . .814.0 -17.5

233.7 1399.0 252.9 437.8 339.9 687.5 216.8 959.0

181.5 964.5 207.0 238.5 224.8 389.0 166.5 635.0

3371.0 3352.0 652.5 262.8 517.0 795.0 4548.5

2361.0 2277.0 545.5 182.0 275.0 625.5 3191.0

FOOD PRODUCERS Associated Britis . . . . .2841.0 -1.0 Cranswick . . . . . . . . . .3262.0 -52.0 Dairy Crest Group . . . . .583.5 -0.5 Greencore Group . . . . . .216.3 -1.2 Purecircle Limite . . . . .470.0 0.0 Tate & Lyle . . . . . . . . . .685.4 -1.4 Unilever . . . . . . . . . . .4005.5 -78.5

FORESTRY & PAPER Mondi . . . . . . . . . . . . . .1897.0 -31.5 2130.0 1650.0

GAS, WATER & MULTIUTILITIES Centrica . . . . . . . . . . . . .140.5 National Grid . . . . . . . .838.5 Pennon Group . . . . . . . .737.6 Severn Trent . . . . . . . .2048.0 United Utilities . . . . . . .768.6

-0.9 -12.2 -12.0 -15.0 -13.6

235.8 137.3 1091.0 837.9 944.0 736.2 2553.0 2039.5 1056.0 767.8

FINANCIAL SERVICES

GENERAL INDUSTRIALS

3i Group . . . . . . . . . . . .946.4 27.6 969.5 687.5 3i Infrastructure . . . . . .213.0 -1.5 215.0 186.5 Allied Minds . . . . . . . . .162.6 -2.0 458.8 116.0

RPC Group . . . . . . . . . . .834.8 -11.4 1003.3 720.5 Smith (DS) . . . . . . . . . . .512.4 0.4 558.5 418.8 Smiths Group . . . . . . .1562.0 19.5 1684.0 1444.0

7153.57 10.01

25369.13 16.67

Price Chg High Low Arrow Global Grou . . . .429.5 6.0 470.5 292.5 Ashmore Group . . . . . . .413.8 8.6 414.6 280.6 Brewin Dolphin Ho . . . .388.8 -4.2 393.0 301.7 Charles Taylor . . . . . . . .275.5 0.0 290.0 205.4 Charter Court Fin . . . . .282.0 0.0 293.5 228.8 City of London In . . . . .424.0 -1.0 432.0 345.0 CMC Markets . . . . . . . . .154.0 -3.6 175.5 109.0 Coats Group . . . . . . . . . . .87.7 -1.3 90.0 51.5 Hargreaves Lansdo . . . .1811.5 -4.5 1824.0 1266.0 IG Group Holdings . . . .745.0 -34.0 792.5 491.9 Intermediate Capi . . . .1158.0 -17.0 1184.0 684.0 International Per . . . . .207.4 3.4 222.0 157.5 Investec . . . . . . . . . . . . .534.2 0.8 627.5 461.4 IP Group . . . . . . . . . . . . .136.2 -0.8 194.7 112.5 John Laing Group . . . . .298.6 -1.0 317.8 252.0 Jupiter Fund Mana . . . .605.0 -8.0 631.4 393.4 Liontrust Asset M . . . . .536.0 22.0 536.0 380.9 LMS Capital . . . . . . . . . . .47.8 0.0 57.1 41.3 London Finance & . . . . .44.5 0.0 46.0 42.0 London Stock Exch . . .3700.0 -19.0 3983.0 2933.0 Man Group . . . . . . . . . . .213.7 0.3 214.4 121.1 OneSavings Bank . . . . .398.0 -17.0 470.3 317.3 Paragon Banking G . . .503.5 12.3 508.5 400.0 Provident Financi . . . . .911.6 -21.4 3265.0 589.5 Rathbone Brothers . . .2532.0 30.0 2800.0 2013.0 Real Estate Credi . . . . . .168.0 0.3 175.0 159.9 Record . . . . . . . . . . . . . . .43.3 -0.5 52.5 35.5 S&U . . . . . . . . . . . . . . .2350.0 -45.0 2420.0 1883.5 Sanne Group . . . . . . . . .779.0 3.0 830.0 592.5 Schroders . . . . . . . . . .3618.0 -11.0 3632.0 2901.0 TP ICAP . . . . . . . . . . . . .532.2 4.8 544.5 437.0 VPC Specialty Len . . . . . .78.8 1.0 83.0 74.3 Walker Crips Grou . . . . . .41.5 0.0 48.5 38.5 Xafinity . . . . . . . . . . . . .189.5 0.5 194.0 152.3

GENERAL RETAILERS Auto Trader Group . . . .346.4 -6.1 B&M European Valu . . .397.5 -3.5 Brown (N.) Group . . . . .283.2 -2.8 Card Factory . . . . . . . . .282.4 -2.6 Dignity . . . . . . . . . . . .1840.0 6.0 Dixons Carphone . . . . .202.5 -0.8 Dunelm Group . . . . . . .668.0 -4.0 Halfords Group . . . . . . .353.0 -5.8 Inchcape . . . . . . . . . . . .782.0 0.5 JD Sports Fashion . . . . .352.6 -1.4 Just Eat . . . . . . . . . . . . .767.6 -25.4 Kingfisher . . . . . . . . . . .341.7 0.8 Marks & Spencer G . . . .324.0 5.7 Next . . . . . . . . . . . . . .5040.0 20.0 Pets at Home Grou . . . .172.5 -1.8 Saga . . . . . . . . . . . . . . . .123.1 -0.9 Sports Direct Int . . . . . . .371.3 -3.8 Ted Baker . . . . . . . . . . .3118.0 282.0 WH Smith . . . . . . . . . .2228.0 -16.0

435.9 319.0 423.6 293.4 357.8 200.6 355.0 236.5 2767.0 1594.0 357.0 149.1 808.0 545.0 385.0 307.4 880.5 704.0 456.0 303.3 824.0 496.0 368.1 288.0 395.5 297.8 5320.0 3617.0 241.7 154.9 215.3 121.9 419.5 284.0 3120.0 2320.0 2347.0 1480.0

HEALTH CARE EQUIPMETN & S. Assura . . . . . . . . . . . . . . .63.7 -0.1 66.7 51.8 Convatec Group . . . . . . .191.5 -6.5 344.0 182.0 Mediclinic Intern . . . . . .616.0 -20.0 887.0 507.5

Price Chg High Low Rotork . . . . . . . . . . . . . .285.4 -3.8 291.0 223.5 Spirax-Sarco Engi . . . .5670.0 -5.0 5920.0 4252.0 Weir Group . . . . . . . . .2256.0 -34.0 2305.0 1727.0

INDUSTRIAL METALS & MINING Evraz . . . . . . . . . . . . . . .375.0 -3.8 381.1 173.2 Ferrexpo . . . . . . . . . . . .299.9 -3.6 323.2 125.0

INDUSTRIAL TRANSPORTATION BBA Aviation . . . . . . . . .356.8 Clarkson . . . . . . . . . . .2995.0 Fisher (James) & . . . . .1614.0 Royal Mail . . . . . . . . . . .459.0 Stobart Group Ltd . . . . .274.5

-3.0 -10.0 12.0 -3.5 -3.5

361.0 279.5 3010.0 2206.0 1761.0 1437.0 466.7 369.9 303.2 172.8

NON LIFE INSURANCE Admiral Group . . . . . .1906.0 Beazley . . . . . . . . . . . . .515.5 Direct Line Insur . . . . . .374.7 esure Group . . . . . . . . .252.8 Hastings Group Ho . . . .310.0 Hiscox Limited (D . . . .1415.0 Jardine Lloyd Tho . . . .1446.0 Lancashire Holdin . . . . .657.0 RSA Insurance Gro . . . .625.2

-4.5 0.0 1.7 -0.8 -2.8 8.0 2.0 -9.0 3.2

2178.0 534.5 411.3 303.0 325.0 1470.0 1450.0 759.5 666.5

1732.0 382.0 333.8 193.6 220.4 997.5 995.5 611.0 562.5

% 9.9 9.6 7.3 5.7 4.6 4.3 4.2 3.8 3.7 3.3

Aviva . . . . . . . . . . . . . . .525.0 8.8 544.0 470.6

Fallers % Superdry . . . . . . . . . . . . . . . . . .1850.0 -9.3 Hikma Pharmaceutic . . . . . . . .1009.0 -6.1 QinetiQ Group . . . . . . . . . . . . . . .215.9 -4.9 Capital & Counties . . . . . . . . . . .305.0 -4.7 IG Group Holdings . . . . . . . . . . .745.0 -4.4 SSP Group . . . . . . . . . . . . . . . . .626.0 -4.3 Taylor Wimpey . . . . . . . . . . . . .200.2 -4.2 OneSavings Bank . . . . . . . . . . . .398.0 -4.1 Grafton Group Unit . . . . . . . . . .760.0 -3.9 TalkTalk Telecom G . . . . . . . . . . .136.2 -3.8

Price Chg High Low NMC Health . . . . . . . . .3202.0 -14.0 3216.0 1583.0 Smith & Nephew . . . .1256.0 -22.5 1431.0 1170.0 Spire Healthcare . . . . .258.0 4.4 361.0 221.5

HHOLD GDS & HOME CONSTR. Barratt Developme . . .634.2 -9.2 Bellway . . . . . . . . . . . .3580.0 -55.0 Berkeley Group Ho . . .4215.0 -25.0 Bovis Homes Group . . .1151.5 -22.0 Countryside Prope . . . .343.0 -5.4 Crest Nicholson H . . . . .539.5 -7.5 McCarthy & Stone . . . . .149.7 -1.3 Persimmon . . . . . . . . .2673.0 -42.0 Reckitt Benckiser . . . .6786.0 -62.0 Redrow . . . . . . . . . . . . .645.0 -12.0 Taylor Wimpey . . . . . . .200.2 -8.7

700.0 471.1 3792.0 2457.0 4240.0 2787.0 1213.0 755.0 371.5 223.9 636.5 486.1 196.9 147.2 2890.0 1886.0 8108.0 6355.0 664.5 433.8 211.2 165.1

INDUSTRIAL ENGINEERING Bodycote . . . . . . . . . . . .937.0 Hill & Smith Hold . . . .1309.0 IMI . . . . . . . . . . . . . . . .1405.0 Melrose Industrie . . . . .214.0 RHI Magnesita N.V . . .4365.0

4.5 -7.0 8.0 -2.6 52.0

962.5 625.0 1475.0 1096.0 1413.0 1068.0 261.2 195.3 4373.0 3249.0

/€ 1.1298

0.0044 €/$ 1.1951

0.0014

2748.23 3.06

/$ 1.3508

0.0032 €/£ 0.8848

0.0032

/¥ 150.47

1.9985 €/¥ 133.13

1.2704

Price Rightmove . . . . . . . . .4542.0 Sky . . . . . . . . . . . . . . . .1018.5 STV Group . . . . . . . . . . .315.0 Tarsus Group . . . . . . . . .329.0 Trinity Mirror . . . . . . . . . .81.5 UBM . . . . . . . . . . . . . . . .723.0 WPP . . . . . . . . . . . . . . .1327.0 ZPG Plc . . . . . . . . . . . . .347.0

Chg High Low -2.0 4568.0 3889.0 0.5 1023.0 900.0 2.5 389.8 305.0 0.0 329.5 260.5 -0.5 121.0 67.0 -24.5 764.5 645.0 -13.0 1921.0 1253.0 -2.4 394.0 321.7

MINING Acacia Mining . . . . . . . .192.4 Anglo American . . . . .1700.4 Antofagasta . . . . . . . . .1014.5 BHP Billiton . . . . . . . . .1599.4 Centamin (DI) . . . . . . . .163.0 Fresnillo . . . . . . . . . . . .1417.5 Glencore . . . . . . . . . . . .405.4 Hochschild Mining . . . .247.0 Kaz Minerals . . . . . . . . .937.4 Polymetal Interna . . . . .919.2 Randgold Resource . .7260.0 Rio Tinto . . . . . . . . . . .4089.0 Vedanta Resources . . .895.4

1.6 23.4 14.5 -7.2 8.8 11.5 7.2 1.0 1.2 0.8 64.0 -5.0 4.4

541.0 157.8 1718.4 959.4 1061.0 721.0 1608.8 1117.0 190.5 131.8 1725.0 1260.0 405.4 276.6 331.6 219.1 940.6 410.3 1095.0 803.5 8190.0 6420.0 4094.0 2910.0 1102.0 575.0

MOBILE TELECOMS Inmarsat . . . . . . . . . . . .502.8 6.7 850.5 440.9 Vodafone Group . . . . . .232.6 -5.4 238.3 192.5

LIFE INSURANCE

MAIN CHANGES UK 350 Risers

S&P 500

NASDAQ

Price Chg High Low Just Group . . . . . . . . . . .159.0 Legal & General G . . . . .272.9 Old Mutual . . . . . . . . . .226.0 Phoenix Group Hol . . . .788.0 Prudential . . . . . . . . . .1970.5 St James's Place . . . . . .1257.5 Standard Life Abe . . . . .438.8

3.8 1.8 -1.2 6.5 62.5 2.0 3.8

170.4 276.0 231.7 798.5 1970.5 1263.0 447.1

121.5 232.8 188.0 723.0 1532.0 1030.0 345.0

4Imprint Group . . . . . .1940.0 -80.0 Ascential . . . . . . . . . . . .381.4 -6.4 Bloomsbury Publis . . . .190.0 0.0 Centaur Media . . . . . . . .49.0 0.0 Entertainment One . . . .321.4 0.2 Euromoney Institu . . .1228.0 -22.0 Gocompare.com Gro . . .110.6 -3.4 Haynes Publishing . . . .195.0 -1.0 Huntsworth . . . . . . . . . .80.8 0.4 Informa . . . . . . . . . . . . .746.8 -3.2 ITE Group . . . . . . . . . . . .174.4 -3.8 ITV . . . . . . . . . . . . . . . . .168.2 -1.6 Johnston Press . . . . . . . . .11.3 0.0 Moneysupermarket. . .356.6 -8.3 Pearson . . . . . . . . . . . . .727.2 -11.0 Relx plc . . . . . . . . . . . .1678.5 -15.5

2020.0 391.0 190.0 57.0 329.4 1305.0 116.5 215.0 83.8 761.0 195.3 219.6 27.6 366.5 818.5 1782.0

1550.0 279.5 157.3 40.5 216.0 1027.0 76.0 122.0 36.5 629.5 151.8 146.9 9.9 292.6 566.5 1398.0

MEDIA

OIL & GAS PRODUCERS BP . . . . . . . . . . . . . . . . .530.5 Cairn Energy . . . . . . . . .226.4 Royal Dutch Shell . . . .2557.0 Royal Dutch Shell . . . .2594.5 Tullow Oil . . . . . . . . . . . .219.5

2.5 -0.6 22.0 25.5 -1.8

531.8 439.8 243.0 167.5 2557.0 1992.5 2594.5 2052.5 274.8 145.6

OIL EQUIPMENT & SERVICES Hunting . . . . . . . . . . . .609.5 -8.0 637.5 382.6 Petrofac Ltd. . . . . . . . . . .517.4 0.0 946.0 349.0 Wood Group (John) . . .678.4 -7.8 887.0 560.0

PERSONAL GOODS Burberry Group . . . . . .1779.5 2.5 1985.0 1533.0 PZ Cussons . . . . . . . . . .322.8 -3.0 363.7 299.7 Superdry . . . . . . . . . . .1850.0-190.0 2076.0 1446.0

PHARMACEUTICALS & BIOTECH AstraZeneca . . . . . . . .5136.0 -28.0 BTG . . . . . . . . . . . . . . . .753.0 1.5 Dechra Pharmaceut . .1987.0 -59.0 Genus . . . . . . . . . . . . .2494.0 -2.0 GlaxoSmithKline . . . . .1331.0 -15.8 Hikma Pharmaceuti . .1009.0 -66.0 Indivior . . . . . . . . . . . . .404.8 2.2 Shire Plc . . . . . . . . . . . .3661.0 -47.5 Vectura Group . . . . . . . .113.4 -3.5

5508.0 4194.0 779.0 534.5 2249.0 1365.0 2573.0 1689.0 1722.0 1275.5 2297.0 949.5 419.5 267.6 5036.0 3499.0 163.0 90.0

REAL ESTATE INVEST. & SERV. Capital & Countie . . . . .305.0 -14.9 CLS Holdings . . . . . . . . .235.0 -7.0 Daejan Holdings . . . . .5910.0-100.0 F&C Commercial Pr . . . .140.4 -0.6 Grainger . . . . . . . . . . . .287.2 -2.4 NewRiver REIT . . . . . . . .316.0 3.5 Safestore Holding . . . .486.8 1.0 Savills . . . . . . . . . . . . . .974.0 -5.0 St. Modwen Proper . . . .401.4 -6.4 UK Commercial Pro . . . . .91.7 0.5

324.8 253.1 1989.0 190.2 7005.0 5700.0 151.8 134.5 292.6 234.2 366.2 309.5 499.6 342.9 993.0 690.5 407.8 311.0 92.5 80.9

REAL ESTATE INVEST. TRUSTS Big Yellow Group . . . . . .837.5 -7.5 British Land Comp . . . .674.6 -11.0 Derwent London . . . .3020.0 -42.0 Great Portland Es . . . . .668.5 -16.0

869.5 691.5 3118.0 703.7

668.0 579.0 2451.0 587.5

Price Hammerson . . . . . . . . .524.4 Hansteen Holdings . . . .144.2 Intu Properties . . . . . . .241.9 Land Securities G . . . . .983.4 LondonMetric Prop . . . .183.3 RDI Reit . . . . . . . . . . . . . .36.3 SEGRO . . . . . . . . . . . . . .575.0 Shaftesbury . . . . . . . .1028.0 Tritax Big Box Re . . . . . .148.9 Unite Group . . . . . . . . .807.0 Workspace Group . . . .1002.0

SOFTWARE & COMPUTER SERV. Aveva Group . . . . . . . .2778.0 -12.0 Computacenter . . . . . .1192.0 2.0 FDM Group (Holdin . . .962.0 -4.0 Fidessa Group . . . . . . .2565.0 -55.0 Micro Focus Inter . . . .2269.0 68.0 Playtech . . . . . . . . . . . .844.2 -28.0 Sage Group . . . . . . . . . .799.2 -6.0 Softcat . . . . . . . . . . . . .520.0 -6.0 Sophos Group . . . . . . . .639.0 2.0

AB INBEV..........................................................95.27 ADIDAS N ........................................................167.70 AIR LIQUIDE ....................................................108.55 AIRBUS.............................................................90.27 ALLIANZ.........................................................200.60 ASML HLDG .....................................................150.35 AXA..................................................................26.39 BANCO SANTANDER ...........................................5.84 BASF N .............................................................93.28 BAYER N..........................................................105.54 BBVA...................................................................7.35 BMW................................................................89.40 BNP PARIBAS P-A ............................................66.43 CRH PLC.............................................................0.00 DAIMLER N.........................................................74.15 DANONE ..........................................................69.04 DEUTSCHE BANK N............................................15.56 DEUTSCHE POST N............................................40.63 DEUTSCHE TELEKOM N.......................................14.74 E.ON N................................................................8.93 ENEL N................................................................5.23 ENGIE................................................................14.65 ENI N.................................................................14.52 ESSILOR INTL.....................................................111.75 FRESENIUS .......................................................65.82 IBERDROLA.........................................................6.53 INDITEX ...........................................................28.85 ING GROUP .......................................................16.46 INTESA SANPAOLO N ..........................................2.97 KON AH DEL BR..................................................18.15 L'OREAL ..........................................................186.90 LVMH..............................................................242.00 MUENCHENER RUECKV N ................................185.95 NOKIA ................................................................4.03 ORANGE............................................................14.43 ROY.PHILIPS.......................................................33.15 SAFRAN............................................................89.58 SAINT-GOBAIN..................................................48.18 SANOFI .............................................................73.34 SAP I ................................................................94.58 SCHNEIDER E.SE................................................73.76 SIEMENS N......................................................120.40 SOCIETE GENERALE ...........................................46.13 TELEFONICA........................................................8.27 TOTAL ................................................................48.15 UNIBAIL-RODAMCO.........................................207.50 UNILEVER CERT.................................................46.10 VINCI ................................................................87.58 VIVENDI............................................................24.84 VOLKSWAGEN VZ I ..........................................178.20

2820.0 1204.0 1031.0 2640.0 2871.6 1016.0 810.5 548.5 646.0

1863.0 715.0 575.0 2041.0 2145.0 768.0 599.0 295.1 260.9

SUPPORT SERVICES AA . . . . . . . . . . . . . . . . .159.0 -3.5 Aggreko . . . . . . . . . . . .804.8 2.0 Ashtead Group . . . . . .2053.0 5.0 Babcock Internati . . . . .712.4 -0.6 BCA Marketplace . . . . .206.5 1.0 Bunzl . . . . . . . . . . . . .2005.0 -18.0 Capita . . . . . . . . . . . . . .403.5 -5.3 DCC . . . . . . . . . . . . . . .7720.0 55.0 Diploma . . . . . . . . . . . .1198.0 -10.0 Electrocomponents . . .622.0 -4.8 Equiniti Group . . . . . . . .281.0 1.0 Essentra . . . . . . . . . . . .534.0 -2.5 Experian . . . . . . . . . . .1676.5 6.5 Ferguson . . . . . . . . . .5494.0 0.0 G4S . . . . . . . . . . . . . . . .282.4 -3.1 Grafton Group Uni . . . .760.0 -31.0 Hays . . . . . . . . . . . . . . . .188.3 1.1 Homeserve . . . . . . . . . .794.5 2.0 Howden Joinery Gr . . .458.6 -4.2 Intertek Group . . . . . . .5218.0 -56.0 Mitie Group . . . . . . . . . .188.7 -1.4 Pagegroup . . . . . . . . . .516.0 45.2 Renewi . . . . . . . . . . . . .105.4 -2.4 Rentokil Initial . . . . . . .309.9 -0.1 Serco Group . . . . . . . . . . .99.1 -3.1 SIG . . . . . . . . . . . . . . . . .168.0 3.5 Travis Perkins . . . . . . .1565.5 -1.0 Worldpay Group . . . . . .436.8 -10.3

276.8 149.5 1064.0 758.0 2060.0 1542.0 969.5 654.5 227.0 176.0 2465.0 1999.2 705.5 392.9 7735.0 6045.0 1247.0 993.5 709.0 471.1 310.9 173.2 581.5 408.7 1705.0 1446.0 5518.0 4460.0 341.1 241.1 841.0 540.5 194.4 147.2 867.0 523.0 475.7 373.0 5425.0 3392.0 297.2 188.0 525.5 393.0 108.2 80.0 335.8 219.1 150.0 90.6 182.0 93.8 1696.0 1408.0 447.1 267.2

TOBACCO British American . . . .4965.0 5.5 5643.0 4565.0 Imperial Brands . . . . . .3133.5 -39.5 3933.5 3027.0

TRAVEL & LEISURE 888 Holdings . . . . . . . .288.8 4.6 Carnival . . . . . . . . . . .5060.0 140.0 Cineworld Group . . . . .565.0 -7.0 Compass Group . . . . . .1546.5 -5.0 Domino's Pizza Gr . . . . .340.1 -2.1 easyJet . . . . . . . . . . . .1479.0 -28.5 FirstGroup . . . . . . . . . . .113.0 1.0 Go-Ahead Group . . . . .1572.0 -23.0 Greene King . . . . . . . . .559.8 -17.4 GVC Holdings . . . . . . . .958.5 8.5 InterContinental . . . .4697.0 3.0 International Con . . . . .657.4 -6.6 Ladbrokes Coral G . . . . .185.0 1.9 Marston's . . . . . . . . . . . .115.4 -0.5 Merlin Entertainm . . . . .353.3 -3.2

EU SHARES Price

Chg High Low -8.6 609.5 501.5 -0.2 145.6 108.7 -5.8 294.0 194.7 -13.6 1208.5 917.0 -4.2 189.1 146.3 -0.4 40.5 33.9 -12.4 587.6 435.7 -13.0 1055.0 873.0 -1.1 151.4 137.2 -6.0 814.5 571.5 -8.0 1029.0 742.5

300.5 218.0 5380.0 4105.0 740.0 519.5 1760.2 1449.9 394.0 263.4 1531.5 914.5 153.0 101.0 2308.0 1485.0 766.0 508.5 982.0 594.0 4719.0 3668.0 670.0 472.6 188.0 111.3 146.1 101.4 537.0 349.0

Price Chg High Low Millennium & Copt . . . .574.0 1.0 625.5 410.2 Mitchells & Butle . . . . .269.6 -9.2 283.1 221.0 National Express . . . . .384.6 -2.2 389.8 334.7 Paddy Power Betfa . .8475.0-325.0 8900.0 6665.0 Rank Group . . . . . . . . . .242.0 0.5 248.5 189.0 Stagecoach Group . . . . .164.1 -5.0 220.2 154.3 Thomas Cook Group . . .128.3 1.5 130.0 84.1 TUI AG Reg Shs (D . . . .1568.5 6.0 1581.0 1068.0 Wetherspoon (J.D. . . . .1241.0 -30.0 1283.0 890.0 Whitbread . . . . . . . . .3900.0 -43.0 4307.0 3512.0 William Hill . . . . . . . . . .332.2 4.5 333.6 240.0 Wizz Air Holdings . . . .3579.0 -74.0 3700.0 1560.0

AIM 50 Abcam . . . . . . . . . . . . .1124.0 -13.0 1150.0 783.0 Advanced Medical . . . .310.0 0.0 350.0 199.5 ASOS . . . . . . . . . . . . . .6892.0 24.0 6906.0 5119.0 Blue Prism Group . . . .1260.0 -48.0 1639.0 395.0 Brooks Macdonald . . .1910.0 -5.0 2582.0 1810.0 Camellia . . . . . . . . . . .12725.0 25.0 12900.010070.0 CareTech Holding . . . . .429.0 -1.0 454.8 339.5 CityFibre Infrast . . . . . . .59.0 0.6 70.0 39.5 Clinigen Group . . . . . . .1037.0 10.0 1177.0 758.0 Conviviality . . . . . . . . . .377.5 -1.0 426.3 225.8 CVS Group . . . . . . . . . . .987.0 -20.0 1490.0 855.0 Dart Group . . . . . . . . . .678.5 -13.5 719.0 482.0 EMIS Group . . . . . . . . . .991.0 10.0 1017.0 833.5 Faroe Petroleum . . . . . .109.8 3.2 111.8 75.5 Fevertree Drinks . . . . .2126.0 -55.0 2485.0 1105.0 First Derivatives . . . . . .4110.0 -40.0 4220.0 2112.0 Frontier Developm . . .1425.0 -65.0 1510.0 276.5 Gamma Communicati .644.0 2.0 668.0 463.0 GB Group . . . . . . . . . . .424.0 -1.5 455.0 277.5 Gooch & Housego . . . .1450.0 -15.0 1539.0 1044.0 Hurricane Energy . . . . . .36.2 3.2 67.0 24.0 Iomart Group . . . . . . . .380.0 -10.0 410.0 285.5 IQE . . . . . . . . . . . . . . . . .134.0 -3.0 178.8 37.8 James Halstead . . . . . .438.0 -5.0 542.0 421.3 Johnson Service G . . . . .145.0 0.8 151.0 106.0 Keywords Studios . . . .1478.0 -70.0 1661.0 510.0 Learning Technolo . . . . .65.6 1.2 68.0 35.5 M&C Saatchi . . . . . . . . .393.0 1.0 402.0 292.0 M. P. Evans Group . . . . .783.0 -1.0 819.8 635.0 Midwich Group . . . . . . .550.0 10.0 565.0 224.0 Mulberry Group . . . . .1045.0 -5.0 1149.0 971.0 Next Fifteen Comm . . .425.0 -8.0 455.0 307.3 Nichols . . . . . . . . . . . . .1477.5 2.5 1958.0 1460.0 Numis Corporation . . . .330.0 2.0 337.0 231.3 Pan African Resou . . . . .14.0 0.1 18.0 12.5 Patisserie Holdin . . . . . .391.0 -5.5 401.0 300.5 Polar Capital Hol . . . . . .536.0 -4.0 558.0 315.5 Purplebricks Grou . . . . .411.0 8.0 514.5 150.3 Redde . . . . . . . . . . . . . .170.4 -2.6 182.0 144.3 Renew Holdings . . . . . .445.0 -5.0 485.0 410.0 RWS Holdings . . . . . . . .489.5 -2.5 539.0 310.0 Scapa Group . . . . . . . . .450.2 -1.2 515.5 318.8 Secure Income Rei . . . .359.0 -1.0 380.0 314.5 Smart Metering Sy . . . .822.0 2.0 874.5 479.5 Sound Energy . . . . . . . . .54.0 0.4 93.5 39.8 Staffline Group . . . . . .990.0 1.0 1450.0 878.5 Telford Homes . . . . . . .438.0 -6.5 447.0 316.8 Thorpe (F.W.) . . . . . . . .356.0 -4.0 396.5 286.5 Watkin Jones . . . . . . . . .221.5 -0.5 249.0 116.8 Young & Co's Brew . . . .1347.5 2.5 1405.0 1300.0 Young & Co's Brew . . .1090.0 -15.0 1124.0 978.0

http://corporate.webfg.com mailto: globaltechsales@webfg.com

US SHARES

Chg

High

Low

Price

Chg

High

Low

-0.46 -1.45 -1.35 3.39 0.15 -3.00 0.35 0.14 -1.42 -1.66 0.09 -0.80 1.00 0.00 -0.01 -2.13 0.45 -0.04 -0.25 -0.09 -0.10 -0.03 0.02 -2.55 -1.46 -0.07 -0.75 0.50 0.13 -0.10 -1.40 -4.10 -0.70 -0.08 -0.29 -0.08 -0.12 -0.36 -0.90 -0.83 -0.72 -1.20 0.96 -0.10 -0.15 -4.10 -0.93 -0.98 0.04 -2.04

110.10 202.10 111.60 90.28 204.50 159.95 26.47 6.20 97.90 123.90 7.93 91.06 69.17 34.87 74.71 72.13 17.82 41.36 17.53 10.81 5.59 15.16 15.69 122.15 80.07 7.14 36.90 16.50 3.01 20.88 197.15 260.55 199.00 5.96 15.80 36.12 92.25 52.40 92.97 100.70 75.94 133.50 52.26 10.63 48.69 238.15 52.31 88.80 24.87 181.56

92.50 142.60 90.27 62.46 154.25 106.10 21.81 4.82 78.97 99.62 5.92 77.07 53.96 28.22 59.01 56.48 13.11 30.52 14.62 6.53 3.82 10.77 12.94 100.60 60.15 5.64 28.76 12.81 2.06 14.72 167.75 179.55 166.60 3.81 13.50 26.54 61.51 43.40 71.06 81.92 63.36 108.00 40.66 8.10 41.11 202.15 37.23 64.56 15.96 124.75

3M ...................................................................241.14 ABBVIE ............................................................99.69 ACCENTURE-A.................................................158.90 ALPHAB NON VTG RG-C.................................1102.61 ALPHABET RG-A .............................................1110.14 ALTRIA GROUP.................................................70.29 AMAZON.COM................................................1254.33 AMERICAN EXPRESS........................................101.22 AMGEN ...........................................................182.86 APPLE .............................................................174.29 AT&T.................................................................36.62 BANK OF AMERICA...........................................30.55 BERKSHIRE HATH RG-B ..................................205.61 BOEING CO .....................................................320.26 CATERPILLAR ..................................................165.87 CHEVRON .......................................................128.66 CISCO SYSTEMS .................................................39.91 CITIGROUP........................................................75.65 COCA-COLA CO .................................................46.07 COMCAST-A ......................................................41.09 DOWDUPONT...................................................74.20 EXXON MOBIL ..................................................86.08 FACEBOOK-A ...................................................187.84 GENERAL ELECTRIC............................................18.93 GOLDMAN SACHS GR......................................254.33 HOME DEPOT...................................................191.80 HONEYWELL INTL............................................157.09 IBM..................................................................164.18 INTEL................................................................42.50 JOHNSON & JOHNSO.......................................143.97 JPMORGAN CHASE ..........................................110.25 MASTERCARD RG-A........................................159.86 MCDONALD'S ...................................................173.51 MERCK..............................................................57.30 MICROSOFT.......................................................87.82 NIKE -B- ..........................................................64.22 NVIDIA ...........................................................223.68 ORACLE............................................................48.80 PEPSICO ...........................................................118.61 PFIZER..............................................................36.47 PHILIP MRRS INT.............................................105.63 PROCTER&GAMBLE ..........................................90.47 TRAVLR COMP...................................................132.11 TWITTER...........................................................24.25 UNITEDHEALTH GRO ......................................224.20 UTD TECHNOLOGIES........................................134.90 VERIZON COMM ................................................51.69 VISA RG-A.......................................................118.98 WAL-MART STORES..........................................99.67 WALT DISNEY RG-DIS .....................................109.47 WELLS FARGO...................................................63.12

-0.14 -0.55 -0.56 -3.65 -2.65 0.72 1.63 0.70 -0.52 -0.04 -0.87 0.28 2.59 1.83 -0.56 0.82 0.22 0.34 -0.16 0.48 -1.14 -0.69 -0.03 0.37 0.39 -1.30 1.08 0.35 -1.12 -0.17 1.20 0.36 -0.03 0.50 -0.40 0.13 1.74 -0.26 0.56 0.06 0.74 -0.58 -0.36 0.08 -1.68 0.63 0.08 -0.13 -0.72 -0.47 0.86

244.23 101.28 159.49 1111.27 1119.16 77.79 1259.33 101.65 191.10 177.20 42.70 30.73 205.72 322.15 167.53 128.94 40.24 77.92 47.48 42.18 0.00 87.41 188.90 31.52 262.14 193.72 157.12 182.79 47.64 145.68 110.70 160.48 175.78 66.80 88.73 65.19 225.00 53.14 119.74 37.35 123.55 94.67 137.95 25.56 231.77 135.79 53.69 120.48 102.35 116.10 63.40

173.55 59.27 112.31 790.52 812.05 60.01 789.51 75.39 150.38 118.21 32.55 22.01 158.61 156.67 90.34 102.55 29.80 55.23 40.22 34.78 0.00 76.05 124.06 17.25 209.62 133.94 116.66 139.13 33.23 110.76 81.64 104.01 119.82 53.63 61.95 50.35 95.17 38.59 101.06 30.90 89.97 83.28 113.76 14.12 156.09 106.85 42.80 80.51 65.28 96.20 49.27

COMMODITIES Gold.............................................................1311.00 Silver................................................................17.14 Brent Crude...................................................68.82 Krugerrand.................................................1334.45 Palladium...................................................1103.00 Platinum.....................................................962.00 Tin Cash Official.......................................19850.00 Lead Cash Official......................................2495.00 Zinc Cash Official.......................................3308.00

8.75 0.08 1.04 -9.65 7.00 -5.00 75.00 -16.00 20.00

CREDIT & RATES

Copper Cash Official...................................7156.50 Aluminium Cash Official............................2241.00 Nickel Cash Official ..................................12260.00 Aluminium Alloy Cash Official...................1710.00 Cocoa Futures.............................................1941.00 Coffee 'C' Futures .........................................124.08 Feed Wheat Futures.....................................139.55 Soybeans Futures Continuation Contract...947.00

-59.50 -5.00 165.00 0.00 42.00 -1.07 1.35 -8.30

BoE IR Overnight.........................................0.500 BoE IR 7 days..............................................0.500 BoE IR 1 month...........................................0.500 BoE IR 3 months.........................................0.500 BoE IR 6 months ........................................0.500 LIBOR Euro - overnight..............................-0.435 LIBOR Euro - 12 months.............................-0.250 LIBOR USD - overnight .................................1.438 LIBOR USD - 12 months ................................2.156 Halifax mortgage rate ................................3.990

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Euro Base Rate ...........................................0.000 Finance house base rate .............................1.000 US Fed funds...................................................1.41 US long bond yield........................................2.88 Euro Euribor...............................................-0.379 The vix index.................................................9.82 The baltic dry index.................................1395.00 Markit iBoxx EUR ......................................229.05 Markit iBoxx GBP .......................................323.39 Markit iTraxx................................................69.48

0.00 0.00 0.00 0.00 0.00 -0.26 10.00 -0.25 -0.40 -0.78

WORLD INDICES Price Chg %chg FTSE 100. . . . . . . . . . . . . . . . . . . . . . 7748.51 17.49 0.23 FTSE 250 . . . . . . . . . . . . . . . . . . . 20760.00 -114.95 -0.55 FTSE All-Share . . . . . . . . . . . . . . . . 4251.90 3.78 0.09 FTSE AIM All-Share . . . . . . . . . . . . 1066.05 -1.89 -0.18

Price Chg S&P 500 . . . . . . . . . . . . . . . . . . . . . 2748.23 -3.06 Dow Jones I.A. . . . . . . . . . . . . . . . 25369.13 -16.67 Nasdaq Composite . . . . . . . . . . . . . 7153.57 -10.01 Xetra DAX. . . . . . . . . . . . . . . . . . . . 13281.34 -104.25

%chg -0.11 -0.07 -0.14 -0.78

Price Chg %chg CAC 40 . . . . . . . . . . . . . . . . . . . . . . 5504.68 -19.26 -0.35 Swiss Market Index. . . . . . . . . . . . 9524.96 -86.65 -0.90 ISEQ Overall Index . . . . . . . . . . . . . 7102.23 -76.69 -1.07 FTSEurofirst 300. . . . . . . . . . . . . . . 1566.84 -5.79 -0.37

Price Chg Hang Seng . . . . . . . . . . . . . . . . . . 31073.72 62.31 Shanghai Composite . . . . . . . . . . . 3421.83 7.93 Straits Times . . . . . . . . . . . . . . . . . 3520.45 -4.20 ASX All Ordinaries. . . . . . . . . . . . . 6205.90 -35.60

%chg 0.20 0.23 -0.12 -0.57


CITYAM.COM

THURSDAY 11 JANUARY 2018

FEATURE

19

ALTERNATIVE FINANCE

LIFE-CHANGING INVESTMENTS

N

O ONE can deny (apart from a handful of politicians) that the NHS is in a bad way at the moment. The crisis reached a head last week when hospitals were forced to cancel tens of thousands of operations in order to free up resources for emergency care. This – unsurprisingly – sparked a national outcry. Yes, the lack of funding and the structural problems are the underlying challenges here. But technology can also serve as a saving grace to alleviate some of the issues facing our traumatised healthcare system. Some of this technology could have a resounding impact on our own healthcare service, as well as those around the world. Take OR Productivity, for example. The company designs and develops robotic devices to assist with keyhole surgeries. Its flagship product is a surgical robot called FreeHand, which holds the camera still for surgeons while they’re operating. Essentially, the device can free up a junior doctor for nearly every operation, which could serve as a huge cost saving. “The NHS is haemorrhaging money, so products like this have to be the future,” says Laura Ferguson, UK director at Capital Cell, Europe’s first crowdfunding platform specialising entirely in life science companies. Capital Cell has been up and running in Spain for three years, but it launched in the UK in April to help channel investment into British biotech products like FreeHand. Its founder Daniel Oliver, who has a

biologist background, was frustrated that people who were pitching for life science companies weren’t getting any investment, while new coffee bars and fashion outlets were – despite the fact that they weren’t going to change lives in the same way. “It’s really out of this that Daniel came up with the idea for a specialist crowdfunding site, where people would understand what these life science companies do, and speak their language,” Ferguson explains. The biotech sector is brimming with theories and concepts that few of us will understand; even PhD-qualified professors will struggle to wrap their heads around the science behind some of these products. Ferguson admits that people are often scared because they don’t fully grasp the science. “I think a lot of people in the investment space would like to be a part of the boom in life science investing, but they just don’t know how to get involved.” Capital Cell hopes to tackle this through its Bioexpert Network, which is a community of 800 professionals in the life science sphere in one way or another – from pure scientists and clinicians, to those in the business world who understand the commercial merits of a science-based business. “We want to give people the confidence that they can invest, even if they don’t completely understand the deep science – because plenty of experts have looked at it and believe in it. “We know these companies have the potential to change lives, and the challenge is how do we communicate that to a non-specialist audience.”

The NHS is haemorrhaging money, so biotech products have to be the future

Katherine Denham speaks to the UK head crowdfunder Capital Cell about using science to save our healthcare system

Ferguson, who has a PhD in evolutionary biology from the University of Cambridge, says it’s important to be able to talk to companies in their own language.“If you’re trained properly as a scientist, you understand that you know hardly anything,” she says. But, of course, it’s equally important to be able to explain what’s innovative in the technology to investors. I ask how she can determine the merits of each company when it’s impossible to be an expert in every scientific field. She explains that Capital Cell will send a pitch to the Bioexperts to review a proposition before the platform agrees to take on a company. “While we are a specialist platform and we understand the basic principles of genetic engineering, we don’t know enough about everything to make a proper value judgement on it.” Alongside Capital Cell’s own screening process, most companies also receive funding from the government through the Innovate UK scheme, which means another independent panel has assessed the potential of the science. And let’s not forget that biotech can also look pretty sexy from an investment point of view; the rewards can be sky-high if you’re willing to wait it out (and take on the risk, of course). Ferguson exudes a contagious enthusiasm about the companies she has taken under her wing. She tells me about OvuSense, which has created a device that measures fertility in real-time (as opposed to using data from previous menstrual cycles). Many women over 30 have trouble conceiving

because there is an irregularity in their cycle, so by detecting any irregularities, it has the potential to double the chance of conception. Another company on the platform is veterinary health firm Tharos, which has developed a natural supplement called EquiNectar that aims to improve digestive conditions in horses. The project could potentially lead to diagnostic products being brought to the market by 2020. Three companies are currently live on the Capital Cell platform, but it’s still early days, and with a minimum investment of £300, these opportunities are accessible to most investors. Capital Cell aims to support the broad spectrum of science firms, but Ferguson admits that it may be a while before it lists companies in the really risky corners of the sector, such as pharmaceuticals. “Therapeutics can take years to develop, need tonnes of money, and they really struggle to get that early-stage funding.” While venture capitalists might be wary about investing in companies that don’t have a track record, there’s clearly a conscious awareness from the government of the need to channel more money into tech companies. The government is finally realising that we must fund early-stage companies in order to create the innovation we so desperately need. “Lots of innovations used in hospitals are about saving the NHS money,” adds Ferguson. It doesn’t take a brain surgeon to realise that biotech products have to be taken up if we are going to bring our crippled NHS back from the brink.


20

LIFE&STYLE

THURSDAY 11 JANUARY 2018

TECHNOLOGY

CITYAM.COM

: @city_am

: @cityamlife

EDITED BY STEVE HOGARTY

The best tech from CES 2018 Rounding up some of the greatest (and weirdest) new gadgets from this year’s technology conference TELEVISIONS

If there’s one constant in this world, it’s that everybody wants a bigger television. All human endeavour, the cumulative effort of generations, is geared towards inventing ever larger screens capable of displaying more pixels at higher resolutions and in new, never before seen colours, so that Fiona Bruce looks as good as can be. This year’s CES is dominated by extremely massive and microscopically thin televisions. The biggest is a prototype belonging to Samsung simply called The Wall. Intended for commercial spaces, it’s a 146-inch display that foregoes traditional OLED technology in favour of new panel tech called MicroLED. Being modular, you can snap a few of them together to replace an entire wall of your living room with raw, unfettered television. Samsung also announced its first commercial 8K television, though at just 84-inches the Q9S QLED TV is positively dinky by comparison. Taking a different approach, LG revealed a 65-inch OLED TV that rolls up like a giant newspaper, storing itself inside a narrow sideboard and freeing up your wall for playing squash, or whatever else you might be tempted to do with a intermittently empty piece of wall. Like 90 per cent of new tech announced this year, the unfurlable display is compatible with Google and Alexa voice assistants. Speaking of empty walls, stick Sony’s new short-throw projector underneath one (it’s discreetly shaped like a coffee table) and you can enjoy a 120inch 4K display, projected from a lens that sits just 9.6-inches out from the wall. So no more shadow puppets during dramatic scenes. The snappily named LSPX-A1 will cost just $30,000.

PHONES

With Mobile World Congress taking place at the end of February, it’s rare to see many new, big ticket phones announced at CES. That said, some midrange tiddlers have sneaked out, like Sony’s Xperia XA2 and Samsung’s Galaxy A8. The absence of any word of Samsung’s flagship Galaxy S9 all but confirms we’ll see it revealed at MWC. Chinese manufacturer Vivo showed off the first in-screen fingerprint scanner however, a development likely to find its way to premium smartphones this year or next. And Razer’s delightfully named Project Linda is a concept that plans to turn your Razer phone into a fully featured laptop, by letting you dock the handset into a slot where the touchpad would normally be. That it sounds like it’s been named after your mum’s friend next door is simply a nice bonus.

GAMING

Razer’s known for high-end gaming hardware, including changing coloured desk lights that dynamically react to in-game scenes displayed onscreen. At CES the company showcased a new integration with Philips Hue, the smart light bulb folks, to extend this ambient lighting setup to encompass entire rooms. So now, if you get your arm blown off by a grenade in Call of Duty, your IKEA standing lamps might start flashing a helpful shade of red. Truly, the on-

ward march of progress is unstoppable. Graphics chip manufacturer Nvidia revealed a new line of supersized gaming monitors, which it’s calling Big Format Gaming Displays. Unlike televisions, these specialised displays are fine-tuned to play nice with gaming PCs, with processor-synced 120hz refresh rates ensuring no lag or screen tearing artifacts. Nvidia’s partnering with manufacturers to bring the BFGDs to market, at least one of which will be a stonking 65-inch behemoth.

SMART HOME

There are now no fewer than two laundry folding robots on the horizon. Laundroid and Foldimate are both about the size of a big fridge. The former appears to be the more competent of the two, and uses advanced machine learning algorithms to detect which way up a blouse goes. Its robotic arms can pluck your mucky grundies from a hamper and then carefully fold your particulars, taking just 5-10 minutes per item of clothing. Foldimate is cheaper and requires some initial assistance, as you must peg your clothes up individually inside the laundry folding compartment by hand, like a caveman. This year’s version of Samsung’s smart fridge, still called the Family Hub, adds new features. As well as being able to view a live camera feed of your sliced ham from almost anywhere on the planet, the world’s most pointlessly advanced fridge now boasts premium speakers alongside its touchscreen display, meaning you can watch entire movies while standing next to your freezer.

AUDIO

Renowned for its exceptionally decent headphones, Sennheiser is for the first time turning its attention to home speakers with a prototype, tricked-out 13-driver soundbar. The audio experts at the Sennheiser labs reckon they can even simulate a few additional phantom speakers behind the listener by bouncing soundwaves around the room in just the right way. And to ensure nobody forgets what Sennheiser is really good at, the company’s also launched an audiophilepleasing pair of quality, closed-back headphones. The HD 820 are a pricey set of a flagship cans, costing not a penny less than €2,400.

AND THE WEIRD STUFF

Of course, it wouldn’t be CES without a relentless cavalcade of strange and obscure new technology destined for tomorrow’s landfill. There’s the clinically dubious Modius headset, which boldly claims to trigger weight loss by blasting your brain with electrical signals. Sony has resurrected Aibo, the loveable electric dog who’s been living in a cardboard box in your attic for 20 years, and will be again soon. The usually sensible Philips has designed a kind of electronic nappy you wrap around your head to help you sleep better. And Nissan is trialling a new magic driving hat that they say will improve your reaction times in a an emergency. Tomorrow’s world is here again, and it looks as silly as ever.


THURSDAY 11 JANUARY 2018

CITYAM.COM

FEATURE

21

OFFICE POLITICS

Bottoms up for a booze-free January bar – you know, the one who holds court and can make your life a misery with their witty repartee – take them out in advance and tell them all the reasons why you are on this alcoholfree adventure. Once you have their backing, watch the rest follow.

A break from alcohol doesn’t require Dutch courage – it’s easy when you know how Andy Ramage and Ruari Fairbairns

F

OR MANY, a Dry January challenge means cancelling the social calendar and praying for February to arrive. However, the mindset of “giving something up” often means a plethora of alcohol-free advantages are missed. This is why we created our book, The 28 Day Alcohol-Free Challenge, to show you how to take on Dry January and win – big.

ZERO WILLPOWER IS REQUIRED

Once you discover first-hand that you are not giving something up or missing out, but instead gaining a massive alcohol-free advantage in all areas of your life, zero willpower is required. Taking a break from alcohol can unlock your real business and life potential. Extra energy and time creates space to reignite exercise rou-

tines, and your diet naturally improves once hangover cravings are removed. Marginal gains such as these lead to fitter bodies and improved mental health, which in turn produce peak performance at home and in the office.

NEW YEAR, SAME YOU Deliveroo Free

GOING ALCOHOL FREE IS FANTASTIC FOR BUSINESS

We both run successful broking operations in London. When we decided to take a break from alcohol, we were told in no uncertain terms that our business would suffer. But the opposite happened. Business boomed as we had the energy, motivation and super-productivity to keep banging the drum when our competitors were fading. So if you want to make 2018 your best and most productive yet, here are our top five tips to take on Dry January – and win.

HAVE A BACKUP DRINK

You are about to fight years of social and psychological conditioning, and you need to be prepared, or old habits will take over. So know exactly what you’re going to drink. Alcohol-free alternatives, such as AF beer, are

Taking a break from alcohol can unlock your real business and life potential

excellent. People leave you alone once they see something that looks alcoholic. If there are no alcohol-free options, be prepared to have a backup and create your own.

NOTE DOWN ALL YOUR REASONS WHY YOU WANT TO TAKE A BREAK

List all those reasons you want to take a break from the booze. Ask yourself why you are taking on this alcoholfree adventure – what has led you to this point? Keep these reasons close for extra motivation.

TAKE OUT THE RINGLEADERS

Before you meet that “mate” in the

New year’s resolutions are nonsense. Drink, smoke, and gorge yourself on as much awful food as you like. Gym? Who’s he? Go for a run? Only to the nearest place that sells beer and donuts. If you can’t even be bothered to do that, have some millenia on a fixed-gear bicycle deliver it to you for a small fee. New year, same old you.

USE YOUR EXCUSE

Most of us need a decent reason not to drink. It is sad but true. Alcohol is the only drug in the world that people berate you for giving up. So use your challenge excuse: “I am doing Dry January, and I love it!”

BAD HABITS NEED REPLACING, NOT TELLING OFF

Think about what triggers your drinking habit. It could be a particular time – 6pm, for example. Try to figure out what you are really craving. Perhaps it’s to de-stress. Finally, replace the “drinking routine” with a healthy one that produces the same reward – to de-stress. Possibly swap the alcoholic beer for an AF beer, or replace the drinking routine entirely with a spin class. You keep the same trigger, 6pm, and the same reward, to de-stress, but you swap out the drinking routine for a healthier one. £ The 28 Day Alcohol-Free Challenge by Andy Ramage and Ruari Fairbairns is out now (Bluebird, £12.99/ £11.99 eBook)


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PUNTER THURSDAY 11 JANUARY 2018

CITYAM.COM

THE PUNTER

RedZone Sports’ Steve Baumohl with his best bets for this week’s NFL action

NFL TRADER

Falcons to clip Eagles’ wings ATLANTA FALCONS AT PHILADELPHIA EAGLES SATURDAY 9.35PM

I haven’t been a fan of Atlanta all year, but I’ve been impressed at their defensive improvements in the last few weeks. However, I’m not sold on the offense, as they’re kicking too many field goals, and this will come back to haunt them against superior opposition. Luckily, they’re going up against Nick Foles, who I can’t see having much success. Atlanta’s secondary is strong and rarely gives up big plays and with Foles not having much chemistry with his receivers, the Falcons should be able to limit his plays. If Carson Wentz was playing, this is a different team. The Eagles’ defense has been nothing short of awesome this year but it’s when they have a lead, they are most

being found out. Both teams are struggling to contain running backs and I imagine that’s how they will attack each other. However, Pittsburgh’s offensive line ranks No. 1 in adjusted sack rate, which should negate some of the Jags’ pass rush and with Blake Bortles looking like his old self, I’m going to give the Steelers the edge.

NEW ORLEANS SAINTS AT MINNESOTA VIKINGS SUNDAY 9.40PM

effective. I expect Philadelphia to give this their all, especially at home, but they are playing a team that should be disciplined and experienced enough to not overlook this match-up.

TENNESSEE TITANS AT NEW ENGLAND PATRIOTS SUNDAY 1.15AM

Oh look, another 13-point underdog for the Patriots to dismantle in the divisional round! This should be a walk in the park for them, yes? Well if one looks deeper, this is an upset waiting to happen. New England have been awful against the run this year. One can attack those defensive tackles & linebackers and have success, but it requires discipline and patience from the opposition. In come, the Titans, who run the ball as well as anybody in the league and Derrick Henry looks to be finding form at the right time. But it’s the

Carson Wentz’s absence will be felt by Philadelphia

JACKSONVILLE JAGUARS AT PITTSBURGH STEELERS SUNDAY 6.05PM

performance of Marcus Mariota that has turned my head. He is regaining his old dynamic form, making plays with his feet and has been deadly with play action passes. If the Titans commit to the run, they can control the clock and keep Tom Brady off the field. Brady has not been playing well this past month and the 13-point handicap is incredibly insulting.

This is a tough game to pick. Pittsburgh are not the same defensively without Ryan Shazier and with Antonio Brown carrying a calf injury – will he be able to produce like he did throughout the season? The Jaguars have lost some of their early season swagger and are now

These two teams played in week one, but in that game, Minnesota’s Sam Bradford and Dalvin Cook, neither of whom will play on Sunday, were the stars. Whilst Case Keenum has been more than an adequate backup, this is his first play-off game as a starting quarterback and will be under immense pressure. He will find it tough throwing to his favourite targets as the Saints cornerbacks should be able to limit their production. The Saints have enough weapons to beat the Vikings secondary but Drew Brees will have to be flawless to take his team to the championship game.

POINTERS Atlanta -3 -v Philadelphia Tennessee +13 v New England Pittsburgh -7.5 v Jacksonville New Orleans +4 v Minnesota

NFL DIVISIONAL ROUND PLAYOFFS SATURDAY

SUNDAY

ATLANTA FALCONS @ PHILADELPHIA EAGLES

JACKSONVILLE JAGUARS @ PITTSBURGH STEELERS

MONEY LINE

MONEY LINE

Falcons @ Philadelphia A ttlanta lan Falcons a Eagles Eagle es Atlanta

4/6

13/10

11/4

Jacksonville gh Steelers Jack ksonvill Jaguars @ Pittsbur Stee elers Pittsburgh

HANDICAPS

2/7

HANDICAPS

evens evens

-3

Falcons @ Eagles Falcons

+3

10/11

20/21

+7

Jaguars @ Steelers

-7

20/21

5/4

-4

Falcons @ Eagles Falcons

+4

4/6

10/13

+8

Jaguars @ Steelers

-8

eve ns evens

10/13

-2

Falcons @ Eagles Falcons

+2

11/10

11/10

+6

Jaguars @ Steelers

-6

8/11

TOTAL POINTS

TOTAL POINTS

10/11

Under

41

Over Over

10/11

10/11

Under

40.5

Ov er Over

10/11

20/27

Under

42

Ov er Over

21/20

4/6

Under

41.5

Ov er Over

23/20

evens evens

Under

40

Ov er Over

4/5

evens evens

Under

39.5

Over Over

4/5

TENNESSEE TITANS @ NEW ENGLAND PATRIOTS 6/1

NEW ORLEANS SAINTS @ MINNESOTA VIKINGS

MONEY LINE

MONEY LINE

Tennessee Titans @ New England Patriots T e enn nes ennessee Patriots

New w Orleans Orlea Saints @ Minnesota Vikings ikin ngs

1/12

17/10

HANDICAPS

4/9

HANDICAPS

50/57 +13.5

Patriots Titans @ P atriots

-13.5 51/50

20/21

+4

Saints @ Vikings

-4

20/21

5/7 +14.5

Patriots Titans @ P atriots

-14.5 21/20

4/5

+5

Saints @ Vikings

-5

21/20

evens evens +12.5

Titans @ Patriots Patriots

+3

Saints @ Vikings

-3

4/6

-12.5 20/27

11/10

TOTAL POINTS

TOTAL POINTS

10/11

Under

47

Over Over

10/11

10/11

Under

45.5

Over Over

10/11

20/27

Under

48

Over Over

21/20

5/6

Under

46.5

Over Over

evens evens

evens evens

Under

46

Over Over

10/13

21/20

Under

44.5

Over Over

4/5

Odds subject to fluctuation

Terms and Conditions apply

50/51 20/21 51/50 20/21


CITYAM.COM FEATURE

A counter-intuitive strategy revived the 76ers fortunes. Now they want to win over London, hears Joe Hall

I

F THE Philadelphia 76ers, one half of tonight’s NBA match at the O2 Arena, had come to London in another of their more recent seasons, the most effective marketing may have been to position the game as a basketball freak-show. Far from a showcase for globetrotting greats of the sport, a 76ers’ game would have been best billed as a chance to witness an almost peerlessly bad team take a hammering. After all, only two seasons ago the franchise known as the Sixers finished with just 10 wins from 82 games — the second worst record in NBA history — and surpassed the previous milestone for consecutive losses. Yet they line up against Eastern Conference leaders Boston Celtics this evening as a young team on the cusp of the play-offs, playing in front of a sold-out home stadium and backed by a city once again buzzing with excitement. From the outside, it seems an improbable turnaround. For those running the franchise under owners Joshua Harris and David Blitzer it was all — 72 losses included — part of a plan that would become immortalised in the slogan “trust the process”.

THURSDAY 11 JANUARY 2018

A MATTER OF TRUST

process’,” says O’Neil. “He was a bit of a journeyman, a not particularly heralded guy, but he came out and said ‘coach keeps telling us to trust the process’. We fanned the flames of that and the fans jumped all over it. We had this movement.” The mantra became a rallying cry for the team as it embarked on its unorthodox, long-term plan. “We believed from day one that our plan would work and it’s come true,” 76ers president Chris Heck told City A.M. “We knew that this team would become exciting and successful. And so the proposition was: ‘You better get in now, because you’re not going to

23

IN BRIEF have the opportunity in a few years’. And it worked and was proven right. “It has been a process of patience both for our fans and for the executives and front office personnel. But it’s right on course. The plan has really been working.”

SPRINGBOARD

Two of those high amateur draft picks, 23-year-old Cameroonian Joel Embiid and 21-year-old Australian Ben Simmons, are now among the league’s brightest young talents and are leading a resurgent Sixers side. Having sold just 3,500 season tickets in 2013, the franchise has now maxed out at 14,000 and a further 7,000 are on a waiting list. Of course, it is not all plain sailing when your ship is sinking like a stone. “I was booed off the court,” recalls O’Neil. But the unwavering the belief was that for an unfashionable city unable to attract big stars, this was the only route to the ultimate

We fanned the flames and the fans jumped all over it. We had this movement

RALLYING CRY

“We told fans that we’re ripping this thing down and we’re going to build something special,” Scott O’Neil, chief executive of the Harris Blitzer part. The “ripping down” came on the Sports and Entertainment group court as the team, following the viwhich also owns football club sion of former general manager Sam Crystal Palace, told City A.M. Hinkie, started tanking. The 76ers’ O’Neil, who was appointed best players were traded for top in 2013, got to work on picks in the NBA’s amateur driving depressed ticket draft of youngsters and no imsales and equipping the mediate replacements were engine room that runs a sought. An avalanche of losses modern sports franchise followed — 253 in four seasons — the medical team, the — but that only set the Sixers up analytics department, the for an even better position in the kitchen — with world-class draft. talent. “It coincided with one of That was the our players, Tony “building someWroten, publicly 76ers chief executive Scott O’Neil thing special” saying ‘trust the

SPORT

goal of becoming “one of the elite franchises not only in the NBA, but in sport”. Playing abroad to a potential new pool of international fans represents a significant step on that road. “You go back five years to when we started and it was: ‘Can we secure the local passion and the local brand and then grow it?’,” says Heck. “It’s accelerated so fast that the time is now right to flip the switch and make this a global brand. That’s why we’re here. Not only are we excited about being in London, we think it’s an opportunity to springboard us to the rest of the world too.” With Embiid and Simmons currently posting numbers to rival the NBA’s already world-renowned players Kevin Durant, Russell Westbrook and LeBron James, the current proposition to Londoners now is similar to the appeal to Philadelphians in 2013: trust in the process now and reap the rewards later. “Now you’re starting to see the foundation,” says O’Neill. “It’s not the top of the pyramid. This process is not finished.”

DJOKOVIC UPBEAT ON AUSTRALIAN OPEN HOPES

£ TENNIS: Six-time champion Novak Djokovic has indicated that he expects to play at next week’s Australian Open after coming through his first match for six months. Djokovic, who has not played since Wimbledon due to an elbow injury and pulled out of scheduled matches in the Middle East last week when the problem flared up again, beat world No5 Dominic Thiem 6-1, 6-4 at the Kooyong Classic exhibition event in Melbourne yesterday. “For now I’m in the tournament and let’s hope with God’s grace everything will be fine in the next five days,” he said.

STONEMAN AND VINCE RETAIN TEST POSITIONS

£ CRICKET: Batsmen Mark Stoneman and James Vince have been retained in England’s Test squad for March’s tour of New Zealand despite their struggles in the Ashes. Yorkshire’s Gary Ballance, seamer Jake Ball and all-rounder Tom Curran have all been dropped, while newly-appointed Lancashire skipper Liam Livingstone has earned his maiden Test call-up. Durham seamer Mark Wood has also been included, as has Ben Stokes, whose participation depends on his legal case.

HOUSE OF FRASER CHIEF JOINS BRITISH CYCLING

£ CYCLING: British Cycling has named House of Fraser boss Frank Slevin independent chair of the troubled sports organisation. Slevin, chairman of the department store sinse 2015, has been appointed as part of a constitutional overhaul that followed findings of a “culture of fear” at British Cycling. He previously worked in banking for HSBC and Citibank. Slevin said: “It is a great privilege to have been chosen to support the leadership team in British Cycling as we look to a new era for the sport.”

KHAN EYES SUPER-FIGHT AS HE OUTLINES RETURN

£ BOXING: British former lightwelterweight world champion Amir Khan, 31, is to make his comeback on 21 April against an opponent to be named next week. It is the first of three planned fights this year for Khan, with the third lined up to be “a super-fight”, according to his new promoter Eddie Hearn, who added that Kell Brook and Manny Pacquiao would be possible targets.


24

SPORT

CITYAM.COM

THURSDAY 11 JANUARY 2018

TRUST THE PROCESS How the 76ers turned logic on its head to revive their NBA fortunes PAGE 23

SPORT FOOTBALL

FOOTBALL

Sanchez can still be trusted, insists Wenger

Sanchez was brought on during the second half

FRANK DALLERES @frankdalleres MANCHESTER United’s Romelu Lukaku is exploring the possibility of legal action after Everton’s largest shareholder Farhad Moshiri suggested the Belgium striker left the club because of voodoo. Moshiri told Everton shareholders on Tuesday that Lukaku suddenly reneged on a pledge to sign a new contract last summer and asked to leave for Chelsea, who were themselves later outmanoeuvred by United. He said: “Romelu called his mother and said she was on a pilgrimage to Africa and had seen some sort of voodoo that said he had to sign for Chelsea. What can you do?” A representative for Lukaku strongly denied the claims on Wednesday, saying his transfer request “had nothing to do with voodoo”. They told BBC Sport: “He distances himself from these beliefs and this statement and will now see what judicial steps can be taken in relation to them.” Lukaku, 24, joined United for £75m in July after they saw off rival interest from his former club Chelsea. Until late last season he had seemed set to sign a new contract at Goodison Park. “Romelu is very catholic and voodoo is not part of his life or his beliefs. He simply had no faith in Everton and no confidence in Mr Moshiri’s project,” Lukaku’s representative added. “That is why he did not want to sign on any condition. He wanted to make the next step in his career and wanted the security to be able to leave.” United, meanwhile, have hiked the price of tickets for Sevilla fans travelling to Old Trafford for their Champions League tie in March in response to the Spanish club’s own “excessive” charges. The Premier League side say tickets in the away end will cost £89 – the same as Sevilla are charging United fans for the first leg, despite asking Liverpool fans to pay just £54 in November – in order to subsidise the cost of their supporters’ trip to Spain. United said they hoped the move would be a deterrent to future opponents raising prices for their fans.

Contract rebel named on bench as semi-final first leg ends in stalemate CARABAO CUP

CHELSEA ARSENAL

0 0

FRANK DALLERES AT STAMFORD BRIDGE @frankdalleres ARSENAL manager Arsene Wenger insists he can still rely on contract rebel Alexis Sanchez despite starting the forward on the bench for last night’s Carabao Cup semi-final stalemate at Chelsea. Wenger put the surprise omission down to a mid-season rest and denied it was linked to renewed interest in Sanchez from Manchester City, who tried to sign the Chile star last summer. “The team selection had nothing to do with the transfer market,” said the Arsenal boss, who did confirm midfielder Francis Coquelin’s imminent departure to Valencia. “We have to accept that when you play so many games – and Sanchez plays every game – that sometimes a breather in the middle of the season helps them. “I have no problem with whether he signs [a new contract] now or in June. “What for me is important is the next game and that you can rely on him. The performance and commitment of Alexis Sanchez does not depend on the duration of his contract. It depends on the fact that when he is on the pitch he wants to play.” Chelsea manager Antonio Conte resolved to make his team more clinical after they missed a string of second-half

Lukuku: I may sue Moshiri for ‘voodoo’ claim

chances to win the first leg. “We tried to win. We shot 20 times. We created chances to score but we didn’t take them. In the last period we must be more clinical,” said Conte. “When you have the chance you have to score especially when you play these games.” Midfielder Jack Wilshere, named Arsenal captain for the night, created the first notable chance on 22 minutes when he chipped over Chelsea’s high defensive line for Alexandre Lacazette, who snatched at the shot when the ball sat up and screwed his effort high and wide. Wing-back Victor Moses was first to test David Ospina and the Gunners’ stand-in goalkeeper needed two attempts to clutch his daisy-cutter from the edge of the penalty area. Moses went even closer, hitting the base of the post, when he tried the same shot moments later. An even opening 45 minutes gave way to a Chelsea monopoly after the break, all the more so when Wilshere hobbled off, and the momentum was unaffected by Sanchez’s arrival on 66 minutes. Crosses were causing jitters in the Arsenal defence and only wasteful finishing from the hosts kept the scores level. Cesc Fabregas nodded straight at Ospina just before the interval and Andreas Christensen twice headed off target in the second half, the latter from a corner after Shkodran Mustafi’s outstretched leg had diverted a goalbound Moses shot wide.

CRICKET

Bayliss has done a good job and I won’t hear any criticism of him

I

FEEL sorry for Trevor Bayliss. The system he has put in place as England head coach is the right one but ultimately certain players have let him down. He has taken a lot of flak during the Ashes, both for results and his coaching style, although England’s 40 defeat is not down to management. They have simply been outplayed by Australia, who have a better set of players for the conditions. People criticise him for being too hands-off but he has given responsibility to the players, made them feel relaxed and, as a former England international, I know how important that is; you don’t want to feel like you’re at school or being tied down. 

CRICKET COMMENT Chris Tremlett STARK IMPROVEMENTS

I’m all in favour of Bayliss, who I worked under during a stint with the Sydney Sixers, and believe he has done exceptionally well since his appointment in 2015, especially in white-ball cricket, where the improvement has been stark. He has changed the culture of the

team environment and the attitude of the squad – a fact emphasised by one-day vice-captain Jos Buttler, who came out in support of Bayliss on Tuesday. Granted, such progress has not been matched in the Test arena but I definitely feel there have been some advances and it should be remembered that England were in a pretty down-andout state before his appointment. I’m not sure why he felt the need to announce now that he intends to leave his role when his contract expires after the next Ashes series in September 2019. I don’t think

he needed to but some people just like to lay their cards on the table. In terms of his decision itself, I do think it is probably the right one, purely on the basis of coaches having shelflives, and in my view four to five years is about right. Australia boss Darren Lehmann confirmed his intention to leave his role in 2019 also, having been Trevor Bayliss was appointed in 2015

appointed in 2013, and I think it’s hard for a coach to maintain their standards for a longer period of time.

TRANSITION

I wouldn’t think that Bayliss outlining his plans would undermine his authority, and if I was still a player in the set-up I would not change my approach or view the coach any differently. Bayliss’s decision perhaps also gives the England and Wales Cricket Board the flexibility to allow the Australian’s successor to work alongside him in the build-up to his departure so the team can be developed with a transition of coach in mind. 

City A.M. (2018.01.11)  

City A.M. (2018.01.11)

City A.M. (2018.01.11)  

City A.M. (2018.01.11)

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