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HOT PROPER TY

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FRIDAY 12

JANUAR Y 2018

TO INVEST

AND HOW TO DECORA

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BUSINESS WITH PERSONALITY

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@alys_key @ojngill TOP GOVERNMENT ministers held a crisis meeting yesterday to discuss struggling contractor Carillion, which is feared to be close to collapse. The summit preceded a meeting scheduled for today between Whitehall officials, Britain’s pensions watchdog and pensions lifeboat to discuss Carillion’s near-£600m retirement fund black hole. Convened by Cabinet Office minister David Lidington, yesterday’s meeting rounded up representatives of numerous Whitehall departments. Business secretary Greg Clark, transport minister Jo Johnson, chief secretary to the Treasury Liz Truss and justice minister Rory Stewart were all present, according to reports. Ministers representing culture, health,

cent yesterday as investors were treated with radio silence after the company presented a turnaround plan to its lenders on Wednesday. Hopes had been raised at the start of the week after Carillion confirmed over the weekend it would meet its banking syndicate led by Royal Bank of Scotland, Barclays and HSBC. But most of the gains were reversed on Tuesday after the company issued an announcement pouring cold water on the hopes.

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MINISTERS SCRAMBLE AS FEARS MOUNT OVER AILING CONTRACTOR the Foreign Office and education were also present. Carillion holds a number of contracts with the government, a large proportion of which are with the Cabinet Office. The government admitted earlier this week that contingency plans are in place for the failure of Carillion. Today, senior Cabinet Office officials, the Pensions Regulator (TPR) and the Pension Protection Fund (PPF) will be joined by Carillion’s pension trustees and advisers. Sky News first reported plans for the meeting. Yesterday’s crunch talks were first reported by the FT. A spokesperson for TPR admitted the regulator is “closely involved” in discussions with Carillion and its trustees, adding it was would not comment further “unless it becomes appropriate to do so”. Shares in Carillion plunged over 15 per

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Carillion has a pension deficit of £587m, according to its annual accounts. A spokesperson for the PPF said yesterday: “The PPF is aware of the discussions between the company, government and banks and, along with the trustees and the Pensions Regulator, will act as it always does to protect the interests of Carillion scheme members and levy payers.” Unions are demanding a rescue package for affected workers. £ KLEINMAN: P12

@alys_key DOMINIC Chappell, the businessman who bought failing retailer BHS for £1, has been found guilty of failing to hand over information to the Pensions Regulator. Chappell’s lawyer claimed he was being used as a “political scapegoat” by the watchdog, which he claimed was desperate to be seen to be taking action after “15 years of negligence”. But Chappell was found guilty yesterday of three charges of refusing to provide information about two of BHS’s pension schemes, which had around 19,000 members between them. During the trial, Chappell claimed he had seen Sir Philip Green’s staff shredding “bin bags” full of documents just before he purchased retail giant BHS in 2015. However, Judge William Ashworth said Chappell was not a credible witness, and that parts of his explanation made no sense. The judge deliberated for six hours before delivering the verdict at Brighton Magistrates’ Court last night. The proceedings have now been adjourned for a later date, on which fines for the offences will be decided. There is no set limit on how much he could be charged. Chappell did not respond to a request for comment.

Billionaire Bill Gross compares bond market to sexual harassment uproar EMMA HASLETT @emmahaslett JANUS Henderson’s bond guru Bill Gross raised eyebrows yesterday by drawing a bizarre comparison between bonds and men. Gross started his monthly investment outlook by suggesting he backed recent women’s rights

movements, before adding: “but hey, guys have got a few positive qualities that need to be mentioned”. He then listed six points in men’s favour. Among his observations were that men need “fewer pairs of shoes and purses”, and they live 10 years less on average: “They truly are the weaker sex. Feel sorry for

’em ladies, not angry.” Then things took a turn for the weird. “Men shouldn’t be criticised for not putting the toilet seat down,” began his third point. “If they need to put it down, they will. If women do too, they can use their foot just like everyone else. “Men run faster, jump higher and are much better at not

communicating,” he added. Number five? “Sure men start wars but great things actually are a result of them. Canned foods owe their origin to Napoleon, microwave ovens to the invention of radar during WWII, and the internet (not Al Gore) to the fear of Russia bombing US telephone lines during the Cold War. Way to go

guys. Keep starting those wars.” And finally: “Men always know where the remote control is. Right next to them.” Gross, who is known for his colourful notes, then turned his attention back to the subject in hand: “Bonds, like men, are in a bear market”, he said, arguing that treasuries are on the way down.

FTSE 100▲ 7,762.94 +14.43 FTSE 250▼ 20,737.92 -22.08 DOW▲ 25,574.73 +205.60 NASDAQ▲ 7,211.78 +58.21 £/$▲ 1.353 +0.003 £/€▼ 1.125 -0.004 €/$▲ 1.203 +0.009

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NEWS

CITYAM.COM

FRIDAY 12 JANUARY 2018

HOME COMFORTS Over three-quarters of Christmas sales at Fortnum and Mason’s flagship store were to domestic shoppers

THE CITY VIEW

M&S troubles reflect high street struggles

T

HE RESULTS are finally in, and what was suspected is now certain: Christmas was better than it has been for a while, but it wasn’t good enough. That’s the verdict for Marks and Spencer certainly, which not only suffered another bruising quarter for clothing but has suffered the ignominy of falling food sales too. The fact that Christmas made it “better” only serves to underline the fact that all is not well at Marks – and even a celebrity visitor from darkest Peru can’t save it. This time, however, it’s not just M&S that’s suffering. House of Fraser and Debenhams both struggled and, in the case of the latter at least, it’s hard to see an obvious solution. Even those who had a better time of it – John Lewis, for example – are hardly brimming with optimism. For many quarters now, retailers have been on a knife-edge hoping that the supposed recovery would convert into cash but failing to see any real sign of it. With consumers facing the punishing environment of stagnant wage growth and pesky inflation, things are only going to get tougher. Online, as usual, is where things look different, as evidenced by Boohoo’s results – another argument for levelling the playing field when it comes to business rates for bricks-andmortar retailers. But rates, levies and taxes are only one part of the story, and costcutting will only carry firms part of the way. In 2018, strategy will be more important than ever before. Knowing your customer, not the customer you want but the customer you have, is what will keep businesses going. The fact Tesco has maintained market share is a sign that finally things might really be improving for the nation’s largest retailer and others should learn the lesson. Debenhams must make a virtue of its position at the lower end of the department store spectrum, while House of Fraser should realise it’s more attractive to middle England than its children. And critically Marks & Spencer must drop its obsession with fashionistas and get back to basics. Having identified “Mrs M&S” as his target, boss Steve Rowe has so far failed to woo her back to the fold. The clock is ticking and investors’ patience is running out.

With consumers facing stagnant wage growth things are getting tougher

Follow us on Twitter @cityam FINANCIAL TIMES

FIAT CHRYSLER ANNOUNCES BONUSES ON TAX CUTS

Fiat Chrysler joined the ranks of companies passing along the expected benefits of the lower Trump tax rate in the form of employee bonuses on Friday. The automaker said it would pay a bonus of $2,000 (£1,482) to about 60,000 FCA hourly and salaried employees in the US, excluding senior leadership. Chief executive Sergio Marchionne also said the car maker would also boost investment in a Michigan truck plant by $1bn.

S&P DOWNGRADES BRAZIL ON SLOW PROGRESS

S&P sent Brazil deeper into junk territory yesterday, saying that it had

WHAT THE OTHER PAPERS SAY THIS MORNING

advanced more slowly than expected “in putting in place meaningful legislation to correct structural fiscal slippage and rising debt levels on a timely basis.”

HOMEGROWN customers helped legendary department store Fortnum and Mason post record Christmas sales in 2017, as British shoppers flocked to the royal warrant-holding store. Sales jumped 13 per cent in the five weeks to 31 December, with growth both in stores and online, while 77 per cent of sales at its flagship Piccadilly store were from domestic customers.

European Central Bank to consider hawkish change JASPER JOLLY

@jjpjolly THE EUROPEAN Central Bank (ECB) yesterday revealed it may adopt a more positive tone on the recent strong expansion in the European economy, with investors taking the move as a hint that policymakers will consider winding back their massive stimulus programme. The ECB’s policymakers could change “language pertaining to various dimensions of the monetary policy stance and forward guidance […] early in the coming year”, according to minutes from the account of the last monetary policy meeting. The minutes showed a “very positive” growth outlook from the ECB’s top economists. The growth “increased the level of confidence” of ECB policymakers that inflation, long below target, will

THE TIMES

MINISTER ATTACKS MAY AIDE OVER RESIGNATION

Tensions over Nick Timothy, Theresa May’s former chief of staff, flared as a minister publicly attacked him for disparaging Justine Greening. Jo Johnson, the new transport minister, defended Greening, who walked out of government during Monday’s reshuffle after May told her she wanted to move from the education brief.

MERGER THREAT TO ELITE FORCES

Military chiefs have drawn up a plan to cut the armed forces by more than 14,000 and combine elite units of paratroopers and Royal Marines to save money, The Times has learnt.

return to near but below two per cent. The euro jumped in value against the US dollar after the minutes were released, gaining more than 0.8 per cent to hit highs of $1.2059, moving back towards three-year highs achieved in September before moderating last night. Government bonds across the Eurozone sold off after the release of the minutes, with French and German 10year yields hitting five-month highs. Bond yields move inversely to prices. The minutes prompted investors to expect a faster process of so-called policy normalisation, in which quantitative easing bond purchases which have helped sustain the bond markets are stopped and gradually reversed. Ranko Berich, head of market analysis at foreign exchange firm Monex Europe, said: “The ECB is not about to turn hawkish overnight, but a move from unconditional assurance that policy will remain loose to a more

THE DAILY TELEGRAPH

GYM GROUPS DEFEND ‘DUBIOUS’ PRACTICES

Major low-cost gym groups Pure Gym and The Gym have defended how they deal with self-employed personal trainers amid mounting criticism about “dubious” employment practices from an influential parliamentary committee.

PENSIONER INCOMES TO RISE ABOVE STARTING PAY

Older workers planning to retire this year are expecting an income larger than the salary of graduates in their first full-time jobs, figures show for the first time. Pensioner incomes are soaring to record highs with people on the verge of retirement anticipating annual pension income of nearly £20,000 in 2018.

data-dependent approach would nonetheless be a significant milestone on the path to normalisation.” The central bank left monetary policy unchanged at its mid-December meeting, but previously announced it would slow down its monthly purchases of bonds from €60bn (£53bn) to €30bn, an acknowledgement that less stimulus was needed after a strong run of economic growth.

EURO CLIMBS AGAINST DOLLAR €/$

1.20 1.20 1.20 1.19 1.19 1.19 1.19 8 Jan

9 Jan

10 Jan

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DAILY MAIL

TRUMP SNUBS UK TRIP OVER SMALL SCALE OF VISIT

Donald Trump has scrapped plans to visit Britain next month, the Mail understands. The US President was expected to make his first trip to the UK since entering office, but government officials have been told he has gone cold on the idea. No new date has been offered, raising the prospect of a major diplomatic snub. One senior source suggested Trump – who was expected to officially open the new US embassy in London – cancelled because he was unhappy about the arrangements and the scale of the visit. The reversal comes despite Trump telling Theresa May last month that he would come to Britain in the new year.


CITYAM.COM

FRIDAY 12 JANUARY 2018

City braced for UK retail sector collapses in 2018

HELEN CAHILL

@HelCahill RETAILERS painted a gloomy picture of the high street this week as several big names failed to cash in on the Christmas shopping season. Gloomy financial updates from household favourites such as Marks and Spencer (M&S), Debenhams, and House of Fraser prompted analysts to signal several retail collapses may be on the cards in 2018. Like-for-like sales at M&S’ clothing arm fell 2.8 per cent as chief executive Steve Rowe failed to deliver the fashion turnaround he had promised investors. Food sales, which have supported the business for a number of years, were also in decline, falling 0.4 per cent. Molly Johnson-Jones, senior analyst at retail consultancy GlobalData Retail, said the food figures were a serious problem for Rowe. “I think he will be replaced quite

soon,” she added. “The main reason M&S has suffered such a decline is that consumers are searching for everyday essentials at the lowest price possible. “Ultimately the way they need to be going is food on the go. It’s a much higher growth market.” Clive Black, retail analyst at Shore Capital, said Rowe may stay in place, but that the City can expect a management shake-up further down, including in the food department. Meanwhile, Christmas trading figures from the non-food sector have shown signs of significant distress, with Debenhams, Card Factory and Moss Bros all warning on profits. House of Fraser, which has been asking for rent reductions from landlords, posted a decline in both online and store sales. Independent retail analyst Richard Hyman said the industry should brace itself for administrations in the year ahead.

NEW LOOK is mulling a plan to close around 10 per cent of its stores in the UK. The South African-owned chain is drawing up proposals for a company voluntary arrangement, Sky News reported.

JASPER JOLLY

Asset managers cut UK exposure amid Corbyn government threat @LucyGJWhite ASSET managers are still cutting exposure to UK stocks, as concern grows over Brexit, the threat of a Corbyn-led Labour government and the health of the UK consumer. London-based Brooks Macdonald, which has £11bn in assets under

03

London makes Saudi Aramco float shortlist

A BAD LOOK Fashion retailer New Look could close 60 high street shops

LUCY WHITE

NEWS

management, said it was minimising its investment in UK equities as predicted growth rates for the year were well below the headline indices for other countries. Tilney said it was reducing its exposure to UK assets as capital flows into the country were “under pressure from the threat of a Corbyn government and of course, Brexit”.

@jjpjolly LONDON has made it onto the shortlist for potential listing venues for Saudi Aramco, as the state-backed oil giant looks to list in late 2018, according to reports. New York and Hong Kong are also on the shortlist, with a dualor even triple-listing also on the cards, Reuters reported yesterday. Saudi Arabia’s Tadawul exchange will also be involved in the initial public offering (IPO), Reuters said. The highly anticipated listing has attracted intensive lobbying of the Saudi Arabian regime as heads of state try to win a chunk of what is expected to be one of the largest listings ever, if it achieves a valuation anywhere near the $2 trillion (£1.5 trillion) ambition of Saudi crown prince Mohammad bin Salman, known as MBS. US President Donald Trump and Prime Minister Theresa May have both lobbied directly to try to win the listing, while UK regulators are considering changing listing rules to attract the IPO. The final decision on the location will be made by the crown prince, Reuters reported.

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04

NEWS

CITYAM.COM

FRIDAY 12 JANUARY 2018

Bosses told to talk up City benefits to Europe before Brexit discussions CATHERINE NEILAN AND JASPER JOLLY @CatNeilan @jjpjolly THE PRIME Minister has urged business bosses to emphasise the City’s benefits for Europe, ahead of the second phase of Brexit talks. Theresa May and chancellor Philip Hammond yesterday met CEOs from some of the world’s biggest financial firms, including top bankers from

Goldman Sachs, HSBC and JP Morgan. May told bosses to emphasise to EU leaders “the benefits for Europe as a whole of the UK’s financial centre”, a government spokesperson said. The City bosses present welcomed constructive discussions, according to multiple people with knowledge of the meeting, with May affirming financial services will be a priority during Brexit trade talks. Participants were heartened by a government

REFERENDUM ROUND TWO? Farage backs second vote to settle Brexit debate

commitment to continue to take a leading role in international regulation, as the government emphasised the UK will not be a “rules-taker” after Brexit. However, Barclays boss Jes Staley told May the UK’s tax regime risked being uncompetitive for financial services. Staley highlighted the UK’s bank levy, a tax on big lenders, and contrasted it with the more bankfriendly US tax system. FORMER Ukip leader Nigel Farage has said “maybe” there should be a second referendum on EU membership to “kill off” any suggestion it is not what the British public really want. He told Channel 5 his “mind was actually changing” on the idea.

Sadiq: Hard Brexit a threat to 87,000 jobs HELEN CAHILL @HelCahill A “NO DEAL” Brexit could see the loss of 87,000 jobs in London by 2030, according to analysis commissioned by Sadiq Khan and carried out by pro-Remain consultants. The London mayor yesterday published an analysis of a worst-case Brexit scenario, and what it would mean for the capital. The paper is a response to the government’s failure to produce its assessment on how Brexit would impact the economy. The analysis, which was carried out by Cambridge Econometrics, claims that investment into the UK could fall by as much as £50bn. “If the government continue to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment,” said Khan. “The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards. Ministers are fast running out of time to turn the negotiations around. A “no deal” hard Brexit is still a very real risk.”

The Department for Exiting the European Union said the government was working to deliver “the best and most ambitious Brexit deal for the whole of the United Kingdom”. “December’s European Council showed that, having made sufficient progress, both sides believe we will achieve an ambitious deal securing prosperity for the UK and EU27,” a spokesperson said. “The UK wants a deep and special partnership with the European Union, a partnership that spans a new economic relationship and a new relationship on security.” Tej Parikh, senior economist at the Institute of Directors, said: “The assessments largely echo what we already know, namely that London’s professional, financial, and creative industries are deeply linked to the EU Single Market. “London will no doubt continue to be a global hub for many businesses and industries but this research reiterates the importance of getting clarity on transition and the government’s objectives for a final deal, as soon as possible.”

Downing Street refuses to pay for bespoke City of London deal CATHERINE NEILAN @CatNeilan THE UK will not pay for the City to have Single Market access after Brexit, Downing Street said yesterday, rejecting a German plan for the future of financial services. A Downing Street spokesman told reporters the government’s position was “unchanged”: that the government would consider making financial contributions for “specific policies and programmes where that is in our joint interest”, such as

scientific projects. But as far as the financial services sector was concerned, there would be no cash changing hands. “We will not be paying for market access,” the spokesman told reporters. On Wednesday Bloomberg reported officials from two departments in Berlin said they expected the UK to make substantial payments, as well as adhering to EU law. Chancellor Angela Merkel has been pushing a hardline stance against a bespoke deal for the City.


CITYAM.COM

FRIDAY 12 JANUARY 2018

Diamond not among Tandem Bank investors

LYNSEY BARBER

@lynseybarber FORMER Barclays boss Bob Diamond appears not to be making a return to British retail banking any time soon, opting out of a funding round into digital challenger Tandem. Diamond’s Atlas Merchant Capital had been one of several potential investors in talks with the fintech company in recent months, but is not part of a new funding round that includes new and existing investors. The amount of fresh cash has not been disclosed, but announcing the closure of a deal to buy Harrods Bank yesterday, Tandem said it has access to £80m of capital. The bank’s chief executive Ricky Knox told City A.M. it comes largely from existing investors and that it would last “a couple of years” taking them through to profitability – something he expects to happen within the next five years.

“From a practical perspective it will allow us to get to profitability faster. One of the challenges is capital and it can be hard to return to investors. This is a massive accelerator to get us further down the curve,” he said. “This will last us through to profitability, but that’s not to say we won’t go for more,” he added. Completing the deal after approval from regulators means Tandem regains its banking licence. It lost it last year after House of Fraser owner Sanpower pulled its funding. “This puts us miles ahead of Monzo and Starling,” said Knox. “We’ll be quite possibly the largest challenger bank by assets and the biggest by revenue.” Knox said his personal aim is to push revenue into the double-digit millions this year. The acquisition of Harrods Bank made Tandem the most mature digital challenger bank in the nascent market, propelling it ahead of rivals with a near-£200m loan book and over £300m of deposits.

NEWS

05

Dropbox files for US public offer in secret EMMA HASLETT

The market has been buoyed by production curbs led by Opec and Russia

Brent crude oil price breaks $70 a barrel for first time since 2014 COURTNEY GOLDSMITH @courtneynoelg THE GLOBAL benchmark Brent crude oil topped $70 a barrel yesterday despite concerns its rally is running out of steam. Brent reached $70.05 a barrel, the highest price recorded since oil prices were crashing in December 2014,

while US benchmark West Texas Intermediate rose to $64.77 a barrel, supported by a nearly 5m barrel drop in US crude stockpiles, according to weekly data from the US Energy Information Administration published on Wednesday. Late last night Brent had retreated somewhat to $69.14, while US sweet crude was at $63.55.

@emmahaslett DROPBOX, the Silicon Valley filesharing giant last valued at $10bn (£7.4bn), has celebrated the passing of its 10th birthday by secretly filing documents ahead of an initial public offering (IPO). Reports suggested Goldman Sachs and JP Morgan will lead the listing, although the company is said to be in talks with more banks. The reports, by Bloomberg, suggested the company will go public in the first six months of the year. Investors are likely to hold their breath after the disappointment of last year’s landmark tech IPOs: shares in Snap, Snapchat’s parent company, are 14 per cent lower than the $17 they debuted at in March, while Blue Apron has fallen 65 per cent since its IPO in June. However, Dropbox is underpinned by encouraging financials: the company’s founder, Drew Houston, said this time last year its sales had broken the $1bna-year mark, with 500m users and 200,000 paying business customers.


CITYAM.COM

FRIDAY 12 JANUARY 2018

ROOM WITH A VIEW Investors pour £5bn into UK hotel industry as tourism spikes

@jjpjolly BRITISH banks are planning to rein in their lending to consumers further over the first quarter as regulators’ efforts to raise lending standards start to bear fruit. Lenders expect a “significant decrease” in the availability of unsecured credit – such as consumer loans and credit cards – in the first

Lukewarm reply to EU insurance red tape plans

OLIVER GILL

@ojngill BANK of England plans to reduce EU regulatory reporting requirements on insurers were labelled as a “step in the right direction” by the sector’s main trade body. The Prudential Regulation Authority (PRA), which supervises banks and insurers, yesterday issued a consultation paper setting out plans to lighten the load under the Solvency II rules. The proposals would “reduce the reporting burden for smaller firms”, the PRA said in its consultation. But the plans received only a lukewarm response from the Association of British Insurers (ABI). “Today’s move by the PRA proposing some reductions to this is another step in the right direction and will be particularly helpful to smaller firms in easing this disproportionate burden they are facing,” said ABI head of prudential regulation Steven Findlay. The ABI said Solvency II

regulations – which stipulate the amount of capital EU insurers must hold to protect against insolvency – have increased the reporting burden on UK insurers by between four and eight times. In October, an influential parliamentary committee urged the Bank of England and insurers to find common ground to ensure the sector remains competitive post-Brexit. The Treasury Select Committee warned a PRA focus on capital levels could throttle competition. But the PRA wants the EU to step in to make adjustments to the capital requirements instead of implementing sweeping unilateral changes. Findlay said the ABI’s proposals “are part of a broader set of reforms that the UK insurance industry has proposed and the Treasury Select Committee recently endorsed”. “There still remains plenty of opportunity for the PRA to go further to ensure our insurance industry is able to fulfil a vital role in helping Britain thrive post-Brexit,” he added.

Profitability picks up for services firms after hitting four-year low JASPER JOLLY @jjpjolly BRITISH services firms breathed a sigh of relief in the third quarter of last year as profitability lifted off four-year lows hit in the previous quarter. Services companies’ net rate of return, the economic gain on capital used, increased to 19.1 per cent in the three months to September, data published yesterday by the Office for National Statistics (ONS) showed. The figures represented a welcome

increase for services firms, after their rate of return fell to 16.6 per cent in the second quarter, the lowest since the end of 2013. Services firms’ profitability had previously failed to pick up in all but one quarter since the third quarter of 2015, when it reached 22.6 per cent. Meanwhile, profitability in the manufacturing sector dipped slightly from the highest rate of return since the ONS started collecting the data of 15.8 per cent in the previous quarter, to reach 13.4 per cent.

07

Banks expect significant tightening in consumer lending this quarter JASPER JOLLY

INVESTORS ploughed £5bn into the UK’s hotel sector last year, a 35 per cent increase on 2016, as the industry rode high on an influx of visitors. More than half came from foreign investors, according to global property adviser Knight Frank.

NEWS

quarter of this year, according to the quarterly credit conditions survey published yesterday by the Bank of England (BoE). Banks tightened their lending for the fourth quarter in a row at the end of 2017, the survey found, albeit at a slightly slower rate than the third quarter. A balance of 24.3 per cent of banks said they expect unsecured lending to households to fall in the coming

quarter, the fifth fall in a row. The survey also found a “significant” fall in demand for unsecured credit, the first such fall in two years. The appetite for increased risk among banks making unsecured loans fell steeply to a negative balance of 14.5 per cent, while more banks reported rising criteria for offering unsecured credit than at any point since the end of 2009.


08

NEWS

CITYAM.COM

FRIDAY 12 JANUARY 2018

German car suppliers face thousands of job losses in hard Brexit REBECCA SMITH @BexKSmith A HARD Brexit would threaten around 14,000 jobs at car suppliers in Germany, according to a report out yesterday from Deloitte. The UK is the largest sales market in the EU for German suppliers, and Germany is the largest exporter of car parts to the UK. Deloitte forecast that in the event of a hard Brexit, without any trade agreement and World Trade Organization duties, revenues of German suppliers would be hit to the tune of â‚Ź3.8bn (ÂŁ3.4bn) in 2019. Around 42,500 employees in German suppliers rely on the British car market, the report added. The report, which analyses the interdependence of the British and European automotive industries, noted that German suppliers were

interlinked in direct and indirect ways with the UK. One in five car parts installed in the UK originates from German manufacture, and around 30 of the largest German auto suppliers manufacture in the UK. If there was a hard Brexit, Deloitte said that around 770,000 fewer cars would be sold by EU and UK car manufacturers in 2019, hitting revenues by around â‚Ź20bn in the same year, or after a transition period. Deloitte said the short-term Brexit challenges facing the industry include the administrative burden from customs clearance. The UK car industry has previously issued warnings over a hard Brexit, with the Society of Motor Manufacturers and Traders calling for a transitional deal to stop the auto sector falling off a “cliff edgeâ€?.

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India bans PwC firm in wake of Satyam fraud OLIVER GILL

The SecondHands robot can assist and learn from human maintenance technicians

Ocado unveils a robot to ‘collaborate’ with humans ALYS KEY @alys_key SUPER-STRONG robots could soon be helping to keep Ocado’s delivery schedule on time, after the first prototype of the EU-funded SecondHands robot was unveiled yesterday. A collaboration between Ocado Technology and researchers from

South Korea plans to outlaw crypto trading OLIVER GILL

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four European universities, the robotic assistant has been designed to actively learn from humans through observation and help them to complete tasks. According to the International Federation of Robotics (IFR), industrial robot installations are forecast to grow by 15 per cent in 2018, making it one of the fastestgrowing sectors of robotics.

@ojngill PRICE Waterhouse was this week barred by the Securities and Exchange Board of India (SEBI) following a long-running investigation into one of India’s biggest accounting scandals. Ramalinga Rajuthe, the founder of software services exporter Satyam Computer Services, dubbed “India’s Enronâ€?, admitted in 2009 the firm had overstated earnings and assets amounting to around $1bn (ÂŁ750m) for several years. The SEBI order banned companies practising as chartered accountants in India under the banner of Price Waterhouse from issuing an audit certificate to listed companies for the next two years. Indian authorities also slapped Price Waterhouse with a fine of 131m rupees (ÂŁ1.5m) plus interest. Price Waterhouse insisted “no intentional wrongdoingâ€? had been done on its part.

@ojngill BITCOIN has been dealt a huge blow by one of the world’s biggest economies, as South Korea yesterday announced plans to outlaw trading in the controversial cryptocurrency. Notoriously volatile virtual currencies plunged in the wake of a government announcement – bitcoin shed almost $2,000 in hours and is currently hovering above the $13,000 marker. The country’s justice minister said the Korean government is preparing to ban cryptocurrency trading as part of a wider crackdown. Police and tax

authorities have raided cryptocurrency exchanges over allegations of tax evasion. The latest blow for bitcoin, ripple and other technology-driven currencies is made more pronounced by the fact South Korea is seen as a crucial source of the demand for cryptos that has underpinned a mammoth price surge in the last 12 months. On Wednesday, legendary US billionaire investor Warren Buffett warned the craze for cryptocurrencies will “come to a bad ending�.

Justice minister Park Sang-Ki said: “There are great concerns regarding the virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.� Bitcoin was the first cryptocurrency The ban came after “enough discussions� had taken place between government agencies, the finance ministry and financial regulators.

Moneygram share price rises as ripple pilot announced

Mayor-backed tech fund has lent ÂŁ100m to London startups

LYNSEY BARBER

LUCY WHITE

@lynseybarber MONEYGRAM was yesterday the latest company to get a share price boost from cryptocurrencies. Shares of the firm were up around 15 per cent pre-market in New York after it said it will pilot ripple for payments. Its shares closed up around two per cent. Ripple is a crypto issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin. “We are excited about this pilot

and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information, “ said ripple boss Brad Garlinghouse. Several firms have landed a boost to their share price as a result of cryptocurrencies and blockchain technology. Kodak said it would create its own – KodakCoin – sending shares jumping more than 40 per cent. Others have added crypto related words to their names, with promises of getting into the technology.

@LucyGJWhite AN EARLY-STAGE London tech fund, backed by the mayor of London’s office, has just announced its 100th investment while revealing it has ploughed more than £100m into the capital’s startup scene. The London Co-Investment Fund (LCIF), launched in 2015, contributes money alongside select seed and venture capital funds including Seedrs, Crowdcube and Albion Capital. Through funding startups such as Dojo and most recently on-demand insurer Tapoly, LCIF has helped create 1,000 jobs and save 300.


CITYAM.COM

FRIDAY 12 JANUARY 2018

EDITOR’S NOTES T

HERESA May’s reshuffle was memorable for all the wrong reasons: a wrong name was announced and ministers refused to budge. To this list of regrettable incidents we can add the treatment of financial services. Despite contributing £70bn to Treasury coffers each year (over 10 per cent of government receipts) the associated ministerial portfolio appeared almost to be an afterthought. As if, come late evening, officials realised they’d left someone out. John Glen, who was busy looking after arts and

The latest crypto nonsense

M

Y INBOX can be a strange place, flooded as it is each day by a wave of hopeful PRs. This week’s favourite was headed: Introducing Dentacoin, the bitcoin of dentistry. More fool me if this turns out to be the next big thing, but I confess I hit delete before reading. We also learned this week that Kodak, who most

CHRISTIAN.MAY@CITYAM.COM £ It’s been a tough couple of weeks for Virgin Trains, who were accused of sexism after inappropriate tweets sent to a female customer from their corporate account. Then there’s the criticism they face for their contractual shenanigans on the East Coast Line. All told, their reputation took a bit of a hit. How to win back public support? By banning the Daily Mail from their trains, of course. Apparently the paper is contrary to Virgin’s values. I don’t care about their ‘values’ – I just wish their Wi-Fi worked and their trains didn’t smell like a sewer.

Whisper it...

heritage before the move, announced he was “delighted and shocked” after being dropped into the role – replacing Stephen Barclay who had just started getting to grips with the brief after a mere seven months in the post. Glen is the 11th City minister in 10 years. That’s an appalling state of affairs. Perhaps I’m being overly sensitive (and perhaps Glen will be excellent) but at a time when the City is grappling with huge uncertainty, a bit more stability and consideration from the government wouldn’t hurt.

people assumed was dead and buried, saw its stocks surge after announcing that it would use blockchain technology to track the ownership of photographs. Already an iced-tea maker and a furniture company have reaped the market gains that come with flirting with the crypto-craze. The question is, who’s buying it?

A PLAYFUL Jes Staley made his way up Downing Street yesterday, along with a host of other City chiefs, to discuss Brexit with the PM and chancellor. The Barclays chief executive may have indicated to the waiting snappers that his lips were sealed on the way in, but it wasn’t long after the meeting that reports emerged of Staley pushing the PM on the need to make the UK’s tax regime more competitive and more attractive as ministers negotiate Brexit. £ Given President Trump’s repeated attacks on the free press, Steven Spielberg’s new journalistic epic, The Post, makes a timely arrival on our screens. Set in the newsroom of The Washington Post in the years following the Vietnam war, it premiered in London this week – with stars Tom Hanks and Meryl Streep telling the audience that the press exists “to serve the governed, not the governors”. While Hollywood’s finest were singing the virtues of a free press in the West End, members of the

/

House of Lords voted to make journalists’ lives harder. Peers hijacked the Data Protection Bill in a bid to end an exemption that currently protects journalists handling personal data for the purposes of, well, journalism. The Lords, unelected and unaccountable, don’t like it and want to push ahead with the more draconian elements of the Leveson Inquiry. Thankfully, the first act of the new culture secretary, Matt Hancock, was to slam the Lords’ decision. Good on him.

CAN I QUOTE YOU ON THAT?

F**king Tory c***s Tory Baroness Jenkin turned the air blue in the House of Lords during a debate in which she quoted online abuse. Woke a few peers up...

£ Nobody can accurately model the outcome of Brexit, and for that reason all attempts to do so should get a fair hearing and be subject to the usual scepticism with which we must treat political and economic predictions. With that in mind, Sadiq Khan’s latest contribution to the debate should be taken with a pinch of salt. The consultancy that compiled his report, Cambridge Econometrics, is home to some committed antiBrexit campaigners, which may explain the pessimistic findings.

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News and views from the City, Westminster & beyond

CHRISTIAN MAY @CHRISTIANJMAY

PM’s latest reshuffle didn’t exactly shower the City with love

NEWS

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NEWS

CITYAM.COM

FRIDAY 12 JANUARY 2018

GVC posts record end to year ahead of £4bn Ladbrokes Coral takeover ALYS KEY @alys_key GVC HOLDINGS, the buyer wooing Ladbrokes Coral shareholders, yesterday announced a record finish to the year and forecast-beating expectations. The company, which owns a raft of brands including Bwin, PartyCasino and FoxyBingo, posted record quarterly group net gaming revenue

(NGR) in the fourth quarter of €3m (£2.7m) per day. This marked an increase of 21 per cent on the same time last year and helped to put total NGR for the year at just over €1bn. Management said it now expects underlying earnings to be at the top end of expectations. GVC finally cleared the way for a takeover of Ladbrokes last year when it disposed of its Turkey business. The two companies have now agreed

JLR JOINS SELF-DRIVE BANDWAGON Car firm invests in self-driving startup

a deal worth approximately £4bn. Chief executive Kenneth Alexander said yesterday: “The recommended transaction with Ladbrokes Coral Group presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets, together with proprietary technology and proven management.” JAGUAR Land Rover (JLR) has invested $3m (£2.2m) in Voyage, a US-based firm aiming to create a fleet of taxis that can drive themselves as part of a larger $15m funding round for the firm. The funding comes from JLR’s InMotion Ventures arm.

Grand Central steams ahead with complaints REBECCA SMITH

JANUARY SALE 15% OFF

@BexKSmith GRAND Central, Caledonian Sleeper and Virgin Trains West Coast had the highest complaint rates among train operators for the second quarter, according to figures out yesterday from the Office of Rail and Road (ORR). The overall complaints rate for 20172018’s second quarter was the second highest in five years, though they were down 2.2 per cent on the same period for last year. Overall, just over a fifth of all complaints were about punctuality, with other gripes relating to facilities on board, ticket-buying facilities, and sufficient room for passengers to sit or stand. Grand Central had the highest complaints rate per 100,000 passenger journeys at 158, though that was a 51 per cent drop on the same time last year. That was followed by Caledonian Sleeper, Virgin Trains West Coast, Hull Trains and then Virgin Trains East Coast. Grand Central said in a statement: “At Grand Central we actively encour-

Heathrow and Stansted fly to record highs for passengers REBECCA SMITH

www.ligne-roset.com

age customers to give us their feedback, and we have made it very easy to get in touch with us via phone, e-mail and letter, and also via our social media presence on Facebook and Twitter. “We are very fortunate to have a high level of customer engagement and advocacy, and our customers rightly expect us to listen to their feedback and use it to improve the service we offer.” Southern rail parent firm Govia Thameslink Railway recorded a 39 per cent decrease compared to last year with 19 complaints per 100,000 journeys. The ORR said industrial action had caused a spike in its complaints rate for 2016-17, but despite the decrease this year, “GTR’s complaints rate in 2017-2018 Q2 is 139 per cent higher than two years ago”. Virgin Trains East Coast meanwhile had the steepest rise in its complaint rate, up by 114 per cent on the same time last year, though the ORR said the comparative period last year was its lowest rate in the time series.

@BexKSmith HEATHROW and London Stansted reported their best years on record for passenger numbers yesterday, despite the former’s capacity crunch as it awaits expansion. Heathrow Airport said 78m passengers travelled through the airport last year, marking a 3.2 per cent rise on 2016. The airport said the faster rate of growth than that posted in 2016, when it recorded a one per cent rise

on 2015, was due to larger and fuller aircraft propelling passenger volumes. Stansted meanwhile, brought in 25.9m passengers last year, a rise of 6.5 per cent over the previous 12 months. The airport’s boss Ken O’Toole said Stansted was planning to ramp up its long-haul ambitions this year, with Emirates launching a Dubai service in June and Primera Air starting flights to New York. He said new services to China and India were “key targets” for the airport.


12

NEWS

CITYAM.COM

FRIDAY 12 JANUARY 2018

Carillion crisis presents growing dilemma for one key stakeholder: The government

I

F CARILLION was as efficient at digging tunnels as it is reputational holes, it’s hard to see how the company would now be on the brink of collapse. Crisis talks with its lenders on Wednesday failed to shed light on the future of a critical government delivery partner which, by under-pricing a string of major contracts, only has itself to blame. And time is running out – fast. People who have seen the presentation made by Carillion this week say it needs about £300m of short-term funding as soon as the end of this month. It’s not hard to see why banks, acting commercially, would struggle to justify making additional credit available – and not without considerable pain being shared by the government and other customers and stakeholders. Today, the Pensions Regulator will meet other stakeholders in Carillion’s collection of retirement schemes to work out how to safeguard the interests of 28,500 members. Recent crises at other stricken companies mean the watchdog will be determined to ensure that it is perceived

Mark Kleinman

deals – dictates that he may be required to pay with more than just his job.

FLINT FOR BP CHAIR?

to be acting robustly – which may, perversely, make finding a commercial solution harder. Should the government step in to provide the funding? It’s not obvious why it should bail out a private company, other than perhaps through a bridging loan to facilitate an orderly transfer of contracts to rival providers. And if they do so, ministers would surely decide to test the appetite of Carillion’s former chief executive, Richard Howson, for a public fight by halting his remaining severance payments. The company’s problems are not Howson’s fault alone, but the principle of accountability – so often the word used to legitimise public company chiefs’ multimillion pound pay

Theresa May isn’t the only one with tricky reshuffles on her mind. A proposal from the accounting watchdog to limit the length of time a public company chairman can serve before being deemed non-independent is exercising boards up and down the land. Nowhere is this new conundrum likely to be wrestled with more aggressively than in St James’s Square, home to BP. Succession planning should have been on the mind of Britain’s secondbiggest oil company since soon after Carl-Henric Svanberg and Bob Dudley were installed in their roles as BP’s chairman and chief executive within weeks of one another in 2010. Now, Svanberg’s departure as chairman will pave the way for fresh thinking on its future in an industry where it is no longer among the very biggest players. Among the candidates to replace Svanberg is Douglas Flint, the former HSBC chairman – but a decision

to appoint him suddenly looks more complicated. Under the Financial Reporting Council’s proposed overhaul of the UK corporate governance code, Flint might only be able to serve three years as BP’s chairman before no longer being judged independent. That’s because he was on the oil company’s board for six years, before stepping down in 2011 to take on the full-time HSBC chairmanship. It’s arguable that being away from the company for seven years should allow boards to reset a director’s clock, meaning that Flint would be able to serve a much longer term as chairman. That’s not how the FRC code might see it, though, meaning that BP would be risking a new punch-up

It’s not obvious why it should bail out a private company

with investors in 2021 over its failure to comply with the code. Similarly, recruiting a successor to Svanberg who will be timed out after a single term makes little sense, so it will be a question of whether BP’s board has the stomach for the second part of the FRC’s “comply or explain” mantra.

NO DIAMOND IN FORT KNOX

The search for new money is a perennial one for startups, particularly fintech businesses which have yet to prove themselves to a sceptical investor. For Tandem Finance, the aspiring bank led by Ricky Knox which lost its banking licence and now has it back through the takeover of Harrods Bank, that search continues. I’m informed that talks with Atlas Merchant Capital, the investment vehicle established by former Barclays chief Bob Diamond, have stalled over Tandem’s valuation. Diamond’s return to the British retail banking scene will have to wait. £ Mark Kleinman is the City Editor of Sky News. @MarkKleinmanSky


CITYAM.COM

FRIDAY 12 JANUARY 2018

NEWS

13

One of the UK’s oldest amusement parks saved and readying for refurb OLIVER GILL @ojngill ONE OF the UK’s oldest surviving amusement parks has secured a vital £35m investment, saving more than 250 jobs. Dreamland, based in the famous British seaside resort of Margate, has been facing collapse after struggling since its 2015 relaunch. The amusement park has been run

by administrators from Duff & Phelps since May 2016, who yesterday announced the new investment by previous owners Arrowgrass. The £35m of capital will allow Dreamland come out of administration, providing job security to more than 60 full-time and 250 seasonal workers. The revamp of Dreamland will see a “unique amusement park” created, boasting “quality food and

beverages” and a growing music offering. Duff & Phelps said the investment would allow Dreamland to become one of the UK’s “premier destinations”. Former BHS joint administrator Ben Wiles, who also ran the Dreamland proceedings, said the funding “also enabled the acquisition of several new rides, as well as improvements to existing rides”.

All the fun of the seaside: Existing rides will be revamped and new ones bought

Builder Barratt unveils uptick in completions

CAITLÍN MORRISON

@citycait HOUSEBUILDER Barratt Developments yesterday reported an increase in completions in the six months to 31 December, and said the group is well positioned for the second half of the financial year. Barratt posted a two per cent increase in completions, up to 7,324 compared with 7,180 in the first half of the preceding year. Of that total, 5,715 were private completions, while 1,229 were affordable housing. The average selling price jumped 6.5 per cent to £281,000 from £263,800. The company said that given “good demand and (its) healthy forward order book we continue to expect to deliver modest growth in wholly owned completions” in the 2018 financial year. Net cash at 31 December 2017 was around £165m, down from £196.7m at the same point in 2016, which the firm said reflected its “success in land purchasing”, normal seasonal trends, and the payment of £348m in dividends in November.

The group has proposed to pay a special dividend of £175m for the current financial year in November this year. “We have delivered a strong performance in the first half, underpinned by our focus on quality, design and industry-leading customer service,” said chief executive David Thomas. “As the UK’s largest housebuilder we remain firmly committed to helping address the housing shortage while delivering excellent operational and financial performance.” Shares in the group fell, however, closing down 2.71 per cent at 617p per share yesterday.

@citycait A RANKING of commuter hotspots according to house price growth has revealed Swanley is the best option for buyers hoping to offset travel fares. According to research by Zoopla, commuters who own a home in the well-connected town in Kent could expect to effectively offset their £2,500 annual London rail fare in under a month, with house prices growing by 10.78 per cent year-on-

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year. Swanley is followed by Dursley, which is close to Bristol, and with property prices going up at an annual rate of 9.71 per cent, it would take a commuter around 32 days to offset their transport costs. The research comes as rail fares rise by 3.4 per cent this month. Bromsgrove, near to Birmingham, Berkhamsted in Hertfordshire and Blaydon-On-Tyne, on the periphery of Newcastle, rounded off the top five. Towns with good transport links to Birmingham performed well last year due to high demand in the region.

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14

NEWS

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FRIDAY 12 JANUARY 2018

Open Banking: Everything you wanted to know about it but were afraid to ask Lynsey Barber on the new banking rules and what they will mean for you

Y

OU’LL be hearing a lot of talk about Open Banking, which is set for take off this Saturday. Here’s everything you need to know about the initiative but were afraid to ask.

WHAT EXACTLY IS OPEN BANKING?

The markets watchdog told nine of the biggest banks that they must open up the information they hold so that it can be used to create new products and services. It’s designed to promote greater competition but also brings banking into the 21st century. After a year of work between banks, startups, regulators and more, they have come up with the technical standards to make that happen. There are many companies which

Q&A

already get customer information from screen scraping – you might log in to your bank through an app that you want to give access to, in order for it to analyse your finances. But Open Banking will make it as simple as clicking a button, via what’s known as an application process interface (API), and it’s hoped the ease with which it can now be done means that more companies will use them to create innovative financial services for consumers.

SO, WHAT ACTUALLY HAPPENS?

Saturday 13 January was the deadline by which banks had to make access to certain data possible. Some banks have been given a little longer as it has been technically challenging, especially due to legacy technology at many banks. Around 40 firms have applied to the Financial Conduct Authority to

become third parties which are allowed to use the banks’ APIs and get access to the data. Just a handful are expected to be approved by Saturday. Some firms already regulated by the FCA will be able to get started. That means there is unlikely to be a hugely significant amount to show in real terms: it is essentially day one of having the tools available. Zopa is one of the few which said that, from Monday, users will be able to verify their income without having to upload bank statements.

ARE THERE RISKS TO IT?

Data can only be shared with express customer permission. There has been some concern that there has been little to no communication with the public about being able to do this, however, with fears that people might be alarmed at the prospect or misunderstand it, especially at a time when the public are being told to take better care of their personal information. Some are also worried that a lack of awareness means the whole thing could fail to take off – there are after all a lot of acronyms and jargon

words. Others believe they may just learn about it when they happen to try a new app, or not even notice at all, simply finding it easier to use or more useful. Either way, there is still some uncertainty about how successful it will be and what barriers may need to be overcome in the wild.

AND WHAT HAPPENS NEXT?

Many companies will start working on creating innovative apps, bots and other fun online things to try and make handling your finances as fun as using Facebook and as simple as ordering an Uber. There was more funding handed out during the Autumn Budget to fund further development of Open Banking and other banks and financial institutions are understood to have already signed up voluntarily to start developing their own APIs. Opening up data in this way also forms part of PSD2 – Europe’s new rules on payment

services that include the same goal for open information. Some hope that as one of the first countries to create technical standards for Open Banking, the UK can set the standard beyond its own shores. The question remains as to how banks will adapt to this competition. Some believe it will relegate the banks to becoming the dumb pipes or rails, on top of which others can build consumerfacing businesses with slick designs and The initiative is geared at bringing banking in to the 21st century intuitive features. Banks, of course, will be trying to stay ahead of the startups and build exactly the same kind of things to keep customers within their own walls. Customers, perhaps not straight away but in time, can expect to benefit from new services as they battle it out. It may not be quite a “big bang” moment, but more the start of banking beta.


CITYAM.COM

FRIDAY 12 JANUARY 2018

Uber rival Taxify revs up in Lisbon as it stalls in UK LYNSEY BARBER

@lynseybarber A EUROPEAN startup hoping to take on Uber and which last year found its launch in London stalled by regulators has pulled up in a new European city. Taxify has launched in Lisbon, Portugal, where it claims to have signed up more than 600 drivers and several thousand users. “Lisbon is a growing ride-hailing market with a lot of potential and we are excited to launch the platform here,” said founder and chief executive Markus Villig. The Estonian startup has launched in several new markets in recent months, including Australia in December and Paris in October. Backed by China’s Didi

Chuxing, Taxify is also seeking new funding to support its expansion, Bloomberg reports. Taxify was forced to halt its operations in London in September after Transport for London raised concerns over its licence to operate in the capital. The startup said it was forced to buy up another operator to acquire a licence, citing delays and little contact with the regulator – something also experienced by other challengers hoping to launch new services in London, raising concerns that innovation and competition are being held back by red tape. A spokesperson for Taxify told City A.M. that it is still in the process of applying for a new licence in London, with no time frame but hopes of operating again within a few months.

PANDORA’S OUTLOOK ROCKS SHARES Luxury jeweller sinks as it misses forecast PANDORA missed its own 2017 sales forecasts yesterday and warned of thinner margins ahead, putting shares in the jewellery maker on course for their worst day in more than six years. In a trading update, Pandora said it aims to generate around half of its revenue from rings, earrings and necklaces by 2022 and would increase its annual collections to 10 per year from seven.

Transport for London Public Notice ROAD TRAFFIC REGULATION ACT 1984 THE A201 GLA ROAD (NEW BRIDGE STREET, CITY OF LONDON) (TEMPORARY PROHIBITION OF TRAFFIC) ORDER 2018

1. Transport for London hereby gives notice that it intends to make the above named Traffic Order under section 14(1) of the Road Traffic Regulation Act 1984 for the purpose specified in paragraph 2. The effect of the Order is summarised in paragraph 3. 2. The purpose of the Order is to enable chamber repair works to take place at A201 New Bridge Street. 3. The effect of the Order will be to prohibit any vehicle from entering, exiting or proceeding on New Bridge Street in a southerly direction between its junctions with Ludgate Circus and Tudor Street. The Order will be effective at certain times from 9:00 PM on the 30th January 2018 until 5:00 AM on the 31st January 2018 or when the works have been completed whichever is the sooner. The prohibition will apply only during such times and to such extent as shall from time to time be indicated by traffic signs

MAYOR OF LONDON

4. The prohibitions will not apply in respect of: (1) any vehicle being used for the purposes of those works or for fire brigade, ambulance or police purposes; (2) anything done with the permission or at the direction of a police constable in uniform or a person authorised by Transport for London. 5. At such times as the prohibition is in force an alternative route will be indicated by traffic signs via Ludgate Hill, St Paul’s Church Yard, Cannon Street, Friday Street and Great Victoria Street to normal route of travel. Dated this 12th day of January 2018 Glynn Barton Director of Network Management Transport for London, Palestra, 197 Blackfriars Road, London, SE1 8NJ

NEWS

15

Defence company Ultra Electronics rockets on US military spending COURTNEY GOLDSMITH

21.59%

@courtneynoelg SHARES in Ultra Electronics jumped more than 21 per cent yesterday after the firm said it would have “significant” exposure to a rising US defence budget while demand grows for advanced defence technologies. The firm said it started 2018

with an order cover on expected revenues of around 62 per cent, compared with 56 per cent in 2017, in a trading update for the year to 31 December. For 2017, Ultra said it expects full-year revenue to be over £770m, compared with £785m in 2016, and with an order intake of about £900m. Douglas Caster, executive chairman, said Ultra has positions on a broad number of long-term

platforms and programmes, significant exposure to the strengthening US defence budget, and growing demand for advanced defence technologies. Ultra needed some good news after its shares tumbled in November when it confirmed its boss, Rakesh Sharma, was stepping down amid concerns of “mounting pressures” in the funding of UK defence programmes.


16

MARKETS

CITYAM.COM

FRIDAY 12 JANUARY 2018

CITYDASHBOARD LONDON REPORT

Market rides out retail slump to hit new high

U

NDERWHELMING Christmas updates at retailers Tesco and Marks and Spencer weighed on the UK’s top share index yesterday but failed to prevent it from hitting a new high, with strong metal and oil prices supporting mining and energy stocks. The FTSE 100 benchmark closed up 0.2 per cent at 7,762.94 points. Marks and Spencer shares sank seven per cent, the biggest loss on the FTSE, after sales fell in the last quarter of 2017, hampering the British retailer’s latest attempt at a corporate turnaround. Tesco fell 4.5 perc ent as the country’s biggest retailer missed forecasts for Christmas trading as lower demand for general goods offset strong sales of fresh food. Sainsbury’s, Britain’s second-largest supermarket, and fourth-ranked Morrisons both beat forecasts for Christmas trading but fell 2.1 per cent and 1.4 per cent respectively. Mid-cap retailer Card Factory slumped 20 per cent, also on the back of its Christmas update. “Thursday’s batch of updates does not alleviate renewed investor con-

TOP RISERS 1. Just Eat up 4.72 per cent 2. Easyjet up 3.89 per cent 3. Anglo American up 3.56 per cent

TOP FALLERS 1. M&S down 7.04 per cent 2. Tesco down 4.53 per cent 3. Barratt Dev. down 2.71 per cent

cerns that the retail sector could relapse into the malaise of a few years back,” Ken Odeluga, a market analyst at City Index commented. British builder Barratt fell 2.7 per cent, after it posted a flat sales rate in the last six months of 2017 while Taylor Wimpey edged down 1.8 per cent, continuing a slide from the previous session, when it said full-year results for 2017 would be in line with expectations. Lifting the broader index, stronger metal prices pushed up big mining

YOUR ONE-STOP SHOP BROKER VIEWS AND MARKET REPORTS

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Oil price rise pumps up Wall Street

ITV 173

P 18 Nov

172

167.75

171 170 169 168 167

5 Jan

8 Jan

9 Jan

10 Jan

11 Jan

A strong uptick in some of US video-on-demand service Hulu’s figures have inspired analysts on Liberum’s media team to see a major opportunity for ITV on this side of the pond. “We see a major opportunity for ITV to similarly grow its online and pay revenues,” they said in a note, after the American broadcaster of hit show The Handmaid’s Tale grew its subscriber by 40 per cent since spring 2016 and, in 2017, broke the $1bn (£74bn) mark for advertising revenues. Liberum keeps ITV’s “buy” rating and gives it a 330p target price.

JUST EAT 830

P

820

803.80

810

11 Jan

800 790 780 770

Card Factory was one of the retailers that suffered yesterday companies, including Anglo American, Rio Tinto and BHP Billiton. Their shares rose 3.6 per cent, 1.9 per cent and 1.8 per cent respectively. Among the gainers, Just Eat led with a rise of 4.7 per cent, underpinned by a Barclays upgrade to “overweight” on expectations of strong revenue momentum in the fourth quarter and the year 2018. Oil prices, surging to their highest since 2014, also helped BP and Royal Dutch Shell add a few points to the index with rises of 0.5 per cent.

5 Jan

230

7,762.94 11 Jan

8 Jan 9 Jan 10 Jan 11 Jan

224

11 Jan

224

5 Jan

7,680

5 Jan

P

226

220

7,000

11 Jan

228

7,780

7,720

10 Jan

THE GYM GROUP

222

7,740

9 Jan

An upgrade from “equal weight” to “overweight” on Just Eat’s stock yesterday from Barclays brokers served up an almost five per cent share price rise for the food delivery giant. Estimates that Just Eat will have “strong momentum in the fourth quarter and financial year 2018” proved to be the extra toppings that pushed analysts back to a better rating. In 2018 analysts calculate revenues will surpass £710m due to “decent growth in the marketplace”. The target price for the company, which is now turning a modest price, has been pumped up from 700p to 1,000p.

FTSE 7,760

8 Jan

8 Jan

9 Jan

10 Jan

NEW YORK REPORT

11 Jan

Does-what-it-says-on-the-tin company The Gym Group has been dubbed a key growth pick in 2018 by analysts at Peel Hunt, who expect the company’s profit before tax to have beefed up by a respectable 39 per cent in 2017. Sales are forecast to have risen by 26 per cent and they estimate it stepping up the pace even further with earnings before interest, tax, depreciation and amortisation growth to double over the next three years. Other boons could include increased digital marketing and better targeted marketing. It keeps a “buy” rating with a 260p target price.

W

ALL Street closed at record highs yesterday as rising oil prices lifted energy stocks and investors bet on a strong US corporate earnings season. The S&P energy sector closed up two per cent as Brent crude went above $70 a barrel for the first time since December 2014, boosted by a surprise drop in US production and lower crude inventories. The consumer discretionary sector saw strong gains in media and retail stocks, while the industrials index was helped by airlines after news from the second biggest US carrier Delta Air Lines. The Dow Jones Industrial Average rose 205.6 points, or 0.81 per cent, to 25,574.73, the S&P 500 gained 19.33 points, or 0.7 per cent, to 2,767.56 and the Nasdaq Composite added 58.21 points, or 0.81 per cent, to 7,211.78. Wall Street had dropped on Wednesday, the first daily decline for S&P and Nasdaq in 2018, after a report China would slow US government bond purchases and a report that US President Donald Trump would end a key trade agreement. The major indexes pared gains briefly in late afternoon trading yesterday after New York Fed president William Dudley said tax cuts could lead to economic overheating. He predicted above-trend GDP growth with rising inflation in 2018. Investors are betting on bullish quarterly earnings reports from big companies and details on savings from federal tax cuts. The reporting season kicks off in earnest today, with results from the big US banks JP Morgan Chase and Wells Fargo. Earnings for S&P 500 companies are expected to have increased by 11.8 per cent in the recently-ended quarter, with the biggest gain from the energy sector, according to Thomson Reuters. Delta Air Lines shares closed up 4.8 per cent at $58.52 after it predicted a double benefit from the US corporate tax cut – savings on its own bill and an uptick in business travel as companies to spend tax savings. It also reported an upbeat quarterly profit.

CITY MOVES WHO’S SWITCHING JOBS GLENNY

Glenny has announced a highprofile senior appointment, making Philip Colman a divisional partner in its investment team. He has over 10 years’ experience working in the London and the south east business space markets with a focus on the industrial sector, having most recently transacted with The Petchey Group, Canal & River Trust, OLIM and LaSalle Investment Management, as well as a number of local authorities, charities and family trusts. Philip joins the

firm from Lambert Smith Hampton, where he was an associate director in the capital markets team, having previously worked at GVA.

BELSTAFF

Following the recent Ineos acquisition of the iconic British brand Belstaff, Robin Hutson has been appointed as non-executive chairman of the business. Robin Hutson is currently CEO and chairman of Lime Wood Group and Home-Grown Hotels of which Jim Ratcliffe is a major owner shareholder. Robin is a past chairman of Soho House Limited. Helen Wright has been appointed CEO of Belstaff, after a long career in luxury fashion brand management including senior roles at Anya Hindmarch, Karl Lagerfeld, LVMH/Fendi

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

and Ralph Lauren. Gavin Haig, the current CEO of Belstaff, will step down by mutual consent with immediate effect.

FEVER-TREE

Fever-Tree has appointed Kevin Havelock and Jeff Popkin as non-executive directors of the company with immediate effect. Kevin has more than 25 years’ drinks industry experience and is global president, refreshment at Unilever with responsibility for the group’s global beverages and ice cream business. Since joining Unilever in 1985, he has held a wealth of senior leadership positions around the world, including chairman for Unilever UK, Unilever France and Unilever Arabia as well as president, Unilever

North America. He has been a member of the Unilever executive committee since 2011 and sits on the group’s sustainability board. Kevin also co-chairs the Pepsi/Lipton tea joint venture and became a trustee of both the British Council and The Eden Project in 2017. Jeff has significant experience across the North American beverage industry gathered over almost 30 years with particular expertise in sales and distribution in the US. His experience spans the beer, spirits, premium non-alcoholic carbonated soft drink and health categories for a range of global brands. His leadership roles have included CEO of Red Bull distribution, North America, president of Vita Coco and he is currently North American CEO of MastJaegermeister.


CITYAM.COM

FRIDAY 12 JANUARY 2018

FTSE 100

FTSE 250

7762.94 14.43

20737.92 22.08

Price Chg High Low

GILTS Tsy 5.000 18 . . . . . .100.69 Tsy 1.250 18 . . . . . . .100.41 Tsy 4.500 19 . . . . . .104.54 Tsy 3.750 19 . . . . . . .105.25 Tsy 4.750 20 . . . . . .108.96 Tsy 2.500 20 . . . . . .364.35 Tsy 8.000 21 . . . . . .124.59 Tsy 1.875 22 . . . . . . .120.79 Tsy 4.000 22 . . . . . . .113.32 Tsy 2.250 23 . . . . . . .107.19 Tsy 2.500 24 . . . . . .364.34 Tsy 0.125 24 . . . . . . .113.88 Tsy 5.000 25 . . . . . .126.96 Tsy 4.250 27 . . . . . . .127.18 Tsy 1.250 27 . . . . . . .132.90 Tsy 6.000 28 . . . . . .146.63 Tsy 0.125 29 . . . . . . .122.94 Tsy 4.125 30 . . . . . . .365.61 Tsy 4.750 30 . . . . . . .137.63 Tsy 4.250 32 . . . . . .133.80 Tsy 1.250 32 . . . . . . .150.52 Tsy 0.125 36 . . . . . . .139.59 Tsy 4.250 36 . . . . . .138.72 Tsy 4.750 38 . . . . . . .151.38 Tsy 0.625 40 . . . . . .161.26 Tsy 4.500 42 . . . . . .152.82 Tsy 3.500 45 . . . . . .134.57 Tsy 4.250 46 . . . . . .153.52 Tsy 4.025 49 . . . . . .159.43 Tsy 0.500 50 . . . . . .187.65 Tsy 0.250 52 . . . . . .183.85

-0.01 -0.01 0.00 -0.02 0.01 -0.03 -0.03 0.01 -0.04 0.00 0.04 0.04 -0.01 -0.08 0.04 -0.07 0.07 0.01 -0.07 -0.09 0.03 0.01 -0.14 -0.10 0.00 -0.10 -0.13 -0.13 -0.13 -0.07 -0.02

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

100.7 100.4 104.5 105.2 109.0 364.2 124.6 120.6 113.3 107.2 363.2 113.7 127.0 126.3 132.0 146.5 121.4 360.2 136.2 131.5 147.7 134.8 135.1 147.0 155.6 147.7 128.6 147.3 152.5 177.0 171.5

AEROSPACE & DEFENCE BAE Systems . . . . . . . . .585.8 8.0 Cobham . . . . . . . . . . . . .127.0 3.5 Meggitt . . . . . . . . . . . . .479.3 4.6 QinetiQ Group . . . . . . . .214.9 -1.0 Rolls-Royce Holdi . . . . .847.2 8.2 Senior . . . . . . . . . . . . . .289.6 1.8 Ultra Electronics . . . . . .1515.0 269.0

677.0 148.0 526.0 319.7 981.0 291.8 2204.0

535.5 96.2 410.6 201.5 660.0 175.8 1142.0

AUTOMOBILES & PARTS GKN . . . . . . . . . . . . . . . .332.7

1.7 376.5 294.3

BANKS Aldermore Group . . . . .310.8 -0.2 Barclays . . . . . . . . . . . . .196.1 -5.1 BGEO Group . . . . . . . .3868.0 46.0 Close Brothers Gr . . . . .1474.0 12.0 CYBG . . . . . . . . . . . . . . .327.4 -2.2 HSBC Holdings . . . . . . .796.0 0.5 Lloyds Banking Gr . . . . .69.8 0.9 Metro Bank . . . . . . . . .3650.0 -50.0 Royal Bank of Sco . . . .296.8 3.4 Standard Chartere . . . .829.4 10.7 TBC Bank Group . . . . .1700.0 28.0 Virgin Money Hold . . . .289.4 1.9

311.9 210.2 239.3 178.9 3884.0 2766.0 1715.0 1316.0 340.3 260.0 798.6 620.8 73.1 62.2 3834.0 3112.0 297.5 214.9 846.7 685.9 1818.0 1390.0 348.0 258.2

BEVERAGES Barr (A.G.) . . . . . . . . . . .651.0 Britvic . . . . . . . . . . . . . .788.0 Coca-Cola HBC AG . . .2401.0 Diageo . . . . . . . . . . . .2660.5

-4.0 -3.5 20.0 11.5

670.0 820.0 2671.0 2725.0

498.9 579.0 1779.0 2131.5

CHEMICALS Croda Internation . . . .4436.0 0.0 4512.0 3294.0 Elementis . . . . . . . . . . .287.6 1.4 317.1 259.1 Johnson Matthey . . . .3102.0 -30.0 3503.0 2727.0 Sirius Minerals . . . . . . . .23.9 -0.3 35.0 17.3 Synthomer . . . . . . . . . .490.4 3.2 509.5 372.0

FTSE ALL SHARE

BATS UK 100

4258.09 6.19

13188.53 44.27

Price Chg High Low Victrex plc . . . . . . . . . .2666.0 0.0 2730.0 1832.0

CONSTRUCTION & MATERIALS Balfour Beatty . . . . . . . .301.6 -0.6 CRH . . . . . . . . . . . . . . .2706.0 -43.0 Galliford Try . . . . . . . . .1263.0 -14.0 Ibstock . . . . . . . . . . . . .270.0 2.6 Kier Group . . . . . . . . . .1058.0 -21.0 Marshalls . . . . . . . . . . . .457.2 0.2 Polypipe Group . . . . . . .411.0 -0.4

304.0 253.5 2920.0 2530.0 1583.0 1142.0 271.4 176.3 1503.0 993.5 480.2 281.7 436.5 331.0

ELECTRICITY Drax Group . . . . . . . . . .283.8 4.4 384.6 256.4 SSE . . . . . . . . . . . . . . . .1318.0 13.0 1557.0 1294.0

ELECTRONIC & ELECTRICAL EQ. Halma . . . . . . . . . . . . .1293.0 Morgan Advanced M . .346.0 Renishaw . . . . . . . . . .5405.0 Spectris . . . . . . . . . . . .2559.0

3.0 3.0 40.0 -2.0

1322.0 913.5 346.8 281.9 5555.0 2695.0 2834.0 2229.0

EQUITY INVESTMENT INSTRUM. Aberforth Smaller . . . .1374.0 8.0 1380.0 1106.0 Alliance Trust . . . . . . . . .767.0 4.0 770.0 645.0 Bankers Inv Trust . . . . .906.0 4.0 906.0 701.0 British Empire Tr . . . . . .753.0 2.0 755.0 647.0 Caledonia Investm . . .2850.0 0.0 3008.0 2625.0 City of London In . . . . .442.0 -0.5 444.0 393.4 Edinburgh Inv Tru . . . .706.0 1.0 779.5 686.0 F&C Global Smalle . . . .1415.0 10.0 1420.0 1222.0 Fidelity China Sp . . . . . .253.5 -1.0 256.0 176.8 Fidelity European . . . . .230.0 -1.0 231.5 185.0 Finsbury Growth & . . . .765.0 -2.0 777.0 647.0 Foreign and Colon . . . .668.0 4.0 668.0 542.0 GCP Infrastructur . . . . . .122.4 -0.6 133.0 118.8 Genesis Emerging . . . .740.0 3.0 745.0 605.0 Greencoat UK Wind . . . .122.8 -0.8 126.5 116.7 HarbourVest Globa . . .1262.0 2.0 1306.0 1188.0 Herald Investment . . .1170.0 -10.0 1200.0 881.5 HICL Infrastructu . . . . . .160.0 -0.3 174.6 153.3 International Pub . . . . .157.4 0.0 166.6 150.3 John Laing Infras . . . . . .125.0 -0.2 140.2 118.3 JPMorgan American . . .412.5 0.0 415.0 359.6 JPMorgan Emerging . . .907.0 1.0 915.0 695.0 JPMorgan Indian I . . . .776.0 1.0 785.0 609.0 Jupiter European . . . . .778.0 17.0 778.0 553.5 Mercantile Invest . . . .2195.0 -5.0 2210.0 1719.0 Monks Inv Trust . . . . . . .812.0 -4.0 820.0 588.5 Murray Internatio . . . .1286.0 4.0 1307.0 1135.0 NB Global Floatin . . . . . .94.4 -0.4 100.2 93.0 Perpetual Income . . . .384.0 1.0 408.5 356.0 Pershing Square H . . .1032.0 -14.0 1250.0 959.0 Personal Assets T . . .41050.0 150.0 41580.039270.0 Polar Capital Tec . . . . .1180.0 6.0 1197.0 859.5 RIT Capital Partn . . . . .1986.0 14.0 1986.0 1815.0 Riverstone Energy . . . .1316.0 20.0 1370.0 1204.0 Scottish Inv Trus . . . . . .871.0 -12.0 891.0 763.0 Scottish Mortgage . . . .468.2 0.2 471.1 336.0 Sequoia Economic . . . .112.5 -0.5 114.5 106.1 Syncona Limited N . . . .210.0 -0.5 213.5 127.3 Temple Bar Inv Tr . . . .1332.0 2.0 1336.0 1210.0 Templeton Emergin . . .805.0 2.0 809.0 610.0 The Renewables In . . . .108.6 -1.2 112.2 102.8 TR Property Inv T . . . . .401.5 -1.0 406.5 286.0 Vietnam Enterpris . . . .474.0 0.0 477.9 303.0 Witan Inv Trust . . . . . .1106.0 0.0 1112.0 903.5 Woodford Patient . . . . .84.4 0.8 106.0 82.0 Worldwide Healthc . . .2610.0 10.0 2679.0 2114.0

BATS UK 250

DOW JONES

18846.86 6.28

25574.73 205.60

Price Chg High Low Arrow Global Grou . . . .433.5 4.0 470.5 292.5 Ashmore Group . . . . . .422.0 8.2 423.6 280.6 Brewin Dolphin Ho . . . .379.8 -9.0 393.0 301.7 Charles Taylor . . . . . . . .276.0 0.5 290.0 205.4 Charter Court Fin . . . . .282.0 0.0 293.5 228.8 City of London In . . . . .425.0 1.0 432.0 349.5 CMC Markets . . . . . . . . . .157.0 3.0 175.5 109.0 Coats Group . . . . . . . . . .86.9 -0.8 90.0 51.8 Hargreaves Lansdo . . .1805.0 -6.5 1824.0 1266.0 IG Group Holdings . . . . .757.0 12.0 792.5 491.9 Intermediate Capi . . . .1142.0 -16.0 1178.0 684.0 International Per . . . . .209.0 1.6 222.0 157.5 Investec . . . . . . . . . . . . .537.0 2.8 627.5 461.4 IP Group . . . . . . . . . . . . .134.6 -1.6 194.7 112.5 John Laing Group . . . . .299.2 0.6 317.8 252.0 Jupiter Fund Mana . . . .585.0 -20.0 631.4 393.4 Liontrust Asset M . . . . .538.0 2.0 540.0 380.9 LMS Capital . . . . . . . . . . .47.8 0.0 57.1 41.3 London Finance & . . . . .44.5 0.0 46.0 42.0 London Stock Exch . . .3649.0 -51.0 3983.0 2933.0 Man Group . . . . . . . . . . .214.5 0.8 214.6 123.3 OneSavings Bank . . . . .410.4 12.4 470.3 317.3 Paragon Banking G . . . .510.0 6.5 515.0 400.0 Provident Financi . . . . .899.0 -12.6 3265.0 589.5 Rathbone Brothers . .2546.0 14.0 2800.0 2013.0 Real Estate Credi . . . . . .167.5 -0.5 175.0 159.9 Record . . . . . . . . . . . . . . .43.2 -0.1 52.5 36.0 S&U . . . . . . . . . . . . . . .2365.0 15.0 2420.0 1883.5 Sanne Group . . . . . . . . .773.0 -6.0 830.0 592.5 Schroders . . . . . . . . . .3612.0 -6.0 3635.0 2901.0 TP ICAP . . . . . . . . . . . . .530.2 -2.0 544.5 437.0 VPC Specialty Len . . . . . .78.2 -0.6 83.0 74.3 Walker Crips Grou . . . . . .41.5 0.0 48.5 38.5 Xafinity . . . . . . . . . . . . .189.5 0.0 194.0 152.3

Price Chg High Low Smurfit Kappa Gro . . .2496.0 18.0 2507.0 1962.0 Vesuvius . . . . . . . . . . . .592.5 1.0 606.0 409.0

FIXED LINE TELECOMS

Ultra Electronics . . . . . . . . . . . .1515.0 Grafton Group Unit . . . . . . . . . . .810.0 Ferrexpo . . . . . . . . . . . . . . . . . . .314.8 Just Eat . . . . . . . . . . . . . . . . . . . .803.8 Tullow Oil . . . . . . . . . . . . . . . . . .229.8 Hays . . . . . . . . . . . . . . . . . . . . . .196.3 easyJet . . . . . . . . . . . . . . . . . . .1536.5 Pagegroup . . . . . . . . . . . . . . . . .535.5 Anglo American . . . . . . . . . . . .1761.0 Nex Group . . . . . . . . . . . . . . . . .605.0

BT Group . . . . . . . . . . . .270.9 -2.0 396.9 243.8 TalkTalk Telecom . . . . . .131.6 -4.6 218.0 131.3 Telecom Plus . . . . . . . .1170.0 -4.0 1321.0 1069.0

FOOD & DRUG RETAILERS Booker Group . . . . . . . .223.8 -9.1 Greggs . . . . . . . . . . . . .1331.0 -6.0 Morrison (Wm) Sup . . .226.2 -3.3 Ocado Group . . . . . . . . .410.0 0.9 Sainsbury (J) . . . . . . . .248.6 -5.3 SSP Group . . . . . . . . . . .629.0 3.0 Tesco . . . . . . . . . . . . . . .202.3 -9.6 UDG Healthcare Pu . . . .778.0 -36.0

233.2 1399.0 252.9 437.8 281.7 687.5 214.4 959.0

181.5 964.5 207.0 238.5 224.8 390.1 166.5 635.0

FOOD PRODUCERS Associated Britis . . . . .2818.0 -23.0 Cranswick . . . . . . . . . .3244.0 -18.0 Dairy Crest Group . . . . .590.5 7.0 Greencore Group . . . . . .216.5 0.2 Purecircle Limite . . . . .470.0 0.0 Tate & Lyle . . . . . . . . . .683.0 -2.4 Unilever . . . . . . . . . . .4008.5 3.0

3371.0 3337.0 652.5 262.8 517.0 795.0 4548.5

2361.0 2277.0 545.5 182.0 275.0 625.5 3191.0

FORESTRY & PAPER Mondi . . . . . . . . . . . . .1902.0 5.0 2130.0 1650.0

GAS, WATER & MULTIUTILITIES Centrica . . . . . . . . . . . . .141.5 National Grid . . . . . . . .844.8 Pennon Group . . . . . . .739.4 Severn Trent . . . . . . . .2036.0 United Utilities . . . . . . .768.0

1.0 6.3 1.8 -12.0 -0.6

235.8 137.3 1091.0 838.5 944.0 736.4 2553.0 2033.0 1056.0 765.6

FINANCIAL SERVICES

GENERAL INDUSTRIALS

3i Group . . . . . . . . . . . .949.0 2.6 969.5 687.5 3i Infrastructure . . . . . .210.5 -2.5 214.5 187.0 Allied Minds . . . . . . . . .163.0 0.4 443.8 116.0

RPC Group . . . . . . . . . .830.0 -4.8 1003.3 720.5 Smith (DS) . . . . . . . . . .502.2 -10.2 558.5 418.8 Smiths Group . . . . . . . .1567.5 5.5 1684.0 1444.0

GENERAL RETAILERS Auto Trader Group . . . .352.7 6.3 B&M European Valu . . .396.9 -0.6 Brown (N.) Group . . . . .281.8 -1.4 Card Factory . . . . . . . . .225.8 -56.6 Dignity . . . . . . . . . . . . .1789.0 -51.0 Dixons Carphone . . . . .199.2 -3.3 Dunelm Group . . . . . . .671.0 3.0 Halfords Group . . . . . . .350.6 -2.4 Inchcape . . . . . . . . . . . .774.5 -7.5 JD Sports Fashion . . . . .352.5 -0.1 Just Eat . . . . . . . . . . . . .803.8 36.2 Kingfisher . . . . . . . . . . .341.9 0.2 Marks & Spencer G . . . .301.2 -22.8 Next . . . . . . . . . . . . . .4963.0 -77.0 Pets at Home Grou . . . .168.3 -4.2 Saga . . . . . . . . . . . . . . . .121.0 -2.1 Sports Direct Int . . . . . . .371.7 0.4 Ted Baker . . . . . . . . . .3006.0 -112.0 WH Smith . . . . . . . . . .2154.0 -74.0

435.9 319.0 423.6 293.4 357.8 200.6 355.0 220.0 2767.0 1594.0 357.0 149.1 797.0 545.0 385.0 307.4 880.5 704.0 456.0 303.3 824.0 496.0 368.1 288.0 395.5 297.8 5320.0 3617.0 241.7 154.9 215.3 121.0 419.5 284.0 3118.0 2320.0 2347.0 1480.0

HEALTH CARE EQUIPMETN & S. Assura . . . . . . . . . . . . . . .63.6 -0.1 66.7 51.8 Convatec Group . . . . . . .189.3 -2.2 344.0 182.0 Mediclinic Intern . . . . . .602.4 -13.6 887.0 507.5

S&P 500

/€ 1.1250

0.0051 €/$ 1.2032

0.0083

7211.78 58.21

2767.56 19.33

/$ 1.3539

0.0032 €/£ 0.8886

0.0039

/¥ 150.67

0.2024 €/¥ 133.86

0.7630

INDUSTRIAL METALS & MINING Evraz . . . . . . . . . . . . . . .382.9 7.9 390.3 173.2 Ferrexpo . . . . . . . . . . . .314.8 14.9 323.2 125.0

INDUSTRIAL TRANSPORTATION -0.6 20.0 2.0 -1.8 -3.5

359.8 279.5 3015.0 2206.0 1761.0 1437.0 462.5 369.9 303.2 172.8

NON LIFE INSURANCE Admiral Group . . . . . .1903.5 -2.5 Beazley . . . . . . . . . . . . .521.0 5.5 Direct Line Insur . . . . . .376.3 1.6 esure Group . . . . . . . . .253.0 0.2 Hastings Group Ho . . . . .311.8 1.8 Hiscox Limited (D . . . .1414.0 -1.0 Jardine Lloyd Tho . . . .1422.0 -24.0 Lancashire Holdin . . . . .653.0 -4.0 RSA Insurance Gro . . . .630.0 4.8

2178.0 534.5 411.3 303.0 325.0 1470.0 1468.0 759.5 666.5

1732.0 382.0 333.8 193.6 220.4 997.5 995.5 611.0 562.5

% 21.6 6.6 5.0 4.7 4.7 4.3 3.9 3.8 3.6 3.3

LIFE INSURANCE Aviva . . . . . . . . . . . . . . .527.2 2.2 544.0 470.6

Fallers % Card Factory . . . . . . . . . . . . . . . .225.8 -20.0 Marks & Spencer Gr . . . . . . . . . .301.2 -7.0 Greene King . . . . . . . . . . . . . . . .526.2 -6.0 Tesco . . . . . . . . . . . . . . . . . . . . . .202.3 -4.5 UDG Healthcare Pub . . . . . . . . .778.0 -4.4 Booker Group . . . . . . . . . . . . . . .223.8 -3.9 Workspace Group . . . . . . . . . . .963.5 -3.8 Ted Baker . . . . . . . . . . . . . . . . .3006.0 -3.6 TalkTalk Telecom G . . . . . . . . . . .131.6 -3.4 WH Smith . . . . . . . . . . . . . . . . .2154.0 -3.3

Price Chg High Low NMC Health . . . . . . . . .3164.0 -38.0 3216.0 1583.0 Smith & Nephew . . . . .1257.0 1.0 1431.0 1170.0 Spire Healthcare . . . . .254.6 -3.4 361.0 221.5

HHOLD GDS & HOME CONSTR. Barratt Developme . . . .617.0 -17.2 Bellway . . . . . . . . . . . .3549.0 -31.0 Berkeley Group Ho . . .4142.0 -73.0 Bovis Homes Group . . .1149.0 -2.5 Countryside Prope . . . .337.0 -6.0 Crest Nicholson H . . . . .527.0 -12.5 McCarthy & Stone . . . . .146.7 -3.0 Persimmon . . . . . . . . .2643.0 -30.0 Reckitt Benckiser . . . .6800.0 14.0 Redrow . . . . . . . . . . . . .637.0 -8.0 Taylor Wimpey . . . . . . .196.5 -3.7

700.0 471.1 3792.0 2457.0 4240.0 2787.0 1213.0 755.0 371.5 223.9 636.5 486.1 196.9 146.1 2890.0 1886.0 8108.0 6355.0 664.5 433.8 211.2 165.1

INDUSTRIAL ENGINEERING Bodycote . . . . . . . . . . .930.0 -7.0 Hill & Smith Hold . . . . .1322.0 13.0 IMI . . . . . . . . . . . . . . . .1395.0 -10.0 Melrose Industrie . . . . .215.0 1.0 RHI Magnesita N.V . . .4319.0 -46.0

962.5 625.0 1475.0 1096.0 1411.0 1070.0 261.2 195.3 4394.0 3249.0

Price Chg High Low Rightmove . . . . . . . . .4519.0 -23.0 4568.0 3889.0 Sky . . . . . . . . . . . . . . . .1009.5 -9.0 1023.0 900.0 STV Group . . . . . . . . . . .319.5 4.5 389.8 312.5 Tarsus Group . . . . . . . . .334.0 5.0 336.0 260.5 Trinity Mirror . . . . . . . . . .80.4 -1.1 121.0 67.0 UBM . . . . . . . . . . . . . . . .727.0 4.0 764.5 645.0 WPP . . . . . . . . . . . . . . .1324.0 -3.0 1921.0 1253.0 ZPG Plc . . . . . . . . . . . . .343.6 -3.4 394.0 321.7

MINING Acacia Mining . . . . . . . . .191.5 Anglo American . . . . . .1761.0 Antofagasta . . . . . . . .1026.0 BHP Billiton . . . . . . . . .1628.0 Centamin (DI) . . . . . . . .161.7 Fresnillo . . . . . . . . . . . .1420.0 Glencore . . . . . . . . . . . .406.8 Hochschild Mining . . . .248.9 Kaz Minerals . . . . . . . . .951.4 Polymetal Interna . . . .919.0 Randgold Resource . .7274.0 Rio Tinto . . . . . . . . . . .4165.5 Vedanta Resources . . . .916.4

-1.0 60.6 11.5 28.6 -1.3 2.5 1.4 1.9 14.0 -0.2 14.0 76.5 21.0

541.0 157.8 1761.6 959.4 1061.0 721.0 1628.8 1117.0 190.5 131.8 1725.0 1260.0 411.0 276.6 331.6 219.1 970.0 410.3 1095.0 803.5 8190.0 6420.0 4167.5 2910.0 1102.0 575.0

MOBILE TELECOMS Inmarsat . . . . . . . . . . . .504.2 1.4 850.5 440.9 Vodafone Group . . . . . .228.5 -4.2 238.0 192.5

MAIN CHANGES UK 350 Risers

Price Chg High Low Just Group . . . . . . . . . . .158.7 Legal & General G . . . . .272.3 Old Mutual . . . . . . . . . .225.3 Phoenix Group Hol . . . .792.0 Prudential . . . . . . . . . .1971.5 St James's Place . . . . .1239.5 Standard Life Abe . . . .442.6

-0.3 -0.6 -0.7 4.0 1.0 -18.0 3.8

170.4 276.0 231.7 798.5 1975.0 1261.5 447.1

121.5 232.8 188.0 723.0 1532.0 1030.0 345.0

40.0 0.8 -1.0 0.0 -0.4 -4.0 0.8 0.0 2.4 -0.8 2.0 -0.5 -1.3 -2.6 -4.0 -17.0

2020.0 391.0 190.0 57.0 329.4 1305.0 116.5 215.0 86.4 761.0 195.3 219.6 27.6 366.5 817.0 1782.0

1550.0 279.5 157.3 40.5 216.0 1027.0 76.0 122.5 36.5 629.5 151.8 146.9 9.6 292.6 566.5 1398.0

MEDIA 4Imprint Group . . . . . .1980.0 Ascential . . . . . . . . . . . .382.2 Bloomsbury Publis . . . .189.0 Centaur Media . . . . . . . .49.0 Entertainment One . . . .321.0 Euromoney Institu . . .1224.0 Gocompare.com Gro . . .111.4 Haynes Publishing . . . .195.0 Huntsworth . . . . . . . . . . .83.2 Informa . . . . . . . . . . . . .746.0 ITE Group . . . . . . . . . . . .176.4 ITV . . . . . . . . . . . . . . . . .167.8 Johnston Press . . . . . . . .10.0 Moneysupermarket. . .354.0 Pearson . . . . . . . . . . . . .723.2 Relx plc . . . . . . . . . . . . .1661.5

OIL & GAS PRODUCERS BP . . . . . . . . . . . . . . . . .533.0 Cairn Energy . . . . . . . . .232.2 Royal Dutch Shell . . . .2570.5 Royal Dutch Shell . . . .2607.0 Tullow Oil . . . . . . . . . . .229.8

2.5 5.8 13.5 12.5 10.3

534.0 439.8 243.0 167.5 2570.5 1992.5 2607.0 2052.5 271.8 145.6

OIL EQUIPMENT & SERVICES Hunting . . . . . . . . . . . .606.5 -3.0 637.5 382.6 Petrofac Ltd. . . . . . . . . .523.8 6.4 946.0 349.0 Wood Group (John) . . .683.8 5.4 887.0 560.0

PERSONAL GOODS Burberry Group . . . . . .1779.5 0.0 1985.0 1561.0 PZ Cussons . . . . . . . . . .325.8 3.0 363.7 299.7 Superdry . . . . . . . . . . .1819.0 -31.0 2076.0 1446.0

PHARMACEUTICALS & BIOTECH AstraZeneca . . . . . . . . .5132.0 BTG . . . . . . . . . . . . . . . .750.5 Dechra Pharmaceut . .1986.0 Genus . . . . . . . . . . . . .2490.0 GlaxoSmithKline . . . . .1330.6 Hikma Pharmaceuti . . .1017.5 Indivior . . . . . . . . . . . . . .411.6 Shire Plc . . . . . . . . . . . .3647.5 Vectura Group . . . . . . . .113.9

-4.0 -2.5 -1.0 -4.0 -0.4 8.5 6.8 -13.5 0.5

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

-2.6 -2.0 80.0 1.0 -5.8 -6.0 -1.8 4.0 -2.0 -0.4

324.8 253.1 1989.0 190.2 7005.0 5700.0 151.8 134.5 291.1 234.2 366.2 309.4 499.6 342.9 993.0 690.5 407.8 311.0 92.5 80.9

REAL ESTATE INVEST. & SERV. Capital & Countie . . . . .302.4 CLS Holdings . . . . . . . . .233.0 Daejan Holdings . . . .5990.0 F&C Commercial Pr . . . .141.4 Grainger . . . . . . . . . . . .281.4 NewRiver REIT . . . . . . . .310.0 Safestore Holding . . . .485.0 Savills . . . . . . . . . . . . . .978.0 St. Modwen Proper . . .399.4 UK Commercial Pro . . . . .91.3

REAL ESTATE INVEST. TRUSTS Big Yellow Group . . . . . .831.5 -6.0 British Land Comp . . . .666.4 -8.2 Derwent London . . . .2975.0 -45.0 Great Portland Es . . . . .657.5 -11.0

869.5 691.5 3118.0 703.7

668.0 579.0 2451.0 587.5

Price Hammerson . . . . . . . . .515.4 Hansteen Holdings . . . .143.2 Intu Properties . . . . . . .238.2 Land Securities G . . . . .972.4 LondonMetric Prop . . . .181.6 RDI Reit . . . . . . . . . . . . . .36.5 SEGRO . . . . . . . . . . . . . .573.0 Shaftesbury . . . . . . . . .1016.0 Tritax Big Box Re . . . . . .148.9 Unite Group . . . . . . . . .799.5 Workspace Group . . . . .963.5

AB INBEV ..........................................................95.10 ADIDAS N........................................................166.40 AIR LIQUIDE .....................................................107.10 AIRBUS ............................................................90.02 ALLIANZ.........................................................200.80 ASML HLDG.....................................................148.20 AXA..................................................................26.58 BANCO SANTANDER............................................5.91 BASF N .............................................................93.98 BAYER N..........................................................105.48 BBVA...................................................................7.34 BMW ................................................................88.69 BNP PARIBAS BR-A..........................................67.00 CRH PLC .............................................................0.00 DAIMLER N ........................................................73.61 DANONE ..........................................................69.44 DEUTSCHE BANK N............................................15.35 DEUTSCHE POST N............................................40.52 DEUTSCHE TELEKOM N.......................................14.41 E.ON N ...............................................................8.90 ENEL N................................................................5.22 ENGIE................................................................14.67 ENI N.................................................................14.70 ESSILOR INTL....................................................110.75 FRESENIUS .......................................................65.02 IBERDROLA ........................................................6.48 INDITEX ............................................................28.55 ING GROUP.......................................................16.54 INTESA SANPAOLO N..........................................2.99 KON AH DEL BR..................................................18.15 L'OREAL...........................................................184.65 LVMH..............................................................239.00 MUENCHENER RUECKV N.................................187.05 NOKIA................................................................4.00 ORANGE.............................................................14.31 ROY.PHILIPS.......................................................33.17 SAFRAN...........................................................90.00 SAINT-GOBAIN..................................................47.68 SANOFI.............................................................72.90 SAP I .................................................................91.43 SCHNEIDER E.SE ...............................................73.66 SIEMENS N ......................................................120.62 SOCIETE GENERALE...........................................46.57 TELEFONICA.........................................................8.18 TOTAL................................................................48.15 UNIBAIL-RODAMCO........................................204.00 UNILEVER CERT.................................................45.81 VINCI ................................................................85.32 VIVENDI............................................................24.29 VOLKSWAGEN VZ I...........................................177.80

Chg High Low -9.0 609.5 501.5 -1.0 145.9 108.7 -3.7 294.0 194.7 -11.0 1208.5 917.0 -1.7 188.4 146.3 0.2 40.5 33.9 -2.0 587.6 435.7 -12.0 1055.0 873.0 0.0 151.4 137.2 -7.5 820.5 571.5 -38.5 1016.0 742.5

SOFTWARE & COMPUTER SERV. Aveva Group . . . . . . .2800.0 Computacenter . . . . . .1178.0 FDM Group (Holdin . . .962.0 Fidessa Group . . . . . . .2550.0 Micro Focus Inter . . . . .2281.0 Playtech . . . . . . . . . . . .821.0 Sage Group . . . . . . . . . .807.8 Softcat . . . . . . . . . . . . .530.0 Sophos Group . . . . . . .649.0

22.0 -14.0 0.0 -15.0 12.0 -23.2 8.6 10.0 10.0

2808.0 1192.0 1031.0 2640.0 2871.6 1016.0 810.5 548.5 650.0

1863.0 715.0 582.0 2041.0 2145.0 768.0 599.0 295.5 260.9

SUPPORT SERVICES AA . . . . . . . . . . . . . . . . . .157.6 -1.4 Aggreko . . . . . . . . . . . .796.4 -8.4 Ashtead Group . . . . . .2073.0 20.0 Babcock Internati . . . . .720.0 7.6 BCA Marketplace . . . . . .201.0 -5.5 Bunzl . . . . . . . . . . . . .2050.0 45.0 Capita . . . . . . . . . . . . . .400.6 -2.9 DCC . . . . . . . . . . . . . . .7755.0 35.0 Diploma . . . . . . . . . . . .1195.0 -3.0 Electrocomponents . . . .619.2 -2.8 Equiniti Group . . . . . . .280.5 -0.5 Essentra . . . . . . . . . . . .530.5 -3.5 Experian . . . . . . . . . . .1666.0 -10.5 Ferguson . . . . . . . . . .5442.0 -52.0 G4S . . . . . . . . . . . . . . . .283.9 1.5 Grafton Group Uni . . . .810.0 50.0 Hays . . . . . . . . . . . . . . . .196.3 8.0 Homeserve . . . . . . . . . .796.5 2.0 Howden Joinery Gr . . .454.4 -4.2 Intertek Group . . . . . .5208.0 -10.0 Mitie Group . . . . . . . . . .187.3 -1.4 Pagegroup . . . . . . . . . .535.5 19.5 Renewi . . . . . . . . . . . . .106.0 0.6 Rentokil Initial . . . . . . . .310.7 0.8 Serco Group . . . . . . . . . .98.6 -0.5 SIG . . . . . . . . . . . . . . . . .170.0 2.0 Travis Perkins . . . . . . .1540.0 -25.5 Worldpay Group . . . . .430.6 -6.2

274.9 149.5 1064.0 758.0 2103.0 1542.0 969.5 654.5 227.0 176.0 2465.0 2005.0 705.5 392.9 7760.0 6045.0 1247.0 993.5 709.0 471.1 310.9 173.2 581.5 408.7 1705.0 1446.0 5510.0 4460.0 341.1 242.0 841.0 540.5 196.3 147.2 867.0 523.0 475.7 373.0 5425.0 3392.0 297.2 185.7 540.0 417.0 108.2 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 . . . .5050.0 85.0 5643.0 4565.0 Imperial Brands . . . . . .3176.5 43.0 3933.5 3027.0

TRAVEL & LEISURE 888 Holdings . . . . . . . .288.0 Carnival . . . . . . . . . . .5046.0 Cineworld Group . . . . .564.0 Compass Group . . . . . .1542.5 Domino's Pizza Gr . . . .350.0 easyJet . . . . . . . . . . . . .1536.5 FirstGroup . . . . . . . . . . . .112.5 Go-Ahead Group . . . . .1576.0 Greene King . . . . . . . . .526.2 GVC Holdings . . . . . . . .955.0 InterContinental . . . .4745.0 International Con . . . . .668.0 Ladbrokes Coral G . . . . .186.1 Marston's . . . . . . . . . . . .114.6 Merlin Entertainm . . . .355.0

EU SHARES Price

17

NASDAQ

Price Chg High Low Rotork . . . . . . . . . . . . . .291.6 6.2 292.0 223.5 Spirax-Sarco Engi . . .5660.0 -10.0 5920.0 4252.0 Weir Group . . . . . . . . .2212.0 -44.0 2305.0 1727.0

BBA Aviation . . . . . . . . .356.2 Clarkson . . . . . . . . . . . .3015.0 Fisher (James) & . . . . .1616.0 Royal Mail . . . . . . . . . . .457.2 Stobart Group Ltd . . . . .271.0

MARKETS

-0.8 -14.0 -1.0 -4.0 9.9 57.5 -0.5 4.0 -33.6 -3.5 48.0 10.6 1.2 -0.8 1.7

300.5 218.0 5380.0 4105.0 740.0 519.5 1760.2 1449.9 394.0 263.4 1551.0 914.5 153.0 101.0 2308.0 1485.0 766.0 508.5 996.0 594.0 4751.0 3668.0 670.0 472.6 188.8 111.3 146.1 101.4 537.0 349.0

Price Chg High Low Millennium & Copt . . . .568.0 -6.0 625.5 410.2 Mitchells & Butle . . . . . .267.6 -2.0 283.1 221.0 National Express . . . . .382.8 -1.8 386.8 334.7 Paddy Power Betfa . .8405.0 -70.0 8900.0 6665.0 Rank Group . . . . . . . . . .244.5 2.5 248.5 189.0 Stagecoach Group . . . .163.0 -1.1 217.5 154.3 Thomas Cook Group . . .128.9 0.6 130.8 84.1 TUI AG Reg Shs (D . . . .1577.5 9.0 1579.0 1068.0 Wetherspoon (J.D. . . . .1210.0 -31.0 1283.0 890.0 Whitbread . . . . . . . . .3836.0 -64.0 4307.0 3512.0 William Hill . . . . . . . . . .335.1 2.9 345.0 240.0 Wizz Air Holdings . . . .3584.0 5.0 3700.0 1560.0

AIM 50 Abcam . . . . . . . . . . . . . .1117.0 -7.0 1150.0 788.0 Advanced Medical . . . .312.0 2.0 350.0 199.5 ASOS . . . . . . . . . . . . . .6848.0 -44.0 6914.0 5119.0 Blue Prism Group . . . .1250.0 -10.0 1639.0 395.0 Brooks Macdonald . . .1930.0 20.0 2582.0 1810.0 Camellia . . . . . . . . . .12300.0-425.0 12850.010070.0 CareTech Holding . . . . .428.0 -1.0 454.8 342.0 CityFibre Infrast . . . . . . . .57.8 -1.2 70.0 39.5 Clinigen Group . . . . . .1040.0 3.0 1177.0 758.0 Conviviality . . . . . . . . . .379.0 1.5 426.3 225.8 CVS Group . . . . . . . . . .1000.0 13.0 1490.0 855.0 Dart Group . . . . . . . . . .676.5 -2.0 719.0 482.0 EMIS Group . . . . . . . . . .985.0 -6.0 1017.0 833.5 Faroe Petroleum . . . . . .113.6 3.8 113.6 75.5 Fevertree Drinks . . . . .2105.0 -21.0 2485.0 1105.0 First Derivatives . . . . .4080.0 -30.0 4220.0 2112.0 Frontier Developm . . .1420.0 -5.0 1510.0 276.5 Gamma Communicati .646.0 2.0 670.0 463.0 GB Group . . . . . . . . . . .425.0 1.0 455.0 277.5 Gooch & Housego . . . .1455.0 5.0 1539.0 1044.0 Hurricane Energy . . . . . .38.0 1.8 67.0 24.0 Iomart Group . . . . . . . .385.0 5.0 410.0 285.5 IQE . . . . . . . . . . . . . . . . .129.0 -5.0 178.8 37.8 James Halstead . . . . . .440.0 2.0 542.0 421.3 Johnson Service G . . . .144.6 -0.4 151.0 107.3 Keywords Studios . . . .1474.0 -4.0 1661.0 510.0 Learning Technolo . . . . .68.0 2.4 69.0 37.5 M&C Saatchi . . . . . . . . .389.5 -3.5 402.0 292.0 M. P. Evans Group . . . . .785.0 2.0 819.8 635.0 Midwich Group . . . . . . .555.0 5.0 563.2 224.0 Mulberry Group . . . . .1050.0 5.0 1149.0 971.0 Next Fifteen Comm . . .433.0 8.0 455.0 307.3 Nichols . . . . . . . . . . . . .1450.0 -27.5 1958.0 1450.0 Numis Corporation . . . .327.0 -3.0 337.0 231.3 Pan African Resou . . . . .14.0 0.0 18.0 12.5 Patisserie Holdin . . . . .385.0 -6.0 397.0 300.5 Polar Capital Hol . . . . . .522.0 -14.0 558.0 320.4 Purplebricks Grou . . . . .414.6 3.6 514.5 150.3 Redde . . . . . . . . . . . . . .172.4 2.0 182.0 144.3 Renew Holdings . . . . . .442.0 -3.0 485.0 410.0 RWS Holdings . . . . . . . .483.5 -6.0 539.0 310.0 Scapa Group . . . . . . . . .453.0 2.8 515.5 318.8 Secure Income Rei . . . .358.0 -1.0 380.0 314.5 Smart Metering Sy . . . .830.0 8.0 874.5 479.5 Sound Energy . . . . . . . . .55.6 1.6 93.5 39.8 Staffline Group . . . . . .990.0 0.0 1450.0 900.0 Telford Homes . . . . . . .429.0 -9.0 444.5 316.8 Thorpe (F.W.) . . . . . . . . .361.5 5.5 396.5 286.5 Watkin Jones . . . . . . . .222.0 0.5 249.0 117.0 Young & Co's Brew . . . .1347.5 0.0 1405.0 1300.0 Young & Co's Brew . . .1090.0 0.0 1124.0 978.0

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

US SHARES

Chg

High

Low

Price

Chg

High

Low

-0.17 -1.30 -1.45 -0.25 0.20 -2.15 0.19 0.07 0.70 -0.06 -0.01 -0.71 0.57 0.00 -0.54 0.40 -0.21 -0.11 -0.34 -0.03 -0.01 0.02 0.18 -1.00 -0.80 0.09 -0.30 0.08 0.02 0.00 -2.25 -3.00 1.10 -0.03 -0.12 0.02 0.42 -0.51 -0.44 -3.15 -0.10 0.22 0.44 -0.09 -0.01 -3.50 -0.29 -2.26 -0.55 -0.40

110.10 202.10 111.60 91.90 204.50 159.95 26.84 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 16.61 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 14.38 6.70 3.82 10.77 12.94 100.60 60.15 5.64 28.55 12.81 2.06 14.72 167.75 180.20 166.60 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...................................................................242.31 ABBVIE.............................................................99.27 ACCENTURE-A...................................................159.11 ALPHAB NON VTG RG-C.................................1105.52 ALPHABET RG-A.............................................1112.05 ALTRIA GROUP.................................................70.29 AMAZON.COM ...............................................1276.68 AMERICAN EXPRESS.......................................100.73 AMGEN............................................................181.96 APPLE .............................................................175.28 AT&T.................................................................36.48 BANK OF AMERICA ..........................................30.66 BERKSHIRE HATH RG-B.................................206.69 BOEING CO ......................................................328.12 CATERPILLAR..................................................169.20 CHEVRON ........................................................132.57 CISCO SYSTEMS.................................................40.10 CITIGROUP........................................................75.56 COCA-COLA CO.................................................46.04 COMCAST-A......................................................42.60 DOWDUPONT ...................................................75.22 EXXON MOBIL...................................................86.93 FACEBOOK-A....................................................187.77 GENERAL ELECTRIC ...........................................19.02 GOLDMAN SACHS GR.......................................255.13 HOME DEPOT..................................................194.68 HONEYWELL INTL ............................................157.92 IBM.................................................................164.20 INTEL.................................................................43.41 JOHNSON & JOHNSO ......................................144.79 JPMORGAN CHASE ..........................................110.84 MASTERCARD RG-A........................................160.92 MCDONALD'S...................................................173.39 MERCK..............................................................57.60 MICROSOFT ......................................................88.08 NIKE -B-..........................................................64.29 NVIDIA...........................................................224.08 ORACLE............................................................48.95 PEPSICO ...........................................................118.61 PFIZER .............................................................36.56 PHILIP MRRS INT ............................................104.86 PROCTER&GAMBLE...........................................90.15 TRAVLR COMP .................................................132.34 TWITTER...........................................................24.35 UNITEDHEALTH GRO.......................................225.39 UTD TECHNOLOGIES........................................134.99 VERIZON COMM..................................................52.11 VISA RG-A.......................................................119.84 WAL-MART STORES........................................100.02 WALT DISNEY RG-DIS......................................110.99 WELLS FARGO...................................................63.01

1.17 -0.42 0.21 2.91 1.91 0.00 22.35 -0.49 -0.90 0.99 -0.14 0.11 1.08 7.86 3.33 3.91 0.19 -0.09 -0.03 1.51 1.02 0.85 -0.07 0.09 0.80 2.88 0.83 0.02 0.91 0.82 0.59 1.06 -0.12 0.30 0.26 0.07 0.40 0.15 0.56 0.09 -0.77 -0.32 0.23 0.10 1.19 0.09 0.42 0.86 0.35 1.52 -0.11

244.23 101.28 159.49 1111.27 1119.16 77.79 1276.77 101.65 191.10 177.20 42.70 30.73 207.28 328.40 169.53 133.32 40.24 77.92 47.48 42.67 0.00 87.41 188.90 31.52 262.14 194.73 158.00 182.79 47.64 145.68 110.93 161.13 175.78 66.80 88.73 65.19 226.27 53.14 119.74 37.35 123.55 94.67 137.95 25.56 231.77 136.26 53.69 120.48 102.35 116.10 63.67

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

NEWSLETTERS

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GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER COMMODITIES Gold............................................................1323.05 Silver ...............................................................17.01 Brent Crude...................................................69.20 Krugerrand.................................................1333.30 Palladium..................................................1099.00 Platinum .....................................................963.00 Tin Cash Official.......................................19850.00 Lead Cash Official......................................2495.00 Zinc Cash Official.......................................3308.00

3.30 -0.13 0.38 -1.15 -4.00 1.00 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 ............................................1928.00 Coffee 'C' Futures..........................................122.58 Feed Wheat Futures....................................142.00 Soybeans Futures Continuation Contract ..940.00

-59.50 -5.00 165.00 0.00 -13.00 -1.50 2.80 -7.00

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..............................-0.438 LIBOR Euro - 12 months.............................-0.244 LIBOR USD - overnight .................................1.436 LIBOR USD - 12 months.................................2.155 Halifax mortgage rate ................................3.990

0.00 0.00 0.00 0.00 0.00 0.00 -0.01 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 ........................................2.91 Euro Euribor...............................................-0.379 The vix index.................................................9.88 The baltic dry index.................................1366.00 Markit iBoxx EUR ......................................228.56 Markit iBoxx GBP .......................................322.92 Markit iTraxx................................................69.48

0.00 0.00 0.00 0.03 0.00 0.06 -29.00 -0.49 -0.41 -0.78

WORLD INDICES Price Chg %chg FTSE 100 . . . . . . . . . . . . . . . . . . . . . 7762.94 14.43 0.19 FTSE 250 . . . . . . . . . . . . . . . . . . . . 20737.92 -22.08 -0.11 FTSE All-Share . . . . . . . . . . . . . . . . 4258.09 6.19 0.15 FTSE AIM All-Share . . . . . . . . . . . . . 1065.41 -0.64 -0.06

Price Chg %chg S&P 500 . . . . . . . . . . . . . . . . . . . . . 2767.56 19.33 0.70 Dow Jones I.A. . . . . . . . . . . . . . . . 25574.73 205.60 0.81 Nasdaq Composite . . . . . . . . . . . . . 7211.78 58.21 0.81 Xetra DAX . . . . . . . . . . . . . . . . . . . 13202.90 -78.44 -0.59

Price CAC 40 . . . . . . . . . . . . . . . . . . . . . . 5488.55 Swiss Market Index . . . . . . . . . . . . 9503.85 ISEQ Overall Index . . . . . . . . . . . . . 7041.04 FTSEurofirst 300 . . . . . . . . . . . . . . . 1564.53

Chg -16.13 -21.11 -61.19 -2.31

%chg -0.29 -0.22 -0.86 -0.15

Price Chg %chg Hang Seng . . . . . . . . . . . . . . . . . . 31120.39 46.67 0.15 Shanghai Composite. . . . . . . . . . . 3425.34 3.51 0.10 Straits Times. . . . . . . . . . . . . . . . . . 3512.68 -7.77 -0.22 ASX All Ordinaries . . . . . . . . . . . . . 6176.20 -29.70 -0.48


18

OPINION

FRIDAY 12 JANUARY 2018

CITYAM.COM

FORUM EDITED BY RACHEL CUNLIFFE

Congress hangs in the balance for the uncertain Republicans

A

T THE very end of 2017, the Republican party finally passed its first major piece of legislation since the Trump administration came to power. After a year in which its opponents criticised it again and again for a lack of new policies, the party managed to push through the biggest overhaul of the tax system since Ronald Reagan. It was a formidable accomplishment. Yet senior Republicans will not be looking at the 2018 midterm elections with any enthusiasm. The party’s majority in the House of Representatives is under threat. It will probably keep control of the Senate, but were it to lose the House, the prospect of further major policies would vanish. This, in turn, would curb the re-election prospects of President Trump. In spite of the tax reform, Republicans have found governing much more difficult than being in opposition. The party has found the obstructionist tactics that it deployed successfully against Barack Obama hard to shift. It was telling that the Republicans’ first big push was to attempt to dismantle Obamacare, rather than to craft healthcare legislation of their own. Discipline is also fraying. For two decades or more, the Republican party has been rigid and controlled in its message to voters: it offers small government, low taxes, and personal liberty. But the hostile takeover of the party by Trump has emboldened its far-right members, and suddenly there is a

lack of agreement on what the party stands for. Trump’s former chief strategist Steve Bannon, whose inflammatory comments on the President have made international news in recent days thanks to the new book on the administration, wants to overthrow party leaders and will challenge Republican senators up for re-election in 2018. And then there is Trump himself. No other post-WW2 President has ended his first year in office with negative approval ratings. His stirring up of the culture wars on subjects such as Confederate monuments and sportspeople kneeling during the national anthem plays well with his base, but less so with moderate voters. He presents Republicans in Congress with a dilemma: he regularly brings the party into disrepute, but he will also sign off on its legislative agenda. Consequently, we expect Republicans to continue to tolerate Trump in the run-up to the midterms. Few will speak out against him, except in districts where it is politically expedient. Meanwhile, the Democrats have been locked out of power since the 2016 elections. Looking ahead, it is unclear who will succeed the Clintons and Obama. The party is split between a generation that voters may consider to be too old to be electable (like Bernie Sanders, who will be 79 in 2020, Elizabeth Warren, and Joe Biden), and a younger cohort without deep experience of leadership (such as Kamala Harris, Kirsten

Mike Jakeman

The 2018 midterms matter not just for America’s political direction, but also for the identity of its President Gillibrand, and Cory Booker). It must also decide which voters it wants to pursue. Sanders has argued it should embrace a more populist economic message to woo back the rust belt voters in Pennsylvania, and Michigan that it lost to Trump, while Obama acolytes, such Harris and Booker, would look further south to the increasingly racially diverse sun-belt states of Florida, New Mexico, and North Carolina. Democrats also have to overcome the disadvantage of gerrymandering. Following the 2010 census, Republicans used their congressional majorities to redraw the political map at constituency level, so that as many Democrats as possible were

packed into a small number of seats, limiting the power of their vote. Pollsters estimate that Democrats could be disadvantaged by as much as six percentage points in the House election 2018 as a result of gerrymandering. Yet the Democrats are currently buoyant. Significant wins in the Virginia governor’s election and especially in the Alabama Senate special election in December have galvanised the party. Generic polls have the party around 12 points up, which would be more than enough to win back the House and derail Trump’s agenda, even after accounting for gerrymandering. The wildcard for 2018 (and possibly beyond) is the investigation into potential links between Trump and his leadership team and Russia that is being conducted by the special counsel, Robert Mueller. Several of Trump’s aides and advisers have already been charged, and offered their co-operation. It is still unknown whether Mueller has a smoking gun that demonstrates unarguably that the Trump team colluded with Russia or otherwise obstructed justice. However, were he able to show this, Trump’s future would be far more precarious if Democrats held the House than Republicans. Impeachment proceedings require the support of the House, after all. The 2018 midterms matter not just for America’s political direction, but also for the identity of its President. £ Mike Jakeman is a global analyst at the Economist Intelligence Unit.

Tech isn’t enough to solve the productivity crisis – we need a flexible working revolution

P

RODUCTIVITY has long been front of mind for British industry, with firms up and down the country still working to solve this complex and evolving puzzle. And new research published this week – commissioned by Citrix and carried out by Lancaster University’s Work Foundation – has found worrying tensions between productivity and the adoption of digital technologies within organisations. The global financial crisis has impacted every country, but the UK’s productivity slowdown is the largest of the G7 economies. Significantly, within the study, two thirds of professional workers polled believe they are no more productive today than they were three years ago, with a further 17 per cent claiming to be less industrious. A productive workforce not only drives growth through performance and profits, but also supports higher wages, stronger public revenues, and greater social prosperity.

While there is an undeniably positive link between correctly implemented technology and workplace productivity, this study indicates that technology often proves more of a hindrance, through poor management, lack of innovation, outdated systems, and low uptake of flexible working cultures. Technology cannot alone tackle the productivity gap. Yes, fast, wellimplemented technology is required, but sophisticated management techniques must also be in place to support its effective use. Flexible working has also been heralded as the saviour of our productivity challenge. Previous research predicted that the “tipping point” for mobile working was set to occur last year, yet this study reveals that seven in 10 knowledge workers are still not given the opportunity to work remotely. Incredibly, over a fifth of managers still believe that those working away from the office are less productive. Tackling these deep-rooted chal-

Michelle Senecal de Fonseca

lenges will never be a small ask for any organisation. However, a common prevailing theme was the need for a collaborative culture and bottom-up approach that takes the needs and experiences of individual users into account. Organisational productivity could, for example, be enhanced by acknowledging that some individuals are more comfortable with experimenting, and providing them with the opportunity to trial new approaches to technology in practice. By supporting such “innovation champions”, and giving them room to make mistakes, organisations can discover new and more efficient

ways of working. As we start 2018, it’s time to embrace the multitude of technologies available today to improve productivity. We need to encourage collaboration, engage the workforce, finally grasp the working anywhere culture, and – most of all – support internal innovation, or “intrapreneurs”, who are brave enough to drive such change. Combine this with strong leadership and willingness to take risks, and we have the perfect recipe to truly accelerate the UK into the business stratosphere. Productivity matters to companies everywhere, as we’ve heard frequently over the past few weeks. The key is to emphasise how the benefits of technology can redefine people’s job roles for the better. Workers and managers are ready to go and it is there for the taking. So now is the time to get this right. £ Michelle Senecal de Fonseca is an area vice president at Citrix.

LETTERS TO THE EDITOR

Britain’s got talent... for now Yesterday’s prediction that a “no deal” Brexit could result in the loss of 87,000 jobs in London is one the city’s business leaders should take seriously. Some 30 years in executive search have shown me the truly transformative impact top talent can have on a company’s fortunes. In these uncertain times, leadership has never mattered more. The talent pool is feeling the heat as much as the companies looking to hire them. With Europe and beyond highly-desirable for top UK executives, British businesses would do well to do all we can to keep our best leaders on these shores. The thought of losing such outstanding talent from our leading companies – and, by extension, our economy – doesn’t bear thinking about. We are blessed with some of the best executive talent in the world. I see this every day, as well as in annual showcases like the Veuve Clicquot Business Women Award, on whose judging panel I’m honoured to serve. These executives will contribute massively to the economies they find themselves leading businesses within. For the sake of our city’s economic stability and growth, we should do all we can to make sure they are doing so in London. Moira Benigson, founding partner, The MBS Group

Keeping up with the robots [Re: A robot tax is a tempting but misguided response to our public funding crisis] Frank Haskew argues that firms converting to the use of robots will generate increased profits. However, this is likely to be incorrect. Any cost savings will have to lead to reduced selling prices in order to make the products affordable by the now somewhat more impoverished local consumers, and to compete with companies in overseas markets which are already heavily roboticised John Davenport

BEST OF TWITTER Maybe, just maybe, we should have a second referendum on EU membership. It would kill off the issue for a generation once and for all. @Nigel_Farage Nigel Farage suggests a second EU Referendum to “kill off” the moaning Remainers. Someone, pls, find Brenda from Bristol now @steve_hawkes Nigel Farage says it might be time for more publicity for Nigel Farage. @iainmartin1 Venezuela’s annual inflation rate today (1/11/18) is 4704%, a new all time high. @steve_hanke #FMQs is currently... .@RuthDavidsonMSP: Can I ask about the Scottish NHS? Nicola Sturgeon: Yes, I’m happy to talk about how awful the English NHS is. Davidson: But about Scotland... Sturgeon: Absolutely. You know in England... @JournoStephen


FRIDAY 12 JANUARY 2018

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The global elite does not need a lecture from Marxist McDonnell

O

NE ASKS oneself first why Davos exists at all,” wrote Jeremy Corbyn in early 2015, shortly before becoming Labour leader, “and second, whether it isn’t some grand conspiracy by big business to interact with significant political figures”. The “conspiracy” that is the World Economic Forum convenes again at the end of this month. Thousands of politicians, business leaders, lobbyists, charity delegates, and celebrities will gather in the Swiss mountains to ruminate on the state of the world and, ostensibly, how to improve it. This year, it will include none other than Corbyn’s right-hand man and anti-capitalist in chief, shadow chancellor John McDonnell. The decision of this self-proclaimed Marxist (with his fiery aversion to the very concept of profit) to address business leaders is a blatant publicity stunt. It’s as hypocritical a reversal as that of Donald Trump, who is attending despite campaigning against the socalled “party of Davos”. The anti-elitists, it would seem, can’t resist the prestige of being accepted by other elites. Corbyn’s previous criticism of Davos is extreme and unfair. Rather than some murky hotbed of global collusion, the gathering is a networking opportunity, a structured mingle of chaos and connections, as the business, charity, and political worlds temporarily merge. Indeed, with the ever-increasing number of attendees from not-forprofit organisations, a chief executive is more likely to bump into the head of Oxfam (ready with a lecture on tax evasion) than a government official. Critics can justifiably accuse Davos of

Fountain House, 3rd Floor, 130 Fenchurch Street, London, EC3M 5DJ Tel: 020 3201 8900 Email: news@cityam.com

Rachel Cunliffe Comment and features editor at City AM self-reinforcing establishmentism. The bankers and business leaders come for access to the politicians and government officials they know will be there. The politicians come because it’s good for their street cred to have selfies taken with pop culture icons who their electorates have actually heard of. And the celebrities come to show they’re more than vapid glitterati and want to use their wealth and fame to really “make a difference” to the world. Who can forget Leonardo DiCaprio’s lecture on climate change? But that kind of setup is not a conspiracy, and nor is there anything shady about networking. Corporate responsibility is important, and there is clearly value in businesses working together with governments, NGOs, and social enterprises, to tackle global problems such as climate change, development, and international health issues. Pragmatic politicians should be open to ideas from the business community, and ready to listen to their concerns. McDonnell, however, is not a pragmatic politician. He does not want to work with the business community. He wants to burn it down. The excuse for his attendance, according to Labour’s press office, is straight out of the Animal Farm textbook for self-serving justification. McDonnell, apparently, intends to use the world’s most high-profile capitalist conference to “explain Labour’s vision for an alternative economic approach to replace

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OPINION

the current model of capitalism”. The trouble is that McDonnell’s alternative economic approach for capitalism is really not that alternative, or at least, not new. It has been tried before, and failed countless times. The Soviet Union. China. Cuba. Venezuela. It does not involve working with businesses – it involves seizing their assets and putting them in the hands of the state to run, or at the very least drowning them in regulation and taxing them out of existence. This isn’t media spin – it’s right there in the rhetoric the shadow chancellor and his colleagues delight in. At the last Labour party conference, McDonnell admitted that his team were preparing for the economic fallout their policies would undoubtedly cause. In November, Corbyn made a video explicitly threatening the banking sector. Then December saw Labour recommending that the Bank of England be moved from London to Birmingham, accusing banks of having “helped to create a distorted economy” and compromised financial stability. If there were ever any bridges between Corbyn’s Labour party and the business community, they have been well and truly burned by now. There can be no meaningful dialogue with an ideological faction whose leader wrote that the group of entrepreneurs and bankers who attend Davos is “not a solution to the world’s problems… In reality, it is the main cause of them”. McDonnell’s fans will enjoy the eventual social media clips of him standing up to the global elite, but the elite in question should be under no illusion about what a Labour government would mean for them in this country.

19

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DEBATE Should high street banks feel threatened by the advent of Open Banking on Saturday? A lack of competition has helped the big banks thrive for years. They’ve had little incentive to deliver better products or lower prices, and rely on the inconvenience of switching to keep people’s custom. Ultimately, this means that customers lose out. The arrival of Open Banking proves there is both consumer desire and regulatory support for increasing competition within the industry. If it works as intended, it could help challengers gain momentum and wrest power away from the big banks. The way we interact with banks is changing. At the moment, we choose our bank for relatively arbitrary reasons (for the free gift or because it’s where our parents bank). We then stay with

Open Banking is the combined efforts of the government, banks, and thirdparty providers to reinvent the banking ecosystem and make it really work for each and every customer. The Competition Markets Authority is positioning it as a technological revolution, which we hope will help drive further competition and innovation. Having access to more data than ever before should open up a world of opportunities for banks and third-party providers. Open Banking is designed to further empower consumers by allowing them to make better financial decisions and have more control over their money. Yolt was designed with the principles of Open Banking in mind, and since our

Editorial Editor Christian May | Deputy Editor Julian Harris Digital Editor Emma Haslett | Comment & Features Editor Rachel Cunliffe Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres | Head of Politics and Investigations Catherine Neilan | Creative Director Billy Breton

Distribution helpline If you have any comments about the distribution of City A.M. please ring 0203 201 8955, or email distribution@cityam.com

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YES PAUL RIPPON

them for years, using their products for all our financial needs. Instead, we’ll soon be able to access our pick of the best products the market has to offer, while also being able to view and manage all our finances from one single place. This will be a victory for consumers, and a very real threat to traditional banks. £ Paul Rippon is deputy chief executive and co-founder challenger bank Monzo.

NO LEON MUIS

launch last summer, over 100,000 registered users have benefitted from this, demonstrating that there is a real appetite for such services in the UK. The fact that we did so working in collaboration with a traditional bank, rather than in direct competition, shows the opportunities for incumbents. £ Leon Muis is chief operating officer of ING’s Yolt.

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HOT PROPERTY

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HOTPROPERTY

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Edited by Melissa York

WHAT TO BUY, WHERE TO INVEST AND HOW TO DECORATE

NEW HOMES

NEW DEVELOPMENTS ON THE MARKET THIS WEEK

PINKS MEWS, HOLBORN From £995,000 Apartment and loft-style show rooms recently opened at this four-storey Victorian mews conversion opposite the old Prudential Building just off High Holborn. Convenient for both City workers and lawyers, the apartments are split into 11 two bed duplexes, 10 one bed and 6 two bed apartments and 8 two bed duplex penthouses, all locked away in a gated building two minutes’ walk from Chancery Lane station. The name refers to the site’s heritage as an industrial dyer of pink overcoats. £ Call Hamilton Brooks on 020 7606 8000 or CBRE on 020 7420 3050

BISHOPS GATE, FULHAM

VICTORY PIER, GILLINGHAM

WING, CAMBERWELL

DOWNSVIEW ROAD, UPPER NORWOOD

From £725,000

From £147,000

From £395,000

From £1,150 to £1,200 pcm

Brand new freehold family townhouses, built in traditional London style, are on sale in west London. Neighbouring the nine hectares of Bishops Park and the grandeur of Fulham Palace, the 10 four bedroom houses join 42 one, two and three bedroom apartments going on sale in between two restored historic gatehouses. Developer Meyer Homes is behind the scheme on Fulham High Street, close to Putney Bridge and Putney Bridge Tube station. The homes are expected to be finished in June.

A new collection of homes has gone on sale at a regeneration site in Kent. Less than 20 mins from Gillingham rail, with commuter times of 45 mins into London, these starter and family apartments are a part of the “Medway Renaissance” project. Homes at The Horizon include 47 studio to three bedroom apartments, and a children’s nursery is planned by developer Berkeley Homes. The development is also 25 mins away from the Eurostar at Ebbsfleet station and under an hour away from Gatwick Airport.

A new show home is opening up on 25 January to persuade first time buyers to get on the property ladder in south London. The Zone Two location is a 13 min walk from Denmark Hill station on the London Overground, which whisks commuters to Victoria station in under 10 mins. Developer Hyde New Homes has built one, two and three bedroom apartments, many of which are available to purchase via Help to Buy London, with LED lighting, underfloor heating throughout and modern appliances built-in.

Looking for a rare bungalow to rent in London? You’re in luck as there happens to be a new one on the market at this new private rental development close to Crystal Palace. Hambridge Homes is the developer behind these one and two bedroom apartments and one two bedroom bungalow. Outfitted in contemporary style, with Smeg mod-cons, fitted storage, open plan layouts and south-facing terraces, 25 per cent of these rental homes remain. Residential parking and bike storage is also available.

£Visit bishopsgatesw6.com

£Call 01634 776 773 or visit victorypier.co.uk

£Call Colliers on 020 7487 1710

£Call Pedder Lettings Team on 020 8702 9333

OPINION

How did housing fare in the cabinet resuffle? P24-25

INTERIORS

How to create serenity in your own home P26

FOCUS ON HAMMERSMITH

Why Chelsea families are moving to W6 P22-23


Selling Agent

A joint venture between

Aerial photograph with computer generated image of New Garden Quarter illustrated. Price correct at time of going to press.


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Hammering home the price savings FOCUS ON HAMMERSMITH

F

or many years, Kensington and Chelsea was thought to be the last word in west London property for well-heeled individuals. But if the increasing migration over the border to Hammersmith is anything to go by, its time may be over. Increasingly, upsizers and families are fleeing the Royal Borough for W6 to find similar properties in size and style that are 50 per cent cheaper on average. “We’re continuing to see a prominent overspill from Kensington and Chelsea,” says Paul Cosgrove, director at local estate agent Finlay Brewer. “A lot of families are either priced out... or are simply looking for a better community atmosphere, which is being lost there with a high

number of international owners that only occupy their homes for part of the year.” The large Victorian terraces of Brook Green and Brackenbury Village, often with gardens to match, are especially popular with families, with St Paul’s and The Harrodian schools just across the bridge. Access to the A3, A306 connecting to the M3 and the A4 is also attractive to those wishing to flee London for the country at the weekend. “Quite a few purchasers comment on moving ahead of the Holland Park build-up a major reason for moving,” Cosgrove adds. This phenomenon, coupled with a recent influx of new build development, has pushed year-on-year house price growth to 6 per cent, according

Main: Hammersmith Bridge. Inset: a gig at the Eventim Apollo. Right: A dish at The Crabtree riverside pub; William Morris wallpaper; and Seventeen at the Lyric theatre

to data from estate agent Hamptons International, which compares favourably to the London average of 3.8 per cent. The figures also show that the average house price broke the £1m barrier last year, and the number of properties selling for seven figures went from 25 per cent of sales in 2016 to 42 per cent of sales in 2017. And the future is only set to get brighter. Excellent public transport – the Underground station is connected

to four Tube lines – and improvements made to nearby Shepherd’s Bush have rubbed off. “The arrival of Westfield 10 years ago less than a mile to the north sent shivers through the heart of Hammersmith,” says David Fell, research analyst at Hamptons International. “But in the intervening decade, W6 has reinvented itself with the arrival of a growing number of independent shops and a high street increasingly dominated by food and drink.” With plans to revamp King Street and a Westfield expansion on the cards, the

buzz is only set to get louder. The riverside has also been opened up by Queens Wharf, where two bedroom apartments start at £1.85m. The scheme also sees the redevelopment of Riverside Studios, once home to Top of the Pops and Dr Who, into a new art complex with a cinema, restaurant, bar and cafe. “The river Thames is easily accessible offering the tow path where many residents enjoy walks and cycle rides and newer developments are making the most of the river frontage,” says Hannah Hewett at KFH Hammersmith.

LIFE JUST GETS BETTER AT COLINDALE GARDENS A stunning new collection of 1, 2 and 3 bedroom apartments Maple House is part of the Family Quarter in the heart of Colindale Gardens. Each one of the 1, 2 and 3 bedroom apartments has a balcony or terrace, where you can enjoy a fresh outlook over north London’s most vibrant new community.

Launching 27th January 2018 Prices from £375,000*

FRESH OUTLOOK LONDON LIFESTYLE •

REGISTER YOUR INTEREST TODAY: CALL 020 3538 2793 / EMAIL: SALES@COLINDALEGARDENS.COM WWW.COLINDALEGARDENS.COM / SALES AND MARKETING SUITE OPEN 7 DAYS A WEEK Show apartment photography and computer generated images are indicative only. *Price correct at time of print.


CITYAM.COM

FRIDAY 12 JANUARY 2018

Ravenscourt Park

Lyric Hammersmith Hammersmith Riverside Gardens

King Street William Morris Society and Kelmscott House Museum

BEST ROADS Source: Hamptons International Most ExpensiveHammersmith Terrace £3.51m Best Value Riverside Gardens £349,000 PRICE DIFFERENCE £3,167,667 - 1008%

Hammersmith Terrace

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Area highlights

AREA GUIDE

HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS £1.602m £1.838m £1.372m £611,049 TRANSPORT Source: TfL Time to Canary Wharf 36 mins Time to Bank 32 mins Nearest train station Hammersmith

HOT PROPERTY

Hammersmith Hammesmith Apollo

The Crabtree

Stake out a coveted spot on Hammersmith Bridge to watch the annual Boat Race, in which pumped up students from Oxford and Cambridge go head-to-head on the River Thames. King Street is the main shopping street in Hammersmith with great independent boozers and neighbourhood restaurants. It’s also set to be home to new residential homes, offices and a Curzon cinema in the future. For riverside dining, The Crabtree on Rainville Road is a fine choice, with a beer garden and lounge bar overlooking the picturesque stretch of river between Hammersmith and Putney bridges. It’s also a great place to see all the Six Nations fixtures next month. The Hammersmith Apollo, renamed the Eventim Apollo, is a historic venue housed in a Grade II listed building, designed by Robert Cromie in an Art Deco style. Acts as diverse as Flight of the Conchords and Bryan Ferry are set to play in the coming weeks. For ground-breaking new theatre, the Lyric on King Street is a must and the William Morris Society museum by the river is also worth a look for fans of the Arts and Crafts designer.

PRIVATE VIEW ON THE MARKET IN HAMMERSMITH THIS WEEK IFFLEY ROAD

SOULDERN ROAD

£2.75M

£1.525M

£5.95M

This family house on a tree-lined residential street in sought-after Brackenbury Village has five bedrooms, a media room, a first floor master bedroom suite and a garden with a summer house. . Call Finlay Brewer on 020 7371 4171.

This end of terrace Victorian house has three double bedrooms, a utility room, large gardens and the potential to extend in sought after, tree-lined Brackenbury Village. Call KFH Hammersmith on 020 3792 6962 or visit kfh.co.uk.

With flexibility for four or five bedrooms, this property in Brook Green is two converted houses, with a study, top floor studio, roof terrace and a walled garden. Call Finlay Brewer on 020 7371 4171 or visit finlaybrewer.co.uk.

Pa M rt ov E en xc o ha w ng w e ith Sc o he ur m e*

AMOR ROAD

Village living is closer than you think Contemporary four and five bedroom homes less than 35 minutes from Liverpool Street. Imagine heading home to a complete change of scenery without travelling for hours. London Square Chigwell Village offers just that. Just a tube ride away, a beautiful house within a gated development, surrounded by rolling countryside and woodlands will await you every day. • Open plan kitchen, living / dining areas, with bi-fold doors opening onto garden and terrace • High specification Siematic kitchens, granite worktops and integrated appliances, with underfloor heating as standard throughout • Large double bedrooms, luxurious bathrooms and sumptuous master bedroom suites Prices from £1,220,000

To arrange your appointment call 0333 666 0103 or email ChigwellVillage@londonsquare.co.uk The Sales Suite and four Show Homes, Chigwell Grange, High Road, Chigwell, Essex IG7 6BF. Open daily Monday - Saturday: 10am - 6pm, Sunday 11am - 5pm.

0333 666 0103

www.londonsquare.co.uk

*Part Exchange is available on selected properties at London Square Chigwell Village, subject to availability and London Square’s terms and conditions. Please ask your Sales Executive for further details. Interior photography depicts The Warwick Show Home and is indicative only. External photography depicts The Kensington house type at London Square Chigwell Village. Details and price are correct at time of going to press, January 2018.

2017


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OPINION

Take housing out of government control

T

he government is beginning to view the importance of housing in the context of national prosperity more so than ever before. Encouraging proposals were announced at the Budget and just this week it was confirmed that housing would at long last have meaningful cabinet representation, for which Sajid Javid should be congratulated; he has always been proactive in his approach to industry consultation. While we should find comfort in these developments, housing is yet to achieve a consistent and long term strategy. Housing needs to escape the confines of partisan party politics if it is to be fully addressed and policy executed correctly, and it is my belief that a taskforce of industry and political figures should take the reins. The last few decades have seen housing progress strangled by the battles that take hold in Westminster. Short term, ideological, vote seeking measures have

Housing needs to escape partisan party politics if it is to be addressed

Glynis Frew chief executive of Hunters Property

been dogmatically implemented in favour of a long term, meaningful strategy that draws upon political neutrality and the knowledge and experience of industry leaders. We’ve seen 16 housing ministers in the space of just 20 years, along with competing government initiatives that come and go with limited success and longevity. Housing should be taken out of central government control and replaced by a group of industry figures alongside politicians of cross party persuasions. It would establish meaningful measures and a long term strategy via productive debates with empirical support, drawing influences from a variety of political agendas and industry stakeholders. A non-party political leader could be appointed to oversee operations and execute the plans. There could be long term strategies of around 10 years at a time, something that could not be afforded by a government of the day. This body could shape the new regulatory environ-

ment, it could tackle the Housing White Paper, the social housing Green Paper and the growing scourge of homelessness, and it would offer long term alternative options without being sabotaged by political allegiances. I would like to see it enforce a minimum ‘Property Standard’ as well as policies for a more diverse stock of new properties. New build priorities would reflect the various demographics of our society, which require upsizer family homes and downsizer later life homes as much as first time buyer apartments; it would provide for rural communities as much as the cities. Long term strategies can be designed to prepare for the future much further than the next General Election. The industry is undergoing rapid change; the rise of online portals, increased rental demand, or the changing nature of housing associations are just a few examples. There are many ways in which public policy needs to keep pace to match this and short term actions are not the answer. A holistic, long term strategy spearheaded by industry leaders and complemented by political figures must accompany this change. It would require a leap of faith from central government and political parties alike but the prize of providing a longterm commitment on housing would be a prize worth working for.

Sajid Javid leaves No.10 after being made Secretary of State for Housing, Communities and Local Government


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25

Housing is finally being taken seriously

O

TO C W O SE A N A N LE D RD TR C ST S IBU TE A L E T D MP G IO A N A PA DU L F RT TY EE M O S EN N TS *

pinion polls consistently rank housing-related concerns right up there with the NHS and education. Housing was clearly a factor in last year’s General Election, and the Government has since insisted that it is not only an issue they recognise, but will tackle effectively and urgently. However, the challenges are varied, complex and considerable, and affect a broad spectrum of society. Eight years ago, David Cameron demoted housing by deciding that the then Housing Minister should no longer attend cabinet. That decision was seemingly reversed this week with relatively little fuss, simply by adding ‘Housing’ to the Sajid Javid’s job title – albeit while he remains in cabinet and ultimately responsible for housing. While it is tempting to dismiss the move as little more than a government rebranding exercise, I want to take a more optimistic view. Being explicit about housing regaining cabinet status is both consistent with recent government efforts to tackle the housing crisis, and signals determination for this to continue. Given the clear importance of housing to the electorate, it is also a move that should chime with popular opinion. But what does housing’s new-found status mean in practical terms? Well at the very least we can expect housing issues to be driven from the highest level

James Pargeter projects director at Greystar

of government. With Brexit dominating foreign policy and constraining many domestic policy initiatives, housing is an area where the government can still make real progress. With the launch of the Housing White Paper, and the repercussions of the Grenfell Tower tragedy, Javid and his team were important instigators of housing reform in 2017. By widening the scope of his brief, we can expect his efforts to be ratcheted up another notch this year. Are new initiatives or policies on the horizon? Difficult to predict, but the Secre-

We can expect housing issues to be driven from high government

tary of State and his new Housing Minister will already have firm targets on housebuilding and numerous existing policy initiatives to implement in order to reform the ‘broken’ market. We have seen a welcome shift in government approach to support tenures other than conventional homeownership. This pragmatic move reflects a wider, cultural change in society – mature rental markets internationally prove that professionally managed rental housing has broad intergenerational appeal. By maintaining this direction, Javid can also rely on continued investment in rental housing at historically unprecedented levels. The ‘Build to Rent’ movement is bringing new ideas, innovations and disruptors to rental housing and a quiet revolution is underway in major conurbations across the country, as global institutions invest billions in purpose-built, well-managed rental developments. A better functioning, quality rental market will play a big part in easing pressures on the increasingly polarised housing market. I believe 2018 will be an exciting year for housing, now that the simple binary assumptions of renting for the young and home ownership for everyone else are changing. This, plus housing’s active reinforcement within cabinet, are positive indicators of systematic and fundamental improvement.

ELEGANCE, CONVENIENCE AND LUXURY IN ONE OF THE WORLD’S BEST-LOVED CITIES Lyon Square is an award winning development that has a distinctive collection of high specification homes located in the sought-after area of Harrow On The Hill.

• Excellent transport links less than 25 mins to Central London • Communal courtyard and private play area • On-site amenities including a concierge service, residents gym1 and underground parking2 • High specification • Low service charge costs

Lyon Square

4 mins

24 mins

28 mins

Harrow-on-the Hill Station

Baker Street Station

King’s Cross / St Pancras International station

Prices from £350,000 If you would like to know more about Lyon Square development Please call 0203 553 9255 or email lyonsquare@redrow.co.uk

1

Plans are currently in place for residents’ gym 2 Available at an additional cost *Available on selected plots, subject to status, terms and conditions apply. Cannot be used in conjunction with any other Redrow offer. Travel times taken from TfL. CGIs are indicative only

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INTERIORS

How to create a relaxed, mindful environment in your own home

Aim to chill out in 2018 with natural materials and yogainspired decor, writes Laura Ivill

W

hether you bounced into 2018 or you’re still feeling weighed down by yuletide excess, it’s never too late to attempt a fresh start and you don’t even need to leave the house to do it. For tips on how to make your home a chilled out haven, we went to poster girl for all-round wellness Jasmine Hemsley (of the Hemsley sisters), who has just launched her Ayurveda-inspired cookbook East by West. When she’s not in the kitchen, Jasmine is doing downward dogs at home. All she needs is a mat for sun salutations and a bolster – a supportive cylindrical cushion – for meditation. “I’ve got crystals and sound bowls or chimes in my front room and bedroom, which help to set the mood, but really my mat and bolster are key,”she says. With a few simple accessories we can practice mindfulness anywhere, but we’re also seeing dedicated spaces feature in residential developers’ inventories. Anthony Lassman is the co-founder of Nota Bene Global, which sources superprime property for high-end clients. He says that clients are less inclined to ask for steam rooms and fully equipped gyms (as they are already members of top-end spas and health clubs), “however, I do think more people like the idea of home meditation and yoga, so a

Main: a home pool and, left, a home steam room designed by Janine Stone Interiors. Above: a massage room for residents at Lillie Square, Earl’s Court and, far left, Jasmine Hemsley

I’m seeing a move away from the old gym-style workout spaces

soundproofed room with a sprung floor and a massage room with ensuite facilities is the way of the future.” Louisa Brodie, head of acquisitions at Banda Property, agrees. “I’m seeing an increasing move away from the old gym-style workout spaces, with stacks of free weights, machines, large screens and pumping sound-systems. There’s a move towards holistic studio spaces for yoga, Pilates and barre; spaces that are more gender neutral and take inspiration from the outside, with plants and greenery. The focus is now on the machines that homeowners really use – cross-trainer, running machine - rather than the whole Technogym range.

“While swimming pools are still desirable, saunas and steam rooms are less so, but dedicated treatment rooms and salon spaces are becoming increasingly popular.” Both the clubhouse at Lillie Square in Earls Court and the private-training rooms, treatment rooms and relaxation room at Lincoln Square WC2, designed by Patricia Urquiola, are smart, contemporary examples. “Wellness has always been a priority for ultra-high net worth individuals,” says Kate Donneky, director of Rhodium Residence Management. “In residential developments, we’ve seen an increase in communal libraries where there is deliberately a lack of audio-visual gadgets and tech so as to encourage a quiet space where residents can unwind. Communal landscaping, too, has become a prominent part of many future schemes – there’s a strong link between nature and wellness and we are seeing the use of water within landscaping more and more, too.” If you’re happily settled, Studio Iro has design ideas you can incorporate to make your home a more peaceful place when you return from a busy day at the office. “Using natural materials, such as antique woods, old ceramics and marble, brings in rich, imperfect textures with depth, helping you be more aligned with nature,” says director Lucy Currell. “Use understated and subtle design so that the mind isn’t over stimulated and distracted. Bring in natural hues that radiate nature in your paint choices and furniture upholstery. This helps to keep the space light and weightless, calming the mind.” A simpler way to make a change is to update your lighting. “Enhance natural light in the day time and keep rooms softly lit at night,” says Currell. “Choose muted lighting from table and floor lamps or low hanging ceiling pendants.”


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*Available on selected plots, subject to status, terms and conditions apply. Cannot be used in conjunction with any other Redrow offer. **Rental return and rental yield figures are average values based on valuations supplied by Cameron Group in October 2017 and do not represent guaranteed rental return. Train times taken from crossrail.co.uk and are correct at time of publication. Source: TfL/Crossrail. Launch date correct at time of publication. CGI is indicative only / not representative of the final product. Details correct at time of going to press.


28

LIFE&STYLE

CITYAM.COM

FRIDAY 12 JANUARY 2018

GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

FILMS OUT THIS WEEK

FILM DARKEST HOUR DIR. JOE WRIGHT

W

hhiii | BY DOUGIE GERRARD

inston Churchill is curiously absent from the opening fifteen minutes of this new Joe Wrightdirected study of the tumultuous first few weeks of his Premiership. Instead, we hear political colleagues murmur darkly about the prospect of him becoming Prime Minister in the wake of Neville Chamberlain’s resignation. It’s a clever move; with Churchill, it seems fitting that the myth precedes the man. When we finally meet Gary Oldman’s incarnation of the man himself, it’s in one of the great introductory shots of recent cinema; a match is lit, and the screen is eclipsed by a red flare, before clearing to reveal Churchill, reposed in bed, drinking whisky and smoking a breakfast cigar. We’re guided through much of the action by his private secretary Elizabeth Layton (Lily James), who in real life was born in South Africa and raised in Canada, but here is a worthy English proletarian, presumably to capture the full span of British society. We also get some classic Churchillian bantz in his conversations with his wife Clemmie (Kristin Scott-Thomas), though their dialogue sounds weirdly off – perhaps because it’s so familiar. George IV (Ben

Mendelsohn), Churchill’s initially chilly monarch, fares better, with one of the film’s highlights being an unexpectedly tender conversation between the two. Wright, for his part, directs with a keen artist’s eye. His camera adores Churchill, and he constructs some wonderful, painterly shots of his strangely wrinkle-free and porcine face, which an assiduous team of make-up artists have impressively recreated on Oldman’s normally angular features. The public adores him, too, as we’re ceaselessly reminded. Who doesn’t love him? Well, his party aren’t especially keen. The film’s villains are Chamberlain and Lord Halifax (Ronald Pickup and Stephen Dillane, respectively), a pair of sentient stately homes whose strategy of appeasement led to Churchill being installed as Prime Minister. They inveigh against Churchill’s inflexibility at every turn, and plot to have him removed via a vote of no confidence. Here, Darkest Hour issues an interesting historical corrective. We tend to think of Churchill and the politics he presided over in dichotomous terms; we were appeasers, and then we became Lions, determined to fight them on the beaches and the landing grounds and to never ever surrender. Wright emphasizes the fact that when Churchill entered office a peace deal was still a live prospect. He was faced with an invidious choice between committing to a long and

brutal war with little prospect of success, and brokering an unequal and likely impermanent peace with Nazi Germany. The specifics of what happened are all familiar, of course, and as a historical document there’s little that’s new or revisionary here. Where Oldman excels is in incarnating this dilemma. If he wins the Oscar he’s tipped for, it will be the film’s middle section, when Churchill is close to yielding to the incessant pressure to negotiate, that will make his victory deserved. Seized by despair, he becomes a mumbling mess, erratic and unsure of himself. We see Churchill rapid-shift between all of his personality-types – depressive; theatrical; courageous. But while Oldman makes full dramatic use of the mythos surrounding Churchill, Wright proves is unwilling to interrogate it. Few national heroes so beloved are quite so controversial, yet here there’s not a hint of heresy. The film’s narrative structure is ultimately obsequious and even a little half-arsed; we see Churchill falter, wracked by doubt and advised by cowards; but then he acts – he prevails. And we, the British people, all flat caps and stiff upper lips, prevail with him. This theme is made most explicit in an entirely fictitious scene in which Churchill asks various common folk on the London Underground what they make of another war. Everyone, including an immigrant from the Empire Churchill fought the war to

defend, is undone by his patrician charm, and every opinion he solicits is the same; beat the buggers back. His nerve steeled, Churchill goes to Parliament, whereupon he makes a speech (citing each passenger by name) that rouses his apprehensive cabinet to his side. This isn’t only ahistorical – Churchill led public opinion, rather than followed it, and a genera-

tion brutalised by WWI probably weren’t so eager for another war – it’s also slightly unsettling. Darkest Hour trades in a sentimental and easily marketable notion of Britishness, one that muffles dissent and comforts a guilty conscience. We would do well, given present circumstances, to instead discover a healthy scepticism about our past.


CITYAM.COM

: @city_am

FRIDAY 12 JANUARY 2018

LIFE&STYLE

29

: @cityamlife

FILM THREE BILLBOARDS OUTSIDE EBBING, MISSOURI | DIR. MARTIN MCDONAGH

I

hhhhi | BY STEVE DINNEEN f you were to judge In Bruges director Martin McDonagh by his movies, you’d think him a cruel and unusual man. His latest film, Three Billboards Outside Ebbing, Missouri, coaxes you to laugh along with its meanness, only to slap you across the face for having the audacity. One moment a bungling cop is reading a witness statement from someone whose name he’s recorded as “lady with a funny eye”, the next you’re sucker-punched with a picture of a teenager’s charred corpse. What were you thinking, laughing at a time like this? You’re forever second-guessing yourself, wondering how a story about the aftermath of a brutal rape and murder gets away with so many laughs. The titular billboards are located on a road made redundant by a new highway. It’s a neat metaphor for Ebbing, Missouri, which is the kind of Rust Belt town left to decay on the fringes of American society, forgotten by the economic and political powers that be, at least until voters in places

like this helped propel Donald Trump to his unlikely victory. Frances McDormand’s Mildred spies an opportunity in the trio of forlorn, peeling billboards and buys the space. “Raped While Dying” she prints in vast blackon-red letters on the first. “Still No Arrests?” reads the next. “How Come, Chief Willoughby?” asks the third. This proves to be the opening salvo in a war between bereaved mother Mildred, the local constabulary and anyone else unlucky enough to be caught within the inescapable event horizon of her grief. The film hinges on the fraught relationship – antagonism served with a soupçon of respect – between Mildred and Woody Harrelson’s Chief Willoughby, with McDonagh riffing on the idea of a Western-style face-off. Both actors are on formidable form. McDormand has the stooped poise and clenched jaw of a woman made tough and mean through loss. Harrelson, meanwhile, is at his best as Willoughby, an ageing cop trying to hold his two-bit ‘burb together while coming to terms with terminal cancer. Both are essentially likeable people who lost the cosmic lottery. This sets them apart in a town where most women are simpering idiots and most men are violent idiots – it’s best

not to get too attached to anyone, lest they say or do something unspeakable in the next reel. But McDonagh isn’t willing to entirely condemn his creations, either; he sees a glimmer of light in even the darkest vessel. It’s a difficult balancing act, and it proves problematic in the case of Dixon, a violent, racist thug in the local police department who is afforded far more sympathy than he deserves. Despite this, Sam Rockwell’s performance, a

whirling dervish of repression, aggression and stupidity, is admittedly a joy. Kerry Condon and Samara Weaving play Dumb Attractive Female #1 and #2; both are pretty rotten stereotypes, milked for cheap laughs. Even Peter Dinklage’s good-guy rockabilly barfly is largely employed as a punchline. This would be enough to sink most movies, but there’s an incredible, dark energy at the heart of Three Billboards. The misanthropy is treacle-

thick, and McDonagh plays wilful provocateur, pushing your buttons, making you question your feelings for the tragic, absurd people serving their life sentences in Ebbing, Missouri. There are parallels with the Coen brothers’ Fargo that extend beyond the simple joy of seeing McDormand in the lead, with common themes of desperate people in desperate situations, resorting to increasingly desperate measures, all played out against grand American landscapes. Like the Coens, McDonagh is a firm believer in Murphy’s law. There are times when his characters appear to arrive at some form of redemption, only for things to unspool again, causing an even bigger mess. Nobody ever quits while they’re behind. If Three Billboards were a commentary on contemporary America, it would be irredeemably bleak. But while it touches on issues that feel depressingly present – sexual assault, police brutality, racism – it doesn’t have anything very profound to say about them. The Rust Belt and its trappings are really just the backdrop against which McDonagh plays with his terrible, mesmerising toys. And when you have Frances McDormand and Woody Harrelson in your toy-box, that’s plenty.

to the minutiae of Jeanne’s life, with much of the film’s first half taken up by banal tasks and aimless conversation. Her dialogue with her parents is clipped and mundane, but we learn her affection for them through small gestures. Jeanne’s story is one of betrayal – by aggressive and deceitful men, but also by the promises of her youth and her parents’ happiness. Sadly, Brizé doesn’t capitalize on the wider perspective his decade-spanning film could have

afforded. He clearly wants to convey a sense of duality, to show a rich and tumultuous inner life beneath her pliant feminine exterior. But despite a moving and sometimes discomfiting performance from Chemla, Jeanne remains curiously obscure to us throughout. Occasionally we’re given a hint of silent fury, but often she just seems timid and slightly featureless, and the way her life unravels suggests that she’s little more than the sum of her misfortunes.

FILM A WOMAN’S LIFE DIR. STÉPHANE BRIZÉ

hhhii | BY DOUGIE GERRARD

ART RENNY TAIT FLOWERS GALLERY

The Scottish artist brings his distinctive architectural paintings to Cork Street’s Flowers Gallery in a new show, Thresholds to Brighter Worlds. These paintings take inspiration from his days as an abstractionist, with form and shape taking precedence.

This handsome, sedate period drama, adapted from a Guy de Maupassant novel and directed by Frenchman Stéphane Brizé, follows Jeanne (Judith Chemla), a young noblewoman who leads a peaceful, sheltered life at her parents’ chateau. Her idyll is disturbed by marriage to a Viscount (Swann Arlaud), who is initially charming but quickly reveals himself to be an ugly misogynist and serial philanderer. This is the first of many hardships, and the film is a study in long-form disappointment, as the optimism of Jeanne’s early years recedes and is replaced by sadness and defeat. It has a strange, inscrutable pace; it moves slowly, but in fits, with key moments arriving unheralded and passing abruptly. At times, Brizé’s direction is reminiscent of Terrence Malick, in both the probing way he moves his camera (though the film’s best shots are the rare wide ones, rather than his favoured close-ups), and his frequent use of dreamlike flashbacks. But where Malick’s themes are abstract and universal, Brizé’s focus is sensibly restrained and small-scale. He attends

animated Patsy Ferran, who relates the story of the girl’s coming of age, refracted through a prism of justifiable resentment for the mother who rejected her and was absorbed into a cult. Though not entirely without humour, this is no gentle satire. First time playwright Anoushka Warden describes her work as “an unreliable version of a true story filtered through a hazy memory and a vivid imagination”. While the extent to which the events it portrays are real is unclear, the girl’s peroration leaves a strong impression that this play is about casting out demons, and publicly declaring them vanquished. Tonally it skirts close to Young Adult

fiction, and one can imagine it being an excellent proposition for high school students, especially with its relatively short runtime (about 75 minutes), and its beanbag seating. Unfortunately, one can also see English teachers balking at the foul language, and the attitude towards hard drugs and sex, both of which are enjoyed without consequence. While the intimacy of the theatre and directness of the performance can be a little uncomfortable – like a first date with someone who won’t stop talking about their “difficult” childhood – if the intended message is one of resilience in the face of adversity, it’s a mitigated success.

THEATRE MY MUM’S A TWAT ROYAL COURT

hhhii | BY SIMON THOMSON “My Mum’s a Twat” is a great, evocative title. What it evokes will vary depending on the audience, but I expected a kind of gender-switched, time-shifted Adrian Mole. With the stage decked out as the bedroom of a ‘90s tween – one who wears a Zig and Zag sweatshirt and plays a Casio mini keyboard – this theory seemed all but confirmed. I was very much mistaken. Instead we get a monologue from an


30

FEATURE

FRIDAY 12 JANUARY 2018

CITYAM.COM

OFFICE POLITICS

Don’t quit your day job just yet: How to set up a side hustle

HARD-CORE 30 Day Fitness Challenge Free

Starting a business while you’re in full-time work is becoming a national pastime Emma Jones Enterprise Nation

A

S CITY workers settle back down into the routine and the dark bleakness of January kicks in, the distant hope that there must be something more worthwhile, more satisfying to do, gets stuck on a repeat loop in our brains. Most of us brush these thoughts aside in favour of optimistic work-

based new year pledges: attack the overflowing inbox; be in early and leave on time; be more organised. But according to a recent study from Go Daddy, one in five employees now expect to start a “side hustle” in the next two years. Figures from the Global Entrepreneurship Monitor suggest around 45 per cent of early-stage entrepreneurs are also employed. While the thought of getting home from the day job and booting up the laptop for yet more work brings nauseating waves of horror to some, for others it’s a clear escape route from the grind. Last year, more than 630,000 new UK companies were registered at Companies House.

Starting small and growing organically, while holding down a day job, means there’s no fear that the rent won’t be paid

Already this year, more than 6,500 have registered. It’s a national pastime, and as far as we can see, it’s only going to increase. What’s behind it? It’s a trend that’s been building momentum for many years. I wrote a book about it in 2010 called Working 5 to 9. Since then, the UK’s startup community has been steadily blossoming, and awareness of the ease and benefits of becoming your own boss is well and truly embedded in the collective UK psyche. Add to that stagnating wages and a growing dissatisfaction with the repetitiveness of work, and it’s no wonder so many people are testing out a different path by starting a side hustle. And it makes perfect sense. Starting small and growing organically, while

After a long day at work, going to the gym might be the last thing on your mind. But what if you had an app that could encourage you to workout at home instead? Designed by a professional fitness coach, the 30 day challenge can help you feel happier and healthier, while saving you astronomical gym fees in the process. The only thing you’ve got to lose is those pounds you put on over Christmas.

holding down a day job, means there’s no fear that the rent won’t be paid. Rebecca Yates is a London-based senior policy adviser, but sells her abstract art on Etsy. Eventually, she plans to introduce her own range of greetings cards and notebooks and give up the day job completely. Aaron Henriques was bought into a cleaning franchise while still working as a copper at the Met. He’s now left to develop his own tech call answering platform Handlr. Others, like Jacqui Ma, who runs cycle kit business Goodordering, set the business up while working as a design consultant at WSGN. But four years down the line, with her own shiny new shop in Hackney, she still consults independently of the business. For some, it will always be an outlet for creativity that will remain a really nice hobby that brings in welcome extra cash. For others, it is the first step in a new direction to eventually becoming your own boss. Tomorrow, we are running our fourth annual startup event, called StartUp 2018. Thousands of Londoners are expected – arriving with an idea and interest in starting a business, and leaving armed with all they need to know to make that a reality. With over 100 inspiring and practical speakers across 10 zones, there’s something for everyone with that entrepreneurial desire. Will we see you tomorrow? The venue is Queen Mary University, Mile End. Follow the signs for StartUp 2018 and a new beginning. £ Emma Jones is founder of Enterprise Nation.


CITYAM.COM

FRIDAY 12 JANUARY 2018

THE PUNTER

PUNTER

31

Ben Cleminson previews this weekend’s Premier League action

FOOTBALL TRADER

City face tricky Anfield trip in invincible quest

C

AN anybody stop Manchester City? In 33 games in all competitions this term, the only side to beat Pep Guardiola’s allconquering City were Shakhtar Donetsk in a Champions League dead rubber. Their Premier League record reads played 22, won 20. They currently sit an incredible 15 points clear. With their name already effectively engraved on the trophy, the question now turns to whether they can replicate Arsenal’s 2003/04 unbeaten league season. Given the ruthless way they have swept all before them, there’ll be a few of that invincibles squad feeling slightly worried. One of their biggest obstacles to doing so comes on Sunday, as they travel to Anfield to take on Liverpool. The Reds are on an unbeaten run of

their own, avoiding defeat in their last 17 games, and sit in fourth. In a usual season they would be in the title shake-up (their 44 points at this stage would have put them top in 2015/16), but given City’s dominance, they are having to settle for a position amongst the also-rans in the race for the Champions League spots. That task will have become a lot harder after wantaway Philippe Coutinho finally forced through his move to Barcelona. Given the attacking flair of Mohamed Salah, Sadio Mane and Roberto Firmino, there’ll be plenty of Liverpool fans claiming Coutinho won’t be missed, but the departure of the Reds’ star player is sure to make an impact on the side. How Jurgen Klopp spends the £142 million could make or break Liverpool’s season – and given previous January transfer dealings, Reds sup-

Man City put five past Liverpool in a rout earlier on this season

porters will hope any arrivals are more Luis Suarez than Andy Carroll. Coutinho or not, Liverpool have a great recent record against City at Anfield, winning their last four meetings on Merseyside, and going undefeated since 2003. Gini Wijnaldum got the only goal in this fixture last season, but even just over a year on, this seems a very different City side. That was highlighted by the thumping 5-0 victory over the Reds when these two met at the Etihad earlier this season – a result that sent shockwaves through the rest of the league. While Klopp can argue that the firsthalf red card to Sadio Mane changed the game, City were ruthless in dis-

patching their opposition. If anything, the margin of victory flattered Liverpool – such was the dominance City had, it could have been more. That result levelled up the head-tohead between Klopp and Guardiola, sparring partners from their time in Germany, who both have five wins apiece (and a draw) from their 11 meetings. The pair enjoyed a healthy rivalry as bosses of Borussia Dortmund and Bayern Munich, which took in the 2013 Champions League final, and has continued in England, adding an extra sub-plot as two of the Premier League’s biggest sides meet. While City have been irresistible at

times this season, this is a strong Liverpool side – strengthened by the addition of Virgil van Dijk in defence. I don’t think Liverpool will be the first English team to beat Guardiola’s charges this season – but given City’s poor record at Anfield, I can’t see them winning either. Instead, I fancy the points to be shared – and with the attacking output on both sides, I think we could see a thriller. Take a punt on a 2-2 draw at 11/1 with 188BET.

POINTERS 2-2 draw

11/1(188BET)

Spurs to make light work of Sam’s toothless Toffees S

UCH is the difference between the best and the rest in the Premier League this season, that ninth placed Everton are three points closer to Swansea in last position, than they are to Tottenham in fifth. The pair meet at Wembley tomorrow evening with the Toffees treading water, having gone five games without a win. After being called in to put out the fire caused by predecessor Ronald

Koeman, Sam Allardyce has lifted Everton out of trouble, though his pragmatic style has won few friends at Goodison. The Merseyside club have scored just twice in their last five games, failing to have a single shot on target in home matches against Chelsea and Manchester United. Everton fans making the trip from Liverpool to north London won’t be expecting many more tomorrow.

Scoring goals isn’t something Tottenham struggle with – especially with Harry Kane in this sort of form. The England man netted two hattricks in a matter of days against Burnley and Southampton over Christmas, and followed that up with two in the FA Cup against AFC Wimbledon last weekend. His personal tally now sits at 30 from 31 appearances for club and country this season, and there aren’t many

defences in the world who’d be confident of keeping him quiet. He did have a rare off-day against West Ham in Spurs’ last Premier League outing though, with the Hammers digging deep to get a 1-1 draw. That result took a hefty slice of luck – and a screamer from Pedro Obiang. Everton will need similar to get anything here. I’d be surprised if lightning struck twice, however.

Spurs should be good enough to secure a comfortable win here, and given Everton’s struggles in front of goal, I can’t see them getting past Hugo Lloris. Back Tottenham to win to nil at 10/11 with 188BET.

POINTERS Tottenham to win to nil 10/11(188BET)

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32 PUNTER FRIDAY 12 JANUARY 2018

CITYAM.COM

THE PUNTER RACING TRADER

Bill Esdaile gives his thoughts on tomorrow’s Kempton Park card

L

ANZAROTE, the winner of the 1974 Champion Hurdle, absolutely loved Kempton Park and after his sad death in the 1977 Cheltenham Gold Cup, the Lanzarote Hurdle, now sponsored by 32Red (2.40pm), was born the following year. Initially run over two miles, the distance was increased to 2m5f in 2007 due to the plethora of handicap hurdles run over the minimum trip at this time of year. That was an excellent move, as it gives middle distance handicappers a chance to aim at a decent pot during what is a relatively quiet part of the season. We’ve seen some decent horses land this prize in recent years, including subsequent Grade One-winning chasers Saphir Du Rheu and Tea For Two. This year’s contest looks wide open with 16 runners set to line-up, which would be the biggest field since 2013. Barry Geraghty came home in front on Modus in JP McManus’ green and gold silks 12 months ago and there will be plenty hoping for a similar result with River Frost. Alan King’s six-year-old was an impressive winner of the two-mile handicap hurdle on this card last year and he then followed up over this extended trip in February. Unbeaten at the Sunbury track, he has to be respected, particularly after running so well at Chepstow on his seasonal bow in October. The concern is that he has to shoulder top weight and is almost a stone higher in the weights than his first Kempton victory last January. At 5/1 with Ladbrokes, I’m prepared to leave him alone and instead will be backing Nicky Henderson’s DIESE DES BIEFFES at 6/1 with Coral. He landed his first two starts over hurdles, before running really well behind If The Cap Fits here on Boxing Day. The drop back to two miles wasn’t ideal that day, so the extra five furlongs tomorrow should eke out some more improvement. He got outpaced rounding the home turn, but stayed on impressively and the winner is just 8/1 with Ladbrokes for the Supreme Novices’ Hurdle. Off a mark of 135, and with promis-

Longer trip to bring out the best of Bieffes in Lanzarote

@BillEsdaile

Diese Des Bieffes (red silks) chased home If The Cap Fits at Kempton on Boxing Day ing 5lb claimer Mitchell Bastyan booked for the ride, everything looks set for a massive run. Those towards the head of the market have made hay in recent years – the last six winners have all been 7/1 or shorter. I can see my selection going off nearer 7/2 and he can give Henderson a third win in the race. There are a number of others with chances, including Diese Des Bieffes’ stablemate William Henry, who will be more at home going right-handed after his disappointing chasing debut at Cheltenham last month. He’s another with lots of weight to carry, though, as is Bags Groove who is on a hat-trick, but has gone up 13lbs since winning at Aintree in October. Final declarations for the 32Red Casino Chase (2.05pm) won’t be known until later this morning, but if he’s declared, WAITING PATIENTLY will be a strong fancy. Malcolm Jefferson’s son of Flemensfirth is unbeaten over fences and a year ago beat Politologue, who is 7/2 second favourite for the Champion Chase in March.

Waiting Patiently’s followers have had to do exactly that, as the sevenyear-old has only been seen once so far this season. That was a comfortable success at Carlisle in November and there is a danger that connections may decide to skip tomorrow’s race for next week’s Grade One Clarence House Chase at Ascot. However, this intermediate trip looks better for him than dropping back to the minimum, so I’d expect to see him at Kempton. He can be backed at a best-priced 11/4. Gods Own has a big chance on these terms, although his best form tends to come in the spring, while the ground might not be soft enough for Smad Place. Josses Hill isn’t the most consistent, so I’m happy to go with the younger horse who could easily land this before claiming a Grade One prize in the spring.

POINTERS

TOMORROW

Waiting Patiently 2.05pm Kempton Diese Des Bieffes e/w 2.40pm Kempton

RACING POST

JECEHHEMÊI8?=H79;7JA;CFJED Going: Hurdle - SOFT (Good to soft in places)

9

2.40

D Skelton

32RED LANZAROTE HANDICAP HURDLE (LISTED RACE) (1) 2m5f 4yo plus £25,627 16 Dec.

1

ITV4

Runs: 8

B Pauling Runs: 6

8 11-12 ..............J Bowen (5) Wins: 4 GD,GS

2

Places: 2

1F19-5 RIVER FROST (91) (CD)

A King

6 11-12 ...........B J Geraghty

Runs: 7

Wins: 3 GS,GD

3

Places: 1

51-811 BAGS GROOVE (61) (CD;T)

H Fry

7 11-12 ......................N Fehily

Runs: 11

Wins: 5 GS,GD

Places: 4

4 380-16 EL TERREMOTO (49) N Twiston-Davies 6 11-9 ..................... D Jacob Runs: 12

Wins: 3 GD,HY,GS

Places: 1

5 4-6321 TOP VILLE BEN (14) (H) P Kirby

6 11-9 ....................... A Nicol

Runs: 11

Wins: 5 SFT,GS,HY

6

Places: 3

/142-F TOPOFTHEGAME(65)(D,BF;T)

P Nicholls Runs: 5

6 11-6 ..S Twiston-Davies Wins: 2 Y/SFT,GS

Places: 1

7 0/3P-P I SHOT THE SHERIFF (43) F O’Brien Runs: 13

8

Places: 2

5-112 DIESE DES BIEFFES (18)

N Henderson Runs: 4

11 11-4 .................P Brennan Wins: 4 GD,GS,SFT

5 11-2 ..........M Bastyan (5) Wins: 2 GD

Runs: 6

6 11-1 ......... B Andrews (3) Wins: 4 GF,GS,GD,SFT

Places: 1

10 312-23 RED INDIAN (56) (BF)

2121-P WILLIAM HENRY (57) (C,D)

N Henderson

1421-1 SPIRITOFTHEGAMES(46)(D)

Places: 1

6 11-1 .........................D Bass Wins: 2 HY,SFT

Places: 3

11 22-515 COEUR BLIMEY (22) S Gardner Runs: 10

7 10-13 ....Lucy Gardner (3) Wins: 2 SFT

Places: 3

12 F2-4UP WISHFULL DREAMING(202)(T1) O Murphy Runs: 12

7 10-8 ................A Coleman Wins: 3 SFT,GD

Places: 3

13 61-589 LE PATRIOTE (69) Dr R Newland Runs: 7

6 10-8 ...................B Hughes Wins: 2 HY,SFT

Places: 1

14 56-312 DENTLEY DE MEE (47) N Williams Runs: 7

5 10-6 ........ Lizzie Kelly (3) Wins: 2 GD,GF

Places: 1

15 228-55 DINO VELVET (42) A King Runs: 8

5 10-4 .........W Hutchinson Wins: 1 GS

Places: 2

16 95201- MAN FROM MARS (284) (C) N Williams Runs: 7

6 10-3 ...................H Cobden Wins: 1 GD

Places: 2

2017: Modus 7 11 4, B J Geraghty 7/1 (P Nicholls), 13 ran. BETTING: 11-2 River Frost, 6 Diese Des Bieffes, William Henry, 8 Bags Groove, Le Patriote, 9 Topofthegame, 10 Red Indian, 12 Coeur Blimey, Spiritofthegames, 18 Top Ville Ben, Wishfull Dreaming, I Shot The Sheriff, 20 Dentley De Mee, Dino Velvet, 28 El Terremoto, 40 Man From Mars

Bet with your bookie through the Racing Post App


FRIDAY 12 JANUARY 2018

CITYAM.COM

Bill Esdaile previews Warwick’s Betfred Classic Chase

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FTER last weekend’s Coral Welsh Grand National, there is a sense of déjà vu with tomorrow’s Betfred Classic Chase (3.35pm) staged at Warwick over the same trip on pretty bad ground with some of the same protagonists involved. Emperor’s Choice and Milansbar are both back for another go having got no further than the first and the 12th respectively, but are hard to fancy on the back of those efforts. Conditions won’t be as bad as they were at Chepstow seven days ago, but enough rain has already fallen at Warwick over the last 10 days to ensure this will be another slog. A horse sure to relish the ground is Warren Greatrex’s MISSED APPROACH who ran a cracker to finish sixth in the Ladbrokes Trophy at Newbury when last seen. He was only just headed three from home and plugged on pretty well even though he was beaten a fair way in the end. That performance came from a mark of 145 and remarkably he has been dropped 6lbs by the handicapper on the back of what wasn’t a bad run. With all his best form on soft or heavy ground, he must surely be competitive here even off top weight. He’s a big, imposing horse, so should have no issues shouldering 11st 12lbs, and the top six in the

Sensible Approach is to stick with Greatrex mudlark in Classic Chase weights are only separated by 3lbs in what is a condensed handicap. This time last year he was bolting up in a heavy ground three-mile novice chase around Lingfield where

he had a horse now rated in the 150s behind him. Missed Approach finished second in the four-miler at the Cheltenham Festival last March, proving he has

the stamina for a race like this and looks worth supporting at 7/1 with Coral. Don’t get me wrong, this is a fiercely competitive race in which a case

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can be made for plenty. However, I have the feeling Missed Approach is now a seriously wellhandicapped horse with conditions in his favour. Trainer Dan Skelton is a man to watch at this track and he saddles Sir Mangan who won nicely when switched back to fences at Bangor last time. He is by no means a guaranteed stayer on this ground, though, while the trip will test his stamina reserves. Cresswell Breeze is a mare in great form and another proven on the ground. She finished a brave third to Benbens at Sandown over this trip last time and seemed to be running on fumes towards the end that day. The ground will be even worse here and I worry about her being legless late on. Kerry Lee won this race two years ago with Russe Blanc and the 11year-old is part of a three-pronged attack from the yard tomorrow. He’s now 2lbs lower than when winning that day, but has looked a shadow of his former self recently and hasn’t won in 11 starts since. In fact, he has only completed six of those races and his jumping now looks a little ragged. Goodtoknow was a decent second in this last year, but he too has looked very out of sorts in both starts this campaign. Krackatoa King looks the pick of the three, but had a hard race at Wincanton on Boxing Day and hasn’t had long to recover from those exertions.

POINTERS

TOMORROW

Missed Approach e/w 3.35pm Warwick

Black Ivory looks set to poach Pertemps prize at Warwick S

TAMINA will be needed in abundance in the Pertemps qualifier (2.25pm), run over 3m1f. In this sort of race, it often pays to look for a low weighted and unexposed horse who is using the race to get into the series final at Cheltenham. Bearing this in mind, the one I like the look of is Malcolm Jefferson’s BLACK IVORY off a mark

of 126. He shaped well on his reappearance in a competitive 3m½f handicap hurdle at Aintree in October and he followed that up with an impressive 2m4f victory on heavy ground at the same track last month. He has been given a 6lb rise for that win, which looks more than fair, and the way he won at Aintree suggests 3m1f on soft

ground will suit him perfectly. He is available at around 6/1 and is definitely worth a few quid each-way. The preceding Hampton Novices’ Chase (1.50pm) has seen plenty of good winners over the years, with the likes of American and Black Hercules taking the Listed contest, and this year’s renewal looks like being another competitive affair.

A number of these are closely matched on ratings, but the one I’m interested in is FLINTHAM at 7/1. He looked as if he needed the run on his reappearance at Exeter and is bound to come on for that at a track which he loves. His last victory came here in 2016 and he is from a family of horses who relish juice in the ground.

Although yet to win over fences, he was only beaten a short-head in the Grade One Reynoldstown Novices’ Chase at Ascot last February, which looks arguably the strongest form in the race.

POINTERS

TOMORROW

Flintham e/w Black Ivory e/w

1.50pm Warwick 2.25pm Warwick


34 SPORT

CITYAM.COM

FRIDAY 12 JANUARY 2018

INTERVIEW

‘I SAW A REAL GAP IN THE MARKET’ How agent Georgie Hodge shot to the top of women’s football. By Frank Dalleres

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OR GEORGIE Hodge, the penny dropped when she was seeking to recruit high-profile sportspeople as ambassadors for a former employer, a sports-focused social network. While approaches to male footballers necessitated going through their advisors, she was struck that the vast majority of their female counterparts had no such representation and could be contacted directly. “That’s when I realised there was a real gap in the market,” she says. Hodge set her sights on filling that gap and resolved to forge a career as an agent in women’s football. She made England forward Fran Kirby, with whom she had already worked in her previous role, her first target. Kirby – nicknamed “Mini Messi” for her diminutive stature and dribbling skills – accepted and, thanks in part to Hodge, soon secured a move from Reading to Chelsea Ladies for a British record fee. The transfer worked out well for Kirby. Chelsea would win the FA Women’s Cup within weeks and complete the double by clinching a first Women’s Super League title two months later. It also proved a launchpad for

Hodge, now 27. Her work with Kirby helped to attract new clients, including international team-mate Jordan Nobbs, and paved the way for her own transfer of sorts. In 2015 Hodge approached leading agency Base Soccer, which manages the careers of Premier League stars such as Aaron Ramsey and Kyle Walker, and proposed that she head up a women’s football division. They agreed. Now, less than four years into her career as an agent, she represents a clutch of elite players and is already among the most influential figures in women’s football, one of the biggest growth areas in the sport. “It’s obviously great to be at the top of the game but there’s still so much to be done,” she adds. “It’s important that we be realistic as well. From an agent’s perspective, it’s important

I wouldn’t entertain working in men’s football any more

RUGBY UNION

Banned Marler should not

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HEN you are 18st and tearing into tackles, rucks and mauls then you are going to make the odd mistake and, unfortunately, when that happens it is likely to merit a sending off. Loosehead prop Joe Marler was this week handed a six-week ban following his red card for Harlequins after striking Sale Sharks’ TJ Ioane with his shoulder, which means he will miss England’s opening two matches of the Six Nations. It is not the first time the 27-yearold has been suspended for England matches – it is his third reprimand this season – but he is a top quality front rower who is dynamic, mobile and plays on the edge. When Marler performs on the right side of that edge then he is devastatingly brilliant for both club and country, but when someone plays at that intensity and makes a mistake then it is going to cost them

RUGBY COMMENT Ollie Phillips – that’s just the way it is. The whole premise of the front row is to dominate the opponent and that requires a level of physicality, whether that be in the scrum, lineout, defence or attack, that is unheard of across any other position on the pitch.

EXTREMELY MOBILE

Front row play is a key decider in the professional game and not only do those players need to be big scrummagers that can dictate the set piece but they also have to be extremely mobile and physical in the


CITYAM.COM

FRIDAY 12 JANUARY 2018

that we look after the game as much as we can, too.”

NO SLOWING DOWN

England in particular is witnessing an unprecedented surge in women’s football. The success of the likes of Kirby and Nobbs with the national team at the 2015 World Cup in Canada, where the Lionesses finished third, captured public and media attention like never before. The Football Association expects to double participation by 2020 while a revamped domestic top-flight that will require all teams to be full-time is due to launch this year. A talent drain to Europe and the United States has been arrested and, in some instances, reversed – as seen in the case of Vivianne Miedema, who joined Arsenal after starring for winners Holland at Euro 2017. “Looking back at 2015 we saw a massive boom in participation, viewing fig“Mini Messi” Fran Kirby was Hodge’s first client

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ures, fans, pay has just gone up and we’re only going to see that go up even more,” Hodge says. “There’s no slowing down.” That has had knock-on effects. When she started representing players Hodge estimates that fewer than 10 per cent had an agent. “Now it’s pretty hard to find a player who doesn’t,” she adds. Football boot sponsorship contracts are also increasingly commonplace. “Five years ago boot deals weren’t nearly where they are now,” Hodge says. “Near enough every player has a boot deal. Nike, Puma, Adidas, Under Armour – they’re all seeing a value in women’s football.” Hodge – once an aspiring player herself who was on Fulham’s books as a teenager – praises cosmetics maker Avon’s groundbreaking sponsorship of Liverpool Ladies but says that other commercial opportunities are being left on the table by less forward-thinking companies. “The biggest hurdle we’re facing is brands wanting to go into it but perhaps holding off,” she says. “Why not invest in the biggest growth area? It’s a fantastic look for any brand.” Hodge hopes to expand her services internationally – “That’s definitely something in the pipeline” – but insists that, despite the far greater financial rewards, she “wouldn’t entertain working in men’s football any more”. Indeed – and returning to a theme that she is keen to emphasise throughout – Hodge says that she would welcome more industry competition if it means strengthening the foundations of the women’s game. “We need more people doing what I’m doing to be able to create these opportunities – but doing it in the right way,” she says. Sustainability is the watchword. “Everyone has seen an area for growth,” she adds. “It’s really important in women’s football that we keep the nature of the game the way it has always been. It’s really important we don’t move away from that and it become just about the money.” Hodge concludes: “I think there’s a huge opportunity to do this job without changing the game, and do it in the right way while keeping the core values of women’s football and why it’s still the beautiful game.”

amend his dynamic game loose. The likes of Marler, Mako Vunipola and Kyle Sinckler fall into that category and that mix gives England huge dynamism in their front row; the only sit-there-and-wedge sort of player is Dan Cole but he is so good at it that the Red Rose rely upon him. However, with that front-row flexibility, mobility and dynamism comes an element of risk and when those sorts of players are proving their worth as really prominent forces then they are going to get it wrong from time to time. When they do, it doesn’t look good. Nobody will be hurting more than Marler himself about missing games for Quins and England and Eddie Jones will be disappointed that he doesn’t have the luxury of selecting him for matches against Italy and Wales. But, at the same time, you want Marler, who toured New Zealand

with the British and Irish Lions in the summer, to continue playing the way that he does because he is so disruptive and devastating when he gets it right.

HOT WATER

The man who knuckles down next to him for England, Dylan Hartley, is exactly the same and it is asked whether he is a liability given the number of times he has been red carded and suspended. Hartley is someone who has adapted and moulded his game to the extent that he now lands himself in hot water far less, but is that to his benefit? Many people now question if he is abrasive enough and whether he deserves his place in the team, with Saracens hooker Jamie George their preferred option to fill the No2 jersey. I wouldn’t want to see Marler change the foundations of his game.


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FRIDAY 12 JANUARY 2018

ON THE UP How agent Georgie Hodge shot to the top of women’s football PAGES 34-35

SPORT FOOTBALL

FOOTBALL

Spurs: Kane not for sale in summer

Kane netted 39 Premier League goals during 2017

ROSS MCLEAN @rossmcleanRMAC MANCHESTER United have emerged as rivals to runaway Premier League leaders Manchester City for the signature of Arsenal contract rebel Alexis Sanchez during the January transfer window. Long-term admirers City had seemed in pole position to capture Sanchez, whose Gunners contract expires at the end of the season, but United have made their move to gazump their foes. It is understood that United have offered £25m for Sanchez, compared to City’s £20m, while floating the possibility of Armenia’s Henrikh Mkhitaryan joining Arsenal as part of the deal. Sanchez agreed to join Pep Guardiola’s City during the summer, only for the transfer to collapse after Arsenal failed in their bid to sign Thomas Lemar from Monaco as a replacement. United manager Jose Mourinho is thought to be confident of luring Sanchez, who has scored eight goals for the north Londoners this term, to Old Trafford despite the 29-year-old previously playing under Guardiola while at Barcelona. Mourinho has, however, been dealt a blow in his quest to sign Fulham starlet Ryan Sessegnon after the west London club insisted that the 17-yearold would not be leaving this month. “As it’s been the subject of a great deal of speculation, I’d like to announce that Ryan Sessegnon is staying with Fulham and will not be departing this January transfer window,” said head of football operations Shahid Khan. “Ryan is a very important part of the Fulham family, and we’re grateful that he’ll be with us as we fight to achieve promotion this season.” Valencia, meanwhile, last night confirmed the signing of Arsenal midfielder Francis Coquelin for a fee in the region of £12m. Coquelin has signed a four-and-a-half year deal with the La Liga outfit.

Levy vows to resist offers for club’s stars – including £150m-rated striker

FRANK DALLERES @frankdalleres TOTTENHAM chairman Daniel Levy has moved to reassure fans that they will resist any offers from Europe’s biggest clubs for record-breaking marksman Harry Kane this summer. Kane’s relentless goalscoring has made the England striker one of the game’s hottest properties and Real Madrid, who paid £85m to prise Gareth Bale from White Hart Lane in 2013, are known to be admirers. He appeared to leave the door open to a possible transfer earlier this week when he said his willingness to stay at Spurs would depend on their ability to win silverware. Tottenham, who have been hit by spiralling costs in the construction of their new stadium, could demand around £150m for Kane if they were to choose to cash in on their prize asset. But Levy effectively ruled out that prospect on Thursday when he insisted that the north Londoners would not be tempted to sell Kane or other stars such as midfielder Dele Alli and goalkeeper Hugo Lloris. “I’m 100 per cent confident every single player that we want to keep I can assure you will be playing for Tottenham Hotspur next season,” Levy told Sky Sports. Kane has scored at least 30 for club and country for four seasons in a row and in 2017 set a new Premier League record for goals scored in a calendar year, striking 39 times. That pedigree and Kane’s contract situation

United join race to sign contract rebel Sanchez

– he is tied to Spurs until 2022 – mean he could reasonably be expected to fetch at least as much as the £142m Barcelona paid Liverpool for Philippe Coutinho this week. Levy has previously sanctioned the bigmoney departures of fan favourites Bale and Luka Modric, also to Real. He also sold rightback Kyle Walker to Manchester City in a £50m deal last summer. Home-grown hero Kane has repeatedly underlined his commitment to Spurs and manager Mauricio Pochettino on Sunday talked up hopes that he could remain a oneclub man in the mould of Roma’s Francesco Totti. The 24-year-old gave potential suitors a sliver of encouragement at the weekend, however, when he hinted at an impatience to win medals. “As long as the club keep doing that then I’m happy here,” he said. Tottenham’s last trophy was the League Cup in 2008. Spurs have twice been forced to revise the original £400m budget for their new stadium, adjacent to White Hart Lane, with the project, due for completion this year, now expected to cost around £1bn. The stadium was yesterday confirmed as the venue for an NFL match between the Oakland Raiders and the Seattle Seahawks on 14 October. Two more games – Jacksonville Jaguars vs Philadelphia Eagles and Los Angeles Chargers vs Tennessee Titans – will take place at Wembley over the following weekends.

CRICKET

TENNIS

Wood ready to prove he is answer to Konta’s hopes at Australian England’s need for fearsome pace Open dented by hard draw ROSS MCLEAN @rossmcleanRMAC SEAMER Mark Wood insists he possesses the attributes to solve England’s need for pace after being recalled to the red-ball squad for March’s two-Test tour of New Zealand. Wood, who has been beset by ankle and heel problems during his career, made his return in England’s five-wicket victory as they dispatched a Cricket Australia XI in yesterday’s limited-overs warm-up clash. The 28-year-old’s figures of 0-68 do not tell the story of a performance

which showcased genuine speed, a commodity England’s bowling sorely lacked during their 4-0 Ashes humbling. “I’d like to prove a point to everyone, to my team-mates and the media, that I can be that X-factor bowler they want,” said Durham bowler Wood, who spent the winter with the England Lions. “I want to prove to everyone that when I’m on it I can add something different and I can do it for a long period of time and be consistent. “That’s my role in the team, to ramp it up and be aggressive and try to take wickets by bowling fast.” Leg-spinner Adil Rashid claimed 3-

45, while his Yorkshire team-mate Liam Plunkett and all-rounder Moeen Ali snared two wickets apiece, as the hosts amassed 258-9 from their 50 overs. Skipper Eoin Morgan struck an unbeaten 81, which included seven fours and two sixes, as England chased down their victory target with more than nine overs to spare. Nottinghamshire’s Alex Hales also passed 50 and openers Jason Roy and Jonny Bairstow made 40 and 36 respectively. England’s five-match one-day series against Australia gets underway on Sunday with a tussle in Melbourne.

FRANK DALLERES

@frankdalleres BRITISH No1 Johanna Konta faces a stern challenge to match her successful recent visits to the Australian Open after being handed a tough draw at the opening grand slam of the year. Ninth seed Konta plays American world No92 Madison Brengle in a routine first-round clash but danger lurks in the later rounds, with sixth seed Karolina Pliskova and world No1 Simona Halep her likely opponents in the fourth round and quarter-finals respectively. Konta – Britain’s leading hope in the absence of the

injured Andy Murray – reached the semi-finals of a grand slam event for the first time in Melbourne two years ago and made the last eight in 2017. But her preparations for this tournament, which begins on Monday, have been disrupted by a hip injury. British No2 Heather Watson, who continued her encouraging form by reaching the semi-finals of the Hobart International on Thursday, faces world No50 Yulia Putintseva in the first round. Kyle Edmund, the only Briton in the men’s draw, meets US Open finalist Kevin Anderson first. Champion Roger Federer begins his defence against Aljaz Bedene.

City A.M. (2018.01.12)  

City A.M. (2018.01.12)

City A.M. (2018.01.12)  

City A.M. (2018.01.12)

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