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BUSINESS WITH PERSONALITY

IT’S THE WEEKEND OUR GUIDE TO THE BEST MOVIES P34-35

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IT’S A RED LETTER DAY ISSUE 3,069

FRIDAY 23 FEBRUARY

2018

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BREXIT BREAKTHROUGH? The Cabinet thrash out a final position

ROYAL MAIL POISED FOR A RETURN TO THE FTSE 100 AFTER ADDING £2BN TO ITS VALUE OLIVER GILL

back to the 502-year-old firm. FTSE Russell officials will kick off @ojngill the process of rejigging indices today ROYAL Mail has added almost £2bn to with the market caps at the end of its market value in the last four business on 27 February being used in months, putting it on the cusp of a the final calculation. stunning return to the FTSE 100. Property giant Hammerson is set to The postal giant was the UK’s 88th crash out of London’s premier listing largest listed firm at the start after seeing its shares fall over of this week and since 1 No10 per cent since announcing vember shareholders have a £3.4bn deal to buy rival Intu been rewarded with a 50 per Properties. cent increase in the value of There are no obvious mid-cap their stock. promotions. Analysts from Southern rail Cantor Fitzgerald owner Go-Ahead said Royal Mail’s was facing relegamarket cap would tion to the FTSE need to fall by around Small Cap but may well £260m for it to fade from have been saved by a contention for a place The 502-year-old firm may rally of more than 13 per rejoin the blue-chips among the blue-chips. cent yesterday. Support The firm was booted services firm Mitie is out of Britain’s primary index in Au- likely to be booted out of the FTSE 250 gust after the threat of industrial ac- after sector concerns weighed on the tion sent its shares to all-time lows. value of its shares. However, positive noises from talks The AA, bruised from this week’s big ended with a pay and pension deal sell-off, is on track to lose its FTSE 250 being struck earlier this year – status, despite rising yesterday. prompting investors to flock Any main market-listed company

ranked 90 or higher by market capitalisation is automatically given a spot in the FTSE 100 on reshuffle day. Firms will be automatically relegated if they rank 111 or lower and are currently listed on the blue-chip index as at the last ranking point. The fortunes of those between 91 and 110 inclusive will depend on any newly floated companies, which, if big enough, can oust those at the bottom of the pile. For the FTSE 250, the corresponding ranking is between 326 and 375. After suffering more than £1bn of losses in the first five and a half weeks of 2018, fund manager Neil Woodford’s investment trust is teetering on the edge of being stripped of its FTSE 250 status. Woodford Patient Capital is in 366th place. While not enough to be relegated automatically, a five per cent fall from Monday’s prices could put it in the danger zone. Meanwhile, small cap-listed investment trusts such as Baillie Gifford Japan Trust have overtaken Woodford in the rankings and could yet replace the acclaimed money manager in the UK’s mid-cap index.

REBECCA SMITH AND CATHERINE NEILAN @BexKSmith @CatNeilan PRIME Minister Theresa May and her ministers were in crunch talks last night in a bid to finally nail down a position on customs arrangements and details for the transition period of Britain’s departure from the EU. May is expected to set out the path Britain plans to take in a speech next week following discussions at full Cabinet. May met the group of Cabinet

heavy-hitters for eight hours at Chequers yesterday, where later they dined on Guinness beef short-rib, with the Prime Minister leading discussion on the overall partnership that the UK is seeking with the EU. The post-Brexit future of the car industry, farm produce trade and digital trade all featured in the talks The UK has been mulling the idea of extending the transition beyond two years, while the EU yesterday pushed back against the UK’s mooted idea of “managed divergence” when it comes to trade and customs regulation.

Mining blockchain’s potential: De Beers sees more uses for ledger tech COURTNEY GOLDSMITH @courtneynoelg A TOP boss at De Beers expects the company’s blockchain-backed diamond platform to be used more broadly across the mining sector. The world’s top diamond supplier is building a platform to enable an industry-wide traceable record for gemstones so

stakeholders, businesses and consumers can verify diamonds are genuine and responsibly sourced. “What we’re doing here is innovating a technology with a specific application for our industry, but actually my strong sense is that if this works it could have much broader applications in other industries. And we’re confident it will work,” De Beers’

chief financial officer Nimesh Patel told City A.M. yesterday. Diamonds are not the only commodity haunted by sourcing issues. The Democratic Republic of Congo, which supplies twothirds of the world’s cobalt – a key element in rechargeable batteries – has been criticised for human rights

abuses, including using child labour, causing firms to look for alternate routes to the hot commodity. Patel said De Beers is talking with its parent company Anglo American about how the blockchain project could

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impact its business, and it is also thinking about where the project could have implications outside of the mining industry. The project is currently in a pilot phase with a number of sightholders, or accredited diamond buyers, and industry bodies involved, and Patel said De Beers has put a “meaningful” chunk of money towards it so far.

FTSE 100▼ 7,252.39 -29.18 FTSE 250▼ 19,736.06 -52.83 DOW▲ 24,962.48 +164.70 NASDAQ▼ 7,210.09 -8.14 £/$▲ 1.395 +0.004 £/€▼ 1.131 -0.001 €/$▲ 1.233 +0.005


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FRIDAY 23 FEBRUARY 2018

PUTIN ON A SHOW Election posters rolled out for the 2018 Russian presidential election amid crackdown on critics

THE CITY VIEW

Immigration is still a headache for ministers

Y

ESTERDAY’S migration figures, showing a decline in the number of arrivals from the EU, will have put the frighteners on businesses already worried about a skills and labour shortage. The numbers should also focus the minds of ministers on a burning question: what kind of immigration system do they want? Although their talk of getting overall net migration down to the tens of thousands might still be a way off, the numbers are dropping – and this raises important policy questions for those tasked with securing our post-Brexit economic future. It is a cause of considerable regret that, 20 months on from the referendum, EU nationals in the UK still face uncertainty about their future status. We can argue over whose fault this is (neither side of the negotiation has covered itself in glory on this issue) but the reality is it has acted as a deterrent to those considering coming here to work. Thankfully, the damage is not terminal. There are still more EU nationals here today than there were this time last year, and net migration from outside the bloc has risen – largely driven by arrivals from Asia. While it’s too soon to detect a trend, the latest figures on EU migration do force us to consider the consequences of a sustained drop in workers from the continent. Economists have repeatedly warned that a government can either have economic growth or it can have net migration reduced to the tens of thousands. It cannot have both. Of course, the economic argument is only part of the equation, and proimmigration advocates who talk only in terms of economic gains hardly help their cause among people who either haven’t felt such gains or don’t believe the argument in the first place. Repeated polls, elections and surveys reveal a public appetite to have control over our borders. Many prioritise this expression of sovereignty above actually reducing the number of arrivals. At present, the government has failed to articulate (let alone legislate for) a post-Brexit immigration strategy. In the ensuing vacuum, pro-immigration voices howl at the fall in numbers while those favouring controls on immigration are left wondering what changes ministers propose to make. In a healthy democracy it’s important to respond to public desire for control over who comes in, but that doesn’t mean the numbers have to be ground down, whatever the cost.

Follow us on Twitter @cityam FINANCIAL TIMES

RISING TIDE OF SOVEREIGN DEBT TO HIT RICH NATIONS

Developed nations face a rising tide of government debt that poses “a significant challenge” to budgets as interest rates increase, the OECD has warned. Low interest rates have helped sustain high levels of government debt and budget deficits since the financial crisis, but the sovereign funding environment may not be a permanent feature of financial markets.

FED POLICYMAKER HAILS BUOYANT US ECONOMY

The US economy is by many measures in its rudest health since well before the financial crisis, a top Federal Reserve policymaker said as he reiterated the

WHAT THE OTHER PAPERS SAY THIS MORNING

central bank’s intentions to gradually increase short-term rates. Randal Quarles, the Fed’s vice-chairman for financial supervision, said growth has been showing more momentum.

CAMPAIGN posters have been rolled out featuring President Vladimir Putin in Moscow, ahead of voting in the first round of the 2018 presidential election on 18 March. The incumbent, who is widely expected to win, confirmed in December that he would seek a second consecutive term. Critics and potential opposition candidates have been barred and jailed in recent months.

UK GDP growth revised down to five-year low JASPER JOLLY

@jjpjolly THE UK economy grew at a slower pace than previously thought at the end of 2017, as production industries dragged growth back. The Office for National Statistics yesterday said GDP rose by only 0.4 per cent in the fourth quarter of 2017, 0.1 percentage points down from its first estimate. The growth downgrade means the UK economy grew by only 1.7 per cent in 2017, lower than thought at first with a slower first quarter than earlier estimates. That meant a bigger slowdown from the 1.9 per cent expansion seen in 2016, and the slowest expansion since 2012. Business investment growth was flat in the fourth quarter, although it rose by 2.1 per cent over the year. The figures give further evidence of

THE TIMES

FIRMS SAY LEVY TO BLAME FOR SLUMP IN APPRENTICES

the overwhelming dependence of the UK economy on the services sector, which accounted for 1.3 percentage points of 2017 growth – although that represented a steep fall from the two percentage point contribution to growth in 2016. Financial and business services provided a rare bright spot, with growth in the sector, which covers much of the City, revised upwards from 0.8 per cent to 0.9 per cent. The figures show the importance of preserving the City’s trade access to the EU after Brexit, according to Stephen Jones, chief executive of the UK Finance lobby group. “This is a timely reminder of the importance of financial services in talks over a future EU-UK agreement,” he said. “An ambitious free-trade deal, underpinned by the mutual recognition of closely aligned standards, will help drive jobs and growth both in

THE DAILY TELEGRAPH

BAN ON PLASTIC STRAWS LOOMS AS SCRUTINY GROWS

the UK and across the continent.” GDP per head, which strips out the effects of a rising population, grew by 0.2 per cent in the fourth quarter, meaning it is only three per cent above the pre-financial crisis peak. Pablo Shah, an economist at the Centre for Economics and Business Research, said: “The squeeze on household incomes that persisted over much of 2017 appears to have taken its toll on consumer spending in the final quarter of the year.” However, Andrew Wishart, a UK economist at Capital Economics, said that “with inflation starting to ease off and global economic growth robust, we suspect both household spending and net trade will provide greater support ahead.” Economists on average expect GDP growth to slow further 1.5 per cent in 2018, according to average predictions from City forecasters.

THE WALL STREET JOURNAL

FORD NAME NEW NORTH AMERICA PRESIDENT

The apprenticeship levy attracted renewed criticism from employers and training providers yesterday, after figures showed a 35 per cent drop in uptake of places. Government figures showed there were 27,000 apprenticeship starts in November.

Plastic straws could be banned in Britain, the environment secretary has confirmed. The UK is estimated to go through 8.5m single-use plastic straws each year, and Gove said banning their use could help the UK become more environmentally friendly.

Ford has named a new chief of North American operations following the abrupt departure of Raj Nair due to misconduct allegations, part of a shuffling of operations by a new boss trying to address concern about the firm’s ability to keep up with rivals.

MCDONNELL SAYS LABOUR BACKS LEVY ON LAND

CHARITY BOSS IN TEXT FURORE STEPS DOWN

AIRBNB ADDS HOTELS AND LUXURY LISTINGS

A land value tax could replace council tax under a Labour government, John McDonnell has said. The shadow chancellor made positive signals today about the prospect of Labour backing the levy as part of a huge reform of tax, after saying it would look at the idea.

A senior Unicef executive has resigned after admitting that his inappropriate conduct via text messages in a former role risked doing “serious damage to our cause and the case for aid”. It came after criticism of his conduct and calls by MPs for him to resign.

Airbnb looking to solidify sales ahead of an initial public offering expected as soon as next year, is adding more hotels to its site, along with a loyalty programme and new tiers of listings that include luxury and more budgetfriendly offerings.


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FRIDAY 23 FEBRUARY 2018

NEWS

03

Barclays records HSBC chair plots board shake-up in a new effort to simplify decisions £1.9bn loss but boosts dividend ALYS KEY

CAITLÍN MORRISON, JASPER JOLLY AND REBECCA SMITH

@citycait @jjpjolly @BexKSmith BARCLAYS yesterday reported a loss for 2017, but investors took kindly to a promise the UK lender will more than double its dividend this year. The group reported a £1.9bn loss for 2017, against profit of £1.6bn a year ago, while profit before tax of £3.5bn, up from £3.2bn a year before, came in well below analysts’ expectations. However, a higher common equity tier one capital ratio of 13.3 per cent – a key measure of bank balance sheet strength – and the soothing promise propelled the bank’s dividend this year pushed shares up more than four per cent, with the possibility of more share buybacks also mooted. The dividend was maintained at 3p per share, with an intention to more than double it to 6.5p in 2018. CEO Jes Staley said 2017 was a “year of considerable strategic progress for Barclays”, after it sold its African business and restructured before it launches its new, ringfenced UK bank. Staley has promised to target growth in the group’s investment banking arm – a strategy which has raised eyebrows among investors who have

asked why the bank is pushing more capital into a less profitable business. Profits from the corporate and investment bank fell by 22 per cent, as income from macro trading fell by 29 per cent. Staley is also under pressure as he awaits the results of an investigation into his attempts to unmask a whistleblower, while the group as a whole will have multiple fraud probes over its financial crisis-era fundraising from the Qatari state hanging over it for several more years. The bank also revealed yesterday women on average earn nearly half of what men do at its international division. Barclays said this was partly due to the higher proportion of men in more senior roles.

@alys_key HSBC Holdings’ new chairman is planning a dramatic boardroom cull, with one third of directors slated to leave. Three non-executive directors will not stand for re-election at the firm’s next annual general meting, Sky News has reported. These include Deutsche Boerse

chairman Joachim Faber, who joined HSBC’s board in 2012. This will streamline the board to just 14 members. More departures are then expected in the following years. It is understood that regulators and top investors have already given their backing to the reorganisation. The board shake-up will be one of new chairman Mark Tucker’s first major moves since his

appointment last year. Previously chief executive of Prudential, Tucker is said to be keen on ensuring the firm can make faster decisions by slimming down the number of committees. Some of those stepping down will be making the customary move of long-serving non-executive directors, who are no longer considered to be independent after seven years.

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Stobart said it was too early to say if a firm proposal to Flybe will be made

Flybe shares take off as Stobart Group confirms possible swoop

REBECCA SMITH @BexKSmith THE OWNER of London Southend Airport confirmed yesterday it was considering a number of options in a potential deal with regional airline Flybe, including a takeover approach. The firm said today a number of possible structures have been considered, including “a noncontrolling interest in a vehicle to acquire 100 per cent of Flybe”, with shares in the airline flying 36 per

36%

cent on news of a prospective deal. The board of Stobart Group said: “Stobart Group and Flybe have a range of shared interests arising from Stobart Group’s ownership of London Southend Airport and its aircraft leasing company and the growing franchise arrangements between the two groups’ airlines.” Stobart, which bought London Southend Airport in 2008, said it was too early to say whether a transaction will take place, or if a firm proposal will be made. It will provide further news “in due course”.

*Direct Access telephone services are available as long as the symptoms are covered under the policy. Direct Access services may not always be available for some underwriting methods, and you may need to provide evidence through a medical report that conditions are not pre-existing. Bupa health insurance is provided by Bupa Insurance Limited. Registered in England and Wales No. 3956433. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Arranged and administered by Bupa Insurance Services Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No. 3829851. Registered office: 1 Angel Court, London EC2R 7HJ FEB 2018BHF 10438


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Corbyn will lay out Labour’s Brexit stance as Remain MPs plot Bill revolt CATHERINE NEILAN @CatNeilan LABOUR is finally going to make clear its position on Brexit, with Jeremy Corbyn expected to give a speech outlining his policy next week. The opposition leader will use his speech to put meat on the bones of his desire for a “jobs first Brexit”, the Times reported. It comes amid growing pressure from his own MPs

to commit to stay in the Single Market and customs union. Last month several Labour MPs urged him to “get off the fence” on the issue. However, one source said not to expect the speech to be “seismic”. On Wednesday shadow Northern Ireland secretary Owen Smith told Good Morning Britain “Jeremy’s position is evolving and deepening”. Meanwhile, Labour MPs are still plotting to defeat the government's

STRIKE SAGA CONTINUES Fresh RMT 24-hour walkout set for Southern rail

bill on a final Brexit deal in the hope it could force a second referendum. Labour MPs and an MEP told City A.M. there is still a widespread view that parliament will reject the bill on a deal. Remain-backing Tories last night unveiled plans for a parliamentary battle over staying in the EU’s customs union, raising the prospect of a bruising Commons showdown for Theresa May. THE RAIL, Maritime and Transport (RMT) union has set a new strike date on Southern rail for Monday 12 March in a long-running row over the role of the guard. Southern owner Govia Thameslink Railway said it would run a normal service on most routes, and that the RMT should bring an end to “this pointless dispute”.

Regulator to get tough after Carillion demise HELEN CAHILL

@HelCahill THE PENSION watchdog yesterday told MPs it must be “tougher” as it considers action against individuals involved in the collapse of Carillion. Giving evidence to the parliamentary inquiry into Carillion, Lesley Titcomb, chief executive of The Pensions Regulator said that with hindsight the regulator would have used its powers more quickly to ensure the company increased its payments into the pension scheme. Nicola Parish, an executive director at the regulator, also said the regulator could now use its powers to recover money from individuals as contributions to Carillion’s pension deficit. Meanwhile, KPMG told MPs that Carillion’s executives were wrong to claim that late-payments on a Qatari contract were the reason for the contractor’s demise. Carillion bosses told MPs that the firm failed because it failed to recover payments for contracts with the Qatar Building Company.

However, asked whether the statement of the directors was correct, Peter Meehan, an audit partner at KPMG, said: “The simple answer is no, I can’t see how that was the cause in itself at all. The complex nature of the contracts and the judgements and estimates that you heard from the director panel is such that there were a wide range of judgements and estimates involved, and there’s a wide range of acceptable answers, there’s no right answer in terms of those judgements and estimates and contracts.” Meehan said he went on 30 site visits in Qatar, and did presentations highlighting the risks from the contract. Chair of the Work and Pensions Committee Frank Field said that, despite the site visits, KPMG “didn’t really spot anything”. Meehan accepted Carillion had “challenges”. The Qataris disputed that they owed Carillion £220m for building work done for the 2020 Fifa World Cup. All of the auditors yesterday said they were not aware the Qatari company was pushing back against Carillion’s claim.

UK to put focus on revenues in new stance on tech giants’ taxes REBECCA SMITH @BexSmith SOME of the world’s largest tech firms are set to face a significant tax shake-up from the UK government. The likes of Google and Facebook could see changes in the tax system that would mean a new tax on revenues, rather than profits – a smaller figure. A Treasury minister told the BBC that the revenue tax was the “potentially preferred option” after a government review.

“At the moment [they] are generating very significant value in the UK, typically through having a digital platform with lots of users interacting with that platform,” Mel Stride, the financial secretary to the Treasury, told the BBC. “That is driving a lot of value, so you're looking at social media platforms, online marketplaces, internet search engines – where at the moment the tax regime is not taxing those activities fairly. We want to move to a situation where we are taxing those activities fairly,” he said.


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FRIDAY 23 FEBRUARY 2018

Snap boss rakes in $638m during firm’s float year LYNSEY BARBER AND REBECCA SMITH

@lynseybarber @BexKSmith THE FOUNDER and chief executive of Snap made $638m (£564m) last year when the messaging app went public, it emerged yesterday. Evan Spiegel was awarded $636.6m in stock as a result of its high profile initial public offering (IPO). That gave a major boost to his $98,000 salary which was less than the $503,000 of the year before. The 27-year-old’s salary was reduced to $1 in March of that year when the tech company floated. He also received more than $1m in other c o mp e n s a t i o n , according to its newly filed annual report. The size of the stock award will put him

among the highest paid chief executives in the US. Snap smashed expectations in its most recent earnings, its first full-year results as a public company. It was a rocky first year and though shares bounced back to its IPO price of $17 in the first week of this month, having traded below it since July. In its fourth quarter and full-year results from earlier this month, Snap reported revenue rising 72 per cent to $285m in the three months to the end of December, although its net loss widened to $350m. Snap also added more users than expected, with daily active users rising five per cent from the previous quarter to 187m, up 18 per cent year-on-year. Spiegel has cashed in on Snapchat’s success

FULL OF HOT AIR EU court adviser finds against Dyson in vacuum cleaner row

Irish taxman: Apple tax bill likely at £16bn PADRAIC HALPIN

A TOP European court advisor has rejected a complaint by vacuum cleaner giant Dyson that EU energy labels underplay the efficiency of its bagless devices, in an initial opinion that could influence a court ruling next month.

Seven startups cherry picked to join Facebook London incubator LYNSEY BARBER @lynseybarber A GYM where users also help their community and an app for mums are just two of the seven up-and-coming startups to join Facebook’s startup incubator in London, which opens its doors this week. Goodgym and Mush will be joined

by Olio, a startup connecting neighbours and local shops to share surplus food, and Teacherly, a platform for teachers to share lesson plans. Food community market place Tabl, volunteering connector Sharecare and exercise game group Rabble are the other new entrants. Facebook’s LDN_LAB will host the first cohort for 12 weeks.

IRELAND expects the final disputed tax bill that the European Commission ordered it to collect from Apple to be “in the ballpark” of the €13bn (£11.4bn) estimated, the head of the country’s tax collectors said yesterday. “It’s in that ballpark,” revenue commissioners’ chairman Niall Cody told a parliamentary committee when asked if the bill his office is obliged to calculate will be in line with the record EU estimate, which both Dublin and Apple are appealing. “Over 95 per cent of the calculations are completed and we have agreed with the Commission that all our calculations will be with them before the end of April.” The commission in 2016 ruled that a favourable “sweetheart” deal over tax rated between the two amounted to state aid. In December of that year, Apple and Ireland both filed appeals against a ruling by the EU regulator saying the tech firm should pay the country €13bn in back taxes. In Ireland the standard rate of corporation tax is 12.5 per Reuters cent.


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CITYAM.COM

FRIDAY 23 FEBRUARY 2018

Fund giants try to clamp down on FX ‘last look’

JASPER JOLLY

@jjpjolly THE WORLD’S largest asset managers have tried to clamp down on the controversial “last look” practice which allows banks and brokers to reject orders even after a price has been agreed, although it faced concern from within the industry that it does not go far enough. The Investment Association (IA) yesterday said those liquidity providers like banks and brokers should be forced to explain their reasons if they do reject a trade, in a bid to “shine a light” on the practice. The IA, which represents a host of the world’s largest asset managers such as BlackRock and JP Morgan, said there are certain situations where last look should “no longer be considered acceptable due to the potential for misuse of information by the liquidity provider”, although it stopped well short of calling for a complete ban.

The IA’s call for transparency is “very worthy, but I’m not sure it has gone far enough,” said David Mercer, chief executive of London-based LMAX Exchange. Last look is the controversial practice in which liquidity providers can reject currency orders – even when buyers meet the price quoted. It allows providers to quote a tighter spread, theoretically lowering costs, but it is also open to abuse. The IA said last look should not be used for firms to hedge their exposures before a client’s trade is carried out, or to trade using knowledge of orders which either have not been completed or which are rejected. Mercer, an outspoken critic of last look, told City A.M. the IA had been left in an “invidious position” defending an industry standard which will be impossible to police. Firms may still be able to trade inside the last look window and comply with the global standards, he added.

MOVING UP A GEAR Woodford drives up shares in the AA STAR fund manager Neil Woodford has snapped up more shares in the AA, the day after the FTSE 250 firm unveiled a turnaround plan followed by a shares slump. Woodford’s fund has upped its holding from 14.21 per cent to 15.03 per cent.

Standard Life Aberdeen chair to leave company next year REBECCA SMITH @BexKSmith STANDARD Life Aberdeen will announce today that chairman Sir Gerry Grimstone is stepping down. According to Sky News, Grimstone, who helped create one of Britain’s largest fund managers through an £11bn merger, will leave next year when a successor is found.

The company is also expected to confirm the sale of its insurance unit to Phoenix in a £3bn cash-andshares deal. Under the terms of the deal, the asset manager would take a 20 per cent stake in Phoenix. The news follows last week’s share slump for Standard Life Aberdeen after being stripped of £109bn of assets it manage on behalf of Scottish Widows.

Demand for City offices up 50 per cent ALYS KEY @alys_key THE CITY of London got off to a strong start to the year last month, with an increase in office space take-up across the Square Mile. Transactions reached a value of £443.4m, up almost 50 per cent on the £296.2m recorded last year according to Savills. Six deals were struck in January, with UK investors accounting for three of these, matched by Asian investors. The real estate adviser said that there had been an uptick in new sales instructions since the start of the year, with £1.7bn worth of assets coming to the market since the start of January. In the City, there are about £2.7bn worth of opportunities currently under offer. Richard Bullock, director in Savills central London investment team, said: “2018 has started positively in the City and we expect the pace to increase in the coming months given the number of active requirements in the market. The potential handbrake at this juncture is the lack of available product.”


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FRIDAY 23 FEBRUARY 2018

NEWS

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Moneysupermarket shares crash OLIVER GILL @ojngill 13.75% MONEYSUPERMARKET yesterday shocked investors, warning earnings growth will peter out next year. Shares crashed as much as a quarter before regaining ground. They closed 13.75 per cent lower, wiping around £250m from the firm’s market cap. Moneysupermarket said it expects to

incur one-off “transitional costs” of between £6m and £9m during 2018 and is investing a further £5m in product engineering. Boss Mark Lewis, the former retail head of John Lewis, told City A.M.: “There is always the initial flurry but that seems to have turned the corner now so it’s landing where it’s landing.” He also defended a £40m share buyback programme in 2017, stressing the firm remained “very cash generative”.

The announcement came as Moneysupermarket sais it had a four per cent rise in annual revenue for 2017. Profits were six per cent higher at £78.1m. Dividends rose also rose six per cent to 10.44p, paid out of earnings per share of 14.4p. Moneysupermarket, which claims to have saved its 13m users more than £2bn in the last year, is keen to make its brand stand out in an overcrowded market.

Moneysupermarket has gained attention for its TV ads

KFC to re-open its stores after chicken crisis

Record assets lifts earnings at Rathbones

HELEN CAHILL

SIMON JESSOP

@HelCahill KFC HAS re-opened many of its stores after a chicken shortage forced it to shut its shops. The fast food shop closed 750 of its 900 UK stores after it switched its delivery operations from Bidvest to DHL and the handover between the suppliers went wrong. Yesterday, 650 of KFC stores had re-opened their doors once again. DHL said “operational issues” had caused the shortage, while GMB union said KFC were trying to save money; DHL operates its deliveries from one distribution centre, while Bidvest used a network of sites.

WEALTH manager Rathbone Brothers posted a 17.6 per cent rise in full-year pretax profit yesterday, buoyed by strong markets and net inflows of new client money combining to push total assets to a record high. Assets under management during the period were £39.1bn, as previously announced, up 14.3 percent from the prior year and just shy of a five-year target to reach £40bn by the end of 2018. That helped pretax profit rise to £58.9m in the year to end-December, up from £50.1m in the prior-year period. Rathbones said in a statement that the board had recommended a final dividend of 39p. As the broader industry continues to consolidate amid rising costs and pressure on fees, Rathbones reported an improved underlying profit margin of 30.6 per cent from 29.8 per cent and said it was looking for deals after a possible merger with British peer Smith & Williamson foundered in 2017. “We enter 2018 in a good position, with industry-leading operating margins and a strong balance sheet. We will continue to look for accretive acquisition opportunities and to invest in our future with discipline,” chief executive Philip Howell said. He added: “Importantly, many positive drivers for long-term private wealth accumulation are still in place.” The rise in assets was driven by annual growth of 3.9 per cent at its investment management unit and a rise in unit trust assets to £5.3bn from £4bn. Calling the results “broadly inline”, KBW analyst Jonathan Richards said he maintained a ‘market perform’ rating on the stock with a 2,400p target price. Rathbones’ stock closed up 0.51 per Reuters cent at 2,750p per share.

RSA premiums rise despite ‘tough’ trading CAITLÍN MORRISON @citycait INSURER RSA reported an increase in premiums, profit and earnings for 2017, despite what boss Stephen Hester described as a “tough” period for the sector. Premium income rose four per cent to £6.7bn, compared with £6.4bn in 2016. Underwriting profit increased to £394m from £380m and overall profit after tax grew to £322m from £20m. The combined operating ratio moved down slightly to 94 per cent from 94.2 per cent. RSA said it would pay out a final dividend of 13p per share, bringing the total for 2017 to 19.6p, up 23 per cent.

Serco investors shrug off waning profits OLIVER GILL

Serco CEO Rupert Soames is the grandson of war-time leader Winston Churchill

2.31%

@ojngill THE BOSS of outsourcing giant Serco has urged the government to make sweeping changes in the way it uses private companies to deliver core services. Rupert Soames – Winston Churchill’s grandson – said in the wake of Carillion’s collapse there

needs to be a “more balanced relationship” between contractors and the government. He also said there is not enough publiclyavailable information about how services perform – whether provided by the private sector or the state. Soames’ comments came as Serco shares closed up 2.31 per cent, despite the group reporting a 29 per cent fall in annual profits.

Serco’s full-year figures were at the top end of expectations and also included a better-than-expected net debt of £141m. Soames said “wellpublicised traumas” afflicting the outsourcing sector “may produce opportunities for suppliers with strong track records of delivery”. Taxpayers deserve “world-class services”, he added, but information about them is too opaque.


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NEWS

CITYAM.COM

FRIDAY 23 FEBRUARY 2018

Chemicals giant Ineos’ earnings climb to €2.5bn COURTNEY GOLDSMITH

@courtneynoelg INEOS, the private chemicals giant owned by billionaire Jim Ratcliffe, yesterday announced its earnings rose to a record €2.5bn (£2.2bn) in 2017, up nearly €200m from the previous year. The firm, which has oil and shale assets and is also planning to build a Land Rover Defender-inspired SUV, reported fourth-quarter earnings before interest, tax, depreciation and amortisation (Ebitda) of €562m, up from €559m in 2016. The group said it focused on cash management and liquidity in the period. Ineos slashed its net debt to €4.8bn at the end of December 2017 from €5.9bn in 2016, while cash balances at the end of the quarter were €1.4bn. Ineos said North American markets were “solid”, while market conditions in Europe remained strong, supported by the continued weakness of

the euro and healthy underlying demand, and Asia was “more robust” in the fourth quarter. The company said Ebitda at its north America olefins and polymers (O&P) business was €896m for the full year, down from €956m in 2016 due to disruptions caused by Hurricane Harvey in the fourth quarter. In its Europe O&P business, the firm posed Ebitda of €814m, up from €709m for 2016. Products from these businesses are used to make anything from car parts to toys and textiles. Ineos’ chemical intermediates unit reported a jump in earnings to €819m from €666m the year before with good demand across most of its product lines. Ineos, principally a chemicals company, branched out into the leisure sector last year after it snapped up British heritage fashion brand Belstaff and Swiss football club LausanneSport.

Anglo slashes debt and hikes its dividend COURTNEY GOLDSMITH

The owner of British Gas took a £476m hit to after-tax profits

Centrica reveals diving profits and slashes 4,000 job roles

OLIVER GILL

@ojngill CENTRICA, the owner of British Gas, yesterday said it will cut 4,000 jobs after losing swathes of customers. Boss Iain Conn, said woes in North America had created “material uncertainty” around Centrica. He

7.53%

apologised for delivering a “very poor shareholder experience” as annual profits plunged by almost a fifth. Operating profits fell 17 per cent to £1.25bn. Adjusted earnings were 22 per cent lower at £698m. Earnings per share fell a quarter down to 12.6p. Net debt fell by £877m to £2.6bn. Despite the results, shares gained 7.5 per cent in London yesterday.

@courtneynoelg MINER Anglo American cut its debt pile and declared a bumper dividend yesterday thanks to the recovery in commodity prices. For the year to December 2017, Anglo American’s underlying earnings before interest, tax, depreciation and amortisation (Ebitda) rose 45 per cent to $8.8bn (£6.3bn), while underlying earnings per share shot up 49 per cent to $2.57. Anglo nearly halved its net debt to $4.5bn, allowing the company to declare a total dividend of $1.02 a share, the most it has paid in a decade. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said the recent surge in commodity prices, which is outside the group’s control, had added $2.4bn to cash profits. But management have also worked to deliver improvements to operating performance with cost cutting and productivity gains. He said: “Nor are management standing still, a further $3-4bn in productivity and cost gains by 2022 is ambitious. Achieving the upper end of that would add almost 50 per cent to this year’s profits.”


CITYAM.COM

FRIDAY 23 FEBRUARY 2018

EDITOR’S NOTES I

N THEIR quest to find out what happened to doomed outsourcing giant Carillion, MPs are asking the right questions but they’re not necessarily addressing them to the right people. This week the committee investigating Carillion’s collapse grilled accountancy firms KPMG and Deloitte, but while the beancounters can provide valuable insight into the final hours of Carillion’s life, it wasn’t their job to save the business. MPs keep asking the auditors what they did to stave off disaster, but it simply isn’t the role of external accountants to sort out a client’s corporate woes unless they’re specifically asked to. Long investors were questioned by MPs last week, but most simply blew off steam – having lost money on a poor investment. The only exception was Standard Life Aberdeen, who were happy to highlight their decision to start selling down their position from 2015. Unlike other investors who held out, they could see what was

happening and didn’t like the look of it. In effect, they were shorting the stock. This brings us on to the hedge funds – the only characters of this sorry story that haven’t been summoned by MPs. If the committee chose to invite this collection of short sellers they would find the encounter illuminating. After all, the main question they’ve asked of Carillion executives, regulators and auditors is “why didn’t you see this coming?” The hedgies did, and were rewarded to the tune of tens of millions of pounds. At one point, Carillion was the most shorted stock in Europe. Hedge fund managers may be a notoriously private bunch, but a parliamentary summons would help MPs get their heads around the financial back story of Carillion, and would have the added bonus of seeing some of the most secretive players in the market asked to explain how the magic works. That would be worth tuning into, and may give the politicians some answers.

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News and views from the City, Westminster & beyond

CHRISTIAN MAY @CHRISTIANJMAY

MPs should summon the hedge funds if they want to understand Carillion

NEWS

CHRISTIAN.MAY@CITYAM.COM £ There was an awkward moment in Westminster on Wednesday when MPs grilled Bank of England governor Mark Carney and his chief economist, Andy Haldane – who made a thoughtful case for the economic benefits of currency deprecations, only for the governor to explain why he was wrong. This was in public, so imagine their exchanges in private. Carney is due to leave in 18 months, though he teased us (and possibly Haldane) by offering a piece of advice while giving a speech on leadership on Tuesday: “Leave before you’re asked.” Hmmm...

COME IN MARS, THIS IS CORNWALL THE WORLD marvelled at Elon Musk’s recent rocket launch, but closer to home there’s a team in Cornwall determined to reach for the stars. Goonhilly Earth Station, founded by entrepreneur Ian Jones, took on the lease of the satellite station in 2014 and have reinvigorated it with massive investment at the iconic site. They’ve just bagged £8m from the European Space Agency and a local growth fund to upgrade the satellites so they can support contact between earth and future missions to Mars. The site is also bidding to be become one of the UK’s spaceports, supporting commercial space travel. To infinity, and beyond?

£ Royal Bank of Scotland has put itself on the front foot by unveiling a “digital human” who will help online customers with basic questions such as “what do I do if I lose my card” or “will I get compensation after RBS crushed my business in its controversial restructuring group?” OK, I doubt it will have an answer for that last one, but amid fears that artificial intelligence will develop the capacity to harm us let’s hope the RBS engineers make sure Cora can’t fake anyone’s signature on a

loan application or cook up dodgy profit factories such as the one which was finally laid bare in all its gory detail this week after MPs released a report into the bank’s Global Restructuring Group. This unit operated from 2005 to 2013, and was found to have practiced “widespread inappropriate treatment” of the struggling RBS clients who ended up in it. The bank stresses that its culture and processes have fundamentally changed. Let’s hope Cora can maintain high standards.

CAN I QUOTE YOU ON THAT?

The Queen just drove past me with motorcycle escorts causing about 0.1% of the disruption that I'm used to for Moscow motorcades. The Guardian’s outgoing man in Russia, Shaun Walker, readjusts to life in London

£ Sir Philip Green remains one of the business world’s most unorthodox characters, having waited nearly 48 hours to comprehensively debunk reports that his Arcadia group was up for sale. Normally, the subject of such a story would seek to either confirm or deny pretty quickly, but there’s nothing normal about Green’s approach to dealing with the press. When he finally released a statement it was mostly a personal attack on the integrity of the journalist who broke the story.

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FRIDAY 23 FEBRUARY 2018

BAE Systems dented by flat 2018 forecast COURTNEY GOLDSMITH

@courtneynoelg UK DEFENCE giant BAE Systems reported a rise in sales and earnings in 2017, but shares closed lower yesterday on a dampened forecast for the year ahead. BAE’s underlying earnings before interest, tax, depreciation and amortisation (Ebitda) rose four per cent on a constant currency basis to £2bn, while underlying earnings per share jumped eight per cent to 43.5p. Sales rose by £600m to £19.6bn in the year to December 2017, largely reflecting a currency translation. The firm also cut its net debt to £790m in December 2017 from £1.5bn the previous year. Shares in the FTSE 100 firm fell as much as four per cent after BAE said organisational changes and new accounting standards would cause earnings to be flat next year. In October, BAE said it would axe

about 2,000 jobs in the UK due to lower production of its Typhoon jets, but it got a boost a few months later by signing a deal worth £5bn to sell 24 jets to the Qatar airforce. Defence and aerospace analyst Howard Wheeldon said despite generally flat guidance for 2018, the potential for medium and long-term growth looks good. “The medium and longer term outlook for BAE Systems is, in my view, demonstrably strong,” he said.

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BAT is among the major tobacco firms moving away from traditional cigarettes

British American Tobacco sales of alternative cigarettes drags MARTINNE GELLER

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BRITISH American Tobacco’s (BAT) weaker than expected 2017 sales growth and progress on next-gen products combined to send its share price down as much as nearly five per cent yesterday to an 18-month low. BAT reported full-year revenue up 37.6 per cent at £20.29bn, shy of an

expected £20.55bn, according to analysts at RBC Capital Markets. BAT said next-generation products contributed £500m of revenue in 2017, which was below analysts’ expectation of £550m, though in line with BAT’s guidance. It also repeated its aim to double that to more than £1bn this year and to reach more Reuters than £5bn in 2022.

@courtneynoelg INVESTMENT giant BlackRock has added 13.5 megawatts (MW) of solar assets to its growing UK renewables portfolio after yesterday agreeing a deal with partner Lightsource BP worth £15m. Through its Kingfisher partnership with Lightsource, BlackRock Real Assets agreed to buy three solar assets from Chinaowned CTF Solar. The acquisition was made through BlackRock’s Renewable Income UK Fund, and Lightsource BP will be responsible for the asset management and longterm maintenance of all three sites. BlackRock Real Assets manages more than $4.9bn (£3.5bn) of equity assets globally, including investments in more than 40 solar projects in the UK, representing about 350 MW of capacity. “We are delighted to add these three solar project acquisitions to our growing UK solar portfolio,” said Rory O’Connor, managing director and head of renewable power for Europe at BlackRock. He said the fund aims to continue building its portfolio of solar projects in the UK.


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NEWS

CITYAM.COM

FRIDAY 23 FEBRUARY 2018

Heathrow warns of European rivals in France and Germany flying ahead REBECCA SMITH @BexKSmith WHILE Heathrow racked up rising profits and revenue along with its fastest growth rate in five years, the airport’s boss yesterday warned of being overtaken by European rivals. John Holland-Kaye, chief executive of the London airport, said: “Heathrow had a fantastic 2017 – welcoming a record 78m passengers,

giving our best service ever and offering better value for our passengers with lower airport charges.” “But while we are squeezing out small bits of growth, our rivals in France and Germany are overtaking us – for Britain to thrive post-Brexit, the government needs to crack on with Heathrow expansion as quickly as possible with a vote in parliament before the summer,” he said.

Heathrow still brought in 78m passengers in 2017, a rise of 3.1 per cent on the year before, despite the airport’s capacity headache as it eagerly awaits to expand. A vote on the third runway proposal will go before MPs in the summer. The airport’s revenues rose 2.7 per cent to £2.9bn, and adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) were up 4.6 per cent to £1.8bn.

The London airport is keen to crack on with its expansion plans

Uber will invest in Asia depsite Softbank’s wish ADITI SHAH UBER’s chief executive pledged to continue investing aggressively in southeast Asia even though the US ride hailing firm expects to lose money in the fast growing market due to costly battles with rivals such as Grab. Softbank’s 15 per cent stake purchase in Uber last month has opened up the possibility of combining Uber with other ride-hailing assets the Japanese group owns across Asia. Softbank has stakes in Singapore-based Grab and India’s Ola. At the time of the investment, Softbank said it wants Uber to focus on growing in the US, Europe, Latin America and Australia – not Asia, which has been among the most costly and competitive regions for the rideservices firm, a source had told Reuters. Uber is preparing to sell its southeast Asia ride-hailing business to Grab in return for a substantial stake in the company, CNBC reported earlier this month, citing sources familiar with the matter. But Dara Khosrowshahi seemed to

dismiss that strategy yesterday in his first official visit to Asia since he became Uber boss last year. “We expect to lose money in Southeast Asia and expect to invest aggressively in terms of marketing, subsidies etc,” Khosrowshahi told reporters in New Delhi, adding there is huge potential in the region thanks to a big population and fast internet user growth. “From a competitive standpoint we think we can improve,” he said. Khosrowshahi said that a decade from now he expects 80 per cent of growth at Uber to be organic and some through acquisitions. “We will look at anything .... But right now the plan for southeast Asia is to go forward..and to invest.” Khosrowshahi said Softbank is an investor but Uber, which has a valuation of around $68bn (£49bn), will take any final decisions along with the board on mergers and partnerships. He said he does not expect any change in Uber’s India operations following the deal with Softbank. India is one of Uber’s fastest-growing markets and accounts for more than 10 per cent of Reuters Uber’s trips globally.

HS2 picks Lendlease to develop Euston revamp ‘masterplan’ REBECCA SMITH @BexKSmith HS2 SAID yesterday the firm behind the 2012 London Olympics’ Athletes’ Village will lead the revamp of Euston that could lead to the creation of up to 1,700 new homes. Lendlease has been appointed the master development partner by the transport secretary and Network Rail, and will work to develop “a masterplan” for the 54 hectare station site, and then have first dibs on buying the plots of land.

HS2 said the work could unlock up to 4.8m square foot of development space, and the deal has the potential to bring back £3-4bn to the public purse in land sales. HS2 chief executive Mark Thurston, said: “The arrival of HS2 gives us a unique opportunity to transform the wider Euston station site, opening up the station to the surrounding community with new streets and public realm as well as opportunities to unlock thousands of new jobs and homes, anchored around a common masterplan vision.”


CITYAM.COM

FRIDAY 23 FEBRUARY 2018

Intu posts solid results ahead of mega-merger

HELEN CAHILL

@HelCahill INTU yesterday posted a solid set of full-year results as the retail property firm pushes ahead with its merger with Hammerson. For the year ended 31 December, net rental income rose three per cent from £447m to £460m, while underlying earnings edged up 0.5 per cent to £201m. The company’s occupancy rate remained stable at 96.1 per cent. Footfall in its shopping centres inched up 0.1 per cent — however, this beat the average fall of 2.8 per cent across the country. Intu’s dividend remained unchanged at 14p per share. By the market close, Intu’s share price was up by 0.84 per cent to 215p. Intu’s share price jumped 18 per cent in December when it announced a £3.4bn merger with retail property giant Hammerson.

Hammerson has offered 253.9p per share for Intu, which owns the Lakeside shopping centre in Essex and the Trafford centre in Manchester. Yesterday, Intu said the deal would be completing later in the year, and that it will be keeping its brand name on its properties — although the merged group will be called Hammerson plc. David Fischel, chief executive of Intu, said: “The underlying strength of the Intu business was much in evidence in 2017 as we recorded a robust overall performance, confounding the external gloom and negativity in pre-Brexit UK about retail and retail property. “During the year, major flagship brands upsized and optimised their presence, with the likes of Primark, Next and River Island taking additional space in our centres, and Inditex and H&M expanding their brand portfolios with us.”

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NEWS

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Playtech warns on slow pace of current trading RAHUL B

In 2016 a movie was released based on the Angry Birds apps

Rovio share price plummets on Angry Birds maker’s outlook LYNSEY BARBER @lynseybarber ROVIO, the maker of hit smartphone game turned movie Angry Birds, yesterday lost more than half its market value after it warned that profits this year will be down on last year and “may differ from market expectations”.

Rovio forecast revenue of between €260m (£230m) and €300m in 2018, down on the €297m it made in 2017, according to preliminary figures. That revenue was up 55 per cent on 2016, but analysts had forecast €300m for 2017 and €337m for 2018, according to consensus estimates from Thomson Reuters. Shares dropped more than 50 per cent.

GAMBLING technology 2.92% company Playtech said yesterday its gaming division’s revenue at the start of first quarter was lower on troubles at its Asia business, hammering its shares. Playtech issued a profit warning in November, saying earnings would be impacted by a crackdown on gambling syndicates in Malaysia, one of its largest Asian markets. The company said yesterday daily average revenue in its gaming division for the first 51 days of the first quarter was down 11 per cent and that it had seen no change Malaysia. Excluding Asia, average daily revenue was up three per cent in the 51-day period. But gains from recent acquisitions helped Playtech post an 18 per cent increase in annual revenue. Playtech, which makes software that powers thousands of fixedodds betting terminals across UK, said revenue at its gaming division rose 17 per cent to €722.2m ($885.8m). Shares fell by as much as 12.5 per cent but pared losses to close down 2.92 per cent at 751.8p.


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MARKETS

CITYAM.COM

FRIDAY 23 FEBRUARY 2018

CITY DASHBOARD LONDON REPORT

Earnings and ex-divi stocks blight market

D

ISAPPOINTING results, big stocks going ex-dividend and concerns over rising bond yields hit the UK’s top share index yesterday, pulling it to a one-week low. The blue-chip FTSE 100 index fell 0.4 per cent to 7,252.39 points, while mid caps fell 0.3 per cent. Shares in British American Tobacco fell 2.1 per cent after the cigarette maker reported weaker-thanexpected sales growth for 2017. Miner Anglo American edged up 0.2 per cent following its full year update. The miner, whose shares have gained 16 per cent in 2018 ahead of the announcement, reported a 45 per cent increase in annual earnings and halved its net debt. Elsewhere mid cap Moneysupermarket plummeted 13.7 per cent after its guidance disappointed investors, with the firm pointing to costs around a new strategy. Stocks trading ex-dividend also weighed, with Imperial Brands, Diageo and Glaxosmithkline all falling. More broadly, concerns over rising bond yields and inflation continued

TOP RISERS 1. Centrica up 7.53 per cent 2. Barclays up 4.4 per cent 3. NMC Health up 3.24 per cent

TOP FALLERS 1. Barratt Dev. down 2.75 per cent 2. BAE Systems down 2.73 per cent 3. HSBC down 2.57 per cent

to plague equity markets, after the minutes from the US Federal Reserve’s latest meeting showed more confidence in the need to keep raising interest rates. This sent the benchmark 10-year US Treasury yield to a four-year high and the dollar also gained, which in turn hit greenbackdenominated metals prices. Consumer staples, which are considered by some to be proxies for bonds given their generous dividend income streams, took the most points off the FTSE, given that risBarclays was a bright spot on the market in London yesterday ing bond yields dents their appeal for some investors. There were some bright spots on the FTSE though. Banking stock Barclays jumped more than four per cent after reporting its annual results. Analysts cheered Barclays restoring its full dividend, which demonstrates that the bank is confident in future earnings. Utility Centrica bounced 7.5 per cent after its full year results, in which it raised its cost savings and announced that it would cut 4,000 jobs by 2020.

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Merlin Entertainments may have experienced a rollercoaster ride in its share price in the wake of London terrorist attacks and a crash on the Smiler attraction in 2015, but brokers at Barclays do not expect the company’s share price to witness any thrilling highs again any time soon. Its target price has been cut to 380p, from 480p, and its “overweight” rating left unchanged. No improvement in London attraction data is expected until the summer and, in the absence of any corporate activity, there are precious few other reasons for the shares to re-rate immediately, they say.

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Kazakhstan may have changed its alphabet for the second time in a year earlier this week, but Kazakhstan-focused copper miner Kaz Minerals had no trouble communicating its better than expected financial results yesterday. The miner “managed to repeat the trick of previous years” by deferring some spending into this year, alongside other savings, meaning net debt came out 10 per cent lower than expected, said Peel Hunt brokers. They put the 2018 estimated copper output at the middle of the 270-300kt range and keep an “add” rating with an 816p target price.

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A January update provided plenty of information on 2018 guidance for publishing and education firm Pearson. It may well be hoping to turn the page on questions regarding its US higher education business, but Liberum brokers have a few. Namely, how it will respond to rival Cengage’s new Cengage Unlimited “all you can eat” offer. They are sceptial over whether the publishing firm will be able to provide “sufficiently credible answers” to questions on this, and think that could spark a negative reaction. They’ve issued a “sell” rating and a 380p target price.

T

HE DOW and S&P 500 advanced yesterday to halt a two-session losing skid, buoyed by gains in industrial and energy shares as US Treasury yields eased, while the Nasdaq lost ground for a third straight session. Major indexes advanced early as worries about a faster pace of interest rate hikes by the US Federal Reserve were eased by comments by St Louis Fed president James Bullard, who expressed concerns that a “bunch of hikes” could turn Fed policy restrictive. The concerns over rising interest rates have dogged Wall Street of late, and stocks stumbled on Wednesday after minutes from the Federal Reserve’s January meeting showed the central bank’s rate-setting committee grew more confident in the need to keep raising rates. Market participants are still largely expecting the Fed to raise rates three times this year, beginning with its next meeting in March. Despite the recent climb in rates, many analysts expect the stock market to be able to absorb the rise as long as economic data remain supportive and the pace of the increase is modest. The Dow Jones Industrial Average rose 164.7 points, or 0.66 percent, to 24,962.48, the S&P 500 gained 2.63 points, or 0.10 percent, to 2,703.96, and the Nasdaq Composite dropped 8.14 points, or 0.11 percent, to 7,210.09. Benchmark 10-year notes last rose 5/32 in price to yield 2.9225 per cent. Industrial shares climbed 0.59 per cent, led by a 3.04 per cent gain in Quanta Services after its quarterly results and a 3.34 percent rise in United Technologies after the aero parts maker said it is exploring a breakup of its business portfolio. Energy stocks, up 1.08 per cent, also helped support gains, as oil prices advanced on a surprise draw in US crude inventories. Chesapeake Energy shares surged 21.67 per cent, their biggest daily percentage gain since April 2016, after its quarterly results and outlook.

CITY MOVES WHO’S SWITCHING JOBS HAMPSHIRE TRUST BANK

Hampshire Trust Bank has announced the appointment of Clive Gavin as chief risk officer, following regulatory approval. Clive, who joined Hampshire Trust Bank on an interim basis in May 2017, has a broad range of experience in banking and risk and is a valuable addition to Hampshire Trust Bank’s senior executive team. He spent 36 years at RBS in a variety of roles. More recently he spent time at Shawbrook Bank assisting them in upgrading their risk management

and risk appetite frameworks and Aldermore Bank as interim head of enterprise risk.

LONDON CHAMBER OF COMMERCE AND INDUSTRY

London Chamber of Commerce and Industry (LCCI) has appointed Julia Onslow-Cole, partner, legal markets leader and head of global immigration at PwC, to its board. Julia has recently been appointed to the board of Council for Global Immigration in Washington and to the board of the London Chamber of Commerce and Industry. Julia also sits on the mayor of London’s Brexit advisory group and newly established Home Office EU immigration employers’ representative group. Julia is a member of the global

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

leadership team for PwC’s worldwide legal practice covering all lines of service and is the global head of immigration, which has immigration practices in 174 countries. Julia is a key expert on PwC’s Brexit taskforce liaising with government and business following the referendum.

GRAINGER

Grainger, the UK’s largest listed residential landlord, today announces that it has appointed Mike Keaveney as director of land and development. Mike has over 29 years of hands-on real estate and development experience. His expertise includes management of complex residential-led mixed use developments across the whole development lifecycle from

identification and acquisition through to town planning, funding, construction, marketing, operation and exit. Mike’s appointment further strengthens Grainger’s development capability to support its growth plans. Grainger currently has 10 private rented sector (PRS) build to rent development projects underway through both direct development and forward funding and plans to continue its growth trajectory through further acquisitions and developments. He will hold overall responsibility for the delivery and growth of Grainger’s development pipeline. Mike will report into Helen Gordon, CEO, and he will work closely alongside Grainger’s director of investment, Andrew Saunderson, and Grainger’s chief operating officer, John Kenny.


CITYAM.COM

FRIDAY 23 FEBRUARY 2018

FTSE 100

FTSE 250

7252.39 29.18

19736.06 52.83

Price Chg High Low

GILTS Tsy 5.000 18 . . . . . .100.17 Tsy 1.250 18 . . . . . .100.34 Tsy 4.500 19 . . . . . .104.02 Tsy 3.750 19 . . . . . .104.68 Tsy 4.750 20 . . . . . .108.15 Tsy 2.500 20 . . . . .363.09 Tsy 8.000 21 . . . . . .123.06 Tsy 1.875 22 . . . . . . .118.63 Tsy 4.000 22 . . . . . .112.06 Tsy 2.250 23 . . . . . .105.82 Tsy 2.500 24 . . . . .358.64 Tsy 0.125 24 . . . . . . .111.67 Tsy 5.000 25 . . . . . .124.82 Tsy 4.250 27 . . . . . .124.50 Tsy 1.250 27 . . . . . .129.75 Tsy 6.000 28 . . . . . .143.53 Tsy 0.125 29 . . . . . .119.90 Tsy 4.125 30 . . . . . .358.20 Tsy 4.750 30 . . . . . .134.48 Tsy 4.250 32 . . . . . .130.87 Tsy 1.250 32 . . . . . .146.46 Tsy 0.125 36 . . . . . .135.59 Tsy 4.250 36 . . . . . .136.20 Tsy 4.750 38 . . . . . .148.59 Tsy 0.625 40 . . . . . .156.41 Tsy 4.500 42 . . . . .149.99 Tsy 3.500 45 . . . . . .132.10 Tsy 4.250 46 . . . . . .150.57 Tsy 4.025 49 . . . . . .155.96 Tsy 0.500 50 . . . . . .181.52 Tsy 0.250 52 . . . . . .177.34

-0.01 0.00 -0.02 -0.02 0.00 -0.00 0.01 -0.01 0.01 0.08 0.04 -0.01 0.12 0.21 0.03 0.20 0.01 0.02 0.22 0.24 0.00 -0.04 0.30 0.33 -0.01 0.39 0.44 0.45 0.50 0.06 0.11

105.1 101.7 109.1 109.3 114.0 375.0 133.0 129.1 118.0 110.9 375.4 120.3 132.9 133.0 141.5 153.9 130.6 380.7 143.9 139.1 160.8 150.1 144.1 157.2 175.2 159.2 140.3 160.4 166.7 209.1 206.3

100.2 100.3 104.0 104.7 108.1 362.4 122.9 118.3 111.8 105.4 356.8 111.3 124.1 123.4 129.1 142.4 119.1 355.1 133.0 129.3 145.1 134.0 134.3 146.2 154.3 147.2 129.4 136.0 152.5 177.0 171.5

AEROSPACE & DEFENCE BAE Systems . . . . . . . .585.0 Cobham . . . . . . . . . . . . .123.4 Meggitt . . . . . . . . . . . . .477.3 QinetiQ Group . . . . . . .206.2 Rolls-Royce Holdi . . . .839.6 Senior . . . . . . . . . . . . . .283.2 Ultra Electronics . . . . .1438.0

-16.4 -0.7 -4.7 -0.2 -4.2 -1.6 -1.0

677.0 148.0 526.0 319.7 981.0 296.8 2204.0

535.5 96.7 410.6 195.5 743.0 175.8 1142.0

AUTOMOBILES & PARTS GKN . . . . . . . . . . . . . . . .425.0 2.7 447.6 294.3

BANKS Aldermore Group . . . . .311.2 -0.4 Barclays . . . . . . . . . . . . .211.0 8.9 BGEO Group . . . . . . . .3308.0 -50.0 Close Brothers Gr . . . .1578.0 0.0 CYBG . . . . . . . . . . . . . . .296.8 -5.2 HSBC Holdings . . . . . . .728.1 -19.2 Lloyds Banking Gr . . . . .69.2 -0.5 Metro Bank . . . . . . . .3582.0 78.0 Royal Bank of Sco . . . .282.0 4.6 Standard Chartere . . .830.0 -1.4 TBC Bank Group . . . . .1660.0 4.0 Virgin Money Hold . . .269.6 0.5

312.6 212.2 235.2 178.9 3868.0 2805.0 1715.0 1316.0 340.3 260.0 796.0 620.8 73.1 62.2 3834.0 3212.0 302.4 224.7 850.0 685.9 1818.0 1390.0 342.0 258.2

BEVERAGES Barr (A.G.) . . . . . . . . . .639.0 1.0 Britvic . . . . . . . . . . . . . .690.5 -5.0 Coca-Cola HBC AG . . .2452.0 -23.0 Diageo . . . . . . . . . . . .2467.5 -29.0

670.0 820.0 2671.0 2725.0

518.0 630.5 1936.0 2201.5

CHEMICALS Croda Internation . . .4538.0 15.0 4597.0 3310.0 Elementis . . . . . . . . . . .282.2 3.0 317.1 259.1 Johnson Matthey . . . .3185.0 -25.0 3503.0 2727.0 Sirius Minerals . . . . . . . .25.0 0.0 35.0 17.3 Synthomer . . . . . . . . . .483.2 5.2 509.5 441.1

FTSE ALL SHARE

BATS UK 100

3992.40 15.03

12331.33 48.79

Price Chg High Low Victrex plc . . . . . . . . .2560.0 14.0 2730.0 1832.0

CONSTRUCTION & MATERIALS Balfour Beatty . . . . . . .270.3 CRH . . . . . . . . . . . . . . .2489.0 Galliford Try . . . . . . . . .874.5 Ibstock . . . . . . . . . . . . .259.6 Kier Group . . . . . . . . . .1061.0 Marshalls . . . . . . . . . . .405.2 Polypipe Group . . . . . .410.8

-3.1 -2.0 -1.5 -0.2 -14.0 -15.8 -1.0

307.6 253.5 2920.0 2380.0 1583.0 800.0 270.2 195.0 1503.0 955.5 480.2 288.7 436.5 332.2

ELECTRICITY Drax Group . . . . . . . . .230.0 -0.6 364.0 221.4 SSE . . . . . . . . . . . . . . . .1236.0 16.5 1551.0 1182.0

ELECTRONIC & ELECTRICAL EQ. Halma . . . . . . . . . . . . .1220.0 -4.0 Morgan Advanced M . .340.2 1.2 Renishaw . . . . . . . . . .4942.0 -58.0 Spectris . . . . . . . . . . . .2772.0 -33.0

1330.0 959.5 366.2 281.9 5775.0 3045.0 2834.0 2229.0

EQUITY INVESTMENT INSTRUM. Aberforth Smaller . . .1278.0 2.0 1386.0 1177.0 Alliance Trust . . . . . . . .729.0 -3.0 769.0 667.0 Bankers Inv Trust . . . .866.0 -3.0 923.0 733.5 British Empire Tr . . . . .707.0 -5.0 753.0 658.5 Caledonia Investm . .2690.0 -30.0 3008.0 2600.0 City of London In . . . .409.0 -1.0 443.0 402.0 Edinburgh Inv Tru . . . .635.0 -6.0 779.5 627.0 F&C Global Smalle . . .1325.0 0.0 1415.0 1250.0 Fidelity China Sp . . . . .247.5 -1.5 262.0 186.8 Fidelity European . . . . .221.5 -1.0 234.0 186.8 Finsbury Growth & . . .749.0 3.0 777.0 678.5 Foreign and Colon . . . .647.0 -3.0 672.0 555.5 GCP Infrastructur . . . . . .117.4 -1.8 133.0 116.6 Genesis Emerging . . . .714.0 -3.0 750.0 620.5 Greencoat UK Wind . . .120.6 -0.2 126.5 117.8 HarbourVest Globa . .1230.0 -10.0 1306.0 1199.0 Herald Investment . . .1160.0 -15.0 1210.0 915.5 HICL Infrastructu . . . . .146.0 0.3 174.6 141.1 International Pub . . . . .151.2 0.6 166.6 147.2 John Laing Infras . . . . .118.4 0.0 140.2 113.4 JPMorgan American . .396.0 -2.0 418.5 366.1 JPMorgan Emerging . .892.0 1.0 930.0 735.0 JPMorgan Indian I . . . .704.0 -4.0 785.0 661.5 Jupiter European . . . .743.0 2.0 794.0 566.0 Mercantile Invest . . . .2120.0 10.0 2210.0 1795.0 Monks Inv Trust . . . . . .792.0 1.0 825.0 607.0 Murray Internatio . . .1238.0 2.0 1307.0 1166.0 NB Global Floatin . . . . .92.8 -0.2 100.2 92.4 Perpetual Income . . . .351.0 -2.0 408.5 346.1 Pershing Square H . . .944.0 -7.0 1250.0 933.0 Personal Assets T . .39700.0 -50.0 41580.039500.0 Polar Capital Tec . . . . .1142.0 -12.0 1197.0 903.0 RIT Capital Partn . . . .1890.0 -24.0 2005.0 1815.0 Riverstone Energy . . .1174.0 2.0 1370.0 1162.0 Schroder Asia Pac . . . .460.0 -7.0 484.0 362.3 Scottish Inv Trus . . . . .820.0 -3.0 891.0 777.5 Scottish Mortgage . . . .467.6 -2.2 477.0 347.6 Sequoia Economic . . .106.0 -1.5 114.5 106.0 Syncona Limited N . . . .196.2 -2.0 215.5 141.5 Temple Bar Inv Tr . . .1268.0 -4.0 1335.0 1226.0 Templeton Emergin . .784.0 -3.0 825.0 643.0 The Renewables In . . .105.4 -0.2 112.2 101.4 TR Property Inv T . . . . .375.5 -1.0 405.0 300.0 Vietnam Enterpris . . . .472.0 -1.0 495.0 319.0 Witan Inv Trust . . . . .1052.0 -6.0 1108.0 939.5 Woodford Patient . . . . .74.7 -0.4 106.0 74.1 Worldwide Healthc . .2455.0 5.0 2679.0 2265.0

BATS UK 250

17950.00 34.94

Price Chg High Low Allied Minds . . . . . . . . .134.0 -6.8 418.0 116.0 Arrow Global Grou . . .350.0 0.0 470.5 292.5 Ashmore Group . . . . . .405.4 4.6 433.2 332.3 Brewin Dolphin Ho . . .348.6 1.2 393.0 301.7 Charles Taylor . . . . . . .276.0 -6.0 295.0 215.0 Charter Court Fin . . . . .305.0 0.0 336.0 228.8 City of London In . . . . .438.0 -0.5 450.0 360.0 CMC Markets . . . . . . . . .154.0 0.2 175.5 111.3 Coats Group . . . . . . . . . .73.3 -0.2 90.0 52.0 Hargreaves Lansdo . .1733.0 17.0 1928.0 1266.0 IG Group Holdings . . .800.5 -10.5 814.5 491.9 Intermediate Capi . . .1072.0 3.0 1178.0 700.5 International Per . . . . .190.0 -1.5 222.0 157.5 Investec . . . . . . . . . . . .629.8 1.8 632.4 461.4 IP Group . . . . . . . . . . . .110.6 -2.6 170.6 108.4 John Laing Group . . . .273.0 -0.6 317.8 252.0 Jupiter Fund Mana . . .532.0 -15.2 631.4 411.3 Liontrust Asset M . . . .558.0 -10.0 610.0 380.9 LMS Capital . . . . . . . . . .48.8 0.0 57.1 41.3 London Finance & . . . .44.5 0.0 46.0 43.5 London Stock Exch . .4085.0 16.0 4085.0 3014.0 Man Group . . . . . . . . . .186.6 0.1 217.7 141.2 OneSavings Bank . . . .401.6 3.0 470.3 360.2 Paragon Banking G . . .487.0 2.0 512.0 403.9 Provident Financi . . . .657.0 -13.0 3265.0 589.5 Rathbone Brothers . .2750.0 14.0 2800.0 2250.0 Real Estate Credi . . . . .166.5 -1.0 175.0 159.9 Record . . . . . . . . . . . . . . .47.9 -0.1 52.5 38.1 S&U . . . . . . . . . . . . . . .2230.0 -10.0 2420.0 1883.5 Sanne Group . . . . . . . .606.0 -1.0 830.0 579.0 Schroders . . . . . . . . . .3455.0 -25.0 3773.0 3008.0 TP ICAP . . . . . . . . . . . . .540.0 -2.4 553.6 444.8 VPC Specialty Len . . . . .78.0 -0.6 83.0 74.3 Walker Crips Grou . . . . .38.0 0.0 48.5 37.0 Xafinity . . . . . . . . . . . . .180.0 -4.0 194.0 152.3

FIXED LINE TELECOMS BT Group . . . . . . . . . . . .232.4 -0.2 342.5 225.6 TalkTalk Telecom . . . . . .97.7 3.2 218.0 88.6 Telecom Plus . . . . . . .1228.0 16.0 1321.0 1069.0

FOOD & DRUG RETAILERS Booker Group . . . . . . .223.9 Greggs . . . . . . . . . . . .1304.0 Morrison (Wm) Sup . . .223.1 Ocado Group . . . . . . . . .511.2 Sainsbury (J) . . . . . . . .255.1 SSP Group . . . . . . . . . .633.0 Tesco . . . . . . . . . . . . . . .206.3 UDG Healthcare Pu . . .833.0

-2.1 -8.0 1.2 5.0 -0.2 1.5 -1.0 -1.0

233.2 1399.0 252.9 531.2 281.7 687.5 214.4 959.0

182.7 978.0 207.0 238.5 224.8 404.0 166.5 667.5

FOOD PRODUCERS Associated Britis . . . .2655.0 -2.0 Cranswick . . . . . . . . . .3074.0 -26.0 Dairy Crest Group . . . .568.5 -4.5 Greencore Group . . . . .176.4 -5.7 Purecircle Limite . . . . .441.0 1.0 Tate & Lyle . . . . . . . . . .555.8 -0.4 Unilever . . . . . . . . . . .3738.5 8.0

3371.0 2484.0 3337.0 2310.0 652.5 545.5 262.8 172.5 517.0 276.0 795.0 545.0 4548.5 3687.5

FORESTRY & PAPER Mondi . . . . . . . . . . . . .1892.5 -34.0 2130.0 1693.0

GAS, WATER & MULTIUTILITIES Centrica . . . . . . . . . . . . .142.2 National Grid . . . . . . . .751.0 Pennon Group . . . . . . .619.6 Severn Trent . . . . . . . .1710.0 United Utilities . . . . . .664.0

10.0 4.4 7.0 -4.5 1.8

233.7 1091.0 944.0 2553.0 1056.0

DOW JONES

124.1 736.8 605.6 1678.0 651.6

FINANCIAL SERVICES

GENERAL INDUSTRIALS

3i Group . . . . . . . . . . . .936.8 6.6 969.5 687.5 3i Infrastructure . . . . . .197.4 -1.4 214.5 187.7

RPC Group . . . . . . . . . .829.2 -5.8 993.0 720.5 Smith (DS) . . . . . . . . . .490.6 -4.0 558.5 418.8 Smiths Group . . . . . . .1589.5 -13.0 1685.0 1444.0

24962.48 164.70

Price Chg High Low Smurfit Kappa Gro . .2596.0 -20.0 2640.0 1962.0 Vesuvius . . . . . . . . . . .589.0 -10.5 619.5 444.9

GENERAL RETAILERS Auto Trader Group . . . .357.1 -6.4 B&M European Valu . .425.6 -8.3 Brown (N.) Group . . . .200.0 -0.8 Card Factory . . . . . . . . .198.5 2.1 Dignity . . . . . . . . . . . . .779.5 18.0 Dixons Carphone . . . . .194.1 -0.9 Dunelm Group . . . . . . .565.5 -3.5 Halfords Group . . . . . .346.6 5.0 Inchcape . . . . . . . . . . . .697.0 -11.0 JD Sports Fashion . . . .388.7 1.8 Just Eat . . . . . . . . . . . . .877.6 -1.2 Kingfisher . . . . . . . . . . .353.6 -7.0 Marks & Spencer G . . .297.6 -1.0 Next . . . . . . . . . . . . . .4950.0 -33.0 Pets at Home Grou . . . .171.9 1.3 Saga . . . . . . . . . . . . . . . .117.0 0.2 Sports Direct Int . . . . . .376.6 0.8 Ted Baker . . . . . . . . . .3016.0 8.0 WH Smith . . . . . . . . .2060.0 -4.0

435.9 319.0 434.8 293.4 357.8 189.0 355.0 185.9 2767.0 747.0 342.0 149.1 753.5 545.0 375.0 307.4 880.5 688.5 456.0 303.3 890.0 496.0 368.1 288.0 395.5 286.1 5320.0 3617.0 219.5 154.9 215.3 111.7 419.5 284.5 3118.0 2320.0 2347.0 1662.0

HEALTH CARE EQUIPMETN & S. Assura . . . . . . . . . . . . . .58.0 -0.3 66.7 56.5 Convatec Group . . . . . .211.6 0.6 344.0 182.0 Mediclinic Intern . . . . .606.0 1.0 887.0 507.5

S&P 500

/€ 1.1319

0.0008 €/$ 1.2329

0.0052

7210.09 8.14

2703.96 2.63

/$ 1.3958

0.0051 €/£ 0.8833

0.0008

/¥ 148.98

0.8674 €/¥ 131.61

0.6643

INDUSTRIAL METALS & MINING Evraz . . . . . . . . . . . . . . .433.6 6.0 434.9 173.2 Ferrexpo . . . . . . . . . . . .305.1 0.9 323.2 137.2

INDUSTRIAL TRANSPORTATION 368.8 3250.0 1761.0 563.0 303.2

292.5 2419.0 1356.0 369.9 188.0

NON LIFE INSURANCE Admiral Group . . . . . .1919.5 22.5 Beazley . . . . . . . . . . . . .543.0 -4.0 Direct Line Insur . . . . .390.9 1.0 esure Group . . . . . . . . .232.2 0.2 Hastings Group Ho . . .303.2 3.2 Hiscox Limited (D . . .1390.0 -1.0 Jardine Lloyd Tho . . . .1316.0 16.0 Lancashire Holdin . . . .572.5 -20.5 RSA Insurance Gro . . . .632.6 19.6

2178.0 1784.0 560.5 423.5 411.3 333.8 303.0 207.5 325.0 228.3 1470.0 1065.0 1448.0 1016.0 759.5 554.0 666.5 570.5

Risers

% 14.1 7.5 5.3 5.0 4.4 3.6 3.5 3.4 3.2 3.2

Aviva . . . . . . . . . . . . . .504.2 1.6 544.0 486.5

Fallers Moneysupermarket.c . . . . . . . .283.6 Acacia Mining . . . . . . . . . . . . . . .141.2 CLS Holdings . . . . . . . . . . . . . . . .211.0 Hikma Pharmaceutic . . . . . . . .898.0 Hays . . . . . . . . . . . . . . . . . . . . . .195.4 Fisher (James) & S . . . . . . . . . .1392.0 Marshalls . . . . . . . . . . . . . . . . . .405.2 Lancashire Holding . . . . . . . . . .572.5 Inmarsat . . . . . . . . . . . . . . . . . .444.0 Greencore Group . . . . . . . . . . . .176.4

Price Chg High Low NMC Health . . . . . . . . .3510.0 110.0 3518.0 1741.0 Smith & Nephew . . . .1270.0 -2.0 1431.0 1201.0 Spire Healthcare . . . . .241.0 -5.6 361.0 219.2

HHOLD GDS & HOME CONSTR. Barratt Developme . . .551.8 -15.6 Bellway . . . . . . . . . . . .3121.0 -30.0 Berkeley Group Ho . .3856.0 -33.0 Bovis Homes Group . .1082.0 -4.0 Countryside Prope . . . .314.2 -4.0 Crest Nicholson H . . . .486.0 -4.6 McCarthy & Stone . . . . .135.4 0.3 Persimmon . . . . . . . .2456.0 -28.0 Reckitt Benckiser . . .5869.0 0.0 Redrow . . . . . . . . . . . . .585.0 -15.0 Taylor Wimpey . . . . . . .190.1 -1.3

700.0 509.0 3792.0 2553.0 4240.0 2881.0 1213.0 764.5 371.5 223.9 636.5 474.0 196.9 132.8 2890.0 2010.0 8108.0 5840.0 664.5 481.3 211.2 174.9

INDUSTRIAL ENGINEERING Bodycote . . . . . . . . . . . .915.5 -14.0 1006.0 705.0 Fenner . . . . . . . . . . . . .464.4 -11.2 503.5 277.3 Hill & Smith Hold . . . . .1211.0 3.0 1475.0 1096.0 IMI . . . . . . . . . . . . . . . .1260.0 -4.0 1443.0 1121.0 Melrose Industrie . . . .226.3 -0.4 261.2 198.8 RHI Magnesita N.V . .4405.0 -65.0 4605.0 3249.0

Price Chg High Low Rightmove . . . . . . . . .4310.0 -52.0 4573.0 3889.0 Sky . . . . . . . . . . . . . . .1098.0 -2.0 1106.0 900.0 STV Group . . . . . . . . . .360.0 4.5 389.8 306.0 Tarsus Group . . . . . . . .309.0 -4.0 335.0 273.3 Trinity Mirror . . . . . . . . .75.7 0.5 121.0 66.1 UBM . . . . . . . . . . . . . . .902.0 -0.5 908.0 645.0 WPP . . . . . . . . . . . . . . .1361.0 -18.5 1921.0 1227.0 ZPG Plc . . . . . . . . . . . . .336.6 -5.8 394.0 321.7

MINING Acacia Mining . . . . . . . .141.2 -10.1 Anglo American . . . .1800.0 3.4 Antofagasta . . . . . . . . .902.2 0.2 BHP Billiton . . . . . . . . .1521.2 27.2 Centamin (DI) . . . . . . . .154.3 0.1 Fresnillo . . . . . . . . . . .1326.0 -6.0 Glencore . . . . . . . . . . . .402.3 -2.3 Hochschild Mining . . . .210.0 0.1 Kaz Minerals . . . . . . . . .822.2 6.6 Polymetal Interna . . . .770.0 -12.4 Randgold Resource . .6130.0 -44.0 Rio Tinto . . . . . . . . . .4023.0 7.0 Vedanta Resources . . .757.4 12.0

541.0 135.0 1806.0 959.4 1061.0 748.0 1660.0 1117.0 190.5 131.8 1725.0 1232.0 415.0 276.6 331.6 203.7 965.8 430.5 1095.0 744.4 8190.0 6018.0 4172.5 2910.0 963.0 575.0

MOBILE TELECOMS Inmarsat . . . . . . . . . . .444.0 -15.0 850.5 426.1 Vodafone Group . . . . .201.9 -0.6 238.0 198.8

LIFE INSURANCE

MAIN CHANGES UK 350 Go-Ahead Group . . . . . . . . . . .1527.0 Centrica . . . . . . . . . . . . . . . . . . .142.2 AA . . . . . . . . . . . . . . . . . . . . . . . .88.0 Capita . . . . . . . . . . . . . . . . . . . . .179.8 Barclays . . . . . . . . . . . . . . . . . . . .211.0 Aveva Group . . . . . . . . . . . . . .2944.0 Stagecoach Group . . . . . . . . . . .137.8 TalkTalk Telecom G . . . . . . . . . . .97.7 NMC Health . . . . . . . . . . . . . . .3510.0 RSA Insurance Grou . . . . . . . . .632.6

% -13.8 -6.7 -6.6 -5.5 -4.5 -4.0 -3.8 -3.5 -3.3 -3.1

Price Chg High Low Just Group . . . . . . . . . .144.6 Legal & General G . . . .260.2 Old Mutual . . . . . . . . . .252.5 Phoenix Group Hol . . .759.5 Prudential . . . . . . . . . .1843.5 St James's Place . . . . .1143.5 Standard Life Abe . . . .385.7

0.8 -0.4 -0.2 -0.5 -9.5 1.0 4.7

170.4 121.5 277.4 245.0 253.5 188.0 798.5 724.0 1981.0 1607.5 1270.5 1030.0 447.1 351.1

MEDIA 4Imprint Group . . . . .1930.0 -10.0 Ascential . . . . . . . . . . . .370.8 -5.2 Bloomsbury Publis . . .164.3 -2.0 Centaur Media . . . . . . . .51.5 0.9 Entertainment One . . .294.6 2.2 Euromoney Institu . . .1198.0 0.0 Gocompare.com Gro . .113.4 -3.0 Haynes Publishing . . .214.0 0.0 Huntsworth . . . . . . . . . .77.0 0.0 Informa . . . . . . . . . . . . .687.4 -3.6 ITE Group . . . . . . . . . . .165.4 -1.2 ITV . . . . . . . . . . . . . . . . .170.9 -1.4 Johnston Press . . . . . . . .10.4 0.0 Moneysupermarket. . .283.6 -45.2 Pearson . . . . . . . . . . . .704.8 3.4 Relx plc . . . . . . . . . . . .1518.0 -4.5

2020.0 391.0 190.0 56.8 329.4 1305.0 118.0 227.0 84.0 761.0 195.3 219.6 27.6 366.5 750.0 1782.0

1550.0 295.0 157.3 40.5 216.0 1027.0 86.0 152.5 40.8 629.5 152.0 146.9 9.5 241.4 566.5 1455.0

OIL & GAS PRODUCERS BP . . . . . . . . . . . . . . . . .473.9 Cairn Energy . . . . . . . . .190.2 Royal Dutch Shell . . .2264.0 Royal Dutch Shell . . . .2291.5 Tullow Oil . . . . . . . . . . .186.7

1.7 3.4 6.0 8.0 5.7

534.8 439.8 236.2 167.5 2573.5 1992.5 2609.0 2052.5 238.9 145.6

OIL EQUIPMENT & SERVICES Hunting . . . . . . . . . . . .618.0 11.5 658.5 382.6 Petrofac Ltd. . . . . . . . . .427.8 11.3 941.0 349.0 Wood Group (John) . .633.0 18.0 828.5 560.0

PERSONAL GOODS Burberry Group . . . . .1552.5 -13.0 1985.0 1498.0 PZ Cussons . . . . . . . . . .280.6 0.6 363.7 274.2 Superdry . . . . . . . . . .1790.0 5.0 2076.0 1446.0

PHARMACEUTICALS & BIOTECH AstraZeneca . . . . . . . .4772.0 -27.5 BTG . . . . . . . . . . . . . . . .671.0 -6.5 Dechra Pharmaceut .2310.0 52.0 Genus . . . . . . . . . . . . .2234.0 -30.0 GlaxoSmithKline . . . .1303.0 -21.6 Hikma Pharmaceuti . .898.0 -52.0 Indivior . . . . . . . . . . . .394.0 5.0 Shire Plc . . . . . . . . . . .3037.0 45.0 Vectura Group . . . . . . . .75.4 1.1

5508.0 4325.0 779.0 563.5 2400.0 1538.0 2573.0 1695.0 1722.0 1242.8 2297.0 855.6 419.5 267.6 5036.0 2970.5 163.0 74.0

REAL ESTATE INVEST. & SERV.

AB INBEV .........................................................85.74 ADIDAS N.......................................................180.50 AIR LIQUIDE ...................................................102.95 AIRBUS.............................................................97.70 ALLIANZ..........................................................192.42 ASML HLDG .....................................................157.55 AXA...................................................................25.61 BANCO SANTANDER..........................................5.66 BASF N ..............................................................88.11 BAYER N ..........................................................98.44 BBVA..................................................................6.97 BMW.................................................................87.22 BNP PARIBAS BR-A .........................................65.10 CRH PLC.............................................................0.00 DAIMLER N ......................................................70.04 DANONE ..........................................................65.29 DEUTSCHE BANK N...........................................13.45 DEUTSCHE POST N............................................37.36 DEUTSCHE TELEKOM N .....................................12.97 E.ON N................................................................8.37 ENEL N ...............................................................4.72 ENGIE................................................................12.82 ENI N ................................................................13.68 ESSILOR INTL..................................................109.80 FRESENIUS ......................................................63.66 IBERDROLA .......................................................6.00 INDITEX ...........................................................26.90 ING GROUP.......................................................14.72 INTESA SANPAOLO N.........................................3.06 KON AH DEL BR ................................................17.64 L'OREAL ..........................................................175.45 LVMH .............................................................245.05 MUENCHENER RUECKV N ...............................182.75 NOKIA................................................................4.68 ORANGE ............................................................13.81 ROY.PHILIPS .....................................................31.62 SAFRAN............................................................90.10 SAINT-GOBAIN.................................................44.10 SANOFI............................................................64.89 SAP I................................................................84.50 SCHNEIDER E.SE ..............................................72.08 SIEMENS N......................................................110.54 SOCIETE GENERALE .........................................46.68 TELEFONICA........................................................7.93 TOTAL...............................................................46.88 UNIBAIL-RODAMCO........................................190.55 UNILEVER CERT ................................................43.16 VINCI................................................................82.54 VIVENDI...........................................................20.96 VOLKSWAGEN VZ I .........................................163.92

Chg High Low 2.1 609.5 456.0 0.1 145.6 116.3 1.8 294.0 194.7 4.2 1208.5 917.0 -0.9 188.4 151.2 0.9 40.5 33.9 1.6 591.2 448.0 0.5 1055.0 900.0 -1.1 151.4 138.7 -6.5 813.0 621.5 1.5 1035.0 758.5

SOFTWARE & COMPUTER SERV. Aveva Group . . . . . . .2944.0 102.0 Computacenter . . . . .1096.0 -26.0 FDM Group (Holdin . . .861.0 -9.0 Fidessa Group . . . . . .3830.0 80.0 Micro Focus Inter . . . .2067.0 2.0 Playtech . . . . . . . . . . . .751.8 -22.6 Sage Group . . . . . . . . .698.2 -7.8 Softcat . . . . . . . . . . . . . .571.0 -6.0 Sophos Group . . . . . . . .517.0 3.5

SUPPORT SERVICES AA . . . . . . . . . . . . . . . . . .88.0 4.4 Aggreko . . . . . . . . . . . .768.4 6.8 Ashtead Group . . . . .2050.0 -33.0 Babcock Internati . . . .656.8 14.8 BCA Marketplace . . . . .167.6 4.8 Bunzl . . . . . . . . . . . . .1990.0 -5.0 Capita . . . . . . . . . . . . . .179.8 8.6 DCC . . . . . . . . . . . . . . .6660.0 -10.0 Diploma . . . . . . . . . . . .1117.0 21.0 Electrocomponents . . .637.0 -3.8 Equiniti Group . . . . . . .288.0 -1.5 Essentra . . . . . . . . . . . .469.8 -1.8 Experian . . . . . . . . . . .1563.5 -13.0 Ferguson . . . . . . . . . .5286.0 12.0 G4S . . . . . . . . . . . . . . . .260.3 -2.5 Grafton Group Uni . . . .803.5 12.5 Hays . . . . . . . . . . . . . . .195.4 -9.2 Homeserve . . . . . . . . . .738.5 -2.5 Howden Joinery Gr . . .460.7 -3.5 Intertek Group . . . . . .4939.0 -73.0 Mitie Group . . . . . . . . . .162.7 4.9 Pagegroup . . . . . . . . . .537.0 -1.5 Renewi . . . . . . . . . . . . . .93.5 0.5 Rentokil Initial . . . . . . .293.4 -2.0 Serco Group . . . . . . . . . .93.1 2.1 SIG . . . . . . . . . . . . . . . . .150.0 -2.2 Travis Perkins . . . . . . .1432.5 26.0

324.8 253.1 1989.0 190.2 7005.0 5650.0 151.8 134.5 299.8 244.0 366.2 278.0 520.0 366.0 1034.0 840.0 426.0 317.6 92.5 81.5

272.6 82.5 1064.0 751.6 2152.0 1542.0 969.5 626.2 227.0 160.1 2465.0 1941.0 705.5 158.6 7755.0 6590.0 1247.0 1019.0 709.0 471.1 310.9 174.8 581.5 465.4 1705.0 1446.0 5702.0 4460.0 341.1 248.8 841.0 607.0 205.0 147.2 867.0 523.0 475.7 399.5 5425.0 3445.0 297.2 150.9 560.0 417.0 108.2 80.0 335.8 233.8 123.1 83.6 182.0 106.0 1696.0 1396.0

TOBACCO British American . . .4354.5 -95.5 5643.0 4193.5 Imperial Brands . . . .2609.5 -56.5 3933.5 2569.0

REAL ESTATE INVEST. TRUSTS -17.5 -1.2 -4.0 0.0

869.5 707.5 691.5 590.5 3118.0 2580.0 703.7 587.5

888 Holdings . . . . . . . .285.8 2.2 Carnival . . . . . . . . . . .4839.0 -84.0 Cineworld Group . . . . .233.8 -7.0 Compass Group . . . . .1540.5 -12.5 Domino's Pizza Gr . . . .329.3 -5.9 easyJet . . . . . . . . . . . .1684.5 -11.5 FirstGroup . . . . . . . . . . .83.7 -0.8 Go-Ahead Group . . . .1527.0 189.0 Greene King . . . . . . . . .516.4 9.0 GVC Holdings . . . . . . . .921.0 -1.5 InterContinental . . . .4667.0 -19.0 International Con . . . .622.6 5.8 Ladbrokes Coral G . . . .168.0 -0.4 Marston's . . . . . . . . . . .102.9 -0.2 Merlin Entertainm . . . .341.2 -7.9 Millennium & Copt . . .535.0 2.0

Price Chg High Low Mitchells & Butle . . . . .238.0 -1.0 283.1 221.0 National Express . . . .346.4 1.8 386.8 337.2 Paddy Power Betfa . .8475.0 -25.0 8900.0 6665.0 Rank Group . . . . . . . . .222.5 0.0 248.5 205.9 Stagecoach Group . . . .137.8 4.6 216.7 132.4 Thomas Cook Group . .124.4 -0.6 129.5 84.1 TUI AG Reg Shs (D . . .1545.0 -34.0 1640.5 1068.0 Wetherspoon (J.D. . . .1213.0 -13.0 1315.0 929.5 Whitbread . . . . . . . . .3933.0 -2.0 4307.0 3512.0 William Hill . . . . . . . . . .331.1 -3.1 338.0 240.0 Wizz Air Holdings . . .3366.0 47.0 3716.0 1615.0

AIM 50 3054.0 1879.0 1192.0 715.0 1031.0 645.0 3925.0 2041.0 2871.6 2006.0 1016.0 670.0 821.4 615.5 579.0 319.4 669.5 263.5

TRAVEL & LEISURE

Capital & Countie . . . . .271.5 -0.7 CLS Holdings . . . . . . . . .211.0 -15.0 Daejan Holdings . . . .5750.0 -50.0 F&C Commercial Pr . . .140.0 -2.2 Grainger . . . . . . . . . . . .276.4 -2.2 NewRiver REIT . . . . . . .313.0 -1.5 Safestore Holding . . . .502.0 -3.0 Savills . . . . . . . . . . . . . .987.5 -2.0 St. Modwen Proper . . .396.8 10.4 UK Commercial Pro . . . .86.2 -0.8 Big Yellow Group . . . . .818.0 British Land Comp . . . .637.8 Derwent London . . . .2848.0 Great Portland Es . . . .636.0

Price Hammerson . . . . . . . .469.8 Hansteen Holdings . . .135.6 Intu Properties . . . . . . .215.0 Land Securities G . . . . .937.3 LondonMetric Prop . . .174.6 RDI Reit . . . . . . . . . . . . .35.0 SEGRO . . . . . . . . . . . . . .584.2 Shaftesbury . . . . . . . . .968.5 Tritax Big Box Re . . . . .141.2 Unite Group . . . . . . . . .775.0 Workspace Group . . . .961.5

EU SHARES Price

300.5 229.3 5380.0 4285.0 327.3 214.0 1760.2 1425.0 394.0 263.4 1696.0 914.5 153.0 81.7 2285.0 1338.0 766.0 500.6 982.0 677.0 4928.0 3668.0 670.0 504.5 188.0 111.3 146.1 101.4 537.0 318.4 625.5 424.4

Abcam . . . . . . . . . . . .1282.0 2.0 1289.0 806.0 Advanced Medical . . .325.0 10.5 350.0 212.0 ASOS . . . . . . . . . . . . . .7414.0 -66.0 7530.0 5329.0 Blue Prism Group . . .1586.0 26.0 1654.0 436.0 Brooks Macdonald . .2005.0 -5.0 2582.0 1810.0 Camellia . . . . . . . . . .12250.0 125.013600.010070.0 CareTech Holding . . . .395.0 -4.5 454.8 346.0 CityFibre Infrast . . . . . . .43.9 0.2 70.0 39.5 Clinigen Group . . . . . .1054.0 2.0 1177.0 758.0 Conviviality . . . . . . . . .286.0 -3.0 426.3 263.5 CVS Group . . . . . . . . . .1121.0 -7.0 1490.0 855.0 Dart Group . . . . . . . . . .794.0 -4.0 807.0 486.3 EMIS Group . . . . . . . . . .761.0 -2.0 1017.0 705.0 Faroe Petroleum . . . . . .101.8 -0.2 114.4 75.5 Fevertree Drinks . . . .2530.0 -13.0 2543.0 1395.0 First Derivatives . . . .3820.0 -30.0 4380.0 2288.0 Frontier Developm . .1250.0 -50.0 1510.0 281.5 Gamma Communicati 680.0 -2.0 704.0 463.0 GB Group . . . . . . . . . . .395.0 0.0 455.0 277.5 Gooch & Housego . . .1430.0 7.5 1539.0 1165.0 Hurricane Energy . . . . . .31.0 -0.7 67.0 24.0 Iomart Group . . . . . . . .383.5 -6.5 410.0 285.5 IQE . . . . . . . . . . . . . . . . .123.5 7.5 178.8 46.0 James Halstead . . . . . .425.0 -5.0 542.0 415.0 Johnson Service G . . . .133.0 -3.6 151.0 108.3 Keywords Studios . . .1538.0 0.0 1661.0 580.0 Learning Technolo . . . . .81.8 -1.8 84.7 40.0 M&C Saatchi . . . . . . . . .385.0 -9.0 405.0 292.0 M. P. Evans Group . . . . .751.0 -3.0 819.8 685.0 Midwich Group . . . . . .600.0 2.5 640.0 303.5 Mulberry Group . . . . . .954.0 -36.0 1149.0 922.0 Next Fifteen Comm . . .445.0 -5.0 459.0 370.0 Nichols . . . . . . . . . . . .1472.5 -37.5 1958.0 1420.0 Numis Corporation . . . .331.5 -3.5 339.0 231.3 Pan African Resou . . . . . .7.9 -0.4 17.3 7.8 Patisserie Holdin . . . . .350.0 -3.5 400.5 300.5 Polar Capital Hol . . . . .487.0 11.0 558.0 329.3 Purplebricks Grou . . . .424.8 3.6 514.5 226.0 Redde . . . . . . . . . . . . . .167.6 0.6 182.0 144.3 Renew Holdings . . . . .407.0 -13.0 485.0 364.5 RWS Holdings . . . . . . .452.0 5.0 539.0 310.0 Scapa Group . . . . . . . . .497.0 -1.0 515.5 351.0 Secure Income Rei . . .355.0 2.0 380.0 326.5 Smart Metering Sy . . .700.0 -3.0 874.5 479.5 Sound Energy . . . . . . . .44.9 -0.0 93.0 39.8 Staffline Group . . . . . .952.0 -10.0 1450.0 913.0 Telford Homes . . . . . . .397.5 -0.5 444.5 340.8 Thorpe (F.W.) . . . . . . . .341.0 0.0 396.5 307.5 Watkin Jones . . . . . . . .201.0 1.0 249.0 141.8 Young & Co's Brew . . .1397.5 15.0 1440.0 1300.0 Young & Co's Brew . . .1130.0 0.0 1145.0 995.0

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US SHARES

Chg

High

Low

Price

Chg

High

Low

0.07 -0.25 0.95 0.04 0.08 -1.80 0.16 0.01 0.62 0.01 0.00 0.45 0.15 0.00 -0.30 0.58 -0.13 -0.12 -0.32 0.17 0.02 0.12 -0.03 -0.10 0.30 0.10 -0.13 0.01 -0.04 0.01 1.05 -1.65 -1.10 -0.01 0.12 0.26 -0.20 -0.28 0.19 0.00 -0.26 -0.58 0.28 0.29 0.06 1.15 -0.18 -0.36 0.02 0.36

110.10 202.10 111.60 98.00 206.85 169.20 27.69 6.20 98.80 123.90 7.93 97.50 69.17 34.87 76.48 72.13 17.69 41.36 17.53 10.81 5.59 15.16 15.45 122.15 80.07 6.99 36.90 16.69 3.23 20.88 197.15 260.55 199.00 5.96 15.80 36.12 92.36 52.40 92.97 100.70 76.34 133.50 52.26 10.63 48.75 238.15 52.31 88.80 24.87 192.46

82.03 150.90 91.64 65.60 162.60 112.40 21.88 4.89 78.97 94.72 6.01 77.07 53.96 26.53 59.01 59.17 12.37 30.52 12.74 6.70 3.95 11.16 12.94 100.60 60.15 5.80 25.97 12.81 2.06 14.72 170.30 188.35 166.60 3.81 13.32 27.67 64.60 42.05 63.09 82.19 63.36 106.40 40.66 7.45 41.11 184.40 42.52 67.01 15.96 124.75

3M .................................................................236.00 ABBVIE............................................................117.56 ACCENTURE-A................................................160.32 ALPHAB NON VTG RG-C...............................1106.63 ALPHABET RG-A ..........................................1109.90 ALTRIA GROUP................................................63.34 AMAZON.COM ..............................................1485.34 AMERICAN EXPRESS........................................97.35 AMGEN...........................................................182.45 APPLE.............................................................172.50 AT&T ................................................................36.47 BANK OF AMERICA ..........................................31.69 BERKSHIRE HATH RG-B ................................200.73 BOEING CO.....................................................355.92 CATERPILLAR .................................................158.86 CHEVRON.......................................................109.89 CISCO SYSTEMS ...............................................42.94 CITIGROUP.......................................................76.27 COCA-COLA CO.................................................43.52 COMCAST-A .....................................................38.80 DOWDUPONT...................................................71.93 EXXON MOBIL..................................................75.86 FACEBOOK-A..................................................178.99 GENERAL ELECTRIC..........................................14.62 GOLDMAN SACHS GR .....................................261.43 HOME DEPOT..................................................185.47 IBM..................................................................153.18 INTEL...............................................................45.80 JOHNSON & JOHNSO......................................129.91 JPMORGAN CHASE .........................................114.98 MASTERCARD RG-A .......................................172.95 MCDONALD'S.................................................160.66 MERCK .............................................................54.57 MICROSOFT ......................................................91.73 NETFLIX ..........................................................278.14 NIKE -B- ...........................................................67.13 NVIDIA............................................................242.15 ORACLE............................................................49.59 PEPSICO...........................................................118.61 PFIZER..............................................................35.74 PHILIP MRRS INT ...........................................102.98 PROCTER&GAMBLE.........................................80.84 TRAVELERS COS..............................................137.64 TWITTER............................................................32.11 UNITEDHEALTH GRO......................................227.09 UTD TECHS .....................................................133.58 VERIZON COMM ...............................................47.87 VISA RG-A......................................................120.38 WALMART........................................................92.77 WALT DISNEY RG-DIS....................................105.24 WELLS FARGO..................................................58.81

3.82 -0.35 -0.14 -4.71 -3.85 -0.59 2.42 -0.15 0.02 1.43 0.16 -0.18 -0.29 3.55 3.63 0.83 -0.37 -0.73 0.18 -0.21 0.97 0.97 1.08 0.13 -1.97 2.41 -0.78 -0.14 0.00 -0.21 0.63 2.02 0.02 0.24 -2.90 0.08 0.64 0.16 0.56 -0.02 -0.74 0.60 -0.90 -1.27 1.96 4.32 -0.09 -0.05 1.25 0.19 -0.92

259.77 125.86 163.76 1186.89 1198.00 77.79 1503.49 102.39 201.23 180.10 42.70 32.67 217.62 361.45 173.24 133.88 45.13 80.70 48.62 44.00 0.00 89.30 195.32 30.54 273.79 207.61 182.55 50.85 148.32 117.45 177.11 178.70 66.80 96.07 286.81 69.00 251.97 53.14 119.74 39.43 123.55 94.67 150.55 35.00 250.79 139.24 54.77 126.88 109.98 116.10 66.31

185.71 61.45 114.82 803.37 824.30 60.01 833.50 75.51 152.16 135.28 32.55 22.07 160.93 173.75 90.34 102.55 30.36 56.55 41.59 34.78 0.00 73.90 133.46 14.23 209.62 144.25 139.13 33.23 119.48 81.64 109.60 126.58 53.36 63.62 138.26 50.35 95.17 42.25 101.06 31.67 96.66 78.59 113.76 14.12 160.69 107.05 42.80 87.30 69.33 96.20 49.27

COMMODITIES

CREDIT & RATES

Gold............................................................1328.35 -2.15 Silver..............................................................16.47 0.03 Brent Crude ..................................................65.42 0.17 Krugerrand................................................1345.35 -4.05 Palladium..................................................1027.00 -3.00 Platinum ....................................................994.00 -8.00 Tin Cash Official ......................................21675.00 -155.00 Lead Cash Official ....................................2560.00 -9.00 Zinc Cash Official......................................3563.00 -27.00

Copper Cash Official ................................7002.00 -156.00 Aluminium Cash Official..........................2201.00 -37.50 Nickel Cash Official.................................13590.00 -10.00 Aluminium Alloy Cash Official ................1865.00 95.00 Cocoa Futures ...........................................2156.00 -16.00 Coffee 'C' Futures..........................................121.12 2.20 Feed Wheat Futures...................................139.20 3.75 Soybeans Futures Continuation Contract1031.40 -2.60

Price Chg %chg FTSE 100. . . . . . . . . . . . . . . . . . . . . 7252.39 -29.18 -0.40 FTSE 250 . . . . . . . . . . . . . . . . . . . 19736.06 -52.83 -0.27 FTSE All-Share . . . . . . . . . . . . . . . 3992.40 -15.03 -0.38 FTSE AIM All-Share. . . . . . . . . . . . 1040.09 -3.48 -0.33

Price Chg %chg S&P 500. . . . . . . . . . . . . . . . . . . . . 2703.96 2.63 0.10 Dow Jones I.A. . . . . . . . . . . . . . . 24962.48 164.70 0.66 Nasdaq Composite. . . . . . . . . . . . 7210.09 -8.14 -0.11 Xetra DAX . . . . . . . . . . . . . . . . . . . 12461.91 -8.58 -0.07

17

NASDAQ

Price Chg High Low Rotork . . . . . . . . . . . . . .290.1 1.1 304.2 223.5 Spirax-Sarco Engi . . .5625.0 25.0 5920.0 4371.0 Weir Group . . . . . . . . .2027.0 7.0 2305.0 1727.0

BBA Aviation . . . . . . . .343.0 -0.6 Clarkson . . . . . . . . . . .3200.0 -10.0 Fisher (James) & . . . .1392.0 -58.0 Royal Mail . . . . . . . . . .562.0 -1.0 Stobart Group Ltd . . . .255.5 5.5

MARKETS

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 ............................-0.443 LIBOR Euro - 12 months ...........................-0.259 LIBOR USD - overnight................................1.445 LIBOR USD - 12 months ..............................2.426 Halifax mortgage rate...............................3.990

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00

Euro Base Rate ..........................................0.000 Finance house base rate............................1.000 US Fed funds..................................................1.41 US long bond yield .......................................3.21 Euro Euribor..............................................-0.379 The vix index...............................................18.72 The baltic dry index................................1146.00 Markit iBoxx EUR ......................................227.78 Markit iBoxx GBP ......................................318.50 Markit iTraxx...............................................69.48

0.00 0.00 0.00 -0.01 0.00 -1.30 29.00 0.01 0.04 -0.78

WORLD INDICES Price Chg %chg CAC 40 . . . . . . . . . . . . . . . . . . . . . . 5309.23 7.06 0.13 Swiss Market Index . . . . . . . . . . . 8967.43 -21.56 -0.24 ISEQ Overall Index . . . . . . . . . . . . 6772.76 -18.58 -0.27 FTSEurofirst 300. . . . . . . . . . . . . . . 1491.25 -0.20 -0.01

Price Chg %chg Hang Seng . . . . . . . . . . . . . . . . . 30965.68 -466.21 -1.48 Shanghai Composite . . . . . . . . . . 3268.56 69.40 2.17 Straits Times. . . . . . . . . . . . . . . . . 3488.46 -27.77 -0.79 ASX All Ordinaries . . . . . . . . . . . . 6057.70 12.10 0.20


18

OPINION

FRIDAY 23 FEBRUARY 2018

CITYAM.COM

FORUM EDITED BY RACHEL CUNLIFFE

There can be no more excuses for Venezuela’s socialist horror show

W

HAT do you do if you are a tyrannical leader who has run your country’s economy into the ground, devalued its currency to the point where you can barely afford the paper that banknotes are printed on, and face fierce public and political opposition? If you are President Nicolas Maduro of Venezuela, the answer is simple: you try to force snap elections to root out anyone who resists, and, to show you’re a forward-thinking leader, launch your own national cryptocurrency. To understand what’s happened in Venezuela this week, here’s some context. Maduro has run the country since taking over from far-left poster boy Hugo Chavez in 2013, overseeing the nation’s sharp spiral from an oil-rich emerging economy to a textbook socialist dystopia. Government policies have included: state control and seizure of private companies and assets (hamstringing enterprise and investment), price-fixing on staple goods (leading to mass shortages of everything from flour to toilet paper), excessive money printing (with the result that inflation is expected to hit 13,000 per cent this year), and capital controls that make importing prohibitively expensive (exacerbating shortages). The tightening grip of the state over the economy has been matched by an equally draconian crackdown on political dissent. Against a backdrop of violent protests, Maduro has attempted to extend his domination over any institution that might hold a demo-

cratic leader in check. He’s handpicked judges for the Supreme Court who annulled the election of parliamentarians that could have allowed opponents to impeach him, arrested opposition leaders in midnight raids, and announced a brand new “constitutional assembly”, stacked with cronies (including his own wife) with the power to override the legislature. This new assembly voted last month that a presidential election should be held at the end of April, giving Maduro the chance at another six years. The Supreme Court promptly ruled that the major opposition parties would not be permitted to field candidates. All of which brings us to this week. On Wednesday, Maduro proposed expanding April’s presidential poll into a “mega-election” that would see legislative, state and municipal officials fighting for their seats. Under the guise of “democratic renewal” – a downright Orwellian term for what is essentially a totalitarian purge – Maduro seeks to sweep out the opposition and give himself four to six years clear of political resistance. And to divert attention from his dictatorial machinations, both domestically and on the world stage, Maduro has launched “petro”, a digital currency backed by the country’s oil reserves. The plan is to issue 100m petro coins (supposedly worth $6bn) that will enable Venezuela to get around US sanctions and raise hard currency. Maduro is already claiming that the new currency, which went on presale this week, is a success. But even if the President has managed

Rachel Cunliffe Comment and features editor at City AM

The nation the left once looked to for lessons is in democratic and economic tatters to tap into the crypto-fever that has been fuelling alternative currencies recently, it doesn’t change the fact that this is just a shiny new way of printing money. And we all know how that ends: hyperinflation, with the added risk of total collapse when the bubble bursts. Flashy distractions are a hallmark of autocrats clinging to power. While there is little the Venezuelan people can do except watch their nascent democracy crumble, the rest of the world must not be fooled by this blatant attempt at misdirection. Sadly, the British left has a habit of making excuses for Venezuela, regardless of the evidence. From home secretary Diane Abbott, to Jeremy Corbyn’s chief strategist Seumas Milne, to Guardian columnist Owen Jones, Labour’s top table is stacked with individuals who have fetishised and feted the Chavista regime, even as the country’s citizens starved.

Back in 2012, Jones went on a pilgrimage to the socialist holy land, and uncritically reported that “Venezuela is an inspiration to the world”. At that time, reports of food shortages were already well-known, and groups like Amnesty International and Human Rights Watch had raised concerns about attacks on political freedom. Long after the catastrophe had started making regular international headlines, in June 2015, Corbyn was still making speeches celebrating the “achievements” of Chavez and Maduro. And last September, as the political crisis escalated to riots that claimed lives, Corbyn stayed resolutely silent, while his ally Ken Livingstone defended Maduro, and even mused that the President might consider executing his critics. The Venezuelan tragedy tends to linger in the foreign news pages, and no one has yet made the Labour leader state his views on the situation. They should. Not just to score points, but because his answer will be revealing. Venezuela is a socialist horror show, locked in a vicious circle where financial collapse and political oppression feed one another indefinitely. Those on the British far left need to unequivocally admit they were wrong and that the nation they once looked to for “lessons to anyone interested in social justice and new forms of socialist politics” (to quote Milne) is in democratic and economic tatters. And the rest of us must look at Maduro’s authoritarian misrule and isolate those in British politics who cheered it on from the sidelines.

Charities must stop taking trust for granted

E

VERY day, people across the world donate their time and their money. This enables vital charitable work, but the recent exposé of Oxfam shows that a focus on successes has masked unpleasant truths beneath. We may see photos of what support goes towards, but there is often a lack insight into how money or relief efforts are managed. The scandals that have rocked Oxfam show that there must be more transparency in the third sector – especially as it relies on trust more than most other industries. This isn’t a new problem. A 2004 UK Charity Commission (UKCC) study found that, of 200 of the largest charities in England and Wales, over a third were either not explaining themselves well, or not explaining themselves at all. Things haven’t improved. October 2015 saw a survey by nfpSynergy that found that 47 per cent of people did not think charities were transparent enough. Earlier that same year, the Centre for Policy Studies released similar findings. In 2017, nfpSynergy again found

that 56 per cent of us would give more to charity, if we knew how donations were used. Hearing “it’s going to charity…” is no longer enough. We’ve been losing trust in charities and institutions for some time, with no real response. Many suggest that producing the onerous reports required would divert staff, reducing front-line support. They have also been reluctant to adopt technologies to address this. Unfortunately, this leads to situations like LiveAid, in which, according to critics, money raised did more harm than good, funding a resettlement programme that may have caused the deaths of around 100,000 people. This wasn’t transparently reported. If it had been, would people have so readily donated to Live8 two decades later? Matters are even worse on the ground. Long distances from headquarters to project bases and poor communications in crisis zones make it hard for organisations to monitor staff, leading to further failures. Female workers across organisations have complained of

Kevin Gordon Barrow

male-dominated cultures, rife with bullying and sexual harassment. Oxfam couldn’t monitor operations at home either – its safeguarding department was, until recently, only two people with a £240,000 budget. Clearly not enough. Coupled with an overall resistance to transparency driven by financial issues, it is not surprising systemic failures led to the potential for abuses of power – especially given the amount of money at some people’s disposal. In its 2017 policy paper, Strategy for dealing with safeguarding issues in charities, the UKCC states that it is “not responsible for dealing with incidents of actual abuse and does not administer safeguarding legislation”. It will only intervene “in seri-

ous cases where we are concerned that trustees are not fulfilling their legal duties towards their charity”. So if not the UKCC, who is keeping organisations honest? The answer seems to be no one – until now. The third sector is currently being exposed, just like Hollywood since the Weinstein accusations sparked #MeToo. Despite the upheaval and tumult it has caused, this may be for the good. Charitable organisations must maintain trust in order to function. They must take control internally to implement independent transparency solutions and technology. While some have adopted modern measures and technologies to provide support, all need to be effectively monitoring funds and frontline staff, holding them accountable – no matter distances involved. In the social media era and in the wake of #MeToo, only total transparency and modernisation from within is acceptable. Anything less, and the sector cannot succeed. £ Kevin Gordon Barrow chief executive and co-founder of Mark Labs.

LETTERS TO THE EDITOR

Model pupil [Re: Doom-mongering Whitehall forecasts are dismally misguided] A comment on Graeme Leach’s article in yesterday’s paper: 1) The gravity model is a general equilibrium global trade model, not a partial equilibrium model, as he implies. 2) The article provides a list of four cases in 1931-2017 in which economists part of the “establishment” were (arguably ) wrong. Would it be possible to also get a list of cases in which, over the same period, economists not part of the establishment were (arguably) wrong? Roberto Bonfatti, economist As with most Brexit proponents, Graeme Leach seeks to muddy the waters and conceal correct information. The study from Economists for Free Trade unrealistically assumes that Brexit Britain has no tariffs on trade with the rest of the world, no non-tariff barriers with any country, and that border costs with the EU will be zero. They achieve their positive results simply because they assume that leaving the EU has no trade costs and only potential benefits. There are also no costs associated with deregulation and only benefits. Kumar Devadasan

BEST OF TWITTER Journalists: More regulation for Facebook Journalists: More regulation for finance Journalists: More regulation for sugary food Journalists: More regulation for advertising Corbyn: More regulation for journalists Journalists: So this is how democracy dies @s8mb Some good news from today’s GDP figures – UK capital investment as a share of GDP has hit 17%, its highest level since 2008. A positive signal for future productivity growth. @asentance Carillion Hearings: Deloitte guy says internal audit did not look at the financial numbers of the company. What? What was the firm doing? @premnsikka Jacob Rees-Mogg 19 February: “We fully support May’s Brexit plan” Jacob-Rees-Mogg 22 February: “May’s Brexit plan is a perversion of democracy” Another day in #brexit land. @nicktolhurst I’m in total awe of the extraordinary students in Florida. Like every movement for progress in our history, gun reform will take unyielding courage and endurance. But @barackobama and I believe in you, we’re proud of you, and we’re behind you every step of the way. @MichelleObama I’m in favour of making all politicians face off against a gauntlet of politically-energized teens on live TV before taking office. @ParkerMolloy


FRIDAY 23 FEBRUARY 2018

CITYAM.COM

WE WANT TO HEAR YOUR VIEWS

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Independence, innovation, and online voting: The country that built itself into a digital paradise

T

HIS Saturday, my native country, nestled in a remote corner of the Earth about 500 miles south of Santa’s village, celebrates its hundredth year of independence. Today, Estonia is probably the most digitally advanced country in the world. As the New Yorker magazine recently put it: “Its government is virtual, borderless, blockchained, and secure. Has this tiny post-Soviet nation found the way of the future?” It might sound like the premise of a sci-fi movie, but this is the reality of life in Estonia. Last year, I did my taxes online in two minutes from Incheon International Airport in Seoul. In October, I voted in the Estonian elections online from my hotel room in Tokyo. I set up my company Jobbatical (which today works with organisations from 49 countries and has raised $7.9m from investors from eight countries) online in 10 minutes from a cafe in Tallinn, Estonia’s capital, while munching on an omelette and sipping a cappuccino. The birth country of Skype, Transferwise, and the concept of digital citizenship has a lot to be proud of on its centenary, especially considering the painful journey it took to get here. This is the perfect example of a rags-to-riches story at a national level. Even though Estonia declared its independence for the first time in 1918, the Molotov-Ribbentrop Pact between Nazi Germany and the Soviet Union took away that freedom only

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

Karoli Hindriks

21 years later. During the occupation, 30,000 Estonians were deported, many of them killed in the concentration camps of Siberia. Those deported were mostly the intellectuals of the country – lawyers, doctors, writers – and their families. I was born during the last decade of the Soviet occupation. Empty stores, poverty, brainwashing propaganda, and fear were all part and parcel of our everyday life. Little did I know back then that the green bananas my dad had somehow managed to find in the late 1980s were actually a sign of changes to come. Finally, just 26 years ago, the last Russian tanks left the country, put-

On its hundredth anniversary, Estonia is the perfect example of a ragsto-riches story at a national level

Certified Distribution from 01/01/2018 till 28/01/2018 is 90,569

OPINION

ting an end to 50 dark years of Soviet occupation. This opened up the world for a country reborn from the rubble of the Soviet Union. Every adult citizen received the equivalent of €10 (about $12.4) from the government, and over the next 25 years, Estonia built itself up as one of the world’s most innovative societies. It is our openness to the world, talent, and innovation that has been behind the success story of our tiny nation. Estonia probably has one of the world’s easiest immigration process for highly skilled talent. A work permit can be obtained as quickly as within 24 hours of accepting a job offer. Consider this in light of recent developments in the UK and it’s no wonder that in 2017 Estonia became the number one most searched for destination on Jobbatical for talent from the UK. This was a win for Estonia, but a loss for the United Kingdom. Indeed, such emerging trends are a loss for any country being led by fear and uncertainty towards isolationist policies. As Estonia marks 100 years of independence, the hope is that our success story can inspire other nations to embrace the opportunity that disruptive technology brings. By fostering a policy of open and collaborative governance, we have been able to thrive. May that continue to be the case for the next 100 years. £ Karoli Hindriks is a serial entrepreneur and founder of international talent platform Jobbatical.

19

:@cityam

DEBATE Britain has seen the strongest productivity growth since the recession – can it maintain this? Productivity was artificially high precrisis because of the credit and housing bubbles. It has taken a long time to recover but the longer-term trend should reassert itself even as highly productive sectors like oil extraction decline. Productivity hinges on investment. Business investment has stalled a touch lately but should pick up once the clouds of Brexit uncertainty are lifted, as Mark Carney argues. UK public investment in infrastructure has lagged behind OECD peers for 30 years but there is a strong pipeline of projects, from broadband to roads, and the government has promised to significantly increase investment over the next decade. There is also a strong case for higher

While the latest UK productivity numbers suggest some positive upturn, it is far too early to get excited. The recent improvement reflects a slower rate of hiring, rather than a surge in productive output, as UK growth is lagging that of its peers. The causes of the UK’s poor productivity performance in recent years are unclear, but the country’s relatively low level of capital investment both by government and businesses is a significant contributing factor. The UK has been at the bottom of the G7 league for business investment intensity for a decade. The latest 2017 GDP figures show business investment was flat, despite faster global growth. More worryingly,

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 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli

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YES NEIL WILSON

interest rates to help. Normalisation of interest rates will force out zombie companies that have battled on and been unproductive, lowering the average rate of productivity growth since the crisis. This should free up economic resources for more productive uses, which ought to support productivity growth. £ Neil Wilson is a senior market analyst at ETX Capital.

NO MARK GREGORY

there is little sign of the UK positioning itself to take advantage of technological change. Robots can do many things, but they can’t buy themselves. Until we see a sustained increase in investment, there is little prospect of the UK making real progress on productivity. £ Mark Gregory is chief economist at EY.

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20

HOT PROPERTY

FRIDAY 23 FEBRUARY 2018

HOTPROPERTY

CITYAM.COM

Edited by Melissa York

WHAT TO BUY, WHERE TO INVEST AND HOW TO DECORATE

NEW HOMES

NEW DEVELOPMENTS ON THE MARKET THIS WEEK

JESSICA HOUSE, WANDSWORTH From £299,995 First time buyers and investors can reserve a home at this new Galliard Homes development in Zone Two with a £2,000 deposit this weekend. Two six storey former Government offices have been turned into 61 studio to two bedroom flats that are due for completion in June 2019. The sales launch takes place after 5pm today until Sunday at 131 Wandsworth High Street. £ Call 020 3409 2278 or visit galliardhomes.com

BREWERY GATE, TWICKENHAM

REYNARD MILLS, BRENTFORD

BISHOPS GATE, FULHAM

339, NW9, COLINDALE

From £1.5m

From £750,000

From £995,000 for a two bed apartment

From £675,000

Get fine dining ordered to your door at this scheme opposite Twickenham station. City favourite M Restaurant has set up on the site of this St James development, offering residents Room Service via an app. There’s also a new riverside piazza and a 340seater community auditorium called The Exchange being built as part of the project. A new show home is opening tomorrow to show off 28 four and five bedroom townhouses in a gated mews with private gardens.

You could get 100 per cent of your stamp duty paid if you bought at this development in west London. Three and four bedroom family-style houses are on sale, built by Notting HIll Sales, in Brentford. Less than a 10 minute walk away from the rail station, commuters can reach central London in 30 minutes via Vauxhall. Attractive features include off-street parking for every property, and French doors leading onto a private garden. The stamp duty offer is for selected houses only.

Live next to a historic nine hectare park in a new set of apartments or family townhouses. A two bedroom show apartment opens at the end of the month at this Meyer Homes scheme in west London, joining a show house that opened last year. In total, there are 42 one to three bedroom apartments and four bedroom houses adjacent to Bishops Park, home of historic Fulham Palace. The buildings are set in a gated courtyard next to two historic gatehouses with architecture designed to blend alongside.

Family townhouses go on sale tomorrow in the leafy north London suburb of Colindale. The four-storey homes range from three to four bedrooms and they’re all within a mile of 16 schools rated Good or Outstanding by Ofsted. Car parking has also been allocated for the 29 houses, along with private gardens with many also boasting a balcony or roof terrace. Situated in the Oriental Square part of the development, there’s also a Bang Bang Oriental food hall coming, featuring 33 Asian food outlets.

£ Call 020 3642 9714 or visit brewery-gate.co.uk

£ Call 020 3815 1234 or visit nhillsales.com

£ Call 020 7409 8756 or visit bishopsgatew6.com

£ Call 020 7043 8888 or visit 399nw9.com

HOLIDAY HOMES

Get away from the crowds with this hidden gem P32

FOCUS ON ELEPHANT & CASTLE

The most exciting place to buy in Zone 1 P26

PROPERTY OF THE WEEK

The house that’s only 7ft 7in wide P22


LIMITED COLLECTION OF URBAN HOUSES Winner of the Innovative Living Award, presented by Sunday Times British Home Awards

z Impressive roof terrace with timber decking and artificial grass, ideal for low maintenance modern living

A limited number of 3 bedroom homes now remain in the Urban Houses collection at Kidbrooke Village. These innovative contemporary homes within Blackheath Quarter feature:

z Maximised amount of natural light through cleverly designed features such as lightwells

Limited availability 3 bedroom homes, priced at ÂŁ915,000

Sales & Marketing Suite open daily 10am to 6pm (Thursdays until 8pm) Wallace Court, 40 Tizzard Grove, London SE3 9FD

Estimated completion: March – April 2018

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Showhome open to view. Call a member of the sales team on 020 3553 7863 to arrange a viewing

Photography depicts Showhome at Kidbrooke Village and is indicative only. Prices and information correct at time of sending to press.

www.kidbrookevillage.co.uk Proud to be a member of the Berkeley Group of companies

Delivered in proud partnership with:


HOT PROPERTY

FRIDAY 23 FEBRUARY 2018

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22

PROPERTY OF THE WEEK

Enter the void: The Slim House of south London is on sale

CITYAM.COM Camden

Battersea Lambeth Wandsworth

This family house is only 7ft 7in wide, writes Melissa York

T

his house in Battersea brings a whole new meaning to the phrase ‘mind the gap’. At just 7ft 7in wide, The Slim House is one of the thinnest properties in the capital. It’s one of London’s original ‘gap houses’ created from the space between two properties. In a coveted conservation area, it once granted stable access to the grander properties either side. “Its unique proportions make it a really rare find and one of just a handful in London,” says Jasper Colliver, head of Savills Wandsworth, the estate agent handling the sale. “Interest has been wide-ranging; to date we have had interest from downsizers wanting to retain a number of bedrooms and outside space, as well as local couples and those seeking a London base with good transport connections.” In 2013, it was extended by Londonbased architects’ studio Alma-nac,

age have been created especially for the property as well as a loft with a sloping roof to let natural light in. It’s currently owned by advertising executive Aimee Luther. “Until I bought The Slim House four years ago, I had previously thought that lookalike Victorian flats are my only option,” she says. “This house has a slice of everything, but on a slightly slimmer scale and no downsides of having neighbours above or below.” Above: inside and, right, outside which added an extra room on each floor, increasing the floor space by a third, at the behest of its owners. Comprising 1,058sqft, the three-storey house packs in a surprising number of rooms, including two living rooms on the ground floor as well as a kitchen leading out to a 48ft garden, as well as four bedrooms and two bathrooms. Shelving units and stor-

£ Contact Savills Wandsworth on 020 8877 1222

AREA GUIDE: SW11 HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS £1.815m £1.392m £1.244m £629,406 TRANSPORT Source: TfL Time to Canary Wharf 34 mins Time to London Bridge 28 mins Nearest train station Wandsworth Town

The Slim House, Battersea, £1m

LUXURY HOMES AVAILABLE TO RESERVE NOW A COLLECTION OF STUNNING 3-BEDROOM HOMES AT MILLFIELDS Available to move in early 2018* – An idyllic setting for modern family living – High quality finishes throughout – Private gardens – Close to a number of outstanding primary and secondary schools

Help to Buy available on selected plots* – Generous space with contemporary specification – Internal garage or parking space – 23 minute journey to London Victoria from Mitcham Junction Station (Zone 4)

AVAILABLE TO RESERVE NOW PRICES FROM £600,000 Sales & Marketing Suite open daily (10am – 5:30pm) Mill Green Road, Mitcham, Surrey CR4 4HZ To arrange a viewing please call 0208 712 9765 or email millfields@redrow.co.uk * The ready to move in dates are aligned with our Build Programme dates. Please note Redrow are not liable if the completion date timeline changes. Source: TfL – CGIs are indicative only not representative of the final product. Help to buy is a government-backed initiative in partnership with housebuilders. Available on selected plots, subject to status, terms and conditions. Help to Buy cannot be used in conjunction with any other scheme. Offer cannot be used in conjunction with any other redrow offer. Details correct at time of going to press. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. Should you wish, and for a swift, smooth transaction, Redrow Homes can recommend from a panel of highly specialised mortgage advisers and / or solicitors. Ask for details.


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New 1 & 2 bed apartments one minute walk from the Victoria line

Call 020 8509 4457 to register your interest WalthamstowGateway.co.uk

Computer-generated image for indicative purposes only.


26

HOT PROPERTY

FRIDAY 23 FEBRUARY 2018

CITYAM.COM

Growth and green space in the new home capital SARA MONTALI

£3bn is being invested in this Zone One hotspot

PRIVATE VIEW ON THE MARKET IN ELEPHANT & CASTLE

NEWINGTON CAUSEWAY, SE1 £400,000

FOCUS ON

Two double bedroom, two double bathroom apartment in Metro Central Heights with secure parking next to the Tube. Call Dexters London Bridge on 020 7650 5100

ELEPHANT & CASTLE

I

t might be the cheapest place to land on the Monopoly board, but if you were to buy a property on Old Kent Road now, the average house price would be around £530,000. While there has been some pretty healthy price growth in Elephant & Castle in the last couple of years – 3.6 per cent and 3.7 per cent in 2016 and 2017 respectively, according to figures from estate agent Hamptons International and the DCLG – the cat isn’t quite out of the bag yet. Situated in Zone One, where City workers can walk to work and the rest can get on the Northern Line 24 hours a day at the weekend, it’s still considerably cheaper than surrounding neighbourhoods. “It’s probably one of London’s most exciting areas to buy currently,” says Mark Brefitt at Dexters in nearby Kennington. “Prices are rising quickly as people cotton on to the new and improved Elephant & Castle, but the area is still significantly cheaper than living in nearby Borough, Southwark and Bermondsey.” There are homes in this pocket of town that’ll cost you half the central London average. But this can only last for so long. It hasn’t escaped many people’s attention that the Heygate Estate, decks of

ELEPHANT PARK FROM £750,000 Spans 28 acres in the heart of Elephant & Castle, and 11 acres of new public space, and 3,000 new homes. Call Lendlease on 020 3675 9955 Above: Mercato Metropolitano and, inset, an aerial shot of Elephant Park f lats built in the 1960s around an indoor shopping centre and roundabout, is being rapidly regenerated by developer Lendlease, which is also responsible for large parts of the Olympic Park in Stratford. Though it’s been criticised for the amount of ‘affordable’ housing planned for the area and for selling properties overseas, the developer is pumping £1.6bn into the area, contributing to the revamp of the Tube station and also landscaping Elephant Park, the largest green space in central London for 20 years comprising two acres of

land. “It is easy to forget that Elephant Park is located in Zone One as the quality of open spaces delivered by Lendlease is helping to catalyse the rejuvenation of a highly urbanised area.” Further development has 5,000 new homes planned, the demolition of the shopping centre bringing an uplift to the high street and town centre. “The second wave of regeneration to hit Elephant & Castle inside 50 years will undo many of the changes ushered in by the first,” says David Fell, research analyst at Hamptons International. “Most of what was Europe’s first indoor shopping centre will be turned back into a high street while locals moving into new homes will be more

AREA GUIDE The Paperworks

Elephant and Castle Imperial War Museum Elephant and Castle Artworks House Petersham Millienery Supplies

Old Red Lion pub

HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS £316,768 £357,139 £732,878 £470,037 TRANSPORT Source: TfL Time to Canary Wharf 15 mins Time to London Bridge 3 mins Nearest train station Elephant & Castle BEST ROADS Source: Hamptons International Most Expensive Gladstone Street £1,118,000 Most Affordable Beckway Street £283,167 PRICE DIFFERENCE £834,833 - 395%

likely to be owners than renters.” And it seems to be working. Two thirds of sales last year were new homes, largely from the Heygate Estate, stumping up £233m worth of sales, more than anywhere else in the capital. Hamptons data also shows that 43 properties have sold for over £1m in the last two years. The most expensive sale was achieved in 2016, when a flat sold for £3.194m. For lovers of traditional architecture and those looking for a bargain, there are still plenty of Victorian terraces that survived the Blitz. “There are some beautiful streets with terraced housing situated to the west of the station on Oswin Street, Hayles Street and Elliots Row,” says Scott West, a sales manager at KFH London Bridge.

Area highlights You know a place is on the up when it gets an urban farmers market. Mercato Metropolitano on Newington Causeway is Elephant & Castle’s answer to this, with a plethora of cuisines to entice foodies southwards. There are also a number of events throughout the years, ranging from swing dancing to wine tasting. If afterwards you do not want to go gentle into the good night, drop in on The Ministry of Sound, the legendary superclub and purveyor of mix CDs. The Artworks in Elephant Road is an exciting addition to the area, upcycling disused properties into creative spaces and social hubs. There’s food and drink, a co-working space and a temporary library in the Elephant one along with a private hire space called The Trunk. Pay a visit to Petershams Millinery Supplies to get crafty, then for a great local boozer, stroll down Kennington Park Road to the Old Red Lion, a Grade II Listed Antic pub. For an educational day out with the family, the Imperial War Museum is close by.

NEWINGTON CAUSWAY, SE1 £499,950 A two bedroom flat overlooking the Tube in the Metro Central Heights development with no onward chain and a long lease. Call KFH London Bridge on 020 3199 2496


Live next to the largest new park in Central London

• Once complete the Park will be the largest new park in Central London • Live 8 minutes from the West End where an abundance of cultural highlights await you • All homes benefit from private outdoor space and many offer stunning views across London • 1,2 and 3 bedroom apartments from £762,000* in Elephant & Castle, Zone 1 • Arrange a viewing today

020 3883 77210 210 homesbylendlease.co.uk/west-grove home sbylendlease.co.uk/west-grove * Pric Prices es and availabilit availabilityy ccorrect orrect at time of print. print. CGI’s CGI’s for illustrative illustrative purposes purposes only. only.


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CITYAM.COM

FRIDAY 23 FEBRUARY 2018

INTERIORS

The artists weaving their way to fame Laura Ivill on the resurgence of a genre that mixes craft and aesthetics

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he boundary between art and craft is often blurred. Visit Collect at the Saatchi Gallery this weekend and there will be likely be wall hangings and fibre art in the mix. Curators and historians coined the term fibre art to describe the emerging work of artist-craftspeople after WWII. These mid-century weavers began to create non-functional works of art through knotting, plaiting, coiling, pleating, quilting and lacing, using cotton, wool, flax, silk and, nowadays, acrylic fibres. Not surprisingly it was a genre that women artists gained respect in, and the genre took on a strongly feminist slant in the 1970s. One of the genre’s most successful fibre artists, Sheila Hicks, represented by Alison Jacques Gallery in Fitzrovia, has a solo show at the Centre Pompi-

HORSHAM

dou in Paris until 30 April, and her work from the 1960s can be seen in the permanent Beyond Craft gallery at Tate Modern. There’s such a focus on this art right now, that Tate Modern will be showcasing the work of the 20th-century fibre artist Anni Albers in a full-scale retrospective this autumn, too. “Anni Albers continues to inspire a new generation of artists and designers,” says Ann Coxon who is curating the show. ”This exhibition will provide an opportunity to focus on the possibilities of weaving as a fine-art medium at a time when weaving is seeing a resurgence of interest internationally.” Artist Caroline Achaintre has a focus on fibre art at her studio in East London, and The New Craftsmen recently took Bloom by the British textiles artist Anna Ray, currently available to view on thenewcraftsman.com, all the

RH12 5AB

way to the Miami shows. A particularly eye-catching launch at last year’s Salone del Mobile in Milan was Seulgi Lee’s work for Hermes. The Koreanborn, Paris-based artist has used a traditional quilting technique to create limited-edition cashmere plaid blankets in three graphic designs to be wall-hung or draped over a rail. At home, an artwork such as this is comfortable as well as beautiful. Hanging rugs are something of a cross-over medium for home interiors. Front in Mayfair specialises in rugs as art, and one of the most innovative rug dealers is CC Tapis in Milan. which makes colourful, contemporary designs that look stunning while adding warmth, texture and acoustic dampening to a space – all qualities that are especially welcome in newbuilds or newly renovated rooms.

Above: Anni Albers, Study for an unexecuted wall hanging. Photo by Tim Nighswander/Imaging4Art; Top right, Sheila Hicks, Quipu de Cobré

£ The Craft Council’s Collect fair at the Saatchi Gallery runs until Sunday, from £14 (craftscouncil.org.uk). Beyond Craft is on permanent display in Room 11 of the Switch House (tate.org.uk)

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Open Monday - Saturday 10am - 6pm • Sunday 11am - 5pm Photograph and computer generated images of Manhattan Plaza. Prices correct at time of going to press. *Age and license restrictions apply. You will need to bring a copy of your driving license.


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FRIDAY 23 FEBRUARY 2018

CITYAM.COM

OPINION

Simon Gerrard, MD of estate agency Martyn Gerrard

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he average London home is now sold at 4 per cent below its original asking price, according to the Hometrack Cities Index, up from just 0.5 per cent in 2014. Many are taking it as a sign that homeowners are desperately discounting their homes in an effort to sell, and that the capital has now officially become a buyers’ market. However, the view on the ground is that there are still more buyers than there are properties. So what could be causing this gap between asking and selling prices? In my opinion, the real reason behind this gloomy-looking stat is the fact that, in order to secure the instruction, many agents are promising asking prices that go above and beyond what a property can realistically fetch. We all want to imagine our home is worth top whack, and so sellers are inevitably attracted by the agent who provides the highest valuation. However, listing your property even slightly too high could actually be a costly and time consuming mistake. Once on the market, interest will be limited as buyers are put off by an over-inflated price. Sellers then become impatient, often because they may have an offer on a house they wish to move to, and the asking price inevitably has to be dropped to a more realistic level. In re-

A BUYERS’ MARKET? THE CONSEQUENCES OF OVER-PRICING

cent years we have seen rising reports of properties being sold, often after being on the market for long periods of time, for significantly less than the initial asking price. Unfortunately this can impact on other potential sellers in the same area, who may be put off selling their property after researching the area’s recent transactions and believing prices are falling. This can seem like an extremely depressing prospect for anyone trying to sell their home, and a bad sign for the UK property market, when in reality it’s a case of irresponsibly high pricing. Some agents are effectively telling sellers what they want to hear, and it is not helpful to the overall health of the market. If asking prices were realistic in the first instance, properties would attract more interest earlier on and more movement would be seen throughout the market. Increased transactions leads to increased market activity, ultimately preventing periods of stagnation. Responsibility for fixing this issue lies with irresponsible agents. Agents with fair and realistic pricing strategies are being undermined by those only concerned with hitting monthly targets, rather than the health of the market and making the sales process as smooth as possible. We must educate sellers on the need to be realistic with their pricing strategy, too, to do their own research and ask a number of agents to offer estimates so that outliers can be identified. That’s not to say that the lowest price is always right, but it’s highly unlikely that an agent would quote you a lower price than your property is worth. As with most things in life – if it sounds too good to be true, thenthat’s because it is.

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500CHISWICKHIGHROAD.CO.UK Journey times and distances are approximate. Sources: TfL and Google maps. Show home photography of 500 Chiswick High Road. *Available on selected plots, subject to status, terms and conditions apply. Help to Buy is a Government-backed initiative in partnership with housebuilders. Available on selected plots, subject to status, terms and conditions. Help to Buy cannot be used in conjunction with any other scheme. Offer cannot be used in conjunction with any other Redrow offer. Images typical of Redrow homes. Details correct at time of going to press. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE. Should you wish, and for a swift, smooth transaction, Redrow Homes can recommend from a panel of highly specialised mortgage advisers and/or solicitors. Ask for details.


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FRIDAY 23 FEBRUARY 2018

HOLIDAY HOMES

Buy a cheaper, quieter Alpine home Discover the Alps’ hidden gem, says Laura Latham

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he Alpine towns of Courchevel and Val d’Isere, are as well known for their nightlife as their pistes, but if you’re more interested in skiing than apré-ski it’s worth checking out the quieter French resorts. One hidden gem is Le Grand-Bornand, a picture-postcard area in the Haute-Savoie region, overlooked by the stunning peaks of the Massif des Aravis. Despite being only around 80 minutes from Geneva airport and offering quality skiing, Le Grand-Bornand is still off the radar of many international visitors. The resort is split between two villages, Le Grand-Bornand and Le Chinaillon. Entertainment here is local and low-key, with a smattering of highquality restaurants and bars. The main ski lift was upgraded this year, and though the resort has only 88km of pistes, they reach a snow-sure 2,100m. Skiers can also access a further 132km at nearby La Clusaz. Regulations on development have allowed the valley to retain its rustic charm. No high-rises or modern structures are allowed and all new buildings must be in the style of traditional Alpine chalets.

Le Roc des Tours, France, from €195,833 Prices are lower than the popular neighbouring towns of Chamonix and Annecy, both around an hour away. It’s possible to find five-bedroom chalets here from around €1.5m and apartments from around €199,000. In comparison, prices for similar properties in Chamonix can be around 30 per cent higher. “Le Grand-Bornand is well known in France, but not internationally recognised,” says Richard Deans, sales manager for French developer MGM. “It’s not overdeveloped and has strict plan-

ning laws, which help to retain the authentic architecture. It’s very much an untapped market.” There is limited property available for purchase in Le Grand-Bornand, though MGM is in the process of changing that. Its 44-unit project, Le Roc des Tours, is the first of several schemes intended for the town and has an ideal location at the foot of the ski slope in Le Chinaillon. Launched two years ago, only 10 apartments remain unsold, from a one-bed of 42 square metres, priced at €195,833 to a

three-bed duplex at €525,000. All properties come fully furnished. There are spectacular views of the slopes and the building is fully equipped for skiers with a boot room, gym, pool and spa facilities, plus a small, cosy bar in the lobby. The units are being sold under the French leaseback system, which allows buyers to purchase freehold without paying the standard 20 per cent VAT,

providing they lease the property back to the management company for rental use for 20 years, usually split into two contracted periods of nine and 11 years. Leaseback also offers a guaranteed rental income, which varies depending on the project and how much use the owner has, but is typically two to five per cent. MGM offers buyers at Le Roc des Tours two, four or six weeks’ personal use annually and says owners of a one-bed could expect to earn €3,500pa with six weeks’ personal use. MGM is building a further 29 one- to four-bed units next to Le Roc Des Tours, intended for completion in 2019, though sales are launching this summer. Another plot close to the Le Rosay gondola is earmarked for construction, and the firm recently completed a luxury rental chalet, La Ferme de Juliette, on the edge of town, priced from €3,000pw in low season. Despite the growing interest in the resort, Deans doesn’t think Le GrandBornand will lose its charm or become overdeveloped and crowded. “It will never be another Chamonix,” he says, “that’s part of its appeal.” £ Visit mgm-hotels-residences.com

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FRIDAY 23 FEBRUARY 2018

GOING OUT

ELLIOT MOSS PRESENTS

JAZZ SHAPERS EVERY SATURDAY AT 9AM

IN CONVERSATION WITH THE SHAPERS OF BUSINESS, WITH MUSIC FROM THE SHAPERS OF JAZZ, BLUES & SOUL

IN ASSOCIATION WITH

EDITED BY STEVE DINNEEN @steve_dinneen

I, TONYA; DIR. CRAIG GILLESPIE

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hhhii | BY STEVE DINNEEN

FILM OF THE WEEK THEATRE FROZEN THEATRE ROYAL

hhhii | BY STEVE HOGARTY Are evil people born that way? Or are abusers so damaged by the abuse that they themselves endured, that they cannot truly be held accountable for their actions? These aren’t especially fun questions to mull over, and Bryony Lavery’s 1998 play drops them on our plates like a cold serving of moral gruel. Frozen is a frequently shocking examination of the mind and motives of a serial child abuser. Ralph (Jason Watkins) is a methodical fantasist who prides himself on the degree of planning and precision that goes into his “operations”. He curates a collection of sex tapes which he keeps hidden in a suitcase. When he’s eventually caught and imprisoned, it’s his organisational sloppiness that frustrates him, rather than anything as human as remorse for his crimes. When Ralph abducts 10-year-old Rhona, her mother Nancy (Suranne Jones) is forcibly drawn into a decades long orbit around the predator. She’s driven at first by a boiling mixture of grief, guilt and a longing

aken purely as a piece of fiction, I, Tonya is excellent, a powerful underdog tale that shines a light on the struggle faced by the forgotten American working (and not-soworking) classes. It’s smart and funny and sad, with Margot Robbie once again showing she’s an outstanding talent. Director Craig Gillespie’s movie has moments of anarchic brilliance, borrowing stylistic flourishes from the Scorsese oeuvre, with fourth-wall breaking asides and a mischievous blurring of fact and fiction. But where Goodfellas and The Wolf of Wall Street used these devices to make us question – and ultimately condemn – his characters (you’d have to be a dedicated misanthrope to be rooting for Jordan Belfort after an hour of The Wolf of Wall Street), Gillespie can’t bring himself to denounce figure-skating’s most infamous anti-heroine. Anyone who grew up in the 80s will remember Tonya Harding, the self-described redneck who took figureskating by storm when she became the first woman to land a triple axel. But it was her part in a plot to intimidate, maim and even possibly kill a fellow American skater, in order to secure her place at the Olympic Games, that cemented her in infamy (in the end a bungling ‘hit-man’ merely smashed her opponent’s knee with a metal pipe before headbutting his way through a plate glass window to escape, albeit briefly). Harding’s story is tragic in the true sense of the word, a remarkable talent destined to be squandered by forces largely beyond her control. Her mother, played with tremendous venom by Allison Janney, was mean and abusive, and Harding’s husband was a prolific wife-beater. She also smoked, worked as a waitress to make ends meet, and faced discrimination from the US Figure Skating Board because her face didn’t fit. But on the flip-side, she was allowed to compete in the world’s most prestigious tournament despite being implicated in a felony against a teammate, and amid a catastrophic slump in form, so things did occasionally cut her way. Regardless of the historically dubious script, Robbie is exceptional, her Tonya sympathetic but also ferocious, a precociously gifted winner sadly born on the wrong side of the tracks. The actor’s impressive skating ability, coupled with some editing wizardry, makes you really believe she’s hurling her 5’6” frame – a full five inches taller than the real woman – around 1,080 degrees, landing with the toothy flash of a serial-killer grin. Janney is even better, hilarious in her vindictiveness, and a solid pick for Best Supporting Actress. It’s just a shame the whole project feels so disingenuous (the blame for the ‘incident’ is conveniently placed on the one guy who’s now dead, although he was as ludicrous in life as he is in this fiction). These performances deserved a little more dirty laundry alongside the leotards and sequins.

for revenge, even violent retribution. And then, lending this production a sort of Mindhunter-esque clinical edge, there’s Agnetha (Nina Sosanya), a criminal psychologist who makes Ralph the case study of her dissertation, which she presents to the audience of the Theatre Royal as though hosting a particularly grim TED Talk. Her character places an insulating layer between the audience and the horror, the same emotional disconnect you find with Netflix true crime documentaries that deftly transmute violence into entertainment. You can no longer be disgusted by something if you zoom in close enough to it. Monologue is used exclusively for the first acts, the three characters spilling their minds and untangling feelings in real-time. This makes their final encounters and confrontations all the more impactful, the return to dialogue and drama like being slapped out of a long dream. Agnetha’s interviews with the imprisoned Ralph are a highlight, as Sosanya balances the objectives of her character with the revulsion that she, and we all, feel. Watkins is despicable as the wounded, but never quite declawed, Ralph. It’s a chilling horror that hits its mark, but can never find satisfying answers to the questions it raises.


CITYAM.COM

: @city_am

FRIDAY 23 FEBRUARY 2018

LIFE&STYLE

35

: @cityamlife

TOP NEW FILMS

THEATRE JUBILEE LYRIC HAMMERSMITH

hhhhi | BY STEVE DINNEEN In 1977 British culture was tying itself in knots. The Queen, the very epitome of the establishment, was celebrating her silver jubilee, while James Callaghan’s nascent government was already beginning to disintegrate, walking blindly into the Winter of Discontent that would see garbage pile high in the streets and children in the slums of Glasgow rewarded for hunting rats. The Sex Pistols famously captured this schizophrenic zeitgeist with God Save the Queen from Never Mind the Bollocks. “God save the queen / She’s not a human being / And there’s no future / And England’s dreaming.” A year later came the breakthrough movie by a little-known director called Derek Jarman, who also tapped into this working-class anger and boredom, this time focusing on disaffected queer youth raging against an oppressive system. Queen Elizabeth even makes an appearance, albeit the first one. Now, more than 40 years since the film’s release and 24 years since the director’s death, the Lyric Hammersmith has brought it kicking and screaming onto the stage. The danger of reviving something like Jubilee is that by displacing it from its original context, it becomes a historical oddity, a nostalgic reminiscence, almost quaint. This new adaptation, written and directed by Chris Goode, neatly sidesteps this by updating vast swaths of the text for a 21st century audience, drawing parallels between the bored, disaffected youth of the late 70s and that of today. The film, set in a dystopian present in which Queen Elizabeth II has been killed by muggers, ruminated about the end of days, and this production astutely points out that “a fuck of a lot has happened since the end of history”. It starts with a statement of intent,

FINDING YOUR FEET DIR. RICHARD LONCRAINE

hhhii | BY JAMES LUXFORD

with two brothers, Angel and Sphinx, having sex on a scabby mattress two feet from the front row (“We’re promoting incest with arts council money!”). It maintains the low-fi aesthetic of the movie, with the stage a roughly thrown-together squat in which we, the audience, are also residents. The

framing device of Queen Elizabeth I travelling in time to convene with “angels” also remains – in a nice hattip to the film Toya Willcox returns, this time playing Her Royal Highness. Beyond that, there is little narrative (surely a bourgeois concept). As the fourth-wall breaking punk poet of the piece Amyl Nitrite says, we’re

watching an adaptation of “an iconic film most of you have never heard of... threatening to go all interactive. You poor fuckers.” There is, however, vogueing, beat poetry, performance art, a rave, some revisionist history and a bunch of floppy willies. In short, it’s an absolute hoot.

EXHIBITION

page layouts for comics dating back to the earliest days of Detective Comics next to the costumes from movies spanning more than five decades alongside props including the actual “Batpod” motorcycle used in Nolan’s Dark Knight trilogy. By arranging the exhibition by character (rather than chronologically) the “hero” pieces – the suit worn by Jack Nicholson’s Joker; the cowl donned by Christian Bale; a weaponised penguin – are placed in their historical context, giving you a fascinating insight into how the characters have evolved. The exhibits are supplemented with interviews with costume designers, directors and artists who have added to the mythos over the years. Die-hard comics fans will find enough depth to really geek out, while even those with just a passing interest in the superhero phenomenon will be won over by the impressive collection of concept art and movie paraphernalia. As well as being visually arresting, Dawn of Superheroes is a reminder that even in the early days, when comics tended to be full of musclemen and pneumatic women, they were striving to be better, more progressive, and that’s a valuable lesson for DC fans today.

DC: DAWN OF SUPER HEROES O2 ARENA

hhhhi | BY STEVE DINNEEN The film production arm of DC, publisher of super hero comics including Batman, Superman and Wonder Woman, has caused a schism among movie-going nerds. While critics have derided virtually every post-Christopher Nolan DC movie (with the notable exception of Gal Gadot’s Wonder Woman), a vocal group of internet trolls and Men’s Rights Activists have used them as a rallying point for their absurd, cry-baby politics (some even attempted to shut down the neutral aggregation site Rotten Tomatoes, while others tried to arrange a boycott of the wildly successful Marvel film Black Panther). This sweeping exhibition at the O2 is a welcome reminder that these iconic characters have weathered far greater storms than this, surviving world wars, great recessions and a vehemently anti-comics political movement. They have adapted with the times, becoming different things for different generations, reflecting our concerns and fears and aspirations. The sheer amount of memorabilia collected is astonishing, with original

British cinema loves a craze. Lock, Stock… birthed a wealth of gangster imitators, The Full Monty made unlikely strippers a trend, and since 2011’s The Best Exotic Marigold Hotel we’ve been bombarded with ‘Retiree Comedies’, the latest of which is Finding Your Feet. The plot is nothing special, following Imelda Staunton as a recently separated middle class snob forced to move in with her bohemian sister (Celia Imrie). After being dragged to a community dance club she meets friends, clashes with her sister, finds a new lease of life, you know the drill. The funny thing is, despite the predictability lurking around every corner, the cast make an excellent job of charming you into submission. There’s a sweet romance involving Staunton and Timothy Spall, and some laughs from the underused Joanna Lumley as the script lurches from comedy to drama without warning. The inevitable dance competition tying these plot points together feels unnecessary, but it at least gives the story some urgency. The message, that it’s never too late to start enjoying life, is curiously heavy handed considering the over-60 target audience is probably well aware of this fact, but Best Exotic Marigold fans will go home happy. If nothing else it’s another example of how cinema needn’t be the sole preserve of gorgeous 20-somethings.

NATIVE DIR. DANIEL FITZSIMMONS

hhhhi | BY JAMES LUXFORD Had enough of bloated sci-fi blockbusters? Director Daniel Fitzsimmons may have the antidote with this impressive debut feature. Rupert Graves (Sherlock) and Ellie Kendrick (Game of Thrones) are terrific as travellers from a distant, telepathic society who end up on a distant planet that begins to mess with their consciousness. Low budget doesn’t mean low quality, and Fitzsimmons strips his set to the bare essentials, focusing on the intricate plot that asks bigger questions that how to blow things up. Much of the focus is on Graves, breaking from his planet’s ‘hive mind’ into something more individualistic. Given he only has one co-star and a sparse set, it’s a fascinating arc, ably helped by Kendrick’s stoic performance, which comes into its own as the film progresses. The frantic finale makes sense of the minimalist plot in a way that’s compelling and satisfying; in a genre where story often comes second to spectacle, Native is a welcome return to thoughtful science fiction.


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FEATURE

CITYAM.COM

FRIDAY 23 FEBRUARY 2018

OFFICE POLITICS

Five tips to neutralise workplace politics Many businesses think that conflict between staff is just a necessary evil. But it’s not. Shaun Thomson

being fair, which most teams will respect and follow.

DOCUMENT AND MEASURE

game or want to retreat, rather than concentrate on their duties. There are five tactics that firms can implement to neutralise office politics, and create a more positive culture.

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OU CAN draw a lot of similarities between the school playground and business dynamics. The unspoken rules you feel you have to follow, navigating the bullies, gossiping, the corporate backstabbers, and the cliques all hark back to our school days. Such office politics seem to rear their ugly head no matter where you go, and for the vast majority of workers it can feel draining and very distracting. Many businesses think that conflict between staff is just a necessary evil – it isn’t their responsibility unless it gets out of hand. But this couldn’t be further from the truth. Businesses that have a high degree of office politics suffer the consequences in their productivity. It results in a negative culture where there is tension in the air, and employees feel like they need to play the

LEAD THROUGH YOUR ACTIONS

This is all about practising what you preach, which leads back to being accountable yourself so that others can follow in your example. If you want politics to be diluted, you have to practise that principle as a manager. That means mentoring everyone on the team, having no

When you’re time-poor, in a rush, and need to pick up some groceries, the idea of queuing in Asda for half an hour probably doesn’t fill you with joy. Fear not. Grocemania will do it for you. It’s dozens of shops in one app – from Tesco to Costcutter – and promises to deliver whatever you need, wherever you are, in minutes.

Office politics find traction when people rely on gossip to answer their questions regarding what’s going on. But regular communication fills the gaps so that gossip becomes irrelevant. Since everyone is getting the same messaging and vision, there is no confusion about the intention of what you meant. Staff perform better when they feel part of the vision of where the company is headed. Teams work best when everyone has input, and that can’t happen if staff feel a co-worker is undermining them. Cultivating a new culture and eliminating office politics takes time, but it can be achieved with fairness, maturity, and consistency. The business will benefit, and staff retention levels will also increase as the company becomes a happier place to work.

SHOPAHOLIC

AVOID THE LADDER PEOPLE

This means recruiting wisely. The best teams are comprised of workers that want to see their talent produce something better with others than they could produce on their own. Ladder climbers aren’t interested in sticking around to see results. They only join the team because they think it might help in promotion chances, and they end up causing a lot of bitterness. Avoid these characters altogether if possible, choosing candidates who will stay in for the long haul. Scrutinise CVs for job hopping and probe what drives them – if it’s only progression then steer clear.

Grocemania Free

Office politics can easily find their way into an issue when supervisors rely on their memories and opinions alone. Instead, the use of consistent documentation of performance and objective metrics provide far better benchmarks that people can’t usually argue with.

A big mistake is trying to be everyone’s friend, because this opens the door for favours and compromise

favourites, and focusing on everyone’s productivity. When staff understand that everyone has clear accountability and cannot get away with sub-standard work, everyone’s performance improves.

AVOID THE FRIEND TRAP

We all want to be liked and listened to. However, a big mistake is trying to be everyone’s friend. This opens the door for favours and compromise. Instead, you should focus on coaching, mentoring, and directing. Staying on this track will gain a reputation of

CLEAR COMMUNICATION

£ Shaun Thomson is chief executive of Sandler Training (UK).


CITYAM.COM

FRIDAY 23 FEBRUARY 2018

THE PUNTER

Ben Cleminson previews Man United v Chelsea, while Tom Marriott looks ahead to Scotland v England

SPORT TRADER

Dave’s saves to give Mourinho bragging rights

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HERE is nothing like a good bit of needle between two managers to set the scene for a Super Sunday, and that’s exactly what we’re getting this weekend as Manchester United host Chelsea. Jose Mourinho and Antonio Conte have made no secret of their dislike for each other, with their public war of words last month lurching between the unedifying and enthralling, depending on who you were talking to. This is their first meeting since a week of jibes, where the action on the sideline could be as engrossing as the match on the pitch. That’s not to take away from the game itself, which could be crucial in the race for the top four. United currently sit second, three points clear of Chelsea in fourth, and importantly, four ahead of Tottenham in fifth. With Liverpool also in the mix for

the Champions League spots, one side will miss out – meaning every point could be key come the season’s end. Mourinho’s Red Devils have lost two of their last three league games, but importantly, those defeats to Tottenham and Newcastle came away from Old Trafford. Their home form is behind only Manchester City, winning 10 of their 13 fixtures on their own patch, with defeat to City the only time they have lost. Incredibly, David de Gea has only conceded five times in those 13 home games this term, and after another inspired performance in United’s 0-0 Champions League draw with Sevilla on Wednesday, he’ll be tough to beat again. Chelsea picked up a draw against Spanish opposition midweek too, though were unlucky not to take victory in the 1-1 against Barcelona. Despite the availability of target

David de Gea has conceded just five goals in 13 home league matches this season men Alvaro Morata and Olivier Giroud, Conte chose to go in without a recognised striker, and it remains to be seen how he’ll approach things here. The Blues have suffered somewhat on their travels this season, and lost to Arsenal in the Carabao Cup, and Watford in the league on their last excursions from Stamford Bridge. Chelsea won the reverse fixture 1-0, thanks to a Morata goal, which made it four games from four between Mourinho and Conte that the home

side has won without conceding. With De Gea so tough to get past, I think we could see the trend continue again here – especially considering the ease at which United won this match, 2-0, last April. Back a Man United win to nil at 5/2 with Grosvenorsport.com.

PUNTER

37

DOUBLE THE ODDS WITH GROSVENORSPORT.COM THERE won’t be a quadruple for Pep Guardiola and Manchester City this season, but they can still pick up the first piece of silverware on offer in the Carabao Cup final against Arsenal on Sunday. Guardiola’s men were dumped out of the FA Cup to League One Wigan on Monday night, but they take on the Gunners at Wembley, hoping to win this competition for the third time in five years. Winning this would be the Spaniard’s first trophy in England, but with City dominant in the Premier League, and still in Europe, it almost certainly wouldn’t be his last. A Man City victory in 90 minutes is 17/20 with Grosvenorsport.com. City might sit 27 points clear of the Gunners in the Premier League table, but these things can mean very little when it comes to a cup final. Arsene Wenger should know – he lost the 2011 showpiece to Birmingham City, a team who were later relegated, despite being overwhelming favourites. Wenger has never won the League Cup in his 21 years in charge of the Gunners, losing another final to Chelsea, and will hope to make it third time lucky here. Arsenal are 47/20 to lift the trophy. Grosvenorsport.com have a double the odds promotion for all new customers, where the first bet placed, up to £10, is multiplied in price, with the winnings paid in cash. That means the odds for a 2-0 Man City win is doubled from 10/1, to 20/1.

POINTERS Man United win to nil 5/2 Grosvenorsport.com

Back England to have their day in the sun at Murrayfield S

UNNY isn’t often used to describe the scene at Murrayfield in February but the weather is set fair for tomorrow’s Calcutta Cup clash. Usually the Scots would be doing a rain dance ahead of their tussle with the Auld Enemy but, under Eddie Jones, England enjoy the arm wrestle more than any side out there at the moment. Scotland’s front-row is somewhat

depleted too and they could be in for a rough 80 minutes if they decide to take on Jones’ men in the tight. England will look to set a solid platform by getting the early edge at the set piece, while also using the tactical guile of George Ford and Owen Farrell to play the territory game in the opening phases. Building on that, expect England to thrive in the better conditions and look

to the wings - as was the case when putting 46 points on the board against Italy in Rome. England had to be wise in the wet weather and tough it out against Wales in the last round, but this week they’ll want to run in a few scores, particularly with Ireland topping the table on points difference as things stand. A spirited Scotland will of course

make things difficult for England, much like they did when edging France on home soil a fortnight ago, but England should be too strong. England’s back three will be called into the attack a bit more than they were in that tight affair against Wales and 6/4 for winger Anthony Watson, who has scored in eight of his 13 Six Nations starts, to dot down looks a nice bet.

Grosvenorsport.com are even-money for England to triumph by eight or more points which also looks very fair.

POINTERS England (-7.5)

Evens Grosvenorsport.com Anthony Watson anytime tryscorer 6/4 General


38 PUNTER FRIDAY 23 FEBRUARY 2018

CITYAM.COM

THE PUNTER Bill Esdaile previews the best of the action from Kempton, Newcastle and Lingfield RACING TRADER

@BillEsdaile

Outsiders Mauresque and Monbeg set to shock big guns in Kempton feature

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F THE weather forecasters are to be believed, then we are set to have some decent jumping ground for what seems like the first time this winter. Kempton stages a cracking card tomorrow, featuring the valuable Betdaq Handicap Chase (3.35pm) over three miles. The ante-post market was headed by Nicky Henderson’s Gold Present, but he wasn’t declared yesterday after missing another engagement at Ascot last weekend with a bruised foot. His absence means that Harry Fry’s Acting Lass, who has won all three starts this season, now heads the betting at 7/2 with Ladbrokes. The seven-year-old is progressive and the step up in trip will suit, but his inability to travel smoothly causes me some concern. He won at Ascot last month despite not travelling particularly well throughout, which has to be a worry in a competitive field like this. Master Dee has to come into the reckoning on the back of his second to On Tour at Aintree when last seen in action back in November. He looks well worth another try at this trip and the handicapper has dropped him a pound in the meantime. My concern with him is price related, as I’d like a little bit bigger

RACING POST

JECEHHEMÊI8?=H79;7JA;CFJED

8 5-5429 VIBRATO VALTAT (28)(T) (C)

Going: GOOD TO SOFT (Good in places)

3.35

Miss E Lavelle

BETDAQ HANDICAP CHASE (GRADE 3) (1) 3m 5yo plus £56,950 15 Dec.

ITV4

Runs: 35

Places: 11

2 50-11U GO CONQUER (63) (D) Jonjo O’Neill Runs: 19

9 11-11 ................A Coleman Wins: 5 GS,SFT,GD

Places: 4

3 73-625 JOSSES HILL (42) (B1) (C)

N Henderson Runs: 23

10 11-10 .........N De Boinville Wins: 7 GS,SFT,GD

Places: 5

4 87P-F2 ART MAURESQUE (42) (C) P Nicholls Runs: 26

5

8 11-10 ...................H Cobden Wins: 9 HY,GD,VSFT,GF

Places: 3

24-111 ACTING LASS (35) (T)

H Fry

7 11-9 ......................N Fehily

Runs: 6

Wins: 4 SFT,GS

Places: 1

6 4-214U AS DE MEE (77) P Nicholls Runs: 30

7 1-83P6 A King Runs: 22

8 11-9 .....................S Bowen Wins: 7 SFT,HY,GS,GD

Places: 4 LABEL DES OBEAUX (28)(P)(D)

7 11-9 .........W Hutchinson Wins: 4 SFT,GS,GD

Places: 6

9 11-7 ......................L Aspell Wins: 8 GD,HY,GS,SFT

Places: 11

12-332 MASTER DEE (105) (T) (D)

Runs: 22

11 11-12 ...................T O’Brien Wins: 7 GS,SFT,GD

9

F O’Brien

1 383-36 THEATRE GUIDE (28)(TB)(CD) C Tizzard

Runs: 39

9 11-5 ...........B J Geraghty Wins: 7 SFT,HY,GD,GF

Places: 12

10 -P3453 LOOSE CHIPS (21) (B) (CD) C Longsdon Runs: 46

12 10-13 ......Paul O’Brien (5) Wins: 9 SFT,HY,GS,GD

Places: 13

11 2F4U1U TINTERN THEATRE (35)(CD) N Twiston-Davies 7 10-12 ..S Twiston-Davies Runs: 15

Wins: 3 SFT,GS

Places: 3

12 6P2163 RELENTLESSDREAMER(21)(TP)(D) Miss R Curtis Runs: 29

9 10-11 ................C Gethings Wins: 5 GS,GF,GD

Places: 9

13 1P-413 MONBEG CHARMER (66)(HT)(D) C Longsdon Runs: 10

7 10-8 .................. J J Burke Wins: 5 Y/SFT,GD

Places: 2

14 -P3042 BALLYKAN (42) (TP) (D) N Twiston-Davies 8 10-7 ..................... D Jacob Runs: 30

Wins: 6 GD,SFT

Places: 7

15 7-2232 THEATRE TERRITORY (28)(P1)

W Greatrex 8 Runs: 15

10-6 Mr S Waley-Cohen (3) Wins: 2 GD/Y,GS

Places: 5

2017: Pilgrims Bay (IRE) 7 10 2, J Best 25/1 (N Mulholland), 13 ran. BETTING: 7-2 Acting Lass, 11-2 Master Dee, 6 Tintern Theatre, 8 Go Conquer, 14 Art Mauresque, As De Mee, 16 Others

Bet with your bookie through the Racing Post App than 6/1 about one who has been off the track for so long. Another towards the head of the market is Tintern Theatre who is a definite player if judged on his good win over course and distance at Christmas. However, he is 4lbs higher now and

is also skinny for a horse that has failed to complete three of his last five starts. Rather than get sucked into the market leaders, I’m prepared to chance my arm on a couple at much bigger prices. ART MAURESQUE ended up on the

floor at the first fence when trying three miles for the first time at Ascot back in November. However, he would have had his confidence boosted when second to Waiting Patiently at this track last month over a shorter trip, and that one looked mighty useful in the Grade One Ascot Chase last Saturday. It is hard to be confident about any horse that hasn’t won since October 2016, but that was from this same mark and if he is going to get three miles it will be on this ground at this venue. With his powerful stable about to hit peak form, I can’t resist having a bit each-way at 14/1 with Coral. I will also be having a few quid on Charlie Longsdon’s MONBEG CHARMER at 20/1 with Ladbrokes, as he is another who will relish the sound conditions. He was a good winner at Ludlow back in November and I am prepared to forgive him his no show at that same track in December as his stable weren’t firing. They are back in much better nick now and he can outrun his price from the bottom of the weights after a nice break. Kempton also stages the last of the recognised Cheltenham trials, kicking off with the Pendil Novices’ Chase (1.50pm).

We’ll know the final field later this morning, but Paul Nicholls’ CYRNAME will be a strong fancy after his excellent run behind Terrefort at Sandown earlier this month. He is sure to come on for that and the better ground will definitely help him. His trainer also has an incredible record in the race, winning it seven times in the last decade. Finally, the Adonis Juvenile Hurdle (2.25pm) often throws up a genuine Triumph Hurdle contender and that looks to be Alan King’s REDICEAN this year. He was no world beater on the Flat, but looks a very smart hurdler and is unbeaten in two starts this season both at Kempton. The manner in which he has quickened up on both occasions suggests that he could be very useful and I’d be surprised if he got turned over here with his stable on song.

POINTERS Cyrname Redicean Art Mauresque e/w Monbeg Charmer e/w

TOMORROW 1.50pm Kempton 2.25pm Kempton 3.35pm Kempton 3.35pm Kempton


CITYAM.COM

Back To The Thatch can take to the Eider like a duck to water

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ANS of marathon chases always get their fill at this time of year and they don’t come much more gruelling than tomorrow’s Betfred Eider Chase (2.45pm) at Newcastle. Just over four miles on heavy ground takes some getting and this race certainly isn’t for the faint-hearted. The obvious starting point is Harry Whittington’s progressive chaser Vinnie Lewis, who is on a roll after bolting up at Sedgefield and Plumpton on his last two starts. Stamina is his forte, while soft ground holds no fears, so he has to be on the shortlist, even though this is another step up the ladder. He was winning off a mark of 113 two starts back and is now up to 136, which is a mighty hike and I just have to take him on at a best-priced 6/1 with Coral. Sue Smith is always to be feared in contests like this and a case can be made for both her entries, Hainan and Smooth Stepper.

PUNTER

FRIDAY 23 FEBRUARY 2018

The former is a real slogger who will be suited by this step up to four miles, while Smooth Stepper won well at this course earlier in the month but his stamina isn’t assured. My first selection is BACK TO THE THATCH for the in-form Henry Daly team at 14/1. He has only had four starts over fences and although that lack of experience is a concern in a race like this, he is completely unexposed over long distances. Last time at Chepstow he was hugely impressive, proving that he is all about stamina. Apart from a couple of small errors, he jumped and travelled really well and gets in here with just 10st 6lbs on his back. Admittedly, he has history against him, as no six-year-old has ever won the Eider, but horses are trained differently these days and I think he can prove to be much better than a 129rated chaser. Since February 10th, Daly has had

39

Back To The Thatch won impressively at Chepstow last month

eight runners and five of them have won, while he also saddled a 40/1 second in the bumper at Doncaster on Wednesday, so the yard couldn’t be in better form.You always need to fire a couple of darts in a race like this and my other fancy is one with more experience, the 11-year-old HOUBLON DES OBEAUX. Considering the ground has been so soft this winter, it’s been a disappointing season for his trainer Venetia Williams, whose string normally revel in the mud. However, she landed last weekend’s Grand National Trial at Haydock with the previously out-of-form Yala Enki

and she might just take another prize with this veteran. The 11-year-old isn’t the horse he was, but it’s only two years since his demolition job in the Grade One Denman Chase, while he also won a veterans’ chase on his reappearance at Sandown in November. He might just outstay these and is a big price at 14/1 with Ladbrokes. Ruth Jefferson had a day to remember last Saturday with Waiting Patiently at Ascot and she can land another Saturday winner with KELKA in the preceding Betfred Super League Novices’ Chase (2.10pm). This mare won a hurdle on heavy

ground at Newcastle last season and travelled really well on her chasing debut at Catterick before understandably getting tired on her first start since April. That will have blown away the cobwebs and she will be hard to beat.

POINTERS

TOMORROW

Kelka Back To The Thatch e/w Houblon Des Obeaux e/w

2.10pm Newcastle 2.45pm Newcastle 2.45pm Newcastle

Gosden runner deserves Utmost respect in Winter Derby

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VER at Lingfield, there is some good action on the all-weather with the Betway Winter Derby (3.15pm) the standout race on the card. Aidan O’Brien’s Clear Skies is likely to start a warm favourite for this Group Three contest. The daughter of Sea The Stars is the Ballydoyle handler’s first runner on the all-weather at Lingfield since 2002 and looks to

have solid claims having won five of her last six. She also gets the mares’ allowance, which can only boost her chances, but her price is largely due to her all-conquering connections and at around 3/1, I’m happy to look elsewhere. Instead, I’m interested in UTMOST for the in-form John Gosden stable. He was impressive over course and distance last time when taking

the trial for this race and looks to be a horse on the upgrade. I’m confident there is more to come and he looks solid each-way value at 7/1 with Coral. Earlier on the card, in the five furlong Betway Hever Sprint Stakes (2.05pm), I’m going to throw a few quid each-way on ENCORE D’OR. Robert Cowell’s six-year-old seems to be very much at home at Lingfield having won over course

and distance twice before. He comes into this off the back of two runs at Meydan, meaning he should be cherry-ripe, with the booking of Ryan Moore a real eyecatcher. My selection has been given a plum draw in stall two and should go well at around the 15/2 mark. Cowell’s former runner Orvar looks set to go off favourite following a five furlong victory at

Wolverhampton two weeks ago. He’s not the most consistent, though, often failing to string two good runs together, so he looks short enough at 7/2.

POINTERS Encore D’Or e/w Utmost e/w

TOMORROW 2.05pm Lingfield 3.15pm Lingfield


40 PUNTER FRIDAY 23 FEBRUARY 2018

CITYAM.COM

THE PUNTER

Hong Kong racing expert Wally Pyrah previews Sunday’s card at Sha Tin

HONG KONG TRADER

All eyes on Star but Werther looks sweet T

HERE are no prizes for guessing which horse will grab the punters’ attention at Sha Tin on Sunday when they line up for the Group One Citi Hong Kong Gold Cup (8.05am). It’s the return of the enigmatic and quirky character Pakistan Star, a horse who has captured the public’s imagination and has earned a cult following since producing a phenomenal last-to-first success on his debut back in July 2016. A replay of that race alone recorded nearly half a million hits on YouTube, and from then on, the gelding, who runs in the colours of the Pakistan national flag, has taken the HK racing scene by storm. Two more victories followed, plus placed efforts in the 2017 HK Derby, HK Classic Cup and QE11 Cup, but then it all went wrong. Starting at odds of 1-5, he suddenly pulled himself up in the Group Three Premier Plate at Sha Tin last June, and then stopped again in exactly the same spot when given a subsequent race trial. The HKJC Stewards’ slapped a ban on him till his racing manners improved, and even famous horse whisperer Monty Roberts was flown in to sort out his brain. He has been back in work since last

Werther won the Group Two BOCHK Jockey Club Cup at Sha Tin in November

October and progressed in three trials (his recent trial over a mile was impressive) looking fresh and fit. He cannot be overlooked. Trainer John Moore has won nine of the last 12 runnings of the Citi HK Gold Cup and saddles three of the nine contenders.

Moore is having a season to forget, with only 15 winners, and most of his multi-million exports bought for the major races in HK coming up short. This could be his ‘last chance saloon’ to get his season rolling, and hopefully 2017 HK Derby winner

WERTHER can do the trick. This former HK Horse of the Year, didn’t have the finishing kick but still stayed on strongly when third to rival Seasons Bloom in the Stewards’ Cup over a mile last month. Back over his optimum distance – over which he has won four times –

he can give his legendry trainer something to finally cheer about. Seasons Bloom tries his luck again over this trip after finishing third in last year’s HK Derby. There is no doubt he is the best miler in the country, but there is a worry about him staying the extra distance. You can ignore the latest run of Time Warp, who missed the start and suffered a troubled trip when unplaced behind Seasons Bloom in the Stewards’ Cup. Previously he made all in the Group One LONGINES HK Cup over Sunday’s distance in December. Expect similar tactics again, with Zac Purton dictating the sectional times, and then kicking once turning into the home stretch. Werther, however, will be ridden closer to the pace this time and won’t let his rival get too far in front. For anyone looking for a surprise result, keep an eye on GOLD MOUNT, who was formerly known in the UK by the name Primitivo, winner of the 2016 King George V Handicap at Royal Ascot.

POINTERS

SUNDAY

Werther 8.05am Gold Mount e/w 8.05am

Sha Tin Sha Tin

Peter Ho holds a Fifty Fifty chance in Queen’s Silver Jubilee H

ONG KONG racing fans are in for a treat when 11 horses face the starter for the ultra-competitive Queen’s Silver Jubilee Cup (8.40am). The old adage of ‘out with the old and in with the new’ springs to mind, with the likes of last year’s winner Helene Paragon, former HK Sprint winner Peniaphobia, and top miler Beauty Only taking on rising stars Beauty Generation, Beat The

Clock, Fifty Fifty and Pingwu Spark. You can guarantee the Tony Cruztrained old campaigner Peniaphobia is going to lead and set the tempo to suit his more illustrious stable companion Beauty Only, who looks to be reaching his peak after an encouraging run behind Seasons Bloom in the Group One Stewards’ Cup over a mile. Striking grey gelding FIFTY FIFTY, who has risen 47lbs in the official

ratings this season, couldn’t quite catch Seasons Bloom in that race, but is a previous dual winner over this distance. He should get the genuine pace to suit and has been drawn for a trouble-free run. While there are doubts about the Joao Moreira-ridden Beat The Clock staying the distance in this top-class company, there are no worries on that score about Group One HK

International Mile winner Beauty Generation, who was impressive when previously winning over seven furlongs. The interesting horse is highlyprogressive Pingwu Spark, a winner of five of his seven races and another who has spiralled up the ratings by 36lbs this season. He steps up from Class Two company into Group One. Can he make the class jump? It’s a big ask.

HOW TO BET ON HONG KONG RACING You can now bet directly into the largest tote pool in the world in any of these betting shops…

STEP 1 Pick a horse

STEP 2 Fill in a Tote betting slip

STEP 3 Present to cashier

Racing from Hong Kong (Happy Valley and Sha Tin) is now screened live on both

The action from Sha Tin will be shown live on both At The Races and Racing UK and bets can be placed into the Hong Kong pools at Betfred, Coral, Ladbrokes and William Hill shops.

POINTERS Fifty Fifty

SUNDAY 8.40am

Sha Tin


CITYAM.COM

FRIDAY 23 FEBRUARY 2018

RUGBY UNION

Russell is no Patchell and can pose threat to Jones’s England RUGBY COMMENT Ollie Phillips

SPORT

41

IN BRIEF

CURLERS CAN NUDGE TEAM GB TO TARGET

£ WINTER OLYMPICS: Team GB could effectively hit their Pyeongchang medal target today when Eve Muirhead’s women’s curling team take on Sweden. Victory in the semi-final would guarantee a medal and take the team’s haul to five. Skeleton star Lizzy Yarnold has won the only gold, while fellow sliders Laura Deas and Dom Parson won bronze, as did skier Izzy Atkin. Yesterday Davy Ryder achieved Britain’s best alpine skiing result since 1988 when he finished ninth in the men’s slalom.

BRITISH GYMNASTICS FIRES COACH VAN HOOF

£ GYMNASTICS: Head national coach Eddie van Hoof has been sacked following an investigation into unspecified allegations of misconduct. British Gymnastics said there were “irreconcilable differences... regarding the leadership, conduct and culture of elite coaching for our sport”, adding: “The situation had become untenable and it was best for all sides to bring matters to a close.” Van Hoof was named UK coach of the year and awarded an MBE after Team GB’s record medal haul at the Rio Olympics in 2016.

E

DDIE JONES’S mind games against Wales were top quality. There is absolutely no doubt that he got into Rhys Patchell’s head and the rookie fly-half was ineffectual to the point of being replaced after 56 minutes. The name of Finn Russell, Scotland’s No10, has cropped up time and again this week with debate raging north or the border over whether the 25-yearold ought to be selected against England tomorrow. Russell has endured two indifferent performances so far in the Six Nations and was hauled off in Scotland’s last game against France at Murrayfield – a move viewed as the catalyst for the hosts’ eventual victory. Scotland head coach Gregor Townsend has stuck with the underpressure Russell, despite concerns in some circles that he may be fragile after his underwhelming performances and susceptible to Jones and England’s barbs. England lock Courtney Lawes has already spoken of how they intend to target Russell, although there is not a fly-half in the world that isn’t a marked man given how pivotal they are to making a side flow. I do, however, think that Russell, who was a member of the Geography Six called into the British and Irish Lions squad in the summer, is under pressure, although only through his on-field output rather than things said in press conferences. He is a top-quality international flyhalf and a player, along with full-back Stuart Hogg, who galvanises Scotland into a really dangerous attacking unit and should not be damned for two poor performances.

MOEEN: WHITE BALL-ONLY DEALS ARE WAY FORWARD

Finn Russell has failed to hit top form so far in the Six Nations In my view, he has fallen foul of trying too hard. Russell had an impressive autumn where Scotland were flying high and he then signed a bigmoney contract with Racing 92. He probably now feels there is pressure to take his game to a new level.

AUDACIOUS CHIP AND CHASE

When you’re the sort of player he is – a mesmeric talent – the pitfalls are that you force the issue too much and little errors creep in, such as missing touch off penalties and going for an audacious chip and chase that isn’t on. Also, when Scotland were viewed as a nothing side, he was heralded as a genius for liberating the likes of Hogg, Sean Maitland and Tommy Seymour. With Scotland now a better

proposition, there is an expectation that his game-management is pristine. While there will be a focus on Russell this weekend, I don’t think he will crack like Patchell. I believe he is the sort of person who will rally to the call and not the type of player to shy away from grasping the nettle. That said, having seen how Russell played against Wales and France, there is little doubt that England will be looking to suffocate Scotland into making mistakes. Jones’s charges will be in Russell’s face defensively and looking to force stupid errors. In terms of the game itself, it is certainly England's biggest test of the Six Nations to date. Scotland’s performance against Wales in the opening round of fixtures was not the Scot-

land team that we have come to know, nor will it be the one that turns up tomorrow. Had Scotland lost to France, it would be a different story and I would have backed England to simply roll them over, but the fact they dragged themselves over the line in that one puts a different complexion on it. If Russell and the rest of that backline clicks then Scotland are going to play some really expansive rugby, which England have not yet faced in the tournament, and it will pose a real threat. Likewise, If England replicate their showing against Wales, which was dogged and determined but far from resounding, then I don’t think they will win the game.

£ CRICKET: England all-rounder Moeen Ali has backed the decision of Alex Hales and Adil Rashid to shun first-class cricket and focus solely on the limited-overs formats of the game. Moeen, who is part of the England squad for the fivematch one-day series against New Zealand which starts on Sunday, said: “It will be great for England long term. We’re going to have real specialists and it’s something a lot of players will probably do further down the line.”

IRELAND LOSE FORWARD PAIR FOR WALES CLASH

£ RUGBY UNION: Ireland will be without prop Tadhg Furlong and fellow forward Iain Henderson for their Six Nations showdown against Wales in Dublin on Saturday. The duo suffered hamstring injuries during their previous clash of the championship against Italy. Tighthead Andrew Porter is set to replace Furlong and make only his second Test start for Ireland, while 21-yearold James Ryan will come in for Henderson.

PICK YOUR GAMES

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42 SPORT

FRIDAY 23 FEBRUARY 2018

CITYAM.COM

FEATURE

STREAM PLAYERS

S

UCH was the hype surrounding big tech’s supposed interest in acquiring live Premier League broadcast rights that YouTube’s name was inevitably thrown into the mix alongside Sky and BT as a potential bidder in the current auction. Yet Google’s online video behemoth was never interested. Why would they be? As demonstrated by Manchester United’s migration to the site, which was announced today, rights holders, governing bodies, leagues and clubs are flocking to YouTube, not the other way around. United, the world’s richest football club according to Deloitte, have joined just about every other top sports brand in the world in creating a channel on the platform for showcasing highlights, behind-the-scenes documentaries, archive footage and all club-related video content. Their arrival on YouTube may seem surprisingly tardy for such a commercially-orientated club but, just as with

their Twitter account, which was not launched until 2013, expect the late adoption to be followed by quick dominance. Even in the absence of an official channel, none of United’s domestic rivals have been able to match their popularity on YouTube: United-related content has had 843m views since the start of the current season, more than any other Premier League club. Unlike Amazon now or BT before 2013, YouTube is already a destination for football content. BT Sport paid £900m for Champions League rights in 2013. If you want to revisit Chelsea’s draw with Barcelona or David de Gea’s

It doesn’t compete with TV deals, but YouTube’s a source of money for clubs

FOOTBALL

EFL brings transfer window in line with Premier League FRANK DALLERES @frankdalleres ENGLISH Football League (EFL) clubs have followed their Premier League counterparts and voted to bring forward their summer transfer deadline to early August. The 72 clubs in the second, third and fourth tiers have agreed to close this summer’s transfer window at 5pm on Thursday 9 August – the same time as teams in the Premier League but, unlike their top-flight counterparts, not before their first round of fixtures. They will have until the end of August to make additional loan signings, acquire out-of-contract free agents, and sell to teams in territories where the window remains open – by current rules, most of Europe.

“After discussing the options throughout the course of the last few months, I’m pleased that the matter has been determined by clubs ahead of the start of next season,” said EFL chief executive Shaun Harvey. “This will give clubs and managers the stability they crave earlier in the season whilst also providing the flexibility to add to their squads after the traditional deadline until the end of the month if required.” Premier League clubs voted in September to bring their deadline forward after managers complained that the later window had a destabilising effect on squads at the start of a season. The EFL has also tightened selection rules in response to concerns about teams fielding weakened sides late in the season.


CITYAM.COM

They’ve signed up Manchester United but, asks Joe Hall, does YouTube have its sights set on live football?

FRIDAY 23 FEBRUARY 2018 SPORT 43

United may also look at YouTube and take notice of its emerging stars who are often outflanking them when it comes to fan engagement, loyalty and even attention. YouTube creators KSI and Joe Weller built their followings by playing the FIFA video game and now have more subscribers than Manchester City, Chelsea, Arsenal and Liverpool put together. When they fought each other in a white collar boxing match earlier this month, the bout attracted over 1m live viewers and sold out the ExCel Arena. Meanwhile entire football clubs have been set up by popular YouTubers, with matches played at Wembley in front of tens of thousands of fans. Elsewhere, the rise of supporter channels such as Arsenal Fan TV have forced their way into mainstream conversation and onto the radar of footballers themselves. Professional sport and fan-led platforms are increasingly intertwined in competition and symbiosis with each other. “Robbie Reacts To Hector Bellerin’s Oxford Union Comments On Arsenal Fan TV” has over 180,000 more

MOST YOUTUBE CHANNEL SUBSCRIBERS 1. Barcelona 2. Real Madrid 3. Man City 4. Bayern Munich 5. Liverpool

heroics in Sevilla from earlier this week then you already can for free on YouTube, where BT have uploaded highlights to their channel. “That’s not our game,” YouTube head of sport for EMEA Tomos Grace tells City A.M., when asked if the site was interested in acquiring exclusive live rights. “We want to work with rights holders, we want to work with broadcasters, we want to work with clubs to help them amplify the reach that they have and amplify the rights that they have. “And people want to work with YouTube. One, because it’s a big platform and they get big audiences. Two, because you get to engage with global fanbases. And three, because it can make them money. That is now an established, proven model. “Sure, it doesn’t yet compete with what people are making from TV and broadcasting deals, but there is a source of money there for clubs and I think that’s another reason for working with us.” Global sporting mega-brands like

3.7m 2.7m 1m 0.8m 0.8m

views than BT Sport’s highlights of Arsenal’s 3-0 win over Ostersunds, posted online on the same day. “I think that the interesting thing is not only how massive they [KSI and Joe Weller] are but how surprised I think many people in the industry were by how successful that fight was,” says Grace. “It’s surprising that they were surprised, because these guys are huge. It will be interesting to see how traditional and new sports stars on YouTube will coexist. One of the things that’s great about the Manchester United channel is they’re already talking about the kinds of collaborations that they want to do with YouTube creators. And we know that works because they [creators] bring a different audience to the official club channel.” YouTube is still a happy host of traditional live sport should rights holders be interested — BT Sport have streamed last year’s Champions League final — but is not so much interested in becoming the rights holder itself. After all, a football match only lasts just under two hours in a football fan’s day. YouTube can cover the other 22.

FOOTBALL

Pardew calls for West Brom repairs following taxi row FRANK DALLERES @frankdalleres WEST BROM manager Alan Pardew has reinstated Jonny Evans as captain despite him being disciplined for breaking a curfew during a club trip to Barcelona this month. Evans was among four players accused of stealing a taxi on a night out in the Catalan city and was stripped of the armband for last weekend’s FA Cup defeat against Southampton. Former Manchester United star Evans, Gareth Barry, Jake Livermore and Boaz Myhill were questioned by police about the alleged incident but the case was dropped due to a lack of evidence. The quartet have been disciplined by the club, however, although

Pardew has declined to freeze them out for tomorrow’s match against fellow Premier League strugglers Huddersfield. “Of course I’m angry about the situation. [But] it’s a results business and we need to get results,” said Pardew. “That incident magnified our situation and the only way we can get ourselves out of that spotlight is to win games. It’s a mistake that we’ve had to repair ourselves from. “We only have three scenarios in front of us: we either perform the great escape, we go down fighting and with dignity, or we go down with a whimper. And I certainly hope it isn’t the last one.” The Baggies are five points adrift at the bottom of the table and seven points behind Huddersfield.


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FRIDAY 23 FEBRUARY 2018

STREAM PLAYERS Does Youtube have its sights set on live football games? PAGE 42

SPORT FOOTBALL

FORMULA ONE

Wenger anger as Arsenal just avoid collapse

Arsenal were far from convincing against Ostersunds

FRANK DALLERES @frankdalleres WORLD champion Lewis Hamilton has confirmed that he is close to signing a new contract with Mercedes and that the agreement could be announced before the new season begins next month. Britain’s most successful racing driver is expected to commit to the team until the end of the 2021 season on a deal that would increase his salary to £40m a year. Hamilton’s current contract with Mercedes is believed to earn him around £32m a year and is due to expire at the end of the new campaign, which gets under way in Australia on 25 March. “We are comfortable and we are committed to each other. It’s just about sorting out the details,” said the 33-year-old. “Hopefully we will have something done by the first race but we are in no rush. There is no reason to rush anything, no panic, I’m not feeling under any pressure of any other drivers in there and Toto [Wolff, team boss] and Mercedes have no reason to feel that I’m talking to anybody else. In the whole six years that I’ve been here, I haven’t spoken to another team once and I think that shows my commitment.” Hamilton, who has won three of his four Formula One titles at Mercedes, is already among the best paid drivers but a new deal would likely make him the top earner on the grid, where salaries can be secretive. Mercedes chief Wolff, speaking at the launch of the team’s new W09 car on Thursday, refused to be held to a timeframe but confirmed that a deal was imminent. “We’ve had very good discussions, ticking the dots, and are expecting to come up with some news soon,” he said. “The minute you put the date out, you are going to be remembered about the date and it doesn’t make any sense to put ourselves under pressure. Lewis has been with the team for six years, we are talking about extending that to a very long time. A couple of weeks would be a realistic target.”

Swedish minnows cause scare and ruin Gunners’ build up to cup final

EUROPA LEAGUE

ARSENAL OSTERSUNDS FK

1 2

(Arsenal win 4-2 on aggregate) ROSS MCLEAN @rossmcleanRMAC ARSENAL boss Arsene Wenger lambasted his side’s complacency after warming up for Sunday’s Carabao Cup final against Manchester City with a morale-sapping defeat to Swedish minnows Ostersunds FK in their Europa League last-32 secondleg clash last night. The Gunners progressed 4-2 on aggregate but they were given an almighty scare by a side not in existence when Wenger was appointed to the manager’s hotseat in north London in 1996. A number of players hoping to secure their spot in Arsenal’s starting XI for the weekend underperformed as a Calum Chambers own goal and Ken Sema strike set heart rates fluttering before Sead Kolasinac hit back after the break. Ostersunds manager Graham Potter, meanwhile, became only the sixth English manager to win at Emirates Stadium, although it will be Arsenal who take their place in the last-16 draw today. “You can call it complacency, a lack of focus and a lack of urgency in every single aspect,” said Wenger.

Hamilton set to seal new £120m Mercedes deal

“We prepared the game very well because I have enough experience to know in these kind of games you have to do the job and score the first goal. They are a good side as well and overall we responded well in the second-half.” Arsenal had lost their last five European knockout games at Emirates Stadium, conceding 15 goals in the process, but those were in the Champions League and it was unthinkable that Ostersunds could continue that trend. But rather than their low-key visitors being overawed, it was the Gunners who looked like rabbits in the headlights, falling behind in the 22nd minute as Hosam Aiesh sprinted clear before seeing his shot deflected into his own net by Chambers. A mere 69 seconds later and Ostersunds doubled their lead as the dangerous Sema outwitted Chambers before rifling a ferocious shot across helpless Arsenal goalkeeper David Ospina for his first goal in 16 matches. The Gunners, however, calmed their substantial nerves moments after the restart as Hector Bellerin’s cross was hopelessly mis-kicked by Ostersunds fullback Ronald Mukiibi and lashed home by Kolasinac. Goal-shy striker Danny Welbeck missed his customary selection of chances, before substitute Dino Islamovic flicked wide as Ostersunds, who needed two goals to progress, threatened to exploit the jittery Gunners until the final whistle.

RUGBY UNION

Jones resists temptation to indulge in Calcutta Cup mind games ROSS MCLEAN @rossmcleanRMAC ENGLAND head coach Eddie Jones has insisted that mind games are not required to stoke his side’s hunger for tomorrow’s Six Nations showdown with Scotland at Murrayfield. Jones used the build up to England’s previous fixture, against Wales at Twickenham, to heap pressure onto rookie fly-half Rhys Patchell and skipper Alun Wyn Jones by questioning their temperament and conduct respectively. The majority of barbs prior to this weekend’s clash have come from Scotland after head coach Gregor Townsend accused England of being repeatedly offside in defence, while former lock Doddie Weir suggested

they were “arrogant”. “They have brought out every strategy you can think of,” said Jones. “I’m sure there’s an exScottish player ready to come out today and say something about how they hate us, they want to rub our nose in something, we don’t respect them. “It’s designed to get them up for the game. We’re up for the game, regardless of what’s said. We always chat to the referee but it won’t be about that [defending from an offside position], it’ll be about aspects of what he wants

from the game, because we want to play the game legally.” Jones has made just one change to the side which dispatched Wales 12-6 with Wasps powerhouse Nathan Hughes replacing Sam Simmonds, who has succumbed to a shoulder injury, at No8. Hughes has recovered ahead of schedule from knee ligament damage and has honed his fitness through intense sessions at England’s training camp over the past few Jones has recalled Hughes to face Scotland

weeks. “Sam has done really well for us and is a good young player, but Nathan’s a big carrier and a strong defender,” added Jones. “He has a bit more muscle around the ruck, which at Murrayfield might be useful. I’ve never seen him in better physical condition.” Prop Joe Marler has replaced Alec Hepburn on the bench after serving a six-week ban for a dangerous clearout and will provide cover for fellow loosehead Mako Vunipola. Skipper Dylan Hartley, meanwhile, is set to become England’s second most capped player by surpassing the 91 won by Jonny Wilkinson, while Joe Launchbury is expected to make his 50th appearance for the Red Rose.

SCOTLAND V ENGLAND: THE LINE-UPS £ Scotland: Hogg, Seymour, Jones, Horne, Maitland, Russell, Laidlaw; Reid, McInally, Berghan, Gilchrist, Gray, Barclay (capt), Watson, Wilson. Replacements: Lawson, Bhatti, Nel, Swinson, Denton, Price, Grigg, Kinghorn £ England: Brown, Watson, Joseph, Farrell, May, Ford, Care; Vunipola, Hartley (capt), Cole, Launchbury, Itoje, Lawes, Robshaw, Hughes. Replacements: George, Marler, Williams, Kruis, Underhill, Wigglesworth, Te’o, Nowell

City A.M. (2018.02.23)  

City A.M. (2018.02.23)

City A.M. (2018.02.23)  

City A.M. (2018.02.23)

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