Wednesday 30 August 2023

BUSINESS WITH PERSONALITY

GAMBLE OR SMART CALL? SAM TORRANCE’S VERDICT ON US RYDER CUP TEAM P19

SWEET VICTORY OX STREET GAINS EDGE ON CANDY STORES P15

ENDANGERED?

AND THAT’S AN ORDER

Amazon boss orders staff back to office

LUCY KENNINGHAM

AMAZON chief executive Andy Jassy has told workers “it’s probably not going to work out for [them]” if they don’t accept the company’s three-days-inthe-office mandate.

“It’s past the time to disagree and commit,” Jassy reportedly said in a meeting last week, referred to internally as a 'fishbowl'.

“And if you can’t disagree and commit, I also understand that, but it’s probably not going to work out for you at Amazon because we are going back to the office at least three days a week, and it’s not right for all of our teammates to be in three days a week and for people to refuse to do so.”

TECH UNICORNS IN SHORT SUPPLY

UK MINTS JUST ONE $1BN FIRM IN BLOW TO ‘UNICORN KINGDOM’ GOAL

CHARLIE CONCHIE AND JESS JONES

THE UK has minted only one new billiondollar ‘unicorn’ firm so far this year, in a sign that the sharp decline in venture capital funding has hit the valuations of the country’s science and tech startups. Venture capital cash has dried up over the past 12 months as rising interest rates turned off the taps of free money that fuelled a decade-long boom in investment.

Figures from investment analysis firm

Pitchbook show that the number of unicorns –private companies worth more than $1bn –created in the UK has plunged from an all-time peak of 10 last year to just one in the first six months of 2023.

London-based AI outfit Quantexa is the only firm to fetch new unicorn status after raising $129m in April. The total number of active unicorns in the UK is currently 26 –one fewer than in 2022. Despite analysts betting on a stronger second half to the year for VC funding,

analysts at Pitchbook said the “tepid growth” of unicorns looked set to continue in both the UK and Europe.

“We would expect such a decrease in the number of minted unicorns to continue given the pressures felt in the venture-growth stage following the exodus of investment this year ,” Navina Rajan, senior EMEA private capital analyst at Pitchbook, said.

The downturn strikes a blow to Rishi Sunak’s ambition to turn the UK into a socalled tech hub or “Unicorn Kingdom”.

“Unicorns are a relevant metric in some sectors, mainly software. It’s perfectly valid to ask why we haven’t created more from the startups we have in that sector,” Henry Whorwood, head of research at investment data firm Beahurst, said. But as the UK pivots its focus on becoming a science superpower, Whorwood argued that unicorn creation was “the wrong metric for measuring the effective commercialisation of science” and not necessarily a good gauge of genuine scientific prowess.

Insider, which first reported the meeting, said it was held to reinforce the three-days-a-week policy and to express Jassy’s frustration at the significant number of staff who were not following the policy since it was introduced in May.

“As a leadership team, we’ve decided that we will be better for customers and for our business being in the office," Jassy told employees, adding that the team was unimpressed with the firm’s results during the pandemic when remoteworking started.

Jassy said he spoke with 80 other CEOs before advocating for a return to the office saying “virtually all” of them preferred in-office work.

MPs slam China’s role in new wind farm that could power over one million homes

NICHOLAS EARL

CONSERVATIVE MPs have criticised the role of a Chinese private investment group in a new mega offshore wind farm that could power over 1m homes.

The Moray West offshore wind farm project, located off the coast of Scotland, is an upcoming 882MW

development, consisting of 60 turbines, with the potential to serve 1.33m homes. The project, which has been fully approved, is run as a joint venture between EDP Renewables and Engie, and is expected to generate power as soon as next year.

While the turbines have been supplied by Siemens Gamesa, 80 per cent of the turbine’s monopiles (the

steel tubes driven into the seabed) are being supplied by Dajin Offshore Heavy Industry.

Alicia Kearns (right), Conservative MP and chair of the Foreign Affairs Select Committee, told City A.M. that the origins of components for renewable projects was a “key problem” for the UK

as it exposed “where strategic vulnerabilities lie”.

“Our allies and partners around the world are facing similar issues when it comes to developing renewables and mitigating over-reliance on China,” she said.

“This is why we need to be

securing partnerships with alternative manufacturers, like Taiwan, but also investing further down the supply chain in critical mineral extraction and refinement, so that the pool of renewable energy infrastructure suppliers can grow.”

£ CONTINUED ON PAGE 2

STANDING UP FOR THE CITY

Nutrient neutrality tweaks look a rare example of sound policy

NUTRIENT neutrality. It’s fair to say they might not be the two sexiest words to have ever moved a stock market but yesterday they most certainly did, with housebuilders flying on the news the government was set to ease the paperwork surrounding new housing developments. In short, current rules mean that in a full 62 local authorities, developers have to prove that any new housing project will be ‘nutrient

THE CITY VIEW

neutral’ –effectively having no environmental footprint at all. Unsurprisingly, that’s a pretty high bar to meet. The way it has been interpreted has unsurprisingly been very much in favour of not putting bricks in the ground.

So, good idea or bad idea?

Sensible reforms to the planning system or an unforgivable loosening of environmental restrictions at a time when thanks to our water network our rivers, seas and canals resemble a toddler’s potty training? The answer appears to be the former: the sort of regulatory tweak which can free up housebuilders to build where they should be able to at much lower –and not prohibitive –cost,

whilst keeping legally binding restrictions in place to tackle pollution at source. Crucially, the costs, such as they are, will be balanced by a significant fund to cover any impacts down the way. Wonks reckon the move will free up development of more than 100,000 homes which have been considered too expensive to build thanks to an overly bureaucratic scheme. Those are homes that are badly needed.

It is perfectly reasonable to think

A ROYAL WELCOME? Rishi Sunak met the Crown Prince of Kuwait at Downing Street after the royal completed a disrupted journey to No 10 due to anti-Ulez protestors

that messing around with any environmental regulation at all at the moment is a step too far. But to oppose these changes is effectively to choose ‘degrowth’, an academically trendy idea that has inexplicably gained traction in recent years. Those of us in the reality-based community, meanwhile, will acknowledge that Britain’s pollution problems are the result of mismanagement and underinvestment –not new houses.

WHAT THE OTHER PAPERS SAY THIS MORNING

CENTRAL BANKS WILL PUSH ECONOMIES TO RECESSION, SAYS HUNT ADVISER Karen Ward, a member of the Chancellor’s economic advisory council, said there would need to be signs of weakness before policymakers felt able to ease their tough approach.

THE FINANCIAL TIMES VLADIMIR PUTIN ABSENT FROM YEVGENY PRIGOZHIN’S PRIVATE FUNERAL

Vladimir Putin did not attend a private funeral for the Russian warlord Yevgeny Prigozhin who died in a plane crash last week. “The president’s presence is not envisaged,” a spokesperson said.

THE INDEPENDENT ULEZ EXPANSION SEES CAMERAS DESTROYED WITH FURIOUS PROTESTERS

The chaotic first day of London mayor Sadiq Khan’s ultra-low emission zone (Ulez) scheme expansion saw furious protests outside No 10 and traffic cameras smashed or vandalised.

Build you up: Housebuilder boost helps lift London’s FTSE 100 to two-week high

ANNA WISE AND CITY A.M. STAFF

HOUSEBUILDERS on London’s FTSE 100 and FTSE 250 gained more than £870m in value yesterday after the government moved to relax environmental rules in a bid to speed up the building of new homes.

The UK’s top index jumped to a twoweek high in a cheerful session following the bank holiday weekend. It gained 126.41 points, or 1.72 per cent, closing at 7,464.99.

The government announced it wants to end some EU-era rules on waterway pollution that were blocking more

houses being built.

Secretary of state for housing and levelling up Michael Gove said he would free the property industry from “nutrient neutrality” laws.

“The way EU rules have been applied has held us back,” Gove said.

Shares in housebuilders Persimmon, Barratt Developments and Taylor Wimpey rose sharply during the day at the prospect of strict the planning restrictions being eased which the government claimed would provide an additional 100,000 new homes in England by 2030.

Meanwhile, new figures showed that

MPs: Wind farms

on

price rises in British shops slowed to their lowest rate since October this month, driven by a fall in fresh food price inflation.

The data from the British Retail Consortium buoyed investors with the UKfocused FTSE 250 soaring by nearly 1.9 per cent.

The cheerful sentiment was felt across the globe yesterday. Elsewhere in Europe, Germany’s Dax jumped 0.88 per cent and France’s Cac 40 was up 0.67 per cent. In the US, the S&P 500 was up by 1.1 per cent and Dow Jones up 0.6 per cent by the time European stock markets closed.

should

rely

British, not Chinese firms

CONTINUED FROM PAGE 1

Fellow Tory MP Simon Clarke told City A.M.: “Instead of relying on imports, we should be incentivising British projects to use British products.”

Conservative backbench MP Peter Aldous also raised concerns over Dajin’s involvement, adding that such projects should be depending on domestic firms.

“As we scale up our offshore wind sector, it is imperative that we incentivise more of the supply chain to make the United Kingdom its

home,” he told City A.M. Downing Street has taken steps to reduce China’s role in other areas of the energy sector. Last year, the government paid over £100m to Chinese state-owned firm China General Nuclear to buy out its 20 per cent stake in the Sizewell C nuclear power plant.

Earlier this year, MPs also raised concerns about Chinese firms’ stakes in North Sea oil and gas projects. The joint venture company, Ocean Winds, Danjin Offshore Heavy Industry and the government have all been approached for comment.

THE GUARDIAN

SMEs struggling to borrow from high street banks

CHRIS DORRELL

SMALL and medium-sized enterprises

(SMEs) are finding it increasingly difficult to access funding from high street banks, new data out today shows.

According to data from fintech firm Iwoca, 84 per cent of finance brokers said high street banks were increasingly reluctant to lend to SMEs. This was seven percentage points more than the quarter before.

While high street banks are less eager to lend to SMEs, demand for financing is set to increase with 81 per cent of brokers predicting it will rise over the next six months, leaving a substantial shortfall for small businesses.

The data was collected from more than 100 SME finance brokers who submitted over 950 finance applications for SMEs in June.

Colin Goldstein, commercial growth director of Iwoca, warned the economy

could suffer.

“Small businesses need attractive options for financing, or the significant growth potential that they offer the economy will be lost,” he said.

Data from the Federation of Small Businesses (FSB) showed one in three small businesses applying for financing were offered a rate of over 11 per cent, up from just 12.2 per cent in the same period last year.

Martin McTague, national chair of the FSB, said higher interest rates are posing an “existential threat” to some SMEs.

“A wide product range beyond traditional loans and overdrafts could help small firms access some of the funding they need, while helping banks grow their new business levels in a sustainable way,” McTague said.

Rising borrowing costs have contributed to the recent surge in insolvencies, which hit their highest level since 2008 in the second quarter of this year.

A CGI rendering of the proposed Sizewell C nuclear plant in Suffolk

Government bill for

Sizewell

C

nuclear power plant passes £1bn

NICHOLAS EARL

GOVERNMENT spending on the proposed nuclear power plant Sizewell C crossed the £1bn pound threshold yesterday after the government committed more funds to the project. Ministers allocated an additional £341m towards the project on top of the government’s £870m stake, taking overall spending commitments to

Brexit border checks on food delayed –again

MARTINA BET

THE IMPLEMENTATION of postBrexit border checks on food products coming from the EU has been delayed for a fifth time, the government has confirmed.

The first stage of the UK’s new border model, originally set for October, is now delayed to January 2024, with physical checks and more coming in over the next year.

It was confirmed as the Cabinet Office published its new “border target operating model”, which delineates the UK’s upcoming approach to safety and security controls on all imports, with a particular emphasis on goods like animals, plants and animal products.

£1.2bn. The extra money will help prepare the site for construction, such as in procuring key components from the project’s supply chain, and expanding its workforce.

The government hopes the funds will drive Sizewell C’s operator French energy giant EDF towards reaching a final investment decision on the 3.2GW nuclear project by the end of this parliament.

The Cabinet Office said: “Having listened to the views of industry, the government has agreed to a delay of three months for the introduction of remaining sanitary and phytosanitary controls... which will now be introduced from January 2024.” Goods from Britain have faced EU controls since it left the single market at the start of 2021, but the UK has repeatedly put off checks in the other direction. PA

UBS settles Credit Suisse lawsuit with Swiss financial blog over comments

CHRIS DORRELL

UBS AND Swiss finance blog Inside Paradeplatz have settled a lawsuit relating to comments published on the site about Credit Suisse.

As part of the settlement, Inside Paradeplatz agreed to delete or amend multiple reader comments and delete or adjust passages in two of its posts.

The blog “expressed its regret” at the incident and said it will “carefully examine readers’ comments in advance and not allow any personal

infringements against the plaintiffs”.

Credit Suisse launched the lawsuit against the blog in December last year, calling for the removal of parts of 52 articles relating to the bank.

The blog is widely read in Swiss financial circles and has faced lawsuits in the past from both UBS and Credit Suisse.

The agreement comes as UBS attempts to settle a range of legacy lawsuits and investigations involving Credit Suisse.

Last month, UBS agreed to pay a

UK mortgage lending falls by almost a third

CHRIS DORRELL

INCREASING pressure on the housing market drove down activity in mortgage lending and led to changes in the market, new data out yesterday shows.

According to UK Finance data, lending for house purchases in the second quarter stood around 30 per cent lower than the same period last year.

The industry body said this stemmed from “the significantly greater affordability challenges currently faced by borrowers”.

Rising interest rates have sent the cost of a mortgage skyrocketing, hitting a 15-year in July. Although mortgage rates are slowly falling, they remain well above where they were in early 2021. Borrowers coming off fixed rate deals will have to pay hundreds of pounds more per month as a result.

Affordability concerns saw record numbers of borrowers choosing to refinance with their existing providers. Typically borrowers looking to switch to other lenders have to undergo a new affordability test.

84 per cent of remortgaging deals were internal transfers compared to an average of 77 per cent across 2022. April’s figure of 88 per cent was a

record monthly high.

UK Finance analysed the impact of higher rates on customers refinancing internally, reassuring that customers would still have the breathing space to pay back their loans. They said while there would be “significant pressures” on household finances, customers typically retain “a decent level of wiggle room” after refinancing.

Eric Leenders, managing director of personal finance at UK Finance said that mortgages “continue to be largely affordable because of the ‘stress tests’ applied when the mortgage was originally taken out”.

The data also showed that consumers are seeking out better deals for their savings following months of pressure on banks for failing to pass through interest rate rises to their customers.

Deposits in easy access accounts fell seven per cent year on year whereas deposits in notice accounts, which offer higher interest rates, grew 23 per cent.

Household deposits more broadly continued to fall following the slight drop in the first quarter, the first time in at least a decade that household deposits had fallen. This trend likely reflected households running down savings to cover higher outgoings.

£388m fine to regulators in the UK, US and Switzerland for failings linked to Credit Suisse’s oversight of Archegos Capital.

UBS has set aside a total of $4bn (£3.17bn) for potential lawsuits relating to the takeover.

Investors will get their first proper glimpse of how UBS’s takeover is progressing when the bank announces its results for the second quarter tomorrow. The results were delayed by a month due to the deal’s complexities.

RESIDENTIAL TRANSACTIONS

TO REACH JUST 1M IN 2023

Lack of staff cost pubs £22m over Bank Holiday

LAURA MCGUIRE

PUBS LOST out on a whopping £22m over the bank holiday weekend due to staff shortages which continue to cripple the UK hospitality sector post-Brexit.

While the August bank holiday led many punters to the pub to enjoy the extended weekend, a new study from the British Beer and Pub Association (BBPA) showed staff shortages led to an eight per cent drop in revenues.

UK housing sales on track to sink to lowest level since 2012

LAURA MCGUIRE

THE NUMBER of housing sales completed over 2023 is on track to sink to its lowest level since 2012, when Britain was still reeling from the financial crash, as higher borrowing costs decimate the market.

Sales are also set to be 21 per cent down on last year, according to new data from estate agents Zoopla, with the number of mortgage lead sales on homes projected to be 28 per cent lower than last year.

Despite mortgage lenders slashing

the cost of their deals in recent months, consumer sentiment remains low and a squeeze on personal finances has led many would-be buyers to hold off making a purchase.

Zoopla said any further improvement in affordability from lower mortgage rates is “unlikely” to impact the market until the first half of next year.  The market will turn its focus to the Bank of England’s upcoming interest rate decision on 21 September as an indicator of what buyer sentiment may look like for the rest of the year.

For over two years, hospitality has had the highest vacancy rate of any sector, with the most recent ONS figures showing it sitting at 5.1 per cent, markedly above the average 3.2 per cent vacancy rate.

This shortage has in part been fuelled by Brexit which has led to tougher immigration laws and restricted the number of workers the government deems as ‘low-skilled’ roles entering the UK.

“Businesses are taking initiatives to overcome these challenges through altering menus and shortening hours, but ultimately this means they are not trading to full capacity and in turn that means lower sales and less revenue generated for the treasury,” BBPA chief exec Emma McClarkin said. The industry group has now called on the government to implement solutions to solve the staffing crisis by making changes to the youth mobility scheme and widening the shortage occupation list.

Rebel GAM shareholders cough up £18m after Liontrust deal implodes

CHARLIE CONCHIE

THE REBEL investor group that disrupted Liontrust’s takeover of GAM yesterday agreed to cough up CHF 20m (£17.9m) and push through a total boardroom shake-up – as it scrambles to keep the beleaguered money manager afloat. NewGAMe and Bruellan, which

control nearly 10 per cent of GAM and have the backing of French tycoon Xavier Niel, launched a campaign against Liontrust’s takeover after the firm revealed a £96m swoop in May. The deal fell apart last week.

In a statement yesterday, NewGAMe and Bruellan said they had now struck a short-term financing deal with GAM and would work “to secure sufficient

financial resources to fund GAM’s operations as a going concern”. While GAM’s leadership remains in place after the failed takeover, bosses are also set to tell shareholders to vote through a major shake-up at the meeting in late September, with NewGAMe’s preferred candidates expected to replace the incumbent team.

French tycoon Xavier Niel backed the rebel group opposing Liontrust’s takeover

UBS is attempting to settle a range of lawsuits involving Credit Suisse since its takeover

Wilko ‘not out of woods’ as PwC mulls bids

LAURA MCGUIRE

WILKO has suspended all redundancies while its administrators PwC consider further bids, GMB Union has said. The union met administrators of PwC yesterday morning to discuss multiple bids which have been made for the discount retailer.

“Whilst this is a positive development, Wilko is not out of the woods by any means and this is a time of incredible stress and worry for the 12,500 workers who face losing their jobs,” Andy Prendergast, GMB National Secretary said.

PwC declined to comment on the news.

It comes amid reports of a lastminute bid worth £90m by restructuring specialist M2 Capita, The Guardian reported, which could keep the entire Wilko chain trading.

Canadian businessman Doug Put-

man, who bought music retailer HMV in 2019, was also said to be making a last-minute offer for the store.

GMB Union penned a letter to Kemi Badenoch on Monday urging the business secretary to reassure that “all steps will be taken to protect jobs” amid the process.

National secretary of the union, Andy Prendergast, also said the union had reportedly been contacted by a handful of potential buyers for Wilko, which he said had “necessary funding” and the “willingness” to safeguard members’ jobs.

They also said that bidders had experienced “difficulties” when engaging with its administrators at PwC.

“Since our appointment as administrators we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties,” a spokesperson for PwC, said at the time.

IG chief June Felix quits citing health reasons

LONDON-BASED online trading firm IG has announced its CEO June Felix will step away at the end of September after almost five years at the helm.

Earlier this summer IG had said Felix would temporarily step down during medical leave but an updated note yesterday confirmed she would be moving on from the role permanently due to what it called a “health situation”.

Recruiters Russell Reynolds has been appointed to oversee the appointment of a new CEO, with Charlie Rozes continuing to serve as interim boss and chief financial officer.

Felix said it had been a “great privilege” to lead IG: “It has been through everyone’s collective effort that we have built a stronger, more diverse company. For this, I thank my executive team, all of my colleagues and the board of IG Group for an unforgettable period,” she added. During her time at the helm, revenues have grown from just shy of £600m to almost £1bn last year, and profits have increased from £288m to £470m.

Mike McTighe, chair of IG Group, paid tribute to Felix. A scheduled September trading update remains on course.

Bunzl’s shopping spree continues as it bags two firms and ups guidance

GUY TAYLOR

ACQUISITIVE outsourcing giant Bunzl yesterday said it had snapped up two more companies in Poland and the Netherlands, as the firm raised its profit guidance for the year ahead and bumped up its interim dividend by 5.2 per cent in its half year results.

The distribution company said it had signed an agreement to acquire Safety First in July, one of the largest distributors of PPE products in Poland and Netherlands-based Ecotools.

The purchases mark 12 this year and 200 since 2004.

“Our acquisition momentum has been strong this year and our total committed spend year-to-date is now more than £350m. We have significant headroom to continue to self-fund value-accretive acquisitions and our pipeline remains active,”

chief executive van Zanten said.

The news came alongside a 4.5 per cent jump in half-year revenues at the firm from £5.65bn to £5.9bn year on year, albeit slightly below analysts

Top chip boss says UK needs to pick its battle

A TOP CHIP boss has urged the government’s new Semiconductor Advisory Panel (SAP) to narrow its focus so the UK can grab a stronghold in the escalating chip wars and protect its successful growth firms from rival markets.

Dr Simon Thomas, the chief executive of Cambridgeshire graphene-based semiconductor firm Paragraf, welcomed the government’s recent appointment of members to the SAP, which aims to revive the UK’s long-neglected but crucial microchip industry.

However, he told City A.M. the missing piece is for the SAP to “finally make a decision as to what it is the country wants to get behind”.

Since the government’s Semiconductor Strategy was published in May, “there has been a lot more talk around where should we be focusing in the UK in terms of trying to get the semiconductor ecosystem to a state that is suitable for the UK,” said Thomas.

“I say that very carefully because suitable doesn't necessarily mean the same as what is going on in America or Europe,” he added.

While the UK is “never going to be a silicon industry” due to a lack of cash, talent and resources, Thomas suggested the SAP could focus on finding a niche for the UK such as chip designs, new technologies or new materials, as opposed to the traditional silicon.

Some ideas were outlined in the Semiconductor Strategy but they were “hugely broad” and “we have to place our bets”, he said.

As tensions rise in the Taiwan Strait, and pressure builds towards a global chip emergency, the UK would do well to have something to trade with other nations, Thomas argued.

“We need to have a seat at the table,” he said, especially after cutting ties with the European Union.

Although Thomas has said many times he has not ruled out moving operations elsewhere, ultimately he wants to show it can be done in Blighty.

“We shouldn’t underestimate the UK,” he said.

expectations.

Operating profits also rose 6.5 per cent from £411.4m to £438.3m.

Matt Britzman, equity analyst at Hargreaves Lansdown, said “inflation easing in the US is a double-edged sword”, bringing lower input costs but potential for a drop in revenue.

Bunzl largely operates in the US.

Chief executive Frank van Zanten hailed the news, pledged Bunzl would continue on its spree and said he remains “confident in Bunzl’s medium-term growth opportunities”.

SCIENCE AND THE CITY New clinical trial hub to open in Canary Wharf early in 2024

Glitch halts all ops in Toyota assembly plants

SATOSHI SUGIYAMA

TOYOTA Motor Corp yesterday said it had suspended operations at all 14 of its assembly plants in Japan due to a malfunction, bringing domestic output to a standstill at the world’s biggest-selling automaker.

The glitch is preventing Toyota from ordering components and its cause is under investigation, though it is “likely not due to a cyberattack”, a spokesperson said.

It was unclear how much output would be lost.

The plants together account for about a third of the automaker’s global production, Reuters showed. Toyota’s domestic production had been on the rebound after a series of output cuts it blamed on semiconductor shortages. Output was up 29 per cent in January-June, the first such increase in two years.

Its Japan output averaged about 13,500 vehicles daily in the first half of the year, Reuters said. That excludes vehicles from group automakers Daihatsu and Hino. Analysts said Toyota could be tested in making up for output lost during the outage, such as by running extra shifts.

“Output was running at full capacity so there’s little additional room for production,” said Seiji Sugiura, an analyst at Tokai Tokyo Research Institute.

A spokesperson said it was unclear when production would restart.

Gas prices spike as strikes loom at Chevron’s Australian LNG plants

NICHOLAS EARL

GAS PRICES have surged across Europe after workers at two major liquefied natural gas (LNG) facilities in Australia confirmed plans for daily labour stoppages of up to 11 hours next week, following a protracted dispute with operator Chevron over pay.

Workers at the Gorgon and Wheatstone downstream facilities

plan to down tools for seven hours in two blocks on 7 September, which will escalate to 10 hours on 8 September and to 11 hours on 9 September, according to a document on the planned actions seen by the Reuters.

Industrial action by the same union alliance last year against Shell at its vast Prelude floating LNG site cost the firm $1bn in lost exports over the two months it took to reach a pay deal.

Europe has been dependent on LNG amid a Kremlin-backed supply squeeze on Russia.

The two facilities account for over five per cent of the global LNG export supply. A shutdown would result in reduced trading and make bids for LNG more competitive and expensive. Chevron confirmed the notices for strike action to City A.M. and said it sought positive outcomes.

JESS JONES

The FTSE 100 firm has benefitted from price hikes and rising demand in retail

A LEADING firm tracking infectious diseases, hVIVO, has announced plans to open a new clinical trial facility in Canary Wharf next year, with the 823,000 sq ft tower set to be Europe’s largest and most “technologically advanced” life sciences facility.

Paragraf boss Simon Thomas Reuters

MPs slam ‘confusing’ China policy as Cleverly lands in Beijing for talks

JESSICA FRANK-KEYES

MPS HAVE called out the government for its “confusing” strategy around UKChina relations amid a landmark visit by foreign secretary James Cleverly. Cleverly will arrive in Beijing from the Philippines today for high-level talks with top officials including vice president Han Zheng and foreign affairs minister Wang Yi.

The China trip will be the first by a UK foreign secretary since 2018 and a chance to further the UK’s efforts to

cooperate with Beijing on cyber, security and human rights.

According to reports in The Times, Prime Minister Rishi Sunak is also open to meeting Chinese premier Xi Jinping at the G20 next month, as relations between the two nations thaw.

Cleverly said: “It is important we manage our relationship with China across a range of issues.”

However, MPs have criticised the government for having an unclear strategy around its relationship with

Housebuilders boosted on news of rules reform

CITY A.M. REPORTER

HOUSEBUILDERS’ shares rose yesterday on the news that Michael Gove is set to scrap water pollution rules linked to new developments in a bid to ease the country’s housing crisis.

Barratt Developments and Taylor Wimpey gained 3.76 per cent and 3.29 per cent respectively, while Persimmon was the second biggest riser on the blue-chip index yesterday, up by 5.27 per cent.

It was reported yesterday that the housing secretary will announce plans to scrap so-called nutrient neutrality legislation, which was implemented when the UK was a member of the EU.

The decision will please major developers who have long-complained that the rules have restricted where they can build new homes.

However, the move is likely to upset environmental groups who believe the rules are essential for protecting the country’s rivers.

The nutrient neutrality rules protect dozens of areas across England, stopping local authorities from giving the green light to any new development that may harm rivers through added nutrients from wastewater from new

homes or run-off from building sites.

The legislation was introduced in 2017 when the UK was still a part of the EU, in an attempt to prevent damaging accumulations of algae and other plants, which can destroy aquatic life.

But housebuilders have argued that this was both costly and timely. They said the rules were so strict that they cannot build new homes in large parts of England, which is currently suffering a housing shortfall forecast to drop below levels not seen since WWII.

In a bid to appease environmental groups, Gove is also reportedly planning to announce additional measures to reduce water pollution in other ways, including £400m in grants to farmers and water companies to improve slurry infrastructure and make leaks into the UK’s waterways less likely.

Matthew Lesh, director of public policy and communications at the Institute of Economic Affairs, praised the news, citing it as a “crucial step” in addressing the housing crisis.

“These rules held back tens of thousands of homes for little environmental benefit. The key culprit in river pollution is intensive farming; housing and sewage make a relatively small contribution,” he added.

China amid the high-profile visit.

A parliamentary committee cited “confusion” and “failure to explain policy” on China, following a government announcement of the ‘Indo-Pacific Tilt’ as part of the integrated defence review.

Conservative chairwoman Alicia Kearns said: “Our report calls for the government to publish an unclassified China strategy. Strengthening diplomatic, defensive and economic ties is critical – if the West leaves a vacuum, China will eagerly fill it.”

Poll: Labour more trusted than Tories on the economy

JESSICA

VOTERS place more trust in Labour than the Conservatives on issues including the economy, tax policies, Brexit and unemployment, new polling has revealed.

Sir Keir Starmer’s Labour Party secured a higher trust rating than the Tories on nine out of 10 issues that voters were polled on by YouGov for The Times.

Prime Minister Rishi Sunak’s Conservatives only came out on top in one area – defence and security.

Labour’s best score was on the NHS, where 39 per cent of the public trusted them to do the best job, compared to the Tories’ 12 per cent.

On the economy, 25 per cent of the public trusted Labour to do a better job. Only 21 per cent believed the Conservatives would be better. The opposition were also further ahead on tax, 27 per cent to 19 per cent and Brexit, 19 per cent to 17 per cent.

YouGov quizzed a total of 2,106 people between 22 and 23 August.

A Labour Party spokesperson said: “The only poll that matters is the next general election... The reason voters are switching to Labour is that thanks to Keir Starmer’s leadership they can see a changed party that is ready to change the country with a mission-driven Labour government built on the rock of economic stability.”

A Conservative spokesperson said the party did not comment on polling.

Gas company Cadent warns UK’s heat pump ambitions unachievable

NICHOLAS EARL

REGIONAL gas distribution company

Cadent has warned that the government’s plans to electrify heating and decarbonise the power grid were “not deliverable”.

While there has been much fanfare about the potential of heat pumps, Angela Needle, director of strategy at

Cadent, told City A.M. the company estimates that up to half the UK’s homes will need hydrogen boilers rather than heat pumps.

“If you think about every home is going to need an electric heating system… the electricity network outside their house is going to have to be upgraded, and there are some homes we know are very difficult to

electrify,” she said.

The government is consulting on a potential phase out of installations of gas boilers by 2035, but Needle said she was “sceptical” about the target. The government is targeting annual heat pump rollouts of 600,000 per year within five years. However, just 33,000 heat pumps were installed last year –well below government targets.

The UK is aiming to decarbonise the power grid by rolling out heat pumps

James Cleverly will be the first UK foreign secretary to visit China in five years

FRANK-KEYES

THE NOTE BOOK

The FTSE needs a magnificent seven

THE UK stock market is unfashionable. Low growth.

Low ambition. Political risk of an emerging market. More attractive tax-efficient Gilt yields. And too small for the rest of the world to worry about. So, what can government and shareholders do about it?

There are lots of sensible ideas being discussed around pension funds, startup investing, stamp duty abolition and other structural reforms. None of them are likely to address our biggest birth defect, the lack of large tech stocks. Any slim hope went up in flames with the loss of Arm –albeit this may have been a poisoned chalice given its low growth.

The US stock market has been powered by seven stocks –Nvidia, Tesla, Apple, Amazon, Meta, Alphabet and Amazon –this year. The theme of mega caps driving US stocks is a multi-year one. But we shouldn’t forget that other countries without technology giants have seen their stock markets also outperform the UK owing to a narrow leadership.

PAYMENTS FIRMS LOOK FOR GROWTH

Leading merchant acquirer

Where interesting people say interesting things. Today it’s Rupak Ghose, an adviser to fintech companies and a former analyst

ICE BATH AT 5AM ANYONE?

France and its luxury goods giants are a case in point.

The FTSE 100 with a market cap of £2trn is a small index. Mid-size countries (like the UK) rely on a narrow leadership to their stock markets with most of these multinationals earning the majority of their revenues overseas. We shouldn’t underestimate how a series of Astrazeneca-type success stories –the company’s share price has trebled over the last decade –could change the sentiment of international investors who are currently heavily underweight in the UK. There is also a halo effect to the local economy as in most cases mega caps do tend to have more R&D investment and high paying employment in the country they are headquartered in than they otherwise would.

The UK can’t ignore the huge support other Western governments are giving to local R&D investment. And the boardroom of UK PLC must prioritise growth and shareholder returns over box ticking and opaque stakeholder capitalism.

Adyen has seen its share price halve over the last month owing to a profit warning around slowing growth, increased competition and rising costs. The payment space that was the centre of the fintech growth story and the darling of the venture capital industry has seen its share prices crumble over the last 12-18 months. Over $600bn has been wiped off the valuation of the largest 10 merchant acquirer payments firms. This will be a major headwind for any IPO of Stripe or Checkout.com and for private fund raisings in the space. Investors are questioning the barriers to entry, scalability and growth opportunities of these firms.

£ Much has been written about the morale of Goldman Sachs partners and how they don’t like their CEO David Solomon. The puzzle is that Goldman has performed well relative to most of its banking peers despite its consumer banking missteps. Perhaps the answer is most easily explained by the relative performance of the private equity, hedge fund and electronic market maker firms during Solomon’s reign. Is it merely as simple as Goldman partners who are paid millions of dollars per year envying the even greater amounts of money made by their former colleagues, friends and clients in these more lightly-regulated segments?

Goldman used to track Blackstone –but it has materially diverged, downwards, since Solomon took the job.

Social media influencersand let’s face it most media outlets - love a good ‘extreme CEO’ story, whether they’re getting up at 5am and running 10 miles or jump in an ice bath with a sleep is for wimps book. This old chestnut has been rolled out even more than usual this summer. For all those normal people panicking, don’t worry: neither of the zillionaire cagefighters Zuck or Elon are known to get up early. I also find it amusing that these articles cite CEOs but never talk about cleaners or road sweepers that get up before dawn. My favourite example is self-help guru Arianna Huffington (pictured) who wakes up based on her own internal body clock and then practises yoga and meditation. All those parents out there as we start the new school term don’t forget your morning yoga and meditation when you are shouting at the kids to get dressed or doing the school run.

WHY THE CITY NEEDS A RED TAPE REVOLUTION

Ever-growing UK regulation risks becoming a distraction, writes Charlie Conchie

THE WATCHDOGS tasked with imposing governance and reporting standards on financial firms walk something of a tightrope across the Square Mile.

Get it right, and robust standards remain the capital’s great draw: shielding investors, keeping executives in check and boosting transparency in the boardroom. But go too far, and the debate risks becoming one of ‘burdensome rules’ and ‘restrictive red tape’.

Over the past two years as the government and regulators eye up a slew of reforms, the sentiment towards the UK’s current regime has shifted firmly into the latter camp.

In a report out this week, the rules of the Square Mile came under fresh scrutiny as a survey of top bosses revealed the scale of the cumbersome reporting requirements inflicted on Britain’s boardrooms.

Some 81 per cent of executives at the UK’s biggest listed companies say that onerous reporting mandated under City rules is eating up their time and preventing them focusing on strategy, according to the boardroom Bellwether from the Financial Times and The Chartered Governance Institute UK & Ireland.

The extent of the reporting was actually hampering their ability to have strategy discussions, according to the bosses surveyed.

Those findings are by no means new. Earlier this year, when asked by the industry body TheCityUK, anonymous executives said “the cost and time needed to manage the obligations that apply to publicly traded companies [in the UK] (such as governance and reporting) are seen as onerous and disproportionate.”

Alongside traditional financial reporting, the requirements of firms have been mounting. Firms are now forced to report on areas ranging from environmental, social and governance (ESG) compliance, diversity, and the remuneration of top executives.

NEARING BREAKING POINT

Burdensome rules have formed a backdrop to much of the efforts to reform London over the past year. But one top analyst tells City A.M. the need for an overhaul has reached something near a breaking point.

“Corporate governance is a significant burden and a major issue for listed companies. It is therefore essential that any regulatory reform is effected with a sense of urgency, and is fundamental,” Charles Hall (right), head of research at investment bank Peel Hunt, told City A.M.

“UK regulators are proposing reforms with the aim of creating greater accountability in corporate financial systems and reporting, and instituting related reforms intended to improve corporate transparency and accountability.

“Existing reforms are unlikely to have a material benefit given growing regulatory oversight in areas such as ESG and audit.”

Further incentives are needed to offset that burden of regulation for companies, Hall added, with potential tweaks including stamp duty, reducing tax for listed companies, changing ISA rules, and effecting changes to pensions.

“Otherwise, UK equity markets will continue to decline,” he warned.

MORE A HINDRANCE THAN HELP

The calls play into the wider debate gripping the City over the waning appeal of London’s markets. In the US for example, bosses are not held to nearly the same onerous requirements on pay and transparency, fuelling fears that more firms will ditch London for a more light touch home on the other side of the Atlantic.

Existing reform efforts in the UK are also already dividing opinion. After the FCA tabled a number of tweaks to listing and governance rules to tempt in more firms, a group of top pension funds pushed back on the

efforts on the grounds that it risked “watering down” down investor protections.

Mark Austin, the mastermind of a major review of London’s capital markets, says that while London’s current regime may have developed in a “logical and understandable way”, regulators need to take a step back and ask “what is it actually trying to achieve – what is it for – and does it, in its current burdensome form, actually achieve that”.

“The answer is I think maybe but at an unreasonable cost to issuers and in a way that makes it act as a deterrent to potential users of our markets,” he tells City A.M.

“No one is a believer in bad governance or stewardship but we need urgently to reshape a regime that has in many areas become more of a hindrance than a help for users of our markets.”

While the rule of law and the standards required to be listed on London’s markets have traditionally fallen in the basket of pro rather than con, as regulators try to strip and reform some of the red tape in London, their tightrope across the City is looking an increasingly treacherous one.

TO WHOM IT MAY CONCERNS

SHANGHAI ELECTRIC HONGKONG INTERNATIONAL ENGINEERING COMPANY LIMITED SECHKE intends to transfer its participation in KINGDOM ENERGY LIMITED (“SECHKE”), and we are now soliciting interested investors through this newspaper.

SECHKE holding 49% of the equity interest in KEL (the second largest shareholder) and SECHKE intends to transfer all of its shares in KEL follow the relative regulations. This equity transfer is a one-time overall transfer to a single transferee, and partial transfers or transfers to multiple transferees will not be accepted.

Qualifications of the transferee required:

• A legally established and validly existing enterprise;

• The transferee or its controlling shareholder or actual controller is in good financial condition and can pay the transfer price in full;

• The transferee shall independently transfer all the equity to be transferred and shall not participate in it jointly.

• Other conditions stipulated by the laws and regulations of the country where the transfer and transferee is located shall be satisfied.

The intended transferee shall submit legal, compliant documents and materials that satisfy the requirements to the designated email, no later than 20 working days after this announcement is published.

The designated personnel, E-mail and contact information to receive the documents are as follows:

Contact: Wang Yiqiong

Telephone: +852 9471 2874

Email: wangyq2@shanghai-electric.com

He’s (probably) back: X to allow political adverts ahead of election

SHEILA DANG

X, THE SOCIAL media company formerly known as Twitter, said yesterday it would now allow political advertising in the US from candidates and political parties and expand its safety and elections team ahead of the 2024 presidential election.

Before billionaire Elon Musk acquired the company in October, Twitter had banned all political ads globally since 2019. In January, Twitter lifted the ban and began allowing “cause-based ads” in the US that raise awareness of issues such as voter registration, and said it planned to expand the types of political ads it would allow on the platform.

The move to allow all political ads in the US could help X grow its revenue at a time when many advertis-

ers have fled or reduced spending on the platform for fear of appearing next to inappropriate content.

In a blog post yesterday, X said it would grow its teams to combat content manipulation and “emerging threats”.

The company said it would create a global advertising transparency center, which would let users see what political ads were being promoted on X, and added it would continue to prohibit political ads that spread false information or seek to undermine public confidence in an election.

The platform, like other social media companies, has long been criticized by researchers and lawmakers for not doing enough to prevent misleading or false content during major elections.

Since Musk’s acquisition, X in particular has faced questions about its readiness for the US presidential election after laying off thousands of employees, including those who had worked on the trust and safety team.

Judge throws out Ben & Jerry’s Israel lawsuit

JODY GODOY

A MANHATTAN federal judge yesterday dismissed a lawsuit against Unilever that claimed the company misled US investors by not immediately disclosing a decision by its Ben & Jerry’s unit to stop selling ice cream in Israeli-occupied Palestinian territories.

A Michigan pension fund sued in June 2022, seeking damages for a drop in Unilever shares after Ben & Jerry’s announced in July 2021 it

would stop sales in the Israelioccupied West Bank and parts of East Jerusalem. US district judge Lorna Schofield yesterday ruled that Unilever was not required to disclose the boycott when Ben & Jerry’s board decided on it in 2020 because Unilever had ultimate control over whether to implement it.

While Ben & Jerry’s board oversees its social mission, Unilever retained authority over financial and operational decisions when it

bought the ice cream company in 2000.

Schofield said the delay in announcing the board’s resolution was likely “to determine what, if anything, to do about it”.

An attorney representing the pension fund for fire and police in the Michigan community of St Clair Shores and a Unilever spokesperson did not immediately respond to requests for comment.

Some Jewish groups accused Ben & Jerry’s of anti-semitism.

Some are worried that the US’ cross-party support for Ukraine would be weakened by a second Trump presidency

US commits more cash to Ukraine defence fund

THE US yesterday announced a new package of military assistance to support Ukraine that includes additional air defence and artillery munitions, mine clearing equipment and medical vehicles.

The latest package includes additional mine clearing equipment, missiles for air defense, ammunition for artillery and HIMAR (High Mobility Artillery Rocket) systems, and over 3m

rounds of small-arms ammunition, US secretary of state Antony Blinken said in a statement.

“The United States and our allies and partners will stand united with Ukraine, for as long as it takes,” Blinken said.

The equipment is funded through money previously approved by Congress. More than $43bn in US military aid has been provided to Ukraine since Russia’s invasion began in February 2022.

President Joe Biden earlier this month asked Congress to approve an additional $24bn in assistance.

Both Democrats and Republicans in Congress have backed Ukraine aid, but some far-right Republicans –especially those allied with former President Donald Trump –want to pare back assistance.

Ukrainian troops began a counteroffensive in the east and south in early June but have made slow progress through Russian defences.

NANDITA BOSE

Protests against the Ben & Jerry’s decision accused the ice cream firm and its parent Unilever of anti-semitism

Donald Trump may take advantage of the liberalised rules

CITY DASHBOARD

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS

LONDON REPORT BEST OF THE BROKERS

London markets storm to two-week high as inflation starts to ease

LONDON’s premier index stormed to a two-week high yesterday as falling food inflation and hopes of a Chinese stimulus package lifted sentiment.

The blue-chip FTSE 100 ended 1.7 per cent higher at 7,464.99 while the midcap FTSE 250 rose 1.9 per cent to 18,468.59. Many markets around the world saw strong trading on Monday, when markets were closed in the UK.

Investors were given a boost by data which showed that inflationary pressures in food continued to ease.

Food inflation fell to 11.6 per cent in August, down from 14.3 per cent in July, according to fresh figures from the British Retail Consortium (BRC).

“The punishing rate of price rises that shoppers have been enduring is easing off in the UK, which will provide some much-needed relief after many months

of double digit hikes in the cost of groceries,” Susannah Streeter, head of money and markets, Hargreaves Lansdown said.

On the FTSE commodity giants tracked metal prices higher after the Chinese government introduced some supportive measures for its stumbling economy, including slashing stamp duty on share trading.

Fresnillo ended up 3.9 per cent, Glencore 2.9 per cent and Anglo American 3.1 per cent.

Bunzl was among the FTSE 100’s top risers after raising its profit guidance for the year ahead and lifting its interim dividend by 5.2 per cent in its half year results. It climbed 3.1 per cent. The outsourcing firm announced the acquisition of two more companies in Poland and the Netherlands, taking the number of acquisitions to 12 for the year.

Analysts at Peel Hunt were impressed by outsourcer Bunzl’s results yesterday, which showed higher profit and revenue thanks to stronger margins. The analysts said margin outperformance was driven by “management initiatives and increasing own-brand products”. They expect to increase guidance for pretax profit over the remainder of the year. Peel Hunt rated it an ‘add’ with a target price of 3,200p.

JUST

PLASTER?

Biotech firm Puretech Health yesterday announced its half year results, drawing attention to a “strong period” of progress in its product pipelines. Analysts at Peel Hunt were attracted by the “very healthy” cash position given its success at realisations and its pipeline maturity. Peel Hunt rated the stock a ‘buy’ with a target price of 930p.

A STICKING

“Whether the medicine Beijing is doling out will deal with the causes rather than just the symptoms of its economic challenges is debatable, but for the time being it is at least doing enough to restore sentiment.”

RUSS MOULD, AJ BELL

Powerful real-time thought leadership, insights and news delivery mechanism fuelling the most up-to date reporting, adding critical context for decisions that require consciousness, education and thought leadership. JOIN THE CONVERSATION AND BECOME A PART OF ONE OF LONDON’S MOST TRUSTED NEWS SOURCES

OPINION

EDITED BY SASCHA O’SULLIVAN

Even millennials are becoming victims of ageism as Gen Z takes over the office

Eliza Filby

WHAT does the idea of ageism conjure up for you? Discrimination against pensioners? If so, it's time to think again.

"When people think of the victims of ageism in the workplace they tend to think of the over 50s," says Michael O'Reilly, head of the Age Diversity Network, adding "people are surprised when I tell them that it actually starts at 40."

Michael, in his sixties, set up the Network after suffering from ageism and he now helps individuals back into work and companies expand their thinking when it comes to this issue. His observation is backed up by Professor Lynda Gratton who has stated that ageism begins at 40 for women and 45 for men. The gender gap may not surprise you, but the age may be a wake up call for Millennials; long seen as youthful disruptors they're now in danger of being victims of ageism.

I speak to companies all over the world about the multi-generational workforce and predominantly that means talking to a room of high-level over 50s about the under 25s. This fascination with youth is understandable; crudely speaking, young people are cheap digital natives, ready made for the future. The corporate obsession

with youth is also pragmatic; according to PwC 40 per cent of global CEOs fear their business won't be economically viable in ten years' time thanks to the looming waves of political, economic and technological disruption. Perhaps young workers represent a comfort blanket. And while there's increasing political focus on supporting the over 50s at work, the truth is that scrapping pension allowances or even pushing corporate returnerships or mid-life MOTs, are all responses to a relatively sudden problem. They represent an approach that underestimates how companies need to respond to an ageing workforce over the next

twenty years.

It has become a common trope that ageism is the last acceptable form of

prejudice ("You're on mute!" shout the young to the old) but the culture wars are playing a part here, too. Many older men, in particular, feel professionally silent, unsure of acceptable workplace etiquette. Workplace wellbeing programmes are better versed in dealing with burnout rather than high blood pressure. Even the diversity, equity and inclusion mantra of “bring your whole self to work” is felt by many to be conditioned by youth priorities. As one man in his forties confided in me, "if I brought even 10 per cent of my whole self to work they'd fire me." Businesses can't afford to ignore the fact that in a changing cultural landscape many experienced

workers feel invisible, underinvested and misunderstood.

Amid all the corporate buzz about Gen Z, companies would also do well to look to their millennials, who do not have the same amount of savings or property wealth to retire as early as previous generations; and who need support now with artificial intelligence (AI) skills, career development, even physical health and caring responsibilities.

The good news is that some are suggesting that the integration of AI will actually benefit older, more experienced employees. As AI relies on less digital skills, what is needed to operate it is more human critical thinking in order to work in alliance with rather than in subservience to machine learning. In a digital age, human skills are reaching a premium too; stuff that older workers tend to be better at.

As tech disrupts the once-fixed assumption of age determining your place in the workforce, the future is one where age is more fluid than ever. This is one of the reasons why I now run courses for Gen Z’ers helping them empathise with and work alongside their more experienced colleagues, of all generations, because that empathy has to happen both ways and that is predominately how all employees' career and network will grow. Age diversity is vital for future-proofing a business, but so too is supporting employees at all ages and stages of life. After all, the one thing that unites us is that we all grow old eventually.

£ Eliza Filby is a generations expert and author

VIGILANTE SH*T

THE Royal Society is the world’s oldest independent scientific academy. Last week, some of its scientists trespassed onto public policy with a report on how effectively lockdowns and other measures such as mask wearing reduced the number of cases during the Covid-19 pandemic. At one level, the work was thorough and scrupulous. More than fifty scientists scrutinised 151 leading scientific papers which had estimated the impact of lockdowns in many different countries. On average, these found that lockdowns reduced cases by 50 per cent.

Using refined scientific language, we can say that this conclusion is trivially true. But with all due respect to the august nature of the institution, it is, to use a demotic phrase, a statement of the bleeding obvious.

The fundamental differential equations which govern the spread of any virus were set out by two Scottish scientists almost 100 years ago. The models have become more sophisticated

Paul Ormerod

over time, but the basic principles remain unaltered.

In essence, the proportion of the population which catches the virus, Covid19 in this particular case, depends upon the probability of becoming infected with a single exposure and the number of times an individual is potentially exposed to it. The latter is simply the amount of social mixing, a phrase which became well known during the pandemic.

Lockdowns restrict the amount of social mixing, thereby reducing the number of cases. But this is at best a very partial story, for at least two reasons.

The real questions are whether lockdowns reduced the number of cases by

more than people themselves would have done on a purely voluntary basis and if so, did these benefits exceed the costs.

Throughout the whole of human history, people have reacted to viruses by cutting back their social encounters. During the incredibly virulent Black Death of the 14th century, for example, town gates were shut and barred to outsiders. Members of the nobility flitted from one castle to another to try and avoid the plague. But even with just a bad case of the common cold, for example, people often either stay at home or warn their work colleagues and friends that they have it. Fortunately, we do have a real-life counter example during the pandemic in the form of Sweden. Legal restrictions there were minimal, and the government simply provided the population with information about Covid-19 and left it up to them to decide how to adjust their behaviour. And Sweden has come out of it exceptionally well.

The Royal Society boffins did, to be fair, note that in countries with lighter

restrictions “a change in case numbers corresponded with large voluntary drops in people’s movements”.

But the scientists appear to have made no serious attempt to address the question of whether compulsion did it better.

They did state that “future work should quantify the social and economic costs of such measures”. Indeed, we might reasonably ask why the report itself did not consider these. A growing body of evidence is showing beyond doubt that the costs greatly exceeded the benefits.

A key point ignored by the study are the excess deaths created in the period beyond the pandemic by the lockdown measures themselves. In short, although at one level the Royal Society’s report is careful and measured, it is a very partial assessment. And it is one which is ultimately irresponsible, creating as it does the impression that lockdowns were beneficial.

£ Paul Ormerod is an author and ecomonist at Volterra Partners LLP

Sadiq Khan may have thought his problem was the Conservatives using the Ulez expansion as a way to beat Labour in the capital, or even Keir Starmer, who has refused to back the Mayor’s plans. Instead it is campaigners sprayed red paint over the cameras to stop them charging drivers.

Some experts say ageism begins at 40 for women and 45 for men

Businesses can’t afford to ignore the fact that many experienced staff feel invisible

Years on, we still haven’t learnt to quantify the damage done during the pandemic

WE WANT TO HEAR YOUR VIEWS

LETTERS TO THE EDITOR

Looking after our buildings

[Re: Build me up: make ‘retrofit first’ a legal requirement to save London’s skyline, August 22]

As a conservation architect I was so heartened to read the article promoting retrofit first by Graham Clemett. Significant buildings such as the M&S building on Oxford Street are part of our heritage and also highly adaptable. Many of our historic buildings and places have survived because of their adaptability. Once part of our

heritage is demolished it is lost for ever. Planning policy should give every encouragement to conserve the environment by having a more flexible approach to building alterations to meet new needs.

Localised demolition may be necessary to adapt parts of buildings but the attitude of throw away and replace on a whim was never good for our town centres. The idea of having a wider Grade III listing umbrella as suggested by Graham Clemett is therefore laudable.

In the UK we have all the skills to preserve and enhance our cities, and we should use them.

Chris Phillips RIBA

Oxford Street is on the cusp of a victory against the candy shops plaguing the capital

Dee Corsi

POSITIVE change is coming on Oxford Street – and, contrary to popular belief, you don’t have to look far to find it. The nation’s high street has always been at the epicentre of retail innovation in the U.K. It remains a destination for businesses to put their best foot forward and, behind the hoardings, is a street on the cusp of a once-in-a-generation transformation.

That said, the scale of the challenge at hand is the likes of which we have not seen in decades. Long-term changes to the retail industry, including a seismic shift in consumer expectations of physical retail, have been accelerated by the pandemic.

Such a radical change to the British retail environment requires a radical response; and that is what we can see on Oxford Street today. Vacant units and hoardings are not a sign of a street in demise, but one that is getting ahead of the problem faced by so many high streets: a shift from purely transactional retail to providing immersive re-

EXPLAINER-IN-BRIEF: A GREAT THAW IN CHINA RELATIONS

As James Cleverly landed in China yesterday, it was the first time in five years a UK Foreign Secretary visited the country which has become a thorn in the side of the government’s global policy.

And so begins the great thaw, as Rishi Sunak’s government signals a willingness to engage with the Chinese Communist party, four years after Hong Kong was put at the mercy of extreme national security laws.

When Sunak was first up for the Conservative leadership in summer 2022, there were many

so-called China hawks within the party wary of the former Chancellor’s approach to Beijing. Cleverly’s visit then, is on-brand. He is set to meet the Chinese foreign secretary Wang Li. As well as noting plans to talk about both Ukraine and Hong Kong, he was keen to note the “strong disagreements” between the UK and China.

Over the last few years, relations with China have continued to hit nerves on everything from semiconductors and Hong Kong, to Huawei and who uses TikTok in Parliament.

tail and leisure experiences which cannot be replicated online.

This Oxford Street of tomorrow is being created by businesses, property owners and investors that recognise the opportunities that the nation’s high street can unlock. Investment is flowing in, with nine ambitious developments in the pipeline, promising nearly one million square feet of mixed-use space upon completion.

We continue to see acquisitions within the district; Great Portland Estates added 90,000 square feet of prime West End office and retail space to their portfolio this month, saying the purchase represented a “fantastic opportunity” to develop the “strategic” West End site next to Tottenham Court Road station. Indeed, the property is in

a highly desirable location, with Oxford Street East experiencing a 30 per cent uplift in footfall year-on-year following the opening of the Elizabeth Line and a sustained period of development in the area.

A further endorsement of Oxford Street’s long-term value is the diversity of retailers who call it home. Existing leaseholders, such as Reserved and Pandora, are expanding their footprint, with both brands set to open additional stores at Oxford Street East in newly available units. Others are also using the iconic location as a test-bed for retail innovation; The Fragrance Shop is set to open an “experiential” flagship in what it describes as a “defining moment for the business”.

Much criticism has been given of the prevalence of candy stores on the street, but these too are diminishing in numbers as more prestigious brands sign long-term leases. Paris Saint-Germain has recently taken over one of these candy store locations, for what is set to be the first physical store for the football club in the UK.

Perhaps the most symbolic victory

against lower-level occupants is the imminent return of HMV to its iconic storefront, currently leased by an American candy store. HMV has promised that the reopening marks an “exciting new era” for the brand, with the store set to feature live music and signings, alongside stocking pop culture memorabilia.

This trend towards more immersive retail and leisure experiences will continue, with Oxford Street convening the very best that global brands have to offer for audiences that are spending longer than ever (over two hours) on the street. Flannels X offers a “cultural playground” hosting a series of popups, gigs and fashion industry events, whilst the Outernet – one of the top five attractions in the U.K. – and The Twist Museum offer something different for families enjoying a day out. Of course, long-term, fundamental change takes time, but a new dawn for Oxford Street is most definitely on the horizon.

£ Dee Corsi is chief executive at New West End Company

Candy stores are disappearing as prestigious brands sign new long-term leases

Candy stores took up retail space left empty as owners deserted the high street

A restaurant owner in Spain has shelled out for 2.2kg of cabrales blue cheese from Northern Spain. It means the dairy delicacy has surpassed the previous record holder of most expensive cheese, which sold for €20,500 in 2019.

THE BIG CHEESE Most expensive wheel of cheese sold for €30,000

AUGUST MAY BE ALMOST OVER - BUT DON’T BE SAD!

Gardens area of the park, and curator Fatoş Üstek says the exhibition “will be charged with artworks that pronounce the contrast between the monumental and the ephemeral.” A programme of talks and performances will run concurrently. From 20 September.

THE MISSING THREAD

The days following the August long weekend can seem a little bleak, with the evenings drawing in and no more bank holidays until Christmas. But fear not: London has plenty to offer over the coming month. Here are a few of the top events and festivals to keep your spirits up.

PUB

IN THE PARK

Chiswick welcomes Tom Kerridge’s food, music and drink bonanza back into town this weekend for a latesummer blowout. Expect Kerridge to be on presenting duties, interviewing other chefs and generally being a friendly face. Kerridge’s Hand and Flowers is one of the pubs on site cooking special dishes, and there’s live music from Ronan Keating, Hoosiers and McFly. 1-3 September.

BI PRIDE UK

The People’s Palace venue within Queen Mary University in Mile End hosts the annual Bi Pride this September. There are two stages, one for music and other performances, and one for talks and panel discussions around the theme of ‘I am proud.’ Expect discussions to tackle topics like biphobia and dating beyond gender. Tickets are free, you just have to sign up online. 2 September.

GREENWICH + DOCKLANDS INTERNATIONAL FESTIVAL

Loads of free-to-attend theatre and performance, mostly produced outdoors, and mostly in the borough of Greenwich at this annual cultural festival. One performance at Victoria Dock will feature people fighting for survival on top of a sinking house, inspired by the North Sea Flood of 1953, which sounds not to be missed. Shows and events also reach into Canary Wharf and the City of London. Until 10 September.

MEATOPIA

If it seems eye-catching that a festival called Meatopia can exist in 2023, well, there’s a twist. What this festival promotes is how to eat meat sustainably. This year chefs from Blacklock, Ottolenghi, Sagardi, Hawksmoor, Gunpowder, Le Bab and Bleecker Burger are all showing up to cook unique dishes for festival attendees to indulge upon. There’s live music too, from bands during the day and DJs at night, with everything taking place at the lovely

Tobacco Dock. 31 August-3 September.

COCKTAILS IN THE CITY

Returning for one more glass-clink this summer, Cocktails in the City brings together the capital’s best cocktail bars for a right old knees-up at Bedford Square Gardens. Expect specially made libations from some of London’s best bartenders as well as music, street food, tasting sessions, workshops, and a silent disco. Bars knocking up sups at the September event include Alma Bar, Baccharat Bar and Hovarda. 7-9 September.

TOTALLY THAMES FESTIVAL

You know that giant stretch of water that runs the whole length of the capital? Well this September there’s a

festival in ode to it. Events take place “on, beneath and along” the River Thames throughout the month. Expect pop-up shows, art installations, talks, workshops and clean-ups along the whole 42-mile stretch of water. Arts Council England calls it a celebration of “arguably London’s biggest natural asset.” All of September.

LONDON DESIGN FESTIVAL

Open studios, workshops, installations, evening discussions and a Friday Late at the V&A are a handful of the events scheduled for the return of London Design Week. Curators call London “the design capital of the world” and the event, which takes place all over the capital, is curated by and celebrates the work of London designers, as well as creatives from

across the world. 16-24 September.

SCULPTURE IN THE CITY

18 sculptures are dotted throughout the City of London, all of which are visitable for free. Download the Bloomberg Connects app and search for Sculpture in the City to find a guide to their locations, with information on each piece. The idea is to use the Square Mile as a “rotating gallery space,” and this September there are free tours of the sculptures as part of London Sculpture Week. 16-24 September.

FRIEZE SCULPTURE 2023

Head to Regent’s Park this September for a free public art exhibition of new works by leading international sculptors. Work by 22 artists will feature throughout the English

Starting at Somerset House in September, The Missing Thread is an exploration of black creativity and how the work of black visionaries has been written out of fashion history. Spanning from the 1970s until the present day, the exhibition looks at the contribution black creatives have made to the world of fashion against the backdrop of the changing cultural and socio-political landscape of Britain. From 21 September.

HOWTHELIGHTGETSIN

This festival changed the way we think about festivals. All about “ideas and music,” the event combines philosophical talks and debates with some thrashy guitars, so you truly do

Sculpture in the City aims to use the Square Mile as a rotating gallery space filled with original works

get a bit of everything. Set up at Kenwood House in Hampstead Heath, there is also banquet feasting (very Henry VIII-chic) and plenty going on for families too. This year’s line-up includes Alastair Campbell, Ruby Wax, David Baddiel and Badly Drawn Boy. 23-24 September.

LIBERTY FESTIVAL

Liberty Festival celebrates London’s deaf, disabled and neurodivergent artists. Kicking off as part of the This is Croydon: London Borough of Culture Festival, most events are free to attend. Expect immersive theatre, poetry, fitness workouts that suit every ability, and dance workshops. There’s also free comedy, and the first British Sign Language cafe in the UK. 1-3 September.

PODCAST FESTIVAL

If you’re bored of listening to podcasters from the comfort of your living room, now’s the opportunity to watch them in public. King’s Place in King’s Cross is hosting the Podcast Festival, your opportunity to spend the day meandering between some of your favourites to hear live recordings. Pods including No Such Thing As a Fish, Dope Black Mums and Two Twos are going to be recording live this year. 717 September.

Mostly outdoors, this excellent selection of things to do in September prove that there’s plenty more good vibes to come, says Adam Bloodworth

From top: Meat being served at Meatopia; A cocktail at Cocktails in the

City;

HowTheLightGetsIn

festival;

and the return of Sculpture in the City

THE REAL GORILLAS IN THE MIST: HOW TO EXPERIENCE THIS AMAZING LEGACY

After stories of hours-long searches in the rain, finding our mark after just 45 minutes, metres from where we were staying, seemed a fortuitous win.

The ranger encouraged a move closer to the gorilla and I tiptoed through the undergrowth, sounds muffled by dense forest canopy. In silence so thick I could practically hear my own heart, I locked eyes with him, Kigoma, the dominant silverback. Tingling with fear, excitement and adrenaline, I had to remind myself to breathe; despite his apparent ambivalence to my presence I still fumbled as I tried to use my camera, transfixed.

Twelve gorilla families roam freely within the walls of Rwanda’s Volcanoes National Park –and sometimes outside, as some disgruntled farmers will attest –and with permits to spend time with them limited to just 96 each day, with each allowing one hour in their presence, it’s the pinnacle of exclusive wildlife experiences.

Rangers, trackers and anti-poaching teams spend their days following their troop, tracking movements, analysing nests and dung for signs of ill health and destroying poachers’ snares before they can do harm; they are the silent heroes of the forest, safeguarding Rwanda’s wild mountain gorilla population for future generations.

Since their near decimation in the 1980s –less than 250 were estimated to be left in the wild –conservationists have been working alongside the Rwandan government to protect their future. Fossey’s seminal work, Gorillas in the Mist, is more than just the a Hollywood movie; her years studying and living among gorillas to help better understand their inner workings have led to 55 years of conservation efforts to not only protect them, but support the communities they coexist alongside. Her work helped the world understand how close we were to losing gorillas and her legacy carries on today through the Dian Fossey Gorilla Fund.

From its humble beginnings as a one woman set-up from her tented jungle station, to its current home, a state of the art study and research facility in sight of Volcanoes National Park, the foundation’s laser focus in educating the local community and helping to create the next generation of conservationists is what will ensure the survival of the species.

A walk around the centre, with its chronological history of the gorilla families Fossey studied, a recreation of the hut where she lived alone in the jungle, and video footage of her with her beloved animals, is a stirring experience.

Though gorilla numbers have flourished over the years, now recognised merely as ‘Endangered’ rather than critically so, the work to protect them is never complete. The Ellen DeGeneres Campus of the Dian Fossey Gorilla Fund may only be 18 months old, but the facility aims to advance research in genetics, physiology and paleontology to ensure the mountain gorillas con-

tinue to thrive.

There are comparatively few moments in one’s adult life that stoke the kind of excitement that sends a fizz through every fibre of your being. But with the mist-cloaked mountains ahead as we started our ascent, the edge of Volcanoes National Park lay a solid 45 minute hike ahead of us, across farmland and rocky hillsides.

That first sighting, the silverback, arms crossed, sulkily sheltering from the morning’s drizzle like a recalcitrant toddler, brought back memories of childhood zoo visits. I always had such fascination with their movements and mannerisms, studying their innate humanness and realising just how similar to us they really are.

Only 60 minutes is allowed in their presence which, as it turns out, is more than sufficient to fill a memory card and end up damp to the bone from drizzle. A day later, at the annual naming ceremony, which takes place again this week (I visited almost a year ago to the day), we learnt our time had been spent with the newest gorilla family, a group formed by animals breaking away from other families, and named Kwisanga,meaning ‘to feel at home’.

Each September Rwanda invites celebrities, dignitaries and conservationists to name a baby gorilla born in the park over the preceding 12 months in its Kwita Izina ceremony, the most illustrious event in the conservational calendar. Bringing together a crowd of

over 50,000 from not just the local area, but across the country, it’s one of the most important traditions in Rwandan culture. Exactly 352 babies have been named in the last 17 years, as attendees arrive into the northern town of Kinigi, just a few miles from the DRC border, for a momentous celebration and a day-long programme of live music and ceremony.

It was a privilege to witness the occasion as guests of the Rwanda Development Board, but tour operators focused on the importance of such cultural and conservational experiences, such as Intrepid Travel, are now building the ceremony into existing gorilla trekking itineraries.

The weather was still predominantly rain, so returning to the Virunga Inn Resort & Spa on the edge of the park provided welcome respite, with hot water bottles placed between our fleece-lined sheets, slippers provided at reception, and muddy hiking boots whisked away for cleaning, returned the next morning sparkling like new.

With rooms dotted around its beautiful gardens and views of the mountains from their private terraces on which to enjoy your morning coffee, it added to the magical experience that was our time in the region. Just a few minutes’ drive from the departure point for trekking, it’s perfectly located to be the hub of your adventure.

Despite its simian residents being Rwanda’s main draw, there’s plenty else to explore during a trip.

Nyugwe National Park is home to an estimated 500 chimpanzees, Akagera National Park to the Big Five, while Lake Kivu, part of Africa’s Great Rift Valley, is dotted with islands, inlets and beach resorts, and is fantastic for hiking and cycling.

Still healing the scars of its past, the capital is home to the Kigali Genocide Memorial, a sobering reminder of the events of spring 1994 that should form an essential stop for any visit to the country. The city is also home to a flourishing food scene, with restaurants including the fine dining afro-fusion Meza Malogna, which makes the most of the natural produce from the country’s rich, volcanic soil.

Even a year later, I still think about Kigoma eating his lunch like any colleague in my work canteen. It’s this connection to gorillas that really makes them so special. It’s no wonder Fossey became so captivated with them. I hope she knows her legacy is still training the next generation of conservationists to ensure not just the survival of the species, but their existence in harmony with our own.

FACTBOX

Rwandair flies four times a week direct from London Heathrow to Kigali, return fares from £637, rwandair.com; Gorilla trekking permits $1,500 per person; Rooms at the Virunga Inn Resort & Spa from £648 per night, virgunainn.net; Laurel was a guest of the Rwanda Development Board, visitrwanda.com

The gorillas of Rwanda were made famous by the Dian Fossey. Laurel Waldron follows in her footsteps

All pictures by Laurel Waldron

CRICKET

England ready to race to World Cup start line

IT IS both the best and worst thing about cricket; there always seems to be a World Cup to win or defend just around the corner. Whether it is the men or women, One-Day International or Twenty20; cricket is always looking towards its next big occasion. And this autumn it doesn’t get much bigger.

England return to India to play a World Cup for the first time since 2016 when, needing 19 runs from the final over of the T20 final, the West Indies broke English hearts off the bowling of current Test captain Ben Stokes.

Since then, though, England have gone on to win two global trophies –the famous super-over win in 2019, and the T20 World Cup last year.

So England head to the subcontinent on 5 October as defending champions, but they’re a very different team to four years ago.

And between now and then they have 11 short-form matches in just 28 days – seven One-Day Internationals

OPINION

GOLF COMMENT

Sam Torrance

IN NAMINGhis six wild card picks to complete the US Ryder Cup team yesterday, captain Zach Johnson clearly prioritised players with experience.

Johnson would have been castigated if he hadn’t chosen US PGA champion Brooks Koepka, despite the controversy around Koepka’s membership of the LIV Golf tour.

Collin Morikawa, who won 3.5 points from four matches on his Ryder Cup debut last time, has looked back to his best form lately.

Jordan Spieth and Rickie Fowler, with four previous appearances each, have been playing well for most of the year and are ranked eighth and 13th on the US points list respectively.

Sam Burns is the only rookie among his wild cards but I think he is a great pick. Burns is a hell of a player and won’t be scared by the occasion.

Johnson’s only dubious selection is Justin Thomas, who missed the cut at both the Open Championships and US Open before failing to make the FedEx Cup Playoffs. But as they say, class is permanent and form is only current.

Thomas is very capable of turning his form around for the unique challenge of facing Europe.

Johnson spoke in glowing terms about Thomas’s “emotional leadership” at previous Ryder Cups and that kind of thing is massively important. A lot goes on behind closed doors in the team room and a captain really needs people like that who put a smile on their team-mates’ faces.

With Koepka included, fellow LIV Golf players Dustin Johnson and Bryson DeChambeau will probably be feeling a little bit aggrieved.

We don’t know what pressure Johnson was put under by the PGA regarding LIV members, but it can’t have been an easy decision for him.

AGGRIEVED

I do feel a little bit sorry for Cameron Young, who hasn’t made the team even though he finished ninth on the points list – above Morikawa, Burns and Fowler. Normally that would be enough to get in. Keegan Bradley was

Run of 11 white-ball games in 28 days designed to prepare holders for title defence starts today, writes Matt Hardy

and four T20s – starting today. They take on New Zealand, their World Cup opening opponents, across four of each format before facing Ireland in three 50-over games.

But England are a changed side since their ODI World Cup victory. Out are 2019 captain Eoin Morgan and coach Trevor Bayliss, and in are Jos Buttler and Matthew Mott.

Mott joined from Australia’s women’s team after their World Cup win but has not had it all his own way, losing matches in a series win against Bangladesh earlier this year and suffering a series loss to South Africa. He did, though, lead England to the T20 World Cup last year.

The Test team have only just started learning how to lose but managed to fight their way out of a mini-rut at the

Ashes to draw the series with Australia.

EXPERIMENT

One-Day World Cups see 10 teams play each other once with only the top four progressing, so there’s no room to start slowly. The coming barrage of fixtures should allow England to get into the mentality of tournament cricket. And the addition of three T20 matches could be a good way for Mott to test out different batting and bowling combinations in a Bazball-style expressive mindset.

Buttler confirmed yesterday that they would use the series to experiment with selection.

“I don’t think any of us are completely happy with the overall year that we’ve had,” Mott told ESPN back in June. “We are definitely trying to get

THINKER JOHNSON CAN BE HAPPY WITH US RYDER CUP SIDE

11th and also missed out, but he can’t have too many complaints.

Opting for experience makes sense given that the six automatic qualifiers for the US side had just three previous Ryder Cups between them.

NO REST FOR THE WICKET: SCHEDULE

a lot better. But if you’d said to me, ‘You’re a year into the job, the results are what they are but you’ve won a World Cup?’ I would have said, ‘Yeah, I’ll take that any day’.”

England chief Rob Key said Mott and his England side would be judged on silverware.

They’ve already got a pretty significant piece of that, so now it is about continuing that success at the highest level and, for Mott, winning his first one-day trophy with England.

Winning in India is anything but easy and England have a history of reaching finals there before falling apart when it matters.

But under Mott they’ve won a World Cup already, and he will be hoping this year’s final – should they get there –doesn’t get as close as it did in 2019.

NEW ZEALAND T20 SERIES

1st, Chester-le-Street, today 6pm

2nd, Old Trafford, 1 Sep 6pm

3rd, Edgbaston, 3 Sep 2:30pm

4th, Trent Bridge, 5 Sep 6pm

NEW ZEALAND ODI SERIES

1st, Cardiff, 8 Sep 12:30pm

2nd, Ageas Bowl, 10 Sep 11am

3rd, The Oval, 13 Sep 12:30pm

4th, Lord’s, 15 Sep 12:30pm

IRELAND ODI SERIES

1st, Headingley, 20 Sep 12:30pm

2nd, Trent Bridge, 23 Sep 11am

3rd, Bristol, 26 Sep 12:30pm

World Cup starts on 5 October with England v New Zealand

As a captain, Johnson wouldn’t want too many rookies in the team because it can be more difficult to pick them.

You never underestimate your opponent and I’m sure Europe won’t either because this is a strong US team –even if it is not quite as strong as it could have been.

We’ll have to wait and see how they fare in European conditions. Europe have beaten some extremely strong US teams in winning the last six Ryder Cups on this side of the Atlantic.

Overall, though, I think Johnson will be very comfortable with his selection. I’m sure the last three months have been tormenting him.

I honestly believe he has done well. Zach is a lovely man and a deep thinker, so will have considered the make-up of his team very carefully. He will already have thought about

THE ZACH PACK: JOHNSON’S TEAM

AUTOMATIC QUALIFIERS

Scottie Scheffler

Wyndham Clark

Brian Harman

Patrick Cantlay

Max Homa

Xander Schauffele

WILD CARDS

Brooks Koepka

Justin Thomas

Jordan Spieth

Collin Morikawa

Sam Burns

Rickie Fowler

possible pairings. With the PGA Tour season finished, I’m sure he’ll get them together to try out some ideas before they head to Italy next month.

European players now have one more event, this week’s European Masters, to qualify automatically for Luke Donald’s team. Tommy Fleetwood and Matt Fitzpatrick are on course to join Rory McIlroy, Jon Rahm, Viktor Hovland and Tyrrell Hatton in the 12 and they will surely be in.

Beyond them are the likes of Bob MacIntyre and Adrian Meronk. I always liked those players who had fought their way into the team and they can do that in Switzerland.

Sam Torrance OBE is a former Ryder Cupwinning captain and one of Europe’s most successful golfers. Follow him @torrancesam

A lot goes on behind closed doors and a captain needs people like Thomas

SPORT

FOOTBALL

Chelsea accused of penalising disabled fans by axeing subsidy

CHELSEA supporters have accused the club of penalising disabled and vulnerable fans by taking the “appalling decision” to remove subsidised coach travel to domestic away games.

Blues chiefs said this week that it was “not financially sustainable” to maintain the subsidy, which the Chelsea Supporters’ Trust believes costs £250,000 a year – less than some firstteam players earn in a week.

It comes just weeks after the club broke the British transfer record by spending more than £100m on a player for the second time this year.

The Premier League team has revenue of £480m and has run up close to £1bn in transfer fees since their takeover by Todd Boehly’s consortium last summer.

The CST said the move would make attending away games unaffordable for some fans during the cost of living crisis and accused Boehly and other club chiefs of reneging on a commitment to keep Chelsea inclusive.

“The appalling decision will force those who rely on the service to pay significantly more to travel to away games,” the trust said.

“Despite representations from the CST and coach users, Chelsea has unfortunately decided that retaining the £10 subsidy is not ‘financially sustain-

GOLF

NO REST FOR THE WICKET England’s packed schedule signals

run-up to World Cup defence

able’. It appears that during a cost of living crisis, Chelsea are happy to increase the financial burden on many supporters by penny-pinching.”

Chelsea consulted supporters’ groups and the club’s Fan Advisory Board before deciding to remove the subsidy, which they acknowledged they had been asked to retain.

“This was taken into consideration alongside the operational costs of running the coaches, and the number of people who benefit from the subsidy,” the club said. “When considering all factors, it was not financially sustainable to continue to offer subsidised coach travel.”

Love match as Boulter breaks US Open duck

FRANK DALLERES

The CST said it met with Chelsea chiefs as recently as last Friday to warn them it would be “totally unacceptable” to remove the subsidy. “This decision also contradicts the commitment to inclusivity that the club guaranteed during takeover discussions held last spring [2022].”

In response, the trust has pledged to part-subsidise coach travel to the next men’s away game, at Bournemouth on 17 September.

Earlier in the summer the CST successfully lobbied Chelsea to drop talks with crypto gambling platform Stake.com over a potential front-ofshirt sponsorship deal.

Koepka and Thomas get calls to face Europe at Ryder Cup

FRANK DALLERES

US RYDER CUP captain Zach Johnson has named LIV Golf rebel Brooks Koepka in his team for next month’s clash with Europe in Rome.

Koepka is one of Johnson’s six wild cards, along with Justin Thomas, Jordan Spieth, Collin Morikawa, Sam Burns and Rickie Fowler. They join qualifiers Scottie Scheffler, Wyndham Clark, Brian Harman, Patrick Cantlay, Max Homa and Xander Schauffele in a US team aiming to retain the trophy on 28 September to 1 October.

But there was no place for Koepka’s LIV Golf colleagues Dustin

Johnson, Bryson DeChambeau and Patrick Reed. “A five-time major champion, he is built in my mind for the biggest of stages and there’s no bigger stage than the Ryder Cup,” Johnson said of Koepka.

Johnson defended picking Thomas, who failed to qualify for the FedEx Cup Playoffs and missed the cut at the Open and US Open.

“Justin Thomas is one of the most talented players on the PGA Tour in my opinion,” he said. “He has been, without question, the heart and soul of US Ryder Cup teams, our emotional leader.”

SAM TORRANCE: PAGE 19

BRITISHNo1 Katie Boulter credited the New York crowd with inspiring her to victory after she won a main draw match at the US Open for the first time last night.

Boulter swept past Diane Parry of France 6-4 6-0 in 82 minutes to reach the second round, where she will face China’s Yafan Wang.

The 27-year-old, who reached a career-high world ranking of 60 this month, fired off 31 winners against Parry before clinching the match with a 106mph ace.

“I felt the love out there today which was really nice,” said Boulter. “It was such a good atmosphere. It’s

a challenge for me to focus and stay in the moment, and not hear all the other courts going on, which I did unbelievably well today.

“The fans got me over the line. I don’t know if they were British, American. There were a lot of GB flags, which made me feel very at home. I did appreciate it out there.

“When you hear little kids screaming your name, that’s when it pushes you. It makes you think for a second, ‘hey, this is where I want to be and these are the matches that I want to play’.”

Boulter’s next opponent Wang pulled off one of the upsets of day two of the US Open, beating 2022 semi-finalist Caroline Garcia 6-4 6-1.

Fellow Briton Cameron Norrie also advanced with ease, beating Russian Alexander Shevchenko 6-3 6-2 6-2 in just 91 minutes. The 16th seed had not won a match since Wimbledon but put his recent wobbles behind him in a confident display against world No83 Shevchenko. Norrie’s best Grand Slam run came at the US Open last year, when he reached the fourth round before losing to current world No7 Andrey Rublev.

Elsewhere at Flushing Meadows yesterday, women’s fifth seed Ons Jabeur needed medical attention for breathing difficulties before battling to a 7-5 7-6 (7-4) win over Colombia’s Camila Osorio.

Four arrested over plot to sabotage Vuelta a Espana

FRANK DALLERES

SPANISH police have revealed they foiled an attempt to sabotage a stage of the Vuelta a Espana cycle race by suspected Catalan separatists who planned to flood roads with oily liquid.

Four people were arrested after police discovered drums containing 400 litres of a liquid similar to motor oil and a timer device on a bridge that riders were due to pass under. The discovery averted a possible pile-up on Monday’s third stage of the Vuelta, one of cycling’s three Grand Tours, which travelled from the Catalan town of Suria to Arinsal in Andorra.

The four suspects, members of pro-

Catalan independence group CDR, were freed pending further investigations but ordered to stay at least 500m away from the race.

Police posted a video of the materials on social media on Tuesday, saying: “With this mechanism they intended to sabotage yesterday’s stage of La Vuelta. Four people arrested redhanded in Lleida.”

Defending champion Remco Evenepoel won the third stage but suffered a cut above his eye when he collided with a spectator after the sprint finish. Evenepoel retained the leader’s red jersey in Tuesday’s fourth stage from Andorra to Tarragona, which was won by Australian Kaden Groves.

FRANK DALLERES

Britain’s Katie Boulter beat Diane Parry of France in straight sets to reach the second round in New York for the first time

Todd Boehly’s Chelsea have spent close to £1bn on players

TENNIS

CYCLING