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BALLS TO EVERYTHING
TAKE YOUR MIND OFF
BREXIT SPORT P29-32
MONDAY 27 JUNE 2016
ISSUE 2,655
SILVER STARS
THE BENEFITS OF
HAVING OLDER
COLLEAGUES P25
CITYAM.COM
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CITY SCRAMBLES TO
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London’s top politicians vow to fight for City’s vital ‘passporting rights’ as uncertainty grows
MARK SANDS
the single market and visas are right at
the very top of this list.”
City of London Corporation policy
chairman Mark Boleat said: “The government should now engage in a period
of consultation with representatives of
the financial, professional and business
services industry to ensure we can both
protect and keep creating jobs.”
Speaking on French radio over the
weekend, Villeroy de Galhau said it
would be impossible to preserve
passporting if the UK leaves the single
market for goods and services.
“If tomorrow, Britain is not part of the
internal market, the City cannot keep its
European passport,” he said.
Clifford Chance partner Simon Gleeson
said that, in order to maintain access to
the single market, the UK would have to
sign up to freedom of movement and the
adoption of present and forthcoming
laws. Otherwise, banks will have to relocate some roles to elsewhere in Europe.
Many are under pressure from clients already, he said.
“That probably doesn’t allow them to
maintain a wait and see posture for any
extended period. Thus we expect banks
to execute restructuring fairly soon
based on ‘worst case’ analysis of the
possible outcomes of the exit negotiations,” Gleeson added.
@MkSands
THE MAYOR of London has vowed to
fight for the City’s access to Europe’s
single market, including vital rights
estimated to be worth billions to UKbased institutions.
Sadiq Khan last night told City A.M. the
loss of passporting – the system that
allows UK-regulated banks to operate
across the European Union – would be
“a disaster”.
He was joined by the City of London
Corporation, which said that passporting was worth up to £10bn to the City.
Their pledges follow a warning over
the weekend from Bank of France
governor Francois Villeroy de Galhau,
who said that UK banks would be unable
to use the passport system without the
government signing up to all the rules of
the single market.
Speaking to City A.M., Khan said it
would be “foolish” not to act to protect
London’s reputation as the best place for
banks to do business.
“While I respect the country’s decision
to vote to leave the EU, my job as mayor
is now to stand up for and protect the
interests of London, and that includes
the financial sector,” he added.
“I’m assembling a priority list of what
London demands from any exit negotiations and passporting rights, access to
£ BREXIT FALLOUT: P2-11, P20-21
Eagle to lead second day of Labour resignations over Corbyn
MARK SANDS AND JULIAN HARRIS
@mksands @hariboconomics
SHADOW business secretary
Angela Eagle will be one of the next
high profile members of Jeremy
Corbyn’s shadow cabinet to quit,
City A.M. understands.
In total, 11 members of the
shadow cabinet resigned yesterday,
after shadow foreign secretary
Hilary Benn was sacked in the very
early hours of the morning for
allegedly encouraging ministers to
resign. Senior Labour MPs are
piling pressure on Corbyn to stand
down for running a half-hearted
campaign for a Remain vote.
Despite the intense pressure,
the Labour leader insists he’ll
fight on.
In a statement late last night,
Corbyn said: “I regret there
have been resignations
from my shadow cabinet. But
I’m not going to betray the
trust of those who voted for
me – or the millions of
supporters across the
Angela Eagle is expected
to resign this morning
country who need Labour to
represent them.”
Corbyn is set to address
campaigners at a protest outside
parliament organised by
Momentum today.
£ CONTINUED: P3
FTSE 100 ▼6,138.69 -199.41 FTSE 250▼16,088.05 -1,245.46 DOW▼17,400.75 -610.32 NASDAQ▼4,707.98 -202.06 £/$▼ 1.342 -0.11 £/€▼ 1.223 -0.06 €/$▼ 1.106 -0.25
02
NEWS
CITYAM.COM
MONDAY 27 JUNE 2016
What will Brexit mean for the City?
THE CITY VIEW
Britain needs a liberal
post-referendum plan
D
OES the country feel different to you? Do you feel it stands a
little taller in the world or has it already shrunk in status?
Whatever your perspective on the referendum result,
Britain now finds itself at an historic and unprecedented
juncture. First and foremost, the outcome of this vote must be
accepted as the democratic will of the British people.
The campaign to Leave the EU secured victory with a majority of
1,270,000 votes. This is hardly insignificant. There now exists an
almighty challenge – and an exhilarating opportunity – to recast
Britain’s role in the world as a truly internationalist, liberal,
globally-minded trading nation. Such a description may appear to
be at odds with the caricature of an angry Brexit voter, and while
it’s true that the coalition of voters that delivered a victory for
Leave is an uneasy mix of interests, it will not be Nigel Farage who
forms the next government. Boris Johnson is now trying to garner
support for a liberal, outwardlooking vision of Brexit. It is
vital that this instinct prevails
in the Tory party, regardless
of who wins the leadership.
The alternative would be to
seek comfort in decline.
Leading Brexit campaigner
Dan Hannan has already made clear that anyone expecting the
levels of immigration to fall after Britain leaves the EU will be
disappointed. The focus won’t be on reducing quantity, but on
increasing quality. In other words, lowering the barriers that highskilled non-EU migrants (and their would be British employers)
currently face. While this grand vision is worked out (and debated
through the prism of a Tory leadership election) a more pressing
concern weighs on the City: access to the single market and, in
particular, retention of the vital passporting rights that allow
financial services to operate across European markets. Sadiq Khan
has pledged to fight for this and the City’s policy supremo, Mark
Boleat, warns that financial services must be allowed access to the
single market “without discrimination.” Alas, there is less
enthusiasm among EU officials to grant such access and so this
vital area of contention must be an immediate priority not just
for a future government, but for the one we’re left with now.
Osborne’s intervention first thing this morning will come not a
moment too soon.
There is now an
almighty challenge
to recast the UK’s
role in the world
ONLINE protest-petitions aside, the
people have spoken and the UK is
now facing an exit from the
European Union. What might this
mean for the City, and Britain’s
businesses more broadly?
THE SHORT TERM
We are already in the midst of
extreme political uncertainty, and
thus it is unsurprising to see panic
and volatility in the markets. The
extent to which this translates
through to the wider economy is
debatable (see p11 for a range of
views). Many economists have
argued that the longer the
uncertainty drags on, the more
investments will be delayed, or
even scrapped altogether. A fall in
investment, especially from
abroad, poses a significant threat
to the UK economy.
The leadership of the
government, as well as that of the
leading two parties, is up in the
air. The electorate may have more
decisions to make – potentially
through an early general election
(parliament has the power to
break the five-year fixed-term).
There have even been suggestions
that a second referendum could
be called further down the line,
asking whether or not people
accept the terms of Britain’s
departure. Lawyers and political
analysts have varying opinions on
when Article 50 may be triggered,
and whether or not the process
can be reversed once it has begun.
As things stand, the article
contains no clear provision for the
process to be reversed.
MARKETS
Traders are likely to remain on
edge for some time, given the
degree of uncertainty. Sudden
drops will present buying
opportunities, but beware – there
is always potential for things to get
worse. Analyst Kit Juckes of Societe
Generale said yesterday: “[The]
slow motion train crash has
momentum. Sterling first:
recriminations, two main parties in
turmoil and nothing but questions
and uncertainty as far as the eye can
see. I see no reason to buy the dip.”
JOBS
Some banks have aleady revealed
plans to relocate jobs. JP Morgan said,
prior to the result, that it could move
4,000 roles in the event of Brexit.
Reports over the weekend said that
HSBC would move 1,000 jobs if the
UK lost access to the single market –
and this is the crux. Many jobs will
depend on the level of access granted
to UK-regulated companies in a postBrexit world.
Big banks employ over 60,000
people in the UK. They are already
being courted by politicians and
bureaucrats in rival European cities
such as Dublin and Frankfurt. Their
decisions could largely rest on
whether or not they can retain
“passporting” rights, which allow
them to operate across the EU.
Before the referendum, Leave
proponents such as Michael Gove
conceded that the UK would lose
access to the single market after
Brexit. However, in his Telegraph
column this morning, fellow Tory
MP and Leave campaigner Boris
Johnson says: “As the German
equivalent of the CBI – the BDI – has
very sensibly reminded us, there will
continue to be free trade, and access
to the single market.”
However, despite his assurances, it
remains to be seen how such access
will be kept, especially if the UK does
not agree to freedom of movement.
Polling data shows that opposition to
six-digit net immigration was a key
factor behind many voters’ decisions
to back Leave.
Some commentators believe that
banks and other City firms will
begin to devise exit plans straight
away, rather than wait for a
potentially drawn out set of
negotiations.
London Stock Exchange boss
Xavier Rolet argued, prior to the
referendum, that the loss of jobs
post-Brexit would be “substantial”
and “almost immediate”.
“If you move the clearing of a
particular security as large as euro
– the euro’s a big market, a big
liquid market – out of London,
everything goes with it.
Syndication, origination,
structuring, trading,
management, as well as all the
ancillary activities – the lawyers.”
On the flip side, Tobin Ashby
from Pinsent Masons notes that
access to EU markets, while
important, isn’t the be all and end
all. “London is also an important
centre for markets outside the EU
and will continue to be so even
with the UK leaving the union and
so firms will not necessarily be
looking to move their central hub
from the City,” he said.
WINNERS
Might there be any beneficiaries
from the outcome of the vote?
Putting a positive spin on the
potential loss of jobs at big banks,
Jay Dickieson from the
Summerhill Group, an advisory
service for startups, believes that
the fintech sector can benefit.
“In the days since the vote, we’ve
had enquiries from bankers
extremely worried about their
jobs,” he said. “As they survey their
alternatives, many are concluding
the only way to match the
potential financial upside of a
career in the City is to develop, or
join a startup in London’s thriving
fintech scene.”
And writing in City A.M. last
week, Gove insisted that
innovative financial companies
would thrive in London, once
removed from the regulatory
shackles of the EU.
“When it comes to financial
services, the EU strangles
innovation without actually
protecting customers,” he said.
“It is hopeless at encouraging
the enterprises of the future.
There is no equivalent of Facebook
or Netflix, Uber or Amazon.”
JULIAN HARRIS
Follow us on Twitter @cityam
FINANCIAL TIMES
CEO DISCLOSURE RULES
NOT WORKING
New UK disclosure rules introduced to
curb chief executive pay and improve
the link between pay and performance
are not working, according to new
research. Regulations introduced in
2013 require public companies to
submit information about the pay of
chief executives and employees. But a
study published by Judge Business
School and King’s College said the new
rules appeared to have done little to
narrow the differential.
TECH COMPANIES EYE
OPPORTUNITY IN BREXIT
The UK’s exit from the EU will create the
need for a new IT infrastructure as the
WHAT THE
OTHER
PAPERS SAY
THIS
MORNING
country turns its back on the dream of a
more integrated European data
economy, according to American
technology companies that already
have their eyes on the work.
THE TIMES
HEDGE FUNDS WIPED OUT BY
VOTE TO LEAVE EUROPE
The decision to leave the European
Union is expected to claim its first
victims today, when hedge funds and
other financial institutions reveal deep
losses revealed on Friday. Senior
bankers and traders said that the 11 per
cent swing in the pound, a move not
seen since 1967, had triggered margin
calls that hit several smaller hedge
funds and may have wiped out others.
Several were said to have dropped their
currency protection altogether after
private exit polls predicted a victory for
the Remain camp, leaving them more
exposed. Spanish elections yesterday
could cause a sell-off after Podemos
became the second largest party.
THE DAILY TELEGRAPH
BAGEL THINS HELP
WARBURTONS’ REVENUE
Skinny bagels and gluten-free bread
helped the family-owned bakery
business Warburtons to a slight rise in
sales last year, despite UK shoppers
spending less on sliced bread. Company
accounts for the 12 months to
September 26 last year showed revenue
rising 0.7pc to £551.5m.
RECORD SALES FOR BUS
FIRM ALEXANDER DENNIS
Strong foreign sales offset demand for
rival “Boris Buses” for vehicle
manufacturer Alexander Dennis, which
has reported a jump in sales and profits.
The privately owned business said
revenues rose by more than £100m.
THE WALL STREET JOURNAL
CLINTON HOLDS FIVE-POINT
LEAD OVER TRUMP
Democrat Hillary Clinton’s lead over
Republican rival Donald Trump stands
at five percentage points, according to a
new WSJ / NBC News poll, but the race
is essentially tied when third party
candidates are included. The latest
survey, of 1,000 registered voters, shows
Clinton gets 46 per cent support, to 41
per cent for Trump.
FAST-FASHION CASTOFFS
FUEL RECYCLING NETWORK
The rise of fast fashion has created a
tsunami of inexpensive castoff clothing
from the US that often ends up resold or
reprocessed into pillow stuffing or other
goods in low-wage countries.
MONDAY 27 JUNE 2016
CITYAM.COM
NEWS
03
EU REFERENDUM
FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
George Osborne to break silence
after Remain’s referendum defeat
WILLIAM TURVILL
@wturvill
GEORGE Osborne is to break his postEU referendum silence this morning.
The chancellor will seek to provide
reassurance about financial and
economic stability following the UK’s
vote for a Brexit.
Along with Prime Minister David
Cameron, who announced his
resignation on Friday, Osborne
Boris Johnson has not talked about his PM ambitions but is now building a team
Frontrunner for
PM Boris plans
ascent to top job
MARK SANDS
@marksands
BORIS Johnson has begun formulating plans for a leadership bid, as the
Conservative party seeks a replacement for outgoing Prime Minister
David Cameron.
The MP and former mayor of London
spent yesterday meeting MPs at his
Oxfordshire home, assembling a team
of supporters.
Johnson, who was a leading campaigner of Vote Leave, is expected to
face a challenge from home secretary
Theresa May, who backed the Prime
Minister’s Remain campaign.
Former Conservative leader Iain
Duncan Smith has said that the
new prime minister should
come from the Leave camp.
Speaking on the Andrew
Marr show, the prominent
Leave campaigner said: “The
government itself had a view...
which was to remain, and so
now we need to change
that position and actually
deliver on this very clear
mandate from the
British people.”
Duncan Smith added that he was
deeply sad about Cameron’s resignation and said he wanted him to stay in
order to “help stabilise the situation
and get us moving”.
Cameron has said he will step down
in October and that it will be up to his
successor to decide when the UK
should trigger the departure
processes through Article 50, the formal mechanism for leaving the EU.
“The British people have made a very
clear decision to take a different path
and as such I think the country requires fresh leadership to take it in
this direction.”
Johnson is the bookies’ favourite for
being Cameron’s successor. In the
past the Leave champion has vehemently denied ambitions to
become Prime Minister saying
the likelihood of him leading
the country is “about as good
as the chances of finding Elvis
[Presley] on Mars or my
being reincarnated
as an olive”.
Theresa May is a
favourite of the
Remain camp
Wave of Labour shadow cabinet
departures hits Jeremy Corbyn
FROM PAGE 1
Labour MPs will today meet to
consider a no confidence motion in
Corbyn’s leadership.
Shadow Commons leader Chris
Bryant, who resigned late last night,
said: “We need someone new to
unite and lead Labour.”
Earlier a source told the Guardian
that Angela Eagle is “heartbroken
about the position in which the
party finds itself and desperately
worried we’re failing to connect with
communities across the country”.
Labour's chief whip Rosie
Winterton and Maria Eagle, shadow
secretary of state for culture, media
and sport, are also expected to
announce their resignations soon.
The string of resignations included
shadow health secretary Heidi
Alexander, equalities spokeswoman
Gloria de Piero, shadow education
secretary Lucy Powell, shadow
transport secretary Lilian
Greenwood, and shadow justice
secretary Lord Falconer.
campaigned strongly against Brexit.
Since the result, Osborne has
issued a handful of tweets, including
one saying: “It was a hard fought
campaign. It is not the outcome I
wanted but I respect decision of
British people and will do all I can to
make it work.”
This morning, he is expected to set
out what he and the rest of the
government will be doing to protect
the national interest after Brexit.
Osborne made a series of
economic warnings in the run-up to
last week’s EU referendum.
In April, the Treasury released a
200-page report which contained the
claim that British households would
be £4,300 a year worse off outside of
the EU by 2030. Osborne said at the
time: “The conclusion is clear: for
Britain’s economy and for families,
leaving the EU would be the most
extraordinary self-inflicted wound.”
MONDAY 27 JUNE 2016
CITYAM.COM
NEWS
05
EU REFERENDUM
FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
Hollande and Merkel lay out plans
to handle Britain’s EU departure
ELIZABETH PINEAU
FRENCH President Francois Hollande
and German chancellor Angela
Merkel agreed in a half-hour phone
conversation yesterday how to handle
the aftermath of Britain’s vote to
leave the European Union, an aide to
Hollande said.
Although Berlin and Paris have
been sending conflicting signals on
Brexit since last week’s referendum,
the aide said: “They noted their full
agreement on how to handle the
situation created by the British
referendum.”
They also discussed the need to act
quickly on a set of specific priorities
and “they hoped for full clarity to
avoid uncertainties,” the aide said,
giving no further details.
Merkel will host talks in Berlin
today with Hollande and Italian
Prime Minister Matteo Renzi.
Over the weekend, as Europe
began digesting the prospect of an
EU without Britain, a cacophony of
conflicting signals were being sent
out by Europe’s politicians despite a
joint paper from the German and
French foreign ministers meant to
minimise their differences and
highlight common ground.
Gobal stock markets lost about $2
trillion in value on Friday after
Britain voted for Brexit. Reuters
Scotland’s first minister Nicola Sturgeon says Holyrood could veto Brexit
Scotland and
Wales clash over
blocking Brexit
JESSICA MORRIS
@jssmorris
THE WELSH and Scottish first ministers have markedly different views
over whether their parliaments
should try to block the UK from leaving the European Union.
Asked whether she would consider
asking Holyrood not to back such a
motion of legislative consent,
Scotland’s first minister Nicola
Sturgeon replied “of course”.
“If the Scottish parliament was judging this on the basis of what’s right for
Scotland then the option of saying
‘look we’re not going to vote for something that’s against Scotland’s interest’, of course that’s got to be on the
table,” she told the BBC.
But Welsh first minister Carwyn
Jones has rejected the idea that members of the Welsh assembly should try
to block Brexit, saying that if politicians tried to ignore the referendum
outcome it would only “worsen this
current political crisis”.
Constitutional law expert and
Conservative MSP, Adam Tomkins,
tweeted that the Scottish parliament
doesn’t have the power to veto the
UK’s withdrawal.
“Lots of nonsense on here about
Holyrood having power to block or
veto Brexit. It has no such power,” he
said.
“Holyrood has the power to show or
to withhold its consent. But withholding consent is not the same as blocking.”
Sturgeon is already beginning preparations to hold a second referendum
on Scottish independence before the
end of 2018, following the Leave
camp’s victory in the referendum.
Leave clinched a win by 52 per cent
to 48 per cent in the referendum on
Thursday. The turnout stood at 71 per
cent, the highest UK-wide vote since
the 1992 general election.
Over three million people have
signed a petition for a second referendum. However, experts have branded
the move a “waste of time”.
Professor John Curtice of Strathclyde
University, whose also an election
expert, told City A.M.: “The point of the
petition is not entirely clear and I
don’t see a second referendum happening. It’s a waste of time.”
Influential lobby group renews
calls for London business visa
BILLY BAMBROUGH
@BillyBambrough
LONDON needs to make it easier for
foreign skilled workers to come to
the capital, the London Chamber of
Commerce and Industry has warned.
Last week’s vote for the UK to quit
the European Union means London
will struggle to remain competitive
with European cities, the business
group’s chief executive Colin
Stanbridge told City A.M.
The chamber has renewed calls for
the creation of a so-called London
business visa that would allow
skilled workers to come to the UK for
a limited time to work. The group
previously called on London’s
mayoral office to create the visa.
“The high tech industry has the
most to gain from this,” Stanbridge
said, “London needs to attract top
international talent if its going to
compete with the rest of the world.”
The construction and hospitality
industries were also named by
Stanbridge as potentially benefitting.
“It’s not just security.
It’s defence.”
Cyber threats have changed, and the solutions need to change too.
The sophisticated techniques BAE Systems uses to protect government and
military assets are now helping to defend businesses around the world.
Learn more at BAEsystems.com/cyberdefence
Copyright © 2016 BAE Systems plc. All rights reserved.
06
NEWS
MONDAY 27 JUNE 2016
CITYAM.COM
EU REFERENDUM FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
Businesses urge
government to
hold out for deal
HAYLEY KIRTON
@HayleyLEK
BUSINESS leaders would rather hold
out for the best Brexit deal possible
than get it over and done with
quickly, a study out today has found.
According to research by the Institute of Directors (IoD), more than half
(51 per cent) of the 1,092 members it
surveyed after the referendum result
was released prioritise getting a good
deal over a quick exit. A further third
(32 per cent) said that speed and getting the best deal should carry equal
weight.
The IoD, which did not itself campaign in the run up to last week’s referendum, also discovered that
two-thirds (64 per cent) of its
members feel that Friday’s
result is bad for their business, compared with a
quarter (23 per cent)
who view it as positive.
“Businesses will be
busy working out how they are going
to adapt and succeed after the referendum result,” commented Simon
Walker, director general of the IoD.
“But we can’t sugarcoat this, many of
our members are feeling anxious. ”
The result of the vote on EU membership has also thrown a spanner in
the works for jobs. The IoD survey
found that, while a third (32 per cent)
of members plan to continue hiring at
the same pace, around a quarter (23
per cent) were putting a freeze on hiring and five per cent would
be making redundancies.
Business secretary Sajid
Javid revealed yesterday
that he would be hosting
a meeting with businesses tomorrow in a bid
to avoid panic in the fallout
of the referendum result.
Sajid Javid is meeting with
businesses later this week
Swift response
to referendum
petition fraud
OLIVER GILL
Carney: BoE has “a responsibility to explain risks and take steps... to reduce them”
Nigel Farage raises questions
about future of Bank governor
WILLIAM TURVILL
@wturvill
NIGEL Farage has questioned
whether Mark Carney should be
allowed to remain as governor of the
Bank of England.
The Ukip leader accused Carney of
not behaving in an “independent
manner” before the EU referendum.
On Sunday, in an interview with
the Globe and Mail in Canada,
Farage said: “I don’t think the
governor of the bank of England
behaved in an independent manner
during this campaign at all. And I
think there will be some real
questions in parliament about
whether it’s appropriate for him to
continue in that role.”
TENS of thousands of signatures of
a petition for a second EU
referendum were removed within
hours of a fraud investigation being
launched by MPs yesterday.
The petition, backed by over
three million signatories, was
investigated by the cross-party
Petitions Committee after reports
emerged of the unusual location of
IP addresses of many signatories.
In a statement from chair, Helen
Jones, said: “The government
digital service is taking action to
investigate and, where necessary,
remove fraudulent signatures.
People adding fraudulent
signatures to this petition should
know that they undermine the
cause they pretend to support.”
Just two and half hours later, the
committee confirmed that 77,000
signatures had been removed with
ongoing monitoring of the location
of the signatories promised.
It later emerged that over 39,000
signatures had been traced to the
Vatican City, a state with a total
population of 800. A further 23,788
were traced to North Korea, a
country well-known for its lack of
internet connectivity.
Sponsored by
What if we could start again?
Eden, begins July
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MONDAY 27 JUNE 2016
CITYAM.COM
City prepares for busy start to week
@wturvill
TRADERS are preparing for a busy
start to the week after the results of
the EU referendum and Brexit kept
the City of London up all night on
Thursday.
All eyes were on the Asian markets
last night and Michael Hewson, chief
market analyst at CMC Markets, told
City A.M. he would not be surprised to
see the FTSE 100 open below 6,000
points this morning. He said it was “a
given” that it would open lower.
On Friday afternoon, the blue-chip
index staged a recovery – ending the
day at 6,162.97 points, down 2.76 per
cent or 175 points – after falling by
more than eight per cent at the open.
Hewson was also not hopeful for the
pound’s performance against the dollar. “How the political instability will
play into sentiment around sterling is
07
EU REFERENDUM
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WILLIAM TURVILL
NEWS
anybody’s guess, but I’m guessing it’s
probably not going to be that positive,”
he said.
Last night was expected to be
another busy one for some City firms.
Chris Lodge, City Index’s global head
of client management, told City A.M.
his company would be busier than
usual on Sunday night and this morning. He added: “We’re hoping not to
see the kind of volatility that we saw
on Friday morning.”
Firms place
floats on ice
after EU vote
BoE could cut
its rates after
vote for Brexit
WILLIAM TURVILL
BILLY BAMBROUGH
@wturvill
COMPANIES are expected to put
flotation plans on hold after the UK
voted for Brexit, according to a
report out today.
Accountancy firm EY expects
activity on London’s initial public
offerings (IPO) market to come to a
near-standstill after the UK voted to
leave the EU.
The prediction comes after EY’s
IPO Eye noted that 2016 has already
seen “subdued levels” of activity,
with 13 listings tracked in the
second quarter, down from 15 in the
first. The second-quarter listings
raised £553m in total, down 30 per
cent on the first quarter and 52 per
cent on the same period in 2015.
IPO Eye noted “a number of
businesses that were prepared and
could have listed as quickly as [the
fourth quarter] are now expected to
put their plans on hold until there is
a more certain economic and
political outlook in the UK”.
EY’s Scott McCubbin said: “Raising
capital is likely to be more difficult
in this environment. IPO activity was
already slow across the UK due to a
wide range of economic and political
uncertainties. Following the result of
the EU referendum we expect UK IPO
activity to slide further to a nearstandstill in the next 12 months as
investors absorb and process the
changes to the UK economic
landscape.”
PwC also expects reduced IPO
activity following the vote. But
capital markets leader Mark Hughes
told City A.M.: “London is one of the
world's most international capital
markets, and in or out of the EU will
remain attractive to new issuers
seeking to raise finance and to global
investors seeking new investment
opportunities.”
@BillyBambrough
THE BANK of England could be about
to cut interest rates following the vote
for the UK to quit the European
Union.
Experts at some of the world’s
biggest banks have lined up say
they’re expecting the Bank to ease
further over rates at its next
monetary policy meeting in July, and
potentially restart quantitative easing
(QE). Economists have forecast that
UK growth and gross domestic
product (GDP) will stall in coming
years as uncertainty over the UK’s
trade relationships weighs on
investment.
UK interest rates has been at a
record low of 0.5 per cent since 2009,
severly reducing the bank’s options
for supporting the economy.
“We expect the UK to quickly enter
recession, the Bank of England to cut
rates [to zero] in July and restart QE,
potentially in August,” wrote BoAML
analysts.
“We expect the Bank of England to
follow the financial crisis template:
make liquidity easily available, ignore
the one-off inflation shock from
sterling and ease policy.”
Investment bank Goldman Sachs
believes that a cut to 0.25 per cent
will happen in August, while others
are expecting a reduction to zero in
coming months.
On Friday BoE governor Mark
Carney, in a rare live TV appearance,
announced measures to support the
markets following the shock vote for
Brexit.
“As a backstop, and to support the
functioning of markets, the Bank of
England stands ready to provide more
than £250bn of additional funds,”
said Carney, adding, “In the coming
weeks, the Bank will assess economic
conditions and will consider any
additional policy responses.”
1.300
Pound falls further as Asia opens
1.280
WILLIAM TURVILL
THE POUND WAS PUMMELLED BY BREXIT VOTE
£/€
1.260
1.240
1.220
20 June
21June
22June
23June
24June
@wturvill
THE POUND dropped another 1.9
per cent on Sunday evening against
the dollar, extending a fall of more
than eight per cent on Friday.
As Asian markets opened for the
week the pound also fell against the
euro by more than 1.3 per cent to
trade around €1.1215 in the early
hours of this morning – the lowest
it has reached for more than two
years. On Friday it fell from above
€1.30 to near €1.22 as traders
reacted to Thursday’s historic vote
for the UK to leave the European
Union.
On the same day sterling racked
up its worst fall against the dollar
on record – dating back to 1971.
The day marked an even worse
fall for the pound than on the day
of the collapse of Lehman Brothers
in 2008.
At one stage, the pound fell as
low as $1.3224, more than 10 per
cent down on highs of $1.50
reached on Thursday, before
closing at $1.3684.
IMF chief Christine Lagarde said
markets “vastly underestimated”
the outcome of the vote.
08
NEWS
MONDAY 27 JUNE 2016
CITYAM.COM
EU REFERENDUM FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
Out vote creates
fresh anxieties
about Hinkley
JESSICA MORRIS
@jssmorris
EDF’S PLANS to build an £18bn
nuclear power plant at Hinkley Point
in Somerset will be subject to a fresh
wave of uncertainty following Brexit.
EDF reiterated its commitment to
the project, which has already
suffered repeated delays, after Brits
voted to leave the EU on Thursday.
But asked whether Brexit could
lead to Hinkley being scrapped,
Angus Brendan MacNeil, chair of the
energy and climate select
committee, said: “Anything could
happen ... Hinkley is in a very
different position this week than it
was last week.”
“At the very least the final
investment decision will again be
kicked down the road ... you can’t see
the French committing billions to a
country they thought was in the
European Union and is no longer.”
Peter Atherton, utilities analyst at
Jefferies, said: “It’s yet another added
complication in what’s already a very
complicated process.”
He added that if chancellor George
Osborne, who is a strong supporter
of the project, leaves the Treasury his
replacement “might take a
somewhat different view”.
A Department of Energy nd
Climate Change spokesperson said:
“We are fully confident that Hinkley
Point C will go ahead”.
EDF chairman, Jean Bernard-Levy
said on Friday: “In the last few days,
spokespeople on energy issues for
the Brexit camp – notably Energy
Minister Andrea Leadsom – have on
numerous occasions and again in
recent days come out in favour of
maintaining the decarbonisation
policy, of maintaining the nuclear
option, and of maintaining the
Hinkley Point project.”
“Therefore there are no
consequences from this vote,” he
added.
Brexit hasn’t
put Liberty off
Tata UK deal
JESSICA MORRIS
Airport expansion in the south-east has been stuck on the tarmac for years
UK’s move to leave makes rapid
runway decision vital say bosses
MARK SANDS
@mksands
MORE than 50 business leaders have
called on the government to urgently
make a decision on expansion of
capacity at London’s airports, almost
exactly a year after an official report
backed a new runway at Heathrow.
Sir Howard Davies backed
Heathrow last July, and bosses from
firms in the Let Britain Fly group,
including Harrods and Legal &
General, have today written to
ministers to stress Brexit makes a
rapid decision even more important.
“The referendum and airport
decision delay have created business
uncertainty and eroded investor
confidence,” they said.
You can trust us to put
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@jssmorris
LIBERTY House is still interested in
snapping up Tata Steel’s UK assets
despite Brexit, City A.M. understands.
It follows reports suggesting several
bidders are close to abandoning talks
with the Indian conglomerate, after
Britons voted to leave the European
Union on Thursday.
An industry source subsequently
told City A.M. that they wouldn’t be
surprised if this was the case.
Sky News reported that the
outcome means billionaire tycoon
Wilbur Ross, one of several bidders
eyeing Tata’s UK business, is unlikely
to pursue a takeover.
“Wilbur has been reasonably open
that this deal is far less attractive if
Brexit happens,” it reported a person
had discussed the Tata situation with
Ross as saying.
But Tata told the BBC yesterday
that no bidders had pulled out in
light of the referendum result.
A spokesman said: “Like the rest of
the business world we will be taking
the time to consider the implications
of the verdict of the British people.”
“We have received no notifications
from any of the interested parties of
any change in their position.”
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10
NEWS
MONDAY 27 JUNE 2016
CITYAM.COM
EU REFERENDUM FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
Weathering the Brexit
storm, sector by sector
From retail to insurance to wealth management, Tracey
Boles looks at the potential impact of the Brexit vote on
a range of sectors that are key to the UK economy. Some
may weather the storm, while others could be hard hit.
RETAIL
Sourcing goods could be tricky
KANTAR Retail said: “Retailers with
headquarters inside Britain will primarily be concerned in the early
stages about the financial market effects. In the short-term their ability to import goods from
the EU will be adversely
effected by a weaker
pound to euro exchange
rate. Nearly all retailers will look inward to
source locally and we at
Kantar Retail feel that
the retailers that have
done the best job of cultivating good relations with British
farms and fisheries will do better
than their peers in the immediate
term.
The mid-term effect of goods sourcing is likely to be the largest factor of
consideration for British retailers. The
prices of fresh produce will definitely
go up as much of this is sourced from
the EU. In the case of Tesco, for example, almost 50 per cent of butter and
cheese consumed in the UK comes
from milk sourced from EU markets.
Inflationary pressures will further
boost the call for locally-sourced
and/or manufactured products as
the retailers’ ability to source from
the EU suppliers offering better trade
terms is adversely impacted.”
AEROSPACE
A boost, then possible withdrawal
EDISON Investment Research said:
“While in the near term Brexit may
provide a boost to aerospace manufacturing through a sharp depreciation
in sterling, the main concern is over
the longer term commitment of
global aerospace prime contractors to
the UK. This would likely be exacerbated by any unilateral free trade declaration that would likely incur tariffs
on component supply to European
markets,
notably
Airbus.
This is predominantly an issue for
the commercial aerospace side of the
debate as we see little likely change
for the defence sector, which will be
driven by existing long term geopolitical risks and response strategies.
However, any reduction in GDP could
renew pressure on the defence budget
even if we maintain the two per cent
spending commitment to Nato. The
danger for the longer term is that the
key elements of strategic capabilities continue to be undermined, although in naval,
for example, these seem
The UK aerospace
industry could see a
decrease in contract wins
to be well protected at
present as well as by long
term collaborative programmes in other sectors such
as air systems and missiles.”
INSURANCE AND REINSURANCE
Quietly confident
LLOYD’S of London chairman John
Nelson, said: “I am confident that
Lloyd’s will stay at the centre of the
global specialist insurance and reinsurance sector, and I look forward to
continuing our valuable relationship
with our European partners.”
“For the next two years our business
is unchanged. Lloyd’s has a well prepared contingency plan in place and
Lloyd’s will be fully equipped to operate in the new environment. Aviva issued a statement reassuring investors
that it had assessed what impact
Brexit would have on its business before the vote took place and felt “it
will have no significant operational
impact on the company”.
Meanwhile, analysts at RBC Capital
Markets remarked that, while the
Brexit carried mostly negative impli-
cations for the insurance sector,
Lloyd’s insurers were relatively well
insulated from the impact of Brexit.
However, Jonathan Howe, UK insurance leader at PwC, said leaving the
EU was unlikely to result in the immediate unwinding of Solvency II
rules in the UK, adding:
“The insurance industry
should not expect sigRetailers may now look
to source locally as
sterling depreciates
nificant dissolution of
‘cumbersome’ EU regulation, given the perception that the UK has a history
of ‘gold plating’ insurance regulation.”
WEALTH MANAGEMENT
Stability is a priority
THE WEALTH Management Association said: “This decision obviously has
significant implications for the country and there will now be a prolonged
period of uncertainty. It is important that there is a focus
on long term investment ensuring the
continued success and stability of the
UK’s £734bn wealth management
community for the country and its
clients.
WMA will be working with our
member firms to assist them to meet
the challenges that will arise from the
referendum result.
During the time in which our new
relationship with the EU is being determined our member firms will still
be subject to both UK and EU law and
we will continue to work closely with
both UK and EU authorities, regulators and government.”
MORTGAGE MARKET
Demand dented
VERDICT Financial said: “As the markets opened following the Brexit vote,
banks and housebuilders were among
the biggest losers, suggesting that
the housing market, and by extension
the mortgage market, will be among
the most adversely affected.
“Demand for home finance will inevitably be dented, as consumers
react to the uncertainty generated by
the vote by postponing major spending decisions. The London market,
dominated by overseas property investors, will also be particularly badly hit, with many
of those investors seeking to reduce their exposure to the UK. A
chain reaction will
mean that property
values in all price
bands will experience
reductions.
“The short-term impact
on mortgage pricing is also
unclear. The Bank of England
may decide to cut the base rate in an
effort to forestall a negative shock to
the economy, which will help to stabilise the current pricing regimes.
Furthermore, initial evidence suggests that gilt yields are falling as investors switch out of equities into
bonds. This will further help to counteract any upwards pressure on pricing.
Moreover, the Bank of England’s decision to inject up to £250bn in liquidity into the banking sector, if deemed
necessary, will address any reduction
in the supply of credit from the
money markets.
“On the other hand, should sterling
continue to fall against the dollar and
other major currencies, the Bank of
England may decide to raise rates.
This will feed through to more expensive home loans and further dampen
activity.
“Balanced against these factors will
be a temporary rise in remortgaging
activity.”
CITYAM.COM
NEWS
MONDAY 27 JUNE 2016
11
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FOR MORE ON THE BREXIT FALL-OUT GO TO CITYAM.COM
Economists’ mixed views on Brexit vote
CENTRE FOR ECONOMICS AND
BUSINESS RESEARCH
Douglas McWilliams, president
“Our best estimate for GDP growth
this year now is around 1.5 per cent.
Next year growth will grind almost to
a halt but consumer spending may
just be strong enough to prevent a recession. 2018 could be quite a strong
year as exports lead a recovery, and
new trade arrangements start to come
into place. Tentatively, we are talking
about GDP growth of 2.5 per cent.”
“The Achilles heel of the economy
next year is likely to be the Budget
deficit. Our numbers suggest a deficit
of £100bn.”
CAPITAL ECONOMICS
years after that. Investment may be
weaker than it would otherwise have
been – although note that officials are
already trying to boost sentiment by
stressing that Brexit is not, after all,
the end of the world.”
ROYAL LONDON
Piers Hillier, CIO Royal London AM
“On the back of the referendum result
we expect the UK will fall into a recession. Unfortunately I see unstable
market conditions lasting for between
three and five years whilst new trade
agreements are drawn up.
“It is our view that the UK Government will be left with no choice but
to stimulate the economy through fiscal and monetary means.”
to the rest of the world, to take a more
internationalist approach and move
towards a position of free trade on a
global basis.”
ADAM SMITH INSTITUTE
leave the Single Market even as it
leaves the EU, in order to reassure
markets and avoid a major economic
shock.”
BRITISH CHAMBERS OF COMMERCE
Sam Bowman, executive director
Adam Marshall, acting director general
“This ‘EEA Option’ will take the economic risk out of leaving and avoid
most of the economic losses that Remainers warned leaving would entail.
“It is crucial that the UK does not
“If ever there were a time to ditch
the straightjacket of fiscal rules
for investment in a better
business infrastructure,
this is it.”
SVM ASSET MANAGEMENT
Colin McLean, chief executive
“Some bad economic news is
likely to come quickly. Companies do not like to let a good
excuse go to waste, so Brexit
will be blamed for all manner of ills and missed forecasts”
Multiple authors
“We think the adverse effects for the
UK itself will be smaller than widely
feared. It is likely that the process of
leaving will not be initiated until October this year and that the UK will remain an EU member for at least two
INSTITUTE OF ECONOMIC AFFAIRS
Mark Littlewood, director general
“The vote to leave the European Union
presents the UK with a great and exciting opportunity to look outwards
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Douglas
McWilliams said
growth will halt
12
NEWS
MONDAY 27 JUNE 2016
CITYAM.COM
Spanish conservative party wins
most seats but stalemate still likely
JULIEN TOYER
THE PEOPLE’S Party of caretaker
Prime Minister Mariano Rajoy won
Spain’s general election last night as
it rose to 136 seats from 123 in
December while all other parties fell
or were stable, data with 90 per cent
of the vote counted showed.
The Socialist party would obtain
86 seats, down from 90 in the
inconclusive election that took place
on 20 December, while a Podemosled anti-austerity alliance would
remain stable at 71 and newcomer
liberal party Ciudadanos would fall
to 32 seats from 40 previously.
“These are not good results, they
are not what we expected,” said Inigo
Errejon, number two at Podemos,
the anti-austerity party whihc was
tipped to play a central role in the
formation of a government.
However no one party will reach
the 176 needed for an outright
majority, perhaps heralding weeks of
talks to form a coalition.
After six months of bickering,
parties have pledged to reach a deal
quickly this time, although the
results may also produce a new
stalemate as the only clear majority
possible would be an alliance
between the PP and the Socialists.
The Socialists have said they would
Reuters
not consider such an option.
Supporters of the PP team celebrate winning the most seats in yesterday’s vote
China warns of
Brexit casting
global shadow
OLIVER GILL
CHINA’s finance minister has warned
that Brexit could “cast a shadow over
the global economy”, creating financial uncertainty for the world’s
largest exporter.
Speaking at the first annual meeting of the Asian Infrastructure Bank
in Beijing this weekend, Lou Jiwei
pointed to a prolonged period of uncertainty in the global economy but
added the full impacts would be “difficult to predict now”.
Such concerns were echoed by the
head of Chinese economic planning,
Xu Shaoshi, at the World Economic
Forum (WEF) in Tianjin, northern
China yesterday. Shaoshi advised that
Chinese companies should adopt an
approach of “wait and see” before
committing to further UK investment.
Also speaking at the WEF were a
host of leading economists, who delivered mixed opinions on what Brexit
would mean for China.
Huang Yiping, a professor at Peking
University and a member of the central bank’s monetary policy committee, warned Brexit could be the start
of a retrenchment from economic
globalisation.
“If (Brexit) is an important landmark
in terms of a reversal of globalisation,
I think that’s very bad for the world,
[and] it’s very bad for China,” he said.
However, Li Daokui, a former Chinese central bank adviser disagreed:
“China is perhaps one of the least impacted economies in the world by the
event of Brexit. The only impact is on
the exchange rate of the renminbi.”
Also speaking at the WEF, was the
man famed for predicting the global
financial crisis in 2008, Nouriel
Roubini. While he agreed that Brexit
would “create a whole bunch of uncertainties”, Roubini stopped short of
predicting another global economic
meltdown.
“I think the impact of Brexit is significant but not of the same magnitude as 2007 to 2009,” he said.
Tsipras blames EU austerity
measures for Brexit result
OLIVER GILL
GREEK Prime Minister Alexis Tsipras
has pointed the finger squarely at EU
leaders for the outcome of the Brexit
result on Thursday.
Tsipras referenced the
“chronic deficiencies” of the EU
leadership, and claimed that its
insistence on austerity policies
were the driving force behind
the UK’s vote to leave.
Speaking at the Syriza
party central committee
on Saturday, Tsipras
said: “As much as
the decision of the
British people
saddens us, it is a
decision to be
respected.”
Tsipras and his
government were forced to accept
embarrassing restrictions on public
spending in order to obtain
Eurozone bailouts after winning two
general elections 2015 on mandates
to curb EU-imposed austerity
measures.
“We must not put the blame
on the British people...when
the borders remain open on
austerity policies but stay
closed for people,” he said.
French President
Francois Hollande met
with EU counterparts
over the weekend, with
the leaders affirming to
each other the need for
EU solidarity.
Greek PM Alexis Tsipras is no
fan of the EU either
OUT OF EUROPE,
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14
NEWS
MONDAY 27 JUNE 2016
CITYAM.COM
BHS fiasco rolls
back in front of
MPs this week
HAYLEY KIRTON
@HayleyLEK
THE BHS saga starts a new chapter
this week, with key players set to reappear in evidence sessions with MPs.
Tomorrow afternoon, the Work and
Pensions committee and Business, Innovation and Skills committee are set
to hear from Alex Dellal of Allied
Commercial Exporters, businessman
Paul Sutton, Lesley Titcomb, chief executive of The Pensions Regulator and
Neville Kahn, managing partner, financial advisory at Deloitte.
Then, on Wednesday morning, the
MPs will be hearing from Michael
Sherwood, vice chairman at Goldman
Sachs, Anthony Gutman, co-head of
EMEA investment banking services at
Goldman Sachs, Michael Casey, managing director at Goldman Sachs,
Mark Sherwood, former property director at BHS, Paul Budge, finance director at Arcadia Group and director
at Taveta Investments, Chris Harris,
group property director at Arcadia
Group, and Brett Alexander Palos, director at Taveta Investments.
Titcomb and Gutman have appeared
in front of the committees before regarding BHS.
Titcomb initially discussed the pension scheme recovery plan the Regulator had received from Arcadia.
Since Titcomb’s hearing, the MPs
have built a timeline of the pension
recovery plan’s demise, based on further written evidence from the Regulator and Arcadia, with chair of the
Work and Pensions committee Frank
Field saying the information received
“paints a worrying picture”.
At an evidence hearing last month,
Gutman said that, although his firm
had declined to provide formal assistance on the deal and had not been
paid for its involvement, he had highlighted Dominic Chappell’s previous
bankruptcies and the lack of details in
the buyer’s proposals for BHS to decision makers at Arcadia.
Alibaba’s pay
app eyes stake
in German rival
EMMA THOMASSON
Sir Philip Green gave evidence to the MPs earlier this month
WIRECARD is negotiating with
representatives of Alipay, a unit of
Chinese e-commerce giant Alibaba,
about it taking a stake in the
German banking software company.
Without citing its sources, the
Bild am Sonntag weekly said
Wirecard was in confidential talks
with Alipay about it taking a stake
of up to 25 per cent, and possibly
more later.
A Wirecard spokeswoman
declined to comment on the
specifics of the report but
confirmed that the company was in
strategic talks with various
partners, without elaborating.
A source familiar with the matter
said Ant Financial, which operates
the Alipay platform, was not
talking to Wirecard about an
investment.
In December, the two companies
agreed to a deal to provide mobile
phone payment services for
Chinese tourists visiting Europe.
The newspaper said both sides
had an interest in the deal: The
Chinese want access to German
expertise, while Wirecard is
interested in getting a large
shareholder onboard. Reuters
Defined benefit pensions dealt yet Putin boosts Russia’s
another battering after Brexit vote ties with China on trip
HAYLEY KIRTON
@HayleyLEK
THE BREXIT vote may have driven a
nail into the coffin of defined benefit
(DB) pensions, after Friday’s result
sent markets into meltdown.
Hargreaves Lansdown’s figures
show that about 33 per cent of UK
scheme investments consist of
shares, 25 per cent of which are
shares listed in the UK.
Meanwhile, Stewart Hastie,
pensions partner at KPMG, added:
“The UK’s 6,000 private sector DB
schemes covering £1.6 trillion of
pensions obligations will be in for a
rough ride hit with the prospect of
higher inflation, and an expected
fall off in pension asset values over
the next couple of years. Long end
government bond yields will likely
stay stubbornly low keeping pension
liability values high and meaning
pension deficits are likely to increase
and be more volatile.”
Ashurst pensions partner Marcus
Fink warned that employers with DB
pensions “have the headache of poor
returns on equities, depleted fund
values and higher contribution
demands from pension scheme
trustees”.
DENIS DYOMKIN
RUSSIA and China sealed a raft of energy deals during President Vladimir
Putin’s visit to Beijing over the weekend, strengthening economic ties
while pledging to preserve the strategic balance of power among nations.
The deals involve the sale of stakes
in a number of Russian projects to
Chinese firms, an oil supply contract
and joint investments in petrochemical projects in Russia.
Rosneft, Russia’s top oil producer,
agreed with China National Chemical
Corporation (ChemChina) that ChemChina would take a 40 per cent stake
in Rosneft’s planned petrochemical
complex VNHK in Russia’s Far East.
The deal would help Rosneft finance
the project and get access to the markets of the Asia-Pacific region. Reuters
MONDAY 27 JUNE 2016
CITYAM.COM
Euro leader to
VW: Pay scandal
victims like in US
OLIVER GILL
VOLKSWAGEN faced fresh calls from
the EU industry commissioner to financially compensate European customers impacted in the fuel emissions
scandal after reports that a settlement will soon be finalised in the US.
Elzbieta Bienkowska upped the pressure on the German car giant. “Volkswagen should voluntarily pay
European car owners compensation
that is comparable with that which
they will pay US consumers,” she said.
It has been reported that a settlement proposal will be made to a US
federal judge in the next few days.
Such a settlement could see US customers compensated between $1,000
and $7,000 and is expected to cost
Volkswagen around $10.3bn in what
would be the largest civil settlement
in car-making history.
The proposed US settlement is also
thought to include a proposal to buyback US cars to offer additional com-
pensation to the owners of 500,000
diesel vehicles and agree to fund a
programme to offset air pollution.
But European customers affected
have not been promised financial
compensation. Instead they have been
promised repairs and the removal of
the emissions cheating software.
Volkswagen has argued that as it has
not done anything illegal under EU
law and European customers are not
entitled to compensation.
Bienkowska, the former deputy
prime minister of Poland, has repeatedly called on Volkswagen to do more
for the European customers affected.
She said treating people differently
solely because of a different legal system was unfair.
“Treating consumers in Europe differently than US consumers is no way
to win back trust,” she added.
Volkswagen admitted in September
last year that it had used software to
cheat emissions tests for 11m cars
worldwide.
ROBINSONS GOES DIGITAL The drinks
maker serves up thermal adverts
@wturvill
ANALYSTS have serious doubts the
London Stock Exchange’s merger
with Deutsche Boerse will go
through after the UK voted Brexit.
The companies have said they
remain “fully committed” to the
£21bn deal, which shareholders are
being asked to approve next month.
But Exane BNP Paribas analyst
Arnaud Giblat said the chances of
the deal completing are now “very
low”. “We view Brexit as pretty much
an insurmountable obstacle,” he
said. “We see an increased likely
intervention of German politicians
in seeking to block the deal
regardless of the compromises on
HQ.”
He also said that if the deal falls
15
Google set to
launch its own
smartphone
JOSH MARTIN
TO CELEBRATE its 81-year Wimbledon partnership, Robinsons will unveil thermallyactivated posters this year. Posters will activate when the weather reaches over 24
degrees in the London, in a plan to drive purchases when water consumption peaks.
Analysts doubt stock exchange deal
will go through after Brexit vote
WILLIAM TURVILL
NEWS
through, he would expect New York
Stock Exchange owner
Intercontinental Exchange (ICE) to
make a takeover approach for LSE.
Jonathan Goslin, an analyst at
Numis, told City A.M. the Leave vote
makes the deal “even less likely” to
go through, giving it less than half a
chance. “Brexit is going to seriously
jeopardise the chances of the
[shareholder] vote going through.”
@JoshMartinNZ
TECH goliath Google is expected to
release it own mobile handset by
the end of the year in a bid to get a
bigger slice of the smartphone
market.
The search giant has approached
mobile operators to discuss
manufacturing a Google-branded
phone, sources told the Daily
Telegraph.
Currently the tech giant provides
operating systems for smartphones
including the Google Nexus and has
partnered with other tech
smartphone makers like LG, HTC,
Samsung and Huawei for
manufacturing handsets. Google’s
Android is the world’s largest
mobile operating system and
supports 1.4bn devices.
In an interview with tech website
Recode last month, Google boss
Sundar Pichai said that the firm
was “investing more effort” into
smartphones.
Rumour has it that Google is also
planning to release an app for
providing live customer support on
Nexus devices and is also
redesigning navigation buttons.
Watch out World Bank: New
Chinese player to invest $1.2bn
BEN BLANCHARD
THE CHINA-LED Asian Infrastructure
Investment Bank (AIIB) will be different from institutions like the World
Bank because it has a greater understanding of the developing world’s
needs, officials said yesterday at its
first annual meeting.
Chinese President Xi Jinping proposed the bank two years ago and it
began operations in January, with 57
founding member countries and $100
bn in committed capital, which it
plans to invest in projects across the
region.
The AIIB, which intends to invest
$1.2bn this year, has said it is aiming
to meet international standards of
governance, though some members
say there is still work to be done.
Speaking on the final day of the
bank’s inaugural annual meeting,
Chinese Finance Minister Lou Jiwei
said: “The AIIB needs to establish its
comparative advantage relative to existing multilateral development
banks like the World Bank.” Reuters
16
NEWS
CITYAM.COM
MONDAY 27 JUNE 2016
Curzon Cinemas
targets expansion
around the world
The movie theatre chain’s digital strategy is
set to take it global writes Billy Bambrough
C
ANNIVERSARY GAMES
USAIN BOLT
FRIDAY NIGHT LIGHTNING
URZON Cinemas, a chain that buys the rights to distribute films
began in London in 1934 and
around the country. Curzon’s most
has since opened 10 more cin- successful film of 2015 was the
emas across the country, is
Oscar-winning Still Alice, and it also
now targeting international
distributed animated indie flick
growth through its digital offering.
Anomalisa, out earlier this year and
Philip Mordecai, director of home
which has been favourably reviewed.
cinema at Curzon, is aiming to grow
Buying film rights gives Curzon
the digital side of the business and
the ability to distribute the movie to
sees it eventually competing with
cinemas but also into people’s
the likes of Netflix and Amazon
homes at the same time, similar to
Prime in Europe, with US expansion
the controversial company
also on the cards.
Screening Room founded by Sean
The business, which secured a £3m Parker of Napster and Facebook fame
round of financing in 2013 and
which will allow the latest
earlier this year teamed up with
blockbusters to bypass cinemas
European property investment
entirely and broadcast directly into
company Avignon Capital to fund six
people’s homes. Mordecai has called
new physical sites, is now, Philip
Screening Room “fantastic” and
claims, generating enough revenue
“well overdue”. Curzon is dedicated
to fuel its future expansion.
to showing and distributing
Curzon’s home cinema service lets
independent, arthouse films
customers watch the latest films
although it still caters to the mass
online, and has been compared to
market. It recently screened the
renting movies via Apple’s iTunes.
latest Star Wars movie and is
Mordecai says the digital side of
currently showing the Independence
the business will eventually be
Day sequel, alongside the new Kevin
considerably bigger than the
Spacey flick, Elvis and Nixon.
physical one. The success of Netflix
Mordecai is confident there is a
across Europe certainly proves the
growing market for people who want
case for consumer demand for a
a better experience from their
digital service.
cinema outings –
Streaming
which is still
services are
expected to be a big
among the most
part of the
popular kind of
business – and are
subscription in
willing to pay extra
the UK, with 27
for it.
per cent of
“We want people
consumers paying
to come to our
a fixed cost for
cinemas because
the likes of
they’re great places,
Netflix, Amazon
not because they
Prime or Sky Go,
have to,” said
according to a
Mordecai.
recent YouGov
As the number of
poll. Mordecai
cinemas in the UK
thinks there is a
continues its
gap there for
terminal decline,
Curzon’s
dropping every year
arthouse,
since 2006, Curzon
independent film
is bucking the trend.
that it’s become
It’s growing its brick
known for.
and mortar business
Though
with plans to open
Mordecai wouldn’t
three new cinemas
be drawn on the
this year, as well as
specifics of the
another three in
expansion plans,
2017. In 2015,
it’s expected that a
Curzon opened
few European
cinemas in Sheffield
countries will
and Canterbury. The
feature with the
Curzon Soho, which
Under threat: Curzon Soho faces
possibility of a US
it refurbished
demolition due to the Crossrail 2 route recently, is facing a
launch further
down the line.
battle for survival
“There has been
having found itself
great growth over the last few years
in the proposed Crossrail 2 rail route.
on the digital side and we expect
And while officials claim another
that to continue. The three different
cinema could be built, it’s thought it
sides of the business compliment
would take until 2030.
each other,” says Mordecai. Curzon’s
The cash injection that Curzon
business model is made up of three
picked up three years ago was used
separate parts that all contribute to
to overhaul the whole businesses –
each other: The digital home cinema
everything from e-commerce,
company, the cinema side, and the
branding, point-of-sale, technology,
distribution business, Curzon
and training has been re-done from
Artificial Eye.
the ground up. The refresh means
Curzon screens movies in its 11
the digital side of the business works
cinemas, as well as digitally, and
smoothly with the traditional side.
There has been
great growth on
the digital side in
recent years
THE STADIUM,
QUEEN ELIZABETH OLYMPIC PARK
FRIDAY 22 JULY 2016
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THE SERPENTINE SUMMER
HOUSES AND PAVILION
ISSUE XX | MONTH 2016
IN THIS MONTH’S
ISSUE OF LIVING:
architecture
T
his geometric extension to a terraced
house in North London is a great example of how modern design can mesh
with a period property to create fascinating new architectural spaces. The
“pleated” roof on the rear-of-house
building is designed to look like a flat
surface that’s been concertinaed against the existing
structure. The design also allows the sloping windows
to flood the interior with natural light.
Contrasting colours and materials are used to create
visual markers for transitions between different spaces,
with the extension hosting a kitchen/dining area and
hidden office. The entrance area with a view into the
neighbouring parkland (above) is largely white, while the
When old
meets new
This extension to a three storey period terrace shows the
potential in splicing tradition and modernity
Words: Steve Dinneen
36
modern kitchen with an island workspace and sink is
black with warm low-watt light fixtures and gleaming
white tiles, creating a relaxed atmosphere.
Katerina Dionysopoulou, co-founder of architects Bureau de Change says: “With the pleated roof we wanted
to not only bring a graphic feel to the modern extension,
but also to create a feeling of motion, which would emphasise the meeting of old and new.”
Bureau de Change is an award winning architecture
practice whose signature style is clean and modern, with
playful architectural flourishes often involving geometric shapes and unusual angles. The firm has worked on
projects such as the made.com showroom on Charing
Cross Road and a section of the V&A.
For more information log on to b-de-c.com
37
feature
SUMMER
LIVIN’
Melissa York on the architectural concepts behind the
Serpentine Pavilion and Summer Houses
T
BJARKE INGELS
he annual unveiling of the pavilion in
front of the Serpentine Gallery has become a prestigious event in the British
architectural calendar. It all started in
the year 2000, when Zaha Hadid designed a space for a fundraising event
in Hyde Park. The result was so popular
the gallery has invited an architect to reimagine the
space every year since, always with the same brief: it
must be 300sqm, no taller than the 18m gallery and able
to host a cafe and evening entertainment.
“This is a space for experimentation,” says exhibitions
curator Amira Gad. “It’s about getting people to experience architecture and materials, instead of models and
sketches.” The four Summer Houses that accompany the
pavilion must use the nearby Queen Caroline’s temple
as their inspiration. Here’s the class of 2016.
Described by some as the most spectacular structure yet,
The Serpentine Pavilion 2016 was designed by Dane
Bjarke Ingels using one of the most basic elements of architecture as its inspiration – the brick wall. Only in Ingels’ version, it’s being unzipped from the bottom up so
it opens into a public space. Boxes of pultruded fibreglass frames are individually made off site, then stacked
on top of each other to create “a structure that is free
form yet rigorous; modular yet sculptural; both transparent and opaque; both solid box and blob,” says Ingels.
Wooden flooring and seating can be found inside, alongside yet more fibreglass boxes, which the architect encourages visitors to move around to make their own
furniture. At night, the space is lit up and its dimensions
completely transformed with the help of lighting designers and LED specialists Zumtobel.
Headline cover
Geometric
designs
line
in
here
to improve any room
The best new designs on an old kasjh
asfkanskjn fkansfk nkjabskjb fkjaksfb
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On the tiles
38
Why British consumers
aren’t ready for smart homes
How to turn a crumbling
mansion into a business
The game-changing hotels
opening around the world
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18
NEWS
CITYAM.COM
MONDAY 27 JUNE 2016
THECAPITALIST
Got A Story? Email
[email protected]
EDITED BY EDITH HANCOCK
Tom Watson backs wrong festival
DEPUTY Labour leader and party animal Tom Watson picked the wrong
year to choose Glastonbury for his festival season.
The MP told reporters he was
“deeply disappointed” by party leader
Jeremy Corbyn’s sacking of shadow
foreign secretary Hilary Benn and saddened by the resignations of other
key figures just as he returned to the
capital from the music festival.
It was a boozy Saturday for the
politician. Hours before the Labour
party’s shadow cabinet ministers
began to resign in their droves, Watson live-blogged his day on social networking app Snapchat, sharing
photos of bottles of craft beer, cans of
cider and a video of the deputy leader
of the opposition partying until 4am
HERE BE DRAGON BOATS The City takes
a break from the Brexit aftermath
on Sunday at a silent disco.
Still, it’s nothing the MP hasn’t handled before. Watson is a regular on the
festival circuit with an eclectic taste in
music. The Labour MP has previously
attended V festival, and tweeted his
admiration of UK rapper Tinie Tempah’s set in 2011, but maintains that
Birmingham-based artists The ENR
Twinz are “the true voice of grime”.
o
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UNITING
CELEBRATING THE BEST OF VOLUNTEERING AND PHILANTHROPY IN THE CITY
INVESTORS around the world may have had a frantic time following the UK’s vote to
leave the EU, but some Chinese financiers took yesterday off to battle City firms in
Canary Wharf’s annual Dragon Boat Festival. City law firm Chan Neill won the fastest
race time at 51.27 seconds, beating the likes of PwC, EY and the Chinese Embassy.
UKIP MAYORAL CANDIDATE
PLANS A BREAK IN THE EU
Brexiters were kept up all night at
Leave.EU’s referendum party last week,
so it’s no wonder Ukippers at the event
are already looking forward to a holiday.
The Capitalist caught up with former
mayoral candidate and London Assembly
member Peter Whittle as the first results
began to come in. Whittle’s campaigning
for Brexit in London has taken its toll, and
the unfortunate Brexiter was up for 24
hours after the vote. Whittle told The
Capitalist that, now it’s all over, he’s
making plans for a trip abroad to unwind
and forget about the UK’s tense
relationship with the EU. Where does he
have in mind? “Sicily”.
QUOTE OF THE DAY
Everyone called
Jeremy gets sacked
eventually
Sacked BBC Top Gear
presenter Jeremy
Clarkson believes
his name is cursed
as Labour leader
Jeremy Corbyn
faces a party
coup.
Chinese bidder presses right
buttons to snap up robot maker
ALEXANDER HUBNER
AND JOERN POLTZYOUR
GERMAN robotics maker Kuka is on
the brink of agreeing to an investor
agreement with Chinese bidder
Midea that includes a long-term
commitment to existing
headquarters, factories and jobs.
Kuka needs to decide in the
coming week whether it wants to
recommend the acceptance of
Midea’s €4.5bn (£3.65bn) bid, the
biggest German industrial
technology company to be targeted
by a Chinese buyer in a wave of
recent deals.
A source told Reuters that there
had been a breakthrough in
negotiations between Kuka and
Midea, with the results presented to
a meeting of the supervisory board
on Saturday.
“Now the details just need to be
finalised so that the agreement can
be signed in the coming days,” the
source said.
The agreement to maintain the
current headquarters and maintain
factories and employees should run
until 2023, the source added.
News of Midea’s bid for Kuka last
month caused a furore among
German politicians, though Midea
has since said it would allow Kuka to
operate independently and help it
expand in China.
Kuka did not to comment. Reuters
MONDAY 27 JUNE 2016 MARKETS 19
CITYAM.COM
CITYDASHBOARD
LONDON REPORT
Markets set to feel
the Brexit burn as
uncertainty reigns
T
HE SPOTLIGHT will this
week continue to be firmly
on the implications of the
UK’s shock decision to quit
the European Union.
Markets are expected to be on
post-Brexit watch, with twitchy
traders nervous over potential
volatility. After the vote on Thursday
the FTSE 100 dived more than eight
per cent at the open on Friday
morning, though clawed back
ground to finish 3.2 per cent lower
at 6,138.69 points. Trading volumes
were nearly five times normal.
The political fallout from the vote
is also going to be closely monitored
with both the Tories and Labour
facing leadership chaos.
Manufacturing data out of the UK
and US will be watched for clues on
the state of the economies ahead of
the referendum and how it could
influence interest rate decisions on
both sides of the pond.
Corporate data is still quite thin
on the ground but watch out for half
-year results from online grocer
Ocado tomorrow and full-year
results from bus and rail company
Stagecoach on Wednesday.
In association with
YOUR ONE-STOP SHOP BROKER
VIEWS AND MARKET REPORTS
BEST OF THEBROKERS
NEW YORK
REPORT
To appear in Best of the Brokers, email your research to [email protected]
ITV
220
P
Wall Street
eyes low rates
200
24June
180
174.40
160
140
20 June
21June
22June
23June
24June
Societe Generale has downgraded its recommendation on ITV to “sell” from “hold”,
slashing the target share price to 180p from 280p previously. Brokers blamed ITV’s
high level of revenue (73 per cent) coming from advertising, as it makes it vulnerable
to Brexit risks. ITV’s share price was hit hard on Friday following the vote for the UK
to leave the European Union, falling more than 20 per cent to 174.4p.
POLAR CAPITAL
300
P
295
290
299.50
24June
285
FTSE
280
6,400
275
6,300
6,200
6,100
6,000
24 June
6,138.69
5,900
20 June 21 June 22 June 23 June 24 June
20 June
21June
22June
23June
24June
Investment management firm Polar Capital has had its “hold” rating reiterated by
brokers at Cantor Fitzgerald, with a share target price of 299p. Shares in the
company closed at 299p on Friday. Analysts believe the Brexit vote has negative
implications for market levels but will be somewhat offset by foreign exchange
translation effects and are forecasting a five per cent drop in profits for 2017.
CITY MOVES WHO’S SWITCHING JOBS
QUBE GLOBAL SOFTWARE
James Lavery has been
promoted to marketing
director at Qube Global
Software, a City-based
supplier of property and
facilities management
software. James joined Qube
Global Software in 2004 as its
customer relationship team
leader, before being promoted
to head of marketing in 2010.
In his new position he will be responsible for
spearheading the company’s global marketing strategy
including new international markets. He will also
oversee the expansion of the marketing team with a
number of senior appointments worldwide.
FITCH RATINGS
Fitch Ratings, a global financial information services
company, has appointed Dominique Netter as an
independent director. Dominique joins from French
firm Edmond de Rothschild Banque where she was
chief investment officer for private banking from 2007
to 2015. Prior to this, she was chief executive officer
and chairman of the executive board at Edmond de
Rothschild Asset Management, a role she held
between 2001 and 2007. Dominique has previously
held management roles at brokerage firms HSBC CCF
Securities and equity research firm Detroyat Associes.
W
ITH MARKETS reeling after the
UK’s vote to leave the
European Union, some on
Wall Street expect cooler heads to
prevail over the next several sessions.
The S&P 500’s 3.6 per cent slump on
Friday erased gains for 2016. But even
as the index suffered its worst one-day
drop in 10 months, some US investors
looked for reasons to expect more
upbeat trading next week.
They pointed to expectations that US
interest rates would remain low, that
upcoming reports would show US
corporate earnings had recently
improved and that the UK’s breakup
with the EU would be gradual, and not
economy-wrecking.
Traders have completely priced out
any chance of a Federal Reserve rate
hike this year and are even weighing
the possibility of a rate cut, federal
funds rate futures suggest.
Fed chair Janet Yellen is scheduled to
speak at an event in Portugal on
Wednesday and investors will want to
know how she sees the so-called
Brexit changing the outlook for the US
economy and interest rates.
SIGN UP TO RECEIVE THE DAILY CITY MOVES
EMAIL SERVICE AT CITYAM.COM/CITY-MOVES
She was appointed to the board of directors of
investment company FFP in February this year.
BILFINGER
Civil and industrial construction company Bilfinger has
named Tom Blades chairman of the executive board.
Tom, who begins his new role on 1 July, joins Bilfinger
from multinational industrial gases and engineering
company Linde AG where he currently serves on the
executive board. At Bilfinger, Tom will be spearheading
the company’s entire industrial business segment. At
Linde AG, Tom headed the firm’s American business
and was responsible for the efficiency of industrial
plants throughout the world. Prior to his time at Linde,
he held appointments at Siemens as CEO of the oil and
gas division and served management positions at
international oil field service providers Halliburton and
Schlumberger.
SS&C TECHNOLOGIES
Windsor-based SS&C Technologies, a global provider
of financial services software, has appointed Will
Entwistle senior vice president of SS&C Institutional
and Investment Management. Will brings extensive
knowledge of building a world-class sales and
relationship management organisation at Interactive
Data Corporation and IBM among other firms. He
brings to SS&C nearly two decades of experience in
driving rapid sales growth in the financial services
software industry.
To appear in CITYMOVES please email your career updates and pictures to [email protected]
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20
OPINION
MONDAY 27 JUNE 2016
CITYAM.COM
FORUM
EDITED BY TOM WELSH
Britain is leaving the EU behind:
Now it must find a global role
“You will think me transported with
Enthusiasm but I am not – I am well
aware of the Toil and Blood and Treasure,
that it will cost Us to maintain this
Declaration, and support and defend
these States. Yet through all the gloom I
can see Rays of ravishing Light and Glory. I
can see that the End is more than worth
all the Means. And that Posterity will
triumph in the Day’s Transaction.” – John
Adams to his beloved wife Abigail, in a
letter the day after the Continental
Congress voted for the independence of
the United States, July 1776
A
S I write, it is 6am on Friday,
June 24, 2016, Britain’s independence day. I sit at my
desk in the Cotswolds, feeling more moved and exhilarated by a political event than I have
been at any time in my life.
My friends in the Leave campaign,
many of whom I met in in 1999 in
their earlier Business for Sterling
incarnation, have achieved the impossible. Following in the footsteps of my
illustrious forebears – the American
Founding Fathers John Adams,
Thomas Jefferson, and Benjamin
Franklin – they, along with the rest of
Britain, have defied all the odds,
reasserting their sovereignty and, in
doing so, secured their liberty.
But the key factor which made the
American Revolution such a success
(as opposed to the bloodbath which
was the French one) was that the 13
original states were blessed by leaders
who were phenomenal statesmen, as
they proved in the years after the
Miracle of Philadelphia and the declaration of independence. It was their
decades of dedication to securing
America’s place in the world –
wherein the genius Alexander
Hamilton constructed the US financial
system and the founders maintained a
realist foreign policy – that made the
revolution the overwhelming success
it has proven to be. That is precisely
what is called for in Britain now. So in
the stirring, if hard-headed, words of
Adams that begin this piece, let’s look
at how Britain can do just this.
Britain’s new foreign policy must
revolve around global – rather than
parochial European – considerations.
As this column has long argued, an
economically sclerotic Europe in
absolute decline will be an increasing
side-show over the next generation.
Yes, London must begin the process
(and that’s what it will be) of gaining
as amicable a divorce as is possible
from the shocked Brussels elite.
However, starting right now, and while
the Brexit process with Brussels winds
wearily along, Britain must think bigger; it must think globally. This cannot
wait for the EU divorce to be finalised;
there is no time for such gradual luxuries. It must begin now.
First, Britain’s new Drakean vision
must focus on forging a new global
democratic alliance of rising regional
powers, connecting itself more substantially to South Africa, Australia,
Canada, Israel, Japan, Indonesia,
Brazil, Mexico, and India, among others. The single greatest strategic challenge for the next generation is
determining whether the emerging
regional democratic powers can be
successfully integrated into today’s
global order. The key to doing this is to
co-opt the powers that are actually economically growing (as opposed to the
EU) into our world system as status
quo powers, as active defenders of our
world.
This means in policy terms to follow
up on Indian Prime Minister Narendra
Modi’s suggestion to revive an
John
Hulsman
Britain’s new foreign
policy must revolve
around global –
rather than
parochial European –
considerations
informal security network between
the West (particularly Britain and
America) and its major friends in Asia:
India, Australia, and Japan. Such an
organisation amounts to a vital first
step on the way to creating a viable
new network alliance of global democratic allies. Free trade agreements of
every sort between the members of
this fledgling network alliance will
bind it together, and must become a
far more central element of British foreign policy.
Britain should also spearhead the
reform of global governance institutions (the UN, World Trade
Organization, IMF, World Bank) to provide for a far larger role for the emerging powers so that the institutions
reflect today’s power realities (and not
those of 1945). This will make them fit
for purpose in the new era, and
increase the chances the emerging
powers will choose to become active
stakeholders defending the pro-western global order.
Secondly, London must reinvigorate
the Special Relationship, crafting a
new joint Anglo-American initiative to
successfully integrate the democratic
emerging regional powers into the
present western-inspired global order.
This must amount to a new organising
principle for our alliance, as it is the
strategic challenge of our age. A trade
deal with America (which is not nearly
as impossible to achieve as President
Obama implied) must be negotiated
alongside the EU divorce, so it can
come into force as soon as ties with
Brussels are loosed.
British defence cuts must be a thing
of the past. Instead, defence spending
must be substantially increased so the
UK maintains its critical full-spectrum
military capabilities, as befits great
powers. By doing so, Britain, by a long
way, must be seen as the second greatest western military power, allowing it
to play a strategic role commensurate
with this new global foreign policy.
There is little time to celebrate, and
much to do. But as the sun shines on
me in western England, like Adams I
too see the new dawn.
£ Dr John C Hulsman is senior columnist
at City A.M. He is a life member of the
Council on Foreign Relations, and author
most recently of Lawrence of Arabia, To
Begin the World Over Again. He is
president and co-founder of John C
Hulsman Enterprises (www.johnhulsman.com), a global political risk
consultancy, and available for corporate
speaking and private briefings at
www.chartwellspeakers.com.
The UK must remain in the Single Market to
protect our vital financial services industry
T
HE City of London has
thrived as a financial and
trading centre for more
than a thousand years and
will continue to do so.
While there will be some uncertainty as Brexit negotiations begin,
London remains the financial centre
of one of the largest economies in
the world, and indeed for most of
Europe. There will be no mass exit of
banks and financial institutions
from the Square Mile, and we will
encourage businesses to continue as
usual.
Ultimately this has been a democratic decision, and our task now is
to respect the will of the British people and secure the best deal we can
in the negotiations that will follow
this vote.
Financial services contribute more
than £65bn in taxes to the Treasury
every year – 11 per cent of total government receipts – and City businesses I have consulted with believe they
must be allowed access to the Single
Market without discrimination to
continue this success. This access to
the Single Market will also be important in securing the 2.1m jobs in the
UK – 7.2 per cent of workers – that
are in the financial and professional
services industries, areas where the
UK leads the world.
The government should now
engage in a period of consultation
with businesses to ensure we can
keep creating jobs both in London
and throughout the country. No
country has ever left the European
Union, so there will be uncertainty
associated with this process in the
coming months. The government
must do everything in its power to
limit this uncertainty, and act swiftly
to reassure businesses to halt any
volatility and ensure continued
investment in our country. If the government fails to provide proper
arrangements for financial services,
it risks damaging this vital industry.
Mark
Boleat
Looking at financial regulation, we
do not anticipate significant changes
to the regulatory regime currently in
place, as the UK has significantly
influenced European financial regulation, and in some cases has stricter
regulations in place.
There is a clear view in the City of
London that our labour market must
be kept flexible. European nations
have provided much of the highlyskilled talent we need to succeed and
this level of support to the British
economy must continue.
For our part, the City of London
Corporation will continue to engage
with both EU policy-makers, and our
government, to continue to promote
London as Europe’s international
financial and business centre. We
have the talent and infrastructure
that has made London the world’s
leading financial hub, and in spite of
this vote these key ingredients for
prolonged success remain in place.
All sides of this debate must now
put aside their differences to do
what is in the best interests of ensuring the UK remains influential on
the international stage, and an
attractive place to do business. The
UK is a business-friendly country,
with a favourable tax regime and
proactive government support for
innovation, and this attitude
towards business must continue to
ensure economic prosperity in the
future.
£ Mark Boleat is policy and resources
chairman at the City of London
Corporation.
DEBATE
Q: As he says
he’ll be gone by
October, was
Prime Minister
David Cameron
right to
resign?
Alex
Deane
YES
The Prime Minister was right to resign.
Leadership after defeat would have proven
exceptionally difficult. The former Cabinet
secretary, Lord Butler, was right to say of
the PM before the referendum that his
position “would be untenable if we vote to
leave. Having committed himself so very
strongly to the Remain campaign, his
authority as PM would have been
shattered”. Second, we need government to
lead us in a calm and orderly fashion out of
the EU and into a positive global trading
position: having said that the sky would fall
in if we leave, the Prime Minister could
hardly do so. Finally, he who presides over a
split rarely heals it. Cameron’s decision
lights the way for a united Tory party, able
both to lead us out of the EU and build the
organisation fit to fight the 2020 election.
(And, unlike some of his predecessors, the
PM won’t undermine his successor.) I didn’t
agree with the positions he took during the
campaign but, in resigning in a gracious
and statesman-like manner, he did the right
thing. I admire him for it.
£ Alex Deane is a common councilman and
sits on the Corporation of London’s Policy
and Resources Committee.
Laura
Swire
NO
David Cameron’s resignation was very
much a personal decision and a perfectly
understandable one. As a Cameron
supporter it has been galling to hear those
who campaigned for Brexit to say that the
PM leaving was not the outcome they
wanted – they broke it, now they own it.
Why should David Cameron sort out the
mess they have created? However, for
people who appreciate the work that
Cameron has done to make the
Conservative Party electable, these are
worrying times. Arguably, it would have
been more desirable to see Cameron go
for a more measured handover timetable,
as Michael Howard arranged for him in
2005. The risk now is that the Party
indulges itself and elects a myopically
Eurosceptic leader to negotiate our
withdrawal. This person may well lack the
wider appeal to the centre ground needed
to win the General Election in 2020. I hope
this isn’t a further consequence of
Cameron’s decision to call the
Referendum.
£ Laura Swire is director of Hanover
Communications.
MONDAY 27 JUNE 2016
CITYAM.COM
WE WANT TO HEAR YOUR VIEWS
LETTERS
BEST OF
TWITTER
TO THE EDITOR
Making Brexit
rational
[Re: London mayor Sadiq Khan said the
capital must have a seat around Brexit
negotiation table]
Although no doubt intended as a political
move to shore up his support among Remain
voters in London, Sadiq Khan’s suggestion
that London government be directly involved
in the Brexit negotiations is in fact a very good
idea. Leave won the referendum, of course,
but they did not win the right to determine
what exit will look like. That’s a job both for
Westminster and for the devolved
governments. If Remain voting areas like
Scotland and London have sufficient
influence over the contours of exit, then it’s far
more likely we’ll get an economically rational
result – namely, retaining full access to the
Single Market, a liberal migration policy, and
happy cooperation with Europe. The worst
result now would be for the Nigel Farages of
this world to not only win the referendum, but
the future too.
Bob Parker
[Re:David Lammy wants parliament to
overrule the EU referendum result]
David Lammy’s ridiculous argument would
destroy Labour utterly. Millions of Labour
voters in the party’s heartland voted to leave
the EU, and now Lammy (MP for a Remainbacking area in London) wants to override
their wishes. The correct response would be
to find out how Labour lost relevance to its
core support, rather than doubling down on a
London-only strategy that is doomed to fail.
But given Labour’s current state, I believe
Lammy’s comments are indicative of a party
on the road to complete self-destruction.
Goodbye, Labour.
Name withheld
Fountain House,
3rd Floor, 130 Fenchurch Street,
London, EC3M 5DJ
Tel: 020 3201 8900
Fax: 020 7248 2711 Email: [email protected]
No one should be in any
doubt that Labour could
now lose dozens of northern
seats to Ukip. Idea that
Corbyn is man to stop that is
laughable.
@kevpeel
By not immediately making
Article 50 notification,
Cameron did everything he
could to convert apparent
Leave victory into an
effective defeat.
@DavidAllenGreen
The Labour Party has finally
managed to dominate the
Brexit debate.
@mjhsinclair
The Leave campaign was
able to make precisely one
promise – no more, now
fewer: that a majority for
Leave would mean the UK
leaving the EU.
@andrew_lilico
If the under-25s are so upset
at the referendum result,
why did only 36 per cent of
them bother to vote?
@MarkJLittlewood
BBA Brief: French central
bank head says UK must
adopt Norwegian model for
it to retain access to the
single market.
@bbavoice
Certified Distribution
from 02/05/16 till
29/05/16 is 97,272
OPINION
21
› E:[email protected] COMMENT AT:cityam.com/forum :@cityam
Set out a real plan for Brexit –and
prepare the fiscal bazookas –to put
a floor under business confidence
W
ITH the EU referendum
concluded, attention has
already turned to defining what type of exit the
government will pursue.
Whatever view you hold on the merits
of an exit from the EU, the exact economic impact is uncertain. This is mainly because “it” is not predetermined –
there exist a range of views among
Brexiteers.
As the Conservatives embark on electing a new leader, each candidate’s
vision for a post-EU Britain needs articulating, and implementation will ultimately require a popular mandate. In
this respect, a General Election over the
next 12 months looks almost inevitable.
Ahead of these political manoeuvres,
the economy will require skilled stewardship. Effective policy intervention
and clear communications will secure a
markedly better outcome than inertia
and silence.
We learnt on Friday morning that the
warnings of the Treasury and the Bank
of England had fallen upon many deaf
ears. Public opinion across large parts of
the UK was impervious to the views of
senior public officials. Most observers of
the referendum, myself included, had
assumed a late swing back to the status
quo with the weight of economic uncertainty driving this move. It was a swing
factor that never materialised. For
George Osborne and Mark Carney in
particular, this will have proved a chastening experience. The good news for
them – at least while they both remain
in office – is that their control over fiscal, monetary and financial stability
policy is still largely intact.
So what should this economic leadership team do to secure near-term stabili-
Simon
French
ty for the UK economy? Well, first, they
should avoid a knee-jerk reaction.
Although it may frustrate businesses
and investors when such important
actors are data dependent, this is infinitely preferable to having ideologues
occupying Threadneedle Street or Horse
Guards Road. Capital market volatility
in the days following large geopolitical
events is rarely a good basis for designing a policy response.
As we get a clearer picture of the fallout from the referendum, however, a
coordinated fiscal and monetary
response may well be necessary for the
first time since the Financial Crisis.
Since 2010, the Bank of England has
been asked to do too much of the heavylifting of domestic demand. Any signs of
a contraction in UK economic output
should provide the basis for a shift to
stimulative fiscal policy and a
temporary suspension of deficit reduction plans. The Treasury’s own fiscal
rules have a growth “knockout” for such
an eventuality. It is this rather than the
ludicrous
“punishment
Budget”
mooted during the referendum campaign that represents the appropriate
response to a slowing UK economy.
The Bank of England should also consider additional quantitative easing or
interest rate cuts depending on the
scale of the slowdown, but it faces a del-
Editorial Editor Christian May | Deputy Editor Julian Harris
Business Features Editor Tom Welsh | Lifestyle Editor Steve Dinneen
Sports Editor Frank Dalleres | Creative Director David Riley
Commercial Sales Director Jeremy Slattery |
Head of Distribution Gianni Cavalli
icate balancing act with stable prices,
current account financing and the
pound all vulnerable to looser
monetary policy. This preference for fiscal intervention also reflects the fact
that monetary policy has a long and
variable lag time.
In designing any stimulus package,
the Treasury will be cognisant of the
deep resentment within non-metropolitan communities that underpinned
the vote to leave the EU. Spending
increases should look to put billions of
pounds into communities that voted
for what amounted to a rejection of
global capitalism. The Northern
Powerhouse programme and city deals
require acceleration and financing. This
decentralisation of spending control
from Westminster as identified by Lord
Heseltine in the last Parliament will be
key to maintaining the unity of the
United Kingdom.
Over the shortest time horizon there
is an acute need for engagement and
signalling from government to fill a vacuum which will otherwise be filled by
speculation. Business secretary Sajid
Javid’s promise to meet with UK business leaders represents a good start.
However small and mid-sized companies have been at the heart of the UK
economic recovery in recent years and
are unlikely to command an audience
with a Cabinet minister. For them clarity on what type of Brexit is being pursued is key. It will be this that will
unlock investment capital and put a
floor under business and consumer
confidence. It cannot come soon
enough.
£ Simon French is chief economist at
Panmure Gordon.
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22
FEATURE
CITYAM.COM
MONDAY 27 JUNE 2016
ENTREPRENEURS
LEARNT BEHAVIOUR
Harriet Green
talks AI, refugees
and 80 year-old
workers with
Coursera’s
Daphne Koller
I
F YOU’VE never done a MOOC – a
massive open online course – you
likely know someone who has.
Coursera is the biggest provider
in the world. Launched just four
years ago, it now has almost 20m
learners
worldwide,
in
140
institutions across 28 countries. In
the UK, there are over 600,000 users.
Co-founder Daphne Koller was
impressive before she became an
entrepreneur. The computer science
academic received her bachelor’s
degree in 1985, aged 17. After that, she
became one of the leaders in her field,
awarded the first ever $150,000 ACMInfosys Foundation Award in computer sciences in 2008. But in 2012, she
and fellow Stanford professor Andrew
Ng set up Coursera.
“We initially did it as an experiment
at Stanford – it was a way to give people a new experience. Then we got to
the point where we thought, ‘well,
that was fun. Now is it back to writing
papers?’ That didn’t feel like the right
thing to do.” Koller then took a leave
of absence to capitalise on the rapid
growth the company saw – 1.2m people signed up for courses in the first
year alone and, by December 2013,
Coursera had raised $83m in venture
capital. “It felt a little surreal. I felt
like the main character from Being
John Malkovich – like I was living
someone else’s life. But it was so
much fun, so I ran with it.”
Coursera now offers over 1,500 different courses, many of which are
free, from Python for Everybody with
CV
DAPHNE KOLLER
Company name: Coursera
Founded: 2012
Staff: 201
Title: Co-founder and president
Age: 48
Born: Jerusalem, Israel
Lives: Mountain View, US
Studied: Maths and computer science at
Hebrew University of Jerusalem; PhD in
computer science at Stanford University
Drinking: Water (especially Hint Water)
Eating: Lots of things, but I’m especially
fond of food involving lots of cheese
Reading: Predictably Irrational, by Dan
Ariely
Favourite business book: Great by
Choice, by Jim Collins
Heroes: Alan Turing, Marie Curie,
Abraham Lincoln
First ambition: To graduate from
college before I was 18
Awards: Among others: one of Time
Magazine’s 100 Most Influential People;
Newsweek’s 10 Most Important People;
MacArthur Foundation Fellowship in
2004; ACM/Infosys Award in 200; Elected a
fellow of the American Academy of Arts
and Sciences in 2014
the University of Michigan to An
Introduction to Classical Music from
Yale. Three of the most popular courses in the UK are Speaking English
Professionally, Machine Learning and
How to Create a Website in a
Weekend.
Koller explains that tech is, unsurprisingly, one of Coursera’s biggest
growth areas (along with business
and soft skills like communications).
The company is gaining traction in
the UK (which Koller puts down to the
burgeoning tech scene), India (again,
tech is increasingly important, and an
inflexible higher education system
means that not passing one set of
exams can resign you to lower-calibre
institutions and unemployment) and
Latin America. There, Coursera is
working to onboard Spanish and
Portuguese courses. “We don’t have a
silver bullet for language barriers
quite yet – you can only get some way
with subtitles. That said, we have
learners in every country around the
world.”
SOMETHING FOR EVERYONE
In the last 12 months, it’s moved into
masters programmes: “we’ve got an
exciting move coming up in the UK,
but I can’t talk about it yet. Not only
are courses online, very low-cost, but
we also have a unique stackable format which enables people to make a
step forward in their career while also
continuing with their career.” Adding
value while you go is one way
Coursera differs from the status quo
of learning. “Degrees are very straight
run things. Eighty per cent is worth
nothing – then you finish and it’s suddenly worth something.”
And helping people advance in their
career is something Coursera has
been able to do increasingly well, particularly as it becomes recognised.
“We know employers look out for our
courses on LinkedIn, and the credentials we can enable people to access
are seen as valuable.” This is corroborated anecdotally by the numerous
Coursera-related blogs online where
users describe how the platform
helped them climb the career ladder,
or get a job in Silicon Valley.
A specialist in AI, Koller is optimistic
about the future of jobs in regard to
the “AI revolution... the pessimists
will say that this time it’s different
but, as with the industrial revolution,
I’m confident that other job categories will emerge. But either way,
what’s clear is that the jobs being created will require everyone to be far
more skilled. We’ll also need people
to deal with ill-formed problems that
computers, which are still linear
thinkers, can’t deal with. We don’t
I felt like the main
character from
Being John
Malkovich
teach those kinds of skills very well in
schools.” Koller points out that there
are currently 190,000 data science
jobs in the US alone that can’t be
filled. “We hope we can help close
that skills gap. It’s not just something
a bootcamp can teach; you need
teachers. And there’s a reason teaching is a profession – it’s hard!”
This touches on one of the criticisms
of MOOCs: can you really teach
remotely? Over the years, people
doing MOOCs have been documented
gathering together in coffee shops
and co-working spaces. But that doesn’t seem to have stopped learner
acquisition. The point, says Koller, is
that we no longer live in an age where
you do all your “upfront learning for
four years when you start your career.
You need to provide people with the
ability to refresh the skill they’ve got,
and in a way that’s suited to the modern age. That’s going to be even more
important when you’ve got 80 yearolds still gainfully employed.”
BREAKING NEW GROUND
Koller believes that Coursera has “the
opportunity to totally transform how
we teach and learn. Think about
astronomy. It used to be a discipline
where you could look at a small part
of the sky. Then the Hubble came
along, and now we can ask questions
about the rate at which the universe
is expanding. Similarly, in biology, we
had scientists looking at three proteins under a microscope. Now we can
ask questions about how an individual within a population will respond
to different diseases. I think we can
do the same with human learning.”
The future, she explains, is individualised learning: “we’ll be able to ask
what one person did in one exercise,
really understand what changes can
make a difference to teaching, and
make numerous tweaks to help each
person perform better.”
In the meantime, Coursera is
improving the lives of a wider range
of people than you might initially
think. Last week, in partnership with
the US Department of State, it
launched Coursera for Refugees. The
programme will allow displaced people to build career skills quickly by
accessing all of the platform’s
courses. It has also partnered with
non-profits to collect things like
learner engagement data, and
provide technical support.
Koller explains that Coursera has
already done a project with Geneva
University that saw trailer classrooms
with solar panels put in African
refugee camps – and this is just the
next stage. “It’s a wonderful, philanthropic collaboration between forprofit,
non-profit
and
state.
Education is absolutely essential as a
way of helping people overcome enormous difficulty. And we’re very excited about making the huge amount of
content we have accessible to people
who have been displaced.”
CITYAM.COM
MONDAY 27 JUNE 2016
FEATURE
23
MARKETING
BEYOND BUSY
WORKING MUMS
JWT’s Rachel Pashley tells Will Railton why brands should ditch crude stereotypes
A
S A woman working in the
marketing industry, I was
continually confronted by
creative
briefs
which
referred to women as Busy
Working Mum,” says Rachel Pashley,
group planning head at J Walter
Thompson London (JWT).
Pashley is behind the agency’s Female
Tribes insight study into women
around the world, so that they may be
treated by advertisers in as much complexity as men.
“When we describe men, we describe
their ambition, their hopes, desires and
how powerful they are. But we focused
on women through a much narrower
lens, focused on their parental responsibilities.”
set of lazy stereotypes.
“We call them ‘tribes’ because we
work in the media industry and know
the importance of creating cultural
equity. When you hear the word ‘metrosexual’, you know immediately what
is meant. This is about describing and
clustering trends about female
progress.
“The study is deliberately global, and
is intended to be continuous, so it doesn’t become a blunt tool. We didn’t simply want to document the progress of
rich western white women living in
London. It’s about local insight. It’s easy
to look at India and think ‘that’s a
country where women feel disempowered.’ But eight out of the 10 major
Indian banks are run by women. There
are undoubtedly challenges there, but
Indian women were the most optimistic about saying that it has never
been a better time to be a woman.”
JWT’s research shows that 86 per cent
of women see feminity as a strength,
not a weakness. “The worst kind of
‘fempowerment’ advertising positions
women as disempowered, in order for a
brand to enter stage left and save us,”
says Pashley. “But half of the women
questioned said they were the major
breadwinner in their house. They
already feel empowered.”
AN HISTORIC PROBLEM
Such limited representation of women
has been a historic problem in advertising, says Pashley. The problem is that
crude depictions have thus far been
effective in selling products.
“Advertising was used to encourage
women into the workplace during successive world wars. Then, in the late 40s
and early 50s, laws were passed in some
US states which meant that married
women were banned from taking jobs
which retired war veterans could occupy. So advertisers colluded with the government to create ads which would
encourage women back into the home.
“The 60s saw the birth of planning
and advertising research, so advertising
which portrayed the domestic ideal and
women in the home was seen to sell
products. A system was built which perpetuated stereotypes. They worked, so
there was never any impetus to change
them. I’ve heard clients and people in
the industry say: ‘But it sells products,
so why change?’ It may sell products,
but how much more could you sell?”
It is not just that brands have a social
responsibility to represent women
properly, reducing them to crude
stereotypes will cost them money.
Pashley points to J Walter Thompson’s
women’s index study, which found that
73 per cent of women polled said they
make the majority of financial
decisions in their household. And yet,
they feel very detached from the
women depicted in ads.
Brands are starting to wake up.
Unilever committed to remove sexist
stereotypes from its brands’ advertising.
Its own survey found that just 2 per
cent of ads depict intelligent women, 3
per cent show women in managerial,
leadership or professional roles, and 40
per cent of women consumers don’t
identify with the characters they see on
screen or in print.
FEMALE TRIBES
JWT is trying to create a diverse and
evolving vocabulary for advertisers and
agencies to refer to women. “It’s about
characterising female capital and the
diversity of it, and recognising the value
which women bring as leaders, pioneers, activists and wealth creators,”
says Pashley.
Some of these tribes include “notmums”, “social pioneers”, “teen
activists” and “alpha females”. But
Pashley is wary of creating just another
PROPER REPRESENTATION
Advertising should
explore all the
possibilities of being a
woman, says Pashley
Does the doctor
always have to be
male? Could it be a
woman?
So how can advertisers represent
women more faithfully from now on?
“Advertising should explore all the
possibilities of being a woman. When
you embrace that philosophy, it takes
you to a very different place, creatively,”
she says.
In recent years, some brands have
been accused of cynicism for jumping
on the idea of female empowerment,
and promoting causes with catchy
hashtags with the intention of
boosting sales among women consumers.
“If it’s a cause, it has a shelf-life,” says
Pashley. “In those cases, feminism
becomes a trend for a brand, which will
have an in-built expiration date. It
should be something a company thinks
about and embraces every single day.”
Agencies should aim to challenge
their unconscious biases, she says. It
could be as simple as a change in casting. “Does the doctor always have to be
a male? Could it be a woman?” Or
could you use male actors in roles
which have traditionally been associated with women? “In France, Cillit Bang
recently ran an ad where a car mechanic dances around an oily garage, cleaning as he goes. It’s a great torture test. It
shows you don’t need to use the
Stepford model to sell cleaning products.”
On the other side, brands should consider women’s needs properly when
they think about product design, she
says. “So much work to target women
has been about feminising products in
an inappropriate way – the ‘shrink it
and pink it’ approach. If you take trainers, this has literally been the case,
despite research which has shown for
20 years that women’s feet are shaped
and flex differently to men’s. That’s not
a cause, but its impact can be transformative.”
THE WEEK IN BRIEF
Y&R NEW ZEALAND WIN
BIG IN CANNES
It was a good week for Y&R New
Zealand. They walked away with
two Cannes Grand Prix for their
“McWhopper” work for
Burger King, which
invited McDonalds
to collaborate on a
hybrid and give the
proceeds to charity.
UK winners included
Adam & Eve DDB, who
won in the creative
effectiveness category for John
Lewis’s “Monty’s Christmas”.
IPA WARNS AGAINST
SHORT-TERMISM
A report from the Institute of
Practitioners in Advertising and
Gunn has found that shorttermism and lower investment in
marketing have halved the
success of creatively-awarded
campaigns over the last four
years. Consultant Peter Field
presented the findings at Cannes,
stressing that while such
campaigns generate sales in the
short term, they don't provide
market share and have just one
third of the impact of long-term
campaigns.
INSTAGRAM TO
TRANSLATE POSTS
Instagram is to
offer an update
which will
translate posts
written in foreign
languages, in the
hope of connecting more of the
network's 500m global users. A
“See Translation” button will
appear beneath text within the
app, including biographies and
captions. The feature is to become
available within the next month.
Facebook, which owns Snapchat,
offers a similar tool.
THE DONALD HIRES DON
DRAPER (SORT OF)
Financial documents show that
Donald Trump has enlisted the
services of an ad agency, Draper
Sterling. The similarities with
Sterling Cooper Draper Pryce, the
fictional agency in Mad Men, have
not gone unnoticed. Trump paid
the obscure, New Hampshirebased agency $35,000 in May for
“web advertising”. Although, if the
Donald wants to endear himself to
women voters, he might have
avoided a shop named after Don
Draper.
AD OF THE WEEK
As Twitter attests, James Blunt
knows people hate him and quite
likes it. So the singer looks in his
element in the latest “Please not
them” ad for Lotto, where he uses
his winnings to broadcast “You’re
Beautiful” into people’s homes
against their will.
24 MARKETS MONDAY 27 JUNE 2016
FTSE 100
FTSE 250
6138.69
199.41
CITYAM.COM
16088.05
1245.46
Price Chg High Low
3348.58
133.16
Price Chg High Low
CONSTRUCTION & MATERIALS
GILTS
Tsy 8.000 15 . . . . . . .106.51
Tsy 4.750 15 . . . . . . .102.64
Tsy 4.000 16 . . . . . .105.79
Tsy 2.500 16 . . . . . . .327.52
Tsy 1.250 17 . . . . . . . .107.61
Tsy 8.750 17 . . . . . . . .121.21
Tsy 5.000 18 . . . . . . .113.51
Tsy 3.750 19 . . . . . . .113.00
Tsy 4.500 19 . . . . . . .115.07
Tsy 4.750 20 . . . . . .119.04
Tsy 2.500 20 . . . . . .366.72
Tsy 8.000 21 . . . . . .142.92
Tsy 4.000 22 . . . . . .119.85
Tsy 1.875 22 . . . . . . .124.78
Tsy 2.500 24 . . . . . .350.74
Tsy 5.000 25 . . . . . .134.70
Tsy 4.250 27 . . . . . . .131.90
Tsy 1.250 27 . . . . . . .130.83
Tsy 6.000 28 . . . . . .155.76
Tsy 4.750 30 . . . . . . .142.51
Tsy 4.125 30 . . . . . . .347.31
Tsy 4.250 32 . . . . . .136.85
Tsy 1.250 32 . . . . . . .143.94
Tsy 4.250 36 . . . . . .140.37
Tsy 4.750 38 . . . . . .153.30
Tsy 0.625 40 . . . . . .144.56
Tsy 4.500 42 . . . . . . .153.16
Tsy 3.500 45 . . . . . . .132.31
Tsy 4.250 46 . . . . . .152.26
Tsy 4.025 49 . . . . . . .156.13
Tsy 4.000 99 . . . . .100.00
-0.07
-0.04
-0.03
-0.01
0.03
0.05
0.10
0.20
0.16
0.23
0.08
0.32
0.45
0.18
0.27
0.68
0.84
0.42
0.85
0.89
0.33
0.98
0.53
1.13
1.21
0.66
1.33
1.50
1.50
1.64
0.00
113.8
106.8
108.3
339.1
110.9
126.3
114.4
113.0
115.1
119.0
370.4
143.0
119.8
125.8
353.6
134.8
132.0
131.4
155.7
142.5
350.7
136.9
144.8
140.4
153.2
146.5
153.1
132.2
152.3
156.4
101.8
106.5
102.6
105.7
327.3
107.3
121.1
111.7
108.0
111.2
113.5
359.4
135.7
110.4
119.1
322.5
119.4
112.1
116.0
132.9
118.3
304.4
111.7
120.7
111.6
120.4
112.2
117.1
100.6
113.3
114.4
94.9
AEROSPACE & DEFENCE
BAE Systems . . . . . . . . .480.8
Cobham . . . . . . . . . . . . .151.0
Meggitt . . . . . . . . . . . . .379.7
QinetiQ Group . . . . . . . .226.3
Rolls-Royce Holdi . . . . .649.0
Senior . . . . . . . . . . . . . . .196.1
Ultra Electronics . . . . .1693.0
-23.2
-4.8
-16.8
-19.2
4.5
-5.3
-91.0
526.5
260.4
509.5
274.4
903.5
306.4
2026.0
425.5
127.5
346.5
204.1
512.5
167.1
1576.0
AUTOMOBILES & PARTS
GKN . . . . . . . . . . . . . . . .278.0 -9.6 348.4 248.6
BANKS
Aldermore Group . . . . .139.8 -65.9
Barclays . . . . . . . . . . . . .153.9 -33.1
BGEO Group . . . . . . . .2450.0-180.0
CYBG . . . . . . . . . . . . . . .250.0 -37.8
HSBC Holdings . . . . . . .448.0 -6.5
Lloyds Banking Gr . . . . . .57.0 -15.2
Metro Bank . . . . . . . . .1915.0 -185.0
Royal Bank of Sco . . . . .205.3 -45.2
Shawbrook Group . . . .233.0 -62.0
Standard Chartere . . . .563.3 -14.9
Virgin Money Hold . . . .275.3 -91.1
316.0
289.0
2630.0
289.5
594.6
87.7
2250.0
368.7
378.2
1010.8
450.8
138.2
131.0
1570.0
182.8
392.4
51.0
1811.0
164.9
205.0
386.7
252.2
BEVERAGES
Barr (A.G.) . . . . . . . . . . .497.3 -26.7
Britvic . . . . . . . . . . . . . .630.5 -26.5
Coca-Cola HBC AG . . .1366.0 -44.0
Diageo . . . . . . . . . . . . .1878.0 45.0
SABMiller . . . . . . . . . . .4279.5 -13.5
633.0 468.1
742.5 570.5
1629.0 1255.0
1949.5 1640.0
4320.0 2877.5
CHEMICALS
Croda Internation . . . .2877.0 -56.0
Elementis . . . . . . . . . . . .197.9 -8.7
Johnson Matthey . . . .2914.0 -79.0
Synthomer . . . . . . . . . .308.9 -30.4
Victrex plc . . . . . . . . . .1450.0 2.0
3139.1 2657.7
261.3 189.5
3142.5 2230.0
368.1 275.1
2020.0 1364.0
BATS UK 100
FTSE ALL SHARE
Balfour Beatty . . . . . . . .232.7 -21.9
CRH . . . . . . . . . . . . . . .2076.0 -18.0
Galliford Try . . . . . . . .1040.0-281.0
Ibstock . . . . . . . . . . . . . .156.4 -41.6
Keller Group . . . . . . . . .930.0 -53.0
Kier Group . . . . . . . . . .1137.0 -115.0
Marshalls . . . . . . . . . . . .253.2 -70.9
Polypipe Group . . . . . .283.9 -38.9
272.5
2147.0
1813.0
225.0
1085.0
1513.0
370.8
362.0
217.1
1637.0
1029.5
153.1
728.5
1099.0
239.4
269.5
ELECTRICITY
Drax Group . . . . . . . . . .296.1 -28.5 368.6 207.6
SSE . . . . . . . . . . . . . . . .1420.0-130.0 1626.0 1321.0
ELECTRONIC & ELECTRICAL EQ.
Halma . . . . . . . . . . . . . .956.0 -10.0
Morgan Advanced M . . .253.7 -13.8
Renishaw . . . . . . . . . .2103.0 -85.0
Spectris . . . . . . . . . . . .1763.0 -61.0
971.5 713.0
356.8 192.3
2344.0 1600.0
2179.0 1442.0
EQUITY INVESTMENT INSTRUM.
Aberforth Smaller . . . .985.5 -82.5 1234.0 952.0
Alliance Trust . . . . . . . .500.0 -1.0 521.0 440.1
Bankers Inv Trust . . . . .590.0 5.0 657.0 522.0
BH Macro Ltd. GBP . . .1948.0 -12.0 2103.0 1930.0
British Empire Tr . . . . . .475.9 1.0 511.5 412.0
Caledonia Investm . . .2275.0 5.0 2511.0 2055.0
City of London In . . . . . .377.0 -10.5 408.3 340.0
Edinburgh Inv Tru . . . . .672.0 -15.5 728.0 624.2
Electra Private E . . . . .3757.0-253.0 4019.0 3140.0
Fidelity China Sp . . . . . .140.7 3.1 161.1 110.5
Fidelity European . . . . .158.0 -8.0 183.0 152.0
Finsbury Growth & . . . .586.5 -15.0 610.5 521.0
Foreign and Colon . . . .434.0 -5.8 456.4 391.2
GCP Infrastructur . . . . . .122.0 -0.1 123.9 114.5
Genesis Emerging . . . .506.5 -1.0 522.0 400.5
HarbourVest Globa . . . .910.0 -7.0 1377.5 825.0
HICL Infrastructu . . . . . .167.5 -0.5 168.0 150.2
International Pub . . . . .148.6 -0.9 149.9 130.3
John Laing Infras . . . . . .124.8 -0.6 126.2 114.0
JPMorgan American . . .301.0 8.1 306.0 243.0
JPMorgan Emerging . . .593.0 5.5 605.0 483.0
Mercantile Invest . . . .1606.0 -119.0 1838.0 1497.9
Monks Inv Trust . . . . . .432.0 2.7 436.0 361.1
Murray Internatio . . . . .964.0 -12.0 990.0 742.5
NB Global Floatin . . . . . .91.2 -1.4 98.4 84.6
P2P Global Invest . . . . .841.0 -33.0 1090.0 830.0
Perpetual Income . . . .364.0 -15.5 428.5 344.7
Personal Assets T . . .37300.0 30.0 37590.0 33130.0
Polar Capital Tec . . . . . .597.5 0.0 641.0 503.5
RIT Capital Partn . . . . .1598.0 -37.0 1690.0 1436.0
Riverstone Energy . . . .862.0 -36.0 1035.0 720.0
Scottish Inv Trus . . . . . .616.5 1.5 646.0 544.5
Scottish Mortgage . . . . .261.1 4.0 280.8 220.6
Temple Bar Inv Tr . . . .1052.0 -22.0 1187.0 940.0
Templeton Emergin . . .473.0 2.4 520.5 371.5
The Renewables In . . . . .95.2 -3.0 106.3 94.1
TR Property Inv T . . . . .276.3 -30.2 314.9 257.3
Witan Inv Trust . . . . . . .737.5 -9.5 814.5 683.0
Woodford Patient . . . . .89.0 -4.9 119.3 81.6
Worldwide Healthc . . .1830.0 45.0 2097.0 1596.0
FINANCIAL SERVICES
3i Group . . . . . . . . . . . . .512.5 -49.5
3i Infrastructure . . . . . . .177.9 -2.1
Aberdeen Asset Ma . . . .277.7 -35.0
Allied Minds . . . . . . . . . .361.7 -23.3
Arrow Global Grou . . . .237.3 -27.8
Ashmore Group . . . . . .278.8 -30.4
Brewin Dolphin Ho . . . .228.0 -32.1
Charles Taylor . . . . . . . .268.0 -11.0
City of London In . . . . .304.8 -4.8
573.0
180.5
417.8
563.0
288.0
310.7
324.7
289.0
367.5
389.8
163.6
209.3
267.0
206.3
196.4
150.0
220.0
285.0
BATS UK 250
10445.78
310.83
14667.48
1189.24
Price Chg High Low
Close Brothers Gr . . . . .1215.0-140.0 1623.0 1167.0
CMC Markets . . . . . . . . .267.0 -8.0 283.3 180.0
Hargreaves Lansdo . . .1175.0-214.0 1525.0 1054.0
Henderson Group . . . . .218.0 -49.2 312.0 213.9
ICAP . . . . . . . . . . . . . . .420.6 -26.6 537.0 364.3
IG Group Holdings . . . .805.0 -35.0 840.0 690.0
Intermediate Capi . . . . .531.5 -90.5 671.0 505.5
International Per . . . . .260.5 -38.0 480.1 219.0
Investec . . . . . . . . . . . . .453.1 -31.0 621.0 387.0
IP Group . . . . . . . . . . . . .143.6 -17.8 259.1 143.0
John Laing Group . . . . .221.0 -5.8 230.2 187.0
Jupiter Fund Mana . . . .383.0 -63.6 475.1 362.7
Liontrust Asset M . . . . .255.0 -32.0 374.8 245.3
LMS Capital . . . . . . . . . . .57.0 -1.0 80.0 56.0
London Finance & . . . . .38.5 -1.0 40.5 34.0
London Stock Exch . . .2500.0-235.0 2906.0 2123.0
Man Group . . . . . . . . . . .114.9 -10.6 175.7 102.5
OneSavings Bank . . . . .263.4 -69.9 405.6 240.8
Paragon Group Of . . . .261.8 -48.8 444.8 251.5
Provident Financi . . . .2451.0-469.0 3634.0 2350.0
PureTech Health . . . . . . .141.5 -0.5 170.5 120.0
Rathbone Brothers . . .1817.0-158.0 2359.0 1720.0
Real Estate Credi . . . . . .157.0 -5.8 183.0 150.0
Record . . . . . . . . . . . . . . .26.1 0.4 39.0 20.9
S&U . . . . . . . . . . . . . . .2375.0 -175.0 2610.0 1992.5
Sanne Group . . . . . . . .400.0 -38.0 449.0 251.0
Schroders . . . . . . . . . .2382.0-329.0 3325.0 1960.0
SVG Capital . . . . . . . . . .522.0 -28.0 550.0 436.0
Tullett Prebon . . . . . . . .298.3 -25.7 414.8 276.1
VPC Specialty Len . . . . . .83.0 -3.0 104.0 82.3
Walker Crips Grou . . . . .45.0 -2.3 53.8 41.3
Price Chg High Low
AA . . . . . . . . . . . . . . . . .235.8 -53.7
AO World . . . . . . . . . . . .146.4 -11.6
Auto Trader Group . . . . .379.1 -38.9
B&M European Valu . . .256.6 -34.0
Brown (N.) Group . . . . .203.9 -33.8
Card Factory . . . . . . . . .334.9 -25.1
Darty . . . . . . . . . . . . . . .168.6 -1.2
Debenhams . . . . . . . . . .58.7 -9.2
DFS Furniture . . . . . . . .250.9 -44.9
Dignity . . . . . . . . . . . .2372.0 -147.0
Dixons Carphone . . . . . .371.0 -56.1
Dunelm Group . . . . . . .860.0 -112.0
Halfords Group . . . . . . .341.7 -61.0
Home Retail Group . . . .152.0 -7.9
Inchcape . . . . . . . . . . . .628.0 -53.5
JD Sports Fashion . . . . .1116.0-214.0
Just Eat . . . . . . . . . . . . .422.5 -30.9
Kingfisher . . . . . . . . . . .341.4 -24.8
Marks & Spencer G . . . .326.4 -39.9
Next . . . . . . . . . . . . . .4848.0-687.0
Pendragon . . . . . . . . . . .31.9 -5.9
Pets at Home Grou . . . .246.1 -22.7
Saga . . . . . . . . . . . . . . .199.9 -17.4
Sports Direct Int . . . . . . .321.3 -66.2
Ted Baker . . . . . . . . . .2600.0-165.0
WH Smith . . . . . . . . . . .1518.0-194.0
FOOD & DRUG RETAILERS
190.0
1355.0
209.4
470.8
292.5
325.0
223.7
625.0
149.4
929.5
139.0
217.7
211.5
260.5
139.2
460.3
382.2 233.6
189.3 119.7
449.6 298.4
358.5 241.2
389.1 200.6
399.0 313.5
171.8 68.0
91.2 53.6
349.0 245.0
2621.0 2114.0
500.0 242.0
1018.0 820.0
561.0 308.9
181.5 89.7
843.5 585.0
1332.0 694.5
494.9 329.1
379.7 310.0
564.5 255.1
8015.0 3550.0
49.0 28.0
311.2 229.0
221.4 173.9
817.5 220.7
3555.0 2270.0
1878.0 1174.0
Risers
FOOD PRODUCERS
Price Chg High Low
Weir Group . . . . . . . . .1356.0 -33.0 1767.0 787.5
INDUSTRIAL METALS & MINING
Evraz . . . . . . . . . . . . . . .123.6 -10.4
3599.0 1910.0
2538.0 1536.0
697.0 517.0
392.4 235.0
637.5 502.0
3331.0 2524.0
FORESTRY & PAPER
Mondi . . . . . . . . . . . . . .1331.0 -32.0 1611.0 1124.0
GAS, WATER & MULTIUTILITIES
Centrica . . . . . . . . . . . . .205.5
National Grid . . . . . . . .984.4
Pennon Group . . . . . . .852.0
Severn Trent . . . . . . . .2221.0
United Utilities . . . . . .928.0
-12.4
4.9
-12.5
-19.0
-4.5
283.0 183.6
1010.0 817.2
896.5 713.0
2295.0 2024.0
998.5 828.0
GENERAL INDUSTRIALS
Rexam . . . . . . . . . . . . . .641.0 7.5
RPC Group . . . . . . . . . . .764.0 -68.5
Smith (DS) . . . . . . . . . .375.0 -37.5
Smiths Group . . . . . . .1086.0 -34.0
Smurfit Kappa Gro . . .1665.0 -119.0
Vesuvius . . . . . . . . . . . .330.0 -21.2
647.5
843.0
421.0
1206.0
2824.0
437.0
517.0
575.6
331.2
863.5
1503.9
270.6
147.6 56.2
INDUSTRIAL TRANSPORTATION
BBA Aviation . . . . . . . . .216.3 -3.6 225.3 150.2
Clarkson . . . . . . . . . . .2245.0 -63.0 2797.0 1722.0
Royal Mail . . . . . . . . . . .508.0 -33.0 541.0 413.3
NON LIFE INSURANCE
Admiral Group . . . . . .1950.0 -61.0
Beazley . . . . . . . . . . . . .364.0 -20.9
Direct Line Insur . . . . . .351.2 -22.9
esure Group . . . . . . . . . .261.7 -12.0
Hastings Group Ho . . . .178.5 -7.5
Hiscox Limited (D . . . . .993.0 -23.0
Jardine Lloyd Tho . . . . .904.0 -39.0
Lancashire Holdin . . . . .555.0 -29.0
RSA Insurance Gro . . . .460.8 -22.8
2011.0
398.9
414.3
287.5
187.9
1061.0
1063.0
759.0
526.5
1385.0
295.6
323.0
223.7
149.8
832.0
778.0
467.0
373.2
535.5
199.5
276.3
229.1
943.5
1634.0
290.0
107.5
166.6
149.4
726.0
1087.0
LIFE INSURANCE
Aviva . . . . . . . . . . . . . . .374.8 -69.7
JRP Group . . . . . . . . . . . .117.4 -31.1
Legal & General G . . . . .188.5 -47.9
Old Mutual . . . . . . . . . . .186.7 -9.3
Phoenix Group Hol . . . .792.5 -85.5
Prudential . . . . . . . . . .1235.0 -123.5
%
17.0
14.2
11.9
10.5
6.0
5.8
5.0
3.9
3.7
3.5
HEALTH CARE EQUIPMETN & S.
Assura . . . . . . . . . . . . . . .52.7
Mediclinic Intern . . . . .986.0
NMC Health . . . . . . . . .1273.0
Smith & Nephew . . . . .1182.0
Spire Healthcare . . . . .334.6
-6.9
33.5
61.0
22.0
-17.4
61.8
1191.0
1274.0
1212.0
401.6
49.2
814.0
700.0
1051.0
279.9
HHOLD GDS & HOME CONSTR.
Barratt Developme . . . .439.8 -137.7
Bellway . . . . . . . . . . . .2065.0-669.0
Berkeley Group Ho . . .2593.0-692.0
Bovis Homes Group . . .775.5-248.5
Crest Nicholson H . . . . .430.0 -155.0
McCarthy & Stone . . . . .191.0 -46.9
Persimmon . . . . . . . . .1520.0-578.0
Reckitt Benckiser . . . .6893.0 50.0
Redrow . . . . . . . . . . . . .345.0 -81.6
Taylor Wimpey . . . . . . . .136.1 -56.3
662.5 392.4
2848.0 1672.0
3757.0 2015.0
1201.0 430.0
604.0 373.4
287.0 182.0
2219.0 1249.8
7016.0 5488.0
499.2 100.0
210.3 109.4
INDUSTRIAL ENGINEERING
Bodycote . . . . . . . . . . . .583.5 -29.0
Hill & Smith Hold . . . . .835.0 -96.0
IMI . . . . . . . . . . . . . . . . .964.5 -21.5
Rotork . . . . . . . . . . . . . .197.4 -5.7
Spirax-Sarco Engi . . . .3460.0 -75.0
726.5
1000.0
1174.0
237.5
3651.0
494.0
643.5
742.0
152.7
2725.0
/€ 1.2237
0.0007 €/$ 1.1032
0.0288
2037.41
75.91
/$ 1.3423
0.1167 €/£ 0.8172
0.0047
/¥ 137.26
2.6681 €/¥ 112.16
1.5271
MINING
Acacia Mining . . . . . . . .400.0 58.0
Anglo American . . . . . .659.0 -35.7
Antofagasta . . . . . . . . .430.3 -10.0
BHP Billiton . . . . . . . . . .856.3 -14.2
Centamin (DI) . . . . . . . .120.3 11.4
Fresnillo . . . . . . . . . . . .1386.0 147.0
Glencore . . . . . . . . . . . .139.5 -13.5
Kaz Minerals . . . . . . . . . .131.9 -7.9
Polymetal Interna . . . . .921.0 50.5
Randgold Resource . .7370.0 915.0
Rio Tinto . . . . . . . . . . .2077.5 -12.5
Vedanta Resources . . . .418.1 -13.3
419.4 156.6
994.8 221.1
719.5 346.1
1336.0 580.9
124.7 53.6
1482.0 588.0
273.6 68.6
217.5 72.7
935.5 427.1
8350.0 3625.0
2733.0 1577.5
603.5 205.8
%
-32.0
-29.3
-27.6
-26.5
-24.9
-24.6
-24.5
-24.3
-23.8
-23.7
Price Chg High Low
St James's Place . . . . . .774.5-149.5 1023.0 521.0
Standard Life . . . . . . . .283.9 -59.4 476.3 248.2
MEDIA
1377.0
268.0
174.0
85.5
162.0
326.3
1230.0
11.5
130.0
712.0
184.8
280.7
155.0
377.1
1275.0
1319.0
4250.0
1141.0
515.0
267.5
182.8
605.5
1072.0
200.0
140.0
36.3
89.0
130.0
855.0
7.9
99.0
534.0
118.1
141.0
20.0
247.0
657.5
1011.0
3154.0
770.0
302.9
202.0
102.7
469.6
Price Chg
LondonMetric Prop . . . .150.2 -14.1
Redefine Internat . . . . . .44.1 -2.1
SEGRO . . . . . . . . . . . . . .396.6 -52.0
Shaftesbury . . . . . . . . . .891.5 -67.0
Tritax Big Box Re . . . . . .125.7 -7.3
Workspace Group . . . . .733.5 -135.5
MOBILE TELECOMS
SUPPORT SERVICES
Aggreko . . . . . . . . . . . .1172.0 -33.0
Ashtead Group . . . . . .1033.0 -12.0
Atkins (WS) . . . . . . . . .1319.0 -85.0
Babcock Internati . . . . .933.5 -85.5
Berendsen . . . . . . . . . .1174.0 -55.0
Bunzl . . . . . . . . . . . . .2064.0 -1.0
Capita . . . . . . . . . . . . . .989.5-100.5
Carillion . . . . . . . . . . . . .260.5 -18.3
DCC . . . . . . . . . . . . . . .6180.0-370.0
Diploma . . . . . . . . . . . .825.0 -28.0
Electrocomponents . . .266.2 -20.0
Essentra . . . . . . . . . . . .507.0 -26.0
Experian . . . . . . . . . . .1335.0 7.0
G4S . . . . . . . . . . . . . . . . .173.5 -7.3
Grafton Group Uni . . . .543.0-169.0
Hays . . . . . . . . . . . . . . . .112.0 -24.9
Homeserve . . . . . . . . . .474.4 -30.6
Howden Joinery Gr . . . .417.0 -93.5
Intertek Group . . . . . . .3195.0 -20.0
Mitie Group . . . . . . . . . .256.3 -14.2
Pagegroup . . . . . . . . . . .311.3 -85.6
PayPoint . . . . . . . . . . . .955.0 -74.0
Paysafe Group . . . . . . . .367.1 -19.3
Regus . . . . . . . . . . . . . .282.0 -29.3
Rentokil Initial . . . . . . . .185.5 0.3
Serco Group . . . . . . . . . .108.4 -5.2
SIG . . . . . . . . . . . . . . . . .120.6 -22.7
Travis Perkins . . . . . . .1620.0-297.0
Wolseley . . . . . . . . . . .3742.0-105.0
Worldpay Group (W . . .280.3 -14.4
OIL & GAS PRODUCERS
BP . . . . . . . . . . . . . . . . .393.7
Cairn Energy . . . . . . . . .194.0
Royal Dutch Shell . . . .1872.0
Royal Dutch Shell . . . .1883.5
Tullow Oil . . . . . . . . . . .245.2
6.7
-1.0
20.0
-5.5
-22.7
442.3
231.5
1901.5
1928.5
358.0
310.3
127.2
1266.0
1277.5
118.2
PERSONAL GOODS
Burberry Group . . . . . .1126.0 17.0 1654.0 1041.0
PZ Cussons . . . . . . . . . . .323.1 -16.8 369.2 249.3
Supergroup . . . . . . . . .1484.0 -9.0 1714.0 1100.0
PHARMACEUTICALS & BIOTECH
AstraZeneca . . . . . . . .4031.5 133.0
BTG . . . . . . . . . . . . . . . . .651.0 -5.0
Circassia Pharmac . . . . .94.5 -12.8
Dechra Pharmaceut . .1076.0 -23.0
Genus . . . . . . . . . . . . .1456.0 -94.0
GlaxoSmithKline . . . . .1482.0 53.0
Hikma Pharmaceuti . .2271.0 31.0
Indivior . . . . . . . . . . . . .221.4 -8.1
Shire Plc . . . . . . . . . . .4106.0 58.0
Vectura Group . . . . . . . .156.0 -4.7
4627.5 3680.0
694.5 520.5
353.5 91.0
1228.0 811.0
1620.0 1281.0
1510.0 1237.5
2490.0 1704.0
266.4 130.8
5730.0 3480.0
188.5 146.6
REAL ESTATE INVEST. & SERV.
Capital & Countie . . . . .299.5 -63.0
CLS Holdings . . . . . . . .1435.0-150.0
Countryside Prope . . . .221.3 -49.7
Countrywide . . . . . . . . .283.0 -68.9
Daejan Holdings . . . . .5220.0-370.0
F&C Commercial Pr . . . .114.5 -12.0
Grainger . . . . . . . . . . . .210.0 -38.5
Kennedy Wilson Eu . . .998.0 -118.0
Safestore Holding . . . .342.0 -58.5
Savills . . . . . . . . . . . . . .620.0-160.5
St. Modwen Proper . . .270.2 -64.5
UK Commercial Pro . . . .73.9 -5.5
Unite Group . . . . . . . . .606.0 -42.5
473.4 292.3
1970.0 1330.0
278.5 200.0
580.5 260.5
6595.0 4999.2
148.7 110.0
254.0 207.5
1220.0 990.0
400.5 280.8
986.5 606.0
493.6 242.6
91.1 73.6
702.5 556.0
REAL ESTATE INVEST. TRUSTS
Big Yellow Group . . . . .769.5 -88.5
British Land Comp . . . . .613.5-149.0
Derwent London . . . . .2587.0-843.0
Great Portland Es . . . . .599.5 -171.0
Hammerson . . . . . . . . .513.0 -77.0
Hansteen Holdings . . . .102.5 -6.0
Intu Properties . . . . . . .277.2 -40.3
Land Securities G . . . .1005.0-185.0
886.5 620.0
877.0 500.0
3880.0 2230.0
889.5 541.5
685.5 400.0
124.1 99.8
353.2 269.8
1352.0 810.0
AIR LIQUIDE......................................................90.87
AIRBUS GROUP ..................................................52.11
ALLIANZ N ......................................................126.80
ANHEUS.-BUSCH INBEV...................................110.35
ASML HLDG.......................................................85.48
AXA....................................................................18.18
BANCO SANTANDER ...........................................3.38
BASF N..............................................................67.07
BAYER N ...........................................................87.64
BBVA..................................................................4.84
BMW................................................................68.66
BNP PARIBAS-A-..............................................39.40
CARREFOUR.......................................................22.15
DAIMLER N .......................................................55.06
DANONE...........................................................60.83
DEUTSCHE BANK N............................................13.37
DEUTSCHE POST N............................................24.56
DEUTSCHE TELEKOM N......................................14.06
E.ON N................................................................8.48
ENEL...................................................................3.60
ENGIE ...............................................................13.48
ENI ....................................................................13.24
ESSILOR INTL ...................................................115.00
FRESENIUS .......................................................63.64
GENERALI..........................................................10.92
IBERDROLA.........................................................5.39
INDITEX ...........................................................28.90
ING GROUP.........................................................9.34
INTESA SANPAOLO...............................................1.74
L'OREAL ..........................................................164.30
LVMH................................................................135.15
MUENCH RUECKVERS N...................................149.35
NOKIA................................................................5.04
ORANGE............................................................13.67
ROY.PHILIPS......................................................22.10
SAFRAN............................................................58.28
SAINT GOBAIN ..................................................35.58
SANOFI .............................................................69.37
SAP.....................................................................67.11
SCHNEIDER ELECTRIC.........................................52.12
SIEMENS N .......................................................90.52
SOCIETE GENERALE ..........................................28.80
TELEFONICA.........................................................7.73
TOTAL...............................................................40.62
UNIBAIL-RODAMCO.........................................230.35
UNICREDIT..........................................................2.08
UNILEVER CERT ................................................39.40
VINCI ...............................................................59.99
VIVENDI............................................................15.60
VOLKSWAGEN VZ.............................................114.25
2319.0
879.0
2522.0
1639.0
324.1
924.0
636.5
383.0
289.7
1237.0
716.5
1758.0
1175.0
215.8
710.5
489.7
280.0
146.0
1488.0 770.0
1144.0 769.0
1656.0 1158.0
1111.0 780.0
1230.0 969.0
2094.0 1671.0
1326.0 932.0
362.4 195.9
6695.0 4620.0
853.0 608.0
290.4 172.5
1029.0 475.6
1353.0 1022.0
282.9 145.0
797.0 543.0
172.8 96.4
505.0 363.2
531.0 367.9
3349.0 2323.0
335.6 245.7
559.0 156.3
1091.0 700.0
432.4 219.0
354.6 249.1
187.0 141.0
133.4 76.8
209.5 118.0
2260.0 1090.0
4384.0 3230.0
316.8 247.6
TECHNOLOGY HARDW. & EQUIP.
ARM Holdings . . . . . . .1080.0 61.0 1148.0 848.5
Laird . . . . . . . . . . . . . . . .318.0 -22.0 404.9 297.9
TOBACCO
British American . . . .4385.0 109.5 4476.5 3355.5
Imperial Brands . . . . .3693.5 15.5 3863.0 2991.0
TRAVEL & LEISURE
Carnival . . . . . . . . . . . .3465.0 -25.0
Cineworld Group . . . . .542.0 -54.5
Compass Group . . . . . .1350.0 51.0
Domino's Pizza Gr . . . .1010.0 -19.0
easyJet . . . . . . . . . . . . .1313.0-220.0
FirstGroup . . . . . . . . . . . .96.1 -7.1
Go-Ahead Group . . . . .1943.0 -145.0
Greene King . . . . . . . . .787.0 -105.5
InterContinental . . . . .2757.0 34.0
International Con . . . . .409.0 -119.0
Ladbrokes . . . . . . . . . . . .122.1 -7.4
Marston's . . . . . . . . . . . .141.5 -13.0
Merlin Entertainm . . . .430.8 -4.6
Millennium & Copt . . . .434.5 -16.5
Mitchells & Butle . . . . . .244.8 -43.1
National Express . . . . .291.7 -25.7
EU SHARES
Price
High Low
171.5 145.6
57.5 40.8
463.8 331.4
971.0 650.0
138.9 112.2
987.0 636.0
SOFTWARE & COMPUTER SERV.
Aveva Group . . . . . . . .1692.0 -43.0
Computacenter . . . . . . .755.5 -81.0
Fidessa Group . . . . . . .2104.0 -118.0
Micro Focus Inter . . . . .1530.0 -81.0
NCC Group . . . . . . . . . . .266.0 -18.0
Playtech . . . . . . . . . . . .798.0 -18.0
Sage Group . . . . . . . . . .603.5 -23.5
Softcat . . . . . . . . . . . . . .342.8 -40.2
Sophos Group . . . . . . . .182.0 2.9
Inmarsat . . . . . . . . . . . .753.5 -2.0 1148.0 664.0
Vodafone Group . . . . . .219.3 1.4 246.1 200.2
OIL EQUIPMENT & SERVICES
Fallers
4Imprint Group . . . . . .1265.0 -45.0
Ascential . . . . . . . . . . . .243.1 -15.9
Bloomsbury Publis . . . .157.5 -4.0
Centaur Media . . . . . . . .42.0 -1.5
Creston . . . . . . . . . . . . . .93.0 -4.0
Entertainment One . . . .156.5 -19.2
Euromoney Institu . . . .950.0-105.0
Future . . . . . . . . . . . . . . . .9.2 0.4
Haynes Publishing . . . .106.0 -5.5
Informa . . . . . . . . . . . .649.0 -20.0
ITE Group . . . . . . . . . . . .134.8 1.5
ITV . . . . . . . . . . . . . . . . .174.4 -44.8
Johnston Press . . . . . . . .21.5 -5.5
Moneysupermarket. . . .271.3 -22.9
Pearson . . . . . . . . . . . . .914.0 26.0
Relx plc . . . . . . . . . . . .1283.0 40.0
Rightmove . . . . . . . . .3630.0-595.0
Sky . . . . . . . . . . . . . . . .834.5 -59.0
STV Group . . . . . . . . . . .304.3 -57.5
Tarsus Group . . . . . . . . .249.3 -0.8
Trinity Mirror . . . . . . . . .110.0 -8.5
UBM . . . . . . . . . . . . . . . .576.5 -9.0
Price Chg High Low
Wireless Group . . . . . . .190.0 1.0 199.0 135.4
WPP . . . . . . . . . . . . . . .1525.0 -65.0 1678.0 1304.0
Zoopla Property G . . . .283.6 -28.4 337.8 199.3
Amec Foster Wheel . . .456.0 -15.0 850.5 327.6
Petrofac Ltd. . . . . . . . . .740.5 -15.5 982.0 635.0
Wood Group (John) . . .653.0 -23.0 698.0 534.5
Aldermore Group . . . . . . . . . . . .139.8
Taylor Wimpey . . . . . . . . . . . . . .136.1
Persimmon . . . . . . . . . . . . . . . .1520.0
Crest Nicholson Ho . . . . . . . . . .430.0
Virgin Money Holdi . . . . . . . . . .275.3
Derwent London . . . . . . . . . . .2587.0
Bellway . . . . . . . . . . . . . . . . . .2065.0
Bovis Homes Group . . . . . . . . . .775.5
Barratt Developmen . . . . . . . . .439.8
Grafton Group Unit . . . . . . . . . .543.0
Price Chg High Low
Associated Britis . . . . .2775.0 -54.0
Cranswick . . . . . . . . . .2084.0-159.0
Dairy Crest Group . . . . .530.0 -35.0
Greencore Group . . . . .299.2 -20.9
Tate & Lyle . . . . . . . . . .628.0 1.0
Unilever . . . . . . . . . . . .3265.5 79.0
4707.98
202.06
MAIN CHANGES UK 350
Acacia Mining . . . . . . . . . . . . . .400.0
Randgold Resources . . . . . . . .7370.0
Fresnillo . . . . . . . . . . . . . . . . . .1386.0
Centamin (DI) . . . . . . . . . . . . . . .120.3
ARM Holdings . . . . . . . . . . . . . .1080.0
Polymetal Internat . . . . . . . . . . .921.0
NMC Health . . . . . . . . . . . . . . . .1273.0
Compass Group . . . . . . . . . . . .1350.0
GlaxoSmithKline . . . . . . . . . . . .1482.0
Mediclinic Interna . . . . . . . . . . .986.0
S&P 500
NASDAQ
17400.75
610.32
GENERAL RETAILERS
FIXED LINE TELECOMS
BT Group . . . . . . . . . . . .383.9 -55.9 499.8 375.0
TalkTalk Telecom . . . . .205.6 -21.0 393.4 189.5
Telecom Plus . . . . . . . .1012.0 -88.0 1214.0 799.9
Booker Group . . . . . . . . .171.4 -8.8
Greggs . . . . . . . . . . . . .930.5 -157.5
Morrison (Wm) Sup . . .182.9 -6.7
Ocado Group . . . . . . . . .242.5 -10.5
Sainsbury (J) . . . . . . . . .227.2 -19.3
SSP Group . . . . . . . . . . .299.4 -20.7
Tesco . . . . . . . . . . . . . . .162.3 -5.5
UDG Healthcare Pu . . . .547.0 -42.0
DOW JONES
3907.0
597.0
1382.0
1099.0
1808.0
127.2
2713.0
977.5
2939.8
614.5
137.3
176.0
471.1
581.5
467.5
349.3
2957.0
457.0
991.0
764.0
1167.0
80.8
1788.0
739.0
2192.8
350.0
93.4
133.4
316.8
379.0
207.0
252.8
Price Chg High Low
Paddy Power Betfa . .8725.0 25.0 14275.0 6525.0
Rank Group . . . . . . . . . .216.9 -26.1 295.5 208.1
Restaurant Group . . . . .311.0 -39.0 723.5 229.9
Stagecoach Group . . . .234.9 -22.8 419.6 229.3
Thomas Cook Group . . . .61.8 -11.6 145.2 52.6
TUI AG Reg Shs (D . . . .954.0 -88.0 1271.0 813.0
Wetherspoon (J.D. . . . .722.0 -35.5 800.0 609.0
Whitbread . . . . . . . . .3830.0-361.0 5275.0 3534.3
William Hill . . . . . . . . . .276.3 -23.9 412.8 235.5
Wizz Air Holdings . . . .1567.0-428.0 2047.0 1500.0
AIM 50
4D Pharma . . . . . . . . . .740.0 -40.5
Abcam . . . . . . . . . . . . .659.5 6.5
Advanced Medical . . . .189.0 -6.5
Amerisur Resource . . . . .27.3 0.3
Arbuthnot Banking . . .1521.0 -74.0
ASOS . . . . . . . . . . . . . .3800.0 -45.0
Brooks Macdonald . . .1506.0-129.0
Camellia . . . . . . . . . . .8000.0 97.0
Clinigen Group . . . . . . .545.5 -9.5
Conviviality . . . . . . . . . .201.5 -6.5
CVS Group . . . . . . . . . . .720.0 -81.0
Dart Group . . . . . . . . . .565.5 -46.5
EMIS Group . . . . . . . . . .901.0 -9.5
Fevertree Drinks . . . . . .671.5 -43.5
First Derivatives . . . . .1790.0-140.0
Gamma Communicati .409.3 -26.8
GB Group . . . . . . . . . . .305.0 0.0
Gemfields . . . . . . . . . . . .36.4 -1.8
Gooch & Housego . . . . .857.0 -56.0
GW Pharmaceutical . . .506.0 3.0
Iomart Group . . . . . . . .250.0 -10.0
James Halstead . . . . . . .411.0 6.0
Johnson Service G . . . . .93.3 -6.3
M&C Saatchi . . . . . . . . . .327.8 3.0
M. P. Evans Group . . . . .405.0 -12.4
Majestic Wine . . . . . . . .393.0 -27.5
Mulberry Group . . . . . .978.0 -60.5
Nichols . . . . . . . . . . . . .1432.0 1.0
Numis Corporation . . .200.8 -9.3
Pan African Resou . . . . . .18.5 2.8
Pantheon Resource . . .144.8 -7.3
Patisserie Holdin . . . . .300.5 -9.5
Pinewood Group . . . . .530.5 -27.0
Polar Capital Hol . . . . . .299.5 0.5
Purplebricks Grou . . . . .142.0 -0.5
Redcentric . . . . . . . . . . .166.8 -14.3
Redde . . . . . . . . . . . . . .150.3 -7.0
Renew Holdings . . . . . .324.0 -19.8
RWS Holdings . . . . . . . .237.8 -5.3
Scapa Group . . . . . . . . .240.0 -13.3
Secure Trust Bank . . . .2352.0 -147.0
Sirius Minerals . . . . . . . . .19.0 1.0
Smart Metering Sy . . . .444.3 10.3
Staffline Group . . . . . .1062.0-138.0
Telford Homes . . . . . . .303.5 -59.5
Telit Communicati . . . .220.8 -5.3
Thorpe (F.W.) . . . . . . . .232.5 -5.5
Vertu Motors . . . . . . . . . .46.8 -10.8
Watkin Jones . . . . . . . . .107.8 -3.3
Young & Co's Brew . . .1220.0 0.0
Young & Co's Brew . . . .865.0 -50.0
1012.5 679.0
682.5 499.0
200.8 139.8
38.8 17.3
1630.0 1265.0
3970.0 2473.0
2040.0 1500.0
9800.0 7300.0
761.0 492.8
238.0 150.0
840.0 599.5
676.5 395.0
1155.0 817.5
730.0 280.0
2113.0 1312.5
463.0 268.5
321.0 207.8
67.3 35.2
929.0 816.5
696.0 211.5
307.5 214.0
520.0 378.0
99.5 84.0
370.0 282.8
445.9 345.5
477.8 296.0
1038.5 883.8
1492.0 1119.0
273.5 175.0
19.8 6.3
184.8 17.6
450.0 274.8
580.0 419.9
470.5 270.0
175.0 73.0
203.3 155.0
210.3 127.3
410.0 301.5
245.0 119.5
284.5 179.3
3385.0 2344.5
23.0 10.8
449.8 305.5
1623.0 991.5
446.5 287.6
356.0 178.3
244.5 173.5
78.5 46.3
115.0 95.3
1270.0 1075.0
950.0 792.5
http://corporate.webfg.com
mailto:
[email protected]
US SHARES
Chg
High
Low
Price
Chg
High
Low
-5.32
-3.42
-14.70
-3.75
-2.95
-3.33
-0.84
-4.80
-5.53
-0.94
-5.59
-8.30
-1.34
-4.93
-3.05
-2.20
-1.85
-0.77
-0.83
-0.40
-1.21
-1.34
-3.30
-2.18
-2.20
-0.61
-2.11
-1.64
-0.52
-6.35
-9.45
-11.45
0.07
-1.11
-1.59
-3.91
-4.41
-2.63
-4.00
-6.27
-7.24
-7.46
-1.49
-3.07
-14.60
-0.65
-1.39
-4.66
-1.11
-12.70
123.65
68.50
170.00
124.20
100.10
26.02
0.00
85.87
138.00
0.00
104.85
61.00
31.41
87.32
66.50
32.31
29.10
16.98
12.69
4.45
18.12
16.99
123.92
70.00
18.27
0.00
0.00
16.00
3.65
178.95
176.60
193.65
7.11
16.98
26.10
72.45
44.84
101.10
75.75
66.54
100.90
48.77
0.00
44.64
257.85
6.28
42.84
68.29
24.83
221.55
90.26
49.96
126.55
87.73
70.25
18.80
0.00
56.01
83.45
0.00
66.00
37.00
21.62
54.15
51.73
12.69
19.55
12.94
7.08
3.33
12.96
10.93
94.08
52.39
10.90
0.00
0.00
9.19
1.68
140.40
130.75
147.45
4.52
12.21
20.48
48.87
31.47
66.44
53.91
45.32
77.91
26.61
0.00
34.21
212.05
2.05
32.86
51.10
15.09
86.36
3M ...................................................................169.12
ALPHABET-A..................................................685.20
ALPHABET-C...................................................675.22
ALTRIA GROUP .................................................67.02
AMAZON.COM ................................................698.96
AMERICAN EXPRESS........................................60.06
AMGEN ...........................................................146.45
APPLE ..............................................................93.40
AT&T..................................................................41.52
BANK OF AMERICA ...........................................13.00
BERKSHIRE HATHAWY-B .................................139.71
BOEING CO......................................................126.52
BRISTOL-MYERSSQUIBB....................................70.61
CATERPILLAR....................................................73.03
CHEVRON........................................................101.90
CISCO SYSTEMS .................................................27.75
CITIGROUP ......................................................40.30
COCA-COLA CO..................................................43.93
COMCAST-A.......................................................61.65
DU PONT NEMOURS&CO..................................66.00
EXXON MOBIL...................................................89.39
FACEBOOK-A ...................................................112.08
GENERAL ELECTRIC...........................................29.82
GILEAD SCIENCES .............................................80.47
GOLDMAN SACHS GROUP................................141.86
HOME DEPOT ..................................................126.40
IBM.................................................................146.59
INTEL.................................................................31.55
JOHNSON & JOHNSON.....................................115.63
JPMORGAN CHASE...........................................59.60
MCDONALD'S...................................................119.44
MEDTRONIC......................................................83.26
MERCK..............................................................55.88
MICROSOFT ......................................................49.83
NIKE -B-...........................................................52.59
ORACLE.............................................................39.23
PEPSICO ..........................................................101.98
PFIZER..............................................................33.97
PHILIP MRRS INT ...............................................97.71
PROCTER&GAMBLE ..........................................82.26
SCHLUMBERGER...............................................76.66
TRAVLR COMP ..................................................111.02
TWITTER...........................................................16.44
UNITEDHEALTH GROUP ..................................137.29
UTD TECHNOLOGIES.........................................98.89
VERIZON COMM ...............................................54.43
VISA-A .............................................................75.05
WAL-MART STORES ..........................................71.96
WALT DISNEY-DISNEY ......................................95.72
WELLS FARGO...................................................45.71
WILLIS TOWERS................................................117.01
-4.99
-29.67
-26.65
0.71
-23.12
-3.19
-5.82
-2.70
-0.36
-1.04
-6.27
-7.03
-2.03
-5.19
-2.54
-1.47
-4.16
-1.15
-1.30
-3.21
-2.41
-3.00
-1.37
-2.90
-10.80
-1.89
-8.76
-1.44
-1.75
-4.45
-1.77
-2.51
-1.80
-2.08
-1.53
-1.60
-2.46
-0.62
-4.19
-1.95
-2.93
-2.83
-0.60
-1.90
-3.44
-0.24
-3.18
-0.14
-3.30
-2.20
-10.64
174.15
810.35
789.87
66.75
731.50
81.92
181.81
132.97
41.89
18.48
148.03
150.59
75.12
88.81
104.45
29.49
60.95
47.13
64.99
75.72
92.07
121.08
32.05
123.37
218.77
137.82
173.78
35.59
117.74
70.61
131.96
86.31
60.07
56.85
68.20
43.10
106.94
36.46
102.55
84.21
88.12
118.28
38.82
140.89
116.15
54.68
81.73
74.14
122.08
58.77
130.97
134.00
539.54
515.18
47.41
425.57
50.27
130.09
89.47
30.97
10.99
123.55
102.10
51.82
56.36
69.58
22.46
34.52
36.56
50.01
47.11
66.55
72.00
19.37
81.28
139.05
92.17
116.90
24.87
81.79
50.07
87.50
55.54
45.69
39.72
47.25
33.13
76.48
28.25
76.54
65.02
59.60
95.21
13.73
95.00
83.39
38.06
60.00
56.30
86.25
44.50
104.11
COMMODITIES
Gold.............................................................1315.50
Silver..............................................................18.04
Brent Crude....................................................48.51
Krugerrand.................................................1314.90
Palladium ....................................................557.00
Platinum .....................................................975.00
Tin Cash Official........................................17057.50
Lead Cash Official.......................................1693.25
Zinc Cash Official........................................1997.50
53.35
0.75
-1.75
55.20
6.00
-6.00
-110.00
-26.50
-36.00
Price
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 6138.69
FTSE 250. . . . . . . . . . . . . . . . . . . . 16088.05
FTSE All-Share . . . . . . . . . . . . . . . . 3348.58
FTSE AIM All-Share . . . . . . . . . . . . . . 703.81
%chg
-3.15
-7.19
-3.82
-3.18
CREDIT & RATES
Copper Cash Official..................................4662.50 -84.25
Aluminium Cash Official............................1600.25 -27.25
Nickel Cash Official....................................8895.00 -282.50
Aluminium Alloy Cash Official ..................1530.00
5.00
Cocoa Futures............................................3070.00 -165.00
-5.90
Coffee 'C' Futures .........................................136.98
Feed Wheat Futures....................................120.00
3.00
Soybeans Futures Continuation Contract ..1109.20 -15.20
BoE IR Overnight.........................................0.500
BoE IR 7 days..............................................0.500
BoE IR 1 month...........................................0.500
BoE IR 3 months.........................................0.500
BoE IR 6 months........................................0.500
LIBOR Euro - overnight ..............................-0.397
LIBOR Euro - 12 months.............................-0.057
LIBOR USD - overnight ................................0.393
LIBOR USD - 12 months................................1.205
Halifax mortgage rate ................................3.990
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
-0.05
0.00
Euro Base Rate ...........................................0.000
Finance house base rate .............................1.000
US Fed funds .................................................0.42
US long bond yield........................................2.42
Euro Euribor ...............................................-0.373
The vix index ...............................................25.76
The baltic dry index..................................609.00
Markit iBoxx EUR .......................................229.16
Markit iBoxx GBP........................................310.68
Markit iTraxx ................................................93.92
0.00
0.00
0.02
-0.13
0.01
8.51
13.00
0.56
6.57
18.52
WORLD INDICES
Chg
-199.41
-1245.46
-133.16
-23.11
Price
S&P 500. . . . . . . . . . . . . . . . . . . . . . 2037.41
Dow Jones I.A. . . . . . . . . . . . . . . . 17400.75
Nasdaq Composite . . . . . . . . . . . . 4707.98
Xetra DAX . . . . . . . . . . . . . . . . . . . . 9557.16
Chg
-75.91
-610.32
-202.06
-699.87
%chg
-3.59
-3.39
-4.12
-6.82
Price
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4106.73
Swiss Market Index . . . . . . . . . . . . . 7747.18
ISEQ Overall Index . . . . . . . . . . . . . 5878.23
FTSEurofirst 300. . . . . . . . . . . . . . . 1269.50
Chg
-359.17
-275.87
-492.80
-89.27
%chg
-8.04
-3.44
-7.74
-6.57
Price
Hang Seng . . . . . . . . . . . . . . . . . . 20259.13
Shanghai Composite. . . . . . . . . . . 2854.29
Straits Times . . . . . . . . . . . . . . . . . 2735.39
ASX All Ordinaries . . . . . . . . . . . . . 5192.80
Chg
-609.21
-37.67
-58.46
-165.80
%chg
-2.92
-1.30
-2.09
-3.09
MONDAY 27 JUNE 2016
CITYAM.COM
FEATURE 25
OFFICE POLITICS
Why 70 yearold colleagues
will be good
for us all
A VOCAL
NOTE
Voice Recorder
Free
Lynda Gratton explains what smashing
age siloes will do for the future workplace
T
AKE a look around most
workplaces and you will see
clear
signs
of
“age
segmentation” – people
within the same age group
spend most of their working day with
each other.
In part this is because, traditionally,
many people’s working lives could be
described as the “three-stage life” –
full-time education, followed by fulltime working and then topped off
with full-time retirement. These clearcut stages inadvertently strengthened
the boundaries between age groups.
If you are 20, then you are likely to
be at college; in your 30s, then you
are probably working full-time; and
by 65, you’ll be retired. Those at college mix only within their age group,
and those retired within theirs. In
fact, a study of the friends and associates of men in a US city showed that,
outside their family relationships, the
majority spent most of their time
with people within five years of their
own age. This age segmentation was
reinforced by the age at which people
left full-time work. By their mid-50s
many people experienced the feeling
that they no longer had a place at
work.
Many businesses have helped
cement the separation of the young
and the old. Corporate support for
retirement played an important role
in this, as firms tried to free up jobs
for more physically able workers.
Even job titles reinforce this separation of ages: labels such as “junior”
and “senior” are both age-related
titles.
Plenty of job titles
still divide people
by age – “senior”,
“junior”
There are few advantages of age segmentation, and many disadvantages.
When people interact mainly with
their own age group they tend to
stereotype other ages – they simply
don’t see the variety within other age
groups and instead use simple concepts to describe them. They also fail
to develop the cross-generational
friendships that can be such a source
of knowledge and support.
But this will change, and it’s likely
to change first at work.
Here is why.
A NEW PARADIGM
We are all living longer, and when we
live longer we inevitably have to work
longer – probably into our 70s and
even 80s. As working lives extend, the
traditional three-stages will seem
If you need to
record things –
maybe for work,
maybe for fun –
it’s easy to
quickly fill up the
storage on a
smartphone
with various
voice clips.
Helpfully, this
app works
across your
phone and
tablet (which
rarely have voice
recording
functionality)
and enables you
to send a
recording, share
it socially, or
store it in the
cloud,
immediately.
ridiculously inflexible. What will
come in its place will be new stages
where people try out new ways of living and working – be that building
their own business, exploring, or creating a portfolio of tasks and activities.
These new stages will be “age agnostic”. Right now, it’s mainly youngsters
who are taking time to explore
through their “gap year”. But rapidly,
it will be other age groups – the 40year-old taking time to recuperate,
the 50-year-old to learn a new skill,
the 60-year-old to travel the world, the
70-year-old to go back to full-time education. Similarly, people of any working age will build their own business,
or create a portfolio. As people of
many ages engage in the same activity, the benefits of being age agnostic
are really felt.
It’s hard to stereotype what a 70year-old is like when you are
travelling with them, exploring the
world, or what a 20-year-old is like
when you are building a business
with them.
This dissolving of stereotyping is all
for the good – but there is more.
Different ages inevitably have their
own unique profile of insight and
experience. When they begin to meet
each other as equals this knowledge
is more likely to flow between them –
to the advantage of everyone.
Breaking the siloes of age will happen
fast – and it will be good for everyone.
£ Lynda Gratton is a professor of
management practice at London
Business School and co-author, with
Andrew Scott, of The 100-Year Life: Living
and Working in an Age of Longevity.
26
LIFE&STYLE
MONDAY 27 JUNE 2016
CITYAM.COM
TRAVEL
HOURS IN...
PORTLAND,
OREGON
WHERE TO STAY
Built in 1909, the Sentinel luxury hotel,
is one of the most daring buildings of its
time with an exterior of fully glazed terra
cotta. Known for its art collection, it
possesses the spirit of Portland, plus
American hospitality. sentinelhotel.com
Get arty,
history and
coffee in
Austria’s
capital
Vienna’s imperial past hides
contemporary delights, as
Chris Osburn discovers
T
WHERE TO GO
Put those comfy sneakers on and hit up
some brunch spots. At Ps & Qs Market,
you can fill baskets of delicious grub to
enjoy when finding a cool spot at
Cathedral Park on the Willamette River.
Visit psandqsmarket.com
WHERE TO DRINK
he commemoration of the 100th
anniversary of the death of Franz
Joseph I of Austria – head honcho
of the Austro-Hungarian Empire
for nearly 70 years – presents a
grand opportunity to delve into Vienna’s
imperial past while catching up on some of
its more contemporary delights as well.
FRANZ WHO?
No, not Archduke Franz Ferdinand – whose
assassination in 1914 triggered the onset of
the first World War – but his older brother
Joseph, who is perhaps best remembered
for his long reign as emperor and for sporting ultra-masculine mutton chops so thick
as to make late Motorhead frontman
Lemmy Kilmister’s look like scraggly
whiskers.
A set of special exhibitions organized by
Schönbrunn Palace examines the life and
times of the Habsburg emperor. Chief
among these is Man & Monarch showing at
the palace until late November. The show
hones in on Joseph’s personal life as well as
his place in the Habsburg lineage and the
key events occurring during his reign.
Want to learn more? Other temporary ex-
hibitions about Franz Joseph are on at the
Imperial Carriage Museum on the grounds
of Schönbrunn Palace at the Imperial Furniture Collection in Vienna’s 7th District,
as well as at Schloss Niederweiden near the
Austria-Slovakia border.
CURRENT VIEWS
For exhibitions featuring considerably less
imperial pomp, there’s plenty to take in. Indeed, a list of Vienna’s most revered galleries and museums would be lengthy, but
here is a look at a few highly esteemed art
spaces worth visiting. In the shadows of St
Stephen’s Cathedral is Bäckerstrasse 4, representing a range of international artists,
slightly more than half of which are Austrian. ‘The Artist is Present’ is the first solo
show in Vienna by Swiss-born, Viennabased artist Heir Häfliger, comprised
mostly of vivid, large-scale sculptures and
“canvasses” made of toilet paper with no
additional colouring or other items added.
Galerie Hilger Next at Brotfabrik – think
of a Viennese version of Brick Lane’s Old
Truman Brewery – provides a glimpse into
edgier up-and-coming artists’ doings from
near and far, with an affinity for subver-
Big on small-scale brewery, the
Common’s Brewery is located in the
Central Eastside of Portland. It
expanded from a seven barrel nanobrewery to a 15 barrel brew-house.
Visit commonsbrewery.com
The founder of
psychoanalysis,
Ol’ Siggers is one of
Vienna’s most
famous children.
Check out his
museum while
you’re there.
sion and street art. For some of Vienna’s
more out-there art, from the deeply transgressive to the downright kooky, a visit to
Galerie Lukas Feichtner in the heart of the
city is in order. Georg Kargl Fine Arts offers
smart curation of mostly playful pieces at
its space in the midst of the hipster quarter
of Vienna’s 5th District, Margareten.
Out of the galleries and into the public
art venues, 21er House is Vienna’s ideal
spot for viewing art from the 20th and 21st
century. The attractive, clean lines of the
building itself, designed by Austrian architect Karl Schwanzer, demand a look-see
from fans of modernist architecture.
Continuing with the topically current
sightseeing theme, a stroll through Campus Wu of the University of Economics and
Business (Wirtschaftsuniversität Wien) is
equally a must for architecture adherents,
especially those interested in the work of
recently passed Zaha Hadid. Without doubt
the showpiece of the campus is her Library
With a focus on
regional ingredients
and seasonal dishes,
Filippou draws on the
tastiest moments of
his upbringing
WHERE TO EAT
Make it an occasion, because when you
dine at Ava Gene’s it will become one,
with entertainment if you manage to
get a seat at the chef’s counter. Opt for
the ‘Giardini’ menu and graze more of
the delights on offer. avagenes.com
FREUD FACT
Situated on the 18th floor, Das Loft Bar in Vienna boasts perhaps the city’s greatest views
CITYAM.COM
MONDAY 27 JUNE 2016 LIFE&STYLE 27
The Austrian
capital of Vienna,
as made famous by
Ultravox in 1980.
: @city_am
THE
GETAWAY
: @cityamlife
HIGHLANDER EXPERIENCE
LONDON & STUTTGART
Simon Thomson learns to sword
fight with television’s Adrian Paul
& Learning Center – a wonder to behold
from inside and out.
CAFÉS – ANTIQUE AND VINTAGE
Ready for a coffee break? You’re in the right
city. Immerse yourself in the grandeur of
Vienna’s imperial past at Café Landtmann,
which has been serving outstanding coffee
in an elegant and smartly situated addresses since 1873.
In business since 1904 – with interiors reflecting a refurb during the 1960s – Café
Korb near St Peter’s Cathedral is a comfortable place to relax whether for a quick
espresso pit stop or over a long and
leisurely lunch. Korb offers an especially
yummy version of apple strudel too. Apparently it was good enough for some of Vienna’s most celebrated citizens, such as
Emperor Franz Joseph and Sigmund Freud.
Falling short of the imperial era but indulgently anachronistic nonetheless, Supersense – a non-digital, totally analogue
café-restaurant-shop-studio in Vienna’s
trendy 2nd district – boasts some of the
city’s best espressos, cushiest sofas, and
quirkiest shopping.
Daniel Bakery, in the lobby of Hotel
Daniel near the Belvedere Garden, hinges
its aspirations for exceptional espressos on
its Faema E61 Legend. Placed amid a
charming array of postmodern accoutrements and vintage bric-a-brac, the
revered coffee machine is the focal point of
the bar. Daniel does a hearty lunch with a
menu that’s a smart balance of international favourites and Austrian specialties.
SPEAKING OF MENUS …
The noble pursuit of viewing compelling
art and sipping the perfect cup of coffee
can make for a meaningful Viennese excursion – but can also work up a mean appetite. A safe bet for sensational bites (with
a Michelin star stamp of approval) is at one
of local chef Konstantin Filippou’s two
restaurants.
With a focus on regional ingredients and
seasonal dishes, Filippou draws on the tastiest moments of his upbringing (Austrian
mum, Greek dad) to create a flavoursome
and robust cuisine. The city’s most deliciously exclusive seats are at the
Kitchentable of Filippou’s eponymous
restaurant; there’s room for two allowing
for cosy primetime viewing of all the
kitchen action.
Whether your hope is a tasty date at the
Kitchentable or seating elsewhere, reservations are a smart idea. For more casual dining and a mind-blowingly broad selection
of natural wines, head a few steps over to
Filippou’s bistro, O Boufés. When it comes
time to toast the town, an amazing vantage
point for drinks with a stunning vista is 18
storeys up at Das Loft cocktail bar atop the
Sofitel hotel.
For a more down to earth experience, but
a drinks menu that’s no less lofty, try the
centrally located Heuer am Karlsplatz with
knowledgeable bar staff producing very
down-able drinks such as a rich Bermuda
Chocolate Punch and the classic Kentucky
spritzer, the Horse’s Neck. It’s a fine ending
to a stay in this beautiful city.
THE IDEA: Adrian Paul, star of the ‘90s
fantasy TV spin-off Highlander: The Series,
now travels the globe training fans in the
art of stage combat. I expected the
gathering to be attended exclusively by
middle-aged men called Gareth. In reality,
it was far more varied, with a more or less
even split of men and women, ranging
from their 20s to 60s. Only one of them was
wearing a Highlander T-shirt, only one was
wearing a kilt, and only one brought his
own golf bag full of wooden samurai
swords. As the movie quote goes: there can
be only one.
WHERE? I attended the “London” event,
which is actually situated somewhere east
of Stansted, in the heart of darkest Essex.
The location, Cressing Temple, is a place of
rustic splendour, one of the earliest and
largest Knight Templar estates in England,
and it includes two large medieval barns,
one of which is the oldest timber-framed
barn in the world. Looking up at its 800year-old rafters definitely elevated
proceedings. Location is important to the
Sword Experience. Paul explained that he
was taught by the legendary sword master
Bob Anderson, who worked on Star Wars
and The Princess Bride, and told him, “You
don’t take a sword-fight and put it into a
location. You take a location and build a
fight.” The next event, in Stuttgart this
Friday, will take place in a music hall.
ASK ABOUT: Sword-fighting. Those
hoping for a Highlander Q&A should go to a
sci-fi convention, because the focus here is
very much on blade-to-blade combat. After
a brief warm-up – jumping over a sword,
standing like you’re riding a horse – things
progress quickly into learning the moves of
the fight from season one of Game of
Thrones, where... spoiler alert... Ned Stark
throws down with the Kingslayer. Paul is a
great teacher; precise, encouraging,
effortlessly charming. Advice ranged from
the practical – “Respect your weapon, for
two reasons: One, it will make you a lot of
money. Two, it will save your life” – to the
inadvertently profound – “Your feet go
where you want to go.” By the end of the
session, everyone was bashing away at
each other. If you want to learn serious
stage combat, you’re probably better off
doing a longer course, but if you want to
dabble in the basics and hang out with
Adrian Paul, this is a great day out. My fact
of the day is that when you’re cutting
upwards to cleave someone through the
groin, it’s the same motion you’d use for a
golf swing.
AND THEN? After a #medievalbarnselfie I
had a quick snoop around the walled
garden and granary before leaping into a
taxi for the first leg of my homeward
journey. People with more time, and their
own means of transport, might have
enjoyed a cuppa and a scone at the large,
unobtrusively modern onsite tearooms, or
sallied forth to find a country pub and
whiled away the warm summer evening
sipping real ale in a beer garden. If you
attend the Stuttgart Sword Experience you
should probably stick around for Comic
Con Germany on the Saturday and
Sunday; make a long weekend of it.
NEED TO KNOW: Stuttgart takes place on
Friday and costs $250 including sword hire.
Other events will be taking place in the US:
Florida on 19 August; New Hampshire on
17 September, and Minnesota on 15 and 16
October. To book, go to swordexperience
.nbblticketing.com
28
SPORT
CITYAM.COM
MONDAY 27 JUNE 2016
THE PUNTER
FOOTBALL TRADER
Blunt Three Lions
can still carve out
a win over Iceland
Ben Cleminson previews two crucial
Euro 2016 last-16 clashes
J
UST what England needed – a
well organised, spirited team
who are tough to break down.
With Harry Kane firing
blanks, and Jamie Vardy lacking starts, service and clear-cut
chances, there’s been little to cheer in
front of goal thus far.
Conversely, the Three Lions might
have benefited from facing a more expansive team than Iceland.
You can only beat what’s in front of
you, however, and the Premier
League’s best should be confident of
beating a squad of talented but limited footballers.
What’s less certain is how they’ll
achieve the victory.
At half-time in their three games so
far, England have been drawing twice
and behind once.
Their failure to get ahead, strangely,
hasn’t been reflected in the match
statistics.
It’s certainly not down to possession
– they’re averaging more than 60 per
cent control across their three Euro
2016 group games.
Nor is it their attempts on goal –
they’ve had at least 13 shots per game
too.
It all boils down to a lack of clinical
finishing, and I can’t see them blowing Iceland away.
Neither can I foresee a plucky
Iceland team getting ahead of our heroes.
That makes draw/England on the
half-time/full-time market at 11/4
with Betway an attractive bet.
Harry Kane
and England’s
scoring woes
look set to
continue
For all the concerns about England’s
defence entering the tournament,
they’ve actually been relatively solid.
Joe Hart has only had to pick the ball
out of his net twice in three games –
and one of those was following an uncharacteristic blunder.
His opposite number, Hannes Dor
Halldorsson, has been similarly ro-
bust, conceding just three goals in the
group stages.
Sadly for England fans, I fear tonight
will be yet more dour viewing.
It must be more than a decade since
the international team set the field
alight, which means both my head and
heart are going against a score-fest.
Sporting Index have total goals at
2.05-2.25, which I’ll be selling while
cheering on an England victory.
Here’s hoping there’s no penalties.
POINTERS
Draw/England
Sell total goals
11/4
Betway
2.05 Sporting Index
Goals won’t rain for Spain against miserly Italian defence
F
RANCE, Germany, Spain: the top
three in the Euro 2016 betting
can all be found in the same half
of the draw.
Being thrown into the dog-eat-dog
section, which also features Italy,
has helped push England’s outright
price out to 10/1.
But the big boys have been kept
apart, for now – except Italy and
Spain.
The Mediterranean heavyweights
meet in today’s early evening clash,
with Vicente Del Bosque’s men the
23/20 favourites to prevail in a rerun of the 2012 final.
Both teams come into the game
with the same track record – they
won their opening two games
before taking their foot off the gas
in the third, losing after
qualification had already been
secured.
I wouldn’t read too much into
either county’s loss. Had either
needed to get a result, I suspect they
would have managed it.
The balance of talent
undoubtedly sits with Spain, yet
Italy showed that even with one of
their weakest sides in more than a
generation, they simply cannot be
written off.
They impressively dealt with
much-fancied Belgium on match
day one and, having conceded just
the once in three games, it doesn’t
take a genius to work out what their
game plan will be here.
We could be in for a long night.
A stalemate definitely looks the
call after 90 minutes, so take the 5/1
generally available on there to be no
goalscorer.
Money Back
England v Iceland
Refunding all losing Correct Score
& Goalscorer bets as a free bet
if the match goes to penalties*
Available for new and existing customers
*Open for all Euros knockout matches. Open to all customers. Refund in the form of a Free Bet for losing bets. Minimum Stake: £5. Max Refund: £25. Applies to single pre-match bets.
Only First Goalscorer, Last Goalscorer, Anytime Goalscorer, Scorecast or Correct Score bets will be eligible. One Free Bet per customer, per match. Highest bet matched. Full terms apply.
It’s not often Sporting Index will
quote total goals as low as 1.9-2.1,
though I’d still sell at that price,
with a goalless draw very much on
the cards.
POINTERS
No goalscorer
Sell total goals
5/1
General
1.9 Sporting Index
MONDAY 27 JUNE 2016
CITYAM.COM
TENNIS
I’ll get better,
Djokovic warns
his SW19 rivals
TENNIS
NET GAINS Roger Federer’s slick efficiency illustrated in new
book as he begins bid for record eighth Wimbledon title
ROSS MCLEAN
@rossmcleanRMAC
WORLD No1 Novak Djokovic has
warned his rivals that he has an
insatiable appetite for silverware as
his quest for a third straight
Wimbledon crown begins today.
Djokovic, who currently holds all
four grand slam titles following his
maiden French Open victory earlier
this month, will start his
tournament defence against Britain’s
James Ward on Centre Court.
The Wimbledon championships
also represent the third instalment
of the 29-year-old top seed’s bid to
claim the first calendar slam – all
four major tournaments in the same
year – since Rod Laver in 1969.
“I’m at the peak of my career at
the moment,” said Djokovic.
“I see still lots of room for
improvement, things that I can work
on. That’s something that
encourages me. That’s something
that keeps me grounded in a way,
gives me more reason to practice.”
Six British men are in action today,
including Kyle Edmund who plays
Adrian Mannarino of France, while
Laura Robson goes up against fourth
seed Angelique Kerber and Naomi
Broady plays Elena Vesnina.
SPORT
29
RESULTS
FOOTBAL
EUROPEAN CHAMPIONSHIPS ROUND OF 16
Switzerland ..........(0) 1 Poland .........................(1) 1
Shaqiri 82
Blaszczykowski 39
Att: 38,842
AET: Score after 90 mins 1-1. Poland win 5-4 on penalties.
Wales .....................(0) 1 Northern Ireland......(0) 0
McAuley 75 (og)
Att: 44,342
Croatia...................(0) 0 Portugal ....................(0) 1
Att: 33,523
Quaresma 117
AET: Score after 90 mins 0-0.
France....................(0) 2 Rep of Ireland ............(1) 1
Griezmann 57, 61
Brady 3 (pen)
Att: 56,279
Germany................ (2) 3 Slovakia .....................(0) 0
Boateng 8, Gomez 43
Draxler 62
Att: 44,312
Hungary.................(0) 0 Belgium ......................(1) 4
Alderweireld 10, Batshuayi 78
Hazard 79, Carrasco 90
CRICKET
3RD ONE DAY INTERNATIONAL — Bristol, Sri Lanka
248-9 (50 overs, L D Chandimal 62, A D Mathews 56, B K
G Mendis 53), England 16-1 (4.0 overs). No result - rain.
GOLF
BMW INTERNATIONAL OPEN (Pulheim, Germany)—Final
Round (Gbr & Irl unless stated): 271 H Stenson (Swe) 68
65 67 71, 274 T Olesen (Den) 67 67 67 73, D Fichardt (Rsa)
68 69 68 69, 277 R Jacquelin (Fra) 65 68 72 72, 278 K
Aphibarnrat (Tha) 69 64 74 71, S Garcia (Spa) 71 68 70 69.
RUGBY LEAGUE
LADBROKES CHALLENGE CUP QTR-FINALS
Hull.....................................22 Catalans Dragons..............8
Wigan ................................26 Castleford ........................ 12
RUGBY UNION
INTERNATIONAL MATCHES
Argentina............................0 France...............................27
Australia .......................... 40 England ............................44
Japan................................. 16 Scotland ........................... 21
New Zealand.....................46 Wales..................................6
South Africa ..................... 19 Ireland ............................. 13
Canada .............................. 18 Italy ..................................20
TENNIS
WTA AEGON INTERNATIONAL (Eastbourne)—Final: (12)
D Cibulkova (Svk) bt (10) K Pliskova (Cze) 7-5 6-3.
NEVER classier than when wearing his Wimbledon whites, Roger Federer will be attempting to win a record eighth title at the All
England Club this week. The Swiss, who has played some of his best tennis on the Centre Court lawn and is due to play today, is
currently tied with Pete Sampras on seven titles. Analysing data on Federer and rivals Novak Djokovic, Andy Murray and Rafa
Nadal for new book Fedegraphica, journalist Mark Hodgkinson gained insights into what makes him the greatest player in
history. For instance, how far does Federer run on average per point at Wimbledon and the other grand slams? Image from
‘Fedegraphica: A Graphic Biography of the Genius of Roger Federer’ (Aurum Press, £20). Pic: Leonard Zhukovsky/Shutterstock
TODAY’S DIARY
FOOTBAL
European Championships Round of 16
Italy v Spain (5pm)...........................................................................................
England v Iceland (8pm) ................................................................................
30
SPORT
CITYAM.COM
MONDAY 27 JUNE 2016
IN BRIEF
ENGLAND EYE ALL BLACKS
AFTER AUSSIE WHITEWASH
£ RUGBY UNION: England’s Owen
Farrell insists a historic 3-0 series
win in Australia is only a step
towards their ultimate goal of
replacing New Zealand as the
world’s No1 team. England, who
clinched the whitewash with a 44-40
victory in Sydney on Saturday, have
climbed from eighth to second in
the rankings since coach Eddie
Jones took charge in December.
Farrell said: “What we’ve done is a
step in the right direction, but we
have to back it up and keep
improving because we’re not where
we want to be.”
GEMILI AND ASHER-SMITH
SEAL OLYMPICS PLACES
£ ATHLETICS: European champion
Adam Gemili ensured he will
represent Team GB in the 200m at
this summer’s Rio Olympics by
winning the event at the British
Championships in Birmingham
yesterday. Danny Talbot took
second and the other automatic
qualification spot, leaving selectors
with a decision over whether to pick
Zharnel Hughes or Nethaneel
Mitchell-Blake. Dina Asher-Smith
won the women’s 200m by 0.02
seconds from Desiree Henry.
THIRD ODI RAINED OFF TO
LEAVE ENGLAND AHEAD
£ CRICKET: England remain 1-0 up
with two matches to play after the
third one-day international against
Sri Lanka in Bristol was abandoned
due to rain. England limited the
tourists to 248-9 and made 16-1 off
four overs before play was called off.
SPORT BUSINESS
How Brexit could affect football
English clubs face
tougher rules on
signing players as
well as higher fees.
By Joe Hall
teams in the Champions League and
Europa League may find it more difficult to meet quotas on so-called homegrown players.
COSTLIER TRANSFER FEES
P
REMIER League clubs could
be forced to drastically
change their approach to the
transfer market after Britain
voted to leave the EU, with
many England-based stars ineligible
for the work permits required of nonEuropean Economic Area players.
The free movement afforded to European Union citizens enabled clubs
to bring players such as Cristiano
Ronaldo, Dimitri Payet and Cesc Fabregas to England when they would
have been unable to do so under existing work permit regulations for nonEuropeans.
Clubs are only permitted to sign
non-EEA players who have performed
in a minimum percentage of competitive matches for their country in the
two years prior to their arrival. If the
same protocols are applied to current
EEA players in a post-Brexit world, it
would pose huge ramifications for a
competition which was found to have
the highest percentage of expatriate
players of any league in Europe’s top
Premier League sides, such as champions Leicester, could find transfer business hit
by a reduction in value of sterling following last week’s EU referendum
five leagues, 57 per cent.
EXISTING CONTRACTS
But fans need not worry about their
favourite European players now putting their UK homes up for sale, with
law firm Mills and Reeve saying it is
“extremely unlikely that new regulations would be applied retrospectively”, meaning the likes of Payet
“should be able to keep their work
permit until at least their current contracts expire”.
It is also thought unlikely that EEA
workers will be forced to abide by the
same conditions as those from other
regions — especially in the short term,
as Britain embarks on tortuous negotiations over its exit.
SIGNING YOUNGSTERS
Brexit could cause problems in English teams’ youth recruitment. Clubs
are permitted to sign players from
overseas at 16 rather than the global
minimum of 18 provided they are
moving within the EU. Without the
benefit of this privilege, English
The tumbling value of the pound
could also make signing players more
costly for Premier League clubs, who
were already expected to spend unprecedented amounts this summer
due to rising broadcast income.
Clubs on the continent tend to demand payment in Euros, while many
Premier League clubs with instalments left to pay on previous transfers
of players could be left exposed by the
poor exchange rate, unless they negotiated forward with the selling club.
“There are clubs out there that tend
to float their exposure,” said Foenix
Partners managing director Richard
de Meo, who works with Premier
League clubs. “They know they have
obligations in a few months’ time and
the following year but they also don’t
want to lock in rates because they’re
not sure how many euros they’re
going to need in the future.”
James Powell, former commercial director at Everton and head of the
Sports Group at Cantor Fitzgerald Europe, says clubs rarely seek out insurance on future instalments. “It
doesn’t happen that often, because
there’s been relative stability between
the euro and the pound,” he said.
“This may be different now.”
MONDAY 27 JUNE 2016
CITYAM.COM
FOOTBALL
Fury’s camp reply to allegations of doping after
reports emerge of probe into world champion
ROSS MCLEAN
@rossmcleanRMAC
PROMOTERS for world
heavyweight champion Tyson Fury
insist they are mystified by
allegations that the undefeated
Briton is embroiled in a doping
investigation.
Reports yesterday suggested that
traces of a banned anabolic steroid
had been found in a sample given
by Fury last year, claims that
brought a swift response from
WORLD champions Germany eased into the quarter-finals with a routine 3-0
thrashing of Slovakia in Lille yesterday. Former Manchester City defender Jerome
Boateng volleyed Germany into an early lead, while Mesut Ozil’s fluffed penalty
mattered little as Mario Gomez and Julian Draxler also netted. Germany will face the
winners of today’s tussle between Spain and Italy in the last eight on Saturday.
FOOTBALL
Hazard hits top gear
as Belgium flourish
HUNGARY
BELGIUM
31
BOXING
STATEMENT OF INTENT Germany brush
aside Slovakia and surge into last eight
EURO 2016
SPORT
0
4
ROSS MCLEAN
@rossmcleanRMAC
BELGIUM boss Marc Wilmots
welcomed Chelsea
playmaker Eden Hazard
to the Euro 2016 party
as a stunning
individual
performance during
last night’s thrashing
of Hungary in Toulouse
stoked his side’s passage
to the quarter-finals.
An early header from
Tottenham’s Toby
Alderweireld failed to open the
floodgates and it took until late in
the second period for substitute
Michu Batshuayi to extend the lead,
while Hazard’s stunning solo goal
and winger Yannick Carrasco added
further gloss. Often regarded as
wasters of a golden generation,
Belgium recorded their biggest win
at a major tournament and will now
face Wales in Lille on Friday for a
place in the semi-finals.
“A captain can’t always do his
talking with his mouth, sometimes
you have to do your talking with
your feet and that’s what he did
today,” said Wilmots of his
skipper Hazard.
Spurs defender
Alderweireld headed
Hazard netted Belgium’s
third goal in their
thrashing of Hungary
home an eighth-minute
Kevin de Bruyne free-kick,
while a second goal
eventually followed inside the
final quarter of an hour courtesy of
Batshuayi’s tap in. Hazard struck
moments later after gliding past two
defenders before Atletico Madrid
winger Carrasco administered the
knockout blow in injury time.
Losses may exceed your initial deposit or credit limit. Price subject to fluctuation
ENGLAND TEAM
GOAL MINUTES
V ICELAND: 85-91
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Fury’s camp. The 27-year-old last
week postponed his rematch with
Wladimir Klitschko after injuring
an ankle during training.
“We are baffled by today’s story
in the Sunday Mirror,” read a
statement from Fury’s promoter
Hennessy Sports. “Tyson Fury
absolutely denies any allegation of
doping.
“He looks forward to recovering
from his injury and defending his
titles against Wladimir Klitschko
in October.”
Fury, meanwhile, remains on
course for a super-fight with
fellow Briton Anthony Joshua
after the Londoner defended his
IBF belt with a seventh-round
knockout of American Dominic
Breazeale on Saturday. Joshua,
meanwhile, weighed into the
controversy surrounding his
potential opponent.
“I hope it’s nothing serious,”
said Joshua. “I hope we can
continue on our collision course in
the near future.”
32
SPORT
CITYAM.COM
MONDAY 27 JUNE 2016
BREXIT AND ENGLISH FOOTBALL
What EU referendum may mean
for Premier League clubs PAGE 30
SPORT
FOOTBALL
O’Neill fumes as France beat
Ireland and wait for England
EURO 2016
FRANCE
REP OF IRELAND
FRANK DALLERES
@frankdalleres
REPUBLIC of Ireland manager
Martin O’Neill blamed
unfair Euro 2016 scheduling
after his 10-man side gave
France an almighty scare
but ran out of steam in Lyon.
A second-minute penalty
from Robbie Brady gave
Ireland a shock lead but the last16 match turned in 10 second-half
minutes as livewire forward Antoine
Griezmann scored twice for the hosts
and then Republic defender Shane
Duffy was sent off.
2
1
Les Bleus, who will face England or
Iceland on Sunday, rarely looked in
danger after that owing to their
numerical superiority and fresher legs,
having had three extra days’ rest that
O’Neill deemed “too much”.
“It will sound like an excuse
and it’s not meant to be,
but it really is incredible,”
he said. “Well done to
FOOTBALL
Hodgson rubbishes
striking duo rift
O’Neill’s Ireland took an
early lead against France
them but three days is
far too much.”
Brady gave the Irish the
ideal start when he converted
after Shane Long was fouled.
Momentum swung early in the second
half when Griezmann equalised with a
bullet header and then slotted home
four minutes later.
S T E L L A R A F T E R PA R T Y
DJ SET FROM
ROSS MCLEAN
@rossmcleanRMAC
ENGLAND boss Roy Hodgson was
forced to rubbish suggestions of a
rift between skipper Wayne Rooney
and fellow Three Lions striker
Jamie Vardy on the eve of his side’s
Euro 2016 last-16 clash with Iceland
in Nice tonight.
Hodgson stepped in to douse the
claims as Rooney was asked about
reports asserting he had grown concerned by the profile, particularly
on social media, of Vardy’s wife Rebekah during the tournament.
“I haven’t got a clue what you are
referring to,” said Hodgson. “There
are absolutely no problems in football terms between Wayne Rooney
and Jamie Vardy, in fact quite the
reverse, they are very close friends,
both on the field and off the field.
“I have got no idea what you are
referring to and I certainly would
advise Wayne to give no comment
to it, because it is obviously one
salacious story that someone has
CORAL
ECLIPSE
NICK
GRIMSHAW
(BBC RADIO 1)
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ICELAND
WHO ARE ENGLAND’S FOES?
UNFAMILIAR FOES
The Three Lions have only crossed
swords with Iceland twice. The last
meeting was a Euro 2004 warm-up clash
at the City of Manchester Stadium which
England won 6-1. Skipper Wayne Rooney
scored twice that day, while Iceland were
captained by Former Chelsea,
Tottenham and Fulham forward Eidur
Gudjohnsen. The only other meeting was
a World Cup warm-up clash in Reykjavik
in 1982, which ended 1-1. Former West
Ham striker Paul Goddard netted for the
visitors.
INSIDER WITH ENGLAND’S MEASURE?
Iceland are co-managed by Lars
Lagerback and Heimir Hallgrimsson.
managed to spin. It is of no interest
to us.”
England are seeking only their
seventh victory in the knockout
phase of a major competition since
the 1966 World Cup when they face
European minnows Iceland, while
the winners will play France in the
quarter-finals on Sunday.
Despite their lack of tournament
pedigree, Hodgson was keen to convey his admiration for the Scandinavians, who are playing in their
maiden European Championship
and are the smallest nation to ever
qualify for an international tournament.
“I think they owe a great debt to
[joint-manager] Lars Lagerback. I
don’t know the young Icelandic
coach [Heimir Hallgrimsson] but I
am sure he has played a big part as
well,” added Hodgson. “They have
the ability to organise a team, get
the maximum out of them and
make them unbelievably difficult to
beat, and also to engender a work
ethic which is not seen every day.
Lagerback also had an 11-year spell in
charge of Iceland’s Scandinavian rivals
Sweden between 1998 and 2009. During
that time Sweden faced England six
times and never lost, winning twice and
drawing four times.
DEFENSIVE TOGETHERNESS NO FLUKE
European minnows Iceland have
showcased defensive resilience and
stoicism so far at Euro 2016 and that’s
not a tactic reserved for the tournament
spotlight. During qualification, Iceland
conceded just six goals in 10 matches,
which included two clean sheets against
World Cup semi-finalists Holland.
RIVAL STAR GIVEN WINGS BY HODGSON
England boss Roy Hodgson managed
Iceland midfielder Birkir Bjarnason, who
scored their group-stage leveller against
Portugal, when he was in charge of
Norwegian club Viking FK in 2005.
“The character of the Icelandic
people, their ability to survive
through hardships – I am certain
that has been a major factor in their
progress as well.
“We will have to accept the title of
favourites, and they can go into the
game as underdogs.
“But we know that whether we
title them favourites or underdogs,
it is going to be a very difficult game
and they are going to be a hard
team to beat.”
Rooney, meanwhile, insisted he
had no worries over Raheem Sterling’s state of mind after it emerged
that new Manchester City boss Pep
Guardiola had telephoned the former Liverpool forward following
criticism of his performances.
“From what I have seen, his state
of mind is fine,” said Rooney. “There
is no issue with Raheem at all. His
attitude has not been questioned
by us. If anyone is questioning his
attitude or his state of mind, they
would be mistaken in having that
judgement.”
Bjarnason, then a teenager, was handed
his senior debut by Hodgson in a Uefa
Cup match against CSKA Sofia. He now
plays for Swiss champions FC Basel.
ICELAND’S SPIES IN THE CAMP
Three Iceland players ply their trade in
England. Swansea’s Gylfi Sigurdsson is
the sole Premier League representative,
while Aron Gunnarsson and Johann
Gudmundsson turn out for Cardiff and
Charlton respectively. Ex-Premier League
striker Eidur Gudjohnsen, aged 37, is part
of their squad.
NO HOME FIRES BURNING
Not a single member of Iceland’s Euro
2016 squad plays their club football in
their homeland, a country which has no
professional sides. There have been just
11 different champions of the Icelandic
top flight, despite the competition dating
back more than 100 years.
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