spreading his wings peter stringfellow`s post-angels plans

Transcription

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BUSINESS WITH PERSONALITY
SPREADING HIS WINGS
PETER STRINGFELLOW’S
POST-ANGELS PLANS P20-21
CITYAM.COM
MAY DIGS IN
HEELS OVER
EU WORKERS
MONDAY 5 SEPTEMBER 2016
ISSUE 2,704
JAKE CORDELL
@JakeCordell
PRIME Minister Theresa May has again
refused to guarantee the long-term
status of EU citizens living in the UK,
provoking ire from MPs, as a new poll
shows that many EU staff have
already quit their jobs, or intend to,
because of Brexit uncertainty.
A survey of 800 British firms that
employ workers from elsewhere in the
EU, published today, found one in 10
businesses said staff had told them
they intend to leave the UK, with
five per cent reporting that EU staff
have already quit following the
referendum.
More than two-fifths of businesses
said workers had expressed concerns
about their long-term status in the
UK, according to the British Chambers
of Commerce, which conducted the
survey.
The findings are published as May,
speaking in China at her first G20
summit, reiterated that she would not
guarantee the rights of EU citizens
BACK IN BUSINESS
IRAN IS OPEN AGAIN
FOR TRADE... AND
TOURISM P24-25
until the other 27 EU countries did
the same for Britons living abroad.
“I expect to be able to guarantee
their status,” she said. “The only circumstances in which that wouldn’t be
possible is if other EU countries don’t
guarantee the status of British citizens who are living in other
EU countries. I hope this is
an issue we can resolve at
an early stage.”
Around 1.2m Britons
are estimated to live
across the EU, while
more
than
three
million EU citizens live
in the UK, with the
biggest
representation
coming from Poland.
Frustration at the PM’s intransigence has grown over the summer,
with MPs from all parties urging her
to act unilaterally to guarantee EU citizens in the UK the right to stay.
“I think the government should give
a guarantee to all EU citizens who
were already working and living in
the UK an assurance that their status
FREE
SHOWDOWN Two more City investors
line up to blast Ashley’s Sports Direct
here will not be affected by Brexit,”
said Tory MP and former deputy chairman Bernard Jenkin. “It is inhumane
to leave peoples’ jobs, homes and
families hostage to some negotiation
which may go on for years.”
“This uncertainty is highly undesirable,” added fellow Tory
Steve Baker. “I want this to
come to an end as soon as
possible … so that EU citThe PM wants other EU
states to guarantee the
rights of British migrants
izens know they have the
right to remain.”
Daniel Hannan MEP said:
“All Leave campaigners were
clear throughout the campaign that
EU nationals legally resident in the UK
should not see their status affected.”
“Granting EU citizens the right to remain in Britain is not just the right
thing to do: it is also good business
sense,” said Labour’s former shadow
business secretary Chuka Umunna.
TWO MAJOR investment firms are set
to join a revolt against Sports Direct’s
corporate governance practices, at a
crunch AGM on Wednesday.
Royal London and Hermes will vote
against several board appointments.
£ CONTINUED ON P4
FTSE 100▲6,894.60 +148.63 FTSE 250▲18,016.45+166.82 DOW▲18,491.96 +72.66 NASDAQ▲ 5,249.90 +22.69 £/$▲ 1.329 +0.002 £/€ ▲ 1.192 +0.008 €/$▼1.115 -0.005
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02
NEWS
CITYAM.COM
LONDON ON FIRE Gigantic replica of the capital
set ablaze to recreate Great Fire of London of 1666
THE CITY VIEW
M&S staff row stems
from wider troubles
M
ARKS & Spencer’s famous adverts (“These are not just
potatoes, these are pan-shaken ready-to-roast extracrispy King Edward potatoes...”) may have stayed ripe
for mockery for over a decade, but between our
guffaws lies a reluctant acceptance that the branding is
absolutely spot on.
M&S food halls have been a roaring success, especially among
the millions of Brits who would rather pay a little bit extra to
secure a tastier-than-usual home dinner. And it doesn’t always
cost an arm-and-a-(slow roasted, cider and honey basted...)-leg –
the £10 meal deals have long been a favourite among City
couples. Specifically, the £10 pizza-and-prosecco offer shows an
acute understanding of its target market.
Another aspect of M&S that has always made it stand out from
the crowd is an above-average level of service. Mooch around a
Marks in any corner of the
country and one will
generally find a more
content, pleasant and helpful
staff than in nearby, rival
stores.
But could this be about to
change? As first revealed in
City A.M., the retail giant is at loggerheads with staff over a new
pay deal, while Sky’s City editor (and City A.M. columnist) Mark
Kleinman broke news over the weekend of an impending cull at
M&S’s head office, with up to 500 jobs heading for the
scrapheap. The cull is unsurprising, given M&S’s struggles in
recent times. The food side of the business may be thriving, but
the remainder looks like a completely different beast. Shares are
down 39 per cent since May last year, with new boss Steve Rowe
wrestling to turn around the company’s prospects.
Keeping staff happy and helpful is key to M&S’s success, but
management needs to find a way to afford the higher costs that
this entails. Years of sclerotic decision-making and ineffective
tinkering have forced the firm into a corner.
For the sake of its back office workers, its front of shop staff, and
the customers they serve, Rowe must consider some radical ways
of turning the business around. Most M&S customers either buy
its food, or its clothes – but never both. So perhaps it’s even time
to split the company in two.
Shares in the
company are down
39 per cent since
May last year
Follow us on Twitter @cityam
FINANCIAL TIMES
HINKLEY POINT OFFERS
£100BN PRIZE TO EDF
EDF and its Chinese partner could be
paid more than £100bn over 35 years
for Hinkley Point C’s electricity if the UK
government gives the go-ahead to the
French utility’s contentious nuclear
power station, according to analyses
commissioned by the Financial Times.
The total revenue that EDF and CGN
secure from Hinkley Point C could even
be as high as £160bn, said three
analysts, depending on assumptions
about inflation, plant output and idle
time for maintenance.
PRIORY OWNER TO SELL
HOSPITALS
The US owner of the Priory, Acadia
WHAT THE
OTHER
PAPERS SAY
THIS
MORNING
Liberty’s £7bn deal for F1
may face Brussels barrier
OLIVER GILL AND CHRISTIAN SYLT
@ojngill
THE EAGERLY anticipated sale of
Formula One to Liberty Media will
need to navigate a series of tight chicanes including potential scrutiny
by the European Commission (EC).
Private equity fund CVC is putting the final touches to a $9.1bn
(£6.8bn) deal that will see the
American media giant take full
control of F1. Fox media mogul
Chase Carey is expected to take
over as chairman today
with the sale expected to
be signed tomorrow.
THE TIMES
NHS BLOWS NEARLY £2BN IN
PAYOFFS TO BOSSES
Almost £2bn has been paid to NHS
managers in redundancy settlements
since the government began its health
service reforms, figures show. More than
3,000 health bosses have been given
payouts of more than £100,000, with
almost 500 paid above £200,000,
“astonishing” data reveals.
INSOLVENCY EXPERTS TO BE
QUIZZED OVER ‘FEES FRAUD’
Healthcare, is hoping to raise up to
£300m from site sales in the UK. The
Nasdaq-listed firm has set a deadline of
today for first bids for about 19 hospitals
with about 750 beds.
A number of leading insolvency
practitioners are due to be interviewed
under caution as part of a criminal
investigation into an alleged multimillion-pound professional fees fraud,
The Times has revealed.
However, the brakes could be applied
as Liberty would be subject to
European anti-competition laws given
Liberty’s considerable interests.
Also put under microscope by the EC
authorities will be a one per cent
shareholding by Formula
One’s governing body, the
FIA. Despite agreeing with
the EC not to have any commercial interest in Formula
One, the FIA purchased its
stake in advance of the aborted float in 2013.
Fox media mogul
Chase Carey
THE DAILY TELEGRAPH
BRITAIN CAN LEAVE EU AND
STILL THRIVE: STIGLITZ
Britain is easily capable of thriving
outside the European Union, one of the
world’s leading economists says.
“There’s no reason why not”, says
Joseph Stiglitz, a Nobel prize winning
economist and something of an
economic guru to the political left. “But
it depends on how Europe responds,
and how the negotiations go.”
NO UK FRACKING IN 2016 AS
LEGAL CHALLENGE DRAGS ON
Britain’s efforts to get fracking for shale
gas have suffered a fresh delay after it
emerged a legal challenge against the
only approved project will not be heard
until the end of November.
The FIA could also block the deal
through its authority as a regulator –
creating a conflict of interest between
its regulatory responsibilities and
commercial interests.
Meanwhile F1 chief exec Bernie
Ecclestone refused to be drawn over
his future role if the Liberty deal were
to go ahead. Former team owner Eddie
Jordan said it would mean the end of
Ecclestone’s influence in the sport.
“I will do what I have always done.
What role I play is my decision,”
Ecclestone – who also owns a 5.3 per
cent stake in Formula One – told
German magazine Auto motor und
sport.
THE WALL STREET JOURNAL
HANJIN SHIPPING FILES FOR
BANKRUPTCY PROTECTION
South Korea’s Hanjin Shipping, one of
the world’s largest container shipping
companies, has filed for bankruptcy
protection in the US to protect its
vessels from being seized by creditors.
BOND INVESTORS SEE YIELDS
BARELY BUDGING THIS YEAR
Bond investors are shrugging off
speculation that the Federal Reserve
could raise interest rates soon, reflecting
a conviction that rates will rise at an
extremely slow pace over the longer
term. Fears have also faded that the
Brexit vote would spur a rush into haven
assets and send the yield on the 10-year
Treasury note below one per cent .
CITYAM.COM
Global Switch in
talks with Asian
investor group
INSET: Final touches
made to the sculpture
that was set alight in
memorial of the Great
Fire of London.
BELOW: Flaming
artworks installed in
the Tate Modern lawn
by French art group
Compagnie Carabosse
LYNSEY BARBER
AND BILLY BAMBROUGH
ABOVE: A projection of fire by
artist Martin Firrell on the dome of
St Paul’s Cathedral.
BELOW: Dominoes by Station
House Opera to retell fire tragedy
@lynseybarber @BillyBambrough
DATA centre operator Global Switch,
owned by the billionaire Reuben
brothers, is in talks to sell a stake to a
consortium of Asian investors.
Chinese firm Daily Tech is thought
to be leading the negotiations for up
to 50 per cent of the company, valued
at over £5bn.
Reports of the potential sale in the
Sunday Times sparked concerns over
security and Chinese access to key
British data. Global Switch
develops and operates data
centres in Europe and Asia,
housing IT servers for governments, financial institutions, and telecoms
firms.
One member of
the consortium is
connected to a
Chinese
state-
owned corporation.
Global Switch, owned by the Reuben
brothers’ Aldersgate Investments, said
there were no security issues from a
potential investment from the consortium.
“If the investment is concluded by
the consortium, there will be no
change to the management or strategic direction of Global Switch,” the
company said in a statement.
City MP Mark Field said serious safeguards would likely need to be put in
place due to the “sensitivities”, as with an earlier
deal between China’s
Huawei and BT.
Global Switch operates
10 data centres around
the world, including one in the
capital.
Billionaires
David and
Simon Reuben
NEWS
03
CBI beefs up
London team
for Brexit talks
JAKE CORDELL
@JakeCordell
BUSINESS group the CBI has
refreshed its London leadership
team as the organisation prepares
for a turbulent few years
representing the capital’s firms in
the wake of the Brexit vote.
Vivian Hunt, managing partner
for top consulting firm McKinsey’s
UK and Ireland offices will become
chair of the group’s London
council, while CBI insider and
former corporate banker Simon
Moore will take over as director of
the London and south region.
Moore is expected to use his 20
years of experience in the City,
spent at Barclays, Lloyds, Chase
Manhattan and ABN Amro, to
support the Square Mile through
the upcoming Brexit negotiations.
He said: “London finds itself at a
crossroads. Keeping London’s place
at the front of the global line up is
a top priority for the capital’s
businesses.”
Hunt, who also pioneers
McKinsey’s work on diversity,
added: “At this critical time for the
capital, the CBI will be striving for
the best Brexit outcome for London
and the UK.”
04
NEWS
CITYAM.COM
Traders braced
for UK services
sector rebound
JAKE CORDELL
@JakeCordell
STERLING could be set for a bumpy
day of trading today as the closelywatched services purchasing managers’ index (PMI) is set to provide
another clue to the health of the postreferendum economy.
Analysts expect the industry, which
accounts for the vast majority of the
UK economy, to bounce back above the
crucial no-change 50-mark on the PMI.
The index tumbled at its fastest pace
since the financial crisis in July, falling
to 47.4, raising fears the UK was on the
brink of a recession.
Economists are forecasting the score
for August to come in somewhere
between 50 and 51. Expectations have
been pushed up after a surprisingly
strong manufacturing PMI last week,
which jumped from 48.3 to 53.4 and
sent the pound surging.
Sterling is now trading at its
strongest level against both the dollar
($1.33) and the euro (€1.19) since the
Bank of England unveiled its post-referendum rescue package with a cut to
interest rates and a £70bn extension of
quantitative easing.
Traders said there could be another
day of big movements if today’s reading varies from expectations.
“Typically, we see an amplified market response to the services figure,
given the greater influence the sector
has upon UK GDP and jobs,” said
Joshua Mahony of IG.
“If the number is strong, it will confirm the improvement in economic
activity ... and should underpin sterling,” added Fawad Razaqzada of
Forex.com.
However, some analysts, including
IG’s Mahony, believe a good score has
already been priced in. Moreover, the
service sector’s recovery is unlikely to
be as dramatic as manufacturing,
Capital Economics pointed out,
“because it doesn’t benefit as much
from the falling pound.”
Reed says EU
vote has hit
banking jobs
JAKE CORDELL
London mayor Sadiq Khan wants the City to keep access to EU markets
Khan: I will push the PM to find
Single Market answer for London
MARK SANDS
@MkSands
SADIQ Khan will vow to push Theresa
May for “creative” and “ambitious”
solutions to Single Market access for
the UK’s financial services sector.
Speaking at the annual Lloyd’s of
London City dinner tonight, Khan
will say that protecting financial
services should be the top priority in
Brexit talks.
“Getting simple, easy and
comprehensive access to the Single
Market for our financial sector is not
only central to London’s ongoing
status as the world’s leading
provider of financial and
professional services,” Khan will say,
calling on the government to be
“creative” in solutions, and
“ambitious” in negotiations.
@JakeCordell
THE LONDON jobs market could be
showing signs of a post-referendum
slowdown, according to a tracker of
nationwide job vacancies.
While the number of vacancies
was up by 7.7 per cent in August
compared to last year, online
recruitment firm Reed.co.uk found
London was being dragged down by
a crunch in the number of highpaying banking roles up for grabs.
Vacancies in the capital dipped
by 5.8 per cent over the last 12
months, taking the number of open
roles to the lowest since January.
Advertised positions in banking
have plummeted by 23 per cent,
Reed.co.uk said, as the industry has
been paralysed by the shock
outcome of the EU vote amid talk
of relocations and job cuts.
Despite the City slump, jobs in
the UK's booming automotive
industry climbed by 29 per cent
over the year, after an impressive
run of orders for cars made at UK
factories. Manufacturing jobs were
also up by 20 per cent – another
piece of good news for the industry
which has bounced back from the
vote to post growing exports.
Sports Direct to come under intense pressure to reform
CONTINUED FROM P1
Royal London Asset Management,
which owns a £2.75m stake in the
retailer, has pushed Sports Direct to
commission an independent external
review into its working practices. The
company published its internal
working practices review today. It
comes after MPs likened its
warehouse in Shirebrook, Derbyshire
to a “Victorian workhouse”.
And last night Sky News’ Mark
Kleinman reported that Hermes
Investment Management will vote
against the firm’s chairman, senior
independent director, and the head
of its remuneration committee.
Ashley Hamilton Claxton,
corporate governance manager at
Royal London Asset Management,
said: “We are astonished at the lack
of improvement in corporate
governance matters at Sports Direct,
despite repeated attempts by
ourselves and other investors to push
for positive changes at the firm.”
She added that a series of scandals
had wiped 60 per cent off Sports
Direct’s share price since its AGM
last year, despite slight increases in
revenues and gross profits. “[This] is
a clear sign of the impact which
severe corporate governance issues
can have on investors’ long term
outlook for a company,” Hamilton
Claxton said.
Shareholder Legal and General,
shareholder advisory groups Glass
Lewis and ShareSoc, the influential
Pensions and Investment Research
Consultants and Investor Forum
have all called for a shake up at
Sports Direct ahead of the AGM.
Royal London said it is voting
against the re-election of nonexecutive directors at Sports Direct
for the third year in a row, and will
vote against the re-election of the
retailer’s chairman Keith Hellawell
for the second consecutive year.
“We agree with other investors
that the chairman should resign,
with a new chairman to be
appointed within the next six
months. We are voting against the
non-executive directors yet again, to
express our frustration that
governance has not improved,”
Hamilton Claxton said.
“It is also unacceptable for a FTSElisted firm to operate for nearly
three years without a permanent
finance director in place and we
would like to see this position filled.”
“We strongly reiterate our belief
that improved governance would
have a very positive impact for Sports
Direct. We think that Mike Ashley
has the potential to grow a highly
successful business and believe that
investors would be a lot more
optimistic should the company start
delivering the changes we are calling
for.”
A spokesman for Sports Direct
said: “We are looking forward to
meeting with shareholders at the
AGM and open day at Shirebrook on
Wednesday.”
CITYAM.COM
Brexit must not
hit UK-US trade
ties, says Obama
LYNSEY BARBER
@lynseybarber
US PRESIDENT Barack Obama has
praised the special relationship
between the UK and the US, but
warned that both countries
needed to do everything they
could to prevent those strong ties
from “unravelling” as he indicated
other major global trade agreements
are a priority.
Speaking at the G20
economic summit yesterday,
Obama said the priority was
to complete two landmark
trade deals – the TransPacific Partnership
agreement between the US and Asia
and the Transatlantic Trade and
Investment Partnership between the US
and the EU.
“What I committed to Theresa [May]
is that we will consult closely with
her as she and her government move
forward with Brexit negotiations to
ensure that we don’t see adverse
effects in the trade and commercial
relationship between the
United States and the United
Kingdom,” the outgoing US
President said in China
yesterday morning.
NEWS
05
Japanese firms could move HQ
out of Britain amid EU vote fears
MARK SANDS
@MkSands
THE JAPANESE government is
warning of an exodus of financial
services, automotive and
pharmaceuticals businesses if the
UK doesn’t secure both tariff-free
trade and vital passporting rights.
The Ministry of Foreign Affairs
said firms may transfer operations
to the continent, and requested the
UK to minimise pain for companies
that invested in Britain as an EU
gateway.
It said car manufacturers such as
Nissan, Honda and Mitsubishi will
be hit by trade tariffs both for auto
parts imported from the EU and
final products assembled in the UK
for EU export.
The Japanese government also
stated the likes of Nomura and
Daiwa could seek to leave the UK if
they are unable to maintain
passporting rights.
“They would face difficulties in
their business operations in the EU
and might have to acquire
corporate status within the EU
anew and obtain the passport
again, or to relocate their
operations from the UK to existing
establishments in the EU,” it said.
The Department for Exiting the
EU said it welcomed the report.
US President Barack Obama
attended the G20 summit
THIS IS WALES.
THIS IS CONNECTED.
The world of business rarely stands still; the search for new
opportunities, new ventures and new partnerships drive
innovation across Wales. Whatever happens around us, Wales
will continue to provide a strong, stable and secure environment
for enterprise – that is always open to new ideas.
+44 (0) 3000 6 03000 / tradeandinvest.wales / @investwales
CITYAM.COM
NEWS
07
Speedy Hire and Rottweiler set for
shareholder showdown on Friday
OLIVER GILL
@ojngill
THE VERY public dispute between
Speedy Hire and Toscafund will come
to a head this week as the former’s
shareholders are gearing up to vote
on proposals by the activist investor.
Toscafund – led by Martin Hughes,
known as the Rottweiler – has called
a general meeting, scheduled for this
Friday, for shareholders to vote on
two key motions. The first is a vote to
remove chairman Jan Astrand.
“Toscafund believes that Jan
Astrand has been indecisive as a
business leader, failed to support
Speedy Hire’s executive management
fully and failed to consult with
shareholders regarding key board
appointments,” it said in a
statement.
The appointment of turnaround
specialist David Shearer is the second
motion set to be debated.
“Toscafund considers that David
will be able to add significant value
to the board as it oversees Speedy
Hire’s organic turnaround plan, and
also has the requisite experience to
examine any suitable consolidation
prospect,” it said.
Key shareholder advisory groups –
ISS, PIRC and Glass Lewis – and major
shareholder Schroders have come out
in support of the two motions.
BP boss Bob Dudley’s $19.6m pay packet was shunned by shareholders in April
This year’s AGMs
had more bloody
noses than 2012
HAYLEY KIRTON
@HayleyLEK
MORE FTSE 100 chief executives
received a bloody nose over
boardroom pay packets during this
year’s AGM season than in the socalled shareholder spring of 2012,
according to figures published today.
The proportion of companies which
managed to secure less than threequarters of votes in support of their
remuneration report so far this year
has almost doubled compared with
2012, as a lack of bonus target disclosures, unclear links between pay and
performance and rising pay packets
with no explanation continue to leave
a bad taste in investors’ mouths.
Deloitte, which carried out the
research and will be publishing a full
report later this month, also found
only a quarter (26 per cent) of the top
30 companies had their remuneration
report approved by 95 per cent of
shareholders or more, compared with
around half (52 per cent) which could
make the same claim last year.
“So far this year we have seen a higher proportion of companies receiving
less than 75 per cent of votes in support of their remuneration report,”
said Stephen Cahill, partner in
Deloitte’s remuneration team.
“While we’re still talking about a relatively small number of companies
this is rightly a cause for concern.
“The 2016 AGM season has been
bruising for a number of companies,
perhaps even more so than the shareholder spring of 2012.”
Looking ahead, Cahill told City A.M.:
“2017 will be similar to 2016. Most
companies will be fine but those that
get it wrong can expect a very rough
ride.”
Stefan Stern, director of the High Pay
Centre, said: “The so-called ‘shareholder spring’ of 2016 did have a bit more
substance to it than the votes from
four years earlier. The BP vote above all
was symbolically important. I think
sentiment is finally shifting among
some big shareholders, in the right
way.”
Back in April, BP boss Bob Dudley
received a high-profile thumbs down
from investors, when 59.29 per cent
voted against his $19.6m (£13.8m) pay
packet.
Bayer board to debate making a
hostile approach for Monsanto
BILLY BAMBROUGH
@BillyBambrough
THE BOARD of German multinational
chemical and pharmaceutical firm
Bayer is expected to debate taking
another swing at US rival Monsanto
when it meets next week.
Bayer’s supervisory board will
meet on 14 September and will
weigh up whether to sweeten its
offer for Monsanto again or even
pursue a hostile takeover, German
newspaper Rheinische Post has
reported, citing company sources.
Monsanto turned down an
improved offer of $64bn (£48bn) in
July. It described the approach as
“financially inadequate and
insufficient”.
But the US seeds company said
that it “remains open to continued
and constructive conversations with
Bayer and other parties”.
Bayer first made a $62bn offer for
Monsanto in May and then upped it
after it was reported Monsanto was
in talks with rival BASF.
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08
NEWS
CITYAM.COM
HSBC set to let customers open
new bank accounts using a selfie
LYNSEY BARBER
@lynseybarber
FORGET passwords, pins,
fingerprints or eye scans – selfies
are now replacing traditional
security measures put in place by
banks.
HSBC will let its business
customers open an account simply
using a selfie thanks to facial
tracking technology, a type of
biometrics which is becoming
increasingly popular among firms
as a way of making online banking
more secure.
The selfie is verified against a
passport or driving licence picture
which the bank will hold on record
and can be used with Apple or
Android phones for mobile
banking.
“Through simplifying the ID
verification process, we’ll be able
to save our business customers
time and open accounts quicker,”
said HSBC’s head of global
propositions for commercial
banking, Richard Davies.
“We also expect the convenience
and speed of a ‘selfie’ to become
the verification method of choice
for our customers.”
Challengers now
handle a third of
corporate debt
HAYLEY KIRTON
@HayleyLEK
CHALLENGER banks are giving the incumbent players a run for their money,
as figures out today show 34 per cent of
UK business mortgages and charges are
now issued by the newer lenders.
In particular, 32 per cent of corporate
debt is handled by what Avention, which
carried out the research, classifies as
smaller challengers, including Metro
Bank and Aldermore.
Utilities and energy companies have
seen the light when it comes to challengers, with 50 per cent with outstanding mortgages and charges holding
them with such lenders.
The challengers are yet to totally win
over the London market. Just a quarter
(25 per cent) of corporate debt in central
London is handled by challenger banks,
compared with just under half (47 per
cent) in northern Scotland.
“Avention’s data shows the significant
market share that challenger banks
enjoy when it comes to corporate lending, particularly the smaller challengers,” said Paul Charmatz, senior vice
president of Avention’s International
business.
Avention plans to crunch the numbers
again in six months’ time.
“It will be interesting to see if our market insights continue to point to the success of challenger banks in the UK – and
whether the same regional and sector
trends are evident,” added Charmatz.
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CITYAM.COM
NEWS
09
Gatwick passenger growth hits high
OLIVER GILL
@ojngill
GATWICK Airport saw record-breaking
passenger numbers last month,
strengthening the case for expansion
at the UK’s second largest airport.
Both the month of and year to
August smashed previous highs –
4.8m passengers came through the airport taking the annual number of passengers to 42m, up 6.4 per cent on the
previous year. “We’re expansion
ready – with this summer our busiest
ever... the case for Gatwick expansion
has never been stronger,” said chief
finance officer Nick Dunn.
North Atlantic flights increased by
51 per cent for the month and by 30
per cent for the year. The only destination that was shrinking was European
charter flights – down 2.8 per cent in
the month and 6.2 per cent down on
the year.
“Gatwick expansion would secure
the same number of new routes and
economic benefit Britain needs... and
without the £5bn of taxpayer funding
Heathrow would require for surface
access improvements,” said Dunn.
• In less positive news for the
airport, Gatwick was forced to close its
main runway last night after it discovered a “hole” on the tarmac, causing
diversions and delays for thousands of
passengers.
Almost 42m passengers came through Gatwick Airport in the last year
Southern strike
is on despite
desire to talk
Balfour boss to
lead bid for
National Grid
OLIVER GILL
JESSICA MORRIS
@ojngill
A 48-HOUR strike by the Rail,
Maritime and Transport (RMT) union
on the Southern rail network will go
ahead on 7 September despite both
sides saying that they are available to
hold talks to avert industrial action.
The walk-out, the latest in the
long-running dispute over the role of
guards on the troubled network, will
start at midnight on Thursday,
running until midnight on Friday.
Both sides said that no talks
beforehand are currently planned.
“RMT remains available for serious
talks but [Southern rail owner] Govia
Thameslink has no interest in
resolving the dispute,” said the RMT.
A spokesperson for Southern said:
“We would be happy to talk about
our plans to introduce onboard
supervisors but the RMT has refused
to move on our central proposal that
a modern train should be able to
operate with only a driver on board
if absolutely necessary, rather than
see that train cancelled at great
inconvenience to our passengers.”
Last week, the Department for
Transport announced a £20m “hitsquad” investment to address the
problems on the Southern rail
network. And on Friday, Govia’s
majority owner – Go-Ahead group –
announced profits of £100m.
“It is clear that the government
are propping them up financially
and politically,” said the RMT.
A source close to the rail operator
told City A.M. that Southern rail was
not profitable in the last year and any
profits made by Go-Ahead related to
other operations such as its bus
services.
Sources said that most of the £20m
investment by the DfT would go to
Network Rail to upgrade
infrastructure rather than to
Southern.
@jssmorris
THE CHAIRMAN of Britain’s biggest
construction company is being lined
up to sweeten a bid for National
Grid’s network of gas pipes which
could be worth up to £10bn.
The group of Canadian, British
and Middle Eastern investors
approached industry veteran and
Balfour chairman Philip Aiken to
lead the bid, the Sunday Times
reported, as competition heats up
ahead of the deadline later this
month.
Australian engineer Aiken is a nonexecutive director of software firm
Aveva and Newcrest Mining. He
stepped down from the board of
National Grid last year.
National Grid’s auction of a
majority stake in its gas distribution
business, announced in November, is
tipped to be one of the biggest UK
infrastructure deals of this year. It
will also act as a litmus test for
appetite among foreign investors
following the UK’s vote to leave the
European Union in June.
Aiken would spearhead a
consortium including Canada
Pension Plan Investment Board, the
Universities Superannuation Scheme
for British academics, fund manager
Hermes, and sovereign wealth funds
from Kuwait and Abu Dhabi.
The rival group is made up of
insurer Allianz, sovereign wealth
fund China Investment Corporation,
and fund managers Dalmore Capital
and Amber Infrastructure.
China’s State Grid is also
reportedly interested in the sale. Last
month, Australia blocked it from
taking a controlling stake in its
largest energy network Ausgrid amid
“national security” concerns.
National Grid’s gas business owns
82,000 miles of pipeline, and delivers
gas to nearly 11m customers.
Jaguar powers up electric racing team
BILLY BAMBROUGH
Jaguar is hoping its electric Formula E racing team can accelerate to pole position
@BillyBambrough
JAGUAR will lift the lid on plans for
its electric Formula E racing team
this week.
The car, team, and sponsors are set
to be unveiled on Thursday and will
compete in the opening race of the
Formula E season in Hong Kong next
month.
Jaguar Land Rover – owned by the
Indian industrial giant Tata – is
racing to catch up with the likes of
Tesla and BMW as the fast-growing,
electic-powered car industry
accelerates.
It’s thought the racing car’s
technology will be used as a
blueprint for Jaguar’s electric car
ambitions with a consumer model
expected to be launched later this
year.
Jaguar has been battling against
European fines for its fuel-guzzling
Land Rover and Range Rover models
in recent years as the regulator
cracks down on high emission cars.
In the first half of this year
worldwide sales of electric cars were
up 57 per cent to 285,000 and there
are now more than one million
electric cars on the world’s roads for
the first time ever. Tesla alone is
expected to produce 85,000 vehicles
this year.
10
NEWS
CITYAM.COM
Morrisons fires
gun on autumn
food price war
OLIVER GILL
@ojngill
BRITAIN’S fourth largest supermarket
has provided some autumn cheer for
consumers by announcing a series of
price cuts to key products in a move
that could spark a price war.
Morrisons announced that staples
such as meat and poultry will be
slashed by 20 per cent with some
vegetables priced a third lower.
Industry leaders said that this could
lead to the other three of Britain’s Big
Four supermarkets (Tesco, Sainsbury’s
and Asda) following suit.
“I think you can expect things to get
pretty aggressive,” one source told the
Mail on Sunday.
According to research firm Kantar
Worldpanel, Tesco’s shrinking market
share has sunk to its lowest level since
2014, meanwhile Morrisons share fell
0.2 per cent to 10.7 per cent.
However, if recent soundings from
Walmart-owned Asda – which
recently announced a 7.5 per cent
drop in quarterly sales – are to be believed, it will not cut prices. Instead of
drastic cuts, it is focused on bringing
down prices by an aggregate of £1.5bn
over five years.
Last month Lidl was the fastest-growing supermarket in the UK and, together with fellow discounter Aldi, it
has captured nearly 11 per cent of the
market.
“Lidl has always been committed to
providing customers with the best
quality at the lowest prices. This is an
integral part of our core values as a
business,” said Lidl’s Georgina Hall.
Prices had been expected to rise
following the Brexit vote.
A devaluation in sterling led to
warnings that the increase in import
prices would be passed on to consumers. But this has not be borne out
yet, according to price comparison
website Mysupermarket which said
that prices had fallen by four per cent
over the last 12 months.
New €300m
fund launched
for tech firms
LYNSEY BARBER
Apple boss Tim Cook branded th EU’s tax ruling ‘total political crap’ last week
European Commission could
scrutinise more Irish tax deals
HAYLEY KIRTON
@HayleyLEK
THE EUROPEAN Commission is
investigating various Irish tax deals,
less than a week after its competition
division decided the country’s
conduct with Apple amounted to
illegal state aid.
The European Competition
Commission hit the tech giant with
a bill for €13bn (£10.9bn) last week
which CEO Tim Cook dubbed as
“political crap”.
Ireland’s Sunday Business Post
reported yesterday the European
Commission is looking into around
six other tax opinions received in the
country in the early 1990s, which
could lead to further tax bills.
@lynseybarber
A EUROPEAN venture capital firm,
which has previously backed Spotify,
iZettle and London fintech startup
MarketInvoice, has launched a new
multi-million-pound fund to plough
into tech startups across Europe,
including the UK in another vote of
confidence in the country after
Brexit.
Northzone has closed a $300m
(£252m) fund to invest in early stage
companies from global institutional
investors and is eyeing up tech
startups in the areas of finance and
health in particular in the capital.
Despite turbulent conditions in
the wider market, Northzone – one
of the most established venture
capital firms in Europe – said it was
bullish and that it’s “business as
usual”.
It said the shock referendum
result in June didn’t take away from
the London’s appeal with its growing
status as the world’s centre for
financial technology.
“We haven’t seen anyone make a
dent in banking business market
share yet, it’s really just getting
started,” said London-based partner
Jeppe Zink on fintech.
The Award-Winning
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(3.4); Combined 48.7 (5.8) - 78.5 (3.6). The official CO2 emissions are 132-95g/km. EU Directive and Regulation 692/2008 test environment figures. Fuel consumption and CO2 may
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Offer for £500 off is available to retail customers only. Participating dealers only. Offer can be used in conjunction with other offers and is available on the Clio (excluding New Clio), Captur, All-New Kadjar and All-New
Mégane models when ordered between 22nd August 2016 and 26th September 2016 and registered before 30th September 2016. For full terms and conditions, visit renault.co.uk/offers
12
NEWS
CITYAM.COM
THECAPITALIST
Got A Story? Email
[email protected]
Just do it: 200 City
firms in giving mood
IN THE run up to City Giving Day on
27 September, the Lord Mayor, Alderman Jeffrey the Lord Mountevans,
hosted a breakfast at the Mansion
House for more than 80 businesses
who have signed up to this year’s
campaign.
With over 200 companies
taking part on the day itself, the guests last Friday
were rallied to make
their day something to
remember with guest
speakers, Jenny Barrow
of the FCA, Phil
Northey of NatWest and
City A.M.’s very own top
cat Lawson Muncaster.
Ahead of the “go red”
theme this year many guests
got in the spirit by wearing red.
City Giving Day is an annual event
when the City can collectively showcase and celebrate the charitable
work of businesses and its employees
and highlight their impact.
The Lord mayor said: “People should
be proud to work here, and proud to
INSECT HELPS WORLD
SCRABBLE CHAMPION
After competing against hundreds of
talented Scrabble enthusiasts from
30 countries over 34 intense rounds of the
MSI World Championships, Brett
Smitheram, a recruitment consultant
from Chingford, has successfully clinched
the title of World Scrabble Champion
2016. Brett was declared the winner after
a nail-biting three-round final. And he
can thank an insect for his £7,000 cash
prize. The crucial word played was
BRACONID meaning a parasitic
wasp, scoring 176 points. have such a healthy, prosperous City
in their midst. They should know
about the work that goes on, inside
and outside the Square Mile. City
Giving Day is one way to effect that
change.
“We’ll shine a light on some of
the best Corporate Social Responsibility (CSR) schemes,
and hear from businesses,
employees and commu-
QUOTE OF THE DAY
Lord Mayor backs
City Giving Day
nity groups about how
community engagement
is enriching lives and
livelihoods.”
This is an ideal opportunity to
promote and celebrate your charity
and community work, recruit more
volunteers into CSR programmes,
have fun raising money, and underline the importance of contributing
to communities,
As the famous slogan goes, just do
it!
Ed Balls is in a bit of
a state of shock and
trauma
EIGHTY businesses signed up to this year’s City Giving Day campaign at a Mansion
House event last Friday. It takes place on 27 September and has a go red theme.
His wife and Labour
MP Yvette Cooper
following the season
opening of Strictly
Come Dancing on which
the former shadow
chancellor fell
rather flat.
Parents prepared to pay £53,000 Satellite firm: SpaceX
more to live close to top UK schools must pay us $50m
JESSICA MORRIS
@jssmorris
PARENTS are increasingly prepared to
pay a hefty premium to buy a home
within the catchment area of
Britain’s best state schools.
Lloyds Bank research released
today showed they are willing to fork
out an average of £53,000 more to
live in an area close to a top
performing state school – an
increase of £13,000 (31 per cent) from
last year. Average property prices in
the postal districts of the best 30
state schools in England which
achieved the strongest GCSE results
in 2015 have hit £366,744. This
means they trade at a premium of
about 17 per cent compared to the
county average.
Homes located near Beaconsfield
High School attracted the largest
premium, fetching nearly £1m.
They’re trading £629,021 (171 per
cent) above the county average house
price of £367,191.
House prices in the postal district
of The Henrietta Barnett School
trade at a premium of £429,506 (74
per cent) compared to the whole of
Barnet which enjoys the second
highest premium of all areas.
IRENE KLOTZ
ISRAEL’S Space Communication
could seek $50m (£37.6m) or a free
flight from Elon Musk’s SpaceX after
a Spacecom communications satellite
was destroyed last week by an explosion at a Florida launch site.
Officials of the Israeli company said
in a conference call with reporters
yesterday that Spacecom could also
collect up to $205m from Israel Aircraft Industries, which built the
AMOS-6 satellite.
SpaceX is not public and has not disclosed what insurance it had for the
rocket or to cover launch pad damages
beyond what they were required to
buy by the Federal Aviation Administration, which oversees commercial
US launches, for liability and damage
to government property.
Reuters
CITYAM.COM
Half of Corbyn
backers say he is
fighting spooks
MARK SANDS
@MkSands
MORE than half of Jeremy Corbyn supporters believe that British spies are
working to undermine the Labour
leader, according to new figures.
Unite general secretary Len McCluskey suggested in June that intelligence agents could be using “dark
arts” against the Labour leadership.
And now the latest polling figures
show the idea has become widespread
among Corbyn supporters.
In a survey of more than 700
supporters of the Labour
leader, 55 per cent said it was
“definitely” or “probably”
true intelligence agencies
like MI5 are trying to undermine Corbyn, who is set to win
the party leadership contest.
By contrast, among
Labour voters more
broadly, 23 per cent
believed the theory
VAZ SEX SCANDAL Labour MP’s future
on Home Affairs Select Committee in doubt
13
Ed Balls helps
Strictly pull in
record viewers
LYNSEY BARBER
was credible, while 19 per cent of the
broader electorate said the same.
Similarly, more than one in three of
the Islington North MP’s backers said
his parliamentary colleagues had conspired against him while 35 per cent
said some Labour MPs had been
planted by Conservative strategists to
undermine the party’s left wing.
Outside of Corbyn’s supporters, one
in four Labour voters said the idea was
either probably or definitely true,
while 19 per cent of the broader voting public said the same.
A total of 42 per cent of Corbyn
supporters blame rebels and 49
per cent blame the media for the
party’s bad performance in polls,
which have the Conservatives
comfortably ahead. Only one per
cent of Corbyn backers said the
party leader is responsible
for the polls.
Corbyn is likely to win
the leadership battle
NEWS
LABOUR MP Keith Vaz’s future as chair of the influential Home Affairs Select
Committee is in doubt following allegations that he paid for male escorts. The 59year-old MP for Leicester East allegedly had men visit him in his London flat.
@lynseybarber
WHO WANTS to watch Ed Balls dad
dancing around a disco floor? A lot
of people, it turns out.
The much-hyped appearance of
the former Labour shadow
chancellor on Strictly Come
Dancing helped the BBC draw in a
record number of viewers to the
show for a series debut.
The 14th series of the popular
Saturday night show landed 10.1m
viewers at its peak and average of
9.3m. That compares to 8.7m for
last season’s opening episode.
That also compares to ITV's
standard Saturday night fodder X
Factor opened with just 6.8m
viewers last week, its lowest
opening in a decade, however, that
grew to 8.3m on average yesterday
with a peak of 9.2m.
Balls has been keeping himself
busy since losing his seat as an MP
in last year’s General Election. He
joined Harvard University’s
Mossavar-Rahmani Center for
Business and Government as senior
fellow last year. He was also
appointed chairman of Norwich
Football Club.
Khan must axe empty Oxford Street
bus services: Transport committee
MARK SANDS
The pedestrianisation of Oxford Street is expected to be complete by 2020
@MkSands
PLANS to ban vehicles from Oxford
Street must kick off with a dramatic
reduction in “empty” West End bus
services, according to the London
Assembly transport committee.
Mayor Sadiq Khan has made the
pedestrianisation of the street a key
part of his mayoralty, and is hoping
to complete work by 2020.
However, critics have suggested
the plans need more detail, and now
London Assembly members have
called on Khan to begin the work by
cutting bus numbers on the street.
In a letter to the mayor, transport
committee chair Caroline Pidgeon
said a reduction would need to be
“sizeable” and that London should
not simply see existing routes
diverted on to surrounding streets.
“Too often we are seeing buses
that are going virtually empty,”
Pidgeon said.
Khan’s spokesman said he would
engage stakeholders throughout
works: “The mayor recognises that
this will be a complex process and
has already began to discuss with
stakeholders how to best to make
this vision a reality.”
14
NEWS
CITYAM.COM
Recruiters must stop taking the easy route
PwC’s Laura
Hinton tells Hayley
Kirton why some
firms need to try
harder with hiring
I
t’s 2016. The UK has its second female Prime Minister running the
country, the US could potentially
get its first female President later
in the year, and there’s no shortage of positive role models for working women looking for inspiration.
This makes the revelation of Laura
Hinton, head of people and an executive board member at professional
services giant PwC, all the more
shocking: that recruiters would still
pass over somebody who has a gap in
their CV, whether it be to take care of
children, look after elderly relatives or
whatever else would prevent them for
carrying out a nine-to-five for a spell.
This view pushes many women out of
the race before they’ve even sat down
in front of an interviewer.
“There’s something around almost –
this is maybe not the right word to use
– lazy recruitment, looking for people
who are more obvious and easily
available rather than thinking more
creatively and thinking how do we
demonstrate that these skills [learnt
while on a career break],” said Hinton.
“There’s an element of [thinking]
there is a ready-made pool of candidates which makes life quite easy. But
actually it happens to be male-dominated, so, if we want more balance, we
have to try harder.”
PwC is striving to meet diversity targets in a variety of ways, but its fledgling Back to Business programme is
one of its shining stars.
Although it is open to all, PwC’s paid
16-week return to work scheme is
designed to help senior professional
women who have taken a career break
of two or more years to ease themselves back into the workplace.
Crucially, the work involved isn’t glorified tea runs but includes clientfacing tasks.
The programme started in the firm’s
traditionally male-dominated deals division last year. However, it proved so
successful that it has been rolled out
across the business, with the number
of spaces on the scheme increasing
tenfold. At the end of the programme’s first run, 75 per cent of
those taking part were offered a permanent role at the firm.
“What we know is that when somebody leaves the organisation, whether
male or female, at manager or senior
manager [level], we are more likely to
replace them with a man,” Hinton explained. “That’s partly because...men
are often more active in the markets
Hinton has seen how simple changes in hiring can make a huge difference
Women were
undervaluing the
skills they had
been generating
and it was proving more difficult to
find senior women to come into senior positions.”
Hinton knows from conversations
she has had with those on the scheme
that gaps in their resume is a common reason for women shying away
from job hunting. While some of it is
down to self-confidence, it was also a
message they were regularly being
spun by recruiters.
“It’s important to remember that
while women are out of the workplace, whether it be for two years or
six years, they are accumulating
skills,” said Hinton. “They are all really
good life skills; organisation skills;
project management skills. If we put
it into corporate language, coming
back into the workplace, that’s all
very relevant, and I think women
were undervaluing the skills they had
been generating.”
PwC did not let itself off easy and
has put its own recruitment process
under the spotlight as well, discovering even the smallest changes can
reap big results.
Hinton explained that changing the
box for the “Is this role suitable for
flexible working?” question on the
firm’s jobs checklist so that it is ticked
as default has resulted in a great
“quick win”. The vast majority of roles
are now advertised in a way which
doesn’t exclude those who would find
full-time work a problem.
“Very few people untick that box
and opt out so that change in itself
has made a huge difference,” she said.
However, Hinton’s long-term goal for
the Back to Business scheme is perhaps a surprising one.
“Ultimately I’d like us not to need it
because we will have balanced recruitment at every level, in every team,”
she said. “It will just be the way people
are wired and the way things happen,
rather than having to specifically
focus on it.”
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CITYAM.COM
NEWS
15
Anti-migration party defeats
Merkel’s CDU in state election
ERIK KIRSCHBAUM
CHANCELLOR Angela Merkel’s
conservative Christian Democrats fell
to third place in a state election
yesterday behind the centre-left Social
Democrats (SPD) and anti-immigrant
Alternative for Germany (AfD) party,
TV exit polls showed.
In a stinging defeat for Merkel one
year ahead of parliamentary
elections, the upstart AfD won 21 per
cent of the vote in their first election
in Mecklenburg-Vorpommern state
by campaigning hard against the
chancellor’s policies on refugees,
according to an exit poll by the ARD
TV network.
The SPD, which has ruled the rural
state on the Baltic coast with the
CDU as junior coalition partners
since 2006, won 30.5 per cent of the
vote, down from 35.6 per cent in the
last election in 2011.
lo
Australian PM Malcolm Turnbull is committed to securing trade deals with Britain
Turnbull backs
UK and Australia
free trade deals
MARK SANDS
@MkSands
AUSTRALIAN Prime Minister Malcolm
Turnbull said yesterday Britain and
Australia are both “very committed”
to an early free trade deal in the aftermath of the Brexit vote.
Speaking at the G20 summit in
China, Turnbull said both sides are
keen to secure open markets.
“They’ve [Britain] got to put in place
free trade agreements and we are enthusiastic and supportive; we’re providing Britain with as much
assistance as we can at a technical
level,” he said.
Before travelling to China, British
Prime Minister Theresa May was keen
to put the UK’s relationship with Australia in the spotlight.
Speaking ahead of the summit,
Downing Street noted UK officials will
this week hold talks with their Australian counterparts about establishing a trade negotiating team, while
the Australian government has also
offered to dispatch negotiators to UK
teams.
New Zealand and Canada have also
offered to share their expertise.
“We are going to make a success of
Brexit and one way we will do that is
by playing to Britain’s strengths as a
great trading nation and forging our
own new trade deals around the
world,” May said.
“We are building up the necessary
expertise to go after these trade deals
and, here in China, I will be seizing
the opportunity to talk to leaders
from countries like Australia, who
have already made clear that they
want to strike a deal once we have left
the EU.”
Turnbull’s comments came after US
President Barack Obama warned of
the prospect of US-UK trade “unravelling” in the aftermath of Brexit.
Obama said the US would seek to
complete deals with Asia and Europe
as its first priorities, adding he continues to believe the world gained from
the UK’s participation in the EU.
“We’re going to do everything we
can to make sure that the consequences of the decision don’t end up
unravelling what is already a very
strong and robust economic relationship,” said Obama in China.
China calls for fair Australian
market for foreign investors
JESSICA MORRIS
@jssmorris
CHINA has said that it hopes
Australia can provide a fair
environment for foreign investors,
following its first meeting with the
Australian government since security
concerns prompted it to derail a
major energy infrastructure deal.
After a meeting on the sidelines of
the G20 summit, Chinese President
Xi Jinping said he “hopes the
Australian side continues to dedicate
itself to providing foreign investors a
fair, transparent and predictable
policy environment”.
“This also accords with Australia’s
own interests,” China’s foreign
ministry quoted Xi as telling
Australian Prime Minister Malcolm
Turnbull.
China, Australia’s biggest trading
partner, hit out at Canberra after it
prevented two Chinese firms from
paying more than A$10bn (£5.94bn)
for a stake in energy firm Ausgrid
amid “national security” concerns.
A LORD MAYOR’S
APPEAL INITIATIVE
The CDU won 19 per cent, down
from 23 per cent in 2011, and its
worst result ever in the state.
The far-left Left Party won 12.5 per
cent, down from 18.4 per cent five
years ago, while the proenvironment Greens won five per
cent, down from 8.7 per cent.
The far-right NPD was knocked out
of the state assembly, falling below
the five per cent threshold for the
Reuters
first time since 2006.
LORD
MAYOR’S
C TY
GI ING
DAY
TIME GIVEN, PEOPLE SUPPORTED
JOIN US
27 SEPTEMBER 2016
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collectively celebrate their charity and community work,
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of charity and community work:
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16
FEATURE
CITYAM.COM
MONEY TRANSFER
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MONDAY 5 SEPTEMBER 2016 MARKETS 17
CITYAM.COM
CITYDASHBOARD
LONDON REPORT
Eyes on housing
sector as big firms
set to post results
H
OUSEBUILDERS are in the
spotlight this week as some
industry heavyweights post
their latest earnings.
Berkeley Group updates
the market tomorrow, while Barratt
Developments posts its full-year
results on Wednesday.
The FTSE 100 climbed at the end
of last week to a two-week high after
a greater than expected slowdown in
US employment lowered the chances
of an interest rate hike.
In economic data, the latest UK
services sector PMI reading is out
this morning at 9:30am. Investors
are hoping it will spring back
towards the 50 mark that separates
contraction from expansion.
On Thursday the European
Central Bank meets, with markets
closely watching ECB president
Mario Draghi for clues on whether
further easing is warranted.
Other earnings to keep an eye out
for include emerging market-focused
investment manager Ashmore
Group’s full year results this
morning, embattled fintech firm
Monitise on Thursday, and pub
chain JD Wetherspoon on Friday.
In association with
YOUR ONE-STOP SHOP BROKER
VIEWS AND MARKET REPORTS
BEST OF THEBROKERS
To appear in Best of the Brokers, email your research to [email protected]
HAYS
134
P
Markets brace
for volatility
132
130
2 Sep
128
129.90
126
124
26 Aug
30 Aug
31 Aug
1 Sep
2 Sep
Specialist recruitment group Hays has been promoted to “neutral” from
“underperform” by Credit Suisse. Analysts acknowledged the UK market will be
challenging through 2017 but added that this should be offset by FX tailwinds and
like-for-like profit growth in its other operations. Hays now has a target price of 125p
a share (from 100p), reflecting higher near term forecasts and a lower cost of equity.
MONDI
1,620
P
1,600
1,580
1,560
FTSE
1,540
6,950
6,894.60
6,900
2 Sep
6,850
6,800
6,750
6,700
26 Aug 30 Aug 31 Aug 1 Sep
2 Sep
NEW YORK
REPORT
1,520
26 Aug
1,556
2 Sep
30 Aug
31 Aug
1 Sep
2 Sep
Paper and packaging group Mondi has been reduced to “sell” from “neutral” by
analysts at Goldman Sachs, who are worried that the factors driving the stock’s
outperformance compared to peers are weakening. Analysts say Mondi’s three per
cent enterprise value to earnings premium is unjustified though the company’s
share target price has been upped, to 1,400p (from 1,325p previously).
T
HE DOG days of summer have
lived up to their sleepy
reputation this year as far as US
stocks are concerned. But market
gyrations could soon pick up as a
traditionally more volatile time of year
looms.
The S&P 500 index’s one-month
realised volatility, a measure of market
choppiness over the past 30 days, is
stuck near all-time lows, according to
Thomson Reuters data. Even the earlysummer jolt from the surprise Brexit
vote proved short-lived, and the S&P
has not seen a one per cent price
move, up or down, on any day since
early July. September ranks as the
worst month for stocks, according to
the Stock Traders Almanac, producing
an average price return for the S&P 500
of negative 0.5 per cent.
While the holiday-shortened week
itself is light on US economic data,
there is no dearth of trigger events in
the near-term that could rile markets
including the possibility of a US
interest rate hike, stretched stock
market valuations, volatile oil prices,
and the US Presidential election.
CITY MOVES WHO’S SWITCHING JOBS
UNITED TRUST BANK
United Trust Bank has
appointed Richard Murley as
its new chairman. His
appointment follows the
recent retirement of previous
chairman, Nicholas Clegg CBE,
who served the role for the last
15 years. Richard has been
chairman of the University
College London Hospitals
Foundation Trust (UCLH) since
2010. He is a qualified solicitor and has worked in the
City of London for more than 30 years. He started his
career at Linklaters & Paines before moving into
investment banking with Kleinwort Benson. In 1998,
after eight years as a director, Richard moved to
Goldman Sachs where he worked in mergers and
acquisitions. Between 2003 and 2005 he took up a
secondment as director general of The Takeover Panel
following which he joined NM Rothschild & Son where
he is an executive vice-chairman.
applications and appeals to public enquiries and
enforcement matters for developers, land owners,
occupier clients and major housebuilders. Prior to
Howard Kennedy, Christine was head of planning and
property law at Westminster City Council where she
was responsible for planning law matters.
PEMBERTON GREENISH
Mark Clarke has joined global law firm White & Case as
a partner in its disputes group in London, with a
particular focus on natural resources and
infrastructure disputes. He joins the firm from Ashurst
where he was head of the firm’s dispute resolution
department in London and global co-head of the
resources and infrastructure disputes group.
Pemberton Greenish has appointed Christine
Hereward as a partner and head of planning in the
firm’s real estate department. Christine joins the firm
from Howard Kennedy where she led the planning
department. Christine has extensive experience in
planning law, advising on matters ranging from
WHITE & CASE
GOOD ENERGY GROUP
Good Energy Group, a renewable electricity supplier,
has appointed Emma Tinker as a non-executive
director, and David Brooks as an executive director to
the board. Emma is a private equity investment
director who brings a wealth of investment experience.
She is a director of numerous renewable energy
companies and has substantial commercial
experience spanning the entire lifecycle of investments
in energy businesses. She established the renewable
energy business at HG Capital in 2002. David joined the
company in September 2015 and is managing director
of Good Energy’s supply business. He was previously at
AXA as managing director for the self-investor business
and distribution director for AXA Sunlife.
To appear in CITYMOVES please email your career updates and pictures to [email protected]
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18
OPINION
CITYAM.COM
FORUM
EDITED BY TOM WELSH
Britain would have left the EU
even if it had voted Remain
C
OUNTERFACTUALS are the
ugly stepsister of political
risk analysis, neglected and
scorned in equal measure
because – as they deal with
events that have never occurred –
they can never be definitively
assessed.
We find this all more than a little
amusing, as the first rule of any
world-class analyst is humility, that
nothing (good as you are) can ever be
truly definitively assessed. Looked at
in this new light, counterfactuals –
positing alternative courses of events
to what happened – can actually
yield very creative and rich insights.
Let us start here with the notion that
the historically decisive Brexit referendum had ended very differently:
UK voters decide by a clear but close
52 to 48 per cent to stay in the
European Union.
Ironically, the most likely outcome
of such a vote is that the UK would
have had to leave the EU just a few
years down the road, as either
Brussels would have become far
more centralised, or the whole thing
would have fallen apart (or both).
Britain would then have had to leave
the Titanic and frantically make for
the lifeboats, rather than (as has just
happened) gently disembarking at
Cobh, its last port of call before the
deadly rendezvous with an iceberg.
Recent news reports from Italy provide some unexpected context. Take,
for starters, the coverage of the
Italian, French and German leaders’
meeting on an aircraft carrier, the
Garibaldi. The full symbolism of the
event is jaw-aching.
That warship had been engaged in
supporting the military operations
during the Libyan civil war that
brought down Muammar Gaddafi.
To the intense embarrassment of
Rome, however, the ship was pulled
from active duty half way through
operations. Because of the Eurozonedriven budgetary crisis, the defence
ministry had reportedly run out of
money to pay for its fuel. As a
metaphor for the hollowness of the
EU’s superpower ambitions, the
Garibaldi is an inspired choice.
The only way forward for European
defence aspirations is far more centralisation to the exclusion of dominant Nato (which both London and
Washington won’t wear) or more
comic escapades like the Garibaldi,
pointing out Brussels’s total strategic
irrelevance. Neither or these choices
are remotely palatable for the UK.
The tragedy of the recent Amatrice
earthquake in Italy separately
reminds us of the “Disaster Clause”
in the Lisbon Treaty. That article was
introduced precisely to help with
such catastrophes, by giving a member state a formal mechanism for
asking for assistance from its EU
allies. The potential for cataclysm is a
known threat in that part of the
world: the largely-forgotten Messina
earthquake and tsunami may have
killed as many as 100,000 people, and
as recently as 1908.
The logic for putting the clause in
the treaty thus may have been solid,
but its recent monetary application
proved otherwise. It was most infamously triggered for entirely spurious reasons, as a mechanism to tap
non-Eurozone countries to provide
billions in disaster relief for an
entirely man-made fault line – Greek
debt, brought on by the catastrophic
decision to introduce the euro. Again
centralisation through the backdoor – a hallmark of EU decisionmaking – surely would not have been
John Hulsman
& Lee Rotherham
The choices for
Brussels will be
further
centralisation or
utter irrelevance
(and likely both).
Neither of these
trajectories would
have suited Britain
borne by London for much longer. The reality is that, for EU institutions, self-interested treaty abuse,
power grabs, and Walter Mitty ambitions can no more be avoided than
the scooping fingers of a three year
old in a jam jar. The only way to
make the jam safe is to put it out of
reach, and that means taking
absolutely all the social, pan-governmental and fiscal competences out of
the trade treaties. That guarantee in
turn can only be achieved by Brexit.
As it becomes obvious that, for
Brussels, the choices will be further
centralisation or utter irrelevance
(and likely both), our counterfactual
should be remembered; neither of
these medium-term trajectories
would have suited Britain at all.
For their part, the problem EU leaders face is that key parts of their political construct are still bubble and
froth. A fully working model
demands a far higher level of integration. Given that majorities in many
countries – if asked – would oppose
transforming the EU into a federal
union, such an end state has only
ever been achievable by two processes: in bounds by fear and urgency, or
over time by torpor and denial. The question has never been about
the direction, only the timeframe. So
far the EU’s builders have followed
the second route: it now seems likely
they will choose the former. In either
case our counterfactual holds; given
the obvious possible directions of the
lumbering behemoth that is the EU –
centralisation, irrelevance, or both –
Britain would soon have left it
behind, one way or another. Here’s to
the British people for making our
counterfactual just that.
£ Dr John C Hulsman is senior
columnist at City A.M. He is a life
member of the Council on Foreign
Relations, and president and co-founder
of John C Hulsman Enterprises
(www.john-hulsman.com), a global
political risk consultancy. Dr Lee
Rotherham is a former adviser to three
shadow foreign secretaries.
The City must build on its relationship with
China to stay the world’s financial centre
E
ACH week seems to bring
another vision of how our
post-Brexit relationship with
Europe might look. Is the EEA
an option? What has to be
done in order to secure access to the
Single Market?
As lord mayor of London, it is my
responsibility to work with the government and other key institutions to
ensure that Brexit doesn’t affect
London’s position as the world’s leading financial centre. It is that responsibility that leads me to China, where
I am now, to promote our vital partnership with this growing economy.
Business here wants to know about
the referendum above any other
topic. I’m being asked questions that
don’t yet have answers, about what
things will look like in two, five, 10
years’ time.
But what I do know, and what I am
making crystal clear, is that the UK,
more than ever, is open for business.
London’s position as the world’s
leading financial centre hasn’t developed by accident. For one thing, our
time zone allows us to trade with
both North American and East Asian
markets in the same day. Our regulatory environment is supportive of
startups, with 991 new businesses registered in the Square Mile in 2015.
London is also home to a vast number
of young, flexible and talented workers drawn from across the world.
Importantly for investors such as
Chinese corporations, the UK has a
history of stable government and consistent rule of law.
One particularly successful area of
UK-Chinese collaboration is the clearing of renminbi in London. The renminbi is one of the most widely-used
world payment currencies, joining
the ranks of the dollar, euro and sterling, and London is now its second
largest offshore clearing centre. This
is a tremendous economic partnership between our two countries – one
that has involved a great amount of
Jeffrey
Mountevans
work and dedication on both sides, in
particular from the City. As a result,
London now hosts the European HQs
of China’s five biggest state-owned
banks.
Green finance is another area where
China and the UK can develop close
cooperation. China will use its presidency of the G20 this year to address
the universal issue of climate change,
and in London we have listed increasing numbers of green, RMB-denominated products in support of China’s
global green finance ambitions.
The UK and China have been working jointly to develop green financial
DEBATE
Q: Is Nicola
Sturgeon
deluded over
her chances of
getting
Scottish
independence?
Alex
Deane
YES
The SNP thrives on the perpetual
prominence of the independence
question. But their raison d’etre would
disappear with another vote – either
because they won, when they would
become irrelevant, or because they lost,
when their cause would wither for a
generation or two. In any case, for a
second referendum to be held,
Westminster’s active consent is required,
which won’t be forthcoming. If it were, it
wouldn’t be to the SNP’s advantage:
polling shows no appetite among Scots
for a poll pre-Brexit, and defeat is likely,
given defunct SNP economic plans based
on an oil price from another era, doubts
about being able to join the EU and the
unattractive prospect of adopting the
euro if they did. Whatever their bluster,
the SNP is happy to sit on a mountain of
Westminster seats and a Holyrood
majority. Sturgeon doesn’t really want
independence – she wants, and has won,
high political office based on the false
promise of it.
£ Alex Deane is managing director at FTI
Consulting and a City of London common
councilman.
Chris
Curtis
NO
markets worldwide and are the cochairs of the G20’s Green Finance
Study Group. The findings of this
study group are due to be released
next week. Members of the City of
London’s Green Finance Initiative are
keen to further strengthen this partnership and continue the globalisation of green markets.
Over the coming years, we in the
City will look to build upon our
already solid relationship with China.
I firmly believe that the UK will
remain China’s number one Western
partner and its gateway to Europe.
We will continue to support Chinese
business expansion and tighter links
between our financial services firms.
The closer we work with our Chinese
friends and partners, the greater
prosperity our countries will share –
regardless of the precise details of
Brexit.
The latest YouGov/Times polling shows
that, if there were a second referendum
tomorrow, the result would be roughly
the same as it was two years ago, with
just 46 per cent of Scots saying they
would vote Yes. Last time around,
YouGov was within 1 per cent of the final
result. But polls are only a snapshot of
where public opinion is at any given
moment. At the start of 2014 some polls
showed the No camp up to 20 points
ahead, but there were big proindependence shifts in the final few
weeks. A similar swing in opinion this
time around could easily lead to a Yes
victory. And we are also yet to see the full
impact of Brexit. If it has the negative
economic impact that many have
predicted, Scottish voters (who
overwhelmingly voted to Remain) may
start questioning whether the union is
still benefiting them. So Nicola Sturgeon,
with 120,000 members behind her, is far
from deluded. An independent Scotland
is certainly still a possibility. £ Jeffrey Mountevans is the lord mayor
of London.
£ Chris Curtis is a political researcher at
YouGov.
CITYAM.COM
WE WANT TO HEAR YOUR VIEWS
LETTERS
Pay reform isn’t a
sprint
[Re: Would annual binding pay votes tackle
short-termism? Friday]
This suggestion is designed to tackle shorttermism but it could have the opposite effect.
As long-term investors, we have welcomed
the introduction of three to five year
performance measures and two year holding
periods on vested shares, and believe that
binding pay awards every year would negate
this progress. With their own remuneration on
the line every single year, company executives
could prioritise short-term performance to
secure their own pay packet over the longterm interests of the company, potentially
cutting capital expenditure or making
acquisitions to boost profits. Meanwhile,
shareholders will be forced to look at shorterterm performance periods when voting on
these pay packets. Remuneration policies
need to be made simpler, with straight
forward structures and clearly defined
performance metrics that focus on delivering
long-term value, applied with discretion by
remuneration committees. Asset
management is a marathon, not a sprint;
shareholders and management should focus
on the long-term outcomes.
Mike Fox, head of sustainable investment,
Royal London Asset Management
Shoe-in
Record budget deficit, cuts
to local government, NHS
and education in a
shambles. Nicola Sturgeon’s
response? Let’s talk about
independence again.
@MissLilySummers
YouGov Scotland poll has 54
per cent saying they want to
stay within the UK – 46 per
cent wanting independence.
@MSmithsonPB
Theresa May’s electoral plan
at least clear: relatively hard
Brexit, hoover up all Ukip
votes (including ex Labour),
watch Lab implode for a
while.
@gsoh31
UK construction PMI
improves from 45.9 in July
to 49.2 in August.
@notayesmansecon
Oxford University to have
“most state school students
for decades” => 60 per cent
still too low, though.
@simonjhix
I now learn from Comrade
Corbyn that when I took my
mostly-female employees
for a Friday post-work drink
to say thank you, I was being
sexist.
@A_Liberty_Rebel
[Re: The wrong colour shoes and other
ways not to get top City jobs, Friday]
Never mind the office: brown shoes with a suit
used to be known as a turn-off for young
women, who found them a sign of lack of
sophistication.
Name withheld
Fountain House,
3rd Floor, 130 Fenchurch Street,
London, EC3M 5DJ
Tel: 020 3201 8900
Email: [email protected]
Certified Distribution
from 04/07/2016 till
31/07/2016 is 93,192
19
:@cityam
Hammond’s fiscal reset is a golden
opportunity to slash living costs
BEST OF
TWITTER
TO THE EDITOR
› E:[email protected] COMMENT AT:cityam.com/forum
OPINION
P
HILIP Hammond recently said
that he may use the Autumn
Statement to “reset” fiscal policy. That is a welcome sentiment because it suggests the
chancellor sees before him a golden
opportunity to transform the tax
system.
With Parliament returning, we are
likely to see the government start to formulate and publicise more detailed economic policy to beef up that rhetoric.
In the medium term, the chancellor
should seek to merge Income Tax with
National Insurance, eventually implementing a single rate of tax on income.
This would be more transparent for
employees and employers, and simpler
to administer too. He should also seek to
scrap Corporation Tax, along with
Capital Gains Tax and other taxes on
capital income. They should be replaced
with a single tax on distributed income.
In the short term, there must be a
focus on reducing living costs. But if we
look back at the measures introduced by
politicians to ease the pressure on
family budgets, the record is patchy at
best: Help to Buy raised house prices and
benefited those that could already put
some savings aside, while doing nothing
for those who couldn’t afford to; the
triple-lock on pensions ensures inflation-busting increases for a relatively
affluent demographic. These are just
two examples but they show that
clumsy interventions often do more
harm than good.
Indeed, the best ways to reduce living
costs are to cut taxes and liberalise planning laws.
We all know that food, travel costs and
household bills pile up – but we must
never forget that the biggest cost of living is tax. If you are in the bottom 10 per
cent of households by income, you will
pay the equivalent of 47 per cent of your
Editorial Editor Christian May | Deputy Editor Julian Harris
News Editor Tracey Boles | Digital Editor Emma Haslett
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
John
O’Connell
gross income (income plus cash
benefits) to the taxman. The average
household will hand over close to
£830,000 to HMRC over a lifetime – that
is 20 years’ work just to pay taxes.
True, the personal allowance was significantly increased in the last parliament – but National Insurance
thresholds are completely out of kilter
with Income Tax, meaning those on
lower incomes are still being clobbered.
So the chancellor could look at increasing these thresholds to match the personal allowance. He should also ditch
silly distractions like the sugar tax. It is
badly designed and there is a wealth of
evidence that shows it will not work –
and it will add to the living costs of
those on the lowest incomes.
The second biggest cost of living is
housing, which is a significant burden
across the UK, not just in London. The
symptoms are familiar: older people
aren’t moving because of sky-high
Stamp Duty rates; young people can’t
afford crippling deposits. The disease is
also familiar: a woeful lack of supply in
housing due to absurdly stringent planning restrictions.
Politicians know what the cure is:
removing planning restrictions and
allowing housebuilders to, well, build
houses. More specifically, an agenda for
those on lower incomes would see sections of the Green Belt reclassified; a
substantial relaxation of height restrictions; and measures to accelerate the
planning process. That would bring
down prices and rents, unclogging the
market for good measure.
One could argue that it is a tough environment in which to take on these challenges. Brexit has made things a little
more uncertain and we still have a significant budget deficit – and it is likely
that some additional infrastructure
spending will be announced in the not
too distant future, meaning a potential
slippage in fiscal targets.
This, however, should be seen as an
opportunity.
The chancellor can show that he will
continue to bring down the deficit
despite increasing infrastructure spending and cutting taxes by looking at areas
of current expenditure that should be
reduced. To take a solitary example
from the TaxPayers’ Alliance’s Spending
Plan, scrapping national pay bargaining
can save over £5bn; it would mean public sector workers are paid according to
the costs they face locally rather than at
a centrally set rate.
And a shot in the arm for capital
spending can be paid for several times
over by scrapping the outrageously
expensive and hideously flawed HS2
project, whose costs could reach £90bn.
Cutting taxes, spending money on
growth-enhancing capital projects and
reforming planning to build more housing would be the perfect demonstration
to the world that we intend to take full
advantage of our vote to leave the EU. It
would show that the UK will not turn
inwards
and
become
more
protectionist; but outwards and more
liberal.
Alongside a longer-term plan of lower,
simpler taxes, it would be the perfect
reset.
£ John O’Connell is chief executive of the
TaxPayers’ Alliance.
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20
FEATURE
CITYAM.COM
ENTREPRENEURS
KEEP ON DANCING
GREG SIGSTON/CITY AM
Harriet Green talks closing Angels, Theresa May,
virtual reality clubs and setting up a lingerie range
with Peter Stringfellow
T
HE
FLOOR
of
Peter
Stringfellow’s office at
Angels, his legendary Soho
club, was strewn with
packing boxes last week. In
case anyone imagined his office to be
an extension of the club – all leopard
print, velvet and disco balls – it isn’t.
It’s just a normal office. I visited him
on Thursday; on Saturday, Angels
closed its doors forever. “I’ll be there
on Saturday night to shake the hands
of all my staff,” he said. “I’ve put 10
years of my life into this club, but I’m
not going to stay here.”
Freshwater, the West End landlord
that owns Angels, has “decided to
develop the whole block. But I’m the
fly in the ointment. Everyone else is
on six-month rollovers – but I’m
halfway through a 20-year lease,”
explains Stringfellow. By mutual
agreement, Angels will close and a
new – standard, non-strip – nightclub
will take its place. “My landlord made
me a very good offer – in the millions
of course – for me to leave. I didn’t
want to run this as a nightclub, so
someone else is coming in and doing
it; I’m in the adult entertainment
business.” Up in the entrance of the
club (his office is in the basement), he
moves his hand in a slicing motion
across the iconic gold fibreglass angel
that greets you as you walk in – “I’m
chopping her in half – just her top’s
coming to Stringfellows.”
Stringfellow is focusing on his
eponymous Covent Garden club – all
the Angels dancers are moving across,
and the 75 year-old entrepreneur, who
has owned clubs around the world, is
confident it’ll go from strength to
strength. He’s got a pile of redesigns
on his desk. One plan is to introduce a
disco-themed private room – “people
don’t dance anymore, and that’s a
shame... Having all my power back in
that one club actually excites me.
Here I am at the epicentre of high
financial entertainment.”
In a climate of waning nightclub
numbers and on-demand sex (think
Tinder, Grindr and new paid-for dating app Ohlala), I wondered who goes
to Angels these days. “It’s still the
financial guys and business owners –
the people who aren’t going to queue
for clubs, and who often want to bring
business associates for a bonding
experience. Americans are easily our
number one customers; they get what
we do.” Scandinavians are also frequent customers – particularly the
Icelandic, after former Prime Minister
Johanna Sigurdardottir banned stripping and lap dancing. The French and
Italians “get it less. There’s a lot of
‘no, she really likes me Pete!’ – no, she
just wants your money.” Plenty of people, Stringfellow explains, get off a
plane at City Airport or Heathrow and
come to the club before going to their
hotel.
VENTURING
It’s still the
financial guys and
business owners
who come in
But now, he’s thinking about his next
move. “I would like to open a regular
nightclub in Dubai. I might be an
average businessman, but no-one
knows more about nightclubs than
me. They might not allow girls clubs
there, but they have variations on a
theme. If someone approached me, I’d
be very happy to do that. In fact, I’d be
happy to do any major international
city.” He’s also got plans for “glamour
bars” (“that’s the working title!”) up
and down the UK. “I know the business, so am looking for the right com-
pany to come and speak to me about
the idea.”
Away from venues, Stringfellow is
also in the process of launching a lingerie
range,
the
Stringfellow
Collection. “I’ve got two ranges in
mind. A line similar to Victoria’s
Secret, and Angels After Midnight,
which’ll be more risqué.” He’s hoping
to get launched in time for Christmas
“but that’s probably just my optimism
speaking. That same optimism that
told me I was a good poker player. To
be a good poker player, you need to be
a mathematician, not an optimist. If
you’re an optimist, you believe you’re
going to win. If you’re a mathematician, you know you are.”
One thing you really can’t help but
notice in Stringfellow’s office is the
reams of photos plastering the walls –
“I should put them in a book, really –
this is just a handful.” It’s a shrine to
his career: save a portrait of Margaret
Thatcher, they’re all of Stringfellow,
known for booking the Beatles in 1963
for £85, with various musicians – or
people he’s met along the way.
A cursory glance takes in Mick
Jagger, Elton John, Paul McCartney,
CITYAM.COM
FEATURE 21
IN ASSOCIATION WITH
Marvin Gaye, Lionel Ritchie, John
Travolta, David Cameron and Boris
Johnson.
“We’ve heard nothing from Boris
since Michael Gove stabbed him in the
back, have we? That annoys me.
What’s he doing? Once he went for
Brexit, the Remainers had lost it.”
Stringfellow is a well-known Tory
donor – I had assumed he had been
for Brexit. “No, I was a remainer. Of
course there’s going to be a United
States of Europe – there’ll be a United
States of Africa, too. We’ll see federalised states everywhere. Should we
be a part of that? For definite. But
then we voted Brexit. And actually, it’s
more romantic to be for Brexit. And I
am a romantic, so now I’m excited,
and I’m a Brexiteer. We’ve got to make
the most of it.”
Theresa May, says Stringfellow, is
“the only person” who can take us forward. “I’ve met her, and I’m a great
believer in her.” Peering over at a picture of Bill Clinton, I contemplate asking about the US presidential
elections, but Stringfellow beats me to
it: “we were at an expensive event in
St Petersburg, my wife and I, and Bill
Clinton’s eyes were just completely on
her. I don’t blame him, she’s gorgeous.” The episode apparently came
to a reasonably abrupt end involving a
security guard. As you might imagine,
it’s one of numerous anecdotes.
Pausing after reminiscing about the
time that Stevie Wonder and Marvin
Gaye played at his club (Stringfellow
has the piano in his villa in Mallorca),
he says, “that era has gone forever
now; the internet has changed everything.” Stringfellow has spoken before
about virtual reality and strip clubs.
“Of course that’s the future. I really
want to put a VR club in. The app is
easy to do; we’re all just waiting for
the headsets to become cheaper.
Think about the millions who’d be
interested in that; it excites me.”
Stringfellow is refreshingly upfront
about what makes him tick: “I just
wanted to make money. I never had
some wonderful idea, even a plan. I’ve
been bankrupt a couple of times – but
you’ve got to lose money to understand how great it is to make it. You
have to fail. But right now, I’m winning – life is pretty good.”
CV
PETER STRINGFELLOW
Stringfellow and
wife Bella meeting
David Cameron.
Stringfellow is an
enormous fan of
the former PM
Company: Stringfellows
Founded: 1980
Staff: 130
Age: 75 – birthday in a couple of
weeks
Born: Sheffield
Lives: Gerrards Cross. I moved there
deliberately – a family house in a
family-friendly place. I get the train
into work, it’s quite different but it’s
great. Someone said to me the other
day, “haven’t you got a Rolls?” I said,
“nah, I wouldn’t want to sit in the
traffic.” I’m starting life again.
Studied: The world
Drinking: White wine only – Pinot
Grigio or Vina Sol
Eating: General – whatever is the
chef’s special. I love fish, though
Reading: Since my babies came
(they’re three and 11 months), not
a lot. I do tell The Three Little Pigs
most nights.
Favourite business book: None –
you never get told the truth. I tried
to read one of Trump’s, but that
was beyond words – God comes
second to him in his world
Talents: Being Peter Stringfellow.
I have no talent other than that
Heroes: Professor Stephen Hawking:
I’m sure I could think of someone
who’s dead, but he’s still living and
MAKE NO MISTAKE.
that’s what’s incredible. He’s the
bravest man I’ve ever met and
surely the bravest in history.
Margaret Thatcher: I know
it’s clichéd, but I was here
in the ‘70s. I saw her turn
this country around – and
I’m from Sheffield. There’s
no steel there now and
that’s a good thing.
And Richard Caring,
because he’s
the best
businessperson
I know.
First
ambition:
To make
money
Motto: It’s
one I made
up in the
‘70s: “Success
comes easy,
love has to be
earnt”. It doesn’t sound
as good
now. Funny,
I had it put on a
ring at the time!
Most likely to say:
“Yes, darling.”
Least likely to say:
“No, darling.”
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22
FEATURE
CITYAM.COM
MARKETING
SPOTTING
ADVERTISING
LEMONS
Will Railton speaks to John Murphy
and Tim Cadogan of OpenX about
solving adverse selection in
programmatic ad exchanges
I
N THE eyes of OpenX, advertising
has – or had – a distinctly economic
problem.
For
brands
and
publishers which trade advertising
space programmatically over ad
exchanges, information asymmetry
and adverse selection are all too common.
“It’s like a market for lemons”, says
John Murphy, vice president of marketplace quality, referencing the famous
1970 paper by George Akerlof. “As a
buyer of a used car, you’re often unable
to differentiate between a high and a
low quality vehicle. So a rational buyer
would bid an average amount. But anyone who is selling a high quality car
will think such an offer is too low. The
result is that all the good cars leave the
market because their owners can’t get
what the car is worth, and it becomes
flooded with low quality vehicles. A
market like that will probably collapse.”
INFORMATION ASYMMETRY
Similar phenomena were occurring on
ad exchanges. Buyers of online advertising space, or inventory, were unable to
distinguish high quality inventory, says
Murphy. “They would bid very cautiously, which meant that the quality publishers were being under-compensated.
Unless a market-maker intervened, the
programmatic market could never really develop and price inventory at its
real value.”
Founded in 2007, it wasn’t until late
2011 that OpenX chief executive Tim
Cadogan decided to begin investing
John Murphy: Monitoring traffic
quality is an enormous techical
challenge
Buyers would bid
very cautiously,
which meant that
quality publishers
were being undercompensated
heavily in systems which could ensure
such a level of quality control. “We
realised we were involved in an important marketplace, but there were questions about integrity. Buyers need to
know that the traffic is real, so they
can feel comfortable investing large
amounts of money in buying impressions. Someone needed to do something meaningful and different to
drive up trust so the industry could
grow. We thought it might as well be
us. But when you’re playing in an
industry with the likes of Google,
becoming the number one quality
marketplace is quite a grandiose ambition.”
Now, the US firm handles 200bn ad
requests a month, is enjoying 40 per
cent year-on-year organic growth and
has been ranked seventh on Forbes’s
list of America’s most promising companies.
So what does this quality control
involve?
“We’re very strict with the kinds of
publishers which operate on the
exchange. We reject 30 to 40 per cent of
the domains which apply,” says
Murphy.
“And once you’re through the door,
any traffic from a publisher goes
through our real-time traffic quality
platform, which determines whether
that traffic is real or ‘misrepresented’ –
from a bot-net or not generated by a
human. This way, artificial traffic is filtered out before it ever goes to the
demand-side platform which ad agencies and their brands use.”
AD QUALITY
Monitoring traffic quality is an enormous technical challenge. Every week,
OpenX runs a top to bottom review of
everything running on the exchange to
remove anomalies. And traffic quality
is just one side of the coin. Achieving a
high standard of ad quality, which
relates more to user experience than
whether traffic is genuine, presents its
own complications.
“We have a baseline standard to
ensure ads delivered across the
exchange don’t make for a negative
user experience,” says Murphy. Beyond
certain minimum standards, OpenX
allows publishers to set their own bar
for the ad formats and brands which
feature on their site. “They might only
want ads from the automotive
industry to run, and ban ads from airlines,” he says. “The problem for OpenX
is that we see hundreds of thousands
of unique ads coming across the
exchange every day, and we need to
understand the nature of each brand
being portrayed and the different
behaviours present so we can decide, in
real-time, which ads to deliver to which
publisher’s site.”
REAL-TIME GUARANTEED
If OpenX has achieved a greater level of
transparency for programmatic trading, Cadogan is now focusing on predictability.
“Programmatic has been good at
delivering choice to buyers. They can
look at a stream of ad requests and
match their data to bid on the best
impressions,” he says. But buyers can
sometimes struggle to spend all their
budgets, and many want to lock down
deals with publishers in advance to
ensure all their budget is spent.
“Real-time guaranteed offers the
choice of programmatic and the ability
to reach the users you want, with the
predictability of a direct sales relationship between the advertiser and the
publisher, allowing you to commit to
buying in advance.
“A buyer syncs their audience data
with a publisher using our platform.
We have a set of forecasting capabilities
which allow both sides to structure a
flexible guarantee which allows a certain portion of the audience to be
bought, and the publisher charges
more.”
As always, data is the key to this flexibility. By using historical and not only
recent user data, OpenX can make seasonal forecasts around when the number of visitors to a publisher’s site will
rise and fall.
“If a buyer’s audience overlap indicates that there are 10m impressions
available next month for a target audience, it won’t want to commit to buying 10m impressions in advance. It
might say that, if it can see 10m
impressions, it will buy 6m up front, so
it’s not completely locked in.”
There are advantages for the publisher as well, allowing them to optimise
their revenue by selling impressions on
the open market if bids were higher.
We’re trying to make sure everyone has
their cake and eats it.”
The reason for Britain’s dearth of digital media unicorns – the funding gap
M
UCH has been written in these
pages about the dearth of
British startup success stories in
comparison to our US cousins. Digital
media companies are no exception.
But what is causing this discrepancy?
Perhaps most significant is the funding gap.
In the UK, there is a strong angel
investment culture thanks to Seed
Enterprise Investment (SEIS) and
Enterprise Investment (EIS) tax relief
schemes. Introduced in 2012, SEIS
acts as an incentive for UK taxpayers
to make seed investments in early
stage companies. Investors receive
up to 50 per cent tax relief on
investments up to £100,000. EIS
offers investors up to 30 per cent tax
relief on investments up to £1m a
year. Thanks to these programmes,
startups seeking investment can
find seed capital of between
£100,000 and £500,000 with relative
ease.
The next obvious step for a
growing digital media company
would be to turn to a venture capital
(VC) provider for a series A funding
round. However, our clients tell us
that, in the UK, a vacuum exists
between the amount they can raise
via seed funding and the entry level
for most VC funds.
Although some funds do offer
seed and pre-series A funding, this is
far less prevalent than in the US. UKbased VCs, if specialised at all, tend
to focus on fintech, edtech or
healthtech rather than adtech or
martech.
Why is this? Non-specialised VC
funds tend to have a negative
perception of adtech due to a history
of poorly performing initial public
offerings. Rocket Fuel’s stock, for
example, is down more than 80 per
cent since its flotation in September
2013. But despite the bad press,
adtech and martech are continuing
to grow, with Gartner predicting
that chief marketing officers will
spend more on technology than
chief investment officers in 2017.
In the US, specialised funds
continue to invest. But in the UK, the
negative perception remains,
meaning that digital media
companies looking to grow – often
at a crucial stage when they are
signing big deals with brands and
media agencies – must look for
alternative options or face difficult
choices. With banks’ persistent
scepticism of digital media
companies, this is the point when
they are often bought by rivals or,
regrettably, the company fails. They
may consider debt instead of equity,
alternative lenders, or a venture debt
hybrid model to enable their growth
until they reach the point where VCs
regard them as a safer bet.
£ Matt Byrne is UK director at FastPay.
CITYAM.COM
FTSE 100
FTSE 250
6894.60
148.63
18016.45
166.82
Price Chg High Low
-0.12
-0.06
-0.07
-0.08
-0.09
-0.14
-0.39
-0.19
-0.19
-0.60
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106.0
116.3
110.9
112.7
111.7
117.1
372.5
138.2
121.3
129.0
113.6
119.6
373.0
138.1
138.3
141.8
161.8
379.9
153.0
148.9
160.9
149.1
155.7
170.9
173.2
174.5
154.6
177.1
185.4
204.0
200.5
104.1
108.3
107.3
110.8
109.4
114.4
354.6
134.3
114.5
118.3
102.9
105.7
331.5
126.0
121.9
122.1
143.3
324.1
130.0
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134.3
115.3
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135.6
144.9
138.1
BATS UK 100
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304.55
16518.33
244.02
18491.96
72.66
5249.90
22.69
2179.98
9.12
/$ 1.3296
0.0020 €/£ 0.8391
0.0040
/¥ 138.21
1.1630 €/¥ 116.03
0.4610
Price Chg High Low
AEROSPACE & DEFENCE
BAE Systems . . . . . . . . .548.0
Cobham . . . . . . . . . . . . .164.6
Meggitt . . . . . . . . . . . . .477.5
QinetiQ Group . . . . . . . .234.0
Rolls-Royce Holdi . . . . .783.5
Senior . . . . . . . . . . . . . .241.3
Ultra Electronics . . . . .1683.0
8.5
1.2
5.7
2.6
23.5
4.1
6.0
551.0
260.4
495.4
274.4
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285.6
2026.0
425.5
127.5
346.5
212.0
512.5
186.0
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AUTOMOBILES & PARTS
GKN . . . . . . . . . . . . . . . .327.9 2.0 328.8 248.6
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Aldermore Group . . . . .167.6
Barclays . . . . . . . . . . . . .174.3
BGEO Group . . . . . . . .2932.0
CYBG . . . . . . . . . . . . . . .269.9
HSBC Holdings . . . . . . .580.9
Lloyds Banking Gr . . . . . .61.0
Metro Bank . . . . . . . . .2441.0
Royal Bank of Sco . . . .204.3
Shawbrook Group . . . .236.2
Standard Chartere . . . .661.4
Virgin Money Hold . . . . .317.6
2.7
2.8
30.0
4.0
12.8
0.3
41.0
3.3
2.6
18.5
2.2
301.8
262.5
2986.1
289.5
588.3
77.8
2486.0
334.4
365.0
748.8
423.5
104.8
127.2
1570.0
182.8
416.2
47.6
1623.0
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132.0
386.7
205.0
BEVERAGES
Barr (A.G.) . . . . . . . . . .509.0
Britvic . . . . . . . . . . . . . .663.5
Coca-Cola HBC AG . . .1695.0
Diageo . . . . . . . . . . . . .2146.5
SABMiller . . . . . . . . . .4394.0
1.5
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40.0
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614.5
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1723.0
2192.0
4440.0
455.3
584.0
1265.0
1697.5
2933.5
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Croda Internation . . . .3353.0
Elementis . . . . . . . . . . .215.0
Johnson Matthey . . . .3314.0
Synthomer . . . . . . . . . .365.3
Victrex plc . . . . . . . . . . .1551.0
38.0
-2.0
17.0
-3.4
15.0
3412.0 2657.7
254.1 180.6
3363.0 2230.0
386.8 275.1
1939.0 1367.0
Balfour Beatty . . . . . . .280.3
CRH . . . . . . . . . . . . . . .2537.0
Galliford Try . . . . . . . . .1159.0
Ibstock . . . . . . . . . . . . . .173.5
Keller Group . . . . . . . . .921.0
Kier Group . . . . . . . . . .1261.0
Marshalls . . . . . . . . . . . .315.4
Polypipe Group . . . . . .296.9
1.1
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4.0
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0.0
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283.3
2585.0
1807.0
225.0
1024.0
1513.0
370.8
360.0
190.8
1637.0
785.0
114.7
728.5
932.0
206.5
221.5
ELECTRICITY
Drax Group . . . . . . . . . .304.9 3.4 357.2 207.6
SSE . . . . . . . . . . . . . . . .1549.0 41.0 1628.0 1321.0
ELECTRONIC & ELECTRICAL EQ.
Halma . . . . . . . . . . . . .1055.0
Morgan Advanced M . .293.3
Renishaw . . . . . . . . . . .2613.0
Spectris . . . . . . . . . . . .1958.0
5.0
-0.3
-17.0
36.0
1094.0 713.0
329.0 192.3
2693.0 1600.0
2000.0 1442.0
EQUITY INVESTMENT INSTRUM.
Aberforth Smaller . . . .1057.0 4.0 1214.0 849.0
Alliance Trust . . . . . . . . .572.5 3.5 589.0 450.8
Bankers Inv Trust . . . . .670.5 8.5 676.0 522.0
BH Macro Ltd. GBP . . . .1876.0 -6.0 2068.0 1876.0
British Empire Tr . . . . . .559.5 -3.5 571.5 412.0
Caledonia Investm . . .2388.0 -32.0 2511.0 2112.0
City of London In . . . . . .411.0 6.5 414.6 341.5
Edinburgh Inv Tru . . . .730.0 12.0 738.0 620.0
Electra Private E . . . . .3889.0 -46.0 4019.0 3200.0
Fidelity China Sp . . . . . .171.0 2.7 173.7 110.5
Fidelity European . . . . .175.7 -0.7 180.3 151.2
Finsbury Growth & . . . .662.0 7.0 669.5 532.5
Foreign and Colon . . . .499.4 1.4 507.0 391.2
GCP Infrastructur . . . . . .129.1 -1.2 132.0 114.8
Genesis Emerging . . . .578.5 1.5 607.5 408.5
HarbourVest Globa . . .930.0 7.5 1330.0 825.0
HICL Infrastructu . . . . . .179.7 0.7 185.1 150.2
International Pub . . . . . .157.1 -0.4 162.6 130.3
John Laing Infras . . . . . .134.3 -0.7 140.4 114.0
JPMorgan American . . .323.0 -2.8 341.5 245.9
JPMorgan Emerging . . .691.0 1.0 732.5 483.0
Mercantile Invest . . . . .1705.0 18.0 1838.0 1375.0
Monks Inv Trust . . . . . . .497.2 2.7 506.5 361.1
Murray Internatio . . . . .1132.0 14.0 1156.5 742.5
NB Global Floatin . . . . . .93.0 -0.8 95.0 84.6
P2P Global Invest . . . . .815.5 -18.5 1090.0 804.0
Perpetual Income . . . .387.3 4.4 423.5 332.0
Personal Assets T . . .39450.0 10.040500.033130.0
Polar Capital Tec . . . . . .727.0 -4.5 779.0 503.5
RIT Capital Partn . . . . .1736.0 -7.0 1814.0 1473.0
Riverstone Energy . . .1084.0 -48.0 1132.0 720.0
Scottish Inv Trus . . . . . .698.0 10.0 713.0 544.5
Scottish Mortgage . . . .307.6 -0.3 314.8 220.6
Temple Bar Inv Tr . . . .1106.0 -6.0 1143.0 940.0
Templeton Emergin . . .573.0 8.0 586.5 371.5
The Renewables In . . . .103.9 -0.6 107.6 90.3
TR Property Inv T . . . . . .317.0 0.4 321.0 241.7
Witan Inv Trust . . . . . . .833.5 9.0 844.5 683.0
Woodford Patient . . . . .92.0 -1.4 114.7 81.0
Worldwide Healthc . . .1991.0 -28.0 2162.0 1596.0
FINANCIAL SERVICES
3i Group . . . . . . . . . . . .642.5
3i Infrastructure . . . . . . .188.1
Aberdeen Asset Ma . . . .331.5
Allied Minds . . . . . . . . . .330.1
Arrow Global Grou . . . .262.0
Ashmore Group . . . . . .359.0
Brewin Dolphin Ho . . . .283.9
Charles Taylor . . . . . . . .276.9
City of London In . . . . .376.8
12.0
-0.3
10.9
-9.9
1.0
7.1
8.6
1.9
4.8
646.0
200.0
364.5
535.0
288.0
367.5
319.3
289.0
390.0
389.8
166.0
209.3
267.0
178.3
196.4
210.2
221.0
285.0
Price
Close Brothers Gr . . . .1406.0
CMC Markets . . . . . . . . . .283.1
Hargreaves Lansdo . . .1355.0
Henderson Group . . . . .238.7
ICAP . . . . . . . . . . . . . . . .486.3
IG Group Holdings . . . .954.5
Intermediate Capi . . . .606.5
International Per . . . . .276.0
Investec . . . . . . . . . . . .458.4
IP Group . . . . . . . . . . . . .197.4
John Laing Group . . . . .257.0
Jupiter Fund Mana . . . .431.2
Liontrust Asset M . . . . .344.8
LMS Capital . . . . . . . . . . .60.9
London Finance & . . . . .42.0
London Stock Exch . . .2767.0
Man Group . . . . . . . . . . .113.6
OneSavings Bank . . . . .266.8
Paragon Group Of . . . . .321.3
Provident Financi . . . .3100.0
PureTech Health . . . . . .150.0
Rathbone Brothers . . .1882.0
Real Estate Credi . . . . . .156.0
Record . . . . . . . . . . . . . .26.0
S&U . . . . . . . . . . . . . . .2378.0
Sanne Group . . . . . . . . .467.3
Schroders . . . . . . . . . .2835.0
SVG Capital . . . . . . . . . .572.0
Tullett Prebon . . . . . . . .379.7
VPC Specialty Len . . . . . .80.5
Walker Crips Grou . . . . .49.0
Chg High Low
28.0 1547.0 989.5
5.5 291.4 219.0
16.0 1525.0 1056.0
2.3 312.0 195.0
5.9 515.5 381.8
3.5 960.0 699.0
-2.5 671.9 454.2
1.8 426.0 219.0
10.0 570.5 402.7
-2.6 259.1 120.4
1.5 260.9 187.0
5.3 472.5 328.9
3.5 352.0 235.0
-0.3 80.0 54.8
1.5 42.9 34.0
17.0 2906.0 2123.0
2.1 175.7 107.3
-2.3 405.6 176.2
-0.1 444.8 227.4
38.0 3634.0 2164.0
-6.0 170.5 120.0
19.0 2359.0 1590.0
-2.3 175.8 143.0
1.0 37.8 22.1
0.5 2610.0 1992.5
12.0 476.8 280.0
29.0 3023.0 2049.0
5.5 577.0 446.3
5.9 391.1 275.0
-0.6 103.3 77.0
-0.5 52.5 41.3
AIR LIQUIDE .....................................................98.94
AIRBUS GROUP .................................................53.19
ALLIANZ N.......................................................135.70
ANHEUS.-BUSCH INBEV ...................................113.45
ASML HLDG ......................................................96.75
AXA...................................................................19.30
BANCO SANTANDER............................................4.10
BASF N ..............................................................73.10
BAYER N...........................................................94.93
BBVA..................................................................5.69
BMW.................................................................78.57
BNP PARIBAS-A- ..............................................47.82
CARREFOUR......................................................23.26
DAIMLER N .......................................................62.86
DANONE ...........................................................70.25
DEUTSCHE BANK N............................................13.32
DEUTSCHE POST N.............................................28.81
DEUTSCHE TELEKOM N.......................................15.07
E.ON N.................................................................8.31
ENEL...................................................................4.04
ENGIE ...............................................................14.62
ENI.....................................................................13.72
ESSILOR INTL....................................................116.45
FRESENIUS.......................................................65.90
GENERALI ..........................................................11.60
IBERDROLA........................................................6.02
INDITEX ............................................................32.37
ING GROUP........................................................11.45
INTESA SANPAOLO ..............................................2.19
L'OREAL...........................................................174.55
LVMH ..............................................................156.20
MUENCH RUECKVERS N...................................164.95
NOKIA .................................................................5.15
ORANGE............................................................13.70
ROY.PHILIPS .....................................................26.58
SAFRAN ...........................................................64.06
SAINT GOBAIN ..................................................39.87
SANOFI .............................................................70.25
SAP..................................................................80.40
SCHNEIDER ELECTRIC........................................62.83
SIEMENS N......................................................108.60
SOCIETE GENERALE............................................33.16
TELEFONICA.........................................................9.18
TOTAL ...............................................................43.99
UNIBAIL-RODAMCO........................................248.80
UNICREDIT..........................................................2.35
UNILEVER CERT ................................................42.94
VINCI ...............................................................69.32
VIVENDI .............................................................17.97
VOLKSWAGEN VZ .............................................125.15
Chg
High
Low
1.25
1.34
1.85
2.35
1.38
0.29
0.06
0.61
1.05
0.09
0.64
0.99
0.53
1.16
2.32
0.24
0.34
0.20
0.30
0.09
0.40
0.28
4.10
1.57
0.08
0.11
0.56
0.18
0.06
5.90
3.60
3.15
0.13
0.29
0.48
1.25
0.44
1.88
1.60
1.63
1.95
0.54
0.14
1.44
3.00
0.02
1.65
1.07
0.44
1.30
123.65
68.50
170.00
124.20
100.50
26.02
5.39
79.20
127.25
8.09
104.85
58.17
29.90
85.50
70.45
27.98
28.80
16.98
10.24
4.28
16.83
15.85
124.55
70.00
18.09
6.46
35.38
13.88
3.32
177.90
174.30
193.65
7.11
16.98
26.42
72.45
42.46
93.82
79.75
62.23
109.00
45.90
12.22
44.65
257.85
5.95
42.84
69.80
22.73
172.45
88.25
48.07
118.35
92.73
70.54
16.11
3.15
56.01
83.45
4.50
63.38
35.27
20.90
50.83
52.88
11.06
19.55
13.54
7.08
3.33
12.34
10.93
101.10
52.39
9.76
4.70
26.60
8.30
1.52
142.35
130.55
140.90
4.48
12.38
19.76
48.87
31.47
62.50
55.51
45.32
77.91
25.00
7.45
34.21
212.05
1.70
33.57
55.38
14.87
86.36
Price Chg High Low
GENERAL RETAILERS
AA . . . . . . . . . . . . . . . . .279.4
AO World . . . . . . . . . . . .172.0
Auto Trader Group . . . . .381.1
B&M European Valu . . .278.0
Brown (N.) Group . . . . .216.3
Card Factory . . . . . . . . .300.0
Debenhams . . . . . . . . . .62.0
DFS Furniture . . . . . . . .275.0
Dignity . . . . . . . . . . . .2762.0
Dixons Carphone . . . . .378.7
Dunelm Group . . . . . . .929.0
Halfords Group . . . . . . .364.9
Home Retail Group . . . .159.7
Inchcape . . . . . . . . . . . .714.5
JD Sports Fashion . . . .1321.0
Just Eat . . . . . . . . . . . . .553.0
Kingfisher . . . . . . . . . . .375.0
Marks & Spencer G . . . .354.1
Next . . . . . . . . . . . . . .5680.0
Pendragon . . . . . . . . . . .33.3
Pets at Home Grou . . . .241.7
Saga . . . . . . . . . . . . . . . .222.1
Sports Direct Int . . . . . .327.4
Ted Baker . . . . . . . . . . .2737.0
WH Smith . . . . . . . . . .1590.0
BT Group . . . . . . . . . . . .393.6 7.0 499.8 375.9
TalkTalk Telecom . . . . .203.1 -6.9 323.0 189.5
Telecom Plus . . . . . . . .1070.0 5.0 1171.0 815.5
FOOD & DRUG RETAILERS
Booker Group . . . . . . . .180.9
Greggs . . . . . . . . . . . . .1078.0
Morrison (Wm) Sup . . .197.0
Ocado Group . . . . . . . . .315.1
Sainsbury (J) . . . . . . . . .246.1
SSP Group . . . . . . . . . . .332.2
Tesco . . . . . . . . . . . . . . . .171.7
UDG Healthcare Pu . . . .641.5
1.7
8.0
1.5
-1.0
4.1
4.2
3.8
22.5
190.0
1314.0
209.4
407.1
292.5
335.0
204.8
644.1
149.4
884.0
139.0
208.1
214.6
264.0
139.2
460.3
4.4
-2.5
4.2
1.1
4.6
8.9
0.0
-2.3
24.0
1.5
-3.0
6.2
0.0
10.5
6.0
4.5
3.9
7.6
85.0
-0.2
-1.6
2.3
11.8
96.0
16.0
340.6 209.9
189.3 120.5
449.6 313.8
340.0 233.1
389.1 160.4
399.0 275.3
89.6 52.9
349.0 181.0
2834.0 2205.0
500.0 281.6
1018.0 741.0
466.5 305.6
181.5 89.7
810.0 581.0
1332.0 867.0
591.5 329.1
379.7 306.7
542.5 285.2
8015.0 4384.0
49.0 26.7
311.2 222.2
222.8 173.9
803.0 252.2
3555.0 2124.0
1878.0 1455.0
Price Chg High Low
Weir Group . . . . . . . . .1565.0 41.0 1590.0 787.5
INDUSTRIAL METALS & MINING
Evraz . . . . . . . . . . . . . . . .127.9
Risers
Go-Ahead Group . . . . . . . . . . .2206.0
Amec Foster Wheele . . . . . . . . .582.5
Hikma Pharmaceutic . . . . . . . .2185.0
Greencore Group . . . . . . . . . . . .367.5
Acacia Mining . . . . . . . . . . . . . .484.0
Hochschild Mining . . . . . . . . . . .261.6
Imperial Brands . . . . . . . . . . . .4130.0
Centamin (DI) . . . . . . . . . . . . . . .154.2
Old Mutual . . . . . . . . . . . . . . . . .200.0
Tullow Oil . . . . . . . . . . . . . . . . . .226.3
FOOD PRODUCERS
BBA Aviation . . . . . . . . .245.8 1.2 260.7 150.2
Clarkson . . . . . . . . . . . .2183.0 -37.0 2525.0 1691.0
Royal Mail . . . . . . . . . . .521.0 10.0 541.0 413.3
NON LIFE INSURANCE
Admiral Group . . . . . .2086.0
Beazley . . . . . . . . . . . . .405.1
Direct Line Insur . . . . . .380.5
esure Group . . . . . . . . . .281.5
Hastings Group Ho . . . .226.4
Hiscox Limited (D . . . .1080.0
Jardine Lloyd Tho . . . . .985.0
Lancashire Holdin . . . .669.0
RSA Insurance Gro . . . .508.5
3599.0 2350.0
2538.0 1596.0
697.0 504.5
392.4 273.2
747.0 531.5
3688.5 2538.0
FORESTRY & PAPER
Mondi . . . . . . . . . . . . .1556.0 16.0 1625.0 1124.0
GAS, WATER & MULTIUTILITIES
Centrica . . . . . . . . . . . . .235.9
National Grid . . . . . . . .1070.5
Pennon Group . . . . . . .896.0
Severn Trent . . . . . . . .2430.0
United Utilities . . . . . . .991.5
6.9
30.0
19.5
51.0
23.5
243.1 183.6
1130.5 844.0
945.5 713.0
2478.0 2024.0
1039.0 835.0
11.5
10.8
27.0
33.0
0.5
889.0
427.4
1376.0
2708.0
399.1
GENERAL INDUSTRIALS
RPC Group . . . . . . . . . . .881.5
Smith (DS) . . . . . . . . . .425.3
Smiths Group . . . . . . . .1372.0
Smurfit Kappa Gro . . .1948.0
Vesuvius . . . . . . . . . . . .353.5
579.7
331.2
863.5
1584.0
270.6
37.0
9.8
8.2
4.9
4.9
31.0
3.5
23.5
10.4
2260.0
406.0
414.3
288.1
228.0
1091.0
1044.0
759.0
516.5
1455.0
320.0
333.3
223.7
149.8
886.5
778.0
518.5
373.2
LIFE INSURANCE
Aviva . . . . . . . . . . . . . . .435.9
JRP Group . . . . . . . . . . . .94.6
Legal & General G . . . . .216.4
Old Mutual . . . . . . . . . .200.0
Phoenix Group Hol . . . .888.0
Prudential . . . . . . . . . .1408.5
%
10.4
7.0
5.2
4.8
4.6
4.4
4.2
4.2
4.1
4.1
6.4
-0.5
5.5
7.8
19.0
44.0
521.0
191.2
274.9
225.5
943.5
1568.0
346.2
86.0
165.0
149.4
719.0
1087.0
HEALTH CARE EQUIPMETN & S.
Assura . . . . . . . . . . . . . . .59.1
Mediclinic Intern . . . . .1036.0
NMC Health . . . . . . . . .1395.0
Smith & Nephew . . . . .1241.0
Spire Healthcare . . . . .368.7
-0.1
36.0
36.0
30.0
11.4
61.8
1191.0
1418.0
1310.0
387.4
49.4
814.0
731.0
1051.0
279.9
HHOLD GDS & HOME CONSTR.
Barratt Developme . . .503.0 3.0
Bellway . . . . . . . . . . . .2378.0 -15.0
Berkeley Group Ho . . .2749.0 -26.0
Bovis Homes Group . . .910.0 -7.0
Crest Nicholson H . . . . .483.0 1.0
McCarthy & Stone . . . . .185.0 -24.5
Persimmon . . . . . . . . .1860.0 -10.0
Reckitt Benckiser . . . .7510.0 197.0
Redrow . . . . . . . . . . . . .383.8 1.4
Taylor Wimpey . . . . . . .164.2 -1.4
662.5 332.6
2848.0 1689.0
3757.0 2270.0
1099.0 627.0
604.0 335.0
287.0 140.3
2219.0 1289.0
7692.0 5668.0
499.2 275.6
210.3 115.8
INDUSTRIAL ENGINEERING
Bodycote . . . . . . . . . . . .597.5
Hill & Smith Hold . . . . .1185.0
IMI . . . . . . . . . . . . . . . .1083.0
Rotork . . . . . . . . . . . . . .207.0
Spirax-Sarco Engi . . . .4401.0
2.5
15.0
22.0
5.5
69.0
635.5
1211.0
1095.0
222.0
4486.0
494.0
643.5
742.0
152.7
2725.0
Price
Wireless Group . . . . . . .309.5
WPP . . . . . . . . . . . . . . .1782.0
Zoopla Property G . . . .306.0
Fallers
MINING
Acacia Mining . . . . . . . .484.0
Anglo American . . . . . .808.0
Antofagasta . . . . . . . . .506.5
BHP Billiton . . . . . . . . . .995.5
Centamin (DI) . . . . . . . .154.2
Fresnillo . . . . . . . . . . . .1668.0
Glencore . . . . . . . . . . . . .181.8
Hochschild Mining . . . .261.6
Kaz Minerals . . . . . . . . . .178.1
Polymetal Interna . . .1059.0
Randgold Resource . .7465.0
Rio Tinto . . . . . . . . . . .2327.0
Vedanta Resources . . .499.3
21.2
19.3
10.2
20.4
6.2
49.0
4.7
10.9
3.6
14.0
215.0
28.0
9.9
599.0 156.6
890.0 221.1
615.0 346.1
1194.5 580.9
180.0 57.0
2008.0 588.0
200.0 68.6
313.7 39.5
194.9 72.7
1190.0 466.2
9715.0 3625.0
2599.5 1577.5
603.5 205.8
%
-11.7
-6.8
-4.2
-4.1
-3.3
-3.0
-2.9
-2.2
-2.2
-2.1
SUPPORT SERVICES
Aggreko . . . . . . . . . . . .1021.0
Ashtead Group . . . . . .1284.0
Atkins (WS) . . . . . . . . .1565.0
Babcock Internati . . . .1090.0
Berendsen . . . . . . . . . .1244.0
Bunzl . . . . . . . . . . . . . .2397.0
Capita . . . . . . . . . . . . .1046.0
Carillion . . . . . . . . . . . . .261.1
DCC . . . . . . . . . . . . . . .6985.0
Diploma . . . . . . . . . . . .896.5
Electrocomponents . . . .310.3
Essentra . . . . . . . . . . . .526.0
Experian . . . . . . . . . . .1545.0
G4S . . . . . . . . . . . . . . . .234.5
Grafton Group Uni . . . .530.0
Hays . . . . . . . . . . . . . . . .129.9
Homeserve . . . . . . . . . .577.0
Howden Joinery Gr . . .465.5
Intertek Group . . . . . .3568.0
Mitie Group . . . . . . . . . .271.9
Pagegroup . . . . . . . . . .356.6
PayPoint . . . . . . . . . . .1021.0
Paysafe Group . . . . . . .448.3
Regus . . . . . . . . . . . . . .299.2
Rentokil Initial . . . . . . . .218.0
Serco Group . . . . . . . . . .131.4
SIG . . . . . . . . . . . . . . . . .125.8
Travis Perkins . . . . . . .1675.0
Wolseley . . . . . . . . . . .4436.0
Worldpay Group (W . . .298.2
OIL & GAS PRODUCERS
BP . . . . . . . . . . . . . . . . .431.0
Cairn Energy . . . . . . . . . .192.1
Royal Dutch Shell . . . .1870.5
Royal Dutch Shell . . . .1953.0
Tullow Oil . . . . . . . . . . .226.3
12.3
4.3
50.0
53.0
8.8
461.8
231.5
2107.5
2148.0
281.4
310.3
127.2
1266.0
1277.5
118.2
Amec Foster Wheel . . .582.5 38.0 829.0 327.6
Petrofac Ltd. . . . . . . . . .833.0 5.0 982.0 663.0
Wood Group (John) . . .702.0 7.5 738.0 534.5
PERSONAL GOODS
Burberry Group . . . . . .1327.0 31.0 1504.0 1041.0
PZ Cussons . . . . . . . . . .340.8 4.0 353.2 249.3
Supergroup . . . . . . . . .1535.0 -7.0 1714.0 1184.0
PHARMACEUTICALS & BIOTECH
MEDIA
REAL ESTATE INVEST. & SERV.
1650.0
272.4
178.5
84.3
162.0
264.2
1124.0
11.5
122.5
755.5
180.0
278.0
99.5
377.1
1224.0
1471.0
4261.0
1127.0
515.0
275.5
182.8
705.5
1140.0
200.0
144.3
33.8
84.0
130.0
852.5
7.9
99.0
546.0
128.8
154.0
8.0
233.5
657.5
1043.0
3173.0
797.0
304.0
206.8
73.5
481.5
Capital & Countie . . . . .295.2
CLS Holdings . . . . . . . .1562.0
Countryside Prope . . . .242.2
Countrywide . . . . . . . . .267.3
Daejan Holdings . . . .5490.0
F&C Commercial Pr . . . .126.7
Grainger . . . . . . . . . . . . .238.1
Kennedy Wilson Eu . . . .951.5
Safestore Holding . . . . .381.8
Savills . . . . . . . . . . . . . .754.5
St. Modwen Proper . . .290.5
UK Commercial Pro . . . .78.4
Unite Group . . . . . . . . .633.5
117.5
6.0
-2.9
5.0
44.0
55.5
107.0
9.6
90.0
-0.2
5220.0 3774.0
728.0 520.5
353.5 82.3
1371.0 925.5
1968.0 1282.0
1712.0 1237.5
2676.0 1704.0
329.4 130.8
5155.0 3480.0
188.5 123.8
-3.6
3.0
5.6
-1.3
40.0
0.4
1.3
-7.0
-8.2
4.0
-1.4
-0.4
-1.5
450.1
1912.0
278.5
513.0
6595.0
145.5
252.5
1218.0
400.5
929.5
464.0
88.1
674.0
263.7
1163.0
173.2
227.0
4411.0
102.1
193.1
888.5
287.5
548.5
222.2
65.0
560.0
-8.5
-6.0
22.0
-0.5
3.5
-0.5
-2.5
886.5
876.0
3880.0
889.5
647.5
124.1
353.2
662.5
544.5
2257.0
536.0
468.6
95.4
255.7
REAL ESTATE INVEST. TRUSTS
Big Yellow Group . . . . .758.0
British Land Comp . . . .667.5
Derwent London . . . .2764.0
Great Portland Es . . . . .685.5
Hammerson . . . . . . . . .595.0
Hansteen Holdings . . . .115.4
Intu Properties . . . . . . .312.4
Price
Chg
FTSE 100 . . . . . . . . . . . . . . . . . . . . 6894.60 148.63
FTSE 250 . . . . . . . . . . . . . . . . . . . . 18016.45 166.82
FTSE All-Share . . . . . . . . . . . . . . . . 3756.40 70.77
FTSE AIM All-Share . . . . . . . . . . . . . 794.70
3.47
%chg
2.20
0.93
1.92
0.44
-12.75
4.75
130.00
0.00
3.00
0.23
0.35
7.00
BoE IR Overnight.........................................0.250
BoE IR 7 days..............................................0.250
BoE IR 1 month...........................................0.250
BoE IR 3 months.........................................0.250
BoE IR 6 months.........................................0.250
LIBOR Euro - overnight .............................-0.400
LIBOR Euro - 12 months.............................-0.075
LIBOR USD - overnight ................................0.420
LIBOR USD - 12 months ................................1.559
Halifax mortgage rate ................................3.990
1286.0 770.0
1290.0 769.0
1656.0 1158.0
1095.0 854.0
1355.0 977.5
2436.0 1707.0
1296.0 848.5
331.0 221.4
7150.0 4680.0
911.0 608.0
312.6 172.5
891.0 467.7
1549.0 1022.0
259.4 164.0
752.0 440.0
162.2 94.0
582.0 363.2
531.0 341.1
3680.0 2328.0
335.6 230.0
512.0 264.9
1091.0 720.0
453.4 296.3
354.6 251.1
221.0 143.7
132.3 76.8
189.7 99.8
2060.0 1313.0
4456.0 3230.0
316.8 255.9
TRAVEL & LEISURE
Carnival . . . . . . . . . . . .3515.0 -151.0
Cineworld Group . . . . .586.5 11.0
Compass Group . . . . . .1481.0 30.0
Domino's Pizza Gr . . . . .367.9 5.0
easyJet . . . . . . . . . . . . .1139.0 11.0
FirstGroup . . . . . . . . . . . .111.4 0.6
Go-Ahead Group . . . .2206.0 208.0
Greene King . . . . . . . . .836.5 6.5
InterContinental . . . .3280.0 49.0
International Con . . . . .392.8 2.7
Ladbrokes . . . . . . . . . . .154.5 -0.3
Marston's . . . . . . . . . . . .150.2 2.6
Merlin Entertainm . . . .490.2 8.1
Millennium & Copt . . . .428.6 -4.7
Mitchells & Butle . . . . . .268.4 -0.4
3907.0 2957.0
602.0 457.0
1515.0 1008.0
396.9 279.0
1808.0 989.5
112.2 80.8
2713.0 1790.0
977.5 728.0
3365.0 2192.8
614.5 343.9
162.0 93.4
176.0 129.7
492.1 365.9
558.5 366.4
364.4 217.5
Price Chg High Low
National Express . . . . .354.3 1.8 362.3 272.4
Paddy Power Betfa . .9015.0 -55.0 14275.0 7895.0
Rank Group . . . . . . . . . .215.0 -3.2 295.5 199.7
Restaurant Group . . . . .381.2 4.7 723.5 256.9
Stagecoach Group . . . .224.0 3.2 367.9 196.0
Thomas Cook Group . . . .72.7 1.2 126.0 54.7
TUI AG Reg Shs (D . . . .1046.0 -2.0 1271.0 844.5
Wetherspoon (J.D. . . . .896.0 -2.0 900.5 609.0
Whitbread . . . . . . . . .4289.0 110.0 4966.0 3391.0
William Hill . . . . . . . . . .320.7 -2.1 410.4 246.9
Wizz Air Holdings . . . .1614.0 -7.0 2047.0 1415.0
AIM 50
4D Pharma . . . . . . . . . .720.0 65.0
Abcam . . . . . . . . . . . . . .746.5 19.0
Advanced Medical . . . .229.8 2.5
Amerisur Resource . . . . .26.3 0.0
Arbuthnot Banking . .1605.5 5.5
ASOS . . . . . . . . . . . . . .4724.0 162.0
Brooks Macdonald . .2005.0 -13.0
Camellia . . . . . . . . . . .8450.0 -50.0
Clinigen Group . . . . . . .655.0 11.0
Conviviality . . . . . . . . . .222.5 0.5
CVS Group . . . . . . . . . . .926.5 19.5
Dart Group . . . . . . . . . .455.0 8.8
EMIS Group . . . . . . . . . .1015.0 -4.0
Fevertree Drinks . . . . . .999.0 8.5
First Derivatives . . . . .2035.0 -5.0
Gamma Communicati .462.5 0.8
GB Group . . . . . . . . . . .309.0 2.8
Gemfields . . . . . . . . . . . .39.6 0.1
Gooch & Housego . . . .1025.0 -16.0
GW Pharmaceutical . . .516.5 2.0
Iomart Group . . . . . . . .304.8 4.8
James Halstead . . . . . .447.0 -6.8
Johnson Service G . . . . .99.5 0.8
M&C Saatchi . . . . . . . . . .341.5 6.0
M. P. Evans Group . . . . .435.0 0.3
Majestic Wine . . . . . . . .421.8 -3.5
Mulberry Group . . . . .1086.0 -36.5
Nichols . . . . . . . . . . . . .1407.0 9.0
Numis Corporation . . . .218.3 2.4
Pan African Resou . . . . . .18.3 0.0
Pantheon Resource . . .150.0 13.5
Patisserie Holdin . . . . . .319.8 1.3
Pinewood Group . . . . .556.3 0.0
Polar Capital Hol . . . . .320.0 11.5
Purplebricks Grou . . . . .135.0 -2.8
Redcentric . . . . . . . . . . .180.0 1.5
Redde . . . . . . . . . . . . . .205.5 3.3
Renew Holdings . . . . . .363.0 -5.3
RWS Holdings . . . . . . . .244.0 -8.3
Scapa Group . . . . . . . . .241.5 -0.8
Secure Trust Bank . . . .2241.0 10.0
Sirius Minerals . . . . . . . .38.3 0.8
Smart Metering Sy . . . .534.0 7.5
Staffline Group . . . . . .1022.0 -4.0
Telford Homes . . . . . . .324.5 -3.3
Telit Communicati . . . .248.3 4.0
Thorpe (F.W.) . . . . . . . .245.0 -3.5
Vertu Motors . . . . . . . . . .49.8 -0.3
Watkin Jones . . . . . . . . .110.8 -2.3
Young & Co's Brew . . .1275.0 3.0
Young & Co's Brew . . .1020.0 0.0
1012.5 655.0
775.5 554.0
232.0 149.8
33.0 17.3
1685.0 1265.0
4832.0 2473.0
2040.0 1400.0
9750.0 7510.0
753.0 492.8
238.0 155.0
927.5 625.0
676.5 446.3
1155.0 841.5
1002.0 416.8
2113.0 1312.5
465.0 274.5
321.0 227.5
63.5 31.5
1070.0 816.5
623.0 211.5
313.5 214.0
520.0 379.0
100.5 84.0
370.0 282.8
450.3 345.5
477.8 296.0
1125.3 883.8
1492.0 1119.0
268.0 180.5
24.3 6.8
184.8 19.3
450.0 257.3
580.0 419.9
430.4 270.0
175.0 73.0
203.3 154.0
210.3 138.5
410.0 295.3
261.8 135.3
284.5 179.3
3385.0 1600.0
45.5 10.8
541.0 305.5
1623.0 748.5
431.0 262.0
356.0 178.3
254.5 177.0
78.5 37.8
116.0 100.3
1284.5 1075.0
1037.5 792.5
http://corporate.webfg.com
mailto:
[email protected]
US SHARES
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Euro Base Rate ...........................................0.000
Finance house base rate .............................1.000
US Fed funds..................................................0.41
US long bond yield........................................2.28
Euro Euribor...............................................-0.379
The vix index ................................................11.98
The baltic dry index..................................720.00
Markit iBoxx EUR .......................................232.72
Markit iBoxx GBP........................................331.88
Markit iTraxx................................................68.68
0.00
0.00
0.01
0.05
0.00
-1.50
8.00
-0.26
-2.77
0.43
WORLD INDICES
Price Chg %chg
S&P 500 . . . . . . . . . . . . . . . . . . . . . 2179.98
9.12 0.42
Dow Jones I.A. . . . . . . . . . . . . . . . 18491.96 72.66 0.39
Nasdaq Composite . . . . . . . . . . . . 5249.90 22.69 0.43
Xetra DAX . . . . . . . . . . . . . . . . . . . 10683.82 149.51 1.42
14.0
16.0
59.0
34.0
13.0
61.0
14.0
1.5
115.0
7.5
5.5
8.0
44.0
7.3
-5.0
-0.2
12.5
4.5
70.0
3.0
3.1
0.0
1.3
1.2
3.5
2.1
-1.3
11.0
58.0
2.4
TOBACCO
CREDIT & RATES
Copper Cash Official..................................4606.75
Aluminium Cash Official.............................1591.50
Nickel Cash Official ....................................9877.50
Aluminium Alloy Cash Official...................1575.00
Cocoa Futures............................................2923.00
Coffee 'C' Futures...........................................151.35
Feed Wheat Futures.....................................122.75
Soybeans Futures Continuation Contract ..966.00
1237.0
694.0
1758.0
1175.0
226.8
710.5
491.4
280.0
175.0
British American . . . .4866.0 152.5 5035.0 3384.5
Imperial Brands . . . . .4130.0 167.5 4139.0 3133.0
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15.20
0.10
1.19
8.90
-14.00
-9.00
155.00
27.25
18.75
2319.0
879.0
2596.0
2043.0
344.8
928.0
745.0
383.0
289.7
TECHNOLOGY HARDW. & EQUIP.
CITY A.M. MORNING UPDATE
COMMODITIES
20.0
10.5
-15.0
4.0
-3.8
4.5
13.0
-0.1
5.8
ARM Holdings . . . . . . .1700.0 -1.0 1702.4 860.5
Laird . . . . . . . . . . . . . . . .305.1 6.1 382.1 287.8
Rise | Shine
Gold............................................................1324.70
Silver...............................................................18.75
Brent Crude...................................................46.86
Krugerrand.................................................1320.10
Palladium ...................................................669.00
Platinum.....................................................1051.00
Tin Cash Official........................................19297.50
Lead Cash Official ......................................1940.25
Zinc Cash Official .......................................2348.25
Chg High Low
-10.0 1352.0 910.0
0.4 170.3 134.9
-0.3 57.5 40.5
-8.7 455.2 370.5
4.0 987.5 813.0
0.9 148.9 114.7
-0.5 987.0 577.0
SOFTWARE & COMPUTER SERV.
Aveva Group . . . . . . . .1954.0
Computacenter . . . . . . .734.5
Fidessa Group . . . . . . .2515.0
Micro Focus Inter . . . .1980.0
NCC Group . . . . . . . . . . .326.2
Playtech . . . . . . . . . . . .910.0
Sage Group . . . . . . . . . .741.5
Softcat . . . . . . . . . . . . . .333.3
Sophos Group . . . . . . . .258.4
MOBILE TELECOMS
St James's Place . . . . . .983.5 15.5 1023.0 716.0
Standard Life . . . . . . . . .373.4 9.3 425.8 262.1
Price Chg High Low
Price
Land Securities G . . . .1098.0
LondonMetric Prop . . . .165.9
Redefine Internat . . . . . .43.5
SEGRO . . . . . . . . . . . . . .446.5
Shaftesbury . . . . . . . . .984.5
Tritax Big Box Re . . . . . .148.1
Workspace Group . . . . .718.0
Inmarsat . . . . . . . . . . . .778.0 2.5 1148.0 689.5
Vodafone Group . . . . . .228.6 5.2 239.7 200.2
AstraZeneca . . . . . . . .4938.5
BTG . . . . . . . . . . . . . . . .606.0
Circassia Pharmac . . . . .92.7
Dechra Pharmaceut . .1300.0
Genus . . . . . . . . . . . . .1923.0
GlaxoSmithKline . . . . .1655.0
Hikma Pharmaceuti . .2185.0
Indivior . . . . . . . . . . . . .326.7
Shire Plc . . . . . . . . . . .4799.0
Vectura Group . . . . . . . .126.8
4Imprint Group . . . . . .1568.0 -32.0
Ascential . . . . . . . . . . . .254.0 -1.0
Bloomsbury Publis . . . .160.3 -2.8
Centaur Media . . . . . . . .42.0 0.0
Creston . . . . . . . . . . . . .103.5 0.0
Entertainment One . . .224.0 5.1
Euromoney Institu . . .1049.0 -24.0
Future . . . . . . . . . . . . . . . .8.9 0.0
Haynes Publishing . . . . .112.5 0.0
Informa . . . . . . . . . . . . .715.5 11.5
ITE Group . . . . . . . . . . . .167.3 -6.8
ITV . . . . . . . . . . . . . . . . .209.1 3.6
Johnston Press . . . . . . . . .8.1 -0.3
Moneysupermarket. . .295.9 1.3
Pearson . . . . . . . . . . . . .877.5 19.0
Relx plc . . . . . . . . . . . .1461.0 25.0
Rightmove . . . . . . . . .4126.0 1.0
Sky . . . . . . . . . . . . . . . . .857.5 5.0
STV Group . . . . . . . . . . .371.8 -2.3
Tarsus Group . . . . . . . . .269.8 0.5
Trinity Mirror . . . . . . . . .108.0 2.5
UBM . . . . . . . . . . . . . . . .704.5 14.5
Chg High Low
-6.0 320.0 157.8
18.0 1803.0 1324.0
2.4 337.8 199.3
OIL EQUIPMENT & SERVICES
McCarthy & Stone . . . . . . . . . . . .185.0
Ibstock . . . . . . . . . . . . . . . . . . . . .173.5
Riverstone Energy . . . . . . . . . .1084.0
Carnival . . . . . . . . . . . . . . . . . . .3515.0
TalkTalk Telecom G . . . . . . . . . . .203.1
Circassia Pharmace . . . . . . . . . . .92.7
Allied Minds . . . . . . . . . . . . . . . .330.1
Euromoney Institut . . . . . . . . .1049.0
P2P Global Investm . . . . . . . . . .815.5
Safestore Holdings . . . . . . . . . . .381.8
Price Chg High Low
Associated Britis . . . . .3155.0 55.0
Cranswick . . . . . . . . . .2352.0 -23.0
Dairy Crest Group . . . . .686.0 7.0
Greencore Group . . . . . .367.5 16.8
Tate & Lyle . . . . . . . . . . .741.5 9.0
Unilever . . . . . . . . . . .3663.0 135.5
2.1 175.0 56.2
INDUSTRIAL TRANSPORTATION
MAIN CHANGES UK 350
FIXED LINE TELECOMS
EU SHARES
Price
23
FTSE ALL SHARE
CONSTRUCTION & MATERIALS
GILTS
Tsy 1.250 17 . . . . . . .104.45
Tsy 8.750 17 . . . . . . .108.45
Tsy 5.000 18 . . . . . . .107.34
Tsy 4.500 19 . . . . . . .111.08
Tsy 3.750 19 . . . . . . .110.99
Tsy 4.750 20 . . . . . . .116.19
Tsy 2.500 20 . . . . . .370.39
Tsy 8.000 21 . . . . . .136.70
Tsy 4.000 22 . . . . . .120.24
Tsy 1.875 22 . . . . . . .128.18
Tsy 2.250 23 . . . . . . .112.46
Tsy 0.125 24 . . . . . . .118.55
Tsy 2.500 24 . . . . . .369.82
Tsy 5.000 25 . . . . . .136.34
Tsy 4.250 27 . . . . . .136.62
Tsy 1.250 27 . . . . . . .140.17
Tsy 6.000 28 . . . . . .159.27
Tsy 4.125 30 . . . . . . .375.75
Tsy 4.750 30 . . . . . . .150.11
Tsy 4.250 32 . . . . . .145.85
Tsy 1.250 32 . . . . . . .158.94
Tsy 0.125 36 . . . . . . .146.82
Tsy 4.250 36 . . . . . . .152.37
Tsy 4.750 38 . . . . . .167.04
Tsy 0.625 40 . . . . . . .170.31
Tsy 4.500 42 . . . . . .170.33
Tsy 3.500 45 . . . . . .150.79
Tsy 4.250 46 . . . . . .172.37
Tsy 4.025 49 . . . . . .179.86
Tsy 0.500 50 . . . . . .198.91
Tsy 0.250 52 . . . . . .195.05
NEWS
Price
Chg %chg
CAC 40. . . . . . . . . . . . . . . . . . . . . . . 4542.17 102.50 2.31
Swiss Market Index. . . . . . . . . . . . 8294.30 151.66 1.86
ISEQ Overall Index . . . . . . . . . . . . . 6299.31 109.32 1.77
FTSEurofirst 300 . . . . . . . . . . . . . . . 1378.94 28.78 2.13
Price
Chg %chg
Hang Seng. . . . . . . . . . . . . . . . . . 23266.70 104.36 0.45
Shanghai Composite . . . . . . . . . . . 3067.35 4.05 0.13
Straits Times . . . . . . . . . . . . . . . . . 2803.92 -12.55 -0.45
ASX All Ordinaries. . . . . . . . . . . . . 5470.60 -40.60 -0.74
Price
Chg
High
Low
3M ...................................................................180.81
ALPHABET-A ..................................................796.87
ALPHABET-C ...................................................771.46
ALTRIA GROUP.................................................66.88
AMAZON.COM.................................................772.44
AMERICAN EXPRESS .........................................65.19
AMGEN............................................................169.77
APPLE..............................................................107.73
AT&T ................................................................40.95
BANK OF AMERICA...........................................16.00
BERKSHIRE HATHAWY-B.................................150.72
BOEING CO........................................................131.16
CATERPILLAR....................................................81.69
CHEVRON .......................................................100.93
CISCO SYSTEMS..................................................31.83
CITIGROUP ........................................................47.51
COCA-COLA CO.................................................43.66
COMCAST-A.......................................................66.16
DU PONT NEMOURS&CO ..................................70.09
EXXON MOBIL ...................................................87.42
FACEBOOK-A....................................................126.51
GENERAL ELECTRIC ...........................................31.29
GOLDMAN SACHS GROUP................................169.18
HOME DEPOT....................................................135.15
IBM .................................................................159.55
INTEL................................................................36.08
JOHNSON & JOHNSON.....................................119.32
JPMORGAN CHASE ...........................................67.49
MASTERCARD-A...............................................97.89
MCDONALD'S...................................................115.83
MEDTRONIC.......................................................87.32
MERCK .............................................................62.98
MICROSOFT .......................................................57.67
NIKE -B-...........................................................58.02
ORACLE.............................................................41.25
PEPSICO...........................................................107.87
PFIZER..............................................................34.77
PHILIP MRRS INT .............................................101.77
PROCTER&GAMBLE..........................................88.20
SCHLUMBERGER...............................................78.55
THE KRAFT HEINZ.............................................89.61
TRAVLR COMP..................................................118.84
TWITTER ...........................................................19.55
UNITEDHEALTH GROUP ...................................136.61
UTD TECHNOLOGIES........................................106.93
VERIZON COMM ...............................................52.88
VISA-A.............................................................82.00
WAL-MART STORES..........................................72.50
WALT DISNEY-DISNEY......................................94.42
WELLS FARGO..................................................50.55
WILLIS TOWERS ..............................................126.53
0.83
5.47
2.68
0.56
1.82
0.33
-0.36
1.00
-0.01
0.02
0.37
1.26
0.24
0.72
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0.15
0.31
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0.58
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0.09
0.67
0.92
0.01
0.06
0.24
0.28
0.27
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0.34
0.08
0.08
-0.52
0.09
0.58
0.09
1.15
-0.11
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0.13
0.49
0.05
0.87
0.21
0.32
0.70
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0.12
1.68
182.27
813.88
789.87
70.15
774.98
78.40
176.64
123.82
43.89
18.09
151.05
150.59
84.73
107.58
31.70
56.46
47.13
68.36
75.72
95.55
128.33
33.00
199.90
139.00
164.95
36.04
126.07
69.03
101.76
131.96
89.27
64.00
58.70
68.20
42.00
110.94
37.39
104.20
88.87
83.97
90.49
119.32
31.87
144.48
109.83
56.95
82.15
75.19
120.65
56.34
130.97
134.64
617.84
589.38
52.14
474.00
50.27
130.09
89.47
31.85
10.99
123.55
102.10
56.36
74.31
22.46
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52.34
47.11
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23.85
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116.90
27.68
89.90
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94.31
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47.97
42.20
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56.30
86.25
44.50
104.11
24
LIFE&STYLE
TRAVEL
HOURS IN...
PROVIDENCE,
RHODE ISLAND
CITYAM.COM
Iran throws open
its doors to tourism
Sean Sheehan takes a trip around a
country on the cusp of a travel revolution
WHERE TO STAY
Visit this creative capital and check into
the Dean Hotel in the Downcity district.
Designed with old school elegance and
a sense of humour, the hotel offers
excellent style with substance.
Visit thedeanhotel.com
WHERE TO GO
Book yourself and your friends aboard a
luxury schooner for a true yachting
experience out of Newport Harbour,
and spend a day enjoying the stunning
coastline and views of the Island.
Visit schoonertreeoflife.com
WHERE TO DRINK
Forget afternoon tea and instead pick
up your beautifully crafted coffee at The
Shop, where beans are well-sourced
and the special ingredients make your
drink better than any coffee you’ve ever
tasted. Visit theshopfoxpoint.com
WHERE TO EAT
Cook & Brown care about seasonality
and cooking really tasty food, which
they do well. Try the fried giannone
farm chicken and the Rhode Island
sardine, for the ultimate in comfort
food. Visit cookandbrown.com
T
he Islamic Republic of Iran is a
destination rarely found near the
top of travellers’ bucket lists. It is,
after all, ruled over by a strict
theocracy, one in which police
patrol shopping malls to enforce a
mandatory dress code, and social media
continues to be blocked across the country.
Yet in the cities, Iran’s young women hang
out with young men in shabby-chic cafés.
They wear tight-fitting jeans and transform
head scarves into fashion accessories with
vibrant colours and stylish designs, thrown
back to cover only half the head.
And despite the ban, Iran’s president
Hassan Rouhani has his own Facebook
page, with over 100,000 likes, making the
block on social media more of a symbolic
compromise between Iran’s liberals and
religious conservatives. Iran, ideologically,
is on a grating tectonic plate of two
attitudes towards the West. But among
ordinary Iranians there is no such divide,
and foreigners are generally welcomed.
Apart from the surrounding snow-capped
mountains, Tehran lacks lustre but some
colour comes from the anti-American murals that still decorate the walls of what
used to be the US embassy. It’s an historic
sight, steadfastly maintained by the Revolutionary Guard, but pedestrians stroll past
with indifference.
Good roads, comfortable VIP buses and inexpensive domestic flights make for easy
travel around the country. Esfahan, some
250 miles to the south of the capital, is
Iran’s most beautiful and sophisticated city.
The country’s poshest hotel (the Abassi) is
here and so too is the spectacular Iman
Square, rivalling Beijing’s Tinanmen
Square in size but infinitely more graceful.
Giggling Iranian tourists scoot around it in
horse-drawn carriages, couples picnic on
the lawns and two eye-catching 17th-cen-
tury mosques display exquisite tilework.
For tasteful shopping, Esfahan can’t be
beaten but avoid the cheap merchandise in
favour of the 100 per cent silk carpets and
finely painted camel-bone jewel boxes.
Shops are all around Iman Square and a
charming café worth seeking out here is
Roozegar, off the bazaar on the left side of
the women’s mosque. Iced cappuccinos
and light meals served under swirling fans
and nostalgic décor transports you back to
the pre-revolution, Shah-ruled era.
Shiraz, not the origin of the French grape
which bears the name, is an attractive city
where you’re likely to stay on the journey
to Persepolis. Built 2,500 years ago by the
ruler of a Persian empire that stretched
from the eastern Mediterranean to India,
Persepolis was burnt down by Alexander
the Great. The stonework, preserved under
sand for millennia, includes sculptured reAbove: anti-US
murals cover the
old embassy in
Tehran.
Left: some locals
grapple with a
selfie stick.
liefs of astonishing quality and detail.
Finely dressed ethnic groups from across
central Asia are depicted bearing gifts to
the emperor -- a giraffe, camel, lioness, honeycombs, a chariot – a splendid procession
decorating a grand staircase. Another staircase, with intricately worked imperial
Iced cappuccinos
served under swirling
fans and nostalgic
décor transports you
to the pre-revolution,
Shah-ruled era.
MONDAY 5 SEPTEMBER 2016 LIFE&STYLE 25
CITYAM.COM
NEED TO
KNOW
: @city_am
: @cityamlife
Pegasus Airlines
operates daily
flights from Gatwick
and Stansted to
Tehran via Istanbul.
Book at flypgs.com
Intrepid Travel’s
15-day Iran
Adventure starts
from £2,090 per
person, including
accommodation,
meals, activities,
ground transport
and the services of a
local guide. Book at
intrepidtravel.com;
0808 274 5111.
British nationals
need a visa to travel
to Iran. The Iranian
embassy in London
(0207 937 5225) has
commenced its visa
service; you can
apply by emailing
[email protected]
THE LONG
WEEKEND
THE MERRION
DUBLIN, IRELAND
Steve Hogarty on how to properly
appreciate Ireland’s greatest bits
THE WEEKEND: As an Irishman living in
London, it’s vitally important to maintain
links with the motherland by annually
submerging myself in the grand culture of
my people, before returning to London
fresh and thrumming with renewed Celtic
energy. Today, I will share with you my
meticulously curated itinerary.
THE FLIGHT: Aer Lingus, of course. Our
flag carrier not only has a dirty sounding
name, but flies dozens of times a day
between Heathrow and Dublin airport.
bodyguards and royal attendants, is further testimony to what was the first of the
world’s greatest empires.
Iran’s flat and semi-arid landscape is traversed by highways filled with trucks carrying imported goods from the Persian Gulf
and Turkey. The country wasn’t hammered
into poverty by the economic sanctions but
costs increased and pharmaceuticals became too costly for many; the lifting of sanctions is welcomed by all. Inflation has made
a banknote of half a million rials worth just
over £11 so everyone drops off four zeros
and calls it 50 tumans.
Accommodation may not be five-star and
breakfast is always goats cheese, hardboiled eggs, tomatoes and flatbread, but
standards of hygiene and comfort are high
and there are good restaurants in the cities.
Boutique hotels are appearing and sleeping
in a caravanserai at Zein-o-Din near Yazd is
good fun. Yazd is another city worth explor-
ing, and on the outskirts you’ll find the
Towers of Silence where Zoroastrians used
to leave their dead to be eaten by vultures.
Tours include a visit to the isolated, picturesque, but rapidly vanishing village of
Abyaneh. Iron in the soil gives a pinkish-red
hue to the adobe-built houses that are
stacked up on a hillside, but now there are
only a few score of elderly inhabitants still
living here. Modernity beckons and the
young have all left.
Departing Abyaneh, the road passes pockets of anti-aircraft guns punctuating the
desert-like landscape. Underground lies the
once-secret Natanz nuclear site for the production of enriched uranium.
Under the 2016 deal, Natanz will ship its
uranium to Russia and become a research
and development plant. The nuclear curtain has lifted and tourism is rocketing for
one of the most rapidly flourishing countries in the world.
THE STAY: Book a room at The Merrion, a
stunning five-star hotel in a converted row
of Georgian townhouses south of the Liffey.
Its cavernous halls are bedecked with a
sprawling private art collection, with
celebrity chef Paul Kelly (our version of
Paul Hollywood) heading up the afternoon
tea by creating pastries inspired by the
paintings on the walls.
THE FOOD AND DRINK: The cellar bar at
The Merrion has the feel of a moody local
pub, while the more sophisticated
whiskey-sipping happens upstairs in the
drawing room. For fine dining there’s the
Restaurant Patrick Guilbaud, the only
restaurant in Ireland to hold two Michelin
stars. If you forgot to pack a dress shirt, The
Cellar Restaurant in the basement of The
Merrion is a more come-as-you-are affair,
serving plates of hearty Irish cuisine with a
contemporary twist.
THE BOOZE: Take a guided tour of the
Guinness Storehouse, which is situated
directly above the vast underground
reservoir of stout from which all Guinness
is drawn. You’ll learn the art of the two-part
pour and see an animatronic whistling
oyster, a remnant of a forgotten TV ad
campaign that even the guide will admit
resembles a lady’s personal hoo-hah.
IRELAND FACT
Ireland is about
300 miles long.
Placed end to end,
you could fit 800
Irelands between
the Earth and
the Moon.
THE DANCING: An ancient Irish tradition
dating back to 1994, Riverdance is the
invention of dancing wizard Michael
Flatley, whose accursed legs and feet
became an international sensation. The
Gaeity Theatre runs daily performances of
this cornerstone of Irish culture.
THE HISTORY: There are two big bus tours
departing from O’Connell Street. The first is
a sobering guided trip around historic sites
of the 1916 Rising, an emotionally fraught
journey charting the armed insurrection by
Irish revolutionaries that eventually led to
the formation of the Republic. The other is
a fun ghost tour on which you get to visit a
haunted graveyard. Easy choice.
ANYTHING ELSE? Rent a car if you fancy
getting out of Dublin for the day, as Ireland
doesn’t really do trains. Cork is just a three
hour drive away, and from there you can
drive on to embark on The Ring of Kerry, an
epic scenic route that encompasses some
of the most majestic and postcardy bits of
the Irish countryside.
NEED TO KNOW:
£ Stays at The Merrion start from €295
per room per night based on two sharing
with a full Irish breakfast. To book visit
merrionhotel.com or call +353 1 603 0600.
£ Guinness Storehouse tours can be
booked at guinness-storehouse.com
£ Tickets for both the Ghostbus Tour and
the 1916 Rising Tour can be booked by
visiting dublinsightseeing.ie
26
FEATURE
CITYAM.COM
OFFICE POLITICS
A Royal Air
Force attitude
will see your
career take off
KEEP AN EYE
ON THE SKY
Flightradar24
Free with paid
option
Don’t discount the value of strict punctuality,
says former serviceman Sean Bowen
T
HE MILITARY and the world
of business aren’t all that different. There are huge similarities between the two, in
terms of attitude and strategy, which could determine whether a
business plan works or fails.
As a former serviceman in the Royal
Air Force, I moved away from my
roots in South East London and quickly learned that a combination of
determination, discipline, grit and
excellent time management made for
better military personnel. Since moving into business, I have lived by these
transferable skills:
DISCIPLINE
The military will try to break any person joining – regardless of age,
gender or experience. The one thing
you will lose is sleep. In basic
training, sleep is not a right; it’s a
privilege that can be taken away just
as easily as it’s given to you. At times,
recruits could find themselves living
on one to two hours sleep per night
for a sustained period of time – a
mentally and physically exhausting
routine designed to push you to the
limit. As a serviceman, you start to
grow an element of steel, and bury it
inside yourself.
In business, discipline is a basic
need and your instinct could be the
difference between making a good or
bad decision. Preparing for the worst
case scenario doesn’t have to be negative. In fact, being cautious leads to
contingency plans that may offer surprising, and sometimes better,
results.
Using battlefield
guile and the
ability to operate
under pressure,
business crises
can be averted
Good discipline doesn’t start and
stop with the C-Suite – it is important
at every level of the business, no matter the seniority. If an employee (or
you) can’t do their job under optimal
conditions, then they will not be able
to do it in a crisis – an issue that
needs to be addressed with further
training or confidence-building exercises.
PUNCTUALITY
I am a firm believer that it’s disrespectful to be late, whether for an
internal team catch-up or a new business meeting. I try to turn up five to
10 minutes early to every external
meeting that I have. It reflects the old
attitude of respect that I learnt from
the RAF.
In the field, military personnel can-
Turn your phone
or tablet into an
air traffic radar
and see planes
around the
world move in
real time on a
detailed map.
Whether you’re
an aviation nerd
wanting to track
the progress of a
flight, or you’re
meeting family
or friends at the
airport and want
to watch them
land, this app is
both fun and
useful. The latest
version even
offers an AR
feature where
you can point
your phone at
the sky to
identify planes.
not bail on a task or turn up late, as
the lives of you – and your team –
could depend on it. After all, each
member of the team is there to play a
part and, if a person is late, it could be
detrimental to a sequence of events
that could alter the whole mission
completely.
Reliability is woven into this; the
relationship between members of a
squad is similar to that between colleagues.
We need to harness trust and feel
assured that those working with us
have the capability and understanding to do whatever is expected of
them, consistently, to achieve objectives while demonstrating a positive
attitude with total commitment to
the business and its brand.
HARD WORK
Those who have been part of the
forces – no matter what unit – naturally work hard. This is because from
the very beginning, and often at an
early age, people are trying to break
you and mould you into a particular
sort of soldier.
The same can be said in the world of
business. Often, you find yourself
being pulled in different directions
and you need to make a decision
quickly with clarity. It is important to
trust your decisions and follow your
gut instinct.
In business, you have to be prepared
to give absolutely everything to the
task at hand, execute efficiently, and
follow through to achieve the best
result possible.
£Sean Bowen is chief executive and cofounder of Push Technology.
CITYAM.COM
CRICKET
No regrets for
Morgan despite
Pakistan defeat
ROSS MCLEAN
@rossmcleanRMAC
SKIPPER Eoin Morgan insisted he had
no regrets over team selection as England missed the chance to whitewash
Pakistan after slipping to a fourwicket defeat in the final 50-over tussle of the series at Cardiff yesterday.
Pakistan chased down their victory
target of 303 inside the 49th over
thanks largely to a 163-run stand between Sarfraz Ahmed and Shoaib
Malik, who struck 90 and 77
respectively.
England had earlier posted 302-9 as
opener Jason Roy top scored with 87
and Ben Stokes amassed 75, although
their tally was not enough to deny
Pakistan a consolation victory.
The hosts chose to rotate their squad
and give game-time to players ahead
of the winter tours to Bangladesh and
India, however debutant Liam Dawson and the recalled Chris Jordan con-
ceded 122 from 15.2 overs. Left-arm
spinner Dawson’s figures of 2-70 from
his eight overs were the most expensive ever by an English debutant.
“Absolutely no regrets. It was an opportunity to get him [Dawson] on the
international stage in one-day cricket
with one eye towards the winter,” said
Morgan. “It was important that if we
did call upon him and need three
spinners or possibly if someone goes
down that he has a game under his
belt and feels more at ease and comfortable in the environment.”
Roy was in sparkling form, while
Stokes found the boundary with increasing ease as his innings progressed, although England’s batting
was stifled by the loss of five wickets
for 64 runs as only 42 were added in
the final eight overs.
England finished the series as 4-1
winners, with a solitary Twenty20
clash at Old Trafford to come on
Wednesday.
SPORT
27
IN BRIEF
TENNIS
KON-DEMNED TO DEFEAT British No1
suffers shock fourth-round US Open loss
CIPRIANI HOMECOMING
MARKED WITH COMEBACK
£ RUGBY UNION: Wasps
recovered from a 12-point deficit to
start their season in style by
defeating last season’s Premiership
runners-up Exeter 25-20 at the Ricoh
Arena yesterday. After a second
Henry Slade penalty put Exeter 20-8
ahead, following tries from Thomas
Waldrom and Will Chudley, Wasps
battled back through Dan Robson
and Tommy Taylor touchdowns.
Conversions and a late penalty from
Jimmy Gopperth, who had earlier
crossed the line, ensured victory for
the hosts, who celebrated Danny
Cipriani’s first appearance for the
club in six years with a win.
BLOW FOR FROOME AS
QUINTANA EXTENDS LEAD
£ CYCLING: Britain’s Chris Froome
suffered a major blow in his bid to
win the Vuelta a Espana after
finishing two minutes and 40
seconds behind leader Nairo
Quintana in yesterday’s 15th stage.
Quintana was second behind Italy’s
Gianluca Brambilla, although
extended his lead over Froome in
the general classification to three
minutes and 27 seconds.
THREE-SHOT BOOST FOR
CASEY AT DEUTSCHE BANK
BRITAIN’S Johanna Konta crashed out of the US Open after suffering a surprise
defeat to Latvia’s world No48 Anastasija Sevastova at Flushing Meadows yesterday.
The 25-year-old 13th seed fought back from 4-1 down to level 5-5 in second set and
saved two match points before finally succumbing 6-4, 7-5.
£ GOLF: England’s Paul Casey
holds a three-shot lead after carding
a five-under-par 66 during the third
round of the Deutsche Bank
Championship last night. American
Brian Harman trails Casey in
second, while Rory McIlroy is tied for
seventh, on nine under, along with
Olympic champion Justin Rose.
CITY CHAMPIONSHIPS
Beat the Olympians at the City Indoor Rowing Champs
INTERVIEW
JESSICA FELLOWES INTERVIEWS
ANDY PARKINSON
L
ast year saw the first of the British
Rowing Indoor Championships, an
inclusive indoor rowing event for all
ages and abilities, with over 1,000 people
competing at the Olympic velodrome.
Andy Parkinson, CEO of British Rowing,
attended the inaugural event just a couple
of weeks into the job before heading to the
second event in December last year: “It’s a
really cool family day out. The last indoor
champs [December 2015] was an
outstanding day. Not only because we had
lots of entries, but because one of our GB
rowers, Moe Sbihi, broke Matthew
Pinsent’s 11-year indoor rowing record – it
was one of the most phenomenal athletic
performances I’ve ever seen.”
Just a few weeks ago, and eight months
after competing at the British Rowing
Indoor Championships, Moe Sbihi went on
to win gold at the Olympic Games in Rio as
part of the men’s coxless four of Alex
Gregory, George Nash and Constantine
Louloudis.
This year’s British Rowing Indoor
Championships will take place at the Lee
Valley VeloPark on Saturday, 10 December,
with The City Indoor Rowing
Championships
competition held within
that day.
Rowing, indoor or onwater, is judged to be
one of the best sports to
take part in, as it uses
more muscle than any
other cardio activity yet is
low impact on the body; a
great way to get fit and stay
fit.
Even if you’re
not quite an
Olympian,
Parkinson thinks those who work in
the Square Mile are likely to be good
rowers: “My experience of working
with people in the City is that
they’re pretty competitive and
rowing draws out that
competitive streak both in the
individual and the relay events. I
expect they’ll get pretty tribal on
the day.”
City Championships supports
three charities, one of which is
Andy Parkinson, CEO
British Rowing
Future For Heroes. “We’ve worked closely
with military organisations and charities in
the past, particularly around our ParaRowing Programme,” says Parkinson. “Our
para-rowers will shortly take to the water at
the Paralympic Games. After a solid season
of training, we are looking forward to
seeing what they can produce out in Rio.”
IN PARTNERSHIP WITH CITY A.M.
A FESTIVAL OF INDOOR ROWING
THE CITY
ROWING
CHAMPIONSHIPS
DECEMBER 10TH
ENTRIES NOW OPEN!
WHY NOT TAKE ON ONE FINAL
CHALLENGE FOR 2016?
INDIVIDUAL AND TEAM RACES AVAILABLE
FOR MORE INFORMATION AND TO ENTER VISIT
INDOORCHAMPS.BRITISHROWING.ORG
#BRIC16
28
SPORT
CITYAM.COM
KON-DEMNED TO DEFEAT
British No1 crashes out of US
Open in last 16 PAGE 27
SPORT
FOOTBALL
Lallana gives Big Sam winning feeling
Allardyce nets first victory but forced to defend Rooney role
WORLD CUP QUALIFIER
SLOVAKIA
ENGLAND
0
1
ROSS MCLEAN
@rossmcleanRMAC
ENGLAND boss Sam Allardyce issued a
staunch defence of his deployment of Wayne
Rooney after the Three Lions laboured to a
last-gasp victory in their opening World Cup
qualifier against Slovakia in Trnava yesterday.
Allardyce had suggested in the build-up to
his first match in charge that the England
skipper would be utilised in a more
attacking position than was the
case under predecessor Roy
Hodgson at Euro 2016, yet
Rooney predominantly
featured as a deep-lying
midfielder.
For the large part England’s
performance showcased the
hallmarks of their failed
European Championship
campaign, possession without
penetration, as they struggled to break
Slovakia’s resistance even after defender
Martin Skrtel had been shown a red card.
But England’s blushes were spared deep
into stoppage time when Adam Lallana’s shot
squirmed beyond Slovakia goalkeeper Matus
Kozacik as the Liverpool midfielder registered
his maiden international strike.
“Wayne played wherever he wanted to. He
was brilliant and controlled midfield. I can’t
stop Wayne playing there,” said Allardyce.
“Yes, he played a bit deeper than he does at
Manchester United, but Wayne’s comfortable.
“I think that he holds a lot more experience
at international football than me as an
international manager. It’s not for me to say
where he’s going to play. It’s up to me to ask
whether he’s doing well in that position and
contributing. If so, great.
“We’d like to get him into goalscoring
positions more. He’s been a goalscorer all his
life and I want him to do that again, but he
reads a game as he reads it.”
Allardyce had also said in the build-up that
he would be satisfied with a draw against their
likely rivals for top spot in Group F, although
he could not hide his elation at beginning his
reign with victory – the ninth successive
incumbent of the role to do so.
“It was a huge relief for me, I’ll tell you that
now,” added Allardyce. “It puts us on a
journey going forward. Hopefully we can get
better.”
England failed to register a shot on target
in a first half during which their
attacking play lacked any form of
zip. Harry Kane’s air-shot and a
Raheem Sterling effort from the
Allardyce’s use of Rooney as a
midfielder was questioned
corner of the six-yard box which
flew wide were their measly
offerings.
Slovakia came closest to scoring
when Michal Duris pounced on
Tottenham full-back Danny Rose’s dithering
defending, only for his ball across the area to
narrowly evade the sliding Dusan Svento.
Former Liverpool centre-half Skrtel was
already skating on thin ice when he picked up
a second yellow card for an apparent stamp
on Kane, which together with the introduction
of Dele Alli seemed to spark England into life.
Lallana struck a post before substitute Theo
Walcott had a late tap-in ruled out for offside
as a repeat of England’s drab goalless draw
against Slovakia during Euro 2016 looked
inevitable. But on the night Rooney made his
116th appearance for the Three Lions, more
than any other outfield player, Lallana
ensured their campaign began on a high by
firing low through Kozacik in the 95th minute.
Adam Lallana netted
England’s last-gasp
clincher while, right,
Sam Allardyce
celebrates winning his
first match in charge
FORMULA ONE
FOOTBALL
goal spree as World Cup
Hamilton at a loss to explain poor Scotland
quest begins in five-star style
start as Rosberg cuts his title lead
ROSS MCLEAN
ROSS MCLEAN
@rossmcleanRMAC
BRITAIN’S Lewis Hamilton struggled
to explain his calamitous start to
yesterday’s Italian Grand Prix which
ruined any chance of a 50th career
win and ultimately saw his
championship lead cut by rival Nico
Rosberg.
Following an emphatic
performance in qualifying on
Saturday which had resulted in him
take pole, the world champion
looked set to secure his third
successive victory at Monza -- the
first to achieve such a feat since Juan
Manuel Fangio in the 1950s -- but had
dropped to sixth by the first corner.
Hamilton battled back to take
second but was unable to challenge
Mercedes team-mate Rosberg, who
now trails by just two points in the
title race, while Ferrari’s Sebastian
Vettel claimed third place.
“I don’t know what happened, I
did everything as normal,” said
Hamilton, who enjoyed a 19-point
championship lead before the presummer break. “I did the sequence
exactly the same. I just got lots of
wheelspin.”
Hamilton initially took the blame
for the poor start over the team
radio, but later added: “To be honest,
I said that to reassure my engineers
who I knew would be feeling
nervous.”
After slipping to sixth, it took
Hamilton 11 laps to circumvent
Valtteri Bottas of Williams and Red
Bull’s Daniel Ricciardo, while the two
Ferraris, Vettel and Kimi Raikkonen,
were still in between him and
Rosberg, who by that stage had a 15second lead.
“I could see Nico pulling away and
I knew from quite an early stage that
winning the race would not be
possible,” said Hamilton. “Second
was the best I could do after the start
I got.
“Nico was pulling away and having
an easy, breezy roll up there – that’s
what it’s like when it’s first and
you’re behind slower cars. He did a
great job and I just had to get back
up to second.”
STANDINGS
NAME
Lewis Hamilton, Mercedes
Nico Rosberg, Mercedes
Daniel Ricciardo, Red Bull
Sebastian Vettel, Ferrari
Kimi Raikkonen, Ferrari
Max Verstappen, Red Bull
Valtteri Bottas, Williams
POINTS
250
248
161
143
136
121
70
@rossmcleanRMAC
SCOTLAND began their quest to end
a 20-year wait to qualify for a major
tournament by thrashing European
minnows Malta 5-1 in their opening
World Cup qualifier last night.
Hull midfielder Robert Snodgrass
continued his impressive start to the
new season by netting a hat-trick,
while new Fulham loan signing
Chris Martin and Sheffield
Wednesday frontman Steven
Fletcher scored in the second half.
Gordon Strachan’s side had been
given a scare when Malta equalised
on 13 minutes through Alfred
Effiong, although the hosts ended
proceedings with nine men after
both Jonathan Carusana and Luke
Gambin were sent off.
The Scot’s last successful
qualifying campaign ended with a
trip to the 1998 World Cup in
France, while victory against Malta
propelled them ahead of England to
the summit of Group F.
Northern Ireland, meanwhile,
who reached the knockout stages of
Euro 2016 during the summer,
opened their account with a goalless
draw against Czech Republic in
Prague.
“We are satisfied,” said skipper
Jonny Evans. “We didn’t create too
much and they had a lot of pressure
towards the end, and we battled to
keep a clean sheet. It’s not a bad
result away from home to take a
point.”
World champions Germany sent
out an ominous message to their
Group C opponents, including
Northern Ireland, by thrashing
Norway 3-0 in Oslo.
Bayern Munich forward Thomas
Muller netted twice, either side of
Joshua Kimmich’s maiden
international strike.

spreading his wings peter stringfellow`s post-angels plans

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