THURSDAY 1 AUGUST 2019 ISSUE 3,426 CITYAM.COM FREE

BUSINESS WITH PERSONALITYNEWLY MINTEDMONEY MISTAKESFOR THE ‘JUSTMARRIED’ P16

DON’T MISS A BEAT THEBEST IN OUTDOOR TECHFOR FESTIVAL SEASON P17

TRUMP HITSOUT AT FEDRATES CUTSEBASTIAN MCCARTHYAND HARRY ROBERTSON

@SebMcCarthy @henrygrobertsonPRESIDENT Donald Trump renewedhis scathing attacks on the US FederalReserve late last night after its chairdownplayed the chances of alengthy series of rate cuts.

The central bank loweredits main federal funds target rate by 25 basispoints (0.25 percentagepoints) to between twoand 2.25 per cent yester-day evening, markingthe first time that rateshave been cut since thefinancial crisis.

However, Fed chair JeromePowell described the move as “amid-cycle adjustment to policy”, suggesting that sharp further cutswere unlikely.

The comments prompted angerfrom Trump, a fierce critic of Powellwho has urged the Fed to ease mone-tary policy and claimed that its

actions in the past have underminedhis economic and trade policies.

“What the market wanted to hearfrom Jay Powell and the FederalReserve was that this was the begin-ning of a lengthy and aggressive rate-cutting cycle which would keep pace

with China, The European Unionand other countries around

the world,” the Presidenttweeted.

He said that Powell “let

us down”, adding that hisadministration is “certain-

ly not getting much helpfrom the Federal Reserve!”

Ahead of Trump’s attack Powell toldreporters last night “we never takeinto account political considera-tions” – a reference to Trump’s repeat-ed criticism of the Fed’s policy.

The tussle is likely to inflame ten-sions between the two sides, which

have been suffering strained relationsin an unprecedented political situa-tion that has called into question thecentral bank’s independence.

Muted US inflation and signs ofslowing growth were cited by the Fedyesterday for its widely-expected cut,which will make borrowing cheaperin the world’s largest economy.

Powell said that the “performance ofthe economy has been reasonablygood”, but flagged trade tensions andweak manufacturing.

The dollar was flat against the eurolast night, while yields on two-year USTreasury securities advanced.

However US stock prices dipped asthe S&P 500 and the Dow sufferedtheir worst one-day percentage falls intwo months after Powell dashed hopesof further cuts.

The decision came despite economicgrowth in the US outperforming itspeers and record-low unemployment.

Hopes for a resolution to US tradetensions were given a small boost yes-terday when Washington and Beijingcalled recent talks “constructive”.

ALEXANDRA ROGERS

@city_amrogersA NEW £300m plan to acquireadditional freight services in theevent of a no-deal Brexit risksdescending into chaos because ofthe government’s pledge to leavethe EU on 31 October, thegovernment has been warned.

Fears have been raised that the

government could be forced intoanother high risk freightprocurement process because ofBoris Johnson’s commitment toleave the EU “come what may, do ordie” at the end of October.

Earlier this week the governmentpublished a new £300m frameworkof ferry, rail and aircraft providersto carry critical supplies such asfood and medicine in the event that

the UK leaves the EU without a deal.The Department for Transport

(DfT) now has just 14 weeks to builda panel of providers in time for thedeadline – five weeks less thanwhen it embarked on its originalno-deal ferry plans, which weredescribed as “rushed and risky” bythe parliamentary watchdog lastmonth.

However, in order to call on the

quickfire shortlist of bidders, theDfT needs to allow time for anylegal challenges by those whomissed out on joining the panel.

Any legal action could generatean automatic suspension whichprevents the DfT from entering intoan agreement, creating the chancefor delays and cancellations ofcross-Channel freight on the firstday of a no-deal Brexit.

Andrew Dean, director of publiclaw at Clifford Chance, told CityA.M.: “Disgruntled bidders, internalapprovals or just bad luck couldblock the DfT from entering intothe framework agreement formonths, leaving the UK without thenecessary freight capacity supporton day one of a no-deal Brexit.”

£CONTINUES ON P2

Trump lamented thelack of further rate cuts

from Fed chair Powell

JAMES WARRINGTON

@j_a_warringtonSPOTIFY’s subscriber growth hit thelower end of its guidance in thesecond quarter yesterday, ascompetition in the streamingmarket heats up.

The music giant said it now has108m paid subscribers, up 30 percent on the year before. The figurewas below the midpoint of thefirm’s own guidance and fell shortof analysts’ estimates.

Shares in Spotify dropped asmuch as five per cent in pre-market trading, before recoveringto close down 0.17 per cent.

Overall, Spotify said its resultsoutperformed expectations,with revenue up 31 per centto €1.7bn (£1.6bn). Totalmonthly active users beattargets to hit 232m.

The Swedish firm hasramped up investment inpodcasts over recentmonths, snapping upthree production firms.

Streaming figures mayalso have been boostedby Beyonce’s hit albumLemonade, which wasreleased in April.

MUSICAL BEARS Spotify sharesdip as it misses subscriber targets

Fresh fears of freight ferry farce as no-deal Brexit puts contracts in spotlight

FTSE 100 ▼ 7,586.78 -59.99 FTSE 250 ▼ 19,666.52 -108.30 DOW ▼ 26,864.27 -333.75 NASDAQ▼ 8,175.42 -98.20 £/$▲ 1.216 +0.001 £/€▲ 1.097 +0.008 €/$▼1.108 -0.007

CITYAM.COM02 THURSDAY 1 AUGUST 2019NEWS

LEGAL SECTOR FACES £3.5BNHIT FROM NO-DEAL BREXITA no-deal Brexit would take a £3.5bnchunk out of the legal sector and put10,000 jobs at risk, according to theprofessional body for solicitors, whichhas issued a plea that the UK negotiatevital rights for lawyers after departurefrom the EU. A report published ontoday by the Law Society warns that ano-deal Brexit could dent the market by10 per cent compared with an orderlydeparture from the EU.

QUALCOMM SALES BOOSTEDBY APPLE SETTLEMENTChip maker Qualcomm laid bare theeffects of a slowdown in the globalsmartphone market and tensions

between the US and China yesterday,disappointing investors with weak salesguidance for the rest of the year. The UScompany blamed “continued weaknessin China”.

TECH GIANTS TO PULL OUTOF UK OVER NEW POWERSTech giants are threatening to pull outof the UK if a new law allows seniorexecutives to be prosecuted, theTelegraph has learned. The InternetAssociation (IA) has warned thegovernment that such powers wouldcreate “a disincentive for existingbusinesses to continue to provide theirservices in the UK.”

US SANCTIONS IRANIANFOREIGN MINISTER ZARIFDonald Trump last night escalatedtensions with Iran by putting sanctionson its foreign minister MohammadJavad Zarif. The US called Zarif a“propaganda minister”.

REGULATORS FOUND RISKAFTER FIRST BOEING CRASHAn internal risk analysis after the first oftwo Boeing 737 Max airliner crashesshowed the likelihood was high of asimilar cockpit emergency withinmonths, according to a Federal AviationAdministration official familiar with thedetails and others briefed on the matter.

GE POSTS QUARTERLY LOSSBUT RAISES FORECASTSGeneral Electric posted a second-quarter loss and flat sales, but said itwas making progress in restructuring itslong-struggling power division andraised its full-year financial projections. GE also said its finance chief, JamieMiller, will be leaving her role.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNALWHAT THEOTHERPAPERS SAYTHISMORNING

STEEL TYCOON AMONGDONORS WHO BACKED BORIS Lakshmi Mittal, the steel magnate, isamong several prominent donors whopoured last-minute cash into theleadership campaign of Boris Johnson.Mittal, named by the Sunday Times asthe world’s 11th richest person, is thechairman of Arcelormittal, the leadingsteel and mining company.

INVESTORS ATTACK FCAOVER FAILING LENDYThe Financial Conduct Authority hasbeen accused of contributing tomillions of pounds of investors’ lossesafter it admitted that it had authorisedLendy despite concerns about itsgovernance, systems and controls.

HARRY ROBERTSON

@henrygrobertsonBOTH price inflation and economicgrowth in the Eurozone were shownto have slowed in figures released yes-terday, boosting the chances theEuropean Central Bank (ECB) willdeliver fresh stimulus to kickstart theregion’s struggling economy.

Prices in the Eurozone grew at anannual rate of 1.1 per cent in July,according to a first estimate by theEuropean Union’s data body Eurostat,compared to 1.3 per cent in June.

The figure is well below the two percent mark sought by the EuropeanCentral Bank (ECB), which last weeksaid it was “determined to act” if infla-tion stayed low across the euro area.

Meanwhile economic growth in theEurozone halved to 0.2 per cent in thesecond quarter of the year. This com-pared to 0.4 per cent growth in the

Eurozone fightsslowing growth

KEEPING THEM ON THEIR TOES Almost 1,200 cast membersare preparing for this year’s Royal Edinburgh Military Tattoo

CAST MEMBERS took part in the working rehearsal first full run-through of The Royal Edinburgh Military Tattoo yesterday.Performers from the British Army, Nigeria, Trinidad and Tobago, China, Australia and New Zealand will rehearse in front of theTattoo’s chief executive and producer brigadier, David Allfrey, and Edinburgh Castle governor, Major General Alastair Bruce.

Buoyant Next showsretailers how it’s done

INVESTORS exposed to the troubled sector of retail propertywere dealt a fresh blow during trading yesterday. Shoppingcentre landlord Intu led the market fallers after it cancelledits dividend and posted mounting losses, wiping 32 per cent

off of an already-battered share price.Although Intu’s downward spiral yesterday underlined a yearto forget for many retail landlords, its boss was at leastoptimistic about one thing: bricks-and-mortar stores are “notdead yet,” proclaimed chief executive Matthew Roberts. While retail real estate stocks tumbled by the close of trading,one fashion tenant was certainly proving that point. Clothing group Next’s share price closed up at its highest pricein almost exactly 12 months – capping off a year in which thefashion firm has thrivedamid some of the most-miserable conditions everseen on the UK high street. A surprise four per cent risein full-price sales wasreported by the chain,despite it facing challengingcomparisons from theblistering summer weatherlast year. Shareholders and analysts cheered a hike in the full-year profit guidance by £10m to £725m. As Shore Capital noted, “there are few retailers with upwardsmomentum in guidance”, but Next appears to be one of them.Online sales are looking healthy, and the rate of decline in itsphysical shops was not as drastic as some experts had beenforecasting. Next boss Simon Wolfson – or Lord Wolfson of Aspley Guise togive him his proper title – may have started his Next career ona shop floor with the aim of preparing to go into managementconsultancy, but since taking over the fashion group in 2001,his dedication, discipline and attention to detail has wonplaudits in the City. Yesterday his focus on the small print once again filtered into aset of successful results; in maintaing tight stock and costcontrols, Wolfson proved that a high street retailer with solidmanagement can weather the current storm blighting theretail sector.

Follow us on Twitter @cityam

THE CITY VIEW

Since taking overthe fashion groupin 2001 Wolfson’sdedication has wonplaudits in the City

first quarter. The reading took theannual rate of economic growth to 1.1per cent in the second quarter, match-ing the weak figures seen at the end oflast year.

The data is confirmation of ECB pres-ident Mario Draghi’s statement lastweek that the outlook for theEurozone is “getting worse andworse”. Draghi cited “the prolongedpresence of uncertainties” such asgrowing tariff threats and weaknessin emerging markets.

He said they were “dampening eco-nomic sentiment, notably in the man-ufacturing sector”.

Action from the ECB could take theform of interest rate cuts and bondpurchases, but could also mean as-yetuntried policies. Yet the ECB’s boardmembers may be given pause forthought by the fall in unemploymentin the Eurozone in June to 7.5 percent, also revealed yesterday.

DfT must put aPlan B in placeCONTINUED FROM FRONT PAGE

The DfT hopes to have a panel ofsuccessful bidders in place by 18September. It will then hold “minicompetitions” to see who canprovide the best service and price byearly October.

At the time of the deal’s collapse,the government said it had beenforced to take risks because it didnot have time to run a compliantprocess. It was strongly criticisedfor awarding a contract worth£13.8m to Seaborne Freight, a firmthat owned no ships and had neverrun a ferry service before.

It was then forced to cancel all ofthe contracts following the lapse ofthe first Brexit deadline in March,at a cost of £50m to the taxpayer.

“It would be prudent for DfT tohave a credible Plan B in place, giventhe risk of delays and the potentialimpact of a no-deal Brexit withoutemergency freight capacity cover.The DfT should apply theirprocurement rules rigorously toavoid another Seaborne,” said Dean.

03THURSDAY 1 AUGUST 2019 NEWSCITYAM.COM

ALEX DANIEL

@alexmdanielBRITISH Airways has lost its bid toblock pilots from striking later thissummer over a pay dispute, in a resultwhich could spell chaos for British holidaymakers.

The airline has been in talks withpilots union British Airline Pilots’Association (Balpa) in an attempt tostop them striking over the summermonths. After pilots voted to strikeafter rejecting a pay increase of 11.5per cent over three years, BA took thecase to the High Court last month.

After that was dismissed, the airlineattempted to appeal against the deci-sion. The Court of Appeal yesterdayrejected the attempt.

The airline has said the pay rise is“fair and generous”. BA pilots will joinHeathrow and Gatwick airport staff instriking this summer. Ryanair pilotsare also in the process of decidingwhether to go on strike.

Balpa chief executive Brian Struttondescribed British Airways’ actions asan attempt to “injunct this industrialaction on a technicality”.

“BA’s attempt to defeat the demo-cratic view of their pilots in court,

BA loses bid toblock strikes bypilots over pay

Ryanair boss Michael O’Leary has blasted Boeing for the grounding of the 737 Max

ALEXANDRA ROGERS

@city_amrogersRYANAIR boss Michael O’Learyyesterday warned staff that hundredsof jobs could be lost as the airlinereels from a decline in earnings andthe grounding of the Boeing 737 Maxaircraft.

In a video sent to workers andseen by Bloomberg, the airline chiefexecutive told staff that Ryanairneeds 900 fewer pilots and cabincrew than initially planned due tothe airline’s poor financialperformance and the continuedgrounding of the Boeing 737, which

has hurt its growth and cut flightnumbers.

“We over the next couple of weekswill be doing our very best tominimise job losses, but some areunavoidable at this time,” O’Learysaid.

Last week, O’Leary warned hecould not rule out job losses if thejet remains grounded for longerthan expected.

He slammed Boeing over thecontroversy, saying his airline couldhave no Boeing 737 Max jetsavailable next year unless theaircraft manufacturer “gets its sh*ttogether”.

rather than deal with us across thenegotiating table, has sadly wastedhuge amounts of time and moneythat could have been put into findinga peaceful resolution.

“Now the window for negotiationand compromise is closing fast.”

Balpa has said BA’s recent profitsmean its members deserve a betteroffer. So far it has not announced anystrike dates because it wants to resolvethe issue through negotiation.

The union met BA again at concilia-tion service Acas yesterday and will doso for the rest of the week for “one lasttry” to resolve the dispute.

A British Airways spokesperson said:“We are disappointed that the pilots’union, Balpa, has chosen to threatenthe holidays of thousands of our cus-tomers this summer with unprece-dented strike action.”

They apologised for the “disruptionBalpa’s strike action will cause ourcustomers”.

The union must give BA 14 daysnotice before any strike goes ahead.

“We continue to pursue everyavenue to find a solution to avoidindustrial action and protect our customers’ travel plans,” said the airline.

HARRY ROBERTSON

@henrygrobertsonTHE CENTRAL Bank of Irelandyesterday warned that a no-dealBrexit could shatter the country’seconomic growth and cost itseconomy 34,000 jobs.

In its quarterly bulletin the Banksaid growth in a no-deal scenariowould be just 0.7 per cent in 2020,compared to 4.1 per cent if Brexit didnot happen.

“As a result,” it said, “by the end of

2020 our estimates suggest thatthere would be around 34,000 fewerjobs in the economy compared tothe level of employment that couldbe realised in a no-Brexit scenario.”

The Bank said there would be“heightened stress in financialmarkets” and “disruption at portsand airports as border infrastructureis unable to cope with the newcustoms requirements”.

“Exports would fall due to animmediate and large reduction indemand from the UK.”

The warning comes as new PrimeMinister Boris Johnson ramps uppreparation for a no-deal Brexit in anattempt to force the European Unionback to the negotiation table byscaring them with the prospect.

Yesterday Johnson told Irish PrimeMinister Leo Varadkar on a phonecall that Britain will leave the EU on31 October “no matter what”.

A Number 10 spokesperson saidJohnson’s “clear preference is toleave the EU with a deal, but it mustbe one that abolishes the backstop”.

Irish central bank warns no-dealBrexit would see growth plummet

SEBASTIAN MCCARTHY

@SebMcCarthyBANK OF England governor MarkCarney has swung to the defence ofcapitalism over its role in tacklingclimate change, saying that thefinancial system is “part of thesolution” in dealing with currentenvironmental challenges.

The head of Britain’s central banksaid last night that “capitalism is

part of the solution and part of whatwe need to do”, adding that “therewill be great fortunes” forcompanies involved in helpingtackle global warming.

In an interview with Channel 4,Carney insisted that “the mostimportant thing is to move capitalfrom where it is today to where itneeds to be tomorrow. The system isvery much part of the solution.”

Carney has been calling on the

City’s financial giants to throw theirweight behind climate initiatives.

His comments come after recentanti-capitalist protests in the SquareMile that have targeted financialfirms and criticised them for notplaying a large enough role indealing with climate change.

In his interview Carney also saidthat companies in the City have alsohad to look at how exposed theywere to fossil fuels.

Mark Carney on climate change:Capitalism is part of the solution

Ryanair warns of fresh job lossesamid Boeing and political woes

Airbus calls forEurope to gearup for UK exitALEX DANIEL

@alexmdanielAIRBUS has called on Europeangovernments to hasten theirplanning for a no-deal Brexit andbury the hatchet on a long-runningsubsidy spat with the US.

Europe’s biggest plane makerissued a warning yesterday aboutrising trade tensions,overshadowing a strong set ofsecond-quarter profits. Airbusshares closed up 0.27 per cent.

Chief Guillaume Faury said: “It isnow obvious that no-deal is likelyand we want all governments to beprepared for that, which was notthe case by end of March.”

Airbus has built a stockpile of about one month’s supply ofparts as a buffer to cope with a no-deal.

Plane parts are exempt fromWorld Trade Organization (WTO)tariffs. But Airbus is concernedextra regulation could slow supplychains and hamper the movementof engineers.

Faury also called for an end to USthreats to impose sanctions onEuropean planes and other goodsfollowing WTO rulings against EUsubsidies to Airbus.

Airbus’s second-quarter adjustedoperating profit rose 72 per cent to€1.98bn (£1.75bn), led by strongdemand for jetliners, as it seeks tocash in on rival Boeing’s grounded737 Max jet.

CHINESE forces have been reportedly mobilising on the border with Hong Kong. TheWhite House is monitoring the military build-up, sources told Bloomberg. The newscame as Hong Kong protesters faced charges yesterday over recent demonstrations.

HONG KONG CLASHES Reports of Chinagathering forces on border amid tensions

FORMER Foreign Office minister Harriett Baldwin has reportedly joined the race tobecome the next chair of the influential Treasury Select Committee. The Tory MP,who voted Remain, is the second confirmed candidate after Eurosceptic Steve Baker.

COMPETITION TIME Baldwin joins fray asTreasury Select Committee race heats up

CITYAM.COM04 THURSDAY 1 AUGUST 2019NEWS

HARRY ROBERTSON

@henrygrobertsonBRITAIN’s new chancellor Sajid Javidhas announced an extra £2.1bn offunding to “turbocharge” preparationsfor a no-deal Brexit, including moneyto ensure the “continuity of vital medicines”.

From the money, £1.1bn will be pro-vided to departments and devolvedadministrations immediately, while£1bn will be made available “should itbe needed”, the Treasury said.

The extra funding comes as part ofPrime Minister Boris Johnson’s strategyto make no-deal planning his govern-ment’s number one priority.

Although Johnson has said he wantsa deal, he has argued that the EU ismost likely to come back to the table ifit believes Britain will walk away.

The money will be spent on borderand customs operations, critical med-ical supplies and a public informationcampaign.

Javid to splurge£2.1bn on plansfor EU divorce

Background to the IssuerUrban Exposure Finance Plc (the “Issuer”) is a special purpose

company established by its ultimate parent company, Urban

Exposure Plc, for the purposes of issuing the Notes. Urban

Exposure Plc’s group (the “Group”) is a specialist real estate

development fi nance and asset management provider focussing

on two principal revenue streams – interest and fees generated

in principal lending to UK development companies from the

Group’s own balance sheet, and asset management income

generated from managing and servicing real estate development

loans fi nanced by third parties.

Key features of the NotesThe Notes described in this summary are debt securities to

be issued under the £500,000,000 Euro Medium Term Note

Programme of the Issuer pursuant to the fi nal terms related to the

Notes dated 15 July 2019 (the “Final Terms”) and the Terms and

Conditions of the Notes contained in the base prospectus dated 15

July 2019 (the “Base Prospectus”)..

The Notes pay interest of 6.50% per annum, payable semi-annually

in arrear on 13 February and 13 August (each an “Interest Payment

Date”) in each year until and including 13 August 2026 (the

“Maturity Date”) unless the Notes have previously been redeemed

or purchased and cancelled. Accordingly, the amount of interest

payable on each Interest Payment Date will be £3.25 per £100

in principal amount of the Notes.

The Notes will be secured by a fl oating charge on the assets of the

Issuer, which will include the Issuer’s rights in relation to real estate

development loans fi nanced by it.

The minimum initial investment in the Notes is £2,000, and any

purchases of greater than £2,000 must be in integral multiples

of £100. The Notes are offered for sale by the Issuer from 15 July

2019 to 12 noon (UK time) on 06 August 2019 unless otherwise

ended earlier by the Issuer (the “Offer Period”). After the Offer

Period Notes may be bought and sold in integral multiples of

£100 (although the price paid or received may be higher or lower

depending on the market price of the Notes at the time). The Notes

are expected to be admitted to trading on the Order Book for Fixed

Income Securities from 13 August 2019, following which investors

will be able to check the current trading price on the London

Stock Exchange website and buy and sell their Notes in the

open market at any time during market hours (subject to normal

market conditions).

Full details of the Notes are set out in the Base Prospectus and

Final Terms at www.urbanexposureplc.com/bonds.

Import ant informationThis is an advertisement and not a prospectus. The contents of this

advertisement are indicative and are subject to change without notice.

This advertisement should not be relied on for making any investment

decision in relation to the purchase of Notes. Any decision to purchase

or sell the Notes should be made by you solely on the basis of a careful

review of the Base Prospectus and Final Terms which are available

to view at www.urbanexposureplc.com/bonds. Please therefore read

the Base Prospectus and Final Terms carefully before you invest.

Before buying and selling any Notes you should ensure that you fully

understand and accept the risks relating to an investment in the Notes.

You are recommended to seek professional independent advice.

The contents of this advertisement, which have been prepared by Urban

Exposure Finance Plc, has been approved solely for the purposes of

section 21(2)(b) of the Financial Services and Markets Act 2000 by Peel

Hunt LLP (the “Lead Manager”). The Lead Manager, whose registered

offi ce is at 120 London Wall, London EC2Y 5ET, is authorised and

regulated by the Financial Conduct Authority. Peel Hunt LLP does not

provide legal, tax, accounting or investment advice in relation to the

Notes and is not responsible for any advice you may receive from any

third party.

The Notes have not been and will not be registered under the United

States Securities Act of 1933 (the “Securities Act”). The Notes may not

be offered, sold or delivered within the United States or to, or for the

account or benefi t of, U.S. persons (as defi ned in the Securities Act).

The Notes are being sold outside the United States in reliance on

Regulation S of the Securities Act.

The information contained herein may only be released or distributed in the U.K., Jersey, the Bailiwick of Guernsey, the Republic of Ireland and the

Isle of Man in accordance with applicable regulatory requirements. The information contained herein is not for release, publication or distribution in

or into the United States, Canada, Japan or any other jurisdiction in which such distribution would be prohibited by applicable law.

Key RisksYou should seek your own independent professional

investment, legal and tax advice as to whether an

investment in the Notes is suitable for you. You should

be aware that you could get back less than you invest

or lose your entire initial investment.

Full details regarding the risk factors relating to

Urban Exposure Finance Plc, Urban Exposure Plc

and the Notes are set out in the section headed “Risk

Factors” on pages 22 to 35 of the Base Prospectus at

www.urbanexposureplc.com/bonds. Please read

them carefully.

• The Notes are not protected by the UK Financial Services

Compensation Scheme (“FSCS”) or any equivalent

scheme in another jurisdiction. Neither the FSCS nor

anyone else will pay compensation to investors on the

failure of the Issuer, the guarantor of the Notes or the

Group as a whole

• The Notes may have no established trading market

when issued, and one may never develop, or may

develop and be illiquid. Investors may not be able to

sell their Notes easily or at prices that will provide them

with a yield comparable to similar investments that have

a developed secondary market

Urban Exposure Finance Plc

6.50%Fixed Interest Rate Secured Notes Due 13 August 2026 (the “Notes”)Lead ManagerPeel Hunt LLP

Authorised Off erorsAJ Bell Securities Limited

Arnold Stansby & Co. Limited

Canaccord Genuity Wealth Limited

Hargreaves Lansdown

Interactive Investor Services Limited

Redmayne-Bentley LLP

Saga Share Direct

Selftrade

Shareview

For more information visit:

www.urbanexposureplc.com/bonds

Javid said: “With 92 days until the UKleaves the European Union it’s vitalthat we intensify our planning toensure we are ready.

“If we can’t get a good deal, we’ll haveto leave without one. This additional£2.1bn will ensure we are ready to leaveon 31 October, deal or no deal.”

Reports of an emergency Budget con-taining further measures to cope withthe fallout from a no-deal Brexit werecriticised by the head of the Institutefor Fiscal Studies (IFS) think tank yester-day. Paul Johnson said it would “seemparticularly perverse to make a wholelot of economic choices just before weknow what sort of Brexit we’ll have”.

The money announced yesterday dou-bles the amount of no-deal funding forthis year. It takes the total made avail-able for EU exit preparations to £6.3bn.

Over £400m will be spent onensuring Britons have the medicinesthey need post-Brexit, “includingthrough freight capacity, warehousingand stockpiling”.

CRYPTOCURRENCIES HAVE‘NO INTRINSIC VALUE’Investors should be cautious overcryptocurrencies such as bitcoin asthey have “no intrinsic value”, theCity regulator has warned. TheFinancial Conduct Authority (FCA)said consumers must ensure theyunderstand and can bear the risks ofvolatile digital currencies, as theyare not protected by FCA schemes.The statement came as clarificationon the FCA’s previous guidance,which prompted almost 100responses.

CARLYLE ABANDONSPARTNERSHIP STATUSUS private equity giant Carlyle isabandoning its publicly-tradedpartnership structure to become acorporation in a move to improve itsshare price and attract newinvestors. The transition will sparkan increase in the group’s tax bill, asunder the partnership model it wasexempt from paying corporate taxon some of its revenue.

DWF RIDING HIGH ONBREXIT LITIGATIONLaw firm DWF said its maidenresults to the stock market wereimproved by an increase in litigationcaused by Brexit-related economicuncertainty. In its first full-yearresults since it became the UK’slargest listed law firm via a Marchfloat, the firm said revenue hadincreased 15 per cent to £272m.Profit before tax fell to £12.3m from£21.2m which the firm said waslargely a result of £12.6m initialpublic offering costs.

IN BRIEF

Neil Woodford’s fund breachesrules after Guernsey delistingsJESS CLARK

@jclarkjournoEMBATTLED fund manager NeilWoodford has breached fundrestrictions after two of his majorinvestments delisted from theGuernsey stock exchange.

Woodford has been battling toreduce his Equity Income fund’sinvestment in illiquid securities afterit was suspended following a spike in

investor redemption requests. Benevolent AI and Industrial Heat

cancelled their listings yesterday,according to filings submitted to theInternational Stock Exchange .

Following the delistings the fundhas breached a 10 per cent limit onexposure to unquoted securities forthe third time. Woodford has sixmonths to bring it back into line.

The fund previously breached thelimit in February and March last year.

EMILY Thornberry hassaid Labour would be“off our rockers” not tocampaign to remain inthe EU regardless ofwhatever Brexit deal wasnegotiated. The shadowforeign secretary saidany Brexit deal – whetherit was one negotiated bythe Tories or Labour –should be put before apublic vote, and thatLabour should campaignto Remain.

THORNY ISSUE Labour would be ‘off ourrockers’ not to back Remain, MP warns

05THURSDAY 1 AUGUST 2019 NEWSCITYAM.COM

JESS CLARK

@jclarkjournoHIGH street retailer Next announcedyesterday it expects to make moreprofit this year than previously fore-cast after a boost in full price sales,bucking the trend reported by com-petitors.

Shares in the company rose eight percent as it increased its full-year profitguidance by £10m to £725m, a boostof 0.3 per cent on last year.

Next said full price sales in the second quarter were up four per centon last year, and it increased its full-year guidance to 3.6 per cent from 1.7per cent.

The increase in full price sales guid-ance amounts to £70m and isexpected to add £20m in profit.

However, discounted items in thefirm’s latest end-of-season sale havebeen less popular than anticipatedand the amount of stock sold is twoper cent lower than expected.

The decline in discounted sales isexpected to cost an additional £10m.

“Last season’s unwanted stock isproving to be a drag on fashionretailer Next’s bottom line. With sur-plus stock sitting around, the retailer

Next bucks highstreet gloom assales roar ahead

Like-for-like sales increased 2.8 per cent in the 10 weeks to 27 July

Revenue grew 30 per cent with 2m net new customers in the first half of the year

JESS CLARK

@jclarkjournoTOBY Carvery owner Mitchells &Butlers reported in a trading updateyesterday that strong food sales haveboosted the pub company’sperformance this summer.

The company, which also owns theO’Neill’s pub chains, said like-for-likesales increased 2.8 per cent in the 10weeks to 27 July, driven by a 5.4 percent increase in food sales.

Drink sales dipped 0.3 per cent inthe period compared with last year’s

sales during the football World Cupand UK heatwave. Sales of drinkswere up 3.9 per cent in the 43 weeksto 27 July.

Mitchells & Butlers chief executivePhil Urban said: “We are pleasedwith sales performance whichremains convincingly ahead of themarket.

“Whilst growth across the marketduring the early weeks of the periodreflected the World Cup and sunnyweather last year, we are encouragedby how growth has strengthened inrecent weeks.”

has been forced to pin back its full-year profits forecast,” said Emma-LouMontgomery, Fidelity PersonalInvesting associate director.

She added: “The retailer said thisunsold stock will cost it some £10mand keep full-year profits in check,leaving them only marginally betterthan last year.”

Hargreaves Lansdown equity analystSophie Lund-Yates said: “The woes ofhigh street retailers don’t seem tohave touched Next judging by thesenumbers.

“That’s because an impressive onlinedivision is managing to offset declinesin the physical store estate, meaningoverall sales growth is in the positiveterritory.”

JOE CURTIS

@joe _r_curtisINTU’s shares plummetedyesterday as it cancelled itsdividend and fell to an almost £900mloss for the first six months of 2019.

The retail landlord admitted therewere “no quick fixes” as it blamedthe wider retail collapse for itsproperty woes.

Instead it embarked on a five-yearturnaround strategy as new chiefexecutive Matthew Roberts admitted

the property developer requires“radical transformation”.

Intu sank to a loss before tax of£896m, almost double the £486mlosses it racked up in the sameperiod in 2018. Shares fell nearly 32per cent. Revenue fell marginallyfrom £322.1m last year to £315m forits latest half-year, as net rentalincome fell 18 per cent to £205.2mand like-for-like net rental incomedropped 7.7 per cent.

Net debt dropped slightly to£4.7bn as Intu paid down its huge

debt pile with £153m from the saleof its Derby shopping centre.

Investors will receive no interimdividend, compared to one of 4.6pper share for its 2018 half-year.

Matthew Roberts, chief executive,said: “These challenges, facing Intuand the whole sector, have been well-documented and, while there are noquick fixes, I am confident that wecan address them head on. Over thepast nine months we have carriedout the most comprehensive reviewthat Intu has ever undertaken.”

Intu share price crashes amid widerlosses as it warns of ‘no quick fixes’

JESS CLARK

@jclarkjournoJUST Eat saw profit falldramatically in the first halfof the year due to investment in itsdelivery platform. However, revenuewas up as more customers signed upto the takeaway app.

Profit before tax plunged 98 percent to £800,000. Revenue was up 30per cent from £358.3m to £464.5m as

orders increased 21 per cent to123.8m. In total, 2m net newcustomers joined the platform in thefirst half of the year.

The company invested £73.2m inBrazilian joint venture partner iFoodand its own delivery services duringthe first half.

Interim chief executive PeterDuffy said the firm had been“working at pace” to become thepreferred food delivery app against

strong competition. The resultscome after the company announcedit had agreed terms for a £9bnmerger with Dutch platformTakeaway.com.

Takeaway’s chief executive, JitseGroen, will become chief executiveof the group, with Just Eat chairMike Evans taking the role ofchairman of the supervisory boardand Takeaway chairman AdriaanNuhn acting as vice-chairman.

Investment swallows Just Eat profitamid boost in customer numbers

Food orders bring out summersunshine at Mitchells & Butlers

Janus tumblesas outflows riseabove $17bn JAMES WARRINGTON

@j_a_warringtonSHARES in Janus Hendersondropped more than nine per centyesterday after the assetmanagement firm posted itsseventh consecutive quarter ofoutflows.

The London-headquarteredcompany reported net withdrawalsof $9.8bn (£8bn) in the threemonths to the end of June, takingits outflow for the half-year tomore than $17bn – close to its totalfor the whole of 2018.

The gloomy figures mark acontinuation of a tough period forthe asset manager, which hassuffered a spate of clientwithdrawals since it was formedthrough a mega-merger in 2017.

Total assets under managementticked up one per cent over theperiod to just under $360bn due topositive market movements.

Net profit increased to $109.4min the second quarter compared tothe first three months of the year.

However, this was a sharp dropfrom the $140.6m posted over thesame period last year.

“Overall, we are seeing improvingtrends across many areas of ourbusiness, but the currentconcentration of outflows ismasking much of this progress,”said chief executive Dick Weil.

It said it completed $75m ofshare buybacks over the quarter.

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ASTON Martin shares went into reverse as the firm reported a first-half loss of£78.8m, blaming a slowing global market and tumbling UK and European sales. Thecar maker is still reeling from a profit warning which slashed its market value in half.

IN A SPIN Aston Martin swings intothe red as shares skid to a fresh low 12.32%

CITYAM.COM06 THURSDAY 1 AUGUST 2019NEWS

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JAMES BOOTH

@Jamesdbooth1LLOYDS Banking Group undershot analyst profit expectations for the firsthalf of 2019, with a £650m provi-sion for payment protectioninsurance (PPI) payoutsweighing heavily on itsearnings yesterday.

The bank posted pre-tax profit of £2.9bn,falling short of the analyst consensus esti-mate of £3.5bn.

The bank was hit withan additional £550m provi-sion in the second quarter asthe deadline for claiming com-pensation for mis-sold PPI approaches.

The bank also agreed to pay StandardLife Aberdeen £140m to settle adispute over Lloyds’ decision to with-draw £109bn from the fund manager.

Lloyds missestarget as payoutdents earnings

Revolut goeslive with zero-fee stock tradesEMILY NICOLLE

@emilyjnicolleDIGITAL bank Revolut has todaylaunched its commission-free stocktrading service, more than a yearafter it was first announced.

The platform will present a freshrival to London startup Freetrade,in addition to larger services such asthose run by Etoro.

Enabled via a partnership withUS-based Drivewealth, premiumRevolut users in the EuropeanEconomic Area will be able to makeup to eight instant fee-free trades inover selected 300 New York-listedstocks per month, while standardusers will be limited to three tradesfollowing an initial rollout period.

The fintech unicorn said it willadd more stocks over time, as wellas expand its offering to includecompanies listed in the UK and EU.

Revolut will also offer trading infractional shares, which allowsusers to access more expensivestocks by buying parts of a share.

Planned features for the servicealso include exchange traded fundsand a Stocks and Shares ISA, thestartup said.

The insurer’s basic earnings per share fell from 16.8p a year ago to 14.9p

JACK PENSWICK

MOTOR insurer Direct Line reporteda near 11 per cent drop in first-halfprofit yesterday, amid aims to cutcosts and as it took a hit fromgovernment changes to insurers’discount rate.

Profit before tax dropped 10.8 percent from £292.8m the previous yearto £261.3m.

Direct Line reiterated its full-yearfinancial targets despite its coremotor insurance profits plunging 36

per cent. Shares fell 0.5 per cent. Direct Line blamed that partly on a

£15.9m charge as a result of thegovernment’s plans to change thediscount rate used to calculatepersonal injury compensation.

The proposal will force insurers tomake larger initial lump sumpayments for claims.

Meanwhile gross writtenpremiums slipped 2.2 per cent yearon year to £1.6bn. The insurer addedit is on track to reduce operatingexpenses to less than £700m this year.

As a result of the charges, the banksaid it expects capital build to be atthe lower end of its 170-200 basispoints range and for return on tangi-ble equity to be around 12 per cent.

The bank’s chief executiveAntonio Horta-Osorio said

business confidence hadsuffered from recent eco-nomic uncertainty,

while companies’ invest-ment and employment

intentions both declined. Richard Hunter, head of mar-

kets at Interactive Investor, called theresults “forgettable, even if Lloydsitself is for the moment content withplotting a stable course”.

Shares fell 3.2 per cent yesterday.

JAMES WARRINGTON

@j_a_warringtonCREDIT Suisse has said it is on trackto meet its full-year target afterposting its strongest quarterly resultsin four years.

The bank reported pre-tax profit ofSFr 1.3bn (£1.1bn) in the secondquarter, up 24 per cent on theprevious year. Net profit attributed toshareholders soared 45 per cent to SFr937m.

Credit Suisse said the figures

marked a recovery from the firstquarter, when pre-tax profit rose justone per cent amid tough trading forits investment banking division.

Return on tangible equity, whichmeasures profit as a percentage ofshareholders’ funds minus intangibleassets such as goodwill, hit 10 percent for the first time since thefourth quarter 2015.

“We have been explicit that wewanted to be a leading wealthmanager with strong investmentbanking capabilities, and we have

continued to make progress on bothof these fronts,” said chief executiveTidjane Thiam (pictured, right).

“These results, delivered in achallenging environment, indicatethat our bank has emerged fromthree years of restructuring with astrong franchise and an efficientplatform, allowing us to support ourclients and generate growing returnsfor our shareholders.”

Credit Suisse reported “healthy”levels of client engagement so far inthe third quarter.

Credit Suisse back on track as profitsoars despite challenging backdrop

Direct Line slowed by £16m blowfrom change to discount rate

Credit Suisse posted its strongest quarterly results since 2015

JOE CURTIS

@joe_r_curtisUK HOUSE prices’ rate of growthslipped in July, falling to a “modest”0.3 per cent annual rise to stay belowone per cent for the eighth month ina row, according to Nationwide datapublished yesterday.

However, the 0.3 per cent month-on-month growth outstripped June’s0.1 per cent to leave the average UKhome worth £217,663.

Robert Gardner, Nationwide’s chiefeconomist, warned of “mixed signals”from the UK housing market, sayingit is caught between Brexituncertainty and favourable economicconditions.

“Housing market trends willremain heavily dependent on

developments in the broadereconomy,” he said.

“In the near term, healthy labourmarket conditions and lowborrowing costs will provideunderlying support, thoughuncertainty is likely to continue toexert a drag on sentiment andactivity.”

Jeremy Leaf, north London estateagent and a former Rics residentialchairman, warned that the UKproperty market faces pressure amidBrexit uncertainty despite favourableconditions.

“The market is very much in limbo– on the one hand underpinned bynear record low mortgage rates andimproving affordability but on theother, not moving ahead as we mighthave expected,” he said.

Howard Archer, chief economicadviser to the EY Item Club, said that“while relatively modest”, July’s 0.3per cent annual increase was actuallythe highest so far in 2019.

He added that London and thesouth east have dragged down thenational picture with year-on-yearfalls of 0.7 per cent and 1.6 per centrespectively.

But ahead of the 31 October Brexitdeadline uncertainty will continue todampen buyer and seller appetites,Archer predicted.

“Uncertainty will weigh down onthe economy over the next fewmonths at least and hamper thehousing market... Consequently, wesuspect house prices will rise by nomore than one per cent over 2019 onNationwide’s measure.”

Growth falters in July as UK houseprices firmly stuck in ‘Brexit limbo’

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JESS CLARK

@jclarkjournoSHARES in housebuilder TaylorWimpey fell more than six per centyesterday as the company reported adrop in profit due to higher costs.

Profit before tax and exceptionalitems fell 9.4 per cent in the first halfof 2019 to £299.8m from £331m in thesame period last year.

In the first half of the year, build costper unit was £152,500, up from£143,700.

“There continues to be pressure onlabour and materials, reflecting widerindustry trends,” the company said in its half-year results announcement.

Taylor Wimpey said the housingmarket was generally stable andshowed robust demand. But trading insouth-east England was “more chal-lenging” at higher price points.

The company said the uncertaintycaused by the UK’s exit from the EU had not sparked any change in customer confidence or sentiment.

In the six months to 30 June,revenue rose slightly from £1.72bn to£1.73bn. Earnings per share fell 9.8 per

Taylor Wimpeyprofit damagedby rising costs

cent from 8.2p to 7.4p and net cashdropped 25.3 per cent from £525.1mto £392m.

Taylor Wimpey chief executive PeteRedfern said the firm had made goodprogress in the first half, adding: “Wedelivered a record sales rate in thefirst half as we saw strong customerdemand for our homes in a stablemarket and the success of our strategyto build more homes on our largersites coming through more quicklythan anticipated.”

Redfern added that the company’sfull-year results were expected to be inline with forecasts.

Funeral firm Dignity suspendsdividend after slump in deathsJAMES BOOTH

@Jamesdbooth1FUNERAL firm Dignitysuspended its dividendyesterday as a fall in the number ofdeaths hit its results.

In the six months to 28 Junerevenue fell 12 per cent to £153.3magainst the same period last year.

Operating profit nearly halved,falling 46 per cent to £28m, withbasic earnings per share dropping 63per cent to 23p.

Dignity said it was temporarily

suspending its dividend until “thecurrent uncertain competitiveenvironment becomes clearer”. Itsshares fell more than 12 per cent.

The Competition and MarketsAuthority is currently probing thesector on concerns of rising pricesand a lack of competition.

Mike McCollum, chief executive ofDignity, said: “We remain confidentthat the changes we are introducingwill generate sustainable growth.”

The number of deaths in the firsthalf was 300,000, down seven percent on the same period last year.

Travis Perkins to demerge retailerWickes to focus on trade customersJESS CLARK

@jclarkjournoTRAVIS Perkins confirmedyesterday that it is planningto spin off DIY retailer Wickes as thebuilders’ merchant revealed it madea profit in its half-year results.

Wickes will be demerged from theTravis Perkins business as astandalone company, in order for theFTSE 250 firm to focus on trade

customers. The company said thesale was expected to be completed inthe first half of next year.

Last year Travis Perkinsannounced that it intended tostrengthen Wickes’ performance and“review the options” to maximise itsvalue. Since then steps have beentaken to give the retailer moreautonomy in preparation for a spin-off, Travis Perkins said.

The confirmation that Travis

Perkins is demerging follows reportslast month that it had begunseparating the retailer’s IT systemsfrom the rest of the group.

Travis Perkins also put itsplumbing and heating division upfor sale last year and yesterday saidthat the process was “well underway”.

Operating profit was £64m in thesix months to 30 June, up from a lossof £104m last year.

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OFF THE SHELF Majestic Wine seeks finaloffers for merchant arm Lay & Wheeler

MAJESTIC Wine hasreportedly askedbankers to find finaloffers for its fine winegroup Lay & Wheelerby the end of August,as it refocuses on itsNaked Winesoperations. Accordingto Sky News, oneinsider said that Lay &Wheeler was likely tochange hands forabout £10m, havingbeen acquired byMajestic in 2009.

CITYAM.COM08 THURSDAY 1 AUGUST 2019NEWS

HARRY ROBERTSON

@henrygrobertsonTHE BANK of England risks upsettingthe economy if it changes interestrates before there is more clarityabout Brexit, some of the City’s topeconomists have warned.

Ahead of the Bank’s key meetingtoday, City A.M.’s shadow monetarypolicy committee (MPC) has saidconcerns over slowing economicgrowth are outweighed by growingconcerns that Britain is headingtowards a no-deal exit.

LISANDRA PARAGUASSU

BRAZIL’s right-wing President JairBolsonaro cancelled a meeting thisweek with French foreign ministerJean-Yves Le Drian – getting a haircutinstead – amid deepening tensionsover climate change policy.

Bolsonaro’s spokesman cited anagenda clash, even though the meet-ing was cancelled just an hour before.

Bolsonaro went for a haircut at thetime of the scheduled meeting onMonday and broadcast it live onFacebook.

Neither the French foreign ministrynor Bolsonaro’s office immediatelyreturned requests for comment.

There were two dissenters arguingfor a cut, however, including theshadow MPC’s guest chair, who saidthe slowing economy needs a boost.

But the consensus was that theBank should “wait and see”, just as ithas done since August 2018, andleave the main interest rate at 0.75per cent.

Price inflation in the UK stayed atan annual rate of two per cent inJune, official statistics showed,exactly on the Bank’s target.

Samuel Tombs, chief UKeconomist at Pantheon

Macroeconomics, said: “Sterling’sdepreciation since the May inflationreport will put upward pressure onthe MPC’s inflation forecast.”

However, Britain’s economicgrowth has slowed as industries suchas car production struggle withBrexit uncertainty and a globalslowdown.

“While we expect the Bank ofEngland to leave its policy rate at0.75 per cent... it will probably soundless hawkish than in May, but not asdovish as investors are hoping,” saideconomists at Capital Economics.

JAMES BOOTH

@Jamesdbooth1THE NATIONAL Crime Agency(NCA) yesterday said it had securedan unexplained wealth order(UWO) against a Northern Irishwoman with suspectedparamilitary and organised crimelinks.

The NCA said it suspected thewoman is associated with criminalsinvolved in paramilitary activityand cigarette smuggling.

The order is part of an NCAinvestigation into six propertiesvalued at £3.2m owned by thewoman who lives in London. Four

of the properties are in Londonand two in Northern Ireland.

Interim freezing orders havebeen granted, so the propertiescannot be sold or transferred whilethe investigation continues.

Introduced last year, UWOsreverse the burden of proof,forcing those suspected of gainingassets illegally to prove they wereobtained within the law.

Andy Lewis, of the NCA, said:“This is the fourth case in whichwe have obtained a UWO. Thislatest order shows that we will actagainst those who we believe arecausing the most harm to ourcommunities.”

Bank of England in tightspot with EU exit looming

Unexplained wealth order aimedat suspected paramilitary links

The Brazilian presidentcan’t see you now –he’s having a haircut

CUT The bank rate rate should be cut to 0.5 per cent. The economy has stalled and may be starting to contract.Labour market resilience is crumbling. Brexit is only part of the story: weakness also reflects global softening and themisguided August 2018 rate hike when money measures were slowing sharply.

CITY A.M.’S SHADOW MONETARY POLICY COMMITTEEOUR MPC VOTES OVERWHELMINGLY TO KEEP INTEREST RATES ON HOLD

GUEST CHAIR: SIMON WARD JANUS HENDERSON

RUTH GREGORYCAPITAL ECONOMICS

HOLD If there’s a no-deal Brexit, rate cuts arein the pipeline. But if not, rates mayeventually have to rise to compensate.

KALLUM PICKERINGBERENBERG

HOLD Intensifying Brexit uncertainties andweak global demand warrant a “wait andsee” approach.

JEAVON LOLAYLLOYDS BANK

HOLD There is a strong case for waiting forfurther news at this juncture. Recent signs ofthe economy softening argues for caution.

ERIK NORLANDCME GROUP

CUT Inflation is near target, economic activityis slowing, joblessness is beginning to riseand there is Brexit-related uncertainty.

VICKY PRYCECEBR

HOLD Despite likely upward pressure oninflation from renewed sterling weakness,signs of a slowdown are accelerating.

PETER DIXONCOMMERZBANK

HOLD A cut now might exacerbate sterlingweakness which could intensify the inflationsqueeze on households. It will pay to wait.

TEJ PARIKHINSTITUTE OF DIRECTORS

HOLD As the economy goes through thisawkward period, it’s difficult to justify takinga hawkish approach to rate setting.

JOSHUA MAHONYIG

HOLD Until October comes around, yourhands are tied on monetary policy. The Bankshould cut in the event of no deal.

City A.M.’s shadow MPC votes to hold rates untilthe Bank knows more about the shape of Brexit

We will continue our efforts to ensureplayers are kept fully informed of the chari-ties and good causes they support – theydeserve nothing less. And we stand ready toengage constructively with any furtherGovernment consultation on charity lotteryregulations.

People’s Postcode Lottery shares MimsDavies’ and the Department for Culture,Media and Sport’s commitment to ensuringdecisions relating to Britain’s charity lotterysector are fit for the future.

Mims Davies notes that the 1,600 consulta-tion responses received act as a reminder ofthe significant contribution that both charitylotteries and the National Lottery make. Infact, this is a theme that has been evidencedbefore. Three separate economic studies car-ried out by the Gambling Commission, thebody that regulates the sector, found thatcharity lotteries do not impact the NationalLottery.

Indeed, Gambling Statistics show charitylotteries and the National Lottery have grown together – to thebenefit of charities. Million limit will let us dojust that.

PARTNER CONTENT

The Minister for Sport and CivilSociety, Mims Davies, recentlyannounced that the maximum

amount charity lotteries can raise eachyear is to increase from £10 million to £50million. A move that will unlock vital addi-tional funding for charities and good caus-es working across Britain and beyond.

And one which People’s Postcode Lotterywarmly welcomes.

It follows a lengthy campaign on the issue,which was backed by over 85 majorcharities and secured strong cross-partysupport too.

Ms Davies also stated that a £100 millionlimit could be implemented, if transparencyconditions are met by the charity lotterysector. £100 million being the figure set outby Government as their “preferred option”in last year’s public consultation on reforms.

Outdated lottery limits have seen charitiesand good causes, big and small, miss out onfunding. In the past two years four out of fivesmall and local charities were turned downfor funding.

So, a new £50 million annual sales limit is ahighly significant milestone on the journeytowards a transformative £100 million limit.This outcome really does matter to charitiesand good causes across the country andmost importantly, the individuals, familiesand communities across Britain who benefitfrom their invaluable support and services.

This is a highly anticipated and long-await-ed outcome that signals real change in thissector for the first time in a decade. The timefor action is now and we would like to seethe £50 million annual sales limit introducedas a priority and we know there is strongsupport for this change from charities.

It has been hugely heartening to note thewidespread and overwhelmingly positiveresponse that this change has been metwith from charities right across the sector. Itfurther supports the true significance of thisincrease and the impact it promises.

It is right that the Government has high-lighted the need for greater transparency.

READ MORE ONLINE

Read more at:Letusdomore.info

POSTCODE LOTTERY

The amount is toincrease from £10 million to £50million each year

Clara Govier , Managing Director of People’sPostcode Lottery on increasing the maximumamount charity lotteries can raise each year.

Riding forthe Disabled

NEW £50 MILLIONLIMIT IS MAJORBOOST FOR CHARITIES

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ALEX DANIEL

@alexmdanielSERCO shares rose 5.4 per cent yester-day after it reported a near one-thirdjump in first-half profit.

The outsourcer, which has increas-ingly looked overseas in recent years,said the increase was in part down torevenue growth in North America.

Underlying profit rose 29 per cent to£50.6m. The figure does not accountfor exceptional items which include a£22.9m charge relating to incorrectbilling on a contract for electronic tagging.

In Serco’s last annual results, thefirm finally returned to profitabilityafter years in the doldrums.

The firm continues to defy the woesof its peers in the outsourcingindustry such as Interserve, whichwent into temporary administrationearlier this year.

Earlier this year, Serco agreed on theacquisition of a US naval defence busi-ness for $225m (£184m), which it saidwill add to the “scale and capability ofour US defence business”.

Serco powersahead of crowdafter US buyout

This transaction is likely to gothrough faster than expected, chiefexecutive Rupert Soames said, withregulatory approval likely to be grant-ed in the coming months.

Soames said: “The strategic advan-tage of having a strong internationalfootprint shows clearly in theseresults, with strong revenue growth inNorth America and Asia Pacific.”

He said: “I am also delighted to seethe UK and Europe division reapingthe benefit of the Carillion healthfacilities management acquisitioncompleted in 2018.”

Defence giant BAE Systems profitsas streamlining operations pay offALEX DANIEL

@alexmdanielBAE SYSTEMS shares rose one percent yesterday as Britain’s biggestdefence company reported a nine percent increase in first-half earnings.

The firm said “a number ofoperational improvements” haddriven the growth, includingpushing on with delivering Typhoonand Hawk fighter jets to the Qatari

government. Core earnings rose nineper cent to £999m on a year-on-yearbasis for the first six months of 2019.

Sales increased seven per cent to£9.4bn against the same period in2018.

The firm increased the interimdividend from 9p per share to 9.4p ashare.

BAE said yesterday that it hadimproved its maritime and combatvehicle operations, which had

helped propel the growth in profit.This came despite the fact it is still

struggling to fulfil a major order toSaudi Arabia after Germany bannedsales to the country.

The ban followed the killing ofSaudi journalist Jamal Khashoggi inOctober last year.

Chief executive Charles Woodburnsaid the firm was still “workingclosely with industry partners andthe government” to resolve the issue.

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Last month, Fiat Chrysler failed to secure a landmark merger with Renault

Fiat Chrysler trucks accelerate todefy worldwide industry woesALEX DANIEL

@alexmdanielAUTOMOTIVE giant Fiat Chryslersurprised markets yesterday bysticking to its full-year profit forecastafter strong sales in its US pickuptruck division helped to defy anindustry slowdown.

Core profit came in at €1.5bn(£1.37bn) for the second quarter,beating analyst forecasts of €1.4bn.

The earnings were the car maker’s

first since it failed to merge withRenault in June.

Fiat Chrysler’s rivals havestruggled this results season, andRenault, Daimler and Aston Martinhave all issued profit warnings.

The company said it wouldcontinue to focus on theunderperforming areas of itsbusiness in the second half of 2019.

These include its supercar brandMaserati, as well as sales in Europeand the Middle East.

CITYAM.COM10 THURSDAY 1 AUGUST 2019NEWS

JAMES WARRINGTON

@j_a_warringtonITV USED Facebook to find guests whowanted to take a lie detector test on itsaxed reality series The Jeremy KyleShow, according to new evidence pub-lished yesterday.

In a letter to MPs, ITV boss DameCarolyn McCall said the show’s pro-ducers used the social media platformto attract contestants, admitting that“some did specify people looking totake lie detector or DNA tests”.

ITV said it “generally” did not pay foradvertising, but used the TV programme’s Facebook page to trackdown potential guests.

The revelation will spark furtherconcerns about the broadcaster’s dutyof care over participants on its shows.

The Digital, Culture, Media andSport (DCMS) Committee haslaunched a probe into reality TV fol-lowing the death of Steve Dymond, aformer Jeremy Kyle Show guest.

MPs on the committee last monthslammed ITV executives over the useof lie detector tests in the series afterthey were unable to say how accuratethe methods were.

“It is particularly concerning that

Facebook usedto find guestsfor Jeremy Kyle

Many cards lost on the Tube, DLR and Overground went to TfL’s lost property offices

JAMES BOOTH

@Jamesdbooth1COMPUTACENTER shares jumpedmore than 12 per cent yesterday aftersaying that it expected its 2019financial year results would be“materially ahead of current marketexpectations”.

The computer services companysaid its adjusted profit before tax wasmarginally ahead of the first half ofthe previous year, which it said was a

challenging comparison. It said thatnegative contract provisions in thesecond half of 2018 should makebeating that performance in thesecond half of 2019 “significantlyeasier to achieve if this is notrepeated”.

Computacenter added that itexpects its full-year 2019 performanceto be ahead of market expectations inboth profitability and earnings pershare. It cited its technology sourcingbusiness as a recent strength.

the production team appeared to bespecifically targeting people who werehoping to resolve a difficult personalsituation,” said DCMS Committeechair Damian Collins.

“Our inquiry is considering howwell-prepared people like this wouldhave been to cope with having theirprivate lives exposed on a public stageand what mechanisms were in placeto support them.”

The MPs have also received evidencefrom former participants on the show,with one stating that his “whole lifefell into oblivion” after the episodewas aired.

Ofcom has since tightened its ruleson entertainment programming tohelp protect the wellbeing of guests.

The regulator has proposed newrules requiring broadcasters to protectthe welfare and dignity ofparticipants in shows, and to ensureparticipants are not caused “unjusti-fied” stress or anxiety as a result of theprogramme.

ITV has also come under fire over itspopular dating show Love Island afterthe suicides of two former guests.

The broadcaster recently announcedplans to launch a winter version of theseries.

ALEX DANIEL

@alexmdanielFORMER Audi boss Rupert Stadler hasbeen charged for his part inVolkswagen’s emissions cheatingscandal, known as Dieselgate.

The Munich public prosecutor’soffice said yesterday that it hadcharged Stadler and three otherswith false certification and criminaladvertising practices.

The issue has cost Volkswagen,which owns Audi, more than €30bn

(£26bn) since it admitted in 2015 tousing illegal software in its dieselengines to cheat anti-pollution tests.

The charges relate to sales ofhundreds of Audi, Volkswagen andPorsche-branded cars across Europeand the US.

German authorities arrestedStadler in June last year inconnection with the scandal. Heremained in custody until October,when Audi sacked him.

Audi confirmed the indictment,and added that one of the other

three people charged is a currentAudi employee.

The car maker said the case wasseparate from proceedings againstthe company itself, which ended inOctober with Audi agreeing to payan €800m (£733m) fine.

It added: “Our company continues to cooperate fully with theinvestigating authorities in order toclarify the circumstances that led tothe diesel crisis.

“This clarification is a prerequisitefor the successful new start.”

Ex-Audi boss faces criminal chargesfor his role in ‘Dieselgate’ scandal

JACK PENSWICK

MORE than 75,000 debit and creditcards have been handed intoTransport for London’s lost propertyoffices over the last three years,according to findings obtained bythink tank Parliament Street.

The figure, secured through aFreedom of Information request,showed that for the financial year of2018-19, 25,843 debit or credit cards

were lost, while 30,429 and 19,210were lost in 2017-18 and 2016-17.

The TfL lost property officescollect items left on London buses,London Overground, TfL Rail, theDocklands Light Railway, black cabtaxis, in Victoria Coach Station, theEmirates Air Line, in the LondonTransport Museum and in TfLbuildings.

The figures accompany fresh fearsregarding the security of contactless

payments, with a team fromresearch group Positive Technologyrevealing on Tuesday that there is aloophole in the safety of contactlesscards which allows users to gobeyond the £30 spend limit,designed to stop individuals frommaking large payments without PINnumber authentication.

Contactless fraud rose from £6.7min 2016 to over £14m in 2017,according to data from UK Finance.

Contactless payment security fearsas TfL gathers up 75,000 lost cards

Computacenter shares surgeamid bullish update on trading

Former Audi boss Rupert Stadler has joined fellow VW executives in facing charges

Ladbrokes Coralowner hit with£5.9m penaltyJAMES BOOTH

@jclarkjournoLADBROKES Coral owner GVC hasbeen fined £5.9m by the GamblingCommission after it found that thebookmaker failed to put inmeasures to prevent moneylaundering and customers comingto harm between 2014 and 2017.

GVC, which acquired thebookmaker in 2018, has beenordered to make a series of changesto its business and pay a £5.9m finewhile investigations into theactions of personal managementlicence holders continues.

The commission said Ladbrokesfailed to carry out any socialresponsibility interactions with acustomer who lost £98,000 overtwo-and-a-half years, had 460attempted deposits into theiraccount declined and had asked itto stop sending promotions.

Coral failed to ask a customerwho spent £1.5m over a nearlythree-year period what the sourceof their funds was and also couldnot provide evidence of any socialresponsibility interactions beingcarried out.

As part of the settlement, GVCwill pay £4.8m in lieu of a financialpenalty and will divest £1.1mgained from customers as a resultof its failings. GVC will also reviewits top 50 customers for the years2015-17 to consider whether anyother failings can be identified.

MCDONALD’s yesterday launched a trial takeaway-only store in Fleet Streettargeting City workers on the move. The McDonald’s to Go store will be smaller withno seating area, compact self-order screens and a reduced menu.

ON THE GO McDonald’s launches redesignof takeaway fast food store for City workers

11THURSDAY 1 AUGUST 2019 MARKETSCITYAM.COM

CITYDASHBOARDLONDON REPORT BEST OF THEBROKERS NEW YORK

REPORT

THE FTSE 100 slippedyesterday from this week’s 11-month high, as wealth man-ager St James’s Place,homebuilder Taylor Wimpey

and mortgage lender Lloyds fell on theback of results, overshadowing anupbeat forecast from clothing retailerNext.

The main index lost 0.8 per cent asexporter stocks also weighed afterthe pound recovered from a28-month low. The mid-capFTSE 250 fell 0.6 per centwith losses led by malloperator Intu and carmaker Aston Martinfollowing results.

Wealth manager StJames’s Place fell 5.6 percent on its worst day inmore than three yearsafter it missed forecasts foroperating profit, as weakerclient sentiment weighed on inflowsof new money in the first half of theyear.

Housebuilders, already under pres-sure due to worry about a no-dealBrexit, skidded nearly two per centafter Taylor Wimpey forecast a fall inannual margins. The shares slumped8.4 per cent.

Lloyds Banking Group, Britain’sbiggest mortgage lender, slipped 3.1

Homebuilderspull FTSE downon margin fears

FTSE

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Wall St retreatsafter first ratecut in a decadeTHE DOW and S&P 500 registered

their biggest daily percentagedrops in two months yesterday

after Fed chair Jerome Powelldampened expectations for furthercuts following the central bank’s firstinterest rate cut in a decade.

All three major US stock indexesended lower after Powell said themove was not the beginning of alengthy rate-cutting cycle.

Despite the sell-off, all three indexesposted their second straight monthlygains in July.

Investors were expecting the Fed’s25-basis point cut as insuranceagainst signs of a looming economicslowdown amid the protracted US-China trade war.

The Dow Jones Industrial Averagefell 333.75 points, or 1.23 per cent, to26,864.27, the S&P 500 lost 32.8points, or 1.09 per cent, to 2,980.38and the Nasdaq Composite dropped98.20 points, or 1.19 per cent, to8,175.42. All 11 major sectors in theS&P 500 closed in the red.

Apple extended its gains, rising twoper cent after an increase in servicesand wearables more than offset adrop in iPhone sales.

Humana advanced 4.3 per centafter the health insurer beat analysts'second-quarter earnings estimatesand hiked its 2019 forecast.

Video game maker Electronic Artsreported better-than-expectedquarterly revenue, driven bycontinued success of its battle royalegame Apex Legends, sending its stockup 4.4 per cent.

Among losers, shares of GeneralElectric dipped 0.7 per cent after theconglomerate posted a quarterly lossand announced the retirement of itschief financial officer Jamie Miller.

Chipmaker Advanced MicroDevices slumped 10.1 per cent afterits disappointing third-quarterrevenue forecast, dragging thePhiladelphia Semiconductor indexdown 3.2 er cent.

Molson Coors Brewing dropped 5.1per cent after missing quarterly profitexpectations and announcing theretirement of chief executive MarkHunter.

BP

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Despite the problems plaguing the outsourcing industry, Jefferies analysts said Mitieremains well positioned to win additional public and private sector contracts. Thecompany reported organic revenue growth of around five per cent in its latestquarterly update and achieved growth in all its divisions. The care and custody andcleaning and environmental services businesses reported “particularly strong”performances. Jefferies said the private contract pipeline is robust with further winsexpected and issued a “buy” recommendation and a price target of 285p.

To appear in Best of the Brokers, email your research to notes@cityam.com

YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS

MITIE

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per cent after a further charge tomeet claims for mis-sold insurance toconsumers hit its earnings.

Despite the session’s losses, the blue-chip index is set to post its secondmonth of gains, mainly due to hopesamong investors that the US FederalReserve and other central bankswould cut interest rates. Last night, aswidely expected, the Fed pulled the

trigger on a 25 basis points rate cut The FTSE 100’s losses werekept in check by retailer

Next, which jumped eightper cent to a more than

one-year high after itraised its full-year sales

and profit targets.Among midcaps, Intu, whose

shares have plummeted this year as itscrapped its dividend and changedmanagement after failed takeoverbids, lost nearly one third of its valueafter reporting a fall in first-half netrental income. The stock closed at arecord low.

Aston Martin, whose shares debutedon the London market last year,plunged 12.3 per cent after posting ahalf-year loss.

CITY MOVES WHO’S SWITCHING JOBSJBPNational communicationsconsultancy JBP hasappointed three newdirectors. Julie Williamsoriginally joined JBP’s Bristoloffice more than 20 years agoand has helped to transformthe company’s financialfunction. As operationsdirector, she leads theaccounts, HR and operationsdepartments. James Hinchcliffe is a former externalcommunications manager for Bath & North EastSomerset Council and communications manager at

NHS England. He has over 17 years of strategiccommunications, local public affairs and teamleadership experience. He leads on the developmentof high-level tenders and is strategic engagementdirector at JBP. Chris Hayward chairs the Planning andTransportation Committee of the City Corporation andhas been a senior counsel at JBP for several years. Hehas business experience in property, infrastructure,and planning and strategic communication. He willalso take office as sheriff of the City of London later thisyear. Julie and James have been appointed withimmediate effect, while Chris will join the board inSeptember. Steve Anderson-Dixon, chief executive ofJBP, said: “We have decided to change the dynamic ofthe board to bring about a different perspective.”

MULLENLOWE GROUPMarketing communications network MullenloweGroup UK has appointed Siobhan Brunwin as peopledirector. She will be responsible for building onMullenlowe Group’s culture and ensuring that theagency remains a top destination for talent andcreativity. Siobhan joins Mullenlowe Group UK fromm/Six where she was the people and culture director.Prior to that, she worked for MEC UK and Groupon ashead of learning and development and talentdevelopment consultant EMEA respectively. In 2018,Siobhan was named Campaign’s Talent ManagementPerson/Team of the year. Siobhan said: “After twowonderful years at m/SIX... I can’t wait to start buildingon the fantastic culture at Mullenlowe Group.”

FUTURE THINKINGData driven intelligence company Future Thinking hasappointed Steven Forrest as group chief financialofficer (CFO). Steven has joined from Start, a globaldesign consultancy. Before this he was finance directorat Landor and Associates in Advertising Limited. JimStevenson, Group CEO of Future Thinking, said:“Steven brings a wealth of experience as CFO from arange of media and design businesses, with a proventrack record at a global level. This will prove invaluableas we identify strategic growth opportunities, toensure the group remains at the forefront of digitaltransformation within our industry.” Steven said: “I amlooking forward to the challenge of developing ourfinancial reporting processes and infrastructure.”

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

Energy giant BP reported a seven per cent increase in oil and gas production in itssecond-quarter results on Tuesday, counteracting this year’s fall in oil prices. Profit inthe quarter was $2.8bn (£2.3bn), above expectations of $2.5bn. BP chief executiveBob Dudley said the firm was “right on track”. Analysts at Jefferies said BP hasdelivered solid operational performance and has made good headway in achievingthe targets set out in its five-year plan, published in 2017. Jefferies upgraded BP to“buy” from “hold” and increased the target price to 625p from 595p.

Box office revenue in the US is down around seven per cent compared with last yeardue to a weaker film release schedule, which could be highlighted in Cineworld’sinterim results next week. However, the cinema operator launched a USsubscription offer on Monday in a bid to drive higher attendance rates. Full-yearindustry revenue is expected to be flat to slightly up, with a stronger range of films inthe pipeline. Brokers at Peel Hunt changed their recommendation from “add” to“buy” and lowered their target price to 300p.

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TOP RISERS

1. Next 7.98 per cent2. Rentokil Initial 5.53 per cent3. Centrica 3.40 per cent

TOP FALLERS

1. Taylor Wimpey 8.35 per cent2. Fresnillo 8.05 per cent3. St James’s Place 5.66 per cent

Sunny outlook: Nextlimited FTSE 100 losses,raising its profit targets

CITYAM.COM12 THURSDAY 1 AUGUST 2019MARKETS

Gold............................................................1425.90 6.85Silver ..............................................................16.45 0.07Brent Crude ...................................................64.72 1.01Krugerrand.................................................1454.25 0.60Palladium...................................................1547.00 15.00Platinum ......................................................881.00 14.00Tin Cash Official .......................................17550.00 -30.00Lead Cash Official .....................................2029.00 -26.00Zinc Cash Official........................................2471.00 4.00

Copper Cash Official..................................5949.50 -6.50

Aluminium Cash Official ............................1774.00 7.00

Nickel Cash Official ..................................13985.00 215.00Aluminium Alloy Cash Official ..................1270.00 11.00

Cocoa Futures............................................2364.00 -11.00

Coffee 'C' Futures...........................................98.48 -1.02

Feed Wheat Futures .....................................147.25 -1.50

Soybeans Futures Continuation Contract...862.60 -16.00

AB INBEV ..........................................................91.07 0.19 91.88 56.32ADIDAS N ........................................................289.15 9.80 290.15 178.30AIR LIQUIDE ....................................................125.00 -0.20 127.20 101.85AIRBUS BR......................................................128.06 0.34 133.86 77.50ALLIANZ ..........................................................210.95 2.50 218.70 170.50AMADEUS IT GRP BR-A .....................................71.36 -0.06 82.20 58.06ASML HLDG ....................................................202.80 -2.20 211.50 130.12AXA..................................................................22.90 -0.10 23.99 18.40BANCO SANTANDER ...........................................3.86 -0.02 4.82 3.80BASF N .............................................................60.49 -0.10 82.71 57.26BAYER N...........................................................59.06 1.95 96.97 52.00BBVA..................................................................4.60 -0.06 6.33 4.48BMW ................................................................66.93 -0.28 86.71 61.31BNP PARIBAS A.................................................42.18 0.66 56.94 38.14CRH PLC ...........................................................30.00 0.45 34.87 26.53DAIMLER N........................................................47.07 -0.18 59.90 44.54DANONE ...........................................................78.40 0.18 79.42 59.72DEUTSCHE POST N ............................................29.57 0.30 32.20 23.43DEUTSCHE TELEKOM N.......................................14.93 0.03 15.88 13.36ENEL N ...............................................................6.20 0.03 6.62 4.22ENGIE ................................................................13.92 -0.12 14.39 11.31ENI N.................................................................14.20 0.11 16.71 13.39ESSILORLUXOTT ...............................................122.65 4.10 129.55 95.50FRESENIUS ........................................................45.61 0.67 71.00 38.50IBERDROLA.........................................................8.57 0.05 9.13 5.81INDITEX.............................................................27.03 0.06 28.86 21.85ING GROUP .......................................................10.07 -0.01 13.28 9.09INTESA SANPAOLO N...........................................1.96 -0.01 2.66 1.80KERING ..........................................................469.50 -1.85 539.80 351.70KON AH DEL BR................................................20.46 0.06 24.01 18.60L'OREAL..........................................................242.00 -5.40 257.80 182.00LINDE...............................................................173.75 -2.60 0.00 0.00LVMH ..............................................................375.30 0.80 392.65 242.30MUENCHENER RUECKV N ................................218.30 0.80 228.70 180.00NOKIA ................................................................4.88 -0.03 5.76 4.17ORANGE ............................................................13.43 -0.04 15.25 13.08ROY.PHILIPS .....................................................42.49 0.12 42.96 29.05SAFRAN...........................................................129.85 -1.25 137.20 99.98SANOFI .............................................................75.46 -0.12 80.44 71.32SAP I.................................................................112.10 1.84 125.00 84.02SCHNEIDER EL ..................................................78.08 0.70 81.36 57.54SIEMENS N .......................................................99.59 0.09 121.34 90.90SOCIETE GENERALE ...........................................22.21 0.15 35.06 20.81TELEFONICA........................................................6.92 -0.04 8.06 6.59TOTAL................................................................47.04 -0.20 55.39 44.23UNILEVER .........................................................52.33 -0.52 55.40 45.30VINCI ................................................................93.24 3.24 94.96 69.98VIVENDI.............................................................25.18 0.18 26.69 20.80VOLKSWAGEN VZ I ...........................................151.76 0.54 163.70 131.02

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EU SHARES

3M ...................................................................174.72 -2.91 219.75 159.32ABBOTT LABORATOR.........................................87.10 -1.21 88.76 63.07ADOBE ...........................................................298.86 -4.78 313.11 204.95ALPHAB RG-C-NV..........................................1216.68 -8.46 1289.27 970.11ALPHABET-A .................................................1218.20 -9.80 1296.98 977.66AMAZON.COM ...............................................1866.78 -31.75 2050.50 1307.00AMERICAN EXPRESS........................................124.37 -2.10 129.34 89.05APPLE .............................................................213.04 4.26 233.47 142.00AT&T.................................................................34.05 -0.13 34.64 26.80BANK OF AMERICA...........................................30.68 -0.21 31.91 22.66BERKSHIRE HATH RG-B..................................205.43 -2.38 224.07 186.10BOEING CO.......................................................341.18 -6.28 446.01 292.47CATERPILLAR ...................................................131.67 -1.28 159.37 112.06CHEVRON .........................................................123.11 -1.23 128.55 100.22CISCO SYSTEMS.................................................55.40 -1.07 58.26 40.25CITIGROUP .........................................................71.16 -0.55 75.24 48.42COCA-COLA CO..................................................52.63 -1.09 54.82 44.25COMCAST-A .......................................................43.17 -0.91 45.30 32.61DOW................................................................48.44 0.04 0.00 0.00EXXON MOBIL ...................................................74.36 -0.99 87.36 64.65FACEBOOK-A...................................................194.23 -2.81 208.66 123.02GOLDMAN SACHS GR ......................................220.13 -1.27 245.08 151.70HOME DEPOT ..................................................213.69 -3.67 219.30 158.09IBM .................................................................148.24 -1.53 154.36 105.94INTEL................................................................50.55 -1.15 59.59 42.36JOHNSON & JOHNSO.......................................130.22 -1.86 148.99 121.00JPMORGAN CHASE ..........................................116.00 0.41 119.24 91.11MASTERCARD RG-A........................................272.27 -5.89 283.33 171.89MCDONALD'S ..................................................210.72 -1.62 218.96 153.13MEDTRONIC .....................................................101.94 -1.81 103.95 81.66MERCK .............................................................82.99 -0.28 87.07 64.87MICROSOFT .....................................................136.27 -4.08 141.68 93.96NETFLIX ..........................................................322.99 -2.94 386.80 231.23NIKE -B- ..........................................................86.03 -1.17 90.00 66.53ORACLE............................................................56.30 -1.19 60.50 42.40PAYPAL HOLDINGS ..........................................110.40 -1.64 121.48 74.66PEPSICO ...........................................................118.61 0.56 119.74 101.06PEPSICO ...........................................................127.81 -2.67 135.24 104.53PFIZER .............................................................38.84 0.05 46.47 38.14PHILIP MRRS INT...............................................83.61 -2.69 92.74 64.67PROCTER&GAMBLE..........................................118.04 -2.37 121.76 78.49TRAVELERS COS ..............................................146.62 -1.00 155.09 111.08TWITTER ...........................................................42.31 1.31 43.24 26.19UNITEDHEALTH GRO .......................................249.01 -5.92 287.94 208.07UTD TECHS......................................................133.60 -1.70 144.40 100.48VERIZON COMM ................................................55.27 -1.36 61.58 51.43VISA RG-A ......................................................178.00 -3.53 184.07 121.60WALGREENS BOOTS .........................................54.49 -0.91 86.31 49.31WALMART .......................................................110.38 -1.68 115.49 85.78WALT DISNEY ..................................................143.01 -1.92 147.15 100.35WELLS FARGO...................................................48.41 -0.14 59.53 43.02

COMMODITIES CREDIT & RATESBoE IR Overnight .........................................0.750 0.00BoE IR 7 days ..............................................0.750 0.00BoE IR 1 month ...........................................0.750 0.00BoE IR 3 months .........................................0.750 0.00BoE IR 6 months.........................................0.750 0.00LIBOR Euro - overnight...............................-0.471 -0.01LIBOR Euro - 12 months .............................-0.338 0.01LIBOR USD - overnight.................................2.347 0.00LIBOR USD - 12 months ................................2.189 -0.01Halifax mortgage rate ................................3.990 0.00

Euro Base Rate ...........................................0.000 0.00Finance house base rate .............................1.000 0.00US Fed funds .................................................2.50 0.00US long bond yield........................................2.53 -0.05Euro Euribor...............................................-0.402 0.00The vix index.................................................16.12 2.18The baltic dry index.................................1899.00 -23.00Markit iBoxx EUR ......................................246.27 0.64Markit iBoxx GBP .......................................349.77 1.10Markit iBoxx USD ........................................255.51 -0.17

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US SHARES

CONSTRUCTION & MATERIALS

BAE Systems . . . . . . . . .548.6 6.0 653.2 443.9Cobham . . . . . . . . . . . . .165.3 -0.4 168.3 96.8Meggitt . . . . . . . . . . . . .596.6 -6.0 606.8 458.0QinetiQ Group . . . . . . . .289.2 -4.6 312.4 264.3Rolls-Royce Holdi . . . . .862.0 -29.2 1094.0 759.2Senior . . . . . . . . . . . . . .200.8 2.5 327.8 185.4Ultra Electronics . . . . .1963.0 -7.0 1995.2 1232.0

Bank of Georgia G . . .1406.0 -27.0 1878.8 1310.0Barclays . . . . . . . . . . . . .154.1 -3.6 194.0 146.1Close Brothers Gr . . . . .1331.0 -8.0 1660.0 1322.0CYBG . . . . . . . . . . . . . . . .172.1 -7.9 364.2 170.3HSBC Holdings . . . . . . .656.7 -8.1 730.5 600.8Lloyds Banking Gr . . . . . .53.3 -1.8 66.6 50.0Metro Bank . . . . . . . . . .358.8 -11.4 3200.0 322.8Royal Bank of Sco . . . . .217.0 -3.3 270.4 203.0Standard Chartere . . . .676.8 -6.6 736.8 519.8TBC Bank Group . . . . . .1412.0 18.0 1774.0 1242.0

Barr (A.G.) . . . . . . . . . .686.0 1.0 975.0 610.0Britvic . . . . . . . . . . . . . . .917.0 -1.0 956.0 745.0Coca-Cola HBC AG . . .2836.0 -31.0 3074.0 2244.0Diageo . . . . . . . . . . . . .3443.5 -5.0 3482.5 2523.5

Croda Internation . . . .4688.0 -66.0 5447.7 4576.0Elementis . . . . . . . . . . . .151.0 3.5 247.8 129.8Johnson Matthey . . . .3215.0 -2.0 3760.0 2620.0Sirius Minerals . . . . . . . . .15.0 0.1 38.5 13.5Synthomer . . . . . . . . . .302.8 -3.8 537.2 302.2Victrex plc . . . . . . . . .2040.0 28.0 3408.0 1944.0

Balfour Beatty . . . . . . .206.0 0.0 296.5 204.0CRH . . . . . . . . . . . . . . .2735.0 28.0 2768.0 1971.5Galliford Try . . . . . . . . .592.0 -13.0 1104.0 512.0Ibstock . . . . . . . . . . . . .230.8 0.0 262.0 193.1

Centrica . . . . . . . . . . . . . .76.1 2.5 155.6 72.5National Grid . . . . . . . .844.3 -7.6 889.2 748.7Pennon Group . . . . . . . .717.2 -6.8 792.8 684.2Severn Trent . . . . . . . .2015.0 -24.0 2153.0 1770.0United Utilities . . . . . . .788.6 -6.2 873.6 682.4

Smith (DS) . . . . . . . . . .356.7 -8.9 513.4 292.2Smiths Group . . . . . . .1642.0 -12.0 1666.0 1279.5Smurfit Kappa Gro . . .2608.0 2.0 3292.0 1934.0Vesuvius . . . . . . . . . . . .501.5 -2.0 662.0 473.2

Auto Trader Group . . . .541.8 3.6 606.0 388.5B&M European Valu . . .370.0 1.2 426.3 278.6Card Factory . . . . . . . . .166.2 -4.4 212.4 162.6Dixons Carphone . . . . . .119.6 -2.1 179.8 107.6Dunelm Group . . . . . . .924.5 6.0 981.0 482.8Inchcape . . . . . . . . . . . .624.5 -5.5 716.5 486.6JD Sports Fashion . . . . .649.8 1.4 650.8 318.5Just Eat . . . . . . . . . . . . .761.4 11.4 806.4 533.8Kingfisher . . . . . . . . . . .222.4 -0.5 299.4 202.2Marks & Spencer G . . . .207.9 -1.4 299.1 204.2

Marshalls . . . . . . . . . . .636.0 -3.5 690.0 412.2Polypipe Group . . . . . .408.4 -1.6 453.8 307.8

Contour Global . . . . . . .175.0 4.0 246.0 150.1Drax Group . . . . . . . . . .302.4 -0.6 427.2 260.2SSE . . . . . . . . . . . . . . . .1100.5 2.0 1280.0 1008.0

Halma . . . . . . . . . . . . .1990.0 -10.0 2094.0 1237.0Morgan Advanced M . . .251.4 -5.6 363.0 237.0Oxford Instrument . . .1304.0 -28.0 1424.0 842.0Renishaw . . . . . . . . . .3854.0 22.0 5520.0 3670.0Spectris . . . . . . . . . . . .2546.0 -47.0 2898.0 1966.5

Aberforth Smaller . . . .1190.0 2.0 1394.0 1120.0Alliance Trust . . . . . . . .833.0 -5.0 841.1 672.0Apax Global Alpha . . . .156.5 0.5 159.0 127.0AVI Global Trust . . . . . .776.0 -2.0 787.0 660.0Baillie Gifford J . . . . . . .831.0 -2.0 866.0 663.0Bankers Inv Trust . . . . .963.0 -7.0 971.0 766.0BBGI SICAV S.A. ( . . . . . .156.0 -0.5 168.0 142.5BlackRock Smaller . . .1398.0 -4.0 1600.0 1160.0BMO Global Smalle . . .1388.0 2.0 1495.0 1220.0Caledonia Investm . . .3050.0 -15.0 3110.0 2650.0City of London In . . . . .425.5 -1.5 434.0 376.0Edinburgh Inv Tru . . . .594.0 -2.0 699.0 571.0F&C Investment Tr . . . .728.0 -3.0 741.0 616.0Fidelity China Sp . . . . .228.0 0.5 250.0 182.4Fidelity European . . . . .253.0 0.0 257.5 202.0Fidelity Special . . . . . .262.5 -2.5 278.0 220.0Finsbury Growth & . . . .941.0 -3.0 946.0 740.0GCP Infrastructur . . . . . .125.8 -0.2 130.8 122.4Genesis Emerging . . . .776.0 -7.0 787.1 615.0Greencoat UK Wind . . . .138.8 0.0 143.2 122.8HarbourVest Globa . . .1720.0 -6.0 1734.0 1300.0Herald Investment . . .1332.0 2.0 1364.0 1055.0HGCapital Trust . . . . . . .214.5 0.0 220.0 175.0HICL Infrastructu . . . . . .164.8 0.4 170.1 149.9International Pub . . . . .160.4 1.6 163.4 146.8JPMorgan American . . .493.0 0.0 494.5 386.5JPMorgan Emerging . .1062.0 -4.0 1072.0 759.0JPMorgan Indian I . . . . .742.0 -1.0 790.0 566.0JPMorgan Japanese . . .453.0 1.0 470.0 367.0Jupiter European . . . . .858.0 -1.0 895.0 666.0Law Debenture Cor . . .598.0 -2.0 636.0 534.0Mercantile Invest . . . . .203.5 0.5 219.5 168.0Monks Inv Trust . . . . . .963.0 -1.0 970.0 710.0Murray Internatio . . . .1188.0 -8.0 1208.0 1056.0NB Global Floatin . . . . . .89.5 -0.1 93.3 87.6NextEnergy Solar . . . . .117.0 -1.0 124.5 108.0Pantheon Internat . . .2300.0 -15.0 2330.0 1955.0Perpetual Income . . . . .313.5 -1.0 364.5 301.5Pershing Square H . . .1476.0 -4.0 1490.0 990.0Personal Assets T . . .42700.0-100.0 42910.038900.0Polar Capital Tec . . . . .1492.0 2.0 1504.0 1066.0RIT Capital Partn . . . . .2140.0 -5.0 2155.0 1892.0Riverstone Energy . . . .840.0 -10.0 1282.0 840.0Schroder Asia Pac . . . .466.0 -3.0 472.0 379.0Scottish Inv Trus . . . . . .842.0 -1.0 902.0 748.0Scottish Mortgage . . . .563.0 -1.0 568.3 441.4Sequoia Economic . . . .113.4 0.4 115.2 106.0Smithson Investme . . .1272.0 -4.0 1283.6 1000.2Syncona Limited N . . . .254.0 1.5 302.5 213.5Temple Bar Inv Tr . . . .1250.0 -20.0 1366.0 1116.0Templeton Emergin . . .821.0 -8.0 829.0 649.0The Renewables In . . . .127.0 0.0 133.2 109.3TR Property Inv T . . . . .420.0 -5.5 433.5 353.5Vietnam Enterpris . . . .467.0 -6.0 474.0 420.0VinaCapital Vietn . . . . .348.0 1.0 350.3 318.0Witan Inv Trust . . . . . . .223.0 -1.5 227.6 189.6Woodford Patient . . . . .47.4 -1.9 91.0 47.4Worldwide Healthc . .2835.0 15.0 2915.0 2325.0

3i Group . . . . . . . . . . . . .1112.5 -22.5 1164.5 756.23i Infrastructure . . . . . .285.0 0.0 303.0 232.5AJ Bell . . . . . . . . . . . . . .416.5 -6.0 477.0 220.0Allied Minds . . . . . . . . . . .67.1 0.8 87.1 37.3Amigo Holdings . . . . . .165.0 -3.0 297.5 154.5Arrow Global Grou . . . .269.2 -0.8 275.0 167.2ASA International . . . . .352.0 -1.0 510.0 320.0Ashmore Group . . . . . .536.5 0.5 542.5 337.0Brewin Dolphin Ho . . . .318.4 -3.2 366.0 295.4Charter Court Fin . . . . .295.5 -3.0 375.0 228.8City of London In . . . . .429.0 3.0 440.0 360.0CMC Markets . . . . . . . . . .98.0 -0.6 197.0 77.4Coats Group . . . . . . . . . .79.8 -0.1 91.3 69.8Georgia Capital . . . . . .980.0 -6.0 1260.0 941.0Hargreaves Lansdo . . .2100.0 -22.0 2433.0 1633.0IG Group Holdings . . . . .571.8 -1.0 954.5 474.8IntegraFin Holdin . . . . .385.0 1.0 406.1 269.0Intermediate Capi . . . .1390.0 -39.0 1430.0 899.0International Per . . . . . .101.4 -7.4 248.8 98.1Investec . . . . . . . . . . . . .470.2 -10.4 561.0 423.4IP Group . . . . . . . . . . . . .68.6 1.6 131.2 65.6John Laing Group . . . . .385.8 -0.4 402.0 283.2JTC . . . . . . . . . . . . . . . . .353.5 -6.5 440.0 287.0Jupiter Fund Mana . . . .373.8 -7.9 438.0 287.6Liontrust Asset M . . . . .802.0 0.0 825.0 532.0LMS Capital . . . . . . . . . . .50.3 0.1 53.5 44.0London Finance & . . . . .38.5 0.0 44.5 37.5London Stock Exch . . .6626.0 122.0 6636.0 3867.0Man Group . . . . . . . . . . .171.2 4.4 184.9 126.8OneSavings Bank . . . . .363.4 -2.0 447.4 330.0Paragon Banking G . . . .417.0 -5.0 502.0 379.2Plus500 Ltd (DI) . . . . . .599.4 -26.2 2040.0 495.0Provident Financi . . . . .435.9 -1.3 692.6 394.9Quilter . . . . . . . . . . . . . .144.7 -2.5 156.6 110.6Rathbone Brothers . .2205.0 5.0 2634.0 2085.0Real Estate Credi . . . . . .169.0 0.0 175.5 163.0Record . . . . . . . . . . . . . . .32.8 0.6 42.1 27.3River and Mercant . . . .276.0 1.0 330.0 212.0S&U . . . . . . . . . . . . . . .2310.0 0.0 2605.0 1767.5Sanne Group . . . . . . . .550.0 -17.0 752.0 450.0Schroders . . . . . . . . . .2973.0 -58.0 3210.0 2334.0Standard Life Abe . . . .298.8 -4.2 378.9 224.9TP ICAP . . . . . . . . . . . . . .313.7 -0.4 324.5 267.2Walker Crips Grou . . . . . .27.0 0.0 39.0 24.0XPS Pensions Grou . . . . .115.5 -3.0 180.0 95.0

BT Group . . . . . . . . . . . .193.2 0.9 264.7 187.0TalkTalk Telecom . . . . .105.3 -2.3 137.0 96.6Telecom Plus . . . . . . . .1332.0 2.0 1528.0 1010.0

Greggs . . . . . . . . . . . .2236.0 0.0 2476.0 1006.0Morrison (Wm) Sup . . .194.7 -2.1 269.4 194.5Ocado Group . . . . . . . .1245.5 0.0 1435.0 749.8Sainsbury (J) . . . . . . . . .196.7 -1.7 341.5 187.9SSP Group . . . . . . . . . . .706.0 0.0 744.4 615.1Tesco . . . . . . . . . . . . . . .223.3 0.1 266.2 189.6UDG Healthcare Pu . . .800.0 -6.5 840.0 551.0

Associated Britis . . . . .2420.0 4.0 2638.0 2041.0Bakkavor Group . . . . . .105.6 -5.4 190.0 105.0Cranswick . . . . . . . . . .2662.0 -70.0 3454.0 2472.0Greencore Group . . . . . .213.8 -3.1 230.0 162.9Hilton Food Group . . . .936.0 3.0 1088.0 884.0Tate & Lyle . . . . . . . . . . .755.4 1.8 800.4 624.0Unilever . . . . . . . . . . .4955.5 -83.5 5091.0 3931.0

Mondi . . . . . . . . . . . . . .1803.5 -17.0 2236.0 1584.0

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Next . . . . . . . . . . . . . .6064.0 448.0 6156.0 3991.0Pets at Home Grou . . .208.0 0.4 209.4 110.0Sports Direct Int . . . . . .226.8 12.4 413.5 213.2Ted Baker . . . . . . . . . . .910.0 -20.5 2378.0 800.0Vivo Energy . . . . . . . . . .120.0 -1.6 156.0 96.0WH Smith . . . . . . . . . . .2118.0 -10.0 2186.0 1697.0

Assura . . . . . . . . . . . . . . .64.6 -1.0 66.4 52.4Convatec Group . . . . . . .156.1 1.3 239.0 118.6Mediclinic Intern . . . . . .343.3 2.3 514.2 293.4NMC Health . . . . . . . . .2474.0 -50.0 4120.0 2192.0Smith & Nephew . . . .1859.0 -3.5 1923.5 1258.0

Barratt Developme . . .645.2 -12.6 663.0 434.0Bellway . . . . . . . . . . . .2970.0 1.0 3226.0 2419.0Berkeley Group Ho . . .3878.0 -5.0 3981.0 3226.0Bovis Homes Group . .1053.0 -13.0 1177.0 828.0Countryside Prope . . . .294.0 1.2 353.2 270.0Crest Nicholson H . . . . .367.0 -1.4 404.8 296.4McCarthy & Stone . . . . .138.9 -0.5 142.7 107.1Persimmon . . . . . . . .2009.0 -32.0 2501.0 1859.5

Admiral Group . . . . . . .2167.0 -18.0 2300.0 1932.5Beazley . . . . . . . . . . . . .576.5 -0.5 599.0 492.6Direct Line Insur . . . . . .322.4 -1.5 366.5 304.9Hastings Group Ho . . . . .193.1 -1.9 274.2 174.0Hiscox Limited (D . . . .1700.0 -34.0 1777.0 1418.0Lancashire Holdin . . . . .693.5 7.5 725.5 530.0RSA Insurance Gro . . . .560.6 -11.2 644.2 496.6Sabre Insurance G . . . .264.5 -5.0 294.0 249.0

Aviva . . . . . . . . . . . . . . .406.1 -1.9 502.8 364.6Legal & General G . . . . .261.8 -3.4 291.2 223.7Phoenix Group Hol . . . .695.6 -7.4 724.8 544.0Prudential . . . . . . . . . .1698.0 -2.0 1824.0 1340.0St James's Place . . . . . .984.0 -59.0 1205.5 914.0

4Imprint Group . . . . .2790.0 -10.0 3140.6 1800.0Ascential . . . . . . . . . . . .398.2 0.6 434.8 337.2Bloomsbury Publis . . . .232.0 -4.0 243.0 190.5Centaur Media . . . . . . . .45.5 -0.5 56.5 34.7Entertainment One . . . .441.0 -3.6 483.4 336.4Euromoney Institu . . .1380.0 16.0 1412.0 1132.0

Reckitt Benckiser . . . .6372.0 -83.0 7155.0 5593.0Redrow . . . . . . . . . . . . .561.0 -5.0 674.6 460.8Taylor Wimpey . . . . . . .161.8 -14.8 192.3 129.3

Bodycote . . . . . . . . . . . .736.5 -10.0 1024.0 676.0Hill & Smith Hold . . . . .1129.0 -11.0 1507.0 902.5IMI . . . . . . . . . . . . . . . .1045.5 -15.5 1242.0 870.0Melrose Industrie . . . . .187.0 -1.9 233.9 146.3RHI Magnesita N.V . . .4478.0 -22.0 5085.0 3318.0Rotork . . . . . . . . . . . . . .308.5 -2.2 361.4 235.7Spirax-Sarco Engi . . . .8995.0 -35.0 9400.0 5900.0Weir Group . . . . . . . . .1497.0 4.5 1948.5 1240.0

Evraz . . . . . . . . . . . . . . .651.0 -14.0 709.4 442.1Ferrexpo . . . . . . . . . . . .257.7 -6.8 301.3 143.5

BBA Aviation . . . . . . . .320.0 -3.0 350.0 207.0Clarkson . . . . . . . . . . .2575.0 10.0 2900.0 1878.0Fisher (James) & . . . .2170.0 35.0 2260.0 1600.0Royal Mail . . . . . . . . . . .209.7 1.0 489.0 194.5

Future . . . . . . . . . . . . . .1130.0 -16.0 1248.0 375.0Goco Group . . . . . . . . . . .85.8 3.4 121.6 64.6Haynes Publishing . . . .224.0 0.0 228.0 160.0Huntsworth . . . . . . . . .100.0 2.0 125.0 81.0Informa . . . . . . . . . . . . .874.0 -1.6 892.0 605.8ITE Group . . . . . . . . . . . . .73.3 -0.3 83.7 56.3ITV . . . . . . . . . . . . . . . . . .111.0 -0.4 170.1 104.7Moneysupermarket. . .368.9 5.0 417.7 264.0Pearson . . . . . . . . . . . . .871.2 -24.4 1027.5 769.2Reach . . . . . . . . . . . . . . .85.0 -0.5 90.0 54.6Relx plc . . . . . . . . . . . .1953.5 -22.0 1978.0 1491.5Rightmove . . . . . . . . . .528.4 0.5 585.1 420.9STV Group . . . . . . . . . . .370.0 -3.0 440.0 318.0Tarsus Group . . . . . . . . .425.0 1.0 438.0 243.0WPP . . . . . . . . . . . . . . .970.4 -5.6 1301.0 800.4

Acacia Mining . . . . . . . .225.4 -5.6 256.6 96.1Anglo American . . . . .2039.0 -51.0 2266.0 1464.6Antofagasta . . . . . . . . .939.2 17.2 1022.5 727.2BHP Group . . . . . . . . . .1984.2 -13.2 2049.0 1490.6Centamin (DI) . . . . . . . .129.9 8.0 136.2 79.8Fresnillo . . . . . . . . . . . . .601.0 -52.6 1039.0 599.2Glencore . . . . . . . . . . . .266.5 -6.6 341.5 254.7Hochschild Mining . . . .208.0 -0.4 217.0 149.1Kaz Minerals . . . . . . . . .578.0 6.8 846.4 436.7Polymetal Interna . . . .995.6 -4.4 1031.0 597.2Rio Tinto . . . . . . . . . . .4698.0 -30.5 4976.5 3486.0

Inmarsat . . . . . . . . . . . .572.6 -2.0 581.4 362.8Vodafone Group . . . . . .150.1 -1.2 186.7 123.3

BP . . . . . . . . . . . . . . . . .545.7 2.5 598.3 485.9Cairn Energy . . . . . . . . .158.4 2.6 250.0 140.0Energean Oil & Ga . . .1066.0 12.0 1082.0 510.0Premier Oil . . . . . . . . . . .84.0 4.1 143.6 55.6Royal Dutch Shell . . . .2594.0 -18.0 2666.0 2213.0Royal Dutch Shell . . . .2602.5 -15.5 2705.5 2227.0Tullow Oil . . . . . . . . . . . .193.8 4.9 266.3 165.2

Hunting . . . . . . . . . . . . .510.0 -3.5 849.0 453.6Petrofac Ltd. . . . . . . . . .419.7 4.6 663.4 381.5Wood Group (John) . . .531.0 -12.8 796.4 389.9

Burberry Group . . . . .2259.0 -5.0 2345.0 1623.5PZ Cussons . . . . . . . . . . .219.5 2.5 244.0 178.6

AstraZeneca . . . . . . . .7061.0 -67.0 7180.0 5325.0BTG . . . . . . . . . . . . . . . .836.5 -0.5 853.0 508.5Dechra Pharmaceut . .2946.0 -4.0 3168.0 2014.0Genus . . . . . . . . . . . . .2640.0 -2.0 2890.0 2098.0GlaxoSmithKline . . . . .1702.6 -26.2 1730.0 1418.0Hikma Pharmaceuti . .1840.5 -31.0 2025.0 1510.5

BMO Commercial Pr . . . .113.8 -0.2 149.4 110.8Capital & Countie . . . . . .198.1 -12.0 279.5 196.0CLS Holdings . . . . . . . . .227.5 2.0 255.0 195.4Daejan Holdings . . . .5560.0 110.0 6190.0 5420.0Grainger . . . . . . . . . . . .227.4 -7.2 278.5 205.8NewRiver REIT . . . . . . .164.0 -7.2 278.5 162.0Safestore Holding . . . .625.0 -14.5 658.5 499.4Savills . . . . . . . . . . . . . .951.5 2.5 973.0 678.5St. Modwen Proper . . . .416.0 -12.5 441.5 365.0UK Commercial Pro . . . . .83.1 -0.8 92.7 81.0

Big Yellow Group . . . . .989.0 -8.5 1062.0 852.5British Land Comp . . . .508.0 -17.8 660.2 508.0

Derwent London . . . .2920.0 -74.0 3328.0 2761.0Great Portland Es . . . . .661.8 -14.2 773.6 652.3Hammerson . . . . . . . . .214.3 -25.7 521.8 211.1Intu Properties . . . . . . . .47.9 -22.4 201.5 47.0Land Securities G . . . . .796.2 -29.2 943.6 791.8LondonMetric Prop . . . .203.0 -2.8 215.2 172.7Primary Health Pr . . . . .131.6 -2.0 139.0 106.4SEGRO . . . . . . . . . . . . . .764.2 -18.0 789.0 585.2Shaftesbury . . . . . . . . .786.5 -21.0 932.0 782.5Tritax Big Box Re . . . . . .153.0 -2.5 159.7 129.0Unite Group . . . . . . . . .1032.0 -17.0 1076.0 797.5Workspace Group . . . .844.5 -20.5 1088.0 789.5

Avast . . . . . . . . . . . . . . .336.4 -1.4 345.8 228.7Aveva Group . . . . . . . .3992.0 -38.0 4170.0 2284.0Computacenter . . . . . .1525.0 165.0 1572.0 952.0FDM Group (Holdin . . .820.0 1.0 1000.0 734.0Funding Circle Ho . . . . . .113.0 -2.2 440.0 108.0Kainos Group . . . . . . . .562.0 -10.0 676.0 340.0Micro Focus Inter . . . . .1738.8 -18.0 2491.6 1434.4Playtech . . . . . . . . . . . .443.8 -4.9 560.4 361.8Sage Group . . . . . . . . . .720.0 -13.8 820.4 525.6Softcat . . . . . . . . . . . . .954.0 8.0 993.5 565.0Sophos Group . . . . . . . .435.0 -3.0 539.5 298.2

Aggreko . . . . . . . . . . . .833.6 -3.0 882.0 691.8Ashtead Group . . . . . .2273.0 2.0 2438.0 1586.5BCA Marketplace . . . . .242.0 0.4 247.0 178.5Bunzl . . . . . . . . . . . . . .2150.0 3.0 2551.0 2059.0Capita . . . . . . . . . . . . . . .116.6 -2.2 162.0 99.9DCC . . . . . . . . . . . . . . .6962.0 -158.0 7390.0 5555.0Diploma . . . . . . . . . . . .1517.0 1.0 1634.0 1150.0Electrocomponents . . .608.6 2.2 761.6 480.0Equiniti Group . . . . . . . .210.4 -3.8 266.0 186.2Essentra . . . . . . . . . . . .426.4 -2.8 507.0 325.4Experian . . . . . . . . . . .2500.0 -11.0 2520.0 1728.5Ferguson . . . . . . . . . . .6164.0 -86.0 6556.0 4749.0G4S . . . . . . . . . . . . . . . . .191.6 -2.0 282.0 175.9Grafton Group Uni . . . . .727.0 -7.0 937.0 630.0Hays . . . . . . . . . . . . . . . .154.1 -0.3 212.0 135.7Homeserve . . . . . . . . . .1141.0 -16.0 1263.0 849.0Howden Joinery Gr . . .555.0 -11.0 573.4 416.4Intertek Group . . . . . .5708.0 -50.0 5880.0 4387.0Network Internati . . . . .613.0 1.0 615.0 500.0Pagegroup . . . . . . . . . .448.8 -0.8 623.5 415.0PayPoint . . . . . . . . . . . .948.0 -10.0 1118.0 748.0Rentokil Initial . . . . . . .435.0 22.8 435.3 284.8Robert Walters . . . . . . .532.0 32.0 475.0 814.0Serco Group . . . . . . . . . .147.4 7.6 149.0 84.1SIG . . . . . . . . . . . . . . . . . .131.7 0.5 153.0 102.2Travis Perkins . . . . . . .1366.0 42.5 1465.0 970.0

British American . . . .2952.0 -26.0 4222.5 2375.0Imperial Brands . . . . .2095.0 2.0 2987.5 1846.8

Carnival . . . . . . . . . . . .3703.0 1.0 5000.0 3412.0Cineworld Group . . . . . .255.1 3.1 323.6 246.9Compass Group . . . . .2083.0 0.0 2086.0 1483.0Domino's Pizza Gr . . . . .247.4 -9.1 319.7 224.4EI Group . . . . . . . . . . . . .281.0 -0.2 285.0 152.0FirstGroup . . . . . . . . . . .114.8 0.0 116.6 79.3Flutter Entertain . . . . .6540.0 -152.0 8290.0 5525.0Go-Ahead Group . . . . .2134.0 -30.0 2200.0 1480.0Greene King . . . . . . . . .625.4 -2.2 704.4 472.8GVC Holdings . . . . . . . . .591.6 -16.2 1170.0 507.5InterContinental . . . . .5719.0 -19.0 5751.0 3958.4International Con . . . . .424.4 9.6 711.4 414.8Marston's . . . . . . . . . . . .106.9 -1.7 124.7 89.9Merlin Entertainm . . . . .451.5 -0.1 455.3 307.1

Millennium & Copt . . . .680.0 0.0 685.0 436.0Mitchells & Butle . . . . .304.0 6.5 310.2 238.0National Express . . . . .419.6 0.8 438.4 361.4PPHE Hotel Group . . .1840.0 10.0 1990.0 1490.0Rank Group . . . . . . . . . .151.6 0.6 187.6 135.0Restaurant Group . . . . .152.4 1.6 221.9 111.9Stagecoach Group . . . .130.0 -0.9 177.0 115.5TUI AG Reg Shs (D . . . . .817.6 -23.2 1631.0 698.0Wetherspoon (J.D. . . . .1531.0 -14.0 1581.0 1066.0Whitbread . . . . . . . . .4523.0-123.0 5114.0 3883.0William Hill . . . . . . . . . .152.6 -2.8 297.5 132.3Wizz Air Holdings . . . .3534.0 4.0 3769.0 2329.0

Abcam . . . . . . . . . . . . .1308.0 -17.0 1539.0 1017.0Advanced Medical . . . .292.0 5.0 370.0 260.0Alliance Pharma . . . . . . .70.8 0.8 95.6 60.0ASOS . . . . . . . . . . . . . .2606.0 51.0 6222.0 2107.0Blue Prism Group . . . .1423.0 -14.0 2575.0 1040.0Camellia . . . . . . . . . .10450.0 50.0 11750.0 9100.0CareTech Holding . . . . .375.0 -2.0 406.0 325.0Central Asia Meta . . . . .204.5 -3.0 266.5 200.5Clinigen Group . . . . . .1008.0 7.0 1069.0 721.0CVS Group . . . . . . . . . . .920.0 -6.0 1132.0 395.0Dart Group . . . . . . . . . .759.5 7.5 1017.0 751.0Diversified Gas & . . . . .106.5 -0.5 134.0 100.0Draper Esprit . . . . . . . .508.0 -8.0 645.0 458.0Eland Oil & Gas . . . . . . .120.0 1.0 134.5 97.0EMIS Group . . . . . . . . .1226.0 -8.0 1242.0 864.0Fevertree Drinks . . . . .2336.0-124.0 3956.0 2070.0First Derivatives . . . . .2950.0 -30.0 4390.0 2050.0Frontier Developm . . . .980.0 -6.0 1385.0 740.0Gamma Communicati 1095.0 40.0 1195.0 688.0GB Group . . . . . . . . . . .600.0 1.0 631.0 410.5Gooch & Housego . . . .1332.5 -12.5 1880.0 954.0Hurricane Energy . . . . . .43.5 0.4 60.8 39.0Impax Asset Manag . . .235.0 -7.5 295.0 184.0Iomart Group . . . . . . . .340.0 14.0 475.0 308.0IQE . . . . . . . . . . . . . . . . . .66.4 1.2 112.5 51.6James Halstead . . . . . .510.0 -4.0 532.0 367.0Johnson Service G . . . . .172.8 5.8 174.0 113.6Keywords Studios . . . .1663.0 -53.0 2065.0 900.0Learning Technolo . . . . .113.0 -1.4 166.5 62.2M&C Saatchi . . . . . . . . .340.0 5.0 394.0 270.0M. P. Evans Group . . . . .685.0 4.0 800.0 637.0Majestic Wine . . . . . . . .256.0 4.0 472.0 219.0Midwich Group . . . . . . .540.0 -16.0 685.0 491.5Mortgage Advice B . . .604.0 24.0 720.0 490.0Next Fifteen Comm . . .598.0 -24.0 658.0 469.0Nichols . . . . . . . . . . . .1800.0 0.0 1840.0 1240.0Numis Corporation . . . .240.5 -3.5 426.5 221.5Polar Capital Hol . . . . . .572.0 -8.0 650.0 448.0Purplebricks Grou . . . . .116.6 -1.0 300.0 90.0Redde . . . . . . . . . . . . . . .114.4 0.4 196.0 90.0Renew Holdings . . . . .400.0 -2.0 436.5 333.0RWS Holdings . . . . . . .650.0 -2.0 652.0 415.5Scapa Group . . . . . . . . .197.4 7.0 473.4 157.0Secure Income Rei . . . .419.0 2.0 422.0 371.0Serica Energy . . . . . . . .109.8 1.0 142.0 69.3Smart Metering Sy . . . .502.0 -16.0 665.0 480.0Telford Homes . . . . . . .350.0 -1.0 430.0 267.0Thorpe (F.W.) . . . . . . . .326.0 0.0 340.0 248.0Watkin Jones . . . . . . . . .213.5 9.5 232.5 192.2Young & Co's Brew . . .1630.0 5.0 1885.0 1322.5Young & Co's Brew . . . .1165.0 20.0 1300.0 1030.0

Computacenter . . . . . . . . . . . . .1525.0 12.1Next . . . . . . . . . . . . . . . . . . . . .6064.0 8.0Centamin (DI) . . . . . . . . . . . . . . .129.9 6.5Sports Direct Inte . . . . . . . . . . . .226.8 5.8Rentokil Initial . . . . . . . . . . . . . .435.0 5.5Serco Group . . . . . . . . . . . . . . . . .147.4 5.4Premier Oil . . . . . . . . . . . . . . . . . .84.0 5.1Centrica . . . . . . . . . . . . . . . . . . . . .76.1 3.4Travis Perkins . . . . . . . . . . . . . .1366.0 3.2Man Group . . . . . . . . . . . . . . . . . .171.2 2.6

Intu Properties . . . . . . . . . . . . . . .47.9 -31.9Aston Martin Lagon . . . . . . . . . .498.0 -12.3Hammerson . . . . . . . . . . . . . . . .214.3 -10.7Taylor Wimpey . . . . . . . . . . . . . .161.8 -8.4Fresnillo . . . . . . . . . . . . . . . . . . .601.0 -8.1Capital & Counties . . . . . . . . . . . .198.1 -5.7St James's Place . . . . . . . . . . . .984.0 -5.7Bakkavor Group . . . . . . . . . . . . .105.6 -4.9CYBG . . . . . . . . . . . . . . . . . . . . . . .172.1 -4.4NewRiver REIT . . . . . . . . . . . . . .164.0 -4.2

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MAIN CHANGES UK 350

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GILTS

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� �AEROSPACE & DEFENCE

BANKS

BEVERAGES

CHEMICALS

ELECTRICITY

ELECTRONIC & ELECTRICAL EQ.

EQUITY INVESTMENT INSTRUM.

FIXED LINE TELECOMS

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GAS, WATER & MULTIUTILITIES

OIL & GAS PRODUCERS

OIL EQUIPMENT & SERVICES

PERSONAL GOODS

PHARMACEUTICALS & BIOTECH

REAL ESTATE INVEST. & SERV.

SUPPORT SERVICES

TOBACCO

TRAVEL & LEISURE

AIM 50

Tsy 3.750 19 . . . . . . .100.31 0.00 103.4 100.3Tsy 2.000 20 . . . . . .101.44 0.01 102.5 101.4Tsy 4.750 20 . . . . . .102.53 0.00 106.4 102.5Tsy 3.750 20 . . . . . .103.56 0.01 106.3 103.2Tsy 2.500 20 . . . . . .356.23 0.01 361.4 355.8Tsy 8.000 21 . . . . . . .114.06 0.01 120.4 113.7Tsy 4.000 22 . . . . . .109.46 0.03 111.3 109.0Tsy 0.500 22 . . . . . .100.44 0.05 100.4 97.7Tsy 1.875 22 . . . . . . .117.40 0.17 118.3 115.5Tsy 2.250 23 . . . . . . .107.70 0.07 107.7 104.7Tsy 2.500 24 . . . . . .376.37 0.24 376.4 358.7Tsy 0.125 24 . . . . . . .115.37 0.27 115.4 110.9Tsy 5.000 25 . . . . . .125.43 0.06 125.4 122.1Tsy 4.250 27 . . . . . .130.63 0.07 130.6 122.6Tsy 1.250 27 . . . . . . .138.74 0.26 138.7 128.4Tsy 6.000 28 . . . . . .149.35 0.07 149.4 140.5Tsy 0.125 29 . . . . . . . .131.41 0.26 131.4 118.8Tsy 4.750 30 . . . . . .143.93 0.05 143.9 132.1Tsy 4.125 30 . . . . . .394.20 0.26 394.2 355.2Tsy 4.250 32 . . . . . . .141.21 -0.01 141.2 128.5Tsy 1.250 32 . . . . . . .161.26 0.23 161.3 144.1Tsy 0.125 36 . . . . . . .153.44 0.13 153.4 133.4Tsy 4.250 36 . . . . . .148.43 -0.12 148.4 133.1Tsy 4.750 38 . . . . . . .162.51 -0.18 162.6 144.9Tsy 0.625 40 . . . . . .174.26 -0.07 174.4 152.8Tsy 4.500 42 . . . . . . .165.51 -0.30 165.5 145.9Tsy 3.500 45 . . . . . . .147.55 -0.39 147.8 128.0Tsy 4.250 46 . . . . . .167.32 -0.42 167.7 145.7Tsy 4.025 49 . . . . . .173.63 -0.51 174.2 150.0Tsy 0.500 50 . . . . .204.68 -0.44 207.7 173.7Tsy 0.250 52 . . . . . . .201.16 -0.48 204.9 168.8

WORLD INDICES

FTSE 100 . . . . . . . . . . . . . . . . . . . . . 7586.78 -59.99 -0.78FTSE 250 . . . . . . . . . . . . . . . . . . . . 19666.52 -108.30 -0.55FTSE All-Share . . . . . . . . . . . . . . . . 4134.03 -30.66 -0.74FTSE AIM All-Share. . . . . . . . . . . . . . 931.46 -0.90 -0.10

S&P 500 . . . . . . . . . . . . . . . . . . . . . 2980.38 -32.80 -1.09Dow Jones I.A.. . . . . . . . . . . . . . . 26864.27 -333.75 -1.23Nasdaq Composite. . . . . . . . . . . . . 8175.42 -98.20 -1.19Xetra DAX . . . . . . . . . . . . . . . . . . . 12189.04 41.80 0.34

CAC 40 . . . . . . . . . . . . . . . . . . . . . . 5518.90 7.83 0.14Swiss Market Index . . . . . . . . . . . . 9919.27 28.37 0.29ISEQ Overall Index . . . . . . . . . . . . . . 6111.13 -17.98 -0.29FTSEurofirst 300 . . . . . . . . . . . . . . . 1519.87 3.12 0.21

Hang Seng . . . . . . . . . . . . . . . . . . 27777.75 -368.75 -1.31Shanghai Composite . . . . . . . . . . . 2932.51 -19.83 -0.67STI Index . . . . . . . . . . . . . . . . . . . . . 3305.12 -40.49 -1.21ASX All Ordinaries. . . . . . . . . . . . . 6896.70 -31.60 -0.46

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MOBILE TELECOMS

MEDIA

MINING

SOFTWARE & COMPUTER SERV.

HHOLD GDS & HOME CONSTR.

NON LIFE INSURANCE

INDUSTRIAL TRANSPORTATION

GENERAL RETAILERS INDUSTRIAL METALS & MINING

CONSTRUCTION & MATERIALS

€/$ 1.1077 0.0078

€/£ 0.9105 0.0073

€/¥ 120.42 0.7217

/€ 1.0972 0.0081

/$ 1.2160 0.0007

/¥ 132.12 0.1534

FTSE 100

7586.7859.99

FTSE 250

19666.52108.30

FTSE ALL SHARE

4134.0330.66

DOW JONES

26864.27333.75

NASDAQ

8175.4298.20

S&P 500

2980.3832.80

FINANCIAL SERVICES

GENERAL INDUSTRIALS

LIFE INSURANCE

HEALTH CARE EQUIPMETN & S.

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REAL ESTATE INVEST. TRUSTS

NEWSLETTERS

The biggest storiesdirect to your inbox

GET THE MORNING UPDATE,CITY A.M.’S DAILY EMAIL

CITYAM.COM/NEWSLETTER

OFFICE POLITICS

EMAIL has become a ubiquitousform of communication sinceit was invented in 1972. Itsability to connect people andfacilitate digital conversations

has been an innovation like no other.However, almost 50 years since its

inception, electronic mail is nolonger fit for purpose as the maincommunication tool in today’s enter-prise. A combination of outdated security, as well as a lack of efficientworkplace collaboration, has meantthat this once great bastion of uni-versal communication has finallyhad its day.

Email has become cumbersome,outdated, and is inhibiting productiv-ity. We’ve all cursed when trying totrawl back through lengthy email ex-

This traditional method of communicationin the workplace is no longer fit for purpose

Email is stuckin the inbox,but it belongsin the trash

changes in an effort to find that onecrucial piece of information which,without fail, is always buried some-where obscure in a seemingly never-ending thread of messages.

What’s more, according to researchby FireEye, less than a third of con-temporary email traffic is classed as“clean” and actually finds its way intoan inbox.

Clearly, email is coming to the endof its life cycle. In security terms, it’sthe equivalent of leaving the housewith all the windows and doors leftwide open. Thanks to research byCofense, the cyber security vulnerabil-ities of email were laid bare when itwas revealed that 91 per cent of cyberattacks began with a phishing email.

Meanwhile, from a collaborationperspective, email is about as effec-tive as a telegram – perhaps evenworse. At least workers of days goneby didn’t receive in excess of 100telegrams a day, with the expectationthat they would need to reply to eachand every one.

Considering email’s importance tocontemporary workplace collabora-tion, it is concerning to weigh up the

amount of time wasted when onlyone in three emails is actually cleanof malware and other cyber threats.Conversely, just think of the collec-tive productivity benefits if commu-nication between employees could beefficiently tightened up.

As email’s faults become morerecognised, collaboration platformsthat include instant messaging, doc-ument sharing, project work andvideo calls are all growing increas-ingly popular. But if these platformsare to become truly ubiquitous, theymust adhere to the very highest levelsof security possible.

As it stands, however, because thearea of “secure collaboration” is rela-tively new, enormous disparities insecurity exist between the kind ofplatforms on offer.

Nevertheless, not only would ditch-ing email for good save enterprisesbillions of dollars due to the decreased risk of cyber breaches, but a reduction in spam and unreadmessages will generate a significantboost in business productivitythrough more and better real-timecollaboration.

Currently, we’re at the tipping pointof embracing a far safer, more practi-cal and modern form of communica-tion. Yet in order to offset thatbalance and move away from email,first we must accept that it is offi-cially a relic of the past.

Hopefully, in years to come, we willone day look back and laugh at thetime when email was universally usedin the workplace, while also question-ing why we clung onto it for so long.

£Morten Brøgger is chief executive of Wire.

PROTECTYOURSELF

Cyber SecurityNewsFree

Brian inaccountingclicked on adodgy email,and now everycomputer in theoffice is askingfor 10,000bitcoins if youwant to use it.While you waitfor IT to fix theproblem, keepup to date on the latestransomware,malware, andother cyberthreats using thisapp. It filters andcollects storiesfrom dozens ofnews sources tohelp you stayone step aheadof the hackers.

91 per cent ofcyber attacksbegan with aphishing email

Morten Brøgger

13THURSDAY 1 AUGUST 2019 FEATURECITYAM.COM

CITYAM.COM14 THURSDAY 1 AUGUST 2019OPINION

EDITED BY RACHEL CUNLIFFE

[Re: Herd behaviour is more to blamefor the Neil Woodford saga than theman himself]Oliver Hemsley’s article is not surprisinggiven the author’s connections withNumis, a major participant in the marketfor less liquid small cap shares.

However, his argument doesn’t reallystand up to analysis. An in-depthperformance attribution study of NeilWoodford’s investment returns by St.James’s Place revealed that his allocationsto small cap and unlisted company shareshad contributed zero to his fundperformance. As a result, they specificallyexcluded such investments from their£3bn+ mandate managed by his firm.

Woodford, like Tim Haywood (who wasdismissed by Gam for gross misconduct inFebruary this year as a result of hisimproper investments in private debt),was brought down not by irrationalinvestors, but by his own hubris and atotal disregard for the interests of theinvestors who had entrusted him withtheir money.

Untraded company securities, whethershares or loans, have no place in unittrusts or other funds which promiseinvestors daily access to their money,regardless of how convinced the manageris that the investment will be profitable.Woodford implicitly recognised this bylaunching the Woodford Patient CapitalTrust, but couldn’t resist loading his otherfunds with inappropriate holdings. Name withheld

LETTERSTO THE EDITOR

If you find yourself claiming on Twitterthat @michaelgove, DominicCummings or @BorisJohnsonare notreal Leavers, please take a deepbreath. They are literally the men whodelivered the Leave vote.@DanielJHannan

I think the govt should introduce NoDeal Brexit Bonds for leave voters. If itall turns out ok the bonds pay interest& capital is returned. However, if it allgoes tits up, the bond owners’ capitalis used to fill the hole in the publicfinances.@GeneralBoles

Late to the deeply moving Chernobyl,now on Amazon Prime. There do seemto be a few drawbacks to the MarxistCorbynite way of organising things.@iainmartin1

What would your advice be tosomeone visiting London for the firsttime?@PickardJE

Stratford on the Tube map isn’t whereto find Shakespeare.@Tim_JR_Hill

You may encounter a traditional folkcharacter in Westminster known asMad Steve. He wears a big blue hatwith yellow stars, and bellowsnonsensically. Show yourappreciation with the time-honouredresponse: knock his hat off whilechanting “Leave now!”@wallaceme

Trampled by theirrational herd?

BEST OFTWITTER

IT’S BEEN great to see the newgovernment hit the ground run-ning, and even better to see itfocus on a hugely importantidea which our think tank has

been beating the drum for: incen-tivising business investment.

Britain likes to think of itself as abusiness-friendly country. We haveslashed corporation tax. We have aworld-class record in attracting for-eign investment. We have made itcommendably easy to start yourown business – as thousands of peo-ple do every year.

But our record on business invest-ment – the amount of money thatthose companies spend on improv-ing and expanding their operations– is awful.

Between 1995 and 2015, we hadthe lowest rates of business invest-ment across the entire OECD. Andthe picture has barely improvedsince. This, of course, plays into ourcrippling productivity problems,bringing down growth and makingus all poorer.

So what’s going on? Why, despitethose cuts in corporation tax, arecompanies so unwilling to invest?

The answer turns out to be rela-tively simple.

Yes, our headline corporate taxrate is the third lowest in the OECD.But the rest of the tax system toooften punishes firms rather than re-warding them for investing. For ex-ample, if you expand your premises,your business rates go up.

According to the InternationalTax Competitiveness Index, pro-duced by the Tax Foundation inWashington DC, Britain ranks justsixteenth out of the 35 countries

Our system too often punishes firms rather thanrewarding them for investing

Here’s one simple tax trick forBoris to borrow from Trump

Robert Colvile

studied in terms of the overall cor-porate tax burden. And when itcomes to “cost recovery”, we aresecond from bottom – behind everyother country in Europe.

“Cost recovery”, put simply, ishow easy it is to write off capital in-vestments against income. A well-designed tax system incentivisesfirms to invest in things – like bet-ter machines or new computer sys-tems – that will generate profits,growth and jobs down the line. Butours does an awful job of that.

And the situation was madeworse by the fact that George Os-borne paid for his corporation taxcuts by cutting existing allowances– thus tilting the business playingfield away from capital-intensivesectors like manufacturing and to-wards services, and, in the process,away from the regions and to-wards London.

Enter Boris Johnson. One of theencouraging leitmotifs of the newregime in Number 10 has been theneed to spread investment morewidely – and, in particular, to ad-dress Britain’s lamentable recordon business investment.

As the new Prime Minister said onthe steps of Downing Street, hewants to “change the tax rules toprovide extra incentives to invest incapital and research”.

This is something that our thinktank has strongly argued for, bothin two key papers we’ve publishedthis year, and in our conversationsin Whitehall and Westminster.

It would, we argue, provide amore cost-effective boost to GDPthan just cutting the headline rateof corporation tax further, because

the extra money would solely incen-tivise new investment – and it couldwell be more politically appealing.

But what might such measureslook like?

The most obvious model is Amer-ica, where “full expensing” – allow-ing firms to write off capitalexpenses immediately, rather thanspreading the cost over a number ofyears – was at the heart of DonaldTrump’s tax reforms.

And with good reason: the USstates that adopted full expensingsaw business investment rise by 17.5per cent compared with states thatdidn’t, with significantly higher em-ployment and growth than in those

states which opted out.Britain has already moved in this

direction. In his final Budget, PhilipHammond raised the Annual In-vestment Allowance (AIA – theamount which can be written off)from £200,000 to £1m. But this wasonly a temporary measure – andbusinesses are cautious given thatthe AIA has, since 2010, yoyo-ed upand down.

The most obvious way to give busi-nesses certainty – and promotebusiness investment, especially in ano-deal scenario – would be tomake the AIA unlimited, perma-nently, for all new investments inplant and machinery.

There would, of course, be a sig-nificant upfront cost, but in thelong term it would be more than af-fordable, especially given the extrainvestment it would promote.

There are other, cheaper ways ofdoing things. You could reduce thebias against business investment inthe tax system by adopting what isknown as “neutral cost recovery”,in which the cost of capital write-offs is adjusted over time to offsetthe impact of inflation. You couldalso offset the costs by restrictingtax deductions on debt interest.

It remains to be seen preciselywhich way the Johnson administra-tion will jump. But as we’ve argued,business investment is the Achilles’heel of the British economy.

Reforming the write-off regimeand introducing full expensing isthe best way to get it growing – andBritain along with it.

£Robert Colvile is director of the Centrefor Policy Studies think tank.

IT’S fair to say there’s been a lotin the news across the world re-cently. Between a new BritishPrime Minister, protests in HongKong and Russia, foreboding

temperatures, and Marks & Spencerscrapping its free biscuit offering,things have been uncharacteristi-cally busy for this usually sleepytime of year.

As a result, I wouldn’t blame youfor missing an innocuous-seemingtechnology story from a few weeksago. The world’s cyber-Cupid, Tin-der, declared that user paymentswould now be taken in-app, ratherthan through the Google Play Store.

You can understand why thisgrabbed fewer headlines than thecabinet culls and a British confec-tionary revolution. Tinder’s deci-sion, however, may be symptomaticof an immensely concerning trend.

Match, Tinder’s parent company,changed its payments system inorder to avoid Google’s blanket 30per cent take on purchases madevia the Play Store (which drops to 15

per cent after the first year). Giventhat Match makes nearly half itsrevenue through the Tinder app,bypassing Google’s commissionseems to make commercial sense –reflected by the fact that Match’sshare price increased 4.5 per centon the day of announcement.

Match isn’t the first to performthis fiscal sidestep, either. Epic re-moved the Fortnite app from theGoogle Play store earlier in theyear; Netflix stopped taking newuser payments through the iOS applast December; and Spotify is cur-rently arguing in the EU courtsthat the equivalent “Apple Tax” isin breach of competition law.

As an app security expert, thismakes me nervous. The logical re-sponse from Apple and Google is toremove apps like Tinder from theirplatforms, meaning that if youwant to swipe right you have todownload the app outside of theecosystem. Crucially, to do this auser has to activate the “allow in-stalls from unknown sources” func-

tion on their device.Suddenly, then, we’re living in the

Wild West: a free-for-all where it’sthe user’s responsibility to distin-guish between genuine companiesand cyber bandits. And this has realconsequences.

Take the “Agent Smith” malwarewhich infected 25m devices in Asiain July. Its route of entry was a“dropper” app, which mimics fa-mous products but carries debilitat-ing malware that can harvest dataand install other malevolent pro-grams. Downloading apps like thisis the digital equivalent of leavingyour front door open.

2019 was predicted to be the year

of the “techlash”, and there havebeen plenty of reasons for in-creased scepticism towards the dig-ital giants. But we shouldn’t losesight of how the Google Play andApp Store infrastructures havebeen secure, user-friendly canvaseson which developers around theworld could innovate and buildhuge digital companies.

Google and Apple are far fromperfect. But the digital perils incountries where they are banned(such as China, where there areover 400 different app stores) vindi-cate the expression “better the devilyou know”.

If the trend continues here andmore purchase-requiring platformsfollow in Tinder’s footsteps, thesummer of 2019 might have an-other landmark moment: the be-ginning of the transition into theWild West of apps.

£Amelie Dunder is head of finance atOslo-based app security companyPromon.

‘Techlash’ risks making us less secure, aswe swipe right for the Wild West of apps

Amelie Dunder

FORUM

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15THURSDAY 1 AUGUST 2019 OPINIONCITYAM.COM

WE WANT TO HEAR YOUR VIEWS › E: theforum@cityam.com COMMENT AT:cityam.com/forum :@cityam

BORIS Johnson has had a busyfirst week, jetting off arounddifferent parts of the country.But closer to his home seat ofUxbridge and South Ruislip,

people in our constituencies in westLondon are hoping that the newPrime Minister will change his mindand listen when it comes to one con-troversial issue: his opposition toHeathrow expansion.

Boris famously said that he was will-ing to “lie down in front of the bull-dozers” to stop a new Heathrowrunway. While he is unlikely to gethimself muddy anytime soon, thePrime Minister could put at risk aproject that will create 40,000 newlocal jobs and 5,000 new apprentice-ships, and which is supported by mostlocal people.

A survey from June found that inEaling, the area near Heathrow thatwe represent, 69 per cent of residentsare in favour of a new runway. Thehuge local support for this project re-flects the enormous benefits that willcome to the communities near theairport, and this is part of the reasonwhy we have changed our minds andnow support Heathrow expansion.

We understand the concerns. Infact, when a new Heathrow runwaywas mooted in 2009, we both opposedthe plans – partly for environmentalreasons, partly because not enoughwas being done to mitigate againstnoise, and partly because the airportwasn’t offering substantial benefits tolocal communities.

Since then, Heathrow has improvedits proposals. As well as creating tensof thousands of new jobs, Heathrowhas committed to investing in skillsfor the next generation of young peo-

ple in our community. The airport has also listened to local

concerns over noise by agreeing to anight-time ban on flights and guaran-teeing periods of respite. Local peoplewill also benefit from improved pub-lic transport links, including Crossrailand upgrades to the Piccadilly Line.

Heathrow has to take the environ-mental concerns seriously, which iswhy we’re pleased that the airport isintroducing higher landing costs forthe most polluting aircraft and hasagreed that no additional capacitywill be released until it is on course tocomply with EU emission limits.

And there is an opportunity for theairport to use the expansion to fur-ther its decarbonisation agenda. Addi-tional capacity can create morecompetition, incentivising airlines togrow sustainably by innovating andinvesting in new generation aircraft,such as electric planes which can sig-nificantly reduce carbon emissions.

We’ve changed our minds onHeathrow expansion because we cansee the clear benefits to our con-stituents in west London, and how thisproject will improve their lives in thefuture. As Prime Minister, we can onlyhope that Boris is also able to changehis, not least because of how a newrunway will help him achieve some ofhis own political priorities.

Boris has spoken of creating a“Global Britain” that will help UKbusinesses reach new markets; some-thing that will be enabled whenfreight capacity is doubled at an ex-panded Heathrow.

As the UK’s only hub airport and ourgateway to the world, Heathrow isvital to Britain’s post-Brexit future –boosting exports, increasing eco-nomic growth, and delivering up to£187bn to the UK economy.

But we can do more to make themost of this unique opportunity;most notably by reforming theprocess for allocating new take-offand landing slots at the new runwayso that passengers can benefit fromlower fares, more choice over connec-tions, and increased competition.

The Prime Minister has had to hit theground running, with so many domes-tic and foreign policy challenges totackle. But while he will undoubtedlywant to make his mark in a host ofareas, his most significant and for-ward-thinking intervention could be tolisten to local residents, trade unions,communities, business groups, LabourMPs, and the previous government –and allow Heathrow to expand.

£Virendra Sharma is Labour MP forEaling, Southall, and Stephen Pound isLabour MP for Ealing North.

VirendraSharma

and Stephen Pound

DEBATE

Holidays are to school as sleep is tobeing awake: the latter without enoughof the former is unhealthy,unproductive, and damaging.

Substantial holidays are critical inchildren’s development, just aseducation is. Extended time to bondand explore with peers, outside theconfines of the school day, is vital forpersonal growth. Long holidays alsoprovide unique opportunities for familyunits to knit and bond, enhancing thecohesion and relationships that arecritical to a child’s future.

The opportunity to navigate real andchallenging outdoor environments –something almost no school couldprovide – helps develop motor-skills,spacial awareness, and problem-

solving. Not to mention that theholidays provide an opportunity to findnew intellectual passions, or catch upon subjects that kids are worried aboutgoing back to school for.

Extended school holidays benefiteducation, allowing children time torenew, to rest, and to grow.

£Daniel Senn is chief executive andfounder of Poio, the app that helpschildren to read through play.

As parents struggle, should the long summer school holidaybe shortened?One week into the summer holiday andI need a break, let alone my daughter.

It’s argued that long holidays areneeded so children can rest. But tryingto fill her weeks while my husband andI are at work is not at all relaxing forher, while the anxiety about thechange in circumstances is making hersleep less well.

I also worry about the good progressshe’s made at school receding. Childrenneed to constantly refresh theirmemories by going over their work, andlong study breaks are not helpful. I’ll tryto keep up her studies, but I’m a poorsubstitute for her fantastic teachers.

I am fortunate in that I can affordproper childcare, but a lot of workingparents also lack the resources,

especially for such prolonged periods.Many parents want to go back to workafter having children, but financially itdoesn’t make sense for them to do so.

These extended holidays are a bigpart of that, and are detrimental forboth parents and children.

£ Jenny Afia is a privacy lawyer andpartner at Schillings. She is on theChildren’s Commissioner’s Digital TaskForce.

The PM must change his mindon Heathrow – just like we did

The huge localsupport for a newrunway reflects theenormous benefits

JENNY AFIA

YES

DANIEL SENN

NO

Certified Distribution from 27/05/2019 till30/06/2019 is 85,617

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CITYAM.COM16 THURSDAY 1 AUGUST 2019FEATURE

PERSONAL FINANCE

FOR BETTER, for worse, forricher, for poorer – until deathdo us part. Sadly, with moneyfights being the second lead-ing cause of divorce behind in-

fidelity, many of us do not adhere tothis marriage vow.

Few individuals consider financialcompatibility before they tie the knot,so when the time comes to combinetheir finances, it can trigger massivedifferences of opinion and even wreakmarital havoc if not dealt with wisely.

This problem is all the more signifi-cant when there are substantial assetsat play, including businesses, real es-tate, investments, and large family in-heritances and gifts.

So what are the top financial mis-takes that you should avoid making inyour marriage?

NOT TALKING ABOUT MONEY AT THE STARTA lot of fights about money involve aclash of financial attitudes, behav-iours and beliefs.

Most couples fail to clearly discuss fi-nancial planning and goals with theirpartner at the beginning of a mar-riage, often resulting in unresolveddisagreements on savings, debt, as-sets, retirement, and other financialobligations further down the line.

To avoid this type of unnecessaryconflict, work together on key areasof financial vulnerability and try tounderstand each other’s psychologi-cal financial drivers.

MERGING BANK ACCOUNTS TOO QUICKLYAlthough joint accounts are neces-sary for essential household bills andenable equal access to money in theaccount, they can cause problemswhen one spouse goes “rogue” and de-ceitfully drains it away.

So, if your partner is a big spender,it would be advisable to keep a sepa-rate personal account to store some ofyour hard-earned money and avoid itbeing unnecessarily frittered away.

Joint account holders have everyright to withdraw money and closethe account without the other’s con-sent, which can leave that person pen-niless. They also tend to makebreaking up more complicated, be-cause it can be messy, lengthy, costlyand problematic to separate and un-tangle the funds in a joint account.

To avoid this, make sure that yourrelationship has long-term potentialbefore you open one.

FAILING TO CONSIDER MARITALCONTRACTS, LIKE PRENUPTIALSEntered into before or during a mar-riage, these contracts address howmarital assets, including businessshareholding and assets, are dealtwith and divided on divorce.

Such agreements are not enshrinedin legislation in the UK and there isno absolute guarantee of protection.However, a well-drafted prenuptial orpostnuptial agreement following thenecessary legal guidelines is highlyadvisable. They provide some clarity,certainty, and also peace of mind,while keeping costs and legal dis-

agreements to a minimum if a cou-ple were to divorce.

LOSING FINANCIALINDEPENDENCE When parents (particularly women)leave work to raise a family, they oftenabdicate their financial independ-ence to their spouses as they find thatmanaging finances is a tedious chore.

This can shift the balance of powerin the breadwinner’s favour and trig-ger an unhealthy dependence cycle,prejudicing them in the long run.

One toxic trait includes high net

SheelaMackintosh-Stewart revealsthe financialmistakes that youmay be making inyour relationship

MARITALDISHARMONY

worth individuals providing theirwives with expensive gifts ratherthan handing out cash for them tobuy items themselves, as a form ofcontrol. These women tend to be leftvulnerable upon divorce too, becausethey have not set up independent fi-nancial provisions of their own toweather marital storms.

Many blindly assume that their part-ner will do right by them financiallyif they part company. They often gointo massive meltdown when that isnot the case, and have no access tomoney to maintain their lifestyles.

emergency scenarios. I have seenmany couples caught out by a sud-den unexpected crisis, which canlead to marital destruction as theybecome financial competitors in-stead of collaborators.

FINANCIAL INFIDELITY When you are married, the burdensare shared, so ensure that the linesof communication are always openand honest.

Many individuals try to hide ex-penses from their partner, relyingtoo easily and heavily on plastic andtaking out credit card loans, assum-ing that they can pay them off beforetheir spouse finds out, but thenstruggling to do so.

Concealing expenditures and uncon-trolled spending can pave the way forgreater deceit and mistrust down theline, and if left unaddressed can back-fire and lead to a ruinous marriage.

NOT REGISTERING OWNERSHIPOF YOUR MATRIMONIAL HOME Where possible, register both yournames on the matrimonial house titledeeds to avoid arguments of owner-ship in the event of divorce.

If it is only registered in onespouse’s name, the non-owningspouse should register a noticeagainst the matrimonial home to pro-tect their rights of occupation.

Not having the money to

pay unexpecteddebts can put ahuge strain on

a marriage

It also prevents the owner spousefrom selling the home from underthe other’s nose.

Joint mortgages are also advisable,because although both spouses areequally liable for making repay-ments, it alerts one partner of anythreat of repossession from the mort-gage lenders if the other leaves orstops paying the mortgage.

NOT SAFEGUARDING FAMILYINHERITANCES AND GIFTS Many spouses are unhappy that fam-ily inheritances and gifts receivedduring marriage can sometimes beused to fund divorce settlements forthe other partner.

With couples now marrying later inlife compared to a decade ago,spouses today bring in materiallygreater pre-marital wealth, often inthe form of gifts and inheritance.Some of it will be used to purchase afamily home or business assets, in-evitably becoming mixed and min-gled with marital assets.

Although there is no absolute guar-antee of protecting and ring-fencingthese pre-marital assets from beingshared in the event of divorce, it is ad-visable to get professional advice onkeeping pre-marital wealth separate ifyou wish it to be so.

Finally, if you want to explore any ofthese options, seek professional ad-vice. A marriage may be a partner-ship, but you need to look out foryourself if you want to be “for richer”and avoid becoming “for poorer”.

£Sheela Mackintosh-Stewart is amatrimonial consultant, relationship guru,and founder of iFamiliesuk.com.

I strongly advise wives not to stopworking completely if possible. Alwaysfind ways to maintain employabilityand job-ready skills to ensure thatthere is available income if needed.

NO EMERGENCY FUNDSEveryone should set aside funds forlife’s financial thunderstorms. Nothaving the money to fix a broken roofor to pay unexpected debts can put ahuge strain on a marriage and resultin a spending blame game.

To avoid this, always have a rainyday fund set aside together in case of

17THURSDAY 1 AUGUST 2019 LIFE&STYLECITYAM.COM

TECHNOLOGY

Beat the heat with our pick of the coolestfestival, camping and outdoor gadgets

KEYSTILEFROM £20, THETILEAPP.COM

These tags attach to your keys, camera and other importantbelongings to keep track of them using your phone’s Bluetoothconnection. You can use the app to make them ring out or showyou their last known location, or press on the Tile itself to makeyour phone ring. Stump up for a subscription and you’ll get anotification the moment you leave your tagged item behind.

INTERNETSKYROAM SOLIS$149, SKYROAM.COM

There’s nothing quite so awful as beingmomentarily without an internet connection,forced to speak to other people, with all of theirridiculous opinions and personalities. Skyroam Solishelps prevent this scenario by putting the internet in yourpocket as you travel, providing unlimited global wi-fi across130 countries for $9 per day, and avoiding roaming charges.

VISIONBENQ GV1£329, BENQ.EU

A battery-powered and super-compactprojector that connects wirelessly to youriOS or Android devices, the BenQ GV1 isideal for when you want to get away fromthe festival crowds to watch HomesUnder The Hammer on the side of yourtent. It also looks like a friendly littlerobot, which is good fun.

SOUNDRUARK R1 MK3

£220, RUARKAUDIO.COM

Almost certain to be the onlyitem in your backpack with a richwalnut veneer finish, the stylishlydesigned Ruark R1 is a bluetooth

speaker and DAB radio in one.Coupled with the optional

battery pack (an additional £30),it can soundtrack your camping

trip for hours on end, ensuringthat you never miss an episode

of The Archers.

INADVISABLE STUNTSGOPRO HERO7 BLACK

£379, GOPRO.COM

There’s hardly any point going outsideif you’re not filming everything in silky

smooth, hyper-stabilised, 60 framesper second 4K video. The GoPro Hero7

Black is the class-leading compactcamera, and a must-have for any

adventurers planning on going viralafter being mauled by a wild animal.

COMMUNICATIONNOKIA 220£39, NOKIA.COM

It’s a sad inevitability of any festival that you’lldrop your expensive phone into a portalooand be faced with the agonising decision overwhether or not to attempt to fish it back out.With the Nokia 220 you can walk out of thattoilet with your dignity intact, because at £39it’s a phone you won’t think twice aboutabandoning in a dark hole filled with theseptic effluvia of strangers. It’s also got 4G.

THE ESSENTIALFESTIVAL TECH

WATERLARQ WATER BOTTLE£95, LIVELARQ.COM

The LARQ is a self-cleaningwater bottle with a batterypowered cap that blasts thebottle’s contents andinsides with purifying UV-Clight for 60 seconds everytwo hours, killing 99.9999per cent of harmful andodour-causing bacteria and viruses. That means nomore trying to scrub aroundthe corners of the neck, andno more grotty bottle stink.It’s the same sterilising lightused to disinfect hospitals,and the insides are made ofan especially reflectivestainless steel to ensure thebacteria disintegratingbeams reach all the nooks.At £95 however, you’d needto be an especially flushgermaphobe to splash out.

CITYAM.COM18 THURSDAY 1 AUGUST 2019PUNTER

RACING TRADERTHE PUNTER

@BillEsdaile

reer, but there was no arguing aboutthe way she did it.

This track will seem slightly strangeto her, though, and as a daughter ofNathaniel she won’t want theground to dry out too much.

The Classic generation have won sixof the last seven renewals and that isno major surprise with the older fil-lies and mares having to concede 8lbsto their younger rivals.

That is a tough ask at this time ofyear and it would be a shock to me ifthere wasn’t another three-year-oldwinner.

Sir Michael Stoute’s pair, Rawdaaand Sun Maiden, are the most likelycontenders from the older genera-tion and of the two, I would defi-nitely favour the former.

She ran well to be second in theDuke Of Cambridge Stakes at RoyalAscot and will relish the return to

1m2f here, but I still think she hasher work cut out.

Another all-female race of the dayis the Magnolia Cup charity race,where there’s an exciting group ofamateur lady riders taking part.

There’s an incredible story this yearas Khadijah Mellah, an 18-year-oldBritish Muslim student from Peck-ham who learnt to ride at the charityEbony Horse Club in Brixton, lines upagainst the likes of Olympian VictoriaPendleton and model VogueWilliams.

Khadijah’s journey is being cap-tured in a documentary called Rid-ing a Dream, which is being jointlyfunded by Great British Racing,Goodwood Racecourse and The Rac-ing Foundation.

It promises to be a day to rememberfor Khadijah and I’m sure everyonewill be cheering her on.

THERE isn't a race I have beenlooking forward to more allweek than this afternoon'sQatar Nassau Stakes(3.35pm).

When the entries first came out myeyes were immediately drawn to dual1000 Guineas winner HERMOSA who finally steps up to thetrip she has seemingly been cryingout for.

The daughter of Galileo proved thather Newmarket success was no flukeby following up in even more em-phatic fashion at the Curragh.

However, it was in the CoronationStakes at Royal Ascot last time whereshe looked worth upping in distance.

She appeared to be tapped for toeby eventual winner Watch Me beforerunning on well to grab second.

Today’s 1m2f looks the ideal tripand she will have plenty of support-ers at 15/8 with Coral.

My decision to take her on is purelyon grounds of price as she is un-doubtedly a very smart filly.

William Haggas' MAQSAD surged to-wards the top of the Investec Oaksbetting when bolting up in the PrettyPolly Stakes over this trip at theGuineas meeting.

She then travelled like the best fillyfor much of the race over 1m4f atEpsom before her stamina gave wayin the final two furlongs.

Connections opted to bypass a tripto Royal Ascot to come here fresh andtheir patience may well be rewardedat 7/1 in a place.

The drop back to this trip looksbang up her street and she has thepotential to give the favourite a realfright.

Another filly unable to show herbest at Epsom was John Gosden’sMEHDAAYIH who was sent off the 11/4favourite.

She couldn’t have found a moretroubled passage if she tried and thatwas one of those runs you simplyhave to put a line through.

Prior to that she was incredibly im-pressive when landing the CheshireOaks by four and a half lengths andsince then she has won a Group Twoat Saint-Cloud in comfortable fash-ion.

She also has the added bonus ofman of the moment Frankie Dettoriin the saddle, who is showing nosigns whatsoever of getting bored ofwinning these Group Ones week inweek out.

BILL ESDAILE’SNASSAU STAKES 1-2-3

1 MAQSAD2 HERMOSA3 MEHDAAYIH

Going: GOOD

3.35 QATAR NASSAU STAKES (GROUP 1) (1) £340,260 1m2f

1 2-6466 DEIRDRE (43) (D) (G,F,Y)

(4) M Hashida (JPN) 5 9-7 ............... O Murphy

Runs: 24 Wins: 7 Places: 3 £3,197,737 2 248724 NYALETI (26) (C) (GS,G)

(6) M Johnston 4 9-7 ........................J Fanning

Runs: 23 Wins: 4 Places: 7 £374,396 3 21-322 RAWDAA (43) (D) (GF,GS)

(9) Sir M Stoute 4 9-7 .....................D Tudhope

Runs: 8 Wins: 2 Places: 5 £108,544 4 36-311 SUN MAIDEN (34) (D) (GF,G,A)

(1) Sir M Stoute 4 9-7 .................. James Doyle

Runs: 9 Wins: 3 Places: 1 £113,089

5 2111 CHANNEL (46) (GS)

(8) F-H Graffard (FR) 3 8-13 ..............P Boudot

Runs: 4 Wins: 3 Places: 1 £544,955 6 22-112 HERMOSA (41) (BF) (S,G,GF)

(5) A P O’Brien (IRE) 3 8-13 ............ R L Moore

Runs: 10 Wins: 4 Places: 4 £315,952 7 4-6782 JUST WONDERFUL (26) (GF,GY)

(7) A P O’Brien (IRE) 3 8-13 ......... W M Lordan

Runs: 11 Wins: 3 Places: 1 £63,830 8 23-118 MAQSAD (62) (D) (GF,G)

(2) W Haggas 3 8-13 ........................J Crowley

Runs: 5 Wins: 2 Places: 2 £37,460 9 1-1171 MEHDAAYIH (32) (D) (GF,A,GS)

(3) J Gosden 3 8-13 ...........................L Dettori

Runs: 7 Wins: 4 Places: 1 £120,723 2018: Wild Illusion 3 8-13, W Buick 4/1 (C Appleby), 6 ran.

BETTING: 15/8 Hermosa, 7/2 Mehdaayih, 6 Channel, Maqsad, 13/2 Rawdaa, 11 Sun Maiden, 14 Just Wonderful, 20 Others

ITV

Bill Esdailepreviews thisafternoon’s QatarNassau Stakes

The French filly Channel is anotherwho needs a mention following hergutsy win in the French Oaks last

month.That was a big step up on what she

had achieved previously in her ca-

Maqsad in splendidisolation winning thePretty Polly Stakes at

Newmarket in May

MAQSAD CAN SERVE IT UP TOHERMOSA IN NASSAU STAKES

19THURSDAY 1 AUGUST 2019 SPORTCITYAM.COM

BOTH England and Australiacome into the Ashes todayon the back of a summerpacked full of one-day inter-nationals and far from ideal

warm-up games.England’s World Cup win was fol-

lowed by the shock of the crazy Testagainst Ireland which highlightedtheir inconsistencies, while Australiaplayed out a wicket-filled warm-upgame among themselves.

After such a short and topsy-turvyperiod of preparation, the first fewsessions at Edgbaston will be crucial.Whoever grabs the initiative thismorning can calm their nerves, setthe tone for the series and buildvaluable momentum.

The questions are: who can adjustthe quickest to the demands of Testcricket, the difference in conditionsand the Dukes ball?

SLIGHT FAVOURITESOf course, England have the advan-tage there, especially in the bowlingdepartment, where Jimmy Ander-son and Stuart Broad will leadthe attack.

Their records speak forthemselves. Anderson is sim-ply the best with a movingball, while there is nobodybetter than Broad when he’son a roll – he’s a match-win-ner and has a happy knack ofproducing in the Ashes.Their mastery of theconditions makeEngland slightfavourites forme.

When he’sfully fit,Jofra Archer(right) hasto playalongsidethem. Hispace and ag-gressive lines

offer a point of differ-ence and I honestly

still don’t thinkwe’ve seen thebest of him.When the ballgets worn outArcher hasshown forSussex that

he’s capable ofexploiting re-verse - swingand can be

deadly.

Having come off the World Cup,and with five Tests crammed into sixweeks, injuries are likely, so squaddepth will be important.

With Chris Woakes, Olly Stone,Sam Curran and, potentially, MarkWood England have that area cov-ered – and if fringe players arebreathing down necks that can onlybe a good thing.

The obvious problems, however, areat the top of the order, where Eng-land are fragile. They’ve struggled tobuild partnerships and, with RoryBurns and Joe Denly still finding

CRICKET COMMENT

Chris Tremlett

WHAT IS THE LEGALBACKGROUND?Liverpool FC’s application for the mark“LIVERPOOL” is currently underexamination at the UK Intellectual PropertyOffice (UKIPO). The club wants trademarkprotection for a number of goods andservices including toys, photographs,clothing and broadcasting services.However, the club has sensibly chosen to

limit the scope of its application to goodsand services “in connection with a footballclub”; it is not claiming a monopoly on theword “LIVERPOOL” per se.

WHAT ARE THE CLUB’SGROUNDS FOR DOING THIS?The club wants to ensure that supportersare only buying authentic Liverpool FCproducts. Also, a registered trademarkwould make it easier for the club to assertits rights when dealing with counterfeitsand unauthorised products.

HOW DO YOU THINK THIS CASEWILL PLAY OUT?The UKIPO is likely to grant the applicationas its scope is narrow. It feels as thoughLiverpool FC are testing the water with aview to expanding protection into otherterritories in which their goods aremanufactured.

Interestingly, however, another series ofmarks currently under examination isowned by non-league football club City ofLiverpool FC. Their application is for goodsincluding “football jerseys”.

It is highly unlikely this series of marks willsurvive without being broken down intoseparate applications.

Moreover, I suspect that Liverpool FC mayfile opposition proceedings against thoseapplications, especially in light of its ownrecent attempt to carve out goods andservices relating to football.

COULD WE SEE OTHER TEAMS FOLLOWING SUIT?In recent years UK and European IPauthorities have tightened their criteria,which may explain why in 2013“TOTTENHAM” became a registered markfor pretty much all goods and services but,in contrast, why Chelsea FC has had to limitits specification to “goods relating to and/orbearing indicia of Chelsea Football Club”.

That said, without doubt more footballteams will follow suit. The cost ofapplications is minuscule in comparison tothe salaries that players earn and, even ifthe application is unsuccessful, nothing isreally lost because common law rights willremain and can be asserted instead.

You may see this trend spread to othersports, such as cricket and rugby union.“YORKSHIRE COUNTY CRICKET CLUB”already exists as a registered trademark.

Will they consider registering just“YORKSHIRE” for goods relating to cricket?

And what happens in those instanceswhen a football, rugby and cricket club allwant to register their goods by using a cityname? Could we in that case see a numberof entries for the mark “NEWCASTLE” – onefor the football team and another for therugby club?

Ultimately, teams want to obtainregistrations across a wide range of classesand, if possible, with broad specifications inorder to cover any type of merchandising orpossible sponsorship deals. Although thescope of protection in these applications islimited, say, to “a football club” it will still beconsidered a valuable IP right which can beleveraged in commercial discussions.

Carissa Kendall-Windless is a seniorassociate at intellectual property law firm EIP.

Smith, Warner andBancroft will be

prepared forabuse. It can fire them up

their feet, the middle order has beenforced to bail out those before themtoo often. Jason Roy is attempting tomake the difficult transition fromone-day cricket to Tests and I thinkthe way in which he starts will bevital for his confidence. He thrives onpositivity, so Australia will have toget their lines right to him early onto stop him cutting loose.

MARGINS NARROWEDOn paper Australia have the bowlersto do just that. James Pattinson has agood record in England, at his bestJosh Hazlewood can hit a Glenn Mc-Grath-like line and length, Pat Cum-mins is ranked the No1 Test bowlerin the world and Mitchell Starc canbe devastating when it reverses.

In the batting ranks the focus will

be on the trio of Steve Smith, DavidWarner and Cameron Bancroft, whowill play together in a Test for thefirst time since the sandpaper scan-dal of the last Ashes series.

Off the pitch I think the spotlightcould get to them, but they will beprepared for abuse from the crowdand can use it to fire themselves up.In my opinion it’s good to have themback. For such a historic series youwant the best Australia have to offercompeting against England’s best.

The home team has tended to dom-inate in the Ashes, but I have a feel-ing the margins have narrowed andthis series is going to be much closer.

We’ve already enjoyed a great sum-mer of cricket in this country and atight Ashes in which Australia havemore of a say can engross fans justlike the World Cup did.

I think it could finish 2-2, whichwould see Australia retain the urn,but I hope it’s 2-1 and England cap aremarkable summer with anothercelebration.

Q&AIntellectual propertysolicitor CarissaKendall-Windlessexamines LiverpoolFC’s bid to trademarkthe name of the city

TEAMS FOR FIRST TEST

England Australia (predicted)Rory Burns David WarnerJason Roy Cameron BancroftJoe Root Usman KhawajaJoe Denly Steve SmithBen Stokes Travis HeadJos Buttler Matthew WadeJonny Bairstow Tim PaineMoeen Ali Pat CumminsChris Woakes James PattinsonStuart Broad Josh HazlewoodJames Anderson Nathan Lyon

Home advantage favours England butI can see Aussies holding onto the urn

CITYAM.COM20 THURSDAY 1 AUGUST 2019SPORT

SPORT

WOAKES IN AS ARCHER IS LEFTOUT OF FIRST ASHES TEST£England fast bowling sensation JofraArcher has been left out of the team to faceAustralia in the first Ashes Test atEdgbaston today. The uncapped 24-year-old was England’s leading wicket-taker intheir 50-over World Cup triumph lastmonth but has been suffering from a sidestrain. Chris Woakes joins James Andersonand Stuart Broad in the hosts’ pace attack.Captain Joe Root said: “We looked atconditions and made a decision.”

WE COULD BEAT ENGLAND ONTHE MOON, INSISTS PAINE£Australia captain Tim Paine has playeddown his team’s poor record at Edgbaston,where they face England in the first AshesTest today. The tourists have not won inBirmingham for 18 years, but Paine insiststhey can still play their best cricket. “If wedo,” he said, “it doesn’t matter if we play atEdgbaston, the Gabba or on the moon.”

GOLDEN OLDIE DETTORI TOODARN HOT AT GOODWOOD£Frankie Dettori clinched his 11th GroupOne win of the season yesterday when herode favourite Too Darn Hot to victory inthe Sussex Stakes at Glorious Goodwood.The three-year-old, owned by Lord LloydWebber and trained by John Gosden,accelerated in the final furlong to see offCircus Maximus. “He’s got so much speed.He’s a wonderful horse and he deserved aproper Group One,” jockey Dettori said. “ABreeders’ Cup Mile would be ideal.”

LIVERPOOL TRIO AND KANE ONSHORTLIST FOR FIFA AWARD£Liverpool’s Mohamed Salah, SadioMane and Virgil van Dijk have beenshortlisted for the men’s prize at Fifa’sannual Best Awards. Tottenham’s HarryKane and former Chelsea star Eden Hazardjoin Lionel Messi, Cristiano Ronaldo andKylian Mbappe among the 10 nominees.England pair Ellen White and Lucy Bronzeare on a women’s shortlist headed by USWorld Cup winners Megan Rapinoe, AlexMorgan, Rose Lavelle and Julie Ertz.

LEAGUES UNITE TO DEMANDCLAMPDOWN ON PIRACY£Football’s top governing bodies andleagues have joined forces to protestagainst a sophisticated piracy operation.Fifa, Uefa, the Premier League, La Liga andthe Bundesliga said they condemnedbeoutQ, which makes coverage offered byQatar-based subscription service beINSports available for free, “in the strongestpossible terms”. They also called on SaudiArabia to do more to stop the piracy, whichthey say has links to the country.

SPORT DIGEST

THE MORE things change, themore they stay the same. Eng-land start another Ashes se-ries against Australia atEdgbaston this morning with

different names at the top of the bat-ting order, but names who are grap-pling with the age-old problem ofscoring runs.

Since Andrew Strauss retired in Au-gust 2012 England have used 18 differ-ent players as openers in Test matches.Just one – the man who partneredStrauss for the final years of his careerand inherited his captaincy, AlastairCook – can be considered an unquali-fied success.

Cook, who himself retired from in-ternational cricket last year to exacer-bate the problem, is one of just threeto have averaged over 32 in that pe-riod, with the other two underliningthe extent of the slump.

Joe Root was an unenthusiasticopener who moved down to his pre-ferred No4 position in 2016 and willnow bat at No3, while Jack Leach pro-pelled himself to the top of the aver-ages by virtue of a miraculous 92 asnightwatchman against Ireland in lastweek’s one-off Test match.

Some have been given longer runsthan others, some have slid down theorder and found success, and a fewmight still come good. But each of theother 15 names has endured familiarfailings. The Ashes represents an op-portunity, albeit a difficult one, forSurrey’s Rory Burns and Jason Roy tobuck the trend and break the curse.

IMPROVEMENTS NEEDEDBurns was deservedly picked followinga run of remarkable consistency in theCounty Championship which saw himpass 1,000 runs for five successive sea-sons, but like many before him he hasstruggled with the step up.

The unorthodox left-hander averagesjust 22.28 from 14 innings so far andhas been desperately out of form re-cently, going 15 first-class inningswithout passing 50 – a sequencewhich includes his brace of sixesagainst Ireland.

Roy, meanwhile, followed an inaus-picious start at Lord’s last week with afluent 72 at No3 in the second inningsto offer hope he can translate his one-day international prowess into thelongest format.

England’s all-rounder-heavy middleorder is certainly a strength, but whenyou consider Joe Denly’s uncertain po-sition – now at No4, instead of No3 –England simply need improvements atthe top. The hosts’ perennial issue is

an area which will not have gone un-noticed by Australia’s battery of sixpacemen, says former Australia fastbowler Glenn McGrath.

“Australia will look to target that toporder,” he told City A.M. “If they can geton top of them early in the series thenthat can have a massive impact inkeeping them down.

“I think this series is not going to bewon by the bowlers, but by the bats-men. Whichever team fares bestagainst the quality bowling attackswill win it.”

FULLER LENGTHWhile the batting line-ups of bothsides are struggling with inconsisten-cies, the fast bowling looks strongacross the board, with England’s prizeassets Jimmy Anderson and StuartBroad facing off against Australia’sarray which includes Pat Cummins,Mitchell Starc, Josh Hazlewood and

James Pattinson. It is all about usingthe conditions, according to McGrath,who took 563 wickets in 124 Tests forAustralia.

“In my first series over here in ‘97 webowled a little bit too short in the firstTest at Edgbaston and England wonconvincingly by nine wickets,” he said.

“But then we spent two hours thenext day off our long run bowling afuller length – the right length in Eng-land – and then we were away [andwon 3-2].

“You need to have a bit of experience

and be able to adapt to it very quickly,because if you don’t and you bowl anAustralian length over here you’re notgoing to be successful.”

Australia know all about the need tobowl fuller. Starc (18) and Hazlewood(16) took wickets in the 2015 Ashes inEngland, while Peter Siddle, withEssex, and Pattinson, at Notting-hamshire, have learned the ropes onthe county circuit.

Even withstanding England’s toporder woes, the tourists are going to behave to bowl out of their skin to sur-pass the all-time leading Test wicket-taking fast bowler Anderson and Asheshot streak specialist Broad, who will besupported ably by Chris Woakes, JofraArcher, Olly Stone and Sam Curran.

THE ULTIMATEAustralia have not won an Ashes Testat Edgbaston since 2001 – the year theylast won the urn away from home –

and while an England win in Birming-ham followed by a walkover may be de-sired, a close contest could be exactlywhat cricket needs to build on the eu-phoria of the hosts’ World Cup win.

“In the 2005 Ashes series people werecoming up to me in the street and say-ing that they normally don’t watchcricket but now they can’t miss a ballof it and were absolutely loving it,” Mc-Grath said. “For me that’s a massivewin for the game because we need peo-ple coming into the game, watching it,enjoying it and coming to Tests, whichis still the ultimate.”

Topping the World Cup could proveimpossible, but the Ashes can ensurecricket remains in the spotlight for therest of the summer.

Glenn McGrath is working with onlinetrading broker ThinkMarkets to encouragemore young people to get into sport. Formore information: www.thinkmarkets.com

FIXTURES: THE ASHES

First Test Today-5 August, EdgbastonSecond Test 14-18 August, Lord’sThird Test 22-26 August, HeadingleyFourth Test 4-8 September, Old TraffordFifth Test 12-16 September, The Oval

AND NOW FORTHE ASHES

Cricket reclaimscentre stage todayas England look tocomplete theirperfect summer,writes Felix Keith

CHRIS TREMLETT Why Ican see underdogs Australiaholding on to the urn PAG E 19