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SPORTS DIRECT
AND TO THE POINT
£ Mike Ashley admits to “unacceptable” practices £ Claims retailer has outgrown him
HELEN CAHILL
@HelCahill
SPORTS Direct boss Mike Ashley
admitted to MPs yesterday that
some of the working conditions
at the firm were “unacceptable”,
arguing that he could not control
every aspect of his company.
Addressing the Business,
Innovation and Skills Select
Committee, which is
investigating the retailer for poor
working practices, Ashley said: “I
can’t be responsible for
everything that goes on at Sports
Direct. I can’t.”
In a colourful and often frank
performance, the businessman
said the company had grown too
quickly for him to manage it.
In particular, Ashley said the
Shirebrook warehouse in
Mansfield, which is the focal
point for the parliamentary
investigation, had come under
considerable pressure from the
retailer’s success online.
Workers had been paid less
than the minimum wage due to
the time they spent in large
queues at the warehouse’s
security check, for which they
had not been paid.
“If you were a minute late, you
got docked 15 minutes pay,”
Ashley said. “If you asked me,
that’s unacceptable.”
The low wages paid at the
warehouse have triggered an
HMRC investigation into the
company, Ashley said yesterday.
He added that he had increased
workers’ pay to make up for it.
I’m not Father
Christmas, I’m not
saying I’ll make the
world wonderful
HE SAID IT…
I can’t be responsible
for everything that
goes on at Sports
Direct. I can’t be
I did not build
Sports Direct.
Sports Direct
built me
Ashley, who also owns
Newcastle United, was emphatic
that the situation would improve,
and welcomed an independent
review of the warehouse.
Shares in Sports Direct jumped
over five per cent during Ashley’s
grilling, despite the revelations
about Shirebrook and HMRC.
Jasper Lawler, market analyst
at CMC Markets, said: “Mr
Ashley’s cheeky-chappy charm
offensive proved quite effective.
“He conceded on all political
hot potatoes, including the
minimum wage and zero-hours
contracts, while vague promises
with unspecified deadlines to fix
other issues are unlikely to mean
any significant increase in unit
labour costs.”
Others were less generous in
their assessment. “He’s
ultimately responsible for the
company,” said Phil Dorrell,
managing partner of consultant
Retail Remedy. “If he isn’t, it
suggests gaps have appeared.
“The reason why the markets
held up is because they don’t like
uncertainty,” said Dorrell. “Ashley
could have come in for some
punitive action; but there’s no
more uncertainty because he
turned up.
“He probably took a look at
himself in the mirror and said:
‘We have to do better than this.’”
In a surprise turn during the
proceedings, Ashley ignored his
PR adviser to respond to
questions on his interest in BHS,
saying: “I can’t resist it – 100 per
cent I wanted to buy BHS.”
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02 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
FLOODY HELL Storms led to flash flooding, leaving cars outside
Wallington station submerged in two metres of water
THE CITY VIEW
Airports and houses:
Both stuck in the mud
IT WAS a Wednesday, like today, nearly a year ago – 1 July 2015.
Greece was gearing up for a historic referendum that many
predicted would see the debt-riddled country crash out of the
Eurozone. Andy Burnham was still favourite to become Labour’s
new leader. Rumours were beginning to circulate that Leicester City
would appoint Italian veteran Claudio Ranieri as its new manager.
Infamously, the decision was widely criticised and even mocked.
It was also the day that Sir Howard Davies published his
commission’s long-awaited report into airport expansion, which
unanimously backed a third runway at Heathrow. Business groups
welcomed the clarity and urged the government to move forward
with a decision.
But any progress was delayed first by the summer break, and then
conference season – and then we waited even longer, assured of a
response by the end of the year. Come December, that promise
proved hollow, as the decision was kicked back to this summer.
Naturally, the referendum has also kept it on the backburner. So
will we see any real progress before MPs depart again for their
summer hols? Not likely.
“The government is continuing to consider all three shortlisted
options and the [Davies] Commission’s evidence,” a spokesperson
said yesterday. The latest stage in this drawn-out examination will
“conclude by the summer”, we are assured. If we get a verdict
(which MPs must then fight over), it will be in the autumn at the
earliest – but don’t hold your breath.
Another unwelcome example of Britain’s sclerotic approach to
infrastructure was provided by Sadiq Khan’s deputy mayor for
housing, James Murray, yesterday. During his campaign for City
Hall, Khan said that 50,000 new homes should be built in London
per year. But his supposed determination to hit the target has
already been downgraded to a distant aspiration. Murray revealed
that nothing will be done until more consultations are carried out,
which could take another couple of years. The 50,000 figure is now
merely something “which we want to move [towards] over the
coming years”. Khan has a worryingly managerialistic attitude to
construction in the capital. He has already bemoaned the
“uncontrolled” conversion of some offices into flats, and pledged
that any future conversions will have to be “carefully managed”.
London may be associated with free markets in certain areas of life,
but when it comes to creaking infrastructure, it remains very much
in the hands of our bureaucrats and politicians.
Follow us on Twitter @cityam
STORMY weather in London yesterday led to flash flooding in the south of the capital, causing travel disruption in the area. The
London Fire Brigade was called out to attend a number of flooding and lightning strike incidents in Mitcham and Croydon. The
fire brigade was also called out when a tree in Wallington was set alight by a lightning strike.
Cameron admits the UK
could survive outside EU
MARK SANDS
@mksands
DAVID Cameron last night conceded
the UK could survive outside the EU,
but maintained the country would be
bolstered by retaining its membership,
in an evening which also saw the
Prime Minister come under pressure
on immigration.
Cameron was grilled by members
of the public in the latest
round of EU referendum campaign
TV debates, taking the
stage after Ukip leader Nigel
Farage was forced to defend
himself against claims of
anti-immigrant sentiment.
The Prime Minister
conceded the UK
would not be crushed
by a vote to leave.
“We can certainly
survive, I think the
question is how do we thrive,” he
said.
And on relations with Scotland
Cameron also revealed he worries
“about a second Scottish referendum
if we vote to leave”.
However, he faced the greatest pressure
on immigration, with the ITV
studio audience left audibly groaning
by his refusal to predict reductions
in net migration from changes to
migrant benefits brought about
by his renegotiation with the EU.
One small business owner accused
the Prime Minister of being
“humiliated” by the EU over migration
reform, and Cameron
also faced pressure from
individuals over the
availability of housing
and GPs.
Nonetheless, the Prime
Nigel Farage was attacked
over migration claims
Minister maintained that these issues
would be worsened by the economic
consequences of a vote to leave.
“If we want to build houses, invest in
the health service, or get good schools
for our children we need to safeguard
our economy,” he said.
Cameron’s grilling came after
Farage faced the voters in a session
that saw the Ukip leader fighting
claims about scaremongering and
racism following recent comments
about British women being at risk of
sex attacks from migrants if the UK
opts to remain.
“It is a tiddly little issue as far as I’m
concerned in this election campaign,”
he said, denying that his stance was
anti-immigrant.
“If you’ve got a qualification and you
come from India or parts of Africa,
then it’s very difficult to get into this
country.”
“I take a view that is strongly pro-
Commonwealth,” he said.
LFB
FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL
MCDONALD’S SECRET DEALS
WITH GRAND DUCHY
The disclosure of McDonald’s secret
exchanges with the Grand Duchy, made
public yesterday by the European
Commission, provides a glimpse into
the kind of tax treaty arbitrage that has
helped US multinationals stash away
more than $2 trillion (£1.37 trillion) of
untaxed profits since the 1990s.
CHAPPELL’S BANK DROPPED
OUT OVER PENSION ISSUE
The investment bankers working with
the ex-bankrupt whose consortium
bought BHS for £1 dropped him in the
run-up to the deal after they discovered
the troubled department store’s new
owner would be saddled with its
WHAT THE
OTHER
PAPERS SAY
THIS
MORNING
pension liabilities. Retail tycoon Sir
Philip Green sold the chain to Retail
Acquisitions, which was led by Dominic
Chappell, who had no retail experience,
in 2015.
BRITISH BISCUITS GET SET
TO TAKE ON THE WORLD
United Biscuits, maker of McVitie’s
Digestives, is being restructured to
become part of a larger global snack
and confectionery conglomerate before
an expected flotation in London by
2020. The UK’s biggest biscuit maker is
to become a key part of a new Turkishowned
entity called Pladis that also
owns Godiva Chocolates and DeMet’s
Candy, which makes Flipz pretzels.
BNP SUCKED INTO HSBC
MONEY LAUNDERING PROBE
Spanish police yesterday visited the
offices of BNP Paribas Espana in con nect -
ion with disclosures of money laundering
at HSBC’s Swiss private bank.
CITIGROUP MISLED HANDS’
TERRA FIRMA, COURT TOLD
The private equity tycoon Guy Hands reopened
old wounds from the financial
crisis at the High Court yesterday, begin -
ning a new claim against Citigroup for
more than £1.5bn over his calamitous
buyout of the record label EMI.
DIESEL TAXES COULD BE
HIKED TO CUT SMOG
Diesel drivers will be hit by tax rises in
order to cut air pollution, the Transport
Secretary suggested last night. Patrick
McLoughlin said hiking fuel duty or lowemission
taxes “is something the
Chancellor will need to look at” in order
to reduce toxic levels of nitrogen oxide
and prevent deaths in cities.
ITALY SAYS NO EMISSIONS
WRONGDOING IN FIATS
Italian government tests of diesel
vehicles from various manufacturers
show that only Volkswagen cars have
so-called defeat devices designed to
dupe emissions tests, said Italian
infrastructure and transportation
minister Graziano Delrio.
PRODUCTIVITY AND WAGES
PUT PRESSURE ON FIRMS
US companies are facing a toxic
combination of dismal productivity
growth, accelerating wages and
sluggish demand, raising the risk they
will slow hiring, cut spending further
and weaken an already-fragile
economy.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
NEWS
03
Shell to exit 10
countries amid
asset sale spree
HAYLEY KIRTON
@HayleyLEK
ROYAL Dutch Shell yesterday
announced that it has earmarked 10
per cent of its oil and gas production
assets for sale, which would result in
the oil giant exiting between five and
10 countries.
The energy giant has previously
announced plans to ditch around
$30bn (£20.7bn) worth of assets by the
end of its 2018 financial year in a bid
to re-jig its balance sheet following its
acquisition of BG earlier this year.
“Our strategy should lead to a simpler
company, with fundamentally
advantaged positions, and fundamentally
lower capital intensity,” said
chief executive Ben van Beurden on
the company’s capital markets day
yesterday. “[Now], we are setting out a
transformation of Shell.”
Shell also announced that it would
aim to keep its capital investment
between $25bn and $30bn per year
until 2020, with the company currently
pushing for expenditure at the
lower end of the range because of persistently
low oil prices.
The oil major’s takeover of BG has
caused its balance sheet gearing position
to shift from 14 per cent at the
end of 2015, to 26 per cent at the end
of the first quarter of 2016. A shift
towards a higher gearing generally
means a company is more vulnerable
because it has less of a financial cushion
to see it through bad times.
“The BG deal is an opportunity to
accelerate the re-shaping of Shell,”
remarked van Beurden. “Integration
is gathering pace, and today we expect
to deliver more synergies, and at a
faster rate.”
The company also revealed that it
had been given the green light for a
new Pennsylvania chemicals development,
and that it saw its new energies
division as a potential area for growth
and profitability for the foreseeable
future.
GOING OUT OF FASHION Designer chain
Ralph Lauren to close stores and cut jobs
US high-end
fashion
store Ralph
Lauren will
cull about
eight per
cent of its
full-time
jobs and
shut 50
shops. It’s
part of an
overhaul to
lower costs
and revive
sales as
rivals H&M
and Zara
tempt US
consumers
Jacob Rothschild investment
trust not interested in Alliance
WILLIAM TURVILL
@wturvill
RIT CAPITAL has withdrawn its
interest in making an offer for
Alliance Trust.
The investment trust, which is
chaired by Jacob Rothschild, said
yesterday: “Following careful
analysis and constructive discussions
with representatives of Alliance
Trust, RIT has concluded that it
would not be in the best interests of
its shareholders to make an offer for
Alliance Trust and accordingly
announces that it does not intend to
make an offer to acquire Alliance
Trust.”
Alliance Trust shares fell by 0.68
per cent to 513p after the news,
while RIT Capital’s also ended
down – by 0.6 per cent to 1,954p.
Shareholders
set to vote on
Sorrell’s pay
WILLIAM TURVILL
@wturvill
WPP SHAREHOLDERS will today be
asked to vote on chief executive Sir
Martin Sorrell’s £70.4m pay
package for 2015.
The Local Authority Pension
Fund Forum (LAPFF) this week
joined shareholder advisory firms
Pirc and ShareSoc in
recommending the package be
voted against. Institutional
Shareholder Services (ISS) last
month asked shareholders to vote
in favour of the package.
Kieran Quinn, chairman of
LAPFF, said: “Most shareholders
will, in the main, accept what they
consider a reasonable level of pay
for performance. However, with
WPP, we consider there are several
aspects of the payment which do
not reflect this, and we are advising
our member funds to oppose the
remuneration report on this basis.”
WPP has defended Sorrell’s
£70.4m 2015 package, which
includes a £62.8m long-term bonus.
WPP’s annual report said: “While
the value of Sir Martin Sorrell’s
award is very large, it was the result
of an outstanding set of returns to
share owners.”

04 NEWS WEDNESDAY 8 JUNE 2016
EU REFERENDUM FOR MORE ON THE IN OR OUT DEBATE GO TO CITYAM.COM
Osborne: Huge
outflows will
trail Brexit vote
MARK SANDS
@mksands
A DRAMATIC surge of money leaving
the UK or being converted into other
currency is “a taste of things to come”
if Britain votes for Brexit, chancellor
George Osborne has said.
According to Sky News, Bank of England
figures show £65bn of capital left
British assets in March and April.
In March alone, the outflow was
£59bn, equivalent to £1.3m every
minute of the month.
By contrast, £2bn left for the six
months to the end of October 2015.
Osborne said: “Financial markets are
telling us what all the evidence shows:
that Britain will be permanently
poorer if we vote to leave the EU and
the single market.
“There will be less investment in
Britain and that means fewer jobs and
lower living standards. If we vote to
leave, what we are seeing now is just
a taste of things to come.”
Brexit campaigner John Redwood
called the chancellor’s comments
“alarmist rhetoric”.
“Any serious economist will tell you
that the pound is up against the dollar
since February, and the UK’s foreign
exchange reserves have increased
this year.
“We are the fifth largest economy in
the world, and will fare perfectly well
outside of the EU – as the Prime Minister
himself acknowledged,” he said.
It comes after the pound was
boosted by stronger polls for Remain.
Following dramatic falls earlier this
week, the pound climbed by more
than one per cent against the US dollar
to stand at $1.4592 yesterday.
It came partly in response to a new
ORB poll, which put Remain in the
lead, with 52 per cent to 40 per cent.
However, among those certain to
vote, the lead was just one per cent at
48 per cent to 47 per cent.
Brexit would hamper trade relations, says WTO director general Roberto Azevedo
WTO chief warns vote to leave
would hurt British exporters
CAITLÍN MORRISON
@citycait
A VOTE to leave the EU will cause
British exporters to suffer, the
director general of the World Trade
Organisation (WTO) has warned.
“While trade would continue, it
could be on worse terms,” said WTO
chief Roberto Azevedo.
“Most likely, it would cost more for
the UK to trade with the same
markets – therefore damaging the
competitiveness of UK companies.”
Azevedo said exporters would risk
having to pay up to £5.6bn each year
in duty on their exports.
“Key aspects of the EU’s terms of
trade could not simply be cut and
pasted for the UK,” he added.
CITYAM.COM
Business lobby:
Firms must get
workers to polls
JOSH MARTIN
@JoshMartinNZ
BRITAIN’S biggest business lobby
group the CBI is urging 190,000
companies to let its employees
work flexibly on 23 June to enable
them to vote in the EU referendum.
Carolyn Fairbairn, CBI directorgeneral,
said that the referendum
will be the “biggest decision that
most of us will get to vote on in our
lifetimes”.
Fairbairn said that firms should
ensure their employees get time to
vote on the day of the EU poll.
She said: “Firms have an
important role to play: where
possible, they should do what they
can to help their staff have the time
to cast their vote.
“That might mean showing
greater flexibility on when they
expect employees to arrive at work
and leave for the day, or perhaps
see how shift patterns can be
adjusted as a one-off.”
Brexit group Vote Leave
dismissed the CBI’s move as a
“desperate” effort.
A spokesperson told City A.M.:
“The move shows desperation of
the CBI and its Brussels cronies to
try and get people to vote remain.”
Power Monkeys
Last minute satire starring Jack Dee
Starts tonight 10pm
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CITYAM.COM
WEDNESDAY 8 JUNE 2016
NEWS
05
EU REFERENDUM
The TaxPayers’ Alliance: The EU has
undoubtedly wasted public funding
MARK SANDS
@mksands
THE EUROPEAN Union has “no
doubt” wasted taxpayers’ money,
according to the chairman of a lowtax
lobbying group.
The TaxPayers’ Alliance (TPA) has
cited a raft of EU programmes it
argues have seen taxpayers lose out.
Andrew Allum, chairman of the
TaxPayers’ Alliance, said: “In
reviewing our analysis over the past
eight years, there is no doubt that
the EU has wasted British taxpayers’
money over time, whether it be the
burdens imposed by the Common
Agricultural Policy, the burgeoning
EU quangocracy or the grants we
exposed going to TV production
companies.”
Allum’s comments come as the
TPA publishes a compendium of all
its research on the EU published
between 2008 and 2015 ahead of this
month’s referendum.
TPA chief executive Jonathan Isaby
said: “The question we now have to
answer as a nation is whether the
costs of EU membership are
outweighed by the benefits.”
It comes after the TaxPayers’
Alliance this week raised concerns
over the number of individuals who
sit as board-members on more than
one quango in the UK.
Prime Minister David Cameron has lashed out at Vote Leave for “peddling nonsense”
Brexiteers say
Cameron is in a
panic over vote
MARK SANDS
@mksands
BREXIT campaigners claim the Prime
Minister is “in a blind panic” after
David Cameron used a hastily
arranged press conference to attack
the Leave campaign for “peddling
nonsense”.
Cameron’s press conference yesterday
was announced less than two
hours ahead of time, and saw him
slam Brexiteers for “telling untruths”
to the public on the final day for voter
registration ahead of the EU referendum.
However, Ukip’s only MP, Douglas
Carswell, said the comments showed
the Remain campaign “in a blind
panic” as polls continue to show the
race tightening. “David Cameron’s
renegotiation was a failure – no one
believes he got a deal worth the paper
it was written on. Now people are rejecting
his campaign of fear.
“The Prime Minister says we need a
proper debate about the facts but he
is too chicken to take on anyone from
the Vote Leave campaign head-tohead,”
Carswell said.
Former London mayor Boris Johnson
and justice secretary Michael Gove
also called on Cameron to debate
directly with Vote Leave, the official
Brexit campaign, yesterday.
“We think that the public deserve
the chance to hear these issues
debated face-to-face between the
Prime Minister and a spokesman for
Vote Leave so they can judge for themselves
which is the safer choice on 23
June,” Johnson and Gove said.
The jibes came after the Prime Minister
launched a withering attack on
Leave campaigners, rubbishing six
claims from the Brexit camp, including
the UK’s liability for Eurozone
bailouts.
However, he refused to say if the
alleged errors should see Leave-campaigners
excluded from serving in his
cabinet.
“The points that they are making
are to do with EU policy and most of
the leaders of the Leave campaign
haven’t been as involved in it as I
have,” he said.
“It’s not for me to say why they have
made those factual errors and mistakes,
but it's for me to call it out.”
Out campaign: European court
ruling heightens migration risk
MARK SANDS
@mksands
THE RISK of illegal immigration has
been heightened by a new European
Court of Justice ruling, Leave
campaigners said yesterday.
The ECJ ruled yesterday that EU
member-states within the Schengen
area cannot imprison illegal
immigrants without first giving up
to 30 days for voluntary return.
Although Britain is not part of
Schengen, justice minister Dominic
Raab said that the decision would
heighten the dangers for Britain.
“The ruling increases the risk that
illegal immigrants will be able to
enter the UK, because it weakens the
ability of other EU governments to
put in place proper checks,” he said.
Labour MP Emma Reynolds
responded: “Leaving the EU will
make it harder to work with other
countries to keep our border secure.
That’s why law enforcement profess -
ionals say we will be safer in Europe
than out on our own.”
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06 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
A million British
households set
to be worth £1m
WILLIAM TURVILL
@WTurvill
THE UK is close to having one million
millionaire households, new research
out yesterday showed.
In 2015, there were 961,000 UK
households with $1m (£700,000) of private
financial wealth, up 12.4 per cent
on 2014, according to the Boston
Consulting Group (BCG).
The UK’s millionaire growth is
nearly double the global year-on-year
rate of increase, six per cent, and also
ahead of the Western Europe average,
11 per cent.
The UK is the country with the
fourth largest number of millionaires,
behind the US (which has an
estimated eight million, flat on 2014),
China (2.1m, up 27.3 per cent) and
Japan (1.1m, up 8.3 per cent).
The BCG report looks at private
financial wealth, which is in cash and
deposits, mutual funds, listed and
unlisted equities, debt securities, life
insurance payments and pension entitlements.
It does not include investors’ residences
and luxury goods. In the UK,
total private wealth grew by 3.6 per
cent to $9.3 trillion.
The report estimated that million -
aire households will hold more than
half of all global private wealth by
2020, up from 47 per cent in 2015 to 52
per cent.
Elsewhere, the report advised wealth
managers to target a growing number
of millennial investors.
Millennials, defined as those born
between 1980 and 2000, currently
account for 10 per cent of global private
wealth, according to the BCG.
This proportion is forecast to increase
to 16 per cent by 2020.
The report said millennials are
“highly sensitive to competitive and
transparent pricing, sceptical, carry
out their own proactive research, and
require transparency and digital capability
in their wealth managers”.
Boss Marissa Mayer could pocket $55m from a sale of Yahoo’s core internet business
Verizon planning second-round
bid for Yahoo’s internet assets
BILLY BAMBROUGH
@BillyBambrough
US TELECOMS giant Verizon is
readying a second-round bid for
Yahoo’s core internet business.
The bid is expected to come in
ahead of the Monday deadline and
will value the business at around
$3bn (£2bn), some $2bn under
expectations, it was reported by the
Wall Street Journal.
Yahoo’s core business, which
makes up only a fraction of its $35bn
market capitalisation, is suffering
from declining revenues, down by 18
per cent in the first quarter.
This round is not thought to be
the final one, however, with at least
one more likely before a deal is done.
UK challenger
banks lose out
to the big boys
LYNSEY BARBER
@lynseybarber
AMBITIOUS digital challenger
banks hoping to topple the big high
street players will take “years” to
make money, according to one of
the founders of a mobile bank
which hopes to do just that.
Entrepreneur Tom Blomfield is
the founder and chief executive of
the yet to launch digital bank
Mondo which recently became the
fastest ever crowdfunded business.
He told City A. M. that several other
challenger banks such as
Shawbrook and Metro Bank, which
have already gone public, are
“selling themselves short”, simply
offering traditional banking at a
lower cost. “It will take time for
others who are truly changing
banking to make money,” he said.
The opportunity to cash in from
people’s distrust of established
banks will eventually come from
areas such as data insights and
identity, he said, speaking at the
Payexpo conference in London. He
revealed that Mondo, which is
awaiting its full banking licence
from regulators, would move
towards loans and deposits in
future.

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08 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
London leads with 18 per cent share
of the country’s micro-businesses
BILLY BAMBROUGH
@BillyBambrough
LONDON has been found to be a
so-called micro-business hotspot,
accounting for almost a fifth of the
UK’s businesses with fewer than nine
employees.
There were found to be 2.17m
micro-businesses across the UK,
research from Direct Line has
revealed, with the south east of
England and London making up a
whopping 700,000 of them.
Across London there are 47 microbusinesses
per 1,000 people. The
south east and east of England
clocked up 38 and 36 for every 1,000
people respectively.
“It is unsurprising to see that
London and the south east account
for more than a third of the nation’s
micro-businesses, as families in these
areas are often seeking to gain extra
sources of income by turning their
hobbies into professions,” said Direct
Line’s head of business Nick Breton.
The average turnover of the UK’s
micro-businesses currently stands at
£286,879, compared with the average
turnover for small- and mediumsized
firms of £703,419. While 18 per
cent micro-businesses across the UK
operate on sales under £50,000,
there are 23,500 micro-businesses in
the UK with sales of more than £1m.
Jerome Kerviel has previously been found guilty of breach of trust and fraud charges
SocGen ordered
to pay €450,000
to former trader
HAYLEY KIRTON
@HayleyLEK
SOCIETE Generale was yesterday
ordered to pay €450,000 (£350,171) to
Jerome Kerviel on the grounds the former
trader was unfairly dismissed.
Kerviel has previously been found
guilty for breach of trust and fraud,
with his unauthorised trades losing
the bank €4.9bn in 2008.
He was convicted in 2010 and later
sentenced to three years in prison but,
in September 2014, was released after
just five months.
The French court ruled that the bank
fired the ex-trader without real cause.
Judge Hugues Cambournac said:
“Societe Generale can’t pretend it was
not aware of Jerome Kerviel’s fake
operations.” He said that the dismissal
“didn’t sanction Kerviel’s acts, but its
consequences”.
In his ruling, the judge said Societe
Generale was informed about Kerviel
exceeding trading limits since April
2007 through several alerts.
He added that in November that
year, the bank got a Eurex alert about
Kerviel’s “substantial” positions on
Allianz SE. He went on to say that
Societe Generale “tolerated” Kerviel’s
acts and that’s why his dismissal in
February 2008 was unfair.
Kerviel has never denied masking his
€50bn positions, but contends his
managers should have been aware of
his actions, something the bank has
always strenuously denied.
A Societe Generale spokesperson
said: “This decision is incomprehensible
and inconsistent with the decision
of the Supreme Court [cour de cassation],
which has passed definitive sentence
on Jerome Kerviel.
“It is counter to the facts that have
been judged. We will appeal against
this decision.”
Meanwhile, Kerviel’s lawyer David
Koubbi told Reuters this most recent
court decision “tore apart the story
which Societe Generale has presented
from the beginning”.
The ruling comes as Kerviel faces a
separate civil case due to start next
week before an appellate court in
Versailles about how much he has to
pay the bank towards the losses.
Icap-Tullett Prebon deal could
be investigated by watchdog
CAITLÍN MORRISON
@citycait
THE COMPETITION and Markets
Authority (CMA) is set to refer a
proposed deal between brokers Icap
and Tullett Prebon for an in-depth
investigation if the companies do not
address the watchdog’s concerns
relating to broking of oil products.
Icap announced last November
that it was selling its global voicebroking
and information business to
Tullett Prebon, in a deal expected to
deliver around £60m in savings for
Tullett.
Yesterday, the regulator said it
believes the proposed merger gave
rise to “a realistic prospect of a
substantial lessening of
competition for the voice/hybrid
broking of oil products, where
competition from other brokers is
more limited, there is a lesser
constraint from electronic
platforms and exchanges, and the
CMA received a number of third
party concerns”.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
NEWS
09
FTSE could score
if England wins
Euro 2016 cup
JAKE CORDELL
@JakeCordell
AS NATIONAL teams land in France
ahead of Euro 2016 – which kicks off
on Friday – City workers may be looking
forward to letting one eye drift
from the Bloomberg terminal
towards live blogs and TV coverage.
However, while summer is usually
seen as a quiet period for the stock
markets, CMC Markets have found
that a team’s fortunes at the tournament
could drive performance on the
markets and spark mini-rallies in the
aftermath of victory.
In the 12 months following the last
seven European championships, the
benchmark share index of the winning
country rose by an average of 8.7
per cent – compared with a 4.2 per
climb in the US-based S&P 500.
Host nations, by contrast, underperformed
the wider market, rising by
just two per cent in the year after the
tournament.
With so many eyeballs drawn to
screens, it appears there is also a correlation
between a company’s presence
at the tournament and their
share price performance.
Consumer brands and advertisers
associated with Euro 2012, the 2014
World Cup and the 2015 Women’s
World Cup – such as Anheuser Busch,
McDonald’s, Sony, Johnson and Johnson,
Coca-Cola and Visa – all experienced
an in-tournament spike.
CMC Markets even speculated that
equipment providers such as Adidas
and Nike suffered a slowdown during
the tournament as consumers came
to associate them with the failure of
the teams and players they sponsor.
“It’s possible that the disappointment
experienced by fans as their
favourite teams and players are eliminated
could be translating into shortterm
weakness for the stocks most
associated with them,” said Colin
Cieszynski, chief market strategist at
CMC.
Tesco bought Giraffe in 2013 for £48.6m in a bid to create “retail destinations”
Tesco plots sale of Giraffe chain
and Turkish subsidiary Kipa
JOSH MARTIN
@JoshMartinNZ
BRITAIN’s biggest supermarket chain
Tesco is set to sell its Kipa chain in
Turkey and Giraffe restaurants in the
UK.
The sale of Kipa, that Tesco
acquired in 2013, is likely to raise “a
couple of hundred million pounds”,
an analyst told Sky News, while an
unnamed family-owned investment
group is interested in snapping up
Giraffe.
The analyst added that the
restaurants business would be “all
but given away”.
Tesco bought Giraffe in 2013 for
£48.6m in a bid to create “retail
destinations” for customers.
Eurozone gets
boost as GDP
growth revised
JAKE CORDELL
@JakeCordell
THE EUROZONE grew a little faster
than expected in the first quarter,
the most recent back-and-forth
revisions to official GDP statistics
revealed yesterday.
Figures published by Eurostat
confirmed that the currency bloc’s
economy grew by 0.6 per cent
during the first three months of
the year, up from the most recent
estimation of a 0.5 per cent
expansion.
Analysts said the new numbers
confirmed the Eurozone “got off to
a strong start to the year”, with
household spending powering the
economy.
Stronger growth will be a boost
to the European Central Bank
(ECB), which has had to vociferously
defend its package of monetary
stimulus to critics.
One of the Bank’s latest tools –
the purchase of corporate bonds
as part of its €80bn (£62m) a
month quantitative easing
package – begins today in a move
central bank president Mario
Draghi hopes will provide yet
another boost to inflation
prospects.
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Turnover of 100 biggest
media firms hits £87bn
WILLIAM TURVILL
@wturvill
THE UK’s media and entertainment
sector is in “rude health”, with revenues
up 21 per cent since 2011,
despite digital disruption.
Deloitte’s Media Metrics 2016
report, published yesterday, looked
at the 100 largest UK companies in
the area, finding a total turnover of
£87bn. It predicts this number,
based on 2014 or 2015 figures, will
reach £100bn in the next five years.
TV production and distribution
makes up the biggest sub-sector,
with 19 companies generating
£34.6bn of the total. Next was advertising
(£17.9bn across 18 firms), information
publishing and events
(£16.6bn across 15) and news publishing
(£6.3bn across 13).
The biggest single company was
WPP, which recorded a compound
annual growth rate (CAGR) of five
per cent to £12.2bn. Facebook’s UK
operation was the fastest growing
company, with a 73 per cent CAGR
in revenue to £105m.
Deloitte also examined which
companies are most profitable,
with Auto Trader (a profit margin of
53 per cent), Sony Music Entertainment
UK (37 per cent) and
Euromonitor International (23 per
cent) taking top spots.
Dan Ison, Deloitte’s lead partner
for media and entertainment, said:
“Our analysis has found the UK
media sector to be in rude
health.
“TV in particular is
riding high despite
digital entrants and
uncertainties
around public
broadcasting in the
UK.
“Physical products
are currently the
dominant source of
revenue, but this is
likely to change as consumers’
adoption of and appetite
for digital content grows. While a
number of organisations have seen
their investment in digital start to
pay off, media executives need to
ensure their business strategies can
adapt to further digital disruption.
“The top 10 UK media companies
should be commended for quickly
achieving large scale and, in many
cases, enviable global presence. The
industry will need to consider how
best to preserve diversity in the UK’s
creativity in the years ahead.”
Deloitte noted potential troubles
awaiting the advertising industry,
which is “booming [but] is not
immune to threats such as adblocking
and changing consumer
habits”.
Ison added: “Some facets
of the media industry,
Sir Martin Sorrell’s WPP
recorded CAGR of five per
cent to £12.2bn
such as news publishing,
fear diminishing revenues
from ad-funded content.
While this impact has not yet
shown through in the financial performance
of the advertising sector,
which has grown by eight per cent
annually over the last three years,
ad companies may need to consider
multiple sources of revenue in
order to attract business from the
digital and social media giants that
have emerged in the sector.”
Fintech firm GoHenry smashes crowdfunding
record sparking calls to raise investment limit
LYNSEY BARBER
@lynseybarber
A FINTECH firm that teaches
kids how to manage money has
smashed its fundraising target,
becoming the highest funded
crowdfunded business in the UK.
The success of startup
GoHenry, which raised just shy of
£4m and surpasses the previous
record of £3.5m for JustPark, has
spurred crowdfunding platform
Crowdcube to call for the exist -
ing limit on the value of
investments to be raised.
Early-stage businesses can
currently raise up to €5m (£3.9m)
via equity crowdfunding in the
UK.
“We are leading a charge to
convince the EU to raise its limit
on the amount of finance that
any business can raise without a
prospectus. If the €5m limit was
lifted, GoHenry could have raised
significantly more investment to
help it expand into Europe,
preparing millions of children
for a cashless digital future,” said
Crowdcube chief executive and
co-founder Darren Westlake.
Brussels is currently
considering proposals for
doubling the threshold to €10m
across the area.
More than 2,000 investors
ploughed cash into GoHenry for
a share of 15.9 per cent equity in
the business. The final amount it
raised was nearly double its
initial £2m target.
GoHenry, which provides a
pre-paid debit card to kids and
an app to manage their pocket
money, has more than 200,000
members and is growing by
10,000 each month.

For more information
go to fedex.com/gb/connect
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NEW LOOK
LOOKS GOOD
The UK retailer
bucked the trend of
high street decline
with some stellar
revenue figures
THE UK’S second-largest women’s
clothing retailer said yesterday that
revenues rose 5.4 per cent to £1.49bn in
the year to the end of March, while pretax
profits rose 16.8 per cent to £59.1m.
Against a backdrop of high street angst
from rival retailers, like-for-like sales
rose 3.4 per cent, driven by a stonking
rise in online purchases: on its own
website, sales jumped 27.9 per cent,
while on third-party sites – such as
Asos – sales jumped 41.8 per cent.
Accountancy watchdog declines to probe
BHS collapse as investigation outside remit
HAYLEY KIRTON
@HayleyLEK
THE ACCOUNTANCY watchdog
yesterday declined to investigate
the BHS collapse as thoroughly as
one professional body has asked it
to, on the grounds that such a
probe would fall outside its remit.
Responding to a letter from
Simon Walker, director general of
the Institute of Directors, the
Financial Reporting Council’s (FRC)
chief executive Stephen Haddrill
stressed that his organisation has a
limit on what approaches it could
take in any eventual investigation
it may launch.
In particular, Haddrill pointed
out that the FRC only investigated
the work of accountants, auditors
and actuaries and, therefore, did
not hold any power over anybody
who was not a member of any
corresponding professional body.
Haddrill’s letter also noted that
the FRC’s corporate governance
code only extended to companies
with a premium list and therefore
it could not launch a probe into
BHS, a private company, on these
grounds.
It pointed out that the watchdog
had no powers of enforcement of
the Companies Act, adding that
this would be a job for
government.
Walker’s own letter noted that
he appreciated the FRC could not
be responsible for answering every
question swarming the retailer’s
collapse, but added that it did have
a crucial role to play.
The FRC has previously written
to Conservative MP for Bedford
and Kempston Richard Fuller,
responding to a similar request to
launch an investigation.

12 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
THECAPITALIST
Got A Story? Email
thecapitalist@cityam.com
A buffet with Buffett?
Bidding begins here
THE SQUARE mile boasts more than
its fair share of well-seasoned lunchers.
But post-crisis corporate cost-cutting may
have dented even the Sage of Omaha’s
chances of getting City-types to fork out
for a three-hour sit down over steak.
Bidding may have opened for the
annual charitable lunch with the world’s
most famous investor Warren Buffet over
the weekend, but it is failing to come
close to last year’s record
$2.3m (£1.6m) shelled
out by Chinese businessman
Zhu Ye.
At $210,000 for you plus
seven selected diners to
meet the Berkshire
Hathaway founder at
his favourite Smith &
Wollensky steakhouse
in Manhattan, the
lunch is still a pricey way of getting
some face time and stock tips from the
self-made billionaire worth $66.6bn.
Previous winners – some of whom
choose to remain anonymous – clearly
think it’s good value. Fund manager
Ted Weschler spent $2.6m on the
lunch in 2010, then another $2.6m just
one year later. A few months after that,
Buffett offered him a job.
In the 17 years Buffett has been offering
a few hours of his time to
anyone rich enough to buy
it, none of the named winners
have been from the
UK. Could this be our year?
Veteran investor Warren
Buffett auctions off lunch
spaces to keen diners
ROYAL ASCOT COMES EARLY The
Square Mile hosts warm up race
THE INAUGURAL “Ascot in the City” competition starts at 1:30 tomorrow
afternoon in front of the horse statue at The Royal Exchange. City execs from
financial institutions such as Deutsche Bank, Barclays Capital and BNP Paribas
will vie for the Yardsmen Frontrunner Trophy. Yes, they’ll be riding toy horses.
NUDE DINING IS IN TOWN
Jamie Oliver introduced the idea of a
Naked Chef, but a London pop-up
restaurant has gone a lot further: it
welcomes nude customers. The
Bunyadi bills itself as “free from the
trappings of modern life”. There are
also no mobile phones and no food
preparation that requires electrical
appliances. Just don’t spill the soup.
QUOTE OF THE DAY
The price of ice
cream will
go up
Unilever boss Paul
Polman ramps up
Brexit fears to new
levels, as he
predicts there
will be import
levies on diary
products.
Billing errors set energy
customers back £270m
JESSICA MORRIS
@jssmorris
MISTAKES by energy suppliers led to
nearly four million customers being
overcharged by a total £270m last
year.
The blunders cost energy
consumers £72 each, according to
new research from independent
price comparison and switching
service uSwitch.com.
The mistakes also cost customers
their time, with nearly a fifth
waiting between one to two
months for an issue to be resolved,
and 12 per cent waiting two
months. Worse still, nearly one in
10 of those overcharged are yet to
receive any money back.
More than a third of those whose
supplier had made an error said
that the wrong tariff or product
details had been applied.
This was followed by
providers levying
incorrect fees (31 per
cent), as well as the
wrong meter reading
(27 per cent) and
inaccurate direct
debt amounts (24 per
cent).
“It’s unacceptable in
this day and age that
customers are picking up the
cost of suppliers’ mistakes,” Claire
Osborne, energy expert at
uSwitch.com, said.
“Accurate bills are essential if
consumers stand any hope of
taking control of their energy use
and spend.
“Recent upgrades by some
suppliers to billing
systems have resulted in
teething problems, but
Billing blunders are
costing consumers £72
each, says uSwitch
today’s figures show
there’s still more for the
industry to do.
“We urge customers to
always check their bills carefully,
and speak to their supplier if they
think they have been shortchanged.”
London Chamber of Commerce and Industry
urges Cameron to back Heathrow expansion
JAMES NICKERSON
@nickersonjw
A TOP business group has urged
the government to back Heath -
row after the EU referendum
following pledges from Gatwick
that it would make concessions to
get the green light for a second
runway.
The London Chamber of
Commerce and Industry (LCCI)
said that airport expansion must
be the priority after 23 June,
adding that government should
respond to the recommendations
of the Airports Commission.
Last year, the independent
Airports Commission, headed by
Sir Howard Davies, said Heathrow
should be expanded, but with
severe environmental restrictions.
LCCI chief executive Colin
Stanbridge said: “[The]
government has been ‘on-hold’
for the past couple of months.
And as a result many big
decisions have been delayed.
“There are no more excuses to
delay a new runway decision –
and one of the most crucial
decisions for the sake of London
and the UK economy.
“The referendum result is due
on Friday 24 June, [and] this
should be followed by a clear
decision on which airport
location will be allowed to
expand.”
The push from the business
group comes after Gatwick wrote
an open letter to Prime Minister
David Cameron, promising to cap
passenger fares and accelerate its
timetable if it is picked ahead of
Heathrow.
“The pledges we are
making...represent a fair deal for
the country – for passengers, the
taxpayer and local communities.
Critically they guarantee that the
UK’s next runway can actually be
built and operated legally so that
Britain can grow,” the letter said.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
NEWS
13
Halifax: House
prices still rising
on high demand
JAKE CORDELL
@JakeCordell
THERE were no surprises in the latest
numbers on house prices, released
yesterday – they are still going up.
The average house was worth
£213,472 in the three months to May,
according to the Halifax house price
index, 9.2 per cent more than the
same period last year. The bank said
the same old story – weak supply and
high demand – had pushed house
prices up by near double-digit rates as
they warned house price growth could
be reaching unsustainable levels.
The average property price increased
by £1,268 over the past month and by
£17,043 – more than the annual pretax
income from a full-time job paying
the minimum wage – in the last
year.
“Low interest rates, increasing employment
and rising real earnings
continue to support housing
demand,” said Martin Ellis, housing
economist at Halifax. The strength of
demand, combined with very low supply,
is causing house prices to rise at a
brisk pace.”
However, as the cost of owning a
home far outpaces growth in average
wages, Halifax warned “increasing
affordability issues… should curb
housing demand and result in some
slowdown in house price growth as
the year progresses”.
Jeremy Duncombe, director of the
Legal and General Mortgage club,
said: “While some may view rising
house prices as something to cheer
about, this relentless climb is actually
bad news for aspiring homeowners
across the country.”
The research also showed that the
slight dip in house prices registered in
April was nearly completely reversed
in May. Prices dropped 0.8 per cent in
April following the rush to buy second
homes and buy to let properties in
March caused by stamp duty changes,
but recovered by 0.6 per cent in May.
V Festival is being headlined this year by Justin Bieber, Rihanna, and David Guetta
Channel 5 and MTV team up to
broadcast V Festival across UK
BILLY BAMBROUGH
@BillyBambrough
CHANNEL 5 and MTV UK struck a
deal yesterday to become the official
broadcast partners of V Festival.
Channel 5 will be broadcasting
live packages of some performance
acts over the weekend, while MTV
UK will air live highlights from the
MTV stage and main stage across its
various channels.
It’s the first time Channel 5 will
air the festival although MTV UK has
done so twice before.
V Festival will take place in
Hylands Park, Chelmsford, and
Weston Park, Staffordshire, on 20-21
August, and is expected to attract
around 340,000 attendees.
Esure considers
a demerger
for GoCompare
HAYLEY KIRTON
@HayleyLEK
THE FORMER boss of lastminute.com
yesterday took the driving seat at
GoCompare, as the price comparison
website’s owner considers a demerger.
Matthew Crummack, chief
executive of lastminute.com from
2011 until 2015, has been appointed
the chief executive of GoCompare.
Crummack replaces Jon Morrell,
who has been chief executive since
founder Hayley Parsons decided to
leave the business at the end of 2014.
However, in the same notice
announcing Crummack’s new
appointment, Esure also revealed it
would be carrying out a strategic
review of the business, which could
potentially include a demerger.
“Since acquiring full control of
GoCompare.com in April 2015, we
have made good progress on both
Esure and GoCompare.com strategic
objectives,” said Stuart Vann, chief
executive of Esure Group.
“As reported in our 2016 quarter
one interim management statement,
we are delighted to see continued
growth in Esure and GoCompare,
and remain committed to delivering
attractive returns to shareholders,”
he added.
Rental market has cooled down in
past few months despite rise in cost
People need to check
their tax on savings
HELEN CAHILL
@HelCahill
THE RENTAL market cooled slightly
over the past few months as the rate
of increase in prices slowed –
although rents still rose in the three
months to May.
Rents agreed on new tenancies in
the UK over the past three months
were up 4.4 per cent compared with
the same period last year, according
to the HomeLet Rental Index. This
compares to an annual increase of
5.1 per cent in April and 7.6 per cent
in May last year. The average rent in
the UK – excluding London – is now
£771 a month.
The average rent in London is far
above the national average, and is
now at £1,563.
Martin Totty, Barbon Insurance
group’s chief executive officer said
there is still a “steady growth in
rents” in the UK private rental
market “as the number of tenants
looking for property runs ahead of
the supply in the market”.
“That remains the picture in most
regions of the country. “While this
growth has begun to slow, which
tenants will welcome, landlords will
also be encouraged by the vote of
confidence in the sector evidenced
by the increase in buy to let
completions in the past few months.”
HAYLEY KIRTON
@HayleyLEK
TAX EXPERTS yesterday urged people
to check their P60 to see if they can
reclaim some of their savings.
The Low Incomes Tax Reform
Group (LITRG), which is an initiative
of the Chartered Institute of
Taxation, is reminding people that
their bank will have deducted 20 per
cent for tax from their savings
income, regardless of whether they
were earning enough to be charged,
unless the bank had been informed
that they were not a taxpayer.
“Even a small amount of tax
deducted can be significant to
people on low incomes,” said
Anthony Thomas, chairman of
LITRG. “It is always a good idea to get
your tax information together and, if
necessary, claim back tax you should
not have had deducted.”

14 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
Pint or flight? Brands are vying for your EU view
AS THE 23 June referendum
creeps ever closer, businesses
are joining politicians
in nailing their
colours to the mast over
Britain’s membership of the EU.
Over the next couple of weeks, more
organisations and business leaders
will make their views public as voters
agonise over their decision. Two
brands that have already jumped in to
the Brexit debate on opposite sides of
the fence are budget airline Ryanair
and pub chain JD Wetherspoon.
Ryanair boss, Michael O’Leary, has
pushed for Britain to remain a mem-
Stephan
Shakespeare
ber, while Wetherspoon chief, Tim
Martin, wants to leave.
Both are using the business tools at
their disposal to push politics, with
the pub chain producing 200,000 anti-
EU beermats, and the budget airline
reportedly emailing its subscribers
with a call for them to register for the
vote.
Using YouGov Profiles, we can assess
how these overt political actions will
resonate with customers of both
brands.
Ryanair customers are significantly
more likely than the average punter to
favour remaining in the EU.
Over half of the people who fly with
the company want to stay (55 per
cent), as opposed to fewer than four in
10 (37 per cent) who want to leave.
There are eight per cent who are yet
to be convinced either way.
JD Wetherspoon customers are a little
closer to the national average and
pretty evenly split on the issue, with
45 per cent wanting to leave and 46
per cent identifying as Remainians.
Both brands entering the political
fray in such a public way has attracted
more headlines for them.
YouGov BrandIndex data shows that
there has been an increase in the
number of people talking about both
Ryanair and Wetherspoon with their
colleagues, friends and family.
Ryanair in particular has seen its
Attention score rise to a yearly high of
25 in recent days, up from 14 in the
middle of the month.
More organisations will enter the
debate in the next two weeks.
What we don’t yet know is whether
overt political interventions from
brands on either side of the referendum
debate will harm their standing
among customers who take a different
view towards the EU.
£Stephan Shakespeare is the chief
executive of YouGov
HOW RYANAIR AND WETHERSPOON CUSTOMERS VIEW THE EU
European Referendum voting intention of Ryanair and Wetherspooms customers
REMAIN 55% 46%
LEAVE
DON’T KNOW
37% 45%
8% 9%
Watchdog failed
in its probe into
retail banking
MARK SANDS
@mksands
THE COMPETITION and Markets
Authority’s (CMA) work on the retail
banking market is a failed opportunity,
MPs have been told.
One challenger bank boss said that
the concentration risk in the market
will take “decades” to unwind, speaking
at a Treasury Select Committee
hearing yesterday.
Meanwhile, a former Competition
Commission member said that the
provisional recommendations issued
by the CMA in May failed to improve
opportunities for challengers.
Enlightenment Economics founder,
professor Diane Coyle, told MPs: “I
could weep with disappointment.
This opportunity looks like it is being
squandered.”
Last month, the CMA pushed back
against claims that it had failed to
tackle issues like capital requirements
for smaller lenders, with retail banking
investigation chair Alistair Smith
stating the CMA had little jurisdiction
over such topics.
However, Coyle slammed the
response: “I don’t think that’s a reason
for not focusing the analysis on the
real issues, which they failed to do.”
MPs hope to interrogate the CMA
over its work on banking before parliament
takes its summer recess in July.
A spokesman for the watchdog
declined to comment yesterday.
TSB to shutter 25 more branches
in £250m refurbishment plan
MARK SANDS
@mksands
TSB WILL close 25 locations in a bid to
fine-tune its network, spending
£250m over five years on branch and
digital services.
It has closed a total of 30 branches
since the start of 2015. Five London
branches will be closed by April 2017,
with two, in Archway and Stamford
Hill, to be refurbished.
The bank said that in many
locations, customers have been
choosing between branches in close
proximity.
TSB launched in 2013 with 631
branches, and does not expect the
closures to alter the proportionate
size of its network, at roughly six per
cent of the UK’s total.
The programme will see the Sab -
adell-owned challenger moder nise
around 100 branches in total, and
open two new branches in Birming -
ham and Aberdeen by the end of 2016.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
NEWS
15
Valeant shares
tank as it dials
back forecasts
BILLY BAMBROUGH
@BillyBambrough
VALEANT Pharmaceuticals forced investors
to swallow a bitter pill yesterday
as it dialled back its full-year
earnings forecasts.
The struggling company, which has
recorded a near-90 per cent drop in its
share price over the past year, posted a
first-quarter loss of $373.7m (£253m) in
the first quarter, missing expectations.
Revenue performed better than expected,
however, with the company
pulling in $2.37bn, up 9.3 per cent, on
forecasts of $2.35bn.
Investors were left reaching for the
painkillers as the stock price slumped
by 14.6 per cent at the close in New
York. Valeant’s share price hit a high of
$263.70 in August2015 and has since
plummeted below $25 due to doubts
that the company could recover from
its hefty debt load and concerns over
its accounting practices.
Valeant is now forecasting earning of
$6.60 to $7 a share for the full year,
down sharply from its previous guidance
for $8.50 to $9.50. Revenue has
been scrubbed to $9.9bn to $10.1bn for
the year, down from $11bn to $11.2bn.
As recently as March, Valeant was forecasting
earnings of $13.75 a share and
revenue as high as $12.7bn.
Valeant is having to prove to investors
it’s still able to bring in earnings as it
positions itself away from the big acquisitions
and hefty drug-price hikes
that made it a pharma giant.
VALEANT PHARMACEUTICALS
32
30
28
$
26
24.64
24
7June
22
1 June 2 June 3 June 6 June
7 June
HILLARY MAKES HISTORY Clinton
clinches nomination in race to White House
HILLARY Clinton has become
the first ever woman to lead a
major party White House bid.
She has reached the 2,383
delegates needed to win the
Democratic Party nomination
for US President. “We’re going
to fight hard for every single
vote,” Clinton said during a
rally. She will face off against
controv ersial tycoon Donald
Trump, the Republican.
Utah is named
America’s most
inventive state
EMMA HASLETT
@emmahaslett
THE US’ most economically success -
ful state has some of the tightest
alcohol and gambling laws in the
country and a deep-rooted history
of polygamy.
New rankings published by
WalletHub show Utah has the best
economy of any of the US’ 50 states
and the District of Columbia.
Utah was also ranked as the most
inventive state, with the highest
number of independent-inventor
patents per 1,000 working-age
residents, although it only had the
third-highest number of business
startups.
The state is best known for its
ties with Mormonism, which is the
religion of more than 60 per cent of
the local population. The church
frowns heavily on alcohol
consumption and gambling, but is
also associated with polygamy.
Utah was followed by Washing -
ton, which is home to Seattle, and
California took third place.
Meanwhile, Mississippi was
ranked 51st for economic success,
with the lowest median annual
household income and the thirdhighest
unemployment rate.
Watchdog to take Aussie bank to
court over rate rigging allegations
Cyber insurance cover
is baffling businesses
HAYLEY KIRTON
@HayleyLEK
NATIONAL Australia Bank (NAB)
found itself in the firing line yester -
day, after Australia’s securities
watchdog announced it would be
pursuing civil penalties for alleged
benchmark rigging.
The Australian Securities and
Investments Commission (ASIC) has
started legal proceedings in the
Federal Court in Melbourne,
claiming that NAB was involved in
manipulating the bank bill swap
reference rate (BBSW) between 8 June
2010 and 24 December 2012.
ASIC alleged that NAB behaved in
a way that was “unconscionable” by
attempting to move BBSW to falsely
either maximise its gains or
minimise its losses.
ASIC has approached the court to
ask for declarations the NAB broke
the laws associated with setting
BBSW, for a financial penalty for the
bank and for the bank to be forced to
implement a compliance scheme.
Responding to the ASIC statement,
NAB’s risk chief David Gall said:
“NAB has fully co operated with
ASIC’s review and takes these
allegations seriously. We do not
agree with ASIC’s claims, which
means they will now be settled by a
court process.”
HAYLEY KIRTON
@HayleyLEK
DESPITE splashing out on cyber
security insurance, new research out
yesterday found an alarming number
of businesses have little idea if they
are covered against one particular
growing threat.
The study, by Mimecast, discovered
45 per cent of companies with cyber
insurance were not aware of whether
their policy would pay out in the
event of a social engineering attack,
which often involves collecting pers -
onal information to figure out how
to approach somebody in a manner
that means they won’t suss out the
fraud until it is too late.
Only one in 10 businesses with
insurance felt certain that their
policy was fully up to date and would
cover them in the event of a social
engineering attack.
TOMAHAWK TUESDAYS
1KG TOMAHAWK, WHOLE LOBSTER,
SIDES & TWO GLASSES OF PROSECCO
£70
(to share for 2 people, offer valid ONLY on Tuesdays until 31 July 2016)
‘...beef just got bigger, thicker and juicier.’
The Adelphi Building, 1-11 John Adam Street, WC2N 6HT London
Bookings: 020 7321 6007
www.smithandwollensky.co.uk
wollensky. .co.uk

16 NEWS WEDNESDAY 8 JUNE 2016
CITYAM.COM
Crude gushes to 2016 high on softer
dollar, strikes and supply outages
JESSICA MORRIS
@jssmorris
OIL PRICES raced to a fresh 2016 high
yesterday, energised by a weaker US
dollar and supply outages.
Brent crude, the global benchmark,
rose 1.2 per cent to $50.91 per barrel,
after gushing to an intra-day peak of
$51.30 earlier, its highest since
October.
West Texas Intermediate crude, the
US benchmark, jumped one per cent
to $50.22. It touched a fresh 2016 peak
of $50.37, also its highest since last
October.
“With Brent staying above $50, oil
is on an upward momentum with the
restart of French refineries that were
shut during strikes and pipeline
attacks in Nigeria,” Kaname Gokon,
an analyst at brokerage Okato Shoji,
said.
Crude received support from
falling Nigerian output following a
state of attacks on oil infrastructure
there.
Nigeria’s Bonny Light crude output
is down by an estimated 170,000
barrels per day (bpd) following attacks
on pipeline infrastructure, according
to one source.
Commodities are also being lifted
by the US dollar which sank Friday
after a worse-than-expected US jobs
report pushed back expectations for
an interest rate rise by the Federal
Reserve.
Oil has swelled by more than 80 per
cent since hitting a 12-year low earlier
this year due to supply disruptions
and declining US output.
Oil prices are gaining momentum after falling from $110 a barrel in 2014
Covert defence
procurement
raises concerns
JAMES NICKERSON
@nickersonjw
UNITE the union yesterday raised concerns
over the defence secretary’s
decision to buy American without
competitive tendering.
The union said it was worried about
the lack of “offset agreements” in a
proposed Boeing deal, work that
could be earmarked for UK defence
firms to safeguard skilled jobs.
The deal to buy nine Boeing Poseidon
P-8A patrol aircraft, estimated to be
worth £2.2bn, is expected to be signed
at next month’s Farnborough air show,
the union said.
Unite assistant general secretary for
manufacturing Tony Burke said: “At a
time of increased international tension
and security concerns, defence secretary
Michael Fallon needs to come
clean with the British public on the secretive
nature of the UK’s arms procurement
policy.
“As a first step, the government needs
to ensure that a substantial amount of
P-8A production work is undertaken in
the UK, with all the support work to
maintain these aircraft in the years
ahead.
“Apparently, the P-8A will not be
using UK weapons, which is a disgrace.”
The new generation of planes is
to bulk up the UK’s maritime surveillance
capabilities.
The Ministry of Defence hit back at
Unite’s claims, when it said negotiations
are still yet to be finalised.
A Ministry of Defence spokesperson
said: “Procuring the Boeing P-8A Poseidon
through a Foreign Military Sales
arrangement allows us to get the capability
we need and in the timeline we
want.”
The plans began in November, when
the government said in its national security
and defence review that Boeing
P-8A maritime patrol aircraft will “increase
further the protection of our nuclear
deterrent and our new aircraft
carriers. These aircraft will be based in
Scotland and will also have an overland
surveillance capability”.
Unite was further incensed as it
comes after reports that Boeing could
sign a deal for as many as 50 Apache
helicopters,without specifying whe -
ther they will be serviced by Yeovilbased
AgustaWestland. While the
original Apaches were also bought
from the US, they were previously fitted
out and serviced by AgustaWestland.
More than 40 per cent of people who charter a private jet fly the same day
London and Paris top the list of
popular private jet destinations
JAMES NICKERSON
@nickersonjw
LONDON, Paris and Las Vegas rank
among the most popular global
destinations for private jet customers,
new research has found.
Data from PrivateFly, which
compiled all its booking, enquiries
and search data for the first three
months of this year, also found 132
different airports were used in
Europe. More than 75 airports were
used in North America and 237 were
used worldwide.
“The last eight years have seen the
shutters come up in order for the
industry to recover from the econ -
omic downturn,” PrivateFly chief
executive Adam Twidell said.
“A surge of innovative companies
are using technology to push for ward
for growth, and with this technology
comes greater unders tanding and
insight.” The data also revealed that
the average price of chartering a jet
was £52,000 per flight for long-range
and £8,750 for a small plane. Mean -
while, 44 per cent of people chartering
a private jet fly the same day.
GE snaps up
stake in lithium
battery maker
JESSICA MORRIS
@jssmorris
GENERAL Electric has bet on
renewable energy storage by
snapping up a stake yesterday in a
lithium battery startup.
GE Ventures, the engineering
giant’s venture capital arm, paid a
“double-digit million sum” for a
slice of Bavaria-based startup
Sonnen, which has become
Europe’s largest maker of lithiumbattery
energy storage systems.
Sonnen, formerly Sonnenbat -
terie, competes with the likes of
Elon Musk’s Tesla and Samsung to
manufacture lithium home solar
battery packs.
Battery technology helps
overcome the intermittency of
renewable energy by allowing it to
be stored. While storage solutions
are becoming cheap enough to be
used by households, they are still
too expensive for widespread
adoption.
The company has sold 11,000
lithium battery units to date,
making it the European market
leader in the segment, Philipp
Schroeder, one of Sonnen’s
managing directors, said.
“Sonnen is helping to reshape the
energy industry,” Jonathan Pulitzer,
managing director at GE Ventures,
added. “We believe in Sonnen’s
vision and that is why we are
excited to partner to provide clean
and affordable energy for all.”
UberPool notches up 1m passengers
in the capital in its first six months
UberPool is designed to reduce congestion and pollution through sharing rides
LYNSEY BARBER
@lynseybarber
UBER’S ride-sharing service UberPool
has hit a milestone in London, with
more than a million people making
journeys via the service in the six
months since its launch.
The billion-dollar startup which
recently landed billions more in
funding from Saudi Arabia’s
sovereign wealth fund, claims more
than 700,000 driving miles have been
saved by UberPool in the capital since
it was introduced in November last
year.
The service reduces the number of
journeys made by each car as they are
shared by people travelling in the
same direction and offers customers
cheaper fares than the basic UberX
solo journey.
The firm revealed the figures on its
uptake in London for the first time
yesterday, adding that it had saved
52,000 litres of petrol and more than
124 metric tons of CO2 – the equiv -
alent of over 132,000lbs of burnt coal.
“We’re really pleased so many
Londoners have chosen to share their
journeys in the first few months of
this new service. Not only does carsharing
save consumers money, it’s
also good for our city as it means
fewer miles driven and less air
pollution,” said Uber’s Jo Bertram.

Maggie’s
Culture Crawl
Walk through the night
for people affected by cancer
Friday 16 September 2016
Join us as we walk 10 miles through London at night,
experiencing amazing architecture and cultural surprises.
Register now: www.maggiescentres.org/cclondon
Maggie Keswick Jencks Cancer Caring Centres Trust (Maggie’s)
is a registered charity, No.SC024414

18 MARKETS WEDNESDAY 8 JUNE 2016
CITYAM.COM
CITYDASHBOARD
YOUR ONE-STOP SHOP BROKER
VIEWS AND MARKET REPORTS
In association with
LONDON REPORT BEST OF THEBROKERS NEW YORK
To appear in Best of the Brokers, email your research to notes@cityam.com REPORT
FTSE 100 rises for
third day despite
a fall for miners
THE BENCHMARK share
index chalked up its third
straight day of gains
yesterday, as a rise in oil and
energy shares offset weaker
mining stocks. The blue-chip FTSE
100 closed up 0.2 per cent at 6,284.53
points.
Shares in oil majors Royal Dutch
Shell and BP climbed as oil prices hit
eight-month highs, buoyed by the US
dollar nearing one-month lows and
by falling Nigerian oil output. Shell
got a further lift as investors
welcomed its plans to increase cost
savings from its takeover of BG
Group. Shell and BP added 3.2 per
cent and 1.3 per cent respectively
At the losing end of the FTSE 100,
mining stocks Anglo American,
Glencore, and Antofagasta lost
ground as copper prices fell.
They each lost between 2.2 per
cent and three per cent.
Among mid-caps, shares in Sports
Direct, which was relegated from
the FTSE 100 earlier this year,
climbed by 5.4 per cent as owner
Mike Ashley gave evidence to MPs
over the company’s controversial
employment practices.
FTSE
6,325
6,300
6,275
6,250
6,225
6,200
6,175
6,284.53
7 June
1 June 2 June 3 June 6 June
7 June
WEIR
1,350
1,325
1,300
1,275
1,250
1,225
1,200
1,175
P
1,302.00
7 June
I June 2 June
3 June 6 June 7 June
Weir Group was raised to “hold” yesterday and its target price hiked from 800p to
1,200p by Canaccord Genuity. Analysts are sceptical of a recovery in oil and gas
manufacturing, but said the engineer’s ability to generate cash meant it shouldn’t
trade at a large discount. They cited a notable increase in the share prices of Weir’s
US peers and what is likely to be a shallower than expected price trough.
IDOX
68
67
66
65
64
63
62
P
67.50
7June
I June 2 June
3 June 6 June 7 June
Idox’s rating was downgraded to “hold” with a target price of 60p by analysts at
FinCapp, however they identified potential for further acquisitions and upgrades.
The public voting and information management specialist’s interims released
yesterday were in line with unchanged expectations. Idox posted earnings before
interest, tax, depreciation and amortisation of £10.1m on revenue of £37.2m.
S&P creeps to
a record high
THE S&P 500 ended at its best
level in almost a year yesterday,
helped by a big jump in energy
shares and investor confidence that
higher interest rates will not derail the
economy.
The Dow Jones industrial average
ended up 17.95 points, or 0.1 per cent,
to 17,938.28, and earlier broke above
18,000, while the S&P 500 gained 2.72
points, or 0.13 per cent, to 2,112.13, its
highest close since 22 July.
The S&P now sits less than 19 points
from its all-time closing high of
2,130.82.
The Nasdaq Composite dipped 6.96
points, or 0.14 per cent, to 4,961.75.
Navistar International shares
jumped 19.6 per cent to $14.54 after it
posted a surprise second-quarter
profit.
On the downside, the S&P 500
healthcare index dropped 0.7 per cent,
dragged down by Biogen and Alexion.
Biogen tumbled 12.8 per cent to
$252.86 after its multiple sclerosis drug
failed in a mid-stage study. Alexion
dropped 10.9 per cent to $138.13 after
its drug failed a trial.
CITY MOVES WHO’S SWITCHING JOBS Edited by Joseph Millis @joemillis59
SIGN UP TO RECEIVE THE DAILY CITY MOVES
EMAIL SERVICE AT CITYAM.COM/CITY-MOVES
NATIONAL FOOTBALL
LEAGUE UK
Melissa Brown, a sales and
marketing executive with
more than 15 years’
experience in the
entertainment industry, has
joined the National Football
League’s London office to take
responsibility for further
growing the league’s
commercial performance in
the UK. Melissa joins the NFLUK office as vice-president
of commercial partnerships following a stint at Syco
Entertainment, where for six years she was commercial
director responsible for building brand partnerships for
The X Factor and Britain’s Got Talent. Among the deals
she secured around The X Factor were multi-brand
partnerships with Unilever and Reckitt Benckiser and
partnerships with TRESemme and Thorntons
chocolates. Melissa, who previously held positions at
Celador and ITV, will oversee a six-strong team in the
areas of sponsorship and consumer products and
report to NFLUK managing director Alistair Kirkwood.
LANDMARK CHAMBERS
Landmark Chambers, specialists in environmental,
planning, property and public law, has announced the
appointment of its new chambers director – Paul
Newhall. Paul joins from London law firm Collyer
Bristow LLP, where he was business development
director.
MARK DAVIES & ASSOCIATES
Mark Davies & Associates continues its expansion into
the international private client arena with the
appointment of David Bell as a tax consultant. David is
a chartered accountant and fellow of the Chartered
Institute of Securities & Investment who joins from
Lombard Odier, where he led the wealth planning
offering from the London office. David has 10 years’
experience in advising wealthy families, particularly
those who are UK resident non-domiciled.His focus
will be on developing and maintaining relationships
with clients and their advisers.
BACKBASE
Backbase, the digital banking technology company, has
announced the appointment of Leonore Van Waaij as
chief financial officer. Van Waaij is the former CFO at The
Phone House, where she spent over three years
managing and overviewing all financial and comm -
ercial operations. She brings over 15 years extensive
experience in finance, controlling and auditing, as well
as operations management in the retail and
commercial industries. Prior to The Phone House, she
worked for several multinational companies such as
Deloitte and Amsterdam Airport Authority, with a focus
on improving operations and maximising profits
through the restructuring of finance management, IT
systems, costs and company productivity.
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
Open an account at spreadco.com
Leveraged products are high risk,
losses may exceed deposits

Gold ............................................................1241.00 -3.00
Silver ...............................................................16.31 -0.09
Brent Crude.....................................................51.14 0.80
Krugerrand ................................................1242.00 1.90
Palladium....................................................555.00 16.00
Platinum .....................................................986.00 26.00
Tin Cash Official........................................16972.50 135.00
Lead Cash Official .......................................1726.75 -0.50
Zinc Cash Official .......................................2023.75 8.75
Copper Cash Official..................................4588.50 -117.00
Aluminium Cash Official............................1540.50 -6.50
Nickel Cash Official ...................................8560.00 -62.50
Aluminium Alloy Cash Official ..................1530.00 -10.00
Cocoa Futures ...........................................3088.00 25.00
Coffee 'C' Futures ..........................................131.70 0.50
Feed Wheat Futures .....................................121.30 -1.05
Soybeans Futures Continuation Contract ..1142.60 4.40
AIR LIQUIDE .....................................................95.20 0.24 123.65 90.77
AIRBUS GROUP .................................................53.51 0.48 68.50 49.96
ALLIANZ N.......................................................143.70 1.15 170.00 126.55
ANHEUS.-BUSCH INBEV ...................................115.55 1.15 124.20 87.73
ASML HLDG ......................................................88.89 0.59 100.60 70.25
AXA....................................................................21.91 0.09 26.02 18.80
BANCO SANTANDER............................................4.14 0.06 6.82 3.31
BASF N .............................................................70.69 1.86 85.97 56.01
BAYER N............................................................91.97 2.79 138.00 83.45
BBVA...................................................................5.74 0.01 9.17 5.12
BMW.................................................................73.83 1.59 105.45 66.00
BNP PARIBAS-A- ..............................................47.07 0.68 61.00 37.00
CARREFOUR ......................................................24.61 0.34 31.41 21.62
DAIMLER N........................................................60.12 0.76 87.63 56.19
DANONE ...........................................................63.33 0.51 66.50 51.73
DEUTSCHE BANK N............................................15.27 0.22 32.31 13.03
DEUTSCHE POST N............................................26.60 0.51 29.10 19.55
DEUTSCHE TELEKOM N.......................................15.67 0.14 16.98 12.94
E.ON N ...............................................................9.06 0.18 13.03 7.08
ENEL ....................................................................4.11 0.06 4.45 3.33
ENGIE ...............................................................13.95 0.30 18.12 12.96
ENI....................................................................14.09 0.32 16.99 10.93
ESSILOR INTL ...................................................119.00 0.15 123.92 94.08
FRESENIUS .......................................................66.84 0.44 70.00 52.39
GENERALI...........................................................12.71 0.21 18.27 10.90
IBERDROLA ........................................................6.03 0.05 6.60 5.55
INDITEX ............................................................29.75 -0.03 35.38 26.00
ING GROUP .......................................................10.99 0.14 16.00 9.19
INTESA SANPAOLO..............................................2.24 0.04 3.65 2.12
L'OREAL ..........................................................168.80 0.70 178.95 140.40
LVMH ..............................................................149.40 4.15 176.60 130.75
MUENCH RUECKVERS N....................................162.15 0.50 193.65 154.65
NOKIA ................................................................5.04 0.03 7.11 4.52
ORANGE ............................................................15.50 0.13 16.98 12.21
ROY.PHILIPS......................................................23.93 0.13 26.10 20.48
SAFRAN ............................................................61.50 0.09 72.45 48.87
SAINT GOBAIN ..................................................39.55 0.45 44.84 31.47
SANOFI.............................................................73.08 0.68 101.10 66.44
SAP ...................................................................72.37 0.90 75.75 53.91
SCHNEIDER ELECTRIC .........................................57.01 0.17 67.12 45.32
SIEMENS N........................................................97.36 1.64 100.90 77.91
SOCIETE GENERALE ...........................................35.72 0.36 48.77 26.61
TELEFONICA.........................................................9.18 0.08 13.91 8.48
TOTAL................................................................43.77 1.30 45.30 34.71
UNIBAIL-RODAMCO .........................................242.10 2.40 257.85 212.05
UNICREDIT..........................................................2.67 0.09 6.31 2.51
UNILEVER CERT................................................40.95 0.41 42.84 32.86
VINCI ...............................................................66.90 0.07 68.29 50.08
VIVENDI ............................................................16.85 -0.29 24.83 16.30
VOLKSWAGEN VZ ............................................133.60 2.65 222.85 86.36
Price Chg High Low
EU SHARES
3M ...................................................................170.91 0.83 171.49 134.00
ALPHABET-A...................................................731.09 1.03 810.35 538.85
ALPHABET-C ...................................................716.65 0.10 789.87 515.18
ALTRIA GROUP..................................................65.10 -0.10 65.65 47.31
AMAZON.COM .................................................723.74 -2.99 731.50 419.14
AMERICAN EXPRESS ........................................65.89 -0.05 81.92 50.27
AMGEN ...........................................................158.89 -1.30 181.81 130.09
APPLE ..............................................................99.03 0.40 132.97 89.47
AT&T.................................................................39.79 0.45 39.89 30.97
BANK OF AMERICA............................................14.35 -0.17 18.48 10.99
BERKSHIRE HATHAWY-B..................................141.41 -0.41 148.03 123.55
BOEING CO.......................................................131.93 0.03 150.59 102.10
BRISTOL-MYERSSQUIBB ....................................73.91 -0.38 75.12 51.82
CATERPILLAR ....................................................76.81 0.39 88.81 56.36
CHEVRON........................................................103.32 2.15 104.26 69.58
CISCO SYSTEMS.................................................29.07 -0.03 29.49 22.46
CITIGROUP ......................................................45.54 -0.20 60.95 34.52
COCA-COLA CO..................................................45.32 -0.05 47.13 36.56
COMCAST-A ......................................................63.25 -0.15 64.99 50.01
DU PONT NEMOURS&CO...................................68.74 -0.01 75.72 47.11
EXXON MOBIL ...................................................90.71 1.37 90.92 66.55
FACEBOOK-A ....................................................117.76 -1.03 135.60 72.00
GENERAL ELECTRIC ...........................................30.14 0.02 32.05 19.37
GILEAD SCIENCES..............................................87.50 -0.10 123.37 81.28
GOLDMAN SACHS GROUP.................................155.17 -1.89 218.77 139.05
HOME DEPOT ..................................................129.92 0.73 137.82 92.17
IBM..................................................................153.33 0.60 173.78 116.90
INTEL.................................................................31.88 0.20 35.59 24.87
JOHNSON & JOHNSON.....................................115.73 -0.04 116.23 81.79
JPMORGAN CHASE...........................................65.06 -0.22 70.61 50.07
MCDONALD'S...................................................121.90 -0.10 131.96 87.50
MEDTRONIC ......................................................83.72 0.40 84.13 55.54
MERCK..............................................................57.00 -0.17 60.07 45.69
MICROSOFT .......................................................52.10 -0.03 56.85 39.72
NIKE -B-...........................................................53.55 -0.75 68.20 47.25
ORACLE .............................................................39.13 -0.31 45.24 33.13
PEPSICO..........................................................102.49 -0.21 106.94 76.48
PFIZER .............................................................34.84 -0.09 36.46 28.25
PHILIP MRRS INT ............................................100.46 0.14 102.55 76.54
PROCTER&GAMBLE...........................................82.32 -0.45 83.87 65.02
SCHLUMBERGER ...............................................80.10 1.01 91.83 59.60
TRAVLR COMP..................................................114.58 0.25 118.28 95.21
TWITTER...........................................................15.00 -0.27 38.82 13.73
UNITEDHEALTH GROUP ..................................136.94 -1.21 138.50 95.00
UTD TECHNOLOGIES.........................................101.45 0.09 118.40 83.39
VERIZON COMM ................................................51.75 1.04 54.49 38.06
VISA-A.............................................................80.60 0.06 81.73 60.00
WAL-MART STORES...........................................71.03 -0.02 74.14 56.30
WALT DISNEY-DISNEY......................................98.35 -0.43 122.08 86.25
WELLS FARGO ..................................................50.27 -0.22 58.77 44.50
WILLIS TOWERS ..............................................129.25 1.57 130.97 104.11
COMMODITIES
CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LIBOR Euro - overnight..............................-0.396 0.00
LIBOR Euro - 12 months.............................-0.029 0.00
LIBOR USD - overnight ................................0.386 0.00
LIBOR USD - 12 months ................................1.286 -0.07
Halifax mortgage rate ................................3.990 0.00
Euro Base Rate ...........................................0.000 0.00
Finance house base rate .............................1.000 0.00
US Fed funds..................................................0.37 0.00
US long bond yield........................................2.54 -0.01
Euro Euribor...............................................-0.364 0.00
The vix index ...............................................14.05 0.40
The baltic dry index ..................................607.00 -3.00
Markit iBoxx EUR ......................................228.52 0.48
Markit iBoxx GBP.......................................306.48 0.38
Markit iTraxx.................................................71.72 -2.74
Price Chg High Low
US SHARES
€/$ 1.1358 0.0003
€/£ 0.7811 0.0049
€/¥ 121.88 0.2657
/€ 1.2803 0.0081
/$ 1.4539 0.0093
/¥ 156.06 0.6594
FTSE 100
6284.53
11.13
FTSE 250
17195.38
13.62
FTSE ALL SHARE
3454.09
5.56
DOW JONES
17938.28
17.95
NASDAQ
4961.75
6.96
S&P 500
2112.13
2.72
CONSTRUCTION & MATERIALS
BAE Systems . . . . . . . .494.0 2.4 526.5 425.5
Cobham . . . . . . . . . . . . .142.1 4.0 260.4 127.5
Meggitt . . . . . . . . . . . . .391.7 -2.6 509.5 346.5
QinetiQ Group . . . . . . . .243.9 -0.4 274.4 212.0
Rolls-Royce Holdi . . . . .606.5 -6.0 984.0 512.5
Senior . . . . . . . . . . . . . .226.6 4.4 319.3 193.1
Ultra Electronics . . . . .1739.0 19.0 2026.0 1635.0
GKN . . . . . . . . . . . . . . . .282.1 3.6 370.2 248.6
Aldermore Group . . . . .214.4 3.4 316.0 178.0
Barclays . . . . . . . . . . . . .180.3 0.2 289.0 146.6
BGEO Group . . . . . . . .2600.0 38.0 2600.0 1570.0
HSBC Holdings . . . . . . .446.7 -1.7 619.5 416.2
Lloyds Banking Gr . . . . .70.3 0.6 87.7 56.0
Royal Bank of Sco . . . . .229.7 -2.7 368.7 207.0
Shawbrook Group . . . .270.0 -6.1 380.6 256.2
Standard Chartere . . . .539.6 1.3 1041.3 386.7
Virgin Money Hold . . . .341.3 -3.6 464.0 273.6
Barr (A.G.) . . . . . . . . . . .526.0 0.0 633.0 487.4
Britvic . . . . . . . . . . . . . .661.5 -10.5 742.5 642.0
Coca-Cola HBC AG . . . .1410.0 16.0 1629.0 1255.0
Diageo . . . . . . . . . . . . .1878.0 1.5 1949.5 1640.0
SABMiller . . . . . . . . . .4303.0 -12.0 4324.5 2877.5
Croda Internation . . . .2959.0 26.0 3139.1 2657.7
Elementis . . . . . . . . . . .216.7 3.1 312.0 200.3
Johnson Matthey . . . .3082.0 20.0 3295.9 2230.0
Synthomer . . . . . . . . . .366.0 0.7 368.1 275.1
Victrex plc . . . . . . . . . .1476.0 12.0 2020.0 1367.0
Balfour Beatty . . . . . . .234.2 -1.4 272.5 220.2
CRH . . . . . . . . . . . . . . .2105.0 23.0 2161.0 1637.0
Brown (N.) Group . . . . .235.0 -0.3 389.1 233.8
Card Factory . . . . . . . . .365.0 -4.3 399.0 314.4
Debenhams . . . . . . . . . . .71.7 -0.1 93.6 64.9
DFS Furniture . . . . . . . .298.5 -1.5 349.0 265.0
Dignity . . . . . . . . . . . .2530.0 -19.0 2621.0 2046.0
Dixons Carphone . . . . .432.5 0.0 500.0 407.0
Dunelm Group . . . . . . .945.0 -0.5 1018.0 820.0
Halfords Group . . . . . . .412.6 2.6 561.0 315.0
Home Retail Group . . . .160.0 0.0 181.5 89.7
Inchcape . . . . . . . . . . . .687.5 5.5 855.0 662.5
JD Sports Fashion . . . .1310.0 3.0 1315.0 642.5
Just Eat . . . . . . . . . . . . .449.0 6.5 494.9 329.1
Kingfisher . . . . . . . . . . .366.5 -0.5 383.0 314.7
Lookers . . . . . . . . . . . . .138.0 -3.6 185.0 130.8
Marks & Spencer G . . . .363.5 0.1 569.5 356.6
Next . . . . . . . . . . . . . .5470.0 110.0 8015.0 4978.0
Pendragon . . . . . . . . . . .40.3 -0.2 49.0 33.2
Pets at Home Grou . . . .262.8 3.6 311.2 231.2
Saga . . . . . . . . . . . . . . .208.2 -1.2 221.5 173.9
Sports Direct Int . . . . . .383.2 19.6 817.5 348.0
Ted Baker . . . . . . . . . .2397.0 28.0 3555.0 2270.0
WH Smith . . . . . . . . . .1740.0 17.0 1878.0 1476.0
Assura . . . . . . . . . . . . . . .56.5 0.1 61.8 49.2
Mediclinic Intern . . . . .905.0 -10.5 1191.0 814.0
NMC Health . . . . . . . . .1150.0 -1.0 1175.0 700.0
Galliford Try . . . . . . . . .1315.0 -3.0 1813.0 1262.0
Ibstock . . . . . . . . . . . . . .198.7 0.7 225.0 184.9
Keller Group . . . . . . . . .935.0 -19.0 1099.0 728.5
Kier Group . . . . . . . . . .1229.0 -4.0 1513.0 1162.0
Marshalls . . . . . . . . . . . .314.1 2.2 370.8 264.6
Polypipe Group . . . . . . .319.3 4.2 362.0 269.5
Drax Group . . . . . . . . . .318.0 11.1 376.8 207.6
SSE . . . . . . . . . . . . . . . .1529.0 -21.0 1641.0 1321.0
Halma . . . . . . . . . . . . . .957.5 10.0 957.5 713.0
Morgan Advanced M . .252.0 2.7 356.8 192.3
Renishaw . . . . . . . . . . .1947.0 -11.0 2490.0 1600.0
Spectris . . . . . . . . . . . .1694.0 -6.0 2239.0 1442.0
Aberforth Smaller . . . .1051.0 -5.0 1234.0 966.0
Alliance Trust . . . . . . . . .513.0 -3.5 521.0 440.1
Bankers Inv Trust . . . . .582.0 0.0 659.0 522.0
BH Macro Ltd. GBP . . .1940.0 5.0 2103.0 1930.0
British Empire Tr . . . . . .472.1 -0.4 527.0 412.0
Caledonia Investm . . .2370.0 -10.0 2511.0 2112.0
City of London In . . . . . .384.1 0.3 408.3 341.5
Edinburgh Inv Tru . . . .695.0 -3.0 728.0 636.5
Electra Private E . . . . .3870.0 37.0 3955.0 3140.0
Fidelity China Sp . . . . . .138.3 -0.4 172.4 110.5
Fidelity European . . . . .167.0 -0.8 184.0 152.0
Finsbury Growth & . . . .601.5 1.0 610.5 532.5
Foreign and Colon . . . . .441.3 0.1 456.4 391.2
GCP Infrastructur . . . . . .119.0 0.4 123.9 114.5
Genesis Emerging . . . .498.5 -1.4 535.5 400.5
HarbourVest Globa . . .903.0 -22.0 1377.5 825.0
HICL Infrastructu . . . . . .163.4 0.4 165.3 150.2
Highbridge Multi- . . . . .179.0 0.4 197.2 178.4
International Pub . . . . .145.8 -0.4 147.7 130.3
John Laing Infras . . . . . .122.4 0.2 126.2 114.0
JPMorgan American . . .290.2 -2.2 299.0 243.0
JPMorgan Emerging . . .588.5 5.5 605.0 483.0
Mercantile Invest . . . . .1687.0 -15.0 1838.0 1546.0
Monks Inv Trust . . . . . .424.3 -0.8 439.5 361.1
Murray Internatio . . . . .949.0 -14.5 1019.0 742.5
NB Global Floatin . . . . . .91.8 -0.2 98.7 84.6
P2P Global Invest . . . . .868.0 -4.0 1095.0 832.0
Perpetual Income . . . .380.0 0.7 428.5 363.8
Personal Assets T . . .37200.0-100.0 37590.033130.0
Polar Capital Tec . . . . . .596.5 -3.5 641.0 503.5
RIT Capital Partn . . . . .1594.0 -10.0 1690.0 1436.0
Riverstone Energy . . . .853.0 0.0 1051.0 720.0
Scottish Inv Trus . . . . . .620.0 1.0 654.0 544.5
Scottish Mortgage . . . . .261.0 -3.5 280.8 220.6
Temple Bar Inv Tr . . . .1057.0 1.0 1205.0 940.0
Templeton Emergin . . .467.0 1.3 537.0 371.5
The Renewables In . . . . .98.3 0.2 107.8 94.8
TR Property Inv T . . . . .298.0 0.1 314.9 260.2
Witan Inv Trust . . . . . . .751.0 -4.0 819.0 683.0
Woodford Patient . . . . .95.5 -1.4 119.3 85.0
Worldwide Healthc . .1820.0 -16.0 2097.0 1596.0
3i Group . . . . . . . . . . . .556.5 3.5 563.5 389.8
3i Infrastructure . . . . . . .167.0 -1.7 180.5 163.6
Aberdeen Asset Ma . . . .277.4 5.8 426.6 209.3
Allied Minds . . . . . . . . .342.8 -18.7 600.5 267.0
Arrow Global Grou . . . .262.5 3.5 288.0 206.3
Ashmore Group . . . . . .292.9 -2.5 316.3 196.4
Brewin Dolphin Ho . . . .250.0 -3.8 324.7 244.0
Charles Taylor . . . . . . . .264.5 4.5 289.0 220.0
City of London In . . . . .306.9 2.1 367.5 285.0
Close Brothers Gr . . . . .1314.0 1.0 1623.0 1167.0
Hargreaves Lansdo . . .1338.0 2.0 1525.0 1054.0
Henderson Group . . . .260.0 -1.7 312.0 214.6
ICAP . . . . . . . . . . . . . . . .425.7 -8.4 555.0 401.0
IG Group Holdings . . . . .787.5 -5.5 819.5 690.0
Intermediate Capi . . . .666.5 8.5 676.5 505.5
International Per . . . . . .291.8 4.0 489.8 219.0
Investec . . . . . . . . . . . . .475.3 5.2 621.0 402.7
IP Group . . . . . . . . . . . . .165.4 -3.3 259.1 151.9
John Laing Group . . . . .222.8 1.3 231.0 187.0
Jupiter Fund Mana . . . .436.7 0.5 475.1 362.7
Liontrust Asset M . . . . .277.0 2.3 374.8 245.3
LMS Capital . . . . . . . . . . .62.0 -0.3 80.0 61.0
London Finance & . . . . .38.5 0.5 40.5 34.0
London Stock Exch . . .2653.0 -2.0 2906.0 2123.0
Man Group . . . . . . . . . . .128.5 -5.9 176.2 128.5
OneSavings Bank . . . . .338.0 8.3 405.6 245.9
Paragon Group Of . . . .309.2 2.2 444.8 287.1
Provident Financi . . . .2870.0 -8.0 3634.0 2697.0
PureTech Health . . . . . .135.3 2.8 170.5 120.0
Rathbone Brothers . . .1877.0 -23.0 2359.0 1849.2
Real Estate Credi . . . . . .159.5 -1.5 183.0 152.3
Record . . . . . . . . . . . . . . .25.1 0.1 39.8 22.1
S&U . . . . . . . . . . . . . . .2355.0 5.0 2560.0 1992.5
Sanne Group . . . . . . . . .441.8 7.0 448.3 251.0
Schroders . . . . . . . . . .2654.0 -19.0 3330.0 2342.0
SVG Capital . . . . . . . . . .531.0 -7.5 541.0 436.0
Tullett Prebon . . . . . . . . .314.1 -11.1 414.8 304.8
VPC Specialty Len . . . . . .86.0 0.0 104.0 84.5
Walker Crips Grou . . . . .46.5 0.0 53.8 41.3
BT Group . . . . . . . . . . . .426.9 -3.2 499.8 404.0
TalkTalk Telecom . . . . .236.9 0.4 398.0 189.5
Telecom Plus . . . . . . . .1026.0 -4.0 1214.0 799.0
Booker Group . . . . . . . .178.9 -1.5 190.0 149.4
Greggs . . . . . . . . . . . . . .1113.0 -7.0 1355.0 969.0
Morrison (Wm) Sup . . .188.0 -1.2 209.4 139.0
Ocado Group . . . . . . . . .259.4 -9.9 470.8 232.5
Sainsbury (J) . . . . . . . .246.7 -0.9 292.5 223.7
SSP Group . . . . . . . . . . .319.3 -0.6 325.0 264.0
Tesco . . . . . . . . . . . . . . .156.8 -2.4 223.7 139.2
UDG Healthcare Pu . . .609.0 7.0 625.0 460.3
Associated Britis . . . .2940.0 -9.0 3599.0 2870.0
Cranswick . . . . . . . . . .2325.0 -13.0 2538.0 1536.0
Dairy Crest Group . . . . .574.0 3.0 697.0 517.0
Greencore Group . . . . . .324.1 -5.9 392.4 273.2
Tate & Lyle . . . . . . . . . . .635.5 -0.5 639.0 502.0
Unilever . . . . . . . . . . . .3233.5 5.0 3331.0 2524.0
Mondi . . . . . . . . . . . . .1360.0 14.0 1611.0 1124.0
Centrica . . . . . . . . . . . .206.0 2.0 283.0 183.6
National Grid . . . . . . . .980.0 1.6 1010.0 817.2
Pennon Group . . . . . . . .851.0 -5.5 896.5 713.0
Severn Trent . . . . . . . .2287.0 -8.0 2305.0 2024.0
United Utilities . . . . . .969.5 4.0 998.5 828.0
Rexam . . . . . . . . . . . . .636.0 -1.0 637.2 517.0
RPC Group . . . . . . . . . . .818.0 11.0 820.0 572.8
Smith (DS) . . . . . . . . . .394.9 2.6 421.0 331.2
Smiths Group . . . . . . . .1144.0 16.0 1206.0 863.5
Vesuvius . . . . . . . . . . . .338.9 11.2 437.4 270.6
AA . . . . . . . . . . . . . . . . .279.7 -1.8 412.4 249.1
AO World . . . . . . . . . . . . .167.1 -2.9 189.3 119.7
Auto Trader Group . . . .402.8 -1.7 449.6 287.8
B&M European Valu . . .298.1 -4.1 358.5 247.7
Price Chg High Low
Smith & Nephew . . . . .1172.0 -18.0 1212.0 1051.0
Spire Healthcare . . . . .354.5 0.2 401.6 279.9
Barratt Developme . . .568.5 -0.5 662.5 499.6
Bellway . . . . . . . . . . . .2664.0 17.0 2848.0 2233.0
Berkeley Group Ho . . .3227.0 6.0 3757.0 2847.0
Bovis Homes Group . . .982.5 -0.5 1201.0 819.0
Crest Nicholson H . . . . .579.0 7.0 604.0 467.9
McCarthy & Stone . . . . .235.0 0.2 287.0 207.0
Persimmon . . . . . . . . .2011.0 -16.0 2219.0 1782.0
Reckitt Benckiser . . . .6941.0 -17.0 6992.0 5488.0
Redrow . . . . . . . . . . . . .406.8 1.8 499.2 358.5
Taylor Wimpey . . . . . . . .188.1 -0.4 210.3 168.8
Bodycote . . . . . . . . . . . .599.5 0.5 770.0 494.0
IMI . . . . . . . . . . . . . . . .1015.0 4.0 1235.0 742.0
Melrose Industrie . . . . .386.6 -3.1 396.9 242.8
Rotork . . . . . . . . . . . . . .198.8 2.3 257.5 152.7
Spirax-Sarco Engi . . . .3507.0 -11.0 3651.0 2725.0
Weir Group . . . . . . . . .1302.0 37.0 1940.0 787.5
Evraz . . . . . . . . . . . . . . . .127.3 11.8 165.7 56.2
4Imprint Group . . . . . .1359.0 31.0 1380.0 1046.0
Bloomsbury Publis . . . .162.0 0.8 180.0 144.3
Centaur Media . . . . . . . .49.5 -0.8 85.5 48.3
Creston . . . . . . . . . . . . . .91.5 0.5 162.0 89.0
Entertainment One . . . .187.3 5.8 326.3 130.0
Euromoney Institu . . . .955.5 -28.5 1230.0 855.0
Future . . . . . . . . . . . . . . . .8.8 0.4 11.5 8.2
Haynes Publishing . . . .107.5 5.0 130.5 99.0
Huntsworth . . . . . . . . . .44.8 -1.3 49.3 35.0
Informa . . . . . . . . . . . . .674.0 -9.5 712.0 534.0
ITE Group . . . . . . . . . . . .142.5 -1.5 187.3 128.8
ITV . . . . . . . . . . . . . . . . . .211.5 0.1 280.7 204.6
Johnston Press . . . . . . . .33.5 0.0 159.8 33.0
Moneysupermarket. . .304.6 -3.9 377.1 273.1
Pearson . . . . . . . . . . . . .854.5 2.0 1304.0 657.5
Relx plc . . . . . . . . . . . . .1271.0 1.0 1319.0 1011.0
Rightmove . . . . . . . . .4227.0 -3.0 4267.4 3154.0
Sky . . . . . . . . . . . . . . . . .941.0 -1.0 1141.0 921.0
STV Group . . . . . . . . . . .355.0 -5.0 515.0 345.0
Trinity Mirror . . . . . . . . .116.3 0.0 182.8 111.5
UBM . . . . . . . . . . . . . . . .597.5 0.5 605.5 469.6
Wireless Group . . . . . . .178.3 -1.8 199.0 135.4
WPP . . . . . . . . . . . . . . .1599.0 11.0 1678.0 1304.0
Zoopla Property G . . . . .317.0 2.0 337.8 199.3
BBA Aviation . . . . . . . .206.6 1.1 231.9 150.2
Clarkson . . . . . . . . . . .2285.0 12.0 2797.0 1722.0
Royal Mail . . . . . . . . . . .536.5 -0.5 542.5 413.3
Admiral Group . . . . . .1960.0 -16.0 1983.0 1385.0
Beazley . . . . . . . . . . . . .359.9 0.9 398.9 295.6
Direct Line Insur . . . . . .369.0 -6.6 414.3 333.1
esure Group . . . . . . . . .285.3 2.3 300.0 223.7
Hastings Group Ho . . . .187.9 3.1 188.8 149.8
Hiscox Limited (D . . . . .974.5 -5.0 1061.0 832.0
Jardine Lloyd Tho . . . . .909.5 -3.0 1063.0 778.0
Lancashire Holdin . . . .560.5 0.5 759.0 519.0
RSA Insurance Gro . . . .481.2 -3.6 526.5 373.2
Aviva . . . . . . . . . . . . . . .443.1 -0.7 535.5 400.5
JRP Group . . . . . . . . . . .141.9 -3.2 199.5 119.4
Legal & General G . . . . .233.3 -1.8 276.3 199.5
Old Mutual . . . . . . . . . . .184.6 0.1 229.1 149.4
Phoenix Group Hol . . . .865.0 -4.5 943.5 784.5
Prudential . . . . . . . . . .1322.0 -23.5 1634.0 1087.0
St James's Place . . . . . .891.0 -4.5 1023.0 801.0
Standard Life . . . . . . . .330.8 -0.8 484.0 314.7
Acacia Mining . . . . . . . .335.3 -1.3 351.8 156.6
Anglo American . . . . . .665.5 -21.1 1015.5 221.1
Antofagasta . . . . . . . . .440.1 -9.9 737.0 346.1
BHP Billiton . . . . . . . . . .879.9 -5.9 1373.5 580.9
Centamin (DI) . . . . . . . .110.3 2.5 121.5 53.6
Fresnillo . . . . . . . . . . . .1149.0 -3.0 1167.0 588.0
Glencore . . . . . . . . . . . .140.0 -4.1 282.6 68.6
Kaz Minerals . . . . . . . . .152.2 -1.5 253.5 72.7
Polymetal Interna . . . . .877.5 -16.0 904.0 427.1
Randgold Resource . .6275.0 -25.0 6860.0 3625.0
Rio Tinto . . . . . . . . . . .2014.0 -1.5 2852.5 1577.5
Vedanta Resources . . . .391.6 -13.1 603.5 205.8
Inmarsat . . . . . . . . . . . .710.0 5.0 1148.0 701.5
Vodafone Group . . . . . .231.2 -0.6 246.1 200.2
BP . . . . . . . . . . . . . . . . .373.3 4.9 446.8 310.3
Cairn Energy . . . . . . . . .197.3 4.6 231.5 127.2
Ophir Energy . . . . . . . . . .73.6 0.5 132.6 65.1
Royal Dutch Shell . . . .1756.0 55.0 1902.5 1266.0
Royal Dutch Shell . . . .1764.5 52.5 1925.0 1277.5
Tullow Oil . . . . . . . . . . .253.0 11.2 396.0 118.2
Amec Foster Wheel . . .456.5 13.0 892.0 327.6
Petrofac Ltd. . . . . . . . . .786.0 6.0 982.0 663.0
Wood Group (John) . . .645.5 6.0 704.5 534.5
Burberry Group . . . . . .1102.0 23.0 1677.0 1070.0
Jimmy Choo . . . . . . . . .109.3 -4.7 181.4 94.1
PZ Cussons . . . . . . . . . .335.0 -1.7 370.0 249.3
Supergroup . . . . . . . . .1498.0 12.0 1714.0 1130.0
AstraZeneca . . . . . . . .4054.0 -13.5 4627.5 3798.5
BTG . . . . . . . . . . . . . . . .678.0 -2.0 694.5 520.5
Circassia Pharmac . . . .265.0 0.2 353.5 254.5
Dechra Pharmaceut . . .1115.0 -12.0 1228.0 912.0
Genus . . . . . . . . . . . . . .1497.0 -53.0 1620.0 1281.0
GlaxoSmithKline . . . . .1462.0 -8.5 1510.0 1237.5
Hikma Pharmaceuti . .2299.0 -21.0 2490.0 1704.0
Indivior . . . . . . . . . . . . .210.4 0.4 266.4 130.8
Shire Plc . . . . . . . . . . .4408.0 1.0 5730.0 3480.0
Vectura Group . . . . . . . .159.7 -0.1 188.5 146.6
Capital & Countie . . . . .343.9 0.9 473.4 314.9
CLS Holdings . . . . . . . .1572.0 7.0 1997.0 1381.0
Countrywide . . . . . . . . .368.0 1.3 595.5 313.3
Daejan Holdings . . . . .5865.0 10.0 6595.0 5400.0
F&C Commercial Pr . . . .126.0 -1.0 148.7 124.8
Grainger . . . . . . . . . . . . .241.1 1.3 254.0 203.9
Kennedy Wilson Eu . .1050.0 -12.0 1220.0 995.0
Savills . . . . . . . . . . . . . .759.5 0.5 986.5 653.0
St. Modwen Proper . . . .320.7 -1.5 493.6 287.5
UK Commercial Pro . . . .80.8 -1.0 91.5 78.1
Unite Group . . . . . . . . .650.5 -4.5 702.5 571.5
Big Yellow Group . . . . .868.0 4.5 886.5 620.0
British Land Comp . . . .743.5 1.5 877.0 644.5
Derwent London . . . .3330.0 19.0 3880.0 2916.0
Great Portland Es . . . . .744.5 -1.0 889.5 684.5
Hammerson . . . . . . . . .574.0 1.0 685.5 535.0
Hansteen Holdings . . . .104.4 0.7 124.1 99.8
Intu Properties . . . . . . .298.2 -3.3 353.2 269.8
Land Securities G . . . . .1163.0 0.0 1352.0 967.0
LondonMetric Prop . . . .161.5 -0.9 171.5 153.0
Redefine Internat . . . . . .45.8 0.2 57.5 41.9
SEGRO . . . . . . . . . . . . . .441.7 1.9 463.8 398.2
Shaftesbury . . . . . . . . .927.0 1.0 971.0 813.0
Tritax Big Box Re . . . . . .138.6 -0.3 138.9 112.2
Workspace Group . . . . .832.5 -9.0 987.0 713.0
Aveva Group . . . . . . . .1660.0 35.0 2319.0 1237.0
Computacenter . . . . . .829.5 -7.0 879.0 705.0
Fidessa Group . . . . . . .2311.0 25.0 2522.0 1758.0
Micro Focus Inter . . . . .1628.0 -8.0 1643.0 1175.0
NCC Group . . . . . . . . . . . .281.1 -3.3 324.1 208.0
Playtech . . . . . . . . . . . . .837.5 -4.0 924.0 710.5
Sage Group . . . . . . . . . .630.5 4.5 636.5 489.7
Softcat . . . . . . . . . . . . . .372.0 -6.4 381.0 280.0
Sophos Group . . . . . . . .187.0 -1.2 289.7 176.2
Aggreko . . . . . . . . . . . .1185.0 20.0 1530.0 770.0
Ashtead Group . . . . . . .988.5 3.0 1157.0 769.0
Atkins (WS) . . . . . . . . .1340.0 -8.0 1656.0 1158.0
Babcock Internati . . . .1046.0 -2.0 1145.0 854.0
Berendsen . . . . . . . . . .1230.0 0.0 1242.0 969.0
Bunzl . . . . . . . . . . . . .2068.0 5.0 2094.0 1671.0
Capita . . . . . . . . . . . . .1066.0 6.0 1326.0 990.0
Carillion . . . . . . . . . . . . .273.9 -0.1 362.4 245.4
DCC . . . . . . . . . . . . . . .6430.0 105.0 6695.0 4620.0
Diploma . . . . . . . . . . . . .751.5 -6.0 835.0 608.0
Electrocomponents . . .290.4 0.4 292.7 172.5
Essentra . . . . . . . . . . . .840.0 -10.0 1029.0 673.5
Experian . . . . . . . . . . . .1318.0 11.0 1322.0 1022.0
G4S . . . . . . . . . . . . . . . . .189.2 1.8 292.7 181.0
Grafton Group Uni . . . . .714.5 -3.0 834.5 619.5
Hays . . . . . . . . . . . . . . . .136.8 0.8 172.8 113.4
Homeserve . . . . . . . . . .479.0 -0.6 490.0 363.2
Howden Joinery Gr . . .500.0 -1.0 531.0 444.5
Interserve . . . . . . . . . . .326.4 -1.2 663.0 298.3
Intertek Group . . . . . .3230.0 22.0 3349.0 2323.0
Michael Page Inte . . . . .396.9 3.7 559.0 359.0
Mitie Group . . . . . . . . . .284.4 2.7 335.6 245.7
Northgate . . . . . . . . . . .394.0 0.5 631.0 323.0
PayPoint . . . . . . . . . . . .998.0 7.0 1091.0 720.0
Paysafe Group . . . . . . .398.5 -6.0 432.4 219.0
Regus . . . . . . . . . . . . . . .314.7 0.0 354.6 248.6
Rentokil Initial . . . . . . . .182.6 -0.8 184.6 141.0
Serco Group . . . . . . . . . .112.9 0.9 133.4 76.8
SIG . . . . . . . . . . . . . . . . .133.8 -0.2 209.5 119.0
Travis Perkins . . . . . . . .1871.0 17.0 2260.0 1680.0
Wolseley . . . . . . . . . . .3706.0 17.0 4384.0 3230.0
Worldpay Group (W . . .280.4 0.5 316.8 255.9
ARM Holdings . . . . . . . .1011.0 7.0 1148.0 848.5
Laird . . . . . . . . . . . . . . .339.3 1.9 404.9 316.5
British American . . . .4279.5 8.0 4292.5 3355.5
Imperial Brands . . . . .3782.0 -20.5 3863.0 2991.0
Carnival . . . . . . . . . . . .3364.0 31.0 3907.0 2957.0
Cineworld Group . . . . .570.0 4.0 597.0 455.6
Compass Group . . . . .1304.0 -7.0 1311.0 991.0
Domino's Pizza Gr . . . .1067.0 8.0 1095.0 764.0
easyJet . . . . . . . . . . . . .1521.0 13.0 1808.0 1416.0
FirstGroup . . . . . . . . . . .107.9 -0.1 127.7 80.8
Go-Ahead Group . . . .2543.0 34.0 2713.0 2151.0
Greene King . . . . . . . . .888.0 -4.5 977.5 772.0
InterContinental . . . .2729.0 10.0 2939.8 2192.8
International Con . . . . .521.5 -3.5 614.5 475.3
Ladbrokes . . . . . . . . . . . .134.1 -0.4 140.0 93.4
Marston's . . . . . . . . . . . .151.6 -0.4 176.0 143.3
Merlin Entertainm . . . .435.0 1.5 466.8 365.9
Millennium & Copt . . . .416.5 -2.3 585.0 379.0
Mitchells & Butle . . . . . .292.0 3.1 475.3 256.0
National Express . . . . .336.9 2.7 349.3 272.4
Paddy Power Betfa . .9500.0 110.0 14275.0 7560.0
Rank Group . . . . . . . . .248.0 -2.3 295.5 213.0
Restaurant Group . . . . .365.3 4.9 723.5 273.6
Stagecoach Group . . . . .258.1 -0.4 419.6 247.9
Thomas Cook Group . . . .71.9 0.5 146.8 71.4
TUI AG Reg Shs (D . . . .1045.0 -5.0 1271.0 975.0
Wetherspoon (J.D. . . . .731.0 3.0 800.0 609.0
Whitbread . . . . . . . . . .4178.0 33.0 5275.0 3649.0
William Hill . . . . . . . . . .305.4 -3.6 423.5 301.6
Wizz Air Holdings . . . .1941.0 3.0 2047.0 1538.0
4D Pharma . . . . . . . . . .860.0 8.0 1012.5 740.0
Abcam . . . . . . . . . . . . . .661.0 -0.5 682.5 499.0
Advanced Medical . . . .198.0 -1.0 200.8 137.3
Alternative Netwo . . . .328.5 -3.0 533.0 282.0
Amerisur Resource . . . . .28.5 0.3 38.8 17.3
Arbuthnot Banking . . .1592.5 -2.5 1625.0 1265.0
ASOS . . . . . . . . . . . . . .3527.0 7.0 3970.0 2473.0
Brooks Macdonald . . .1754.0 14.0 2040.0 1682.0
Camellia . . . . . . . . . . .8100.0 50.5 9800.0 7904.0
Clinigen Group . . . . . . .554.5 0.0 761.0 510.5
Conviviality . . . . . . . . . .205.3 3.3 238.0 144.5
CVS Group . . . . . . . . . . .805.5 -9.5 840.0 599.5
Dart Group . . . . . . . . . .633.0 1.5 676.5 395.0
EMIS Group . . . . . . . . .1039.0 -10.0 1155.0 871.5
Fevertree Drinks . . . . . .725.0 -3.0 736.1 280.0
First Derivatives . . . . .2015.0 13.0 2113.0 1290.0
Gamma Communicati .452.5 8.3 463.0 268.5
GB Group . . . . . . . . . . . .316.3 -2.3 321.3 203.8
Gemfields . . . . . . . . . . . .42.0 0.0 68.3 35.5
Gooch & Housego . . . . .922.5 12.5 935.0 773.0
GW Pharmaceutical . . .531.0 -3.0 696.0 211.5
Iomart Group . . . . . . . .273.8 7.0 307.5 214.0
James Halstead . . . . . .409.5 4.8 520.0 381.3
Johnson Service G . . . . .98.0 -0.3 99.5 84.0
M&C Saatchi . . . . . . . . .339.4 0.6 370.0 282.8
M. P. Evans Group . . . . .425.0 21.8 445.9 345.5
Majestic Wine . . . . . . . .458.3 -4.5 472.0 296.0
Mulberry Group . . . . .1034.0 -1.0 1046.0 883.8
Nichols . . . . . . . . . . . . .1428.0 26.0 1492.0 1119.0
Numis Corporation . . . .231.0 -0.5 276.3 198.8
Pan African Resou . . . . . .14.5 -0.3 15.8 6.3
Patisserie Holdin . . . . .343.0 -13.0 450.0 297.0
Pinewood Group . . . . .562.5 0.0 580.0 419.9
Polar Capital Hol . . . . . .325.1 -0.5 479.5 319.8
Purplebricks Grou . . . . .122.0 2.0 175.0 73.0
Redcentric . . . . . . . . . . .198.0 -1.0 203.3 158.0
Redde . . . . . . . . . . . . . .163.8 -0.5 210.3 124.0
Renew Holdings . . . . . .364.8 -2.5 410.0 301.5
RWS Holdings . . . . . . . .231.8 1.3 245.0 119.5
Scapa Group . . . . . . . . .284.3 2.0 295.0 179.3
Secure Trust Bank . . . .2581.0 -49.0 3385.0 2580.0
Sirius Minerals . . . . . . . . .19.5 -0.3 23.0 10.8
Smart Metering Sy . . . .442.5 -2.5 445.0 305.5
Staffline Group . . . . . .1080.0 -3.0 1623.0 1074.0
Telford Homes . . . . . . .362.5 -3.0 482.3 315.8
Telit Communicati . . . .224.3 1.8 356.0 178.3
Thorpe (F.W.) . . . . . . . .235.0 -2.5 244.5 169.5
Vernalis plc . . . . . . . . . . .45.0 -0.1 86.5 43.0
Vertu Motors . . . . . . . . . .57.5 -1.0 78.5 55.5
Young & Co's Brew . . .1234.0 34.0 1300.0 1075.0
Young & Co's Brew . . . .932.5 -8.0 950.0 792.5
Evraz . . . . . . . . . . . . . . . . . . . . . .127.3 10.2
Sports Direct Inte . . . . . . . . . . . .383.2 5.4
Tullow Oil . . . . . . . . . . . . . . . . . .253.0 4.6
Drax Group . . . . . . . . . . . . . . . . .318.0 3.6
Vesuvius . . . . . . . . . . . . . . . . . . .338.9 3.4
Royal Dutch Shell . . . . . . . . . . .1756.0 3.2
Entertainment One . . . . . . . . . .187.3 3.2
Royal Dutch Shell . . . . . . . . . . .1764.5 3.1
Amec Foster Wheele . . . . . . . . .456.5 2.9
Weir Group . . . . . . . . . . . . . . . .1302.0 2.9
Allied Minds . . . . . . . . . . . . . . . .342.8 -5.2
Man Group . . . . . . . . . . . . . . . . .128.5 -4.4
Jimmy Choo . . . . . . . . . . . . . . . .109.3 -4.1
Ocado Group . . . . . . . . . . . . . . .259.4 -3.7
Genus . . . . . . . . . . . . . . . . . . . .1497.0 -3.4
Tullett Prebon . . . . . . . . . . . . . . .314.1 -3.4
Vedanta Resources . . . . . . . . . . .391.6 -3.2
Anglo American . . . . . . . . . . . . .665.5 -3.1
Euromoney Institut . . . . . . . . . .955.5 -2.9
Glencore . . . . . . . . . . . . . . . . . . .140.0 -2.9
Risers
Fallers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
%
%
AUTOMOBILES & PARTS
AEROSPACE & DEFENCE
BANKS
BEVERAGES
CHEMICALS
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL INDUSTRIALS
HEALTH CARE EQUIPMETN & S.
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
REAL ESTATE INVEST. TRUSTS
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
Tsy 8.000 15 . . . . . . .106.51 -0.07 113.8 106.5
Tsy 4.750 15 . . . . . . .102.64 -0.04 106.8 102.6
Tsy 4.000 16 . . . . . .105.79 -0.03 108.3 105.7
Tsy 2.500 16 . . . . . . .327.52 -0.01 339.1 327.3
Tsy 1.250 17 . . . . . . . .107.61 0.03 110.9 107.3
Tsy 8.750 17 . . . . . . . .121.21 0.05 126.3 121.1
Tsy 5.000 18 . . . . . . .113.51 0.10 114.4 111.7
Tsy 3.750 19 . . . . . . .113.00 0.20 113.0 108.0
Tsy 4.500 19 . . . . . . .115.07 0.16 115.1 111.2
Tsy 4.750 20 . . . . . .119.04 0.23 119.0 113.5
Tsy 2.500 20 . . . . . .366.72 0.08 370.4 359.4
Tsy 8.000 21 . . . . . .142.92 0.32 143.0 135.7
Tsy 4.000 22 . . . . . .119.85 0.45 119.8 110.4
Tsy 1.875 22 . . . . . . .124.78 0.18 125.8 119.1
Tsy 2.500 24 . . . . . .350.74 0.27 353.6 322.5
Tsy 5.000 25 . . . . . .134.70 0.68 134.8 119.4
Tsy 4.250 27 . . . . . . .131.90 0.84 132.0 112.1
Tsy 1.250 27 . . . . . . .130.83 0.42 131.4 116.0
Tsy 6.000 28 . . . . . .155.76 0.85 155.7 132.9
Tsy 4.750 30 . . . . . . .142.51 0.89 142.5 118.3
Tsy 4.125 30 . . . . . . .347.31 0.33 350.7 304.4
Tsy 4.250 32 . . . . . .136.85 0.98 136.9 111.7
Tsy 1.250 32 . . . . . . .143.94 0.53 144.8 120.7
Tsy 4.250 36 . . . . . .140.37 1.13 140.4 111.6
Tsy 4.750 38 . . . . . .153.30 1.21 153.2 120.4
Tsy 0.625 40 . . . . . .144.56 0.66 146.5 112.2
Tsy 4.500 42 . . . . . . .153.16 1.33 153.1 117.1
Tsy 3.500 45 . . . . . . .132.31 1.50 132.2 100.6
Tsy 4.250 46 . . . . . .152.26 1.50 152.3 113.3
Tsy 4.025 49 . . . . . . .156.13 1.64 156.4 114.4
Tsy 4.000 99 . . . . .100.00 0.00 101.8 94.9
INDUSTRIAL METALS & MINING
GENERAL RETAILERS
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 6284.53 11.13 0.18
FTSE 250 . . . . . . . . . . . . . . . . . . . . 17195.38 13.62 0.08
FTSE All-Share . . . . . . . . . . . . . . . . 3454.09 5.56 0.16
FTSE AIM All-Share. . . . . . . . . . . . . . 744.39 1.05 0.14
S&P 500 . . . . . . . . . . . . . . . . . . . . . . 2112.13 2.72 0.13
Dow Jones I.A. . . . . . . . . . . . . . . . 17938.28 17.95 0.10
Nasdaq Composite. . . . . . . . . . . . . 4961.75 -6.96 -0.14
Xetra DAX . . . . . . . . . . . . . . . . . . . 10287.68 166.60 1.65
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4475.86 52.48 1.19
Swiss Market Index . . . . . . . . . . . . 8215.78 49.80 0.61
ISEQ Overall Index. . . . . . . . . . . . . 6475.06 72.51 1.13
FTSEurofirst 300. . . . . . . . . . . . . . . 1360.25 16.06 1.19
Hang Seng . . . . . . . . . . . . . . . . . . 21328.24 298.02 1.42
Shanghai Composite . . . . . . . . . . 2936.04 1.95 0.07
Straits Times . . . . . . . . . . . . . . . . . 2848.09 16.81 0.59
ASX All Ordinaries . . . . . . . . . . . . . 5441.00 10.00 0.18
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
LIFE INSURANCE
MOBILE TELECOMS
INDUSTRIAL ENGINEERING
MEDIA
MINING
SOFTWARE & COMPUTER SERV.
HHOLD GDS & HOME CONSTR.
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19
WEDNESDAY 8 JUNE 2016
NEWS
CITYAM.COM

20 OPINION WEDNESDAY 8 JUNE 2016
CITYAM.COM
FORUM
EDITED BY TOM WELSH
Why Ireland only sees risks
from Britain leaving the EU
IT WOULD be nice to be able to
shrug my shoulders, sit back
and observe the current UK
debate on the country’s future
in Europe as a detached spectator.
That, I am afraid, is not an
option for Ireland.
We are too close to the UK in all
sorts of ways for us to be indifferent
about what could be in the offing
here after 23 June. We are near
neighbours and friends, and this
gives us a unique perspective on the
current EU debate in Britain.
When I look at the coming UK poll
on Europe from an Irish angle, what
I see are a multiplicity of risks that
seem to us to be all too real even if
their precise impact can be difficult
to quantify. A desire to avoid these
risks and uncertainties makes us
hope that the UK will decide to
remain in the EU.
The first risk is the threat to our
flourishing trading relationship.
Irish-UK trade has blossomed during
the 43 years our two countries have
been members together of the
European Union. Two-way trade
between us now amounts to more
than £1bn each week and it is growing.
It is impossible to be sure how a UK
exit would affect this mutually-beneficial
trade, but the implications
cannot be positive. After a UK exit,
trade between our two countries
would be regulated as part of a new
trading relationship to be
negotiated between the UK and the
EU. A reduction of 10 per cent in
trade flows back and forth across
the Irish Sea – and there are those
who think the impact could be
much greater – would certainly
damage our two economies and put
DAVID Cameron has tried to
frame the Brexit debate as
essentially about economics.
Standing with him is the
overwhelming consensus of
economists themselves, from academics
to the International
Monetary Fund (IMF). Yet their pronouncements
are not having that
much impact on the electorate if the
polls are to be believed.
There is justification for this public
scepticism. The arguments relate to
what might happen to the economy
at the aggregate, or macro, level. How
much will GDP rise or fall, how many
jobs will be lost or created, what will
happen to trade, to inflation?
At the individual level, or micro
level as economists call it, a great
deal of progress has been made in
the past 20 years or so. But at the
overall, macro level, mainstream economics
has if anything gone backwards.
Concepts such as rational
behaviour and equilibrium have
been incorporated into the thinking
many jobs at risk in both countries.
The second risk that concerns us
relates to Northern Ireland and
specifically to the border between
North and South in Ireland. Thanks
to our EU membership, there is a
single market on the island of
Ireland and customs controls, which
I am old enough to remember, are
now a thing of the past.
If the UK were to leave the EU’s single
market after a UK exit from the
EU, and that now seems to be the
desire of leading campaigners on
the Leave side, then it seems very
likely that customs controls would
need to be introduced again on the
Irish border. This would be a serious
setback to the growth of economic
ties between North and South in
Ireland and to the achievement of
their full potential in the years
ahead.
But the risk does not end there.
What if a UK exit were to generate
pressure for controls on the movement
of people across the border in
Ireland? Such a development would,
in the words of our foreign minister
Charlie Flanagan, be “a nightmare
of huge proportions”. The open border
that exists at present benefits
both parts of Ireland and both communities
in Northern Ireland. It is
part of the framework that supports
the Northern Ireland peace process.
It would be a shame to put that
open border at risk.
A related risk concerns the longstanding
tradition of free movement
between our two countries. It is
true, of course, that the Common
Travel Area predates our EU membership,
but this mutually-advantageous
regime has only ever existed
when both countries were outside
Daniel
Mulhall
No-one would
pretend that the EU
has over the years
been an essence of
perfection, but it
does have an
honourable record
the EU, or when we have both been
members. No one can say what it
might mean for free movement
when Ireland’s land and sea borders
with the UK become frontiers
between an EU member state and a
non-EU member.
A further concern of ours, and a
very important one, is the risk to
Europe stemming from a UK depar-
of macro economists, at the very
time that their micro colleagues are
challenging them.
Olivier Blanchard, until recently
chief economist at the International
Monetary Fund, has real form on the
perils of believing orthodox macro
economics. In August 2008, for example,
just three weeks before Lehman
Brothers collapsed and the worst
recession since the 1930s burst onto
the world, he published a paper
claiming that the state of macroeconomics
was “good”.
The relationship between inflation
and unemployment is a central building
block of macroeconomics.
Economists even have a special
phrase for it, the so-called “Phillips
curve”, named after the LSE-based
academic who discovered it in the
1950s. The curve in theory says: the
lower is unemployment, the higher is
inflation. This is the subject of
Blanchard’s latest offering in the
American Economic Review.
The Phillips curve is not just of academic
interest. The Monetary Policy
Committee, for example, has an
inflation target, and unless its members
know what the curve looks like,
they are not going to be able to do a
very good job.
Blanchard sets out a formidable
looking mathematical model. He
then employs statistical techniques
in conjunction with the theory, in
the same way that, for example, the
UK Treasury published one with
their estimates of the trade costs of
Brexit. Blanchard claims that “the US
Phillips curve is alive”.
Up to a point, Lord Copper. For one
of Blanchard’s conclusions is that
ture from the EU. This would be an
unprecedented event, and it is difficult
to see how the Union could be
left unscathed by such a development.
No-one would pretend that the EU
has over the years been an essence of
perfection, but it does have an honourable
record. It has created a
unique partnership between
European nations, some of which
have a long history of conflict. It has
helped keep the peace in Europe for
more than 60 years. While it would
be wrong to claim that the EU
deserves all of the credit for this
achievement, it has certainly played
its part.
Europe since the 1950s has been a
region of peace and prosperity, tolerance
and respect for human rights.
The contrast between the past 60
years and the decades preceding the
emergence of the EU is stark indeed.
And while it would be unwise to predict
any repeat of the disasters of
the first half of the twentieth century,
it is true that the values the EU
has championed since its inception
are under some threat at present.
We need a strong EU to help defend
European values and our shared
interests in a troubled, changing
world. A UK departure would weaken
Europe’s capacity to act effectively
in global affairs.
I understand that voters have a
number of arguments they need to
weigh up on 23 June, but it would be
remiss of us not to draw attention to
the particular risks that we perceive
with regard to Northern Ireland and
Irish-UK relations.
£ Daniel Mulhall is Ireland’s
ambassador in London.
The poor state of macroeconomics justifies
scepticism with Brexit disaster forecasts
Paul
Ormerod
“the standard error of the residual in
the relation is large, especially in
comparison to the low level of inflation”.
Translated into English, this
simply means that his model does a
poor job of explaining what has been
going on.
This is hardly surprising. The
unemployment rate peaked in the
US at just under 10 per cent in 2010.
Since then it has halved to stand at
just under 5 per cent. But inflation is
slightly lower, at 1.1 per cent compared
to the 1.6 per cent average in
2010. The story is just the same in the
UK and Germany. Since the crisis,
unemployment has fallen sharply
and inflation has edged down. Macro
models are by far the weakest part of
economics.
£ Paul Ormerod is an economist at
Volterra Partners, a visiting professor at
the UCL Centre for Decision Making
Uncertainty, and author of Positive
Linking: How Networks can
Revolutionise the World.
DEBATE
Q: After grilling
Mike Ashley, is it
fair for MPs to
demand business
leaders account for
themselves before
Parliament?
Ioannis
Ioannou
YES
Yes, it is fair. To the extent that Parliament
acts in good will to protect the long-term
interests of society at large (as opposed to
serving short-term political objectives),
demanding transparency and
accountability from companies that have
a material impact on societal issues is a
step in the right direction. Accountability
in front of MPs, the elected
representatives of the people, generates a
strong public signal of institutional
commitment towards corporate
responsibility. Looking to the future, it
could also make companies think twice
when developing their strategy,
particularly those that fail to account for
potentially harmful societal impacts,
negative environmental externalities, or
failures to even comply with existing laws
and regulations. Importantly, however,
this type of public accountability could
help companies themselves restore trust –
but only to the extent that they are willing
to honestly and genuinely engage with
the process.
£ Ioannis Ioannou is associate professor of
strategy and entrepreneurship at London
Business School.
Tim
Worstall
NO
That Mike Ashley should explain
something to MPs is just fine: who knows,
he might even have shouted some sense
into them. That Ashley was actually being
asked to explain himself to them was not
fine. For of course, no-one expected any
explaining to be done. This was an
opportunity for MPs to get on TV while
berating people, and no more. The
original allegations were that working in a
repacking warehouse isn’t that much fun.
I’m unconvinced of the value of anyone
having to explain that to politicians.
Surely anyone capable of finding
Westminster would know that already?
There is one hope, though, which is that
one day a proper plain speaker will be
asked one of those idiot questions. When
Margaret Hodge was berating Google,
how we all longed for the “so why have
you been voting for these tax laws we
haven’t broken for 21 years then,
Margaret?”
£ Tim Worstall is senior fellow of the Adam
Smith Institute and author of Chasing
Rainbows: Economic Myths, Environmental
Facts.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
OPINION
21
WE WANT TO HEAR YOUR VIEWS › E:theforum@cityam.com COMMENT AT:cityam.com/forum
LETTERS
TO THE EDITOR
Brexit and
protectionism
[Re: Forget Remain’s Brexit deceptions: EU
backers are the real protectionists,
yesterday]
While some will like Ryan Bourne’s vision for a
Britain exposed to the bracing winds of global
competition, as former WTO director general
Pascal Lamy explained on Newsnight on
Monday, if the UK gets rid of all tariffs (as
Bourne suggests), then other countries will
have no incentive to negotiate favourable
access to UK companies. Although British
consumers would benefit, big exporters
would feel the pain and we could well see
more manufacturing jobs leave the UK for
elsewhere. That is presumably what the
Remain campaign is saying when they
question the impact of Brexit on UK jobs.
Robert Marks
Remain’s argument can essentially be boiled
down to this: the people can’t be trusted.
Whether it’s not to demand restrictive trade
policies, pull up the drawbridge on migrants,
or nationalise every industry, Remain says we
need the EU to ensure that Britain doesn’t
become a worse place. How patronising.
Will Stewart
Tax on success
[Re: The post-crash entrepreneurial
revolution has changed Britain: I want MPs
to spur it on further, Monday]
If the government were serious about helping
entrepreneurs, it would alleviate the tax
burden on the most economically successful
and entrepreneurial region of the UK: South
East England.
Name withheld
BEST OF
TWITTER
Our latest EU referendum
rolling average puts Leave
ahead by 0.5 per cent:
Remain: 44.0 per cent;
Leave: 44.5 per cent.
@britainelects
UK Brexit uncertainty
hurting over one-in-three
companies.
@MarkitEconomics
Cameron is just wrong
about Brexit: we’ll have
more freedom to lessen red
tape and lower taxes. Britain
will be even more
investable.
@DrPippaM
Latest EU growth figures
show countries on edge of
Europe doing best –
Sweden, Spain, Poland, UK.
@asentance
4 per cent chance of a rate
rise in June, 26 per cent in
July. Yellen quite right to
slap down the hawkish and
clueless Fed presidents who
can’t read the data.
@D_Blanchflower
As UK house prices rise at an
annual rate of 9.2 per cent,
Mark Carney and the Bank
of England are “vigilant”!
@notayesmansecon
Sadiq Khan won’t improve life for
London’s renters by wrapping
buy-to-let landlords in red tape
A“referendum on housing.”
That was how Sadiq Khan
described the London mayoral
contest. Access to housing
that Londoners can afford is
certainly critical to the future success of
the capital, and at the heart of the
mayor’s plans are substantial reforms to
private rented property.
As the voice of private landlords, we
welcome debate about the future of the
sector. With predictions that 60 per cent
of Londoners will be renting by 2025, up
from 27 per cent today, there needs to
be action to ensure that there is an adequate
and enduring supply of affordable,
high-quality homes.
But it is vital that the mayor roots his
plans in facts rather than horror stories
trumpeted by siren voices who have a
problem with anyone making money
out of renting. The mayor has pledged
to introduce a new “living rent”, for
example, a proposal that comes close to
rent controls. Many will welcome such a
move, but the facts do not support the
hypothesis that landlords are fleecing
tenants for all they can get.
ONS figures show that, in the year to
February 2016, London house prices
rose by 9.7 per cent compared to a rise of
3.8 per cent in private sector rents. If the
mayor doesn’t think house price controls
are needed, why are they required
for rented properties? The solution is to
increase the supply of housing across all
tenures, not to introduce some artificial
control on rents which would only stifle
investment and make it harder for people
to find somewhere to live. More
housing will give tenants more choice,
controlling rents and allowing tenants
to avoid crooked landlords.
Alan
Ward
But Khan can only achieve this by
working with the private rented sector.
Encouraging landlords to develop new
properties on small plots of unused
land across the capital, for example,
would make a real difference.
Landlords, whether as individuals or as
small to medium-sized companies, have
a good record of investment in new
buildings, including on small plots.
These plots are too small to be of
interest to larger, corporate developers
and they are often left empty, becoming
unsightly and magnets for anti-social
behaviour.
The mayor must also come up with a
comprehensive plan to address the nearly
60,000 empty homes government figures
suggest there are across the capital.
He might, for example, adopt an idea
suggested by Islington Council to introduce
planning restrictions on newlybuilt
property to prohibit the deliberate
practice of letting properties lie empty.
The mayor is right to want longer tenancies,
but he needs to remember that
landlords can already offer them. The
most recent English Housing Survey
shows that the average length a tenant
has lived in their private rented
property is now four years. In fact, some
good agents already offer tenancies of
more than 12 months as standard and
:@cityam
this is spreading.
Efforts need to be made to create an
environment in which it is easier to
offer longer tenancies instead of imposing
them. Data compiled for the RLA by
DJS Research found that 25 per cent of
landlords were not allowed to agree tenancies
longer than a year by their mortgage
lender or insurers. Some less
reputable letting agents in London also
base business models on tenants regularly
renewing tenancies.
And what of regulation? Every tenant
deserves to live in a safe, legal and
secure home, but the mayor’s plans to
help London boroughs set up landlord
licensing schemes would do little to
find criminal landlords. Analysis by
London Property Licensing found that,
between 2011 and 2014, of the 10 boroughs
with the highest rates of prosecutions
against landlords, just two
operated any form of licensing scheme.
Rather than creating more bureaucracy
for good landlords, and more costs to
be passed on to tenants, a more effective
solution to identifying bad landlords
would be to ask tenants who their landlord
is through the council tax registration
form. Boroughs already have the
power to do this, but usually don’t do so
or do not use the data obtained for
housing enforcement.
The private rented market has the
potential to play a big part in meeting
the need for new homes, but only so
long as policy is evidence-based and
avoids the hyperbole and prejudice that
has too often characterised debate on
the sector.
£ Alan Ward is chairman of the Residential
Landlords Association. @RLA_News.
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Lord Mayor’s 2016
POWER OF
DIVERSITY
BREAKFAST SERIES
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Disability – a desirable
With speakers including:
• George Selvanera, Director of Strategy & External
Affairs at Business Disability Forum
• Robert Hunter, Founder and Trustee of City Disabilities
• Sarah Simcoe, Head of Business Enablement
Business & Application Services at Fujitsu
LORD
MAYOR
ATTENDING
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www.thelordmayorsappeal.org @LMAppeal The Lord Mayor’s Appeal

22 FEATURE WEDNESDAY 8 JUNE 2016
CITYAM.COM
PERSONAL FINANCE
FREE MONEY
FROM THE
BANK
Several are paying £100 or more to newcomers –
but hurry, these deals are dwindling
Annabelle
Williams
BANKS are offering customers
free cash for switching their
current accounts. The UK’s
big four – Barclays, HSBC,
Lloyds and RBS – have been
shaken up by the arrival of newcomers,
from online-only “challenger”
banks to European giants. Banks are
working harder to draw customers,
with several offering between £100
and £200 to newcomers.
“It appears free-in-credit accounts
are becoming reward-in-credit
accounts. In essence, this means... the
bank will pay customers for using
them,” says Brian Brown from industry
specialists Defaqto.
Their research says one-off bonuses
are on the decline, so savvy customers
should make the most of them while
they last. It may be worth switching
between them from time to time – it’s
an interesting way to try out different
banks’ services too as they vary widely.
Some give customers preferential
rates on savings accounts and mortgages.
Alongside the one-off cash payment,
some are also handing out small
monthly credits. The Co-op Bank and
Halifax offer around £5 a month
through their incentive programmes.
While it’s a small amount, it’s worth
thinking of this £60 a year as extra
interest – useful at a time when many
savings accounts are paying next to
nothing.
HOW TO CHANGE BANK
Changing bank accounts is much easier
these days. The UK now has a
seven-day switching service which
means, after the forms are filled in,
the onus is on the new bank to shift
all incoming and outgoing payments
to your new account. This includes
direct debits, bill payments and
incoming salary and pensions payments.
It will all be done within
seven working days, and the old
account will be closed too. See more
at the official website,
Simplerworld.co.uk.
It’s aimed at improving competition
in the sleepy world of banking, where
nearly 60 per cent of people have
been with the same bank for over 10
years. Around 70 per cent of people
have their account with one of the
Big Four – Barclays, HSBC, Lloyds and
RBS.
To qualify for any cash bonus, typically
customers will have to switch
over fully to the new bank and pay in
a minimum amount monthly.
Usually customers will have to transfer
over direct debits too – this can be
as many as four, and standing orders
don’t count.
A tip for people who don’t have sufficient
direct debits: set up a “minimum
payment” to a credit card. Even
if the balance on the credit card is
zero, and the card company takes
nothing each month, it still counts as
an active direct debit.
CASH BONUS
HSBC is among the most generous. It
offers £150 to switch to its HSBC
Advance account, plus a further £50
bonus when the account’s been open
for a year. The offer runs until 10 July.
Two direct debits must be switched,
and customers will be given a 0 per
cent overdraft for six months.
Customers can also qualify for a savings
account with a 6 per cent interest
rate. The minimum monthly deposit
is relatively high, at £1,750 a month
(which equates to a £26,300 salary) or
£10,500 every six months.
First Direct is also giving newcomers
£100 for signing up to its 1st Account,
alongside eligibility for a savings
account paying 6 per cent interest and
a free overdraft. In an unusual twist,
First Direct will also give unhappy customers
£100 when they leave, between
six months and year after joining.
That said, this bank does have the
highest approval rating of any surveyed
by the Money Saving Expert
website. Ninety-two per cent of its customers
say it’s great.
There is also a £10 monthly fee for
this account, but it’s waived each
month if £1,000 is paid in. Not an
issue for people in regular work.
FREE CASH AND ON-GOING
BONUSES
The Co-op Bank pays £150 to switch to
its Standard Current Account.
Customers can also join its reward
programme which pays up to £5.50 a
month (over £60 a year) as a cash
bonus for doing ordinary things with
the account such as paying in a salary,
using online banking and paying by
debit card. It’s also attractive as an
ethical bank. To qualify, people must
switch four direct debits, and there’s
no minimum amount to pay in each
month.
Meanwhile, Halifax gives new customers
£125 for signing up to its
Reward account. This offer runs until
18 July. There’s also an ongoing £5 per
month bonus which is paid to customers
who, again, do very average
things with their account including
paying in £750 each month, staying in
credit and keeping two direct debits
active.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
FEATURE
23
OFFICE POLITICS
Troublesome
teamwork: Ten
tips to co-exist
peacefully
Only shared knowledge is power, say
Mandy Flint and Elisabet Vinberg Hearn
ON AVERAGE, we spend 37
hours a week at work, which
means that most of us spend
more time with our colleagues
than with our family
and friends. And if things aren’t amicable
with the people we work with, or our
teams don’t function efficiently, those
37 hours are going to be painful indeed.
We have identified 10 common problems
which teams often encounter. So
be proactive. Whichever of these you
face, address them to ensure your team
is as successful as it can be.
LACK OF TRUST
Trust is crucial to teamwork, and it is
hard to trust someone you don’t know.
Team members must spend time
together and get to know each other if
there is to be a sense of cohesion.
CONFLICT AND TENSION
Conflict, a difference of opinion, can be
healthy, and if carefully managed, can
trigger useful debates.
Different opinions are no bad thing.
It’s how we handle them that makes a
difference. We can look for the creative
power in the different views and use it
to find better solutions.
NOT SHARING INFORMATION
Knowledge is not power, until it is
shared. Effective teams share regularly
and generously for the benefit of everyone.
This allows the whole team’s capabilities
to grow and gives the team more
power.
LOW EMPLOYEE ENGAGEMENT
Less than 20 per cent of people are fully
engaged at work. This is a massive waste
Effective teams
share regularly
and generously
for the benefit of
everyone
of resources, and of employees’ time.
The key to engagement is keeping staff
involved. When involved, it is impossible
to stay detached.
LACK OF TRANSPARENCY
Transparency is becoming the expected
norm in business. The same goes for
teams; they want to see what other
teams do, and managers should provide
them with the opportunity.
LACK OF LONG-TERM THINKING
Long-term success requires long-term
thinking. Businesses have to look
beyond the urgent, take a holistic view,
and see how all the parts fit together.
In teams it’s about considering the
impact of actions and behaviours – on
each other, customers and financial
results.
TAKING THE
BAC SEAT
BACtrack
Free
If you’ve had a
few to drink, this
breathalyser app
may prove a
stitch in time.
BACtrack allows
you to monitor
your BAC (blood
alcohol content),
and find out
when your
system will be
booze-free so
you can make a
more informed
decision before
you get behind
the wheel. The
catch is that you
have to buy the
breathalyser
itself (currently
£80 on Amazon).
But on the plus
side, a graph will
track your
consumption
over time.
NEGATIVE PERCEPTIONS
Every team has a brand and reputation.
A large part of that is driven by how well
the team delivers on expectations and
promises. Everyone needs to take
responsibility for their role in creating
the perception of the team. This
includes both what is delivered and
how.
NOT MANAGING CHANGE WELL
Change is inevitable. All organisations
go through change continuously. But it
slows people down and creates uncertainty.
Be proactive about how the change is
handled; talk about it in a constructive
way, get clarifications, find solutions to
make the change work.
SILO WORKING
Silo working is a reality for many teams.
Working together in earnest is making
the most of the fact that you are a team.
Honour your time and efforts by
seeing yourself as a full time member of
the team, not just an individual contributor.
Look out for each other and help
each other succeed.
DIFFERENT DIRECTIONS
Unless your team is all going in the
same direction, you are effectively
pulling the potential of the team apart.
To walk in the same direction, spend
time clarifying what you are contributing
to (vision) and why (purpose).
Keep in mind that visions need to be
compelling, and purposes meaningful.
£Mandy Flint and Elisabet Vinberg Hearn
are authors of Leading Teams – 10
Challenges: 10 Solutions, published by FT
Publishing.

24 LIFE&STYLE WEDNESDAY 8 JUNE 2016
CITYAM.COM
FOOD&DRINK
L’ANIMA
1 SNOWDEN STREET,
BROADGATE WEST, EC2A 2DQ
WHAT? A high-end Italian restaurant
and bar nestled behind Liverpool
Street Station. L’Anima means “soul” in
Italian and the aim here is to provide a
glimpse into the very soul of southern
Italian cuisine, featuring modern takes
on hearty classics. The spring menu
revolves around fresh, zesty
ingredients like artichoke slaw with
cured fish roe, and asparagus with egg
and guanciale. There’s also a L’Anima
Cafe and Deli located next-door,
serving more relaxed food to eat in or
take out. The spring menu is available
now for £35 for two courses or £40 for
three courses, including two glasses of
wine.
APPEARANCE: Located across the
bottom of a modern office
development, L’Anima is certainly
bright, with floor to ceiling windows on
two sides providing plenty of
opportunity to watch the suits walk by.
As is often the case with modern
developments, L’Anima struggles a
little to bring the space to life, and the
white furniture and pale floor gives it a
vague hint of the airport departure
lounge. It is, however, bustling at lunch,
which helps to breathe some character
into it. There’s also a bar that looks like
it’s just been beamed from the 1980s, a
totem of black stone that glows
negatively against the stark white
room.
TRY THIS: The beetroot tortellini with
smoked burrata is the stuff of dreams,
as is the baked cod in a saffron seafood
guazzetto.
WHO? Sardinian chef Antonio Favuzzi
heads up the kitchen. He’s a graduate
of Alan Yau’s Anda in Marylebone,
Franco’s on Jermyn Street, The
Wolseley and Corbin & King restaurant
St Alban. It’s been open since 2009 and
it’s Californian property developer
Peter Marano’s debut restaurant.
BUSINESS OR PLEASURE? Being a
skip, hop and a jump from
Bishopsgate, L’Anima is made with the
WORKING
LUNCH
Steve Dinneen on
the best places to
eat during office
hours in the City and
Canary Wharf
working man and woman in mind. The
spacious dining room allows for
meetings that won’t be overheard by
the people at the next table and the
dishes are light enough to allow you to
get some work done afterwards – as
long as you don’t delve too deep into
the impressive wine menu. You won’t
be turned away for rocking up in jeans
and trainers but you’ll be in the
minority. L’Anima feels like the kind of
place where things get done.
NEED TO BOOK? Yes, if you want a
table between 12-2pm. Go to
lanima.co.uk, email
reservations@lanima.co.uk or call 020
7422 7000.
THE VERDICT: Great food in
professional surroundings; this place
has “working lunch” written all over it.
ONE MORE THING: You can organise
cookery masterclasses with chef
Antonio Favuzzi, where he will teach
you how to prepare anything from
Mottra Sterlet caviar to pan di spagna
(sponge cake); prices from £120 per
person.

CITYAM.COM
WEDNESDAY 8 JUNE 2016
LIFE&STYLE
25
: @city_am
: @cityamlife
Not a natural
born fisher
Our columnist comes up short in the
river but feeds 10 with a single trout
MY FOOD
DIARY
Mark Hix
ADVENTURES IN IRELAND PT. 2...
Well, I’m sure you were
looking forward to finding
out how many
salmon I managed to
land on the river bank
on day two of my Galway salmon fishing
trip? Well I’m going to disappoint
you: between you and me, it was zero.
Both Peter and Andre managed to
hook a couple of fish but sadly lost
them. As usual on these salmon adventures,
you have to book well in ad-
vance: with us foodie types all having
busy schedules, that often means the
fishing itself is pot-luck. Too often you
hear the most miserable sentence
known to man: “You should have been
here last week!”. Of course, that’s not
much help when your rod’s in the
water and you haven’t felt so much as
a wiggle in two days. But that’s fishing,
I’m afraid.
I did, however, manage to land one
decent sized brown trout on Lough
Corrib. Although it wasn’t necessarily
the species I was targeting, I guess
beggars can’t be choosers. So dinner
that night was like Jesus with the
loaves and fishes, attempting to feed
ten people with one little trout.
I decided to rustle up an Asian style
crispy trout broth with a spiced clear
stock, made from the head and bones,
garnished with crispy pieces of deep
fried flesh, coriander and wild garlic
leaves, with ginger and chilli.
Even though the catch was extremely
modest, it just about
stretched to make 10 bowls of tasty
broth (with the help of a slightly
larger fish I found in the fridge). We
also had more of the Glenarm Estate
beef and lamb I mentioned last
week, which I turned into various
Chinese-style dishes made using the
carrier bag of wild garlic leaves, flowers
and bulbs I picked in the nearby
woods.
When I cook at home or I’m entertaining,
I tend to go with Asian
flavours as it’s a tad removed from
what I serve in the restaurants and
you can create all sorts of dishes with
a few simple ingredients (ginger,
chilli, coriander etc).
TROUT STOCK
£ Serves 4-6
Bones from a couple of white fish, washed
1 onion, peeled and roughly chopped
1 small leek, peeled and roughly chopped
10 peppercorns
1 bay leaf
1/2 lemon
10 fennel seeds
• Put all of the ingredients into a saucepan
and just cover with water. Bring to the boil
and simmer gently for 30 minutes then
strain through a sieve
LUNCH FOR UNDER £10
AT HIX SOHO, EVERY WEEKDAY
THIS SPRING
Raise a pint for City Beerfest 2016
Don’t miss the City’s
very own beer festival,
with live music, vintage
cars and dray horses
Set in the heart of the City in the elegant
and historic Guildhall Yard, City
Beerfest returns to the Square Mile
for its fourth outing on Wednesday 6
July. The Worshipful Company of
Brewers has attracted an impressive
range of breweries, while the City
Music Foundation (CMF) has
arranged a varied line up of music,
from jazz to folk.
This year, the festival will be raising
money for the CMF, which aims to
turn musical talent into professional
success by providing
workshops,
performance opportunities
and a mentoring
programme
that teams artists
up with senior
business people
from City firms,
and it also supports
the Lord
Mayor’s Appeal.
Jazz musician Giacomo
Smith tells City
A.M. how his CMF mentor,
CEO of Gensler Ian Mulcahey,
helped his Hackney-based bar,
Kansas Smitty’s, become a successful
business.
WHEN DID YOU DECIDE TO AUDITION
FOR THE CMF AND WHY?
It’s been about two years since I was
inducted. I found out about it through a
friend who said that I had to try out for this
thing called the CMF; it’s a very young
organisation and it’s really enthusiastic
about helping musicians realise their
professional goals.
It was really funny because we had the
first audition slot at 7:30 in the morning,
and it’s very weird to play jazz at that time
in the morning... So I got it, and the
rigorous part is that you don’t have to just
play, but you have to then go to a panel of
people and explain to them why you want
their support. I described the project that I
wanted to do, which was found my bar and
record my album with my band, and they
were cool with it.
HOW DID YOU COME TO MEET IAN
MULCAHEY, AND HOW HAS HAVING A
MENTOR BEEN HELPFUL?
CMF introduced the mentoring scheme
about a year ago, and it was like a
blind date session, like ‘Oh now,
you’re going to meet your
mentor, here he is! Yours is
really cool!’ What’s great
about doing artist
programmes like this
where you meet other
people is that you’re
forced out of your
bubble. When you do
things like music, you
kind of go further and
further in on yourself and
what your group is doing. And
then these guys say look, get out of
your bubble and speak to someone who is
in another bubble.
So I met Ian, and we have some
overlapping interests in that he likes jazz
and he’s been to a lot of festivals like Love
Supreme. He was just enough in tune to
my world that we could break the ice. Then
it turns out that he’s a very senior person in
Gensler, which is a hugely interesting
company that’s doing projects all the
Giacomo Smith, left, will be playing City Beerfest with Kansas Smitty’s house band
across the world and major cities. So we
ended up keeping in touch and it was great
to speak to someone who is not in my
immediate circle, who has a completely
outside opinion.
WHAT PRACTICAL ADVICE HAS IAN
BEEN ABLE TO GIVE YOU?
I think I met him the weeks that we were
opening the bar in May last year. And he
came down and gave me a lot of ideas. The
advice that has been really helpful is
something that I, as a manager, quote all
the time, which is about negotiating fees
when we get contacted for jobs.
So, for instance, somebody says they
want music for something, then you quote
them a price and Ian said what you can’t
do is scale back on your offer and say, ‘Well
if you’re only willing to pay £1,000 instead
of £2,000, we’ll just play half as much
music’, because that’s going to burn
bridges and make you look like you’re
nickel-and-diming people. You say, ‘we’ll
play an hour extra, which means that the
band will be there for three hours for
£2,000’, and sometimes they’ll get the
message and go for your offer or not. It’s
just a much more graceful way of dealing
with the money problem. I thought that
was just great, it’s been invaluable advice.
YOU PLAYED CITY BEERFEST LAST
YEAR; WHAT WAS THE ATMOSPHERE
LIKE?
Beerfest is great, it’s like a summer festival
stage in a completely weird location.
People are really nice, and it’s fun to play
out in the sun. We’re doing two concerts
spread out for the Beerfest, which is much
more than last year. We’re really excited
because not only are we playing as a
smaller band, Smitty’s BIg Four, but we’re
bringing our much larger seven-piece
band, the house band at Kansas Smitty’s.
We did the main show at Ronnie Scott’s
in February and we sold it out six weeks in
advance, and that was a really big deal for
us because that doesn’t often happen. So
that’s why we’re really happy to be doing
as much as possible as the house band.
And to collaborate with CMF for Beerfest as
well, who’ve helped me out so much, it’s a
really great chance to give something back.
£ For special offers and advance beer
tokens, visit citybeerfest.org.

26 SPORT WEDNESDAY 8 JUNE 2016
SPORT
FOOTBALL
Vardy poised to
decide future
after Euro 2016
ROSS MCLEAN
@rossmcleanRMAC
STRIKER Jamie Vardy looks set to
adhere to the wishes of England
manager Roy Hodgson and postpone
any decision over his domestic future
until after the European
Championship.
Arsenal triggered a £20m release
clause in Vardy’s contract on Friday
while the 29-year-old was expected to
decide whether to join the Gunners
or stay with Premier League
champions Leicester City before
flying to France on Monday.
No decision was forthcoming and
Vardy, who netted 24 top-flight goals
last term, now appears ready to put
any such debate on his future onto
the back-burner until England’s
involvement at the tournament has
ended.
Hodgson, who allowed Vardy to
miss England’s friendly with
Australia at the Stadium of Light for
his wedding, has spoken of his desire
for transfer speculation to be left at
Leicester striker Vardy has been the
subject of a transfer bid from Arsenal
FOOTBALL
JOE HALL
@joehallwords
FORMER Chelsea first-team doctor Eva
Carneiro achieved victory in her longrunning
legal battle with the club and its
former manager Jose Mourinho yesterday
when she received a seven-figure
payout and an apology.
Carneiro reached a settlement with
Chelsea over a claim for constructive
dismissal and agreed to drop a separate
claim against Mourinho for sex discrimination
shortly before she was due to
give evidence to the tribunal in Croydon.
Details have been kept confidential but
experts said the Premier League club
would likely have had to fork out over
£1.2m — the value of a previous settlement
offer rejected by Carneiro.
Chelsea apologised “unreservedly” to
their former employee and agreed that
she had been in the right in the August
2015 incident at the centre of the employment
tribunal.
Carneiro claimed that Mourinho had
called her “daughter of a whore” in Portuguese
when she treated Blues star
Eden Hazard during the opening match
of last season.
“I am relieved that today we have been
able to conclude this tribunal case,”
Carneiro said in a statement.
“It has been an extremely difficult and
distressing time for me and my family
and I now look forward to moving forward
with my life.”
Former Chelsea boss Mourinho, who
was last month appointed manager of
Manchester United, thanked the 42-
year-old doctor but did not go on record
with an apology. Chelsea acknowledged
DOUBLE TROUBLE British duo Laura
Robson and Heather Watson suffered
Nottingham Open first round defeats
the “distress caused” by the affair. The
Gibraltar-born doctor was dropped from
first team duties by Mourinho against
her wishes after treating Hazard and
subsequently left the club.
“We wish to place on record that in
running onto the pitch Dr Carneiro was
following both the rules of the game and
fulfilling her responsibility to the players
as a doctor, putting their safety first,” the
club said in a statement.
“Dr Carneiro has always put the interests
of the club's players first. Dr
Carneiro is a highly competent and professional
sports doctor. She was a valued
member of the club’s medical team
and we wish her every success in her future
career. Jose Mourinho also thanks
Dr Carneiro for the excellent and dedicated
support she provided as First
Team Doctor and he wishes her a successful
career.”
Legal experts said the settlement had
avoided further potential embarrassment
for Chelsea and Mourinho.
“Had it proceeded to a full hearing,
Mourinho and the club would have been
asked some very difficult questions
about their treatment of Dr Carneiro,”
said Glenn Hayes of Irwin Mitchell.
“It is very unlikely that the case settled
for less than £1.2m given that amount
had already been put on the table and
the total amount is likely to exceed the
maximum award that the tribunal might
have made had she been successful with
all of her claims.”
PwC partner Ed Stacey said that Dr
Carneiro’s claim served as “a reminder
professional football clubs are not in a
league of their own when it comes to
employment law”.
CITYAM.COM
Carneiro 1, Chelsea 0
Former Blues doctor agrees sevenfigure
settlement and full apology
home and for players to fully focus
on Euro 2016 while in France.
As England prepare for their
Group B opener against Russia in
Marseille on Saturday, Liverpool
marksman Daniel Sturridge insists
he has seen nothing from former
non-league hitman Vardy to suggest
he has become distracted by the saga
involving his future.
“That is what everyone is here to
do, concentrate on England and not
focus on the speculation outside of
that,” said Sturridge.
“It is about going there with the
right mentality and the right frame
of mind, and Jamie’s exactly that
way. He is not worrying about
anything other than England.”
With an average age of 25 the
Three Lions have the youngest squad
at the tournament. It is also the
youngest group England have ever
taken to a European Championship,
but Sturridge insists England’s
relative inexperience is something to
embrace rather than fear.
“I don’t think age has anything to
do with it. I think it is more so how
you play as a team and gel as a
team,” added Sturridge.
“Look at Manchester United and
other club sides that have had young
squads and had a gelling period and
been successful and I believe we can
do that. This is a young squad. That
is a strength not a weakness.”
FOOTBALL
Everton close in on Koeman as
£5m package agreed with Saints
ROSS MCLEAN
@rossmcleanRMAC
EVERTON moved a step closer to
appointing Ronald Koeman as their
new manager after agreeing a £5m
compensation package with fellow
Premier League outfit
Southampton yesterday.
The deal paves the way
for Koeman, who has 12
months remaining on this
contract, to call time on his
two-year stay on the south
coast and succeed
Roberto Martinez, who
was sacked as Everton
boss last month
following a season of
struggle.
Former Holland
international Koeman,
headhunted by new Everton
majority shareholder Farhad
Moshiri, is now expected to sign a
deal believed to be worth in the
region of £6m a year.
The 53-year-old is set to take his
brother and Southampton’s assistant
manager Erwin Koeman,
along with fitness coach Jan
Kluitenberg, to Goodison
Park with him.
Koeman assumed the
Southampton reins from
now Tottenham
manager Mauricio
Pochettino and
guided the Saints
to seventh and
sixth-placed
Koeman guided Saints
to Europa League
finishes, which represented their
best Premier League campaigns.
Southampton will play Europa
League football next season after
sealing qualification by winning 12
of the final 18 matches last term,
which has left former Saints and
England forward Matthew Le Tissier
querying the foresight of Koeman’s
prospective move.
“He may feel he has got a better
chance of winning trophies at
Everton. I’d be of a slightly different
opinion,” said Le Tissier. “I
understand they’ve got a new owner
and want to splash a bit of cash, but
it might not be as easy a job as he
thinks.
“Most clubs in the Premier League
are pretty wealthy now and can
compete in the transfer market. We
just have to move on and look to the
next man to take us forward again.”
IN BRIEF
UNITED SET TO POUNCE
AND SEAL BAILLY DEAL
£ FOOTBALL: Villarreal centre-half
Eric Bailly is set to become Jose
Mourinho’s first signing as
Manchester United boss with the
Old Trafford club shelling out a fee
in the region of £30m. The 22-yearold,
who has also played for
Espanyol, joined Villarreal for £4.4m
in January 2015 and played 35
matches for the Spanish outfit,
which boasted one of the meanest
defences in La Liga last season.
Bailly also played every match as
Ivory Coast won last year’s Africa
Cup of Nations.
WOODS RULES HIMSELF
OUT OF US OPEN RETURN
£ GOLF: Former world No1 Tiger
Woods has confirmed he will miss
next week’s US Open at Oakmont as
he continues his recovery from
injury. Woods has not played
competitively since the Wyndham
Championship in August 2015,
following which he underwent two
back operations in the space of six
weeks. Woods said: “While I
continue to work hard on getting
healthy, I am not physically ready to
play in this year’s US Open.”

CITYAM.COM WEDNESDAY 8 JUNE 2016 SPORT 27
PAYING RESPECT Britain’s
Lennox Lewis to be pallbearer
at Muhammad Ali’s funeral
CRICKET
England urged to lose
late series woe and
whitewash Sri Lanka
ROSS MCLEAN
@rossmcleanRMAC
ENGLAND batting coach Mark
Ramprakash has urged Alastair
Cook’s side to relocate their
ruthless streak and
whitewash Sri Lanka by
claiming victory in the
third and final Investec
Test at Lord’s, which
starts on Thursday.
The hosts hold an
unassailable lead in
the Test segment of the
tour having racked up
commanding victories at
Chester-le-Street and
Headingley, but have struggled
over the past couple of years to end
series on a high. England have lost
the final match in each of their past
five series, dating back to their tour
of the West Indies in early 2015,
something which Ramprakash is
abundantly clear needs to change.
“I think the players are very much
aware of that,” he said. “I hope the
lessons will have been learned
because this group of players have
come unstuck in the last Test,
most recently in South
Africa. That wasn’t a
good feeling, so we hope
Alastair Cook’s England
have lost the last Test in
their past five series
the guys will want to
finish the job off this
week.”
Pakistan seamer Mohammad
Amir, meanwhile, who was banned
and imprisoned for spot-fixing in a
Test at Lord’s in 2010, is set to face
England next month after being
granted a visa.
ATHELTICS
PAIN IN THE NECK Rutherford sparks
fitness worry over Rio Olympic Games
OLYMPIC long jump champion Greg Rutherford has triggered fears over an injury
setback less than two months before the start of this year’s Games in Rio de Janeiro.
The 29-year-old tweeted yesterday that he was London-bound for a scan on his neck.
RESULTS
CRICKET
ROYAL LONDON ONE-DAY CUP
GROUP A—Durham v Derbyshire (Derby): Durham 216
(46.3 overs; R D Pringle 125). Derbyshire 218-3 (41.4
overs; B T Slater 119). Derbyshire (2pts) beat Durham by 7
wickets.
Leicestershire v Warwickshire (Edgbaston):
Leicestershire 237 (49.0 overs; K J K J O’Brien 77, R M L
Taylor 62). Warwickshire 243-1 (41.0 overs; S R Hain
105no, W T S Porterfield 75). Warwickshire (2pts) beat
Leicestershire by 9 wickets.
Yorkshire v Worcestershire (Headingley Carnegie):
Yorkshire 170 (45.2 overs). Worcestershire 171-3 (25.3
overs; J Leach 63). Worcestershire (2pts) beat Yorkshire
by 7 wickets.
GROUP B—Middlesex v Hampshire (Radlett): Middlesex
295-8 (50.0 overs; B B McCullum 74, E J G Morgan 52; M S
Crane 4-80). Hampshire 204-5 (25.3 overs; L A Dawson
68no). Hampshire (2pts) beat Middlesex by 5 wickets (D/L
Method).
FOOTBALL
INTERNATIONAL
Spain ......................(0) 0 Georgia .......................(1) 1
Okriashvili 42
TENNIS
WTA AEGON OPEN (Nottingham)—1st rnd: M Larcher De
Brito (Por) bt L Robson (Gbr) 6-3 7-5, M Rybarikova (Svk)
bt (6) H Watson (Gbr) 4-6 6-0 6-4, S Hsieh (Tpe) bt N
Broady (Gbr) 6-2 6-1, T Moore (Gbr) bt D Vekic (Cro) 6-2
7-5.
TODAY’S DIARY
FOOTBALL
International
Portugal v Estonia (7.45) ................................................................................
CRICKET
Royal London One-Day Cup (2pm)
Group A: Northamptonshire v Lancashire (Northampton),
Nottinghamshire v Warwickshire (Trent Bridge).
Group B: Glamorgan v Sussex (The SWALEC Stadium),
Gloucestershire v Middlesex (Bristol), Surrey v Somerset
(The Kia Oval).
NatWest t20 Blast - South Division: Kent v Hampshire
(Canterbury, 6.30pm).