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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
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SPORTS DIRECT AND TO THE POINT

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