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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.”
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SPORTS DIRECT AND TO THE POINT

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