TO NEW BREXIT REALITY

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MONDAY 16 JANUARY 2017 ISSUE 2,792 CITYAM.COM 

FREE 

SQUARE MILE WAKES UP 

TO NEW BREXIT REALITY 

MARK SANDS AND HAYLEY KIRTON 

@MkSands @HayleyLEK 

THE CITY is shifting to a new focus on best 

possible access to Europe’s Single Market, 

rather than pinning hopes on continued 

membership of the trading bloc, as it 

prepares for the PM to announce a socalled 

clean Brexit tomorrow. 

In a much anticipated speech, Theresa 

May is expected to make clear the UK’s 

willingness to quit the Single Market in 

order to regain control of the country’s 

borders and forge new trade deals. 

Sterling dropped further in 

expectation of the speech. The pound 

was trading around $1.198 in Australia 

last night. Some analysts believe the 

currency could bounce back if May’s 

speech refers to a transitional period, or 

reassures markets that the government 

will push for free trade and defend the 

financial sector. However, analysts at 

Deutsche Bank and Goldman Sachs say 

it could sink even lower. 

Since the referendum, the City has 

warned of the need for continued access 

to the Single Market. However, the tone 

has shifted in recent months, away from 

one which was fighting tooth and nail for 

rights like passporting to one that is 

more open to other options. 

“The fact that we have had Philip 

Hammond and David Davis standing 

together and talking about the need for 

transitional arrangements has done the 

politics of Brexit for the City a power of 

good,” said Iain Anderson of lobbying 

firm Cicero. “That has done an awful lot 

to calm nerves, and now a lot of the 

conversations are about best possible 

access to the Single Market.” 

Passporting – a complex set of rights 

allowing firms in the UK to do business 

in the EEA and vice versa – was 

conspicuous by its absence in a financial 

and professional services wish-list 

published by industry group TheCityUK 

last week. The group is also understood 

to be carrying out a study into the effects 

of regulatory equivalence, which is due 

to be published later this month. 

“We want maximum access...and 

actually a comprehensive free trade 

agreement between the UK and the 

Single Market may lead to a better 

outcome for everybody,” said Shanker 

Singham, chairman of the Legatum 

Institute Special Trade Commission. 

Meanwhile, Allie Renison, head of 

Europe and trade policy at the Institute 

of Directors, stated firms would have 

been “kidding themselves” if they 

hadn’t been considering a departure 

from the Single Market a possibility. 

Chancellor Philip Hammond revealed 

yesterday that he is prepared to go all 

out to make the UK more attractive to 

international business in the event of 

unsatisfactory negotiations with the EU. 

Hammond used an interview with 

German newspaper Welt am Sonntag to 

warn: “If we have no access to the 

European market, if we are closed off, if 

Britain were to leave the European Union 

without an agreement on market access, 

then we could suffer from economic 

damage at least in the short-term. 

“In this case, we could be forced to 

change our economic model and we will 

have to change our model to regain 

competitiveness.” Hammond added 

“you can be sure we will do whatever we 

have to do. The British people are not 

going to lie down and say, too bad, we’ve 

been wounded. We will change our 

model, and we will come back, and we 

will be competitively engaged”. 

£ CONTINUED ON P4 

FTSE 100 ▲ 7,337.81 +45.44 FTSE 250 ▲ 18,371.94 +68.44 DOW ▼ 19,885.73 -5.27 NASDAQ ▲ 5,574.12 +26.63 £/$ ▼ 1.199 -0.017 £/€ ▼ 1.129 -0.016 €/$ ▼ 1.059 -0.002 

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02 NEWS MONDAY 16 JANUARY 2017 

CITYAM.COM 

NI HAO DAVOS Chinese President Xi Jinping expected to be the 

star attraction of this year’s World Economic Forum in Davos 

THE CITY VIEW 

Hammond offers hard 

truths to the Germans 

WHILE much of the weekend’s focus has been on what 

Theresa May could announce in her big Brexit speech 

tomorrow, it was her chancellor, Phillip Hammond, 

who made one of the more interesting interventions of 

the weekend. In an interview with a German newspaper 

Hammond poured cold water on the idea that the UK might (as 

the interviewer put it) “come to its senses” and decide to remain 

in the EU after all. “That is not going to happen,” said 

Hammond, adding “those of us...who campaigned to remain in 

the EU... have moved on.” This isn’t entirely true, of course: there 

are a handful of diehard Remainers who, despite mounting 

evidence to the contrary, still believe there is a chance that 

somehow the UK will cobble together a deal that keeps us inside 

the Single Market, subject to EU law. In truth, these voices are 

becoming less and less relevant. Indeed, as Hammond says, 

without the UK as a 

member the EU will likely 

“move in a direction that 

will make it less attractive 

to people in the UK.” 

Hammond even comes 

close to sounding like a 

proper Brexiteer, warning 

that “since the referendum 

we have seen on the European side movement away from the UK 

positions” and towards “things that are anathema to the UK.” 

This is an important point from Hammond, coming as it does 

just a day before the Prime Minister finally fleshes out what 

kind of relationship she intends to seek with the EU. Hammond 

has long been a source of reassurance for those, particularly in 

the City, who were uneasy about May’s hardline approach to 

immigration. But it seems as if the chancellor and the PM may 

at last be on the same page. Downing St has briefed that May’s 

speech will present the UK as an outward-looking, global, 

trading nation. In his chat with the Germans, Hammond also 

stressed that the Leave campaign stood “on a platform to build 

free trade agreements...with other countries around the world” 

and that “our destiny is an engagement with the wider world.” 

With this week set to be a turning point in the UK’s Brexit story, 

we must all hope that Hammond’s vision of the future is echoed 

by Theresa May. 

Follow us on Twitter @cityam 

‘Those of us who 

campaigned to 

remain in the EU 

have moved on’ 

CHINESE Premier Xi Jinping began his two-day state visit to Switzerland yesterday by visiting the House of Parliament 

“Bundeshaus” in Bern with Swiss Federal President Doris Leuthard. Jinping will create history tomorrow by becoming the first 

Chinese leader to address the World Economic Forum in Davos. He is likely to speak strongly in favour of boosting globalisation. 

Take populism seriously, 

says Davos boss Schwab 

ASHLEY COATES 

PRIME minister Theresa May, Chinese 

President Xi Jinping, US vice president 

Joe Biden and US secretary of state 

John Kerry will be among the 3,000 

businessmen, politicians and celebrities 

at the annual World Economic 

Forum this week. 

The four-day event in Switzerland 

has developed a reputation as a gathering 

of the global elite, with as much 

interest paid to the parties as the 

events programme. 

But the forum’s founder, Klaus 

Schwab says this year’s session is 

aimed squarely towards addressing 

the concerns of the disenfranchised. 

“It would be soundly unrealistic and 

far from realities if we did not integrate 

the concerns of populists very 

much into our own deliberation”, 

Schwab told the Associated Press at 

the weekend. “We have to take it 

[populism] seriously”. 

The organisers of the event in 

Switzerland have chosen “responsive 

and responsible leadership” as the 

theme of the conference, which will 

overlap with Donald Trump’s inauguration 

on 20 January. 

Their programme aims to contend 

with issues that last year’s attendees 

would barely have thought possible, 

with sessions looking at “the post-EU 

era” and “politics of fear or rebellion 

of the forgotten?” 

The major event of the 2017 conference 

is the participation of Xi Jinping, 

who will become the first Chinese 

leader ever to attend Davos. 

He is likely to speak against Trump’s 

protectionist policies in a session 

focusing on “inclusive globalisation”. 

The Trump administration is putting 

up Anthony Scaramucci, a hedge-fund 

manager and key member of the 

Trump-Pence transition team. 

Theresa May will deliver a speech 

billed as a “special address” in Davos, 

on Thursday. 

Her chancellor Philip Hammond will 

give a speech in a session called 

“Britain and the EU – the way 

forward” on Friday, with a focus on 

the challenges of global and EU 

migration as well as future growth 

and investment strategies. 

He will be joined on the stage by 

Italy’s Prime Minister, Mario Monti, as 

well as Jes Staley, chief executive at 

Barclays and Thorold Barker, the Wall 

Street Journal’s editor for EMEA. 

London mayor Sadiq Khan will be in 

Davos discussing the future of the city 

after Brexit during a dinner hosted by 

Morgan Stanley. Khan is expected to 

insist that London remains open to 

international investment. 

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL 

MORE THAN 100 JAILED FOR 

FAKE BP OIL SPILL CLAIMS 

More than 100 people have been jailed 

for making fraudulent oil spill claims 

against BP, highlighting the scale of 

fraud the energy group faced as it tried 

to contain damage over the US’s largest 

environmental disaster in 2010. 311 

people had been convicted by last 

September, with 102 sent to prison. 

LONDON COURT TO HEAR 

£10BN LEHMAN CLAIM 

A £10bn claim by the administrators of 

Lehman Brothers’ European operations 

will come before London courts today, 

more than eight years after the US 

investment bank collapsed. The case 

pits scores of businesses and thousands 

WHAT THE 

OTHER 

PAPERS SAY 

THIS 

MORNING 

of former Lehman bankers, who claim 

they are still owed money, against the 

hedge funds and distressed debt 

investors that bought the investment 

bank’s European bonds after its collapse. 

GERMANS TO SEIZE TRADE 

FROM CITY, SAYS RESEARCH 

Deutsche Boerse’s €25bn merger with 

the London Stock Exchange will trigger 

a huge grab of business by Frankfurt 

from the City, a study claims. Research, 

which was commissioned by the 

German exchange, says the merger will 

give Deutsche Boerse the opportunity to 

relocate billions of pounds of 

derivatives trading from the UK to 

Germany. 

GIANT AIRSHIP MAKER SET 

FOR LIFT-OFF WITH FLOAT 

The maker of the world’s largest aircraft, 

Hybrid Air Vehicles, is planning a London 

flotation as it seeks funds for its plan to 

bring about a new dawn for the airship. 

MAURITIUS PAYMENT HITS 

FUNDSMITH PROFITS 

Terry Smith’s investment firm 

Fundsmith moved nearly £30m to its 

sister company in Mauritius last year, 

sending its profits falling sharply despite 

a surge in customers attracted to its 

investment strategies. Fundsmith 

generated a 58 per cent rise in revenues 

to £41.6m for the year to March, as more 

investors rushed into its trading ideas. 

STEEL INDUSTRY WINS 

RELIEF FROM GREEN TAXES 

The danger of Britain’s steel industry 

plunging back into crisis has eased with 

the government agreeing further 

subsidies that reduce the sector’s 

cripplingly high energy bills. 

SPACEX LAUNCHES FIRST 

ROCKET SINCE EXPLOSION 

Space Exploration Technologies 

successfully launched its Falcon 9 

rocket, rebounding from a catastrophic 

accident in September. The trouble-free 

liftoff marked a high-stakes pivot for 

entrepreneur Elon Musk’s closely held 

company. 

WANDA GROUP SUFFERS 

RARE REVENUE DROP 

Dalian Wanda Group – run by China’s 

richest man, Wang Jianlin – reported its 

first revenue decline in six years, citing a 

softening commercial-property market 

while shifts into entertainment. Total 

revenue dropped 13.9 per cent in 2016 

from the year before.

CITYAM.COM 

MONDAY 16 JANUARY 2017 

NEWS 

03 

US banks forecast for revenue slide 

HAYLEY KIRTON 

@HayleyLEK 

US EARNINGS season might be about 

to prove that not all that glitters is 

Goldman, as the investment banking 

titan is predicted to announce a 

double digit slide in full-year 

revenues on Wednesday. 

Analysts have also forecast a slump 

in revenues for Morgan Stanley, 

which reports tomorrow, and 

Citigroup, which reports on 

Wednesday. 

According to a consensus of 

analysts by Yahoo Finance, Goldman 

Sachs is predicted to announce 

revenues of $30.3bn (£24.9bn) for 

2016, down 10.3 per cent from 

$33.8bn. 

Earnings per share for the lender 

are predicted to rise to $15.81, up 

from $12.14 last year when penalties 

for mortgage-backed mis-selling 

swiped a chunk from the bank’s 

bottom line. 

A more modest decline is expected 

from Morgan Stanley, with analysts 

forecasting revenues for 2016 of 

$34.1bn, down 1.2 per cent from 

$34.5bn excluding debt valuation 

adjustment last year. 

Meanwhile, at Citigroup, the 

consensus pegs revenues at $70.5bn 

for 2016, down 7.4 per cent from 

$76.1bn last year. 

Goldman Sachs boss Lloyd Blankfein might not be cheery come Wednesday 

Law firm sees 

floats getting 

a lift this year 

Trump to seal 

UK trade deal 

‘very quickly’ 

MARK SANDS 

@MkSands 

GLOBAL float activity is expected to 

rise by just over 25 per cent in 2017, 

before surging onwards in the 

following years. 

This year will see floats reach 

$167bn (£138bn), according to 

experts at law firm Baker McKenzie, 

up from $133bn in 2016. 

Further floats are expected to see 

activity dramatically uptick, 

reaching $275bn in 2018 and 2019. 

“Improved market sentiment and 

a number of countries looking to list 

state-owned companies to raise 

money, particularly in the CEE, CIS, 

Middle East and Africa should lead to 

a more benign market environment 

in 2017 with a real pick up towards 

the second half of the year into 

2018,” said Koen Vanhaerents, global 

head of capital markets at Baker 

McKenzie. 

Vanhaerents added that the 

technology sector will likely be a key 

source of activity, with a mooted 

initial public offering for teen social 

media platform Snapchat likely to 

lead the way. 

By contrast, acquisition activity is 

likely to remain diminished after 

slowing last year. 

The law firm predicted total M&A 

values would droop from $2.8 

trillion in 2016 to $2.5 trillion this 

year, before slowly recovering. 

Baker McKenzie’s global head of 

M&A Michael DeFranco said 

volatility in the US stock market, 

growing concerns about China’s 

economic slowdown, and dropping 

oil and commodity prices caused 

dealmakers to become more 

cautious. 

“We expect that environment of 

uncertainty to continue at least for 

the first quarter of this year,” 

DeFranco said. 

FRANCESCA WASHTELL 

@fwashtell 

US PRESIDENT-ELECT Donald Trump 

has said he will move “very quickly” 

to secure a new trade deal with the 

UK when he comes to office. 

“I’m a big fan of the UK, we’re 

gonna work very hard to get it done 

quickly and done properly. Good for 

both sides,” Trump told MP Michael 

Gove in an interview with the Times. 

Trump, who will be inaugurated as 

the 45th US President on Friday, told 

prominent Leave campaigner Gove 

that Brexit “is going to end up being 

a great thing”. 

The billionaire tycoon-turnedpolitician 

blasted the European 

Union as “basically a vehicle for 

Germany”, and said Germany’s 

dominance of the organisation is 

why he thought “the UK was so 

smart in getting out”. Trump backed 

Brexit in the run-up to the 

referendum. 

Trump also said the fall in the 

value of sterling since the EU 

referendum in June is “great”. 

Yesterday, former Ukip leader 

Nigel Farage predicted the UK could 

agree to a trade deal within months 

of Trump coming to office. 

In an attack on Nato, Trump said 

the military alliance was “obsolete” 

because it has not defended against 

terror attacks, but added that the 

organisation is still “very important 

to him”. 

The President-elect also said he 

will offer to end sanctions against 

Russia in return for a nuclear arms 

reduction deal with President 

Vladimir Putin. “They have sanctions 

on Russia – let’s see if we can make 

some good deals with Russia,” he 

said. 

Prime Minister Theresa May is set 

to visit Trump in Washington DC 

next month. 

PMI fumes over new Indian proposals 

India’s tobacco market is said to be worth $11bn 

ADITYA KALRA 

PHILIP Morris International is 

fighting to keep a toehold in India’s 

$11bn (£9.1bn) tobacco market, as the 

government considers further 

tightening foreign investment rules 

in the sector, according to documents 

seen by Reuters. 

In previously unreported letters 

from Philip Morris to the trade 

minister and an influential 

government think-tank, the US-based 

company said the “discriminatory” 

and “protectionist” proposals would 

represent a blow to its plans to 

launch new products and make 

further investments in India. 

The two letters dated May and 

October last year followed local 

media reports of a possible change in 

government policy. While the 

warnings may be part of the firm’s 

negotiations, they show the level of 

concern the proposals are causing. 

“The proposed ban will impact our 

future investments in India and also 

force a review of our overall 

operations, including tobacco crop 

purchases,” Martin G King, PMI’s Asia 

president, wrote on 13 October to 

NITI Aayog, India’s most influential 

government think-tank. 

Reuters


CITYAM.COM 

Single Market retreat hearing due 

next month as Article 50 case looms 


@HayleyLEK 

A COURT hearing that could cause a 

headache for Prime Minister Theresa 

May, as she plans to trigger Article 50, 

has been postponed until early 

February. 

A case brought last year argues the 

government cannot leave the Single 

Market without triggering Article 

127 of the European Economic Area 

agreement – and says it must seek 

approval from MPs to do so. The 

hearing will decide whether or not 

the case carries enough clout to go to 

a full trial. 

It was initially brought by chair of 

pressure group British Influence 

Peter Wilding and lobbyist Adrian 

Yalland. 

The merit hearing was due to take 

place this week. However, City A.M. 

has learned this has now been 

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postponed until early February. 

Meanwhile, the government’s 

legal eagles are bracing themselves 

for the outcome of their Article 50 

appeal, which was heard by the 

Supreme Court justices in December, 

after a trio of High Court judges 

decided the government must get 

the thumbs up from MPs before it 

can trigger Article 50. 

No official date for the hand down 

of the judgment has been given. 

HUNT TO MAKE A KILLING UK business 

co-owned by Jeremy Hunt to fetch £35m 

UK HEALTH secretary 

Jeremy Hunt could 

pick up a £15m 

windfall as his 

education business 

Hotcourses is 

expected to be sold in 

a deal worth up to 

£35m. Hunt and his 

business partner Mike 

Elms set up the 

business in 1996. A 

deal with an 

Australasian firm with 

interests in the 

education sector was 

close to be signed late 

last night, Sky News 

reported. Hunt owns 

approximately 48 per 

cent of the shares. 

City buoyed by 

Barnier pledge 

for special deal 

CONTINUED FROM P1 

May’s speech comes as a report from 

think tank Policy Exchange calls on 

her to go public with plans for a socalled 

clean Brexit, including departures 

from the EU’s trading blocs. 

Asked if the City had made peace 

with Brexit, report author and economist 

Gerard Lyons, a former adviser to 

Boris Johnson, echoed the view that 

firms had come round to the realities 

of quitting the EU. 

“A lot of the City wasn’t fully prepared 

for the Brexit vote, or at least 

had not thought through a strategy if 

the country was to vote to leave,” 

Lyons said. “But as time has gone on 

more and more firms have started to 

develop their plan, and they have 

started to see things in a new way.” 

The City will likely take some comfort 

from leaked European parliament 

minutes, which cite EU chief Brexit 

negotiator Michel Barnier calling for 

Europe to maintain a “special” relationship 

with the London and the 

UK’s financial markets. The comments 

echo those made by the Bank 

of England governor last week, with 

Mark Carney telling the influential 

Treasury Select Committee a badly 

constructed Brexit deal with no transition 

period “would be greater for Europe 

than the UK”. 

Although a spokesperson for the European 

Commission said the minutes 

did not “correctly reflect what Barnier 

said” and the man himself has since 

taken to Twitter to clarify that his 

comments were in relation to equivalence 

, a source at meeting told the 

Guardian, which first published the 

news, the minutes were “more or less 

accurate”. Also, a report by the Financial 

Services Negotiation Forum notes 

a clampdown by the ECB could make 

it look like it’s trying to build “fortress 

Europe” 

“The EU should not rush to make a 

decision on this topic as a political 

backlash to Brexit,” said Anthony 

Belchambers, chairman of the honorary 

advisory council, FSNForum. 

French ex-PM trails in TV debate 

with immigration plan panned 

RICHARD BALMFORTH 

FORMER Prime Minister Manuel Valls, 

long tipped to win the left-wing ticket 

for France’s presidential election this 

spring, trailed his rivals after a debate 

last night where his immigration 

policies came under fire. 

In the televised debate, Valls faced 

six other contenders ahead of a 

Socialist primary starting on 22 

January to pick a candidate who can 

keep next May’s presidential poll 

from becoming a contest between the 

center-right’s Francois Fillon and 

Marine Le Pen of the far-right. 

The candidate chosen in the 

primary’s runoff on 29 January could 

also have a crucial impact on the 

chances of independent Emmanuel 

Macron, a popular former economy 

minister whose campaign is rapidly 

gaining momentum. 

An Elabe poll of 1,053 people of 

mixed political views said 29 per cent 

found former economy minister 

Arnaud Montebourg “more 

convincing” than Valls. Reuters

CITYAM.COM 



07 

Burberry to check in sales boost as 

sterling drop attracts more buyers 

HELEN CAHILL 

@HelCahill 

BRITISH fashion house Burberry is 

widely expected to report an uplift in 

sales this week after the fall in the 

value of the pound made its products 

more attractive to foreign buyers. 

Burberry posts its third quarter 

trading update on Wednesday, and 

Barclays analysts have predicted the 

company will announce a like-for-like 

sales increase of two per cent. The 

brand has predicted that the 

devaluation of sterling could bolster 

its annual profits by as much as 

£125m. 

Chinese sales now make up a 

quarter of Burberry’s total sales, and a 

recent slowdown in spending in 

China has been hitting Burberry 

particularly hard. 

But it is thought that the luxury 

fashion brand will have benefited 

from a recent marketing campaign 

with Chinese pop star Kris Wu. 

There were so many Christmas 

trading updates last week — a dozen 

retailers published figures last 

Thursday — that Shore Capital 

analysts released a note complaining 

about it. 

This week will be less packed, but 

there are several retailers reporting, 

including Greggs, Pets at Home, 

Bonmarche and Halfords. 

Burberry is expected to benefit from the impact of last year’s EU referendum 

UK high streets 

cheery over key 

festive period 

HELEN CAHILL 

@HelCahill 

UK HIGH streets have benefited from 

the first December rise in footfall for 

five years. 

Footfall increased 0.8 per cent yearon-year 

in December, according to figures 

from Springboard and the British 

Retail Consortium (BRC), as consumers 

sought some festive cheer on 

the high street. 

However, footfall in retail parks and 

shopping centres fell by 0.7 per cent 

and 1.9 per cent respectively. This 

meant overall footfall in the UK fell 

0.2 per cent in December. 

Diane Wehrle, marketing and insights 

director at Springboard, said 

the figures showed that the “supposition 

of the death of the high street has 

been greatly exaggerated”. 

“The shift in consumer demand 

from focusing on the purchase of 

physical goods to encompass experi- 

IPO for Burundi 

rare earth miner 


@fwashtell 

A BURUNDI-based miner with one of 

the world’s highest grade rare earth 

deposits is dusting itself off for a 

London Stock Exchange listing. 

Rainbow Rare Earths plans to float 

on the main market in the coming 

weeks and wants to raise $7m (£5.7m) 

to bring its Gakara project into 

production within nine months. 

Rainbow already has an offtake 

agreement with German metals and 

engineering giant ThyssenKrupp. 

ences has clearly benefited the high 

street. It has been able to transition 

quickly by providing an improved 

food and beverage offer. This has 

helped to bring in much-needed footfall,” 

she said. 

The news comes after a raft of retailers 

reported better-than-expected results 

for the Christmas period. Last 

week Debenhams said its shift to 

beauty had boosted its sales by one 

per cent, and Marks and Spencer reported 

its first increase in clothing 

sales for six years. 

However, figures from Barclaycard 

suggested that consumer spending in 

the high street was flat, despite the 

uplift in footfall. 

Helen Dickinson, chief executive of 

the BRC, said: “Solid festive sales did 

not translate into a lift in footfall 

above last year as online continues to 

grab the lion’s share of growth. E-commerce 

accounted for nearly a quarter 

of all purchases in December.” 

Blue Monday 

haunts Brits 

JULIAN HARRIS 

@hariboconomics 

TODAY is 2017’s “blue Monday” – a 

term coined by an academic over a 

decade ago who sought to calculate 

the most depressing day of the year. 

By mid-January many Brits are still 

two weeks from payday, having been 

squeezed by Christmas spending and 

bills. Peer-to-peer lender the Money 

Platform says that even people 

earning over £50,000 per annum get 

caught out, with two fifths regularly 

busting their monthly budget.

2016 changed the world. 

Insight to keep you 

one step ahead in 2017. 

Visit FT.com

CITYAM.COM 



09 

MAYFAIR GOLD MINE London shopping 

hub Burlington Arcade on sale for £400m 

Business activity in London gets a 

boost as demand for goods grows 

ASHLEY COATES 

DECEMBER saw the fastest period of 

growth in London’s business activity 

since January last year, according to a 

report by Lloyds Bank. 

London’s performance on the 

Lloyds Bank purchasing managers’ 

index (PMI) was up 56.1 points in 

December, from 55.3 in November. A 

reading greater than 50 signifies 

growth in business activity. 

Despite the strong figures, London 

was behind most other UK regions 

for business activity growth in the 

same period, falling below the 

neighbouring south east region and 

below the UK average. 

Demand for goods and services 

within the capital outpaced other UK 

regions, however, representing a 

significant factor for the growth of 

business activity. 

Although employment slowed 

down from November onwards, the 

fourth quarter proved to be the 

strongest for business activity for the 

capital since the same period in 

2015. 

Paul Evans, regional director for 

London at Lloyds Bank commercial 

banking, said: “A substantial rise in 

new work is an encouraging sign of 

investment and confidence. The 

private sector will be hoping this can 

sustain growth across the next year.” 

LONDON’S iconic shopping gallery, the Burlington Arcade, has gone on sale, with 

industry sources saying it is likely to fetch £400m for its owners Thor Equities and 

Meyer Bergman. The two firms purchased it in 2010 for £104m. 

Imperial Brands 

chief exec could 

get bloody nose 

Four the record 

ALYS KEY 

IMPERIAL Brands is in danger of 

sparking a shareholder rebellion over 

plans to award its chief executive an 

£8.5m pay packet. 

The Bristol-based tobacco company 

proposes to increase CEO Alison 

Cooper’s pay packet by up to £3m 

more than she received last year, if she 

meets targets. 

Shareholders will have the chance to 

vote on the plan at the annual meeting 

in February. 

Agencies providing advice to shareholders 

are split over the proposal. 

While the Institutional Voting Information 

Service (IVIS) has issued an 

amber warning, advisory service Glass 

Lewis will support the plan. 

Institution Shareholders (ISS) is expected 

to release a recommendation 

early this week. 

Yesterday the Sunday Times reported 

that at least one of Imperial’s 

top 10 investors intends to vote 

against the pay packet. 

If the proposal is met with opposition, 

it is likely to be the first of many 

shareholder rebellions this year. 

BlackRock, one of the world’s largest 

fund managers, renewed its opposition 

to big bonuses last week by writing 

to the chairmen of every company 

in the FTSE 350. 

The letter says that the firm will 

only approve salary rises for directors 

if the wages of ordinary employees are 

increased proportionally. 

BlackRock provided a set of guidelines 

to assist companies in reforming 

pay policies. 

The guidelines reiterated a policy 

suggested by Amra Balic, head of 

BlackRock’s investment stewardship 

team in Europe, the Middle East and 

Africa (EMEA) last year. 

She told a hearing of MPs that the 

firm would consider voting against 

electing committee members who 

favour large bonuses. 

Stock Spirits gets hammered for 

its treatment of key investors 

ALYS KEY 

STOCK Spirits, a London-listed 

producer of Polish vodka, has been 

criticised by a prominent shareholder 

for the board’s “disdainful” treatment 

of investors. 

Luis Amaral, who owns a 9.7 per 

cent stake in the company, said there 

had been a lack of transparency in 

dealings with shareholders. 

He cited cancellation of a planned 

investor day and the failure to 

disclose Christmas sales figures as 

examples of Stock’s poor conduct. 

Amaral condemned the lack of 

updates on a “root and branch” 

review of business in Poland. 

He said: “We believe that the 

Board must address the disdainful 

way that investors and shareholders 

in this company continue to be 

treated.” 

In 2015 the company, which has a 

large share of the Central European 

market, suffered a 22.3 per cent drop 

to €41.7m (£32.5m) in operating 

profits after losing ground in Poland. 

Voted Financial Services Provider 

of the Year for the fourth year in a row 

at the 2016 Shares Awards 

Switch today at cmcmarkets.co.uk 

Spread betting | CFDs | FX | Binaries 

Spread betting and CFD trading can result in losses 

that exceed your deposits. All trading involves risk.


CITYAM.COM 

BHS administrator slams pensions 

lifeboat for its control over retailer 

HELEN CAHILL 

@HelCahill 

THE FIRM originally appointed to 

handle BHS’ collapse has criticised 

the company’s largest unsecured 

creditor for trying to control the 

process. 

BHS fell into administration in 

2016, a year after its former owner 

Sir Philip Green sold it to serial 

bankrupt Dominic Chappell for £1. 

Duff & Phelps was brought in to 

handle the administration of BHS. 

But when the firm’s independence 

from Green was questioned, BHS’ 

unsecured creditor, the Pension 

Protection Fund (PPF), appointed 

FRP Advisory as joint administrator. 

The PPF also insisted FRP Advisory 

become BHS’ liquidators. 

It has now emerged that Duff & 

Phelps has complained that “one 

creditor had control over the entire 

process (being the PPF)”. 

As BHS’ largest unsecured 

creditor, the PPF can out-vote the 

other creditors at any creditors’ 

meeting. 

In a letter to Labour MP Frank 

Field, Duff & Phelps’ managing 

director Phil Duffy said that 

handing over to FRP Advisory was 

“akin to having one builder start 

building a house and another one 

finish it”. 

Protectionism to 

dominate global 

deals during 2017 


@HayleyLEK 

THIS year could mark a move towards 

more protectionist attitudes, with governments 

closing the door on countries 

they feel give their own firms a raw deal, 

a report out today cautions. 

Law firm Freshfields Bruckhaus Deringer’s 

Global Antitrust report highlights 

a shift towards protectionism, as 

new trade deals begin to take shape following 

both Donald Trump’s surprise 

election victory and the UK’s vote to depart 

the EU last year, along with an increased 

willingness of governments to 

step in and fiddle with markets they 

deem not to be working as they should. 

Deirdre Trapp, a partner in the firm’s 

antitrust, competition and trade practice, 

told City A.M. governments would 

increasingly be looking for “reciprocity 

between partner countries”. 

“In situations where a domestic company 

would not have the opportunities 

abroad that a company in that third 

country wants to try and obtain here, I 

think they could face a more sceptical 

and critical review now,” Trapp added. 

Trump has already said he is less than 

impressed with AT&T’s $85bn (£69.8bn) 

acquisition of Time Warner, and that he 

would be willing to put his foot down to 

stop the mega deal going through. 

Freshfields added businesses should assess 

what risks they will be exposed to 

should there suddenly be more pushback 

from their global trading partners.

CITYAM.COM 



11 

One last swansong for dealmaker Moulton 

Shruti Tripathi 

Chopra talks to 

the Better Capital 

boss about Brexit - 

and his own firm’s 

upcoming big exit 

BALD, bold and bespectacled, 

private equity veteran Jon 

Moulton has had more than 

his fair share of knocks as 

well as high points during a 

long career. 

He was branded the Christmas 

Scrooge in December 2014 when City 

Link collapsed into administration 

leaving nearly 2,700 jobs at risk. 

“We made a very bad decision to go 

in,” he admits frankly. “It’s a very difficult 

industry to operate in and we 

underestimated the magnitude of the 

task. We did our best, lost £20m and 

moved on.” 

So, what is serial dealmaker Moulton 

going to buy next? He won’t 

divulge details but it will be a 

“medium-sized engineer in the UK” 

that he will personally buy as he looks 

to wind up Better Capital, which he 

set up in 2009, next year. 

“We prepared to wind down Better 

Capital since we started it. 

“It did have finite life. People seem 

to find this concept rather strange but 

it was set up to eventually evaporate. 

The original intention was that the 

first fund would be dead by about 

2018 and it seems likely to achieve 

that. We are not raising another turnaround 

fund, there’s little available in 

the turnaround world anyway.” 

Apart from City Link, the other deal 

for which Moulton is most known is 

his failed attempt to buy MG Rover 

which was snapped up by the 

“Phoenix Four” and resulted in the 

company going bust in 2005. 

The worst deal he ever made, according 

to him, is actually one that 

reaped a lot of money while he was at 

Schroder Ventures from 1985 to 1994. 

“We funded a company called 

Newbridge Networks and sold out 

four years later for something like 

four times the money it was listed. If I 

had waited another year, it would’ve 

Jon Moulton says it was always the plan to wind down investment vehicle Better Capital, an end-goal planned for next year 

been 72 times the money. That’s the 

most expensive decision I’ve ever 

made.” 

Womenswear retailer Jaeger has 

been something of a thorn in his side. 

In 2012, Better Capital bought a majority 

stake in the brand for £19.5m. 

Last year Jaeger closed three stores 

including its Regent Street flagship. In 

October, it opened a two-floor, 2,000 

square feet store on Marylebone High 

Street. 

Moulton blames the heavy discounting 

witnessed on the high street for 

the sector’s troubles. 

I think defence is 

an area which will 

be quite buoyant 

“Everyone seems to be offering 

clothes at minus 70 per cent and that 

really is a nuisance because it destroys 

the image of your brand, it is hurting 

lots of retailers. Even Burberry is not 

having an easy time.” 

But he still believes in the brand. 

“We regularly get approached for 

Jaeger, there’s a lot of interest in the 

brand,” Moulton declares defiantly 

when quizzed on whether the iconic 

British brand has lost its place in the 

fashion world. 

“We don’t see it going into administration 

otherwise we wouldn’t be 

sitting here. From reducing prices of 

the clothes to shutting shops, we’ve 

considered all the options you could 

imagine.” 

In a career spanning over 30 years, 

Moulton has of course had his share 

of great deals. 

“I’ve done quite a few deals where £2 

has ended up as very large number. 

Last month, Better Capital agreed a 

£38m sale of the Walkabout bar chain 

to Stonegate Pub Company, the owner 

of restaurant giant Slug & Lettuce. 

“Probably more visible would be 

Parker Pens, the company losing something 

like £20m when we bought it 

and made £40m when we sold it.” 

Ask him about sectors that are set for 

ascendency in 2017 and he points towards 

the US President-elect’s tenure 

at the White House as a key factor. The 

defence industry could be a big 

winner. 

“Trump’s arrival on the world is not 

to be underestimated,” Moulton says 

gravely. “We are definitely going to see 

protectionism but perhaps much more 

concern. The fundamental safety of 

the world is less than it was. Cold wartype 

activities with China and Russia 

and even Mexico look entirely possible. 

“Trump has very strong views that 

Europe should be defending itself. I actually 

think defence is an area which 

will be really quite buoyant over the 

next couple of years as European countries 

have to get themselves some 

armies.” 

Moulton has an answer for every 

question under the sun – apart from 

what Brexit will look like. 

“I don’t have a clue. I don’t think anyone 

else has it either. There’s no 

chance we’re going to end up with anything 

but quite a hard-ish Brexit. What 

Mrs May is trying to do at the moment, 

I don’t know – not sure she does 

either.” 

However, he suspects London could 

emerge as the winner of Brexit. 

“One thing Europe definitely has 

done is generate absolutely ludicrous 

regulation. If London can attract the 

rest of the world to a more sensible system 

then that could actually be quite 

a big upside. Bear in mind, Europe 

doesn’t look very stable at the moment. 

London could remain strong 

with a stronger regulatory environment 

and suck capital and financial 

services.” 

That brings us to the awkward topic 

of Brexit-backing international trade 

secretary Liam Fox. In 2011, Fox 

resigned from the government following 

allegations surrounding the thendefence 

secretary’s former flatmate 

Adam Werritty. 

Moulton was dragged into the story 

when it emerged he had given a 

£35,000 donation to a charity set up by 

Werritty. Moulton passed on all the evidence 

of the communication about 

the donation to then cabinet secretary 

Gus O’Donnell, saying at the time he 

felt he’d been “mugged”. 

Moulton finds it quite “remarkable” 

that “no one seems to actually vet the 

reasons he left the cabinet as having 

any validity at all now”. He says he hasn’t 

forgiven Fox. 

And in Moulton’s eyes, Fox is no great 

trade secretary either. 

“I think he is just a loud voice but I’m 

not sure he’s been a very intellectual 

voice. I’m not sure how much grasp 

he’s got of it. His strengths were historically 

US relationships and he certainly 

hasn’t got those now.” 

So what’s Moulton going to do after 

2018? 

“I’m going to try and live for a start,” 

he says but in the same breath he lists 

numerous positions he holds including 

chairman of the Channel Islands 

Stock Exchange. 

“I’m 66 and entitled to take a bit of a 

slower view,” he says.


CITYAM.COM 

Has the bond bull 

run’s bubble burst? 

Jasper Jolly looks at the Trump 

effect and other influences that 

could shape the bond market in 2017 

THE ELECTION of Donald 

Trump as US President 

shocked the world and 

shocked the world’s markets. 

Yet that early reaction 

quickly morphed into euphoria, as 

stock indices in America experienced 

huge inflows and hit record highs. 

For investors left high and dry as trillions 

of dollars drained from safer 

fixed income bonds into riskier equities, 

the question is whether anything 

can stop the Trump train’s progress, 

or whether his election and inauguration 

this week marks the end of a 30- 

year bull run in government bonds. 

The flow of $1.7 trillion from bonds 

to equities over the course of three 

weeks was prompted by markets piecing 

together what they learned of the 

President elect’s policies on the campaign 

trail. Yields, which move inversely 

to prices, on the benchmark 

US 10-year Treasury rose from below 

1.8 per cent before the election to December 

highs of over 2.6 per cent. 

The massive deficit implied by tax 

cuts allied to a trillion-dollar increase 

in infrastructure spending led to consensus 

expectations of a de facto fiscal 

stimulus. 

This in turn is expected to raise inflationary 

pressure – with the inelegant 

moniker Trumpflation – making 

bonds less attractive as future income 

payments, the so-called coupon, are 

worth less in real terms as the currency 

depreciates. 

What makes the picture even 

bleaker for bonds across the globe is 

the Federal Reserve tightening of 

monetary policy in response to the 

threat of higher inflation, as it tries to 

reduce the flow of cheap money into 

the economy. 

“Fundamentally bonds are poor 

value,” says Christopher Bailey, European 

strategist at asset manager Raymond 

James – suggesting some form 

of further sell-off is possible. The 

chance of yields falling back down 

again is “low”, he says. 

However, the consensus rush out of 

bonds may have been overdone, with 

Trump’s chaotic press conference last 

week adding to feelings of buyer’s remorse 

for the “reflation” trade, which 

is based on the expectation of growth 

under the new administration. 

There were already some stridently 

anti-consensus voices out there, saying 

bond prices would continue to 

rise. HSBC’s global head of fixed income 

research, Steven Major, sees US 

10-year yields plunging to 1.35 per 

cent by the end of 2017 from current 

levels of around 2.4 per cent – but 

even less contrarian investors have 

moderated slightly in recent weeks. 

Since 15 December the JP Morgan 

Global Aggregate Bond Index has 

risen by more than two per cent, as investors 

await detail on fiscal stimulus. 

John Bilton, global head of multi-asset 

strategy at JP Morgan Asset Management, 

said: “The idea that we’re in the 

middle of a massive rotation [of 

money from bonds to equities] is not 

something that will necessarily follow 

through.” 

While the top end of his range on 

the US 10-year yield sees a rise to 2.75 

per cent in 2017, the level of potential 

economic growth is “just not enough 

to justify a massive surge in bond 

yields,” he says. So yields may not rise 

dramatically, and could even fall 

slightly. 

Joe Brusuelas, New York-based chief 

economist for RSM, says: “Investors 

should be prepared for some volatility 

around the reflation trade.” Trump’s 

team has some “very ambitious goals” 

on the economy, but there is at least 

“broad bipartisan support for modernising 

American infrastructure,” he 

says. 

The risks are by no means limited to 

the US. And Trump isn’t the only political 

risk around: despite the relative 

sizes of Europe’s individual 

economies, contagion can carry far. 

This was shown spectacularly in 

2016 by the Brexit vote, which drove 

the US 10-year yield to its record lowest 

level below 1.37 per cent two weeks 

later. Adverse results in elections this 

year in Europe – particularly in 

France – still have the potential to endanger 

the euro. 

Any big threat to the European project 

could send investors running for 

safe haven cover, even with high US inflation 

and interest rates. 

The continued Brexit rollercoaster 

could also lead to a white-knuckle 

year for UK government gilts. “We are 

still concerned about the gilt market 

going into 2017,” says Bilton. 

Yet for all the risks, the consensus is 

still firmly in favour of the Trump reflation 

narrative to hold and for a rise 

in yields over the course of 2017. 

“We’ve entered the end stages of the 

bull market but it will be some time 

before the bull market normalises,” 

says Brusuelas. 

It may well turn out to be the beginning 

of the end of the bond bull run, 

but expect a bumpy ride in an era of 

radical uncertainty – for fixed income 

investors and for the wider world. 

US 10-YEAR YIELD OVER 2016 

2.8 

2.4 

2.0 

% 

China slowdown / 

banking wobbles 

Brexit vote 

Trump's election 

1.6 

1.2 

Mar 

May 

Jul 

Sep Nov 2017

CITYAM.COM 



13 

THECAPITALIST 

Got A Story? Email 

thecapitalist@cityam.com 

Still happy post referendum 

THE REFERENDUM may have made us 

more anxious but it has not affected 

Britons’ happiness. 

Official figures from the Office for 

National Statistics (ONS), which measure 

the country’s quality of life, show 

anxiety was rated at 2.9 out of 10 for 

the year to the end of September 2016. 

That compares to 2.83 for the same 

period a year earlier. 

Ratings for how worthwhile people 

felt their lives are remained the same 

at 7.84 out of 10, as did happiness at 

7.48. According to the ONS boffins: 

“While it is too early to say why anxiety 

ratings have increased slightly and 

why life satisfaction, happiness and 

worthwhile ratings have levelled off, 

we know from our previous research 

that factors impacting most on personal 

well-being include health, work 

situation and relationship status.” 

QUOTE OF THE WEEKEND 

The second best 

legal high after a 

marker pen 

Carpetright chief 

executive Wilf Walsh 

on the smell of new 

carpet 

QUEEN OF THE HIGH STREET Retail guru 

Mary Portas out to sort “ridiculous” rates 

RETAIL expert Marty Portas is fighting the planned rise in business rates from April. 

“With occupational costs tripling from April in some cases, independents will be forced 

to shut down and their premises will lie vacant ,” the Portas Agency boss warned.


CITYAM.COM 

Soma Oil & Gas investigation cost 

the fraud squad nearly £60,000 


@HayleyLEK 

THE FRAUD squad’s investigation into 

Soma Oil & Gas set it back almost 

£60,000, City A.M. has learned. 

Responding to a freedom of 

information request, the Serious 

Fraud Office (SFO) revealed it spent 

£59,912 on its investigation, which 

opened in July 2015, following 

allegations of corruption. 

The figure does not include 

permanent staffing costs, as the SFO 

does not divide these amounts on a 

case-by-case basis for most probes. 

“The SFO has concluded, based on 

the information and material we 

have obtained, that there is 

insufficient evidence to provide a 

realistic prospect of conviction,” the 

SFO said when it announced the end 

of the probe, although it added there 

had been “reasonable grounds” to 

suspect wrongdoing. 

Soma, a UK company chaired by 

former Tory party leader Lord 

Howard, said, when the case was 

closed, it welcomed the end of the 

probe and “looks forward to 

executing its plan to further explore 

what is believed to be very 

considerable hydrocarbon potential 

offshore Somalia in 2017 and 

beyond”. 

Knight Frank has said it is a “tenants’ market” in the Home Counties’ rental scene 

Rents dip in the 

Home Counties 

as stock grows 


@fwashtell 

PRIME rents in the Home Counties fell 

0.8 per cent last year as a higher 

amount of housing available at the top 

end of the market drove down prices, 

according to the latest Knight Frank 

rental index. 

The increase in stock levels in higher 

price brackets has been fuelled by 

greater uncertainty in the sales market 

following a series of tax changes, including 

a hike on stamp duty. 

“The latest figures show that the 

rental market in the Home Counties is 

equally affected by the global markets 

as prime central London, which is reflected 

in the marginal decline in 

rents,” said Jemma Scott, partner at 

Knight Frank. 

“However, the surge in activity in the 

last quarter of 2016 and the significant 

increase in new tenant registrations 

suggest that the gap between available 

stock and tenant demand is closing, so 

our outlook for 2017 is very positive.” 

In the final quarter of the year, prime 

rents fell at twice the annual rate, at 

1.6 per cent. Knight Frank was instructed 

to let 39 per cent more properties 

in the same quarter and the 

number of market appraisals also rose 

45 per cent. 

Viewings rose 17 per cent compared 

with the final quarter of 2015, while 

the number of new prospective tenants 

increased by 28 per cent. 

Much of the new demand was concentrated 

in the sub-£4,000 per month 

rental bracket. This section of the market 

was also boosted by an increase in 

corporate enquires from company executives 

moving to the Home Counties 

for work over the quarter. 

“Already in the first week of trading 

for 2017, the sub-£4,000 per month 

market remains busy and we have seen 

an encouraging number of international 

corporate enquiries as families 

and businesses plan for relocation to 

the UK,” Scott added. 

Cross-party MPs set to question 

support level for working fathers 

MARK SANDS 

@MkSands 

A PARLIAMENTARY watchdog is to 

launch an inquiry into support 

available for working fathers. 

The Women and Equalities select 

committee is calling for evidence 

over concerns workplaces are not 

providing support to dads. 

It comes after the committee 

found that take-up for shared 

parental leave, introduced in 2015, 

is predicted to reach a maximum of 

eight per cent. 

Committee chair and Conservative 

MP Maria Miller said: “Clearly more 

needs to be done. 

“We are keen to hear views from 

individuals as well as organisations 

about the changes which they would 

like to see.” 

Among other matters, the 

committee is calling for evidence on 

whether employment-related 

barriers are preventing fathers from 

more equally sharing caring roles, as 

well as any examples of best practice.

CITYAM.COM 



15 

Top City financier gets his Hands on 

£3.5m worth of dividend payouts 

ASHLEY COATES 

TERRA Firma Capital Partners saw 

pre-tax profits in the year to March 

2016 fall to £2.4m while revenue 

dropped to its lowest since 2012. 

The private equity firm, which had 

previously ended its dividend 

payouts, provided £3.5m in 

dividends to Guy Hands, who acts as 

the fund’s chairman. 

Last year, Hands dropped a lawsuit 

that alleged Citigroup misled him 

into buying music label EMI in 2007. 

Terra Firma’s portfolio includes 

one of the UK’s biggest care home 

groups, Four Seasons. which looks 

after 20,000 residents in 450 homes. 

Four Seasons is currently dealing 

with a multi-million-pound debt pile 

and is negotiating with lenders to 

secure its future operations. 

The firm’s investments are split 

across holdings in a variety of areas, 

including renewables and garden 

centres. Last year saw the firm sell 

Odeon Cinemas to AMC, owned by 

China’s wealthiest man Wang 

Jianlin. The deal saw Odeon sold for 

£921m, making AMC the world’s 

largest cinema operator. 

Headquartered in London, the 

firm has €11bn (£9.7bn) in assets 

under management. 

The fund also donates 10 per cent 

of its profits to charity. 

Last year, Hands dropped a lawsuit alleging Citigroup misled him into buying EMI 

SCHRODERS TALK 

Will ‘value investors’ win in 2017? 

An ad, 

or something to do on your travels? 

We made our choice. 

A comeback for ‘value 

investing’ may have only 

just begun, says David Brett, 

Investment Writer 

Value investing, the discipline made 

famous by the legendary investor 

Benjamin Graham in the 1930s 

and 1940s, fell out of favour after the 

global financial crisis. 

Investors have instead preferred to 

pay a premium for more dependable 

stocks rather than back those unloved 

by the market. That trend may be 

turning around. 

WHAT IS VALUE INVESTING? 

Value investing is the art of buying 

stocks which trade at a significant 

discount to their true value, stocks that 

are overlooked without good reason. 

Benjamin Graham’s 1949 book, The 

Intelligent Investor, is regarded as the 

value investor’s bible. 

HOW TO IDENTIFY GENUINE 

VALUE STOCKS 

It is not easy, otherwise everyone would 

do it. However, a value investment 

might display some of these 

characteristics: a heavy share price fall 

following a negative event, a low 

valuation on common measures, such 

as price-to-earnings ratio; poor share 

price performance compared with 

industry peers; or a high dividend yield. 

Rigorous analysis is required to 

identify true value stocks. Investors 

must also beware of value traps – a 

value stock but where there is no trigger 

for revaluation. 

WHAT IS A GROWTH 

INVESTMENT? 

Growth investing is considered 

distinctly different from value. Growth 

stocks tend to grow profits faster than 

average, with investors happy to pay a 

premium. They have been in demand in 

recent years amid economic 

uncertainty and low rates. 

WHAT HAS PERFORMED 

BETTER VALUE OR GROWTH? 

The chart below shows how value 

outperformed growth for most of the 

Eighties, Nineties and Noughties. It also 

shows the struggle since 2010, with the 

longest period of underperformance 

since MSCI records began in 1974. 

Low interest rates have forced 

investors into stocks perceived as the 

most stable and with predictable profits 

that can maintain dividend payments. 

TEN-YEAR ANNUALISED RELATIVE RETURN 

6% 

MSCI World Value vs MSCI World Growth 

5% 

4% 

3% 

2% 

1% 

0% 

-1% 

-2% 

-3% 

-4% 

84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 

Source: Schroders. Thomson Reuters Datastream as at 31 December 2016. 

SHOULD I INVEST IN VALUE 

OR GROWTH SHARES NOW? 

History may point to a significant 

opportunity in value today. The chart 

shows the difference in performance 

between value stocks and growth 

stocks. 

Andrew Williams, a value investment 

specialist at Schroders, said: “Look on 

the far right hand side of the chart and 

there is a small uptick. That is value’s 

‘recovery’. While past performance is no 

indication of future results, we believe it 

will take more than a few months to 

unwind the value style’s so-called ‘lost 

decade’. Value’s recent recovery is 

nascent in the context of history.” 

£ Please remember, past performance 

is not a guide to future performance and 

may not be repeated. The value of 

investments and the income from them 

may go down as well as up and you 

may not get back the amounts 

originally invested. 

Guess these popular New Year’s resolutions 

Better Journeys 

Find out all the ways we’re improving your journey at: 

southwesttrains.co.uk/BetterJourneys


HS1 owners mull 

sale and bring in 

Bank of America 


@fwashtell 

THE TWO Canadian pension giants 

that own the high-speed railway connecting 

London to the Channel Tunnel 

have appointed a US investment 

bank to explore a sale of the line. 

The Ontario Teachers’ Pension Plan 

and Borealis have brought in Bank of 

America Merrill Lynch to handle a 

£3.6bn potential sale of the 109km 

HS1 line that runs from the capital to 

Folkestone in Kent, the Sunday Times 

reported. 

In December, the funds confirmed 

they were exploring strategic options 

after receiving “a number of investment 

enquiries” about a sale of the 

only high-speed line currently operating 

in the UK. 

Borealis and the Ontario Teachers’ 

Pension Plan snapped up a 30-year 

concession for HS1 in 2010 from thentransport 

secretary Philip Hammond 

for £2.1bn to operate and manage the 

HS1 network. The railway line opened 

in 2007. 

Together, the pension funds manage 

the retirement savings of thousands 

of Ontario-based police, teachers, firefighters 

and council workers. 

Both Eurostar and high-speed Southern 

services operate on the line, 

which includes four international stations 

along its route: St Pancras, Stratford, 

Ebbsfleet and Ashford. 

HS1 has paid out robust dividends in 

the last couple of years, forking out 

£55m in 2015 and £200m in 2014, 

when it swung into a loss of £113.2m. 

Borealis and the Ontario Teachers’ 

Pension Plan also own stakes in London 

City airport, as part of the consortium 

that bid in the £2bn takeover in 

February. 

The UK’s second high-speed rail line, 

HS2, is planned to link London with 

cities including Birmingham, 

Sheffield and Manchester. The first 

phase of the £56bn railway is due to 

open in December 2026. 

HS1, the 109km high speed rail link, connects London to Folkestone in Kent 

CITYAM.COM 

Oil giant set to 

shift focus to 

subsea services 


@fwashtell 

AIM-LISTED petroleum exploration 

firm Global Energy Development is 

today expected to announce a 

turnaround strategy that will 

refocus the group on the subsea 

oilfield services sector. 

The Colombia-focused energy 

group will also announce a multimillion-dollar 

conditional 

agreement to purchase more than 

10 offshore subsea service vessels 

and other related equipment, City 

A.M. understands. 

The vessels are currently based in 

the Gulf of Mexico, though they are 

expected to remain there 

indefinitely as the group is targeting 

international subsea work. 

To bolster the turnaround 

strategy, Global Energy 

Development will also appoint a 

director of operations who has 

considerable experience in the 

subsea services field. 

Global Energy Development listed 

on London’s junior market in 2002. 

Implementing the new master plan 

will be subject to approval from 

shareholders at a general meeting, 

expected to be held next month, 

with the deal completing soon after. 

Chinese investors snap up stake in 

disruptive aerospace startup Gilo 

Venezuela’s hard 

currency income falls 


@fwashtell 

CHINESE investors have scooped up a 

significant minority stake in British 

aerospace firm Gilo Industries Group. 

The science arm of conglomerate 

Kuang-Chi, which is headquartered 

in the city of Shenzhen, has bought a 

stake in Dorset-based Gilo, Sky News 

reported. 

The deal is expected to be 

announced in Asia today. The size 

and value of the investment has not 

yet been disclosed. 

The commitment to invest in the 

UK was a vote of confidence in the 

post-Brexit vote economy, a source 

told Sky News. The tie-up is thought 

to be the first in a series of 

investments across UK tech 

industries that could include 

telecoms and robotics. 

Gilo Industries Group was founded 

in 2012 by entrepreneur Gilo 

Cardozo. 

It has been dubbed “the 

Disneyland of engineering” for its 

wide range of commercial and 

recreational aviation products. 

The group manufactures jetbackpacks 

and rotary engines for 

unmanned aeronautical vehicles. 

DIEGO ORE AND ALEXANDRA ULMER 

VENEZUELA’S hard currency income 

fell 60 per cent in 2016 compared with 

the previous year, President Nicolas 

Maduro said last night, blaming low 

oil prices. 

The country with the world’s largest 

crude reserves receives over 90 percent 

of its foreign income from oil, 

whose price has fallen since mid-2014, 

worsening a recession in the Opec 

country. 

Venezuelans are struggling amid 

shortages of basic food products, spiraling 

inflation and a depreciating 

currency that has dragged down 

monthly minimum wages to below 

$10, and violent crime. 

Venezuela received $5.29bn (£4.4bn) 

in hard currency last year, a far cry 

from the $13.32bn in 2015. Reuters

CITYAM.COM 



17 

Inflation uptick 

shows pound dip 

impacted prices 

ASHLEY COATES 

DATA released by the Office for 

National Statistics this week is likely 

to show an uptick in consumer price 

inflation, a sign that the fall in the 

value of the pound is having an 

impact on prices. 

An inflation rate of 1.5 per cent in 

the consumer prices index for 

December would be a marginal 

increase on 1.4 per cent for November, 

and 0.9 per cent for October. 

This would bring the average rate of 

inflation to 0.7 per cent for 2016, after 

a flat 2015, and the highest rate 

seen since August 2014. 

Economists are expecting inflation 

to reach the Bank of England’s target 

of two per cent soon, and continue to 

reach 2.5 per cent by June. 

Higher fuel prices are also believed 

to have been a reason behind for the 

rise, with global oil prices now at an 

18-month high. 

The RAC recently reported that 

prices for petrol and diesel had gone 

up by 3p/litre in December to reach 

their highest since July 2015. 

The British Retail Consortium 

pointed out in its December survey 

that “the majority of the categories we 

monitor, particularly non-food, saw 

month-on-month increases in prices, 

with clothing and footwear seeing 

month-on-month inflation for the 

first time in nearly two years”. 

Despite having a good fourth quarter, 

retail sales are expected to have 

softened in December, following 

strong performance in the proceeding 

two months. 

Alan Clarke, an economist at Scotiabank, 

had warned that “with headline 

average earnings growth down to just 

two per cent, real earnings growth 

will turn negative”. 

“In turn, this is likely to be the main 

reason to expect economic growth to 

slow, as non-existent real earnings 

growth holds back household consumption,” 

Clarke added. 

The Goring Hotel opened in 1910 and is still run by members of the Goring family 

Family-run Goring Hotel back in 

the black after record turnover 

ALYS KEY 

THE GORING Hotel in Belgravia 

reported its highest ever turnover in 

2016, coming in at more than £14m 

with a profit before tax of £2m. 

The return to profit will come as a 

relief to the hotel. The establishment 

reported an operating loss of more 

than £590,000 in 2015. 

The Goring, which is more than a 

century old, is the last hotel in 

London that is still run by the same 

family who built it. 

It has hosted a range of prominent 

guests including the Queen Mother 

and Lady Randolph Churchill. The 

Duchess of Cambridge and her family 

were based at the hotel for her 

wedding to Prince William. 

Firms to fork 

out more on 

rates than rent 


@fwashtell 

A THIRD of London businesses have 

said they will be paying more 

towards new business rates than 

rent next year, according to the 

London Chamber of Commerce and 

Industry (LCCI). 

More than 40 per cent of London 

firms were concerned about the 

new rate valuation, which will 

come into effect on 1 April, 

according to an LCCI survey of 

more than 500 businesses. 

It has been estimated that 

London boroughs will be paying 

£9.53bn in extra tax over the next 

five years due to the changes, 

which were re-evaluated in October 

for the first time in seven years. 

“We said after the announcement 

that the revaluation of apparent 40 

per cent plus hikes were a huge 

blow to London, with our primary 

concern being that businesses may 

decide to hold back on training, 

recruiting or investing in other 

areas,” said Colin Stanbridge, chief 

executive of LCCI. “These concerns 

are borne out in this survey, with 

only 18 per cent of businesses 

saying that the revaluation is fair.” 

Bad commercial property lending 

nosedives as banks tighten criteria 


@fwashtell 

THE NUMBER of commercial property 

loans being written off has 

plummeted 63 per cent, falling to its 

lowest level since the credit crunch, 

according to Bank of England data. 

There were £846m worth of writeoffs 

in the sector, down from 

£2.27bn the previous year, between 

October 2015 and the end of the 

third quarter of 2016. 

Many banks have tightened their 

lending criteria to commercial 

property developers, according to 

peer-to-peer (P2P) property funding 

platform Saving Stream. 

As banks become more risk averse, 

alternative lenders and P2P 

platforms could be well-placed to 

benefit from the market. 

“The risk is that many sensible 

property investments and 

developments are not able to get 

funding from traditional sources,” 

said Liam Brooke, co-founder of 

Saving Stream. “A good crop of what 

are still high quality investment 

opportunities need funding, and P2P 

investors are taking on that risk that 

Basel III has dissuaded banks from 

getting involved with.” 

City frozen yoghurt chain lays 

out tasty plan for global roll-out 


@fwashtell 

CITY-BASED frozen yoghurt startup 

Sloane Brothers will roll out to new 

stores across the UK early this year 

and is gearing up to go global in 2018. 

The group, which started with a 

store on Brick Lane in June 2015, will 

open “a number of new locations” 

this year and is preparing to respond 

to requests from overseas groups that 

have asked about franchising. 

Last year, the British-sourced froyo 

firm crowdsourced ideas for its first 

location outside of London and, after 

requests to open a store in Nottingham, 

launched its second site there in 

September. 

Sloane Bros is now crowdfunding for 

£150,000, which will be put towards 

securing the new UK locations, 

launching a B2B packaged products 

business and setting up financing infrastructure. 

Sales are expected to reach over 

£350,00 by December, Sloane Bros has 

said.

18 MARKETS MONDAY 16 JANUARY 2017 

CITYAM.COM 

CITYDASHBOARD 

YOUR ONE-STOP SHOP BROKER 

VIEWS AND MARKET REPORTS 

In association with 

LONDON REPORT BEST OF THE BROKERS NEW YORK 

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

FTSE 100 set for 

busy week as May 

makes key speech 

PRIME Minister Theresa May’s 

speech tomorrow outlining 

her gameplan for Britain’s 

exit from the European 

Union is expected to have an 

impact on both sterling and the FTSE 

100 this week. 

Today will be dominated by 

trading updates from brick 

manufacturers Ibstock, investment 

manager Ashmore Group and 

fashion giant H&M. 

Tomorrow will be a busy day for 

the market with trading updates 

from Greggs, Rio Tinto, Cairn 

Energy and Quantum 

Pharmaceutical among others. 

Trading updates from Game 

Digital, Burberry Group, Premier 

Foods, JD Wetherspoon and 

Ladbrokes will be highlights for 

Wednesday. 

Thursday will be a big day for 

many FTSE firms including 

Chemring Group which reveals its 

full-year earnings while Royal Mail 

Pets at Home, British Land, 

Moneysupermarket.com, Halfords, 

Alliance Pharma, Pearson, Evraz 

and Acacia Mining will publish their 

trading updates. 

FTSE 

7,340 

7,300 

7,260 

7,220 

7,337.81 

13 Jan 

9 Jan 10 Jan 11 Jan 12 Jan 13 Jan 

CITY MOVES WHO’S SWITCHING JOBS 

LADBROKES CORAL GROUP 

123 

122 

121 

120 

119 

118 

P 

9 Jan 

10 Jan 11 Jan 

121 

13 Jan 

12 Jan 13 Jan 

The UK didn’t seem to fancy a flutter over the holiday season, and analysts at Peel 

Hunt are predicting that will show up when Ladbrokes Coral releases its trading 

statement on Wednesday. However, Peel Hunt would have a wager, reiterating its 

“buy” recommendation and 200p target price, while noting that Cheltenham would 

be the make or break moment for the newly merged company. 

DUNELM GROUP 

820 

800 

780 

760 

740 

720 

700 

P 

13Jan 

698 

9 Jan 

10 Jan 11 Jan 12 Jan 13 Jan 

Dunelm’s trading statement last week left analysts at Canaccord Genuity feeling 

mixed. Although they revised their 2017 forecast profit for the retailer down by 12 per 

cent, they feel the risks are short-term and the firm still has plenty of chance to take 

up more residence in the homewares market. Canaccord has maintained its “buy” 

recommendation but lowered its target price from 875p to 820p. 

Banks await 

Trump arrival 

US BANK stocks will stay in favour 

with traders as long as earnings 

reports this week show an 

improving profit outlook while 

investors wait to see if US Presidentelect 

Donald Trump lives up to his 

campaign promises. 

Among banks reporting this week 

Morgan Stanley is expected to post 

results tomorrow followed by 

Citibank on Wednesday. BB&T Corp, 

KeyCorp and Bank of New York 

Mellon all report on Thursday. 

Results and guidance from the big 

banks scheduled to report this week 

ahead could boost the sector, 

according to John Praveen, chief 

investment strategist at Prudential 

International Investments Advisers. 

“Results are likely to be good and the 

outlook is going to be positive so 

there's room for further gains,” 

Praveen told Reuters. 

The S&P banks index has traded 

recently at 13.6 times earnings 

estimates for the next 12 months 

compared with its five-year average 

multiple of about 11 but in line with 

the 10-year average of 13.1. 

MITSUBISHI UFJ FINANCIAL 

GROUP 

Mitsubishi UFJ Financial Group 

has appointed Nauman Ansari 

as an executive director of the 

bank’s healthcare finance 

business in EMEA. Nauman, 

who joins from Morgan 

Stanley, brings a wealth of 

healthcare and leveraged and 

acquisition finance experience 

to MUFG. He played a 

significant role in a number of transformative 

transactions for Shire on the acquisitions of Baxalta, 

Dyax Corporation, and Viropharma. Nauman’s 

appointment forms a key part of MUFG’s ongoing 

strategy to bolster the healthcare finance business as 

opportunities in the market grow, with another new 

team member due to join over the next few months. 

Reporting to Ian Wootton, managing director of the 

healthcare division, Nauman’s role will focus on 

consolidating and strengthening MUFG’s current 

healthcare clients, and building new relationships to 

expand the bank’s global network. Prior to his time at 

Morgan Stanley, Nauman held senior roles at Bank of 

America Merrill Lynch and Lehman Brothers in the UK 

and the US. Nauman will be based in London. 

BREWIN DOLPHIN 

Brewin Dolphin, one of the UK’s largest private client 

wealth managers, has appointed Godfrey Cromwell as 

a divisional director in the London office. He will be 

responsible for developing and maintaining client 

relationships, advising on strategic initiatives and 

supporting the development of our emerging talent. 

Godfrey joins from Barclays Wealth where he was a 

private banker for eight years. With a background in 

developing UK and international businesses, he will 

maintain his role as the chief executive of the British 

East-West Centre. He will also maintain his role as a 

cross-bench (independent) peer in the House of Lords. 

Godfrey’s appointment follows Laura Robin’s 

appointment as divisional director in September last 

year and Patrick Lance as divisional director in 

August – both from JP Morgan. 

BNY MELLON 

BNY Mellon has appointed Jeff McCarthy as chief 

executive officer, exchange traded funds and will 

report to Frank LaSalla, chief executive officer of BNY 

Mellon’s global structured products and alternative 

investment services business. In his new role, Jeff will 

lead and execute the long-term strategy to drive 

growth in BNY Mellon’s ETF business. He joins from 

Nasdaq, where he was vice president and head of 

exchange traded product listings and trading. Prior to 

this, he was head of global ETF products and co-head 

of ETF trading and investor services in Asia Pacific for 

Citigroup. Earlier in his career, he was global ETF 

product head for Brown Brothers Harriman & Co, 

where he created the firm’s global ETF service model. 

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

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20 OPINION MONDAY 16 JANUARY 2017 

CITYAM.COM 

FORUM 

EDITED BY HARRIET GREEN 

Germany is not the answer to 

any serious strategic question 

GIVEN the nervous 

breakdown of America, 

epitomised by the election 

of know-nothing Donald 

Trump as President, it is 

altogether understandable and 

human that elites are desperately 

casting about for a new champion of 

western stability. There are precious 

few other candidates for the job so, 

largely by the process of elimination, 

analysts (particularly on the left) 

have hit upon Chancellor Angela 

Merkel’s Germany as the last, best 

hope for the western order. 

This would be a laughable thesis if 

people were not taking it seriously. 

For, in truth, Germany cannot save 

either the wider world or Europe. In 

fact, it is an open question as to 

whether Germany can even save 

itself. 

In her endless intellectual confusion 

over the basic fact that caution 

is not the same thing as wisdom, it is 

all too easy to point the finger of 

blame at Merkel for this. Yet 

Germany’s problems, and the weaknesses 

that spring from them, are far 

more systemic and deep-rooted. A 

simple look at the unholy trinity of 

crises facing Berlin – the endless 

euro crisis, the war in Ukraine, and 

the refugee crisis – makes it clear 

that Germany is more supplicant 

than driving force on the world 

stage. 

More than the others, it is the euro 

crisis that provides the analytical key 

to understanding overall German 

weakness. The basic problem is psychological 

and moral. In Europe, 

what is truly going on is the end of 

economic life as it has been known. 

Europeans simply can no longer 

THE CITY of London 

Corporation hosted its 

annual London Government 

Dinner last week. Central to 

the event was the topic of 

Brexit, in which the London mayor 

Sadiq Khan was vocal on how 

devolution would play a critical role in 

supporting Britain’s capital after 

Brexit. The lord mayor’s speech 

covered a different but equally 

important issue; his focus was to shine 

a light on the importance of 

apprenticeships in London. Although 

the two may at first seem to have little 

common ground, there is more 

similarity than one might think. Both 

are a priority for government and both 

have the potential to shape Britain’s 

future. 

Apprenticeships are a great way to 

provide young people with the skills 

that employers are looking for, but 

there is a more significant purpose 

behind them. Currently, there is a disconnect 

between the skills needed to 

afford the serene, cosseted, not 

overly strenuous and very attractive 

way of life they have grown used to; 

government in European countries 

has simply grown unaffordable. 

Having bought into the cult of endless 

leisure time as an inalienable 

right, it is devilishly hard to row back 

from this primary sign of decadence. 

But almost no-one wants to hear this, 

much less do anything about it. To 

do so would require a very painful, 

immediate retrenchment for millions. 

That is human and understandable, 

but it is also fatal. For it 

means that at present democratic 

politics in Europe is being conducted 

based on lies. 

And lying – beyond the immorality 

of it – is a very poor basis for making 

sustainable policy, at least in any 

open society. With its wilfully ignorant 

populace, Germany is the primary 

example of how stubborn 

self-delusion fuels member states’ 

approach to Europe. 

In essence, to survive, the Eurozone 

will either move towards a true federation, 

becoming a debt union complete 

with fiscal transfers (all done 

on largely German terms) or the euro 

will cease to exist. As such, Berlin will 

be the primary paymaster for such a 

new political constellation. As none 

of this appeals to much of anyone in 

Germany, best not to talk about it. 

And so Chancellor Merkel does not. 

It is at this point that even the 

sleepiest German citizen will wake 

up, howling. It is also here that not 

levelling with one’s own people 

becomes as poor a strategy as it is 

immoral. By not making clear what 

is really going on, Merkel has been 

able to put off an awful lot of 

fill important roles in financial 

services and the number of people 

wanting to work in the sector who 

have the necessary skills. 

It is important that social backgrounds 

should not determine career 

success, and it is in everyone’s interest 

to level the playing field for the future 

workforce. Meritocracy, as opposed to 

aristocracy, is key. Offering paid internships, 

for example, means a company 

can attract young talent from all walks 

of life, not just those who can afford to 

work for free. 

Firms across the Square Mile are 

doing their utmost to appeal to young 

and promising talent. For example, the 

City Business Traineeship, run by brokerage 

Citylink, has so far supported 

1,400 state school students from some 

of London’s most deprived areas into 

prestigious paid internships in the City 

and Canary Wharf. Last week, 

Deutsche Bank – Germany’s largest 

bank, which has a big presence in 

London and Birmingham – 

John 

Hulsman 

By not making clear 

what is really going 

on, Merkel has been 

able to put off a lot of 

unpleasantness 

unpleasantness. But to imagine for a 

moment that the German people 

won’t feel fundamentally lied to once 

the cheque for this Kafkaesque party 

comes due, is not to be 

Machiavellian. Rather, it is to be 

hopelessly naïve. 

Whatever Germany ultimately 

decides to do, there will have to be 

sacrifices. And any policy requiring 

those sacrifices that is not buttressed 

by public support stands no chance 

of success. Lying as a way to avoid the 

democratic deficit over the European 

crisis is not clever. 

Meanwhile, Germany, like doomed 

passengers on the Titanic, has spotted 

the economic iceberg dead 

ahead, but has made precious little 

effort to right the state’s course. The 

demographic problem is especially 

stark. The old age dependency ratio – 

which evaluates the number of pensioners 

in a society versus the working 

age population – simply cannot 

be wished away. The German ratio 

was 34 per cent in 2013, rising to an 

economically crippling 52 per cent 

by 2030. Over this period of time, the 

number of pensioners in Germany 

will skyrocket by 5m, even as the 

number of workers declines by 6m. 

Who is going to pay for those endless 

vacations and for the overly generous 

social safety net? 

The inconvenient truth about 

Germany is that it is strategically 

pacifist (with laughable defence 

capabilities for a serious power), 

politically ostrich-like in its stubborn 

refusal to even attempt to master 

Europe’s many policy crises, and – 

worst of all – economically very 

much living on borrowed time. 

For all these reasons, Germany is 

simply not the answer to any serious 

strategic question there is. 

£ Dr John C Hulsman is senior 

columnist at City AM, a life member of 

the Council on Foreign Relations, and 

president of John C. Hulsman 

Enterprises. He can be reached for 

corporate speaking and private 

briefings at chartwellspeakers.com 

Brexit and beginners: Why the City must 

step up and support the next generation 

Mark 

Boleat 

announced it would use social media 

channels to entice those who might 

not have traditionally applied for a 

bank job, but that would be well-suited 

to the role. Such measures are a must 

for financial and professional services 

firms: with the exponential rise of digital 

and tech, talented youngsters now 

have an abundance of job opportunities 

in other lines of work. 

The City of London Corporation also 

recently launched a report on youth 

unemployment – a subject which 

remains a real challenge in London. 

The City’s Business is a guide which 

highlights the vital role that City institutions 

play in reducing youth unemployment 

in London. 

While many schools and businesses 

are indeed addressing these challenges, 

more work must be done to 

raise awareness of skilled jobs and 

how young people can secure them. 

Pupils also need more frequent exposure 

to the workplace so they understand 

the practical and “real life” 

application of their studies. For business 

engagement to be meaningful, it 

needs to start early, so young people 

are aware of future opportunities and 

the skills they will need to succeed. 

This means not just focusing on academic 

achievement, but working with 

schools and colleges through mentoring, 

careers fairs or workplace taster 

sessions to help young people develop 

the relevant skills that will give them a 

head start. 

£ Mark Boleat is chairman of the policy 

and resources committee of the City of 

London. 

DEBATE 

Q: As the great 

and the good 

descend on 

Davos, are we 

seeing the death 

or the dawn of the 

global elite? 

Alex 

Deane 

DEATH 

It is all too easy to bash the so-called 

“global elite” and mock their gatherings. 

Those seeking to do good at Davos are at 

least trying; if there are real villains, then 

they’re to be found among those who 

never engage in such things as they feel no 

wider responsibility to their fellow man. 

But, whether Davosians or not, the 

hegemony of the global elite is slipping. 

Technology is enabling greater 

decentralisation, and facilitating social 

conversations that are lateral rather than 

top down – and this will only grow as time 

passes. Want proof of this trend? If it had 

been up to the “elite”, we’d have voted to 

stay in the European Union; Donald Trump 

wouldn’t be heading for the White House. 

In the past, without disseminatory routes 

like the internet helping an anti-elite 

person to find like minds, those 

disagreeing with what they were told 

would have found it far harder to 

cooperate and collaborate. We are more 

likely to say “no” when we think that we 

are not alone. 

£ Alex Deane is managing director of FTI 

Consulting and common councilman in the 

City of London. 

Dan 

Tara 

DAWN 

This is a dawn of a new type of global elite. 

Social networks and enterprise technology 

companies now have a place at the table 

alongside policymakers and central 

bankers. The question is, what does this 

addition to the elite mean for the world? For 

starters, it’s an indicator that technology is 

now not just a “sector”. Rather, it is 

beginning to become a facet of life which 

underpins everything humans now do, in 

the same way money or law does. Given 

that the leading minds and thinkers 

featured are largely in some way tied to 

commercial entities, it will be interesting to 

see how they apply this position of 

influence. In addition, people like this tend 

to be innately wedded to the idea of 

speeding up the pace of change in a way 

that the traditional global elite might not 

have. Mark Zuckerberg is a good example 

of the tech elite transcending perceived 

roles to shape everything from politics to 

quality of life. How this agenda shapes the 

pace of the world, and the impact it has on 

society, will be fascinating to watch. 

£ Dan Tara is executive vice-president of 

Positive Technologies.

CITYAM.COM 


OPINION 

21 

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

:@cityam 

LETTERS 

TO THE EDITOR 

The shackles of 

forecasters 

[Re: What Dirty Harry teaches us about 

economic forecasters’ Michel Fish moment] 

Paul Omerod presents much food for thought 

in his article. However, I do have questions on 

certain things. Did the Treasury forecast refer 

to an immediate recession after the vote or 

after Britain left the EU? I was under the 

impression it was the latter, which has not yet 

happened. I found the continuing spending 

after the Brexit vote rational: if sterling was to 

fall significantly, as it has already signalled, I 

would want to buy what I needed before 

prices rose on the back of a weaker pound. So 

I was expecting this spending increase. 

Monte-Carlo techniques and the increased 

availability of powerful computing power 

have allowed different large sets of 

assumptions and their various possible 

resultant paths to be computed, and then 

graphed as histograms to illustrate the 

different likelihoods of outcomes. These show 

the quantified most likely and less likely 

results with the diagnostics that give an idea 

of reliability (e.g. the Bank of England 

produces a fan chart for its forecasts in the 

quarterly report). The skill is to glean which 

would be reigning under the dynamic, multidimensional 

conditions that have occurred 

since the forecast. A singular forecaster not 

only forecasts the process but attempts to say 

which choice economic agents make. The 

rationality applied by the forecaster in the 

way these agents make choices may not be 

the also-valid rationality (and not the 

irrationality) applied by the particular 

economic agent. As forecasters appear to 

apply their particular set of assumptions in 

the same way, “groupthink” is indeed a 

serious problem. 

Kumar Devadasan 

BEST OF 

TWITTER 

Next week the good & the 

great will be shooting the 

breeze in Davos, talking 

meaningless nonsense at 

taxpayers/shareholders’ 

expense! 

@truemagic68 

There are 65m people living 

in the UK: quite enough to 

train the requisite number of 

engineers, doctors, techies, 

nurses, dentists... 

@RedHotSquirrel 

An historian friend of mine 

on Tristram Hunt: “I couldn't 

run the V&A, even if I wrote a 

mediocre biography of 

Engels”. 

@nickfthilton 

European fishermen have 

taken £3.5bn per year worth 

of fish out of UK waters since 

1983. 

@RichardWellings 

Disappointed Obama has 

ended US visa-free residency 

for Cubans fleeing Castro 

regime - which remains a 

dictatorship. 

@danielrhamilton 

One in five low-wage men 

aged 25 to 55 now work parttime; 

up from only 1 in 20 

men twenty years ago. 

@TheIFS 

Why leaders must make the link 

between education and profits 

THREE thousand of the world’s 

most important business 

leaders and politicians will 

gather together to discuss the 

most pressing issues facing the 

world this week. The World Economic 

Forum (WEF) Annual Meeting in Davos 

has long been one of the defining 

events of the year and an opportunity 

to set the agenda for the global stage. 

This year, however, it’s hard to ignore 

the difference in mood, brought about 

by a new political landscape. The US 

election and populist votes in Italy and 

UK have revealed a gulf between the 

political and business elites and the 

working people living outside of major 

metropolitan areas. Ordinary citizens 

around the world have sent a powerful 

message: their concerns about the 

impact of globalisation on meaningful 

jobs, stagnant wages and open trade and 

borders have been overlooked by the 

establishment for too long. 

It is now clearer than ever before that a 

top-down approach to problem-solving 

is no longer working. Elites do not speak 

the same language as the masses and 

are often disconnected from their everyday 

lives and problems. The time has 

come to re-engage, and listen to their 

issues, or risk becoming even more 

divided. In the past, global gatherings 

were all largely focused on globalisation 

and its benefits. Now, they must go 

beyond this and put a much-needed 

focus on addressing the negative 

impacts of globalisation. 

Gatherings like Davos must be more 

ambitious in bridging the gap between 

wealthy and working-class, old and 

young, north and south. Too often, the 

topics and issues on the agenda at these 

types of events are described in the technocratic 

language of business that is 

neutral and non-committal. 

Richard 

Attias 

Young people make up 50 per cent of 

the world’s population, but are underrepresented 

in global affairs. This is 

something that has concerned me for 

some time now, and it is positive, therefore, 

that WEF has invited more than 

200 millennials from around the world 

to participate this year. Let’s hope this 

isn’t too little, too late though when it 

comes to Davos’s impact in the future. 

Harnessing technology will be key to 

create direct engagement with young 

people. Using sophisticated analysis of 

social networks can help young leaders 

in Davos expand their reach and play a 

more effective role in kickstarting new 

initiatives. But there’s still much more 

that elite gatherings can do to 

encourage better engagement. For 

example, why not leverage the power of 

virtual reality to immerse conferencegoers 

in the real-life situations they are 

debating, enabling a more empathetic 

and considered response? 

Finding innovative solutions for 

addressing unemployment, especially 

It’s now clearer than 

ever before that a 

top-down approach 

is no longer working 

among young people, should also be at 

the top of the agenda of every gathering 

and institution. Without doubt, it is one 

of the greatest challenges facing the 

world today and should be top priority 

of any leader in any country. It is critical 

to improving public health, preventing 

terrorism, war and violence, and reducing 

inequality. 

Governments are debt-ridden, while 

many corporations are very profitable. 

Yet both are impacted by the challenge 

of jobless youth. So why couldn’t corporations 

dedicate a percentage of their 

profits to support and finance vocational 

training programs? Business and government 

leaders at Davos can follow the 

lead of an innovative partnership 

between Unesco and telecommunications 

provider Airtel Gabon, which is 

training more than 5,000 young 

Gabonese men and women to use ICT. 

Or the initiative taken by the Misk foundation 

in Saudi Arabia to enable 2,000 

young people from the region to debate 

about the world of tomorrow. 

Just as Davos has been effective in the 

past in convincing business and government 

leaders to take issues such as climate 

change more seriously, it must 

now use its unique power to shift the 

debate on globalisation and address the 

rising concerns about things like job 

security, wages and border control. 

With so many leaders in attendance, 

there is no better place to make real 

change and begin to bridge the gap 

between elites and ordinary people once 

and for all. 

£ Richard Attias is executive chairman of 

nation branding and global 

communications consultancy firm Richard 

Attias & Associates, and produced the 

Annual Meeting of the World Economic 

Forum from 1995 to 2008. 

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22 FEATURE MONDAY 16 JANUARY 2017 

CITYAM.COM 

ENTREPRENEURS 

TIME poverty is an issue for 

Justine Roberts. I have just 40 

minutes on the phone with 

the Mumsnet founder and 

chief executive to disseminate 

a lifetime of achievement: PPE student 

at Oxford, a stint in the City, a journalist 

with a sports beat and, most recently, a 

recipient of a CBE for services to the 

economy in the New Year’s Honours list. 

“It’s very nice to be recognised and to 

be on this list. I’ve recently been watching 

The Crown so have become much 

more of a royalist than I ever was,” she 

chuckles. But Roberts insists that the 

honour isn’t her achievement alone. “I 

feel very strongly that it’s an award for 

all the people who have worked and 

helped to create this fantastic community, 

and that includes the users and all 

the staff. It’s recognition of that really, 

it’s not a personal thing, it’s a collective 

thing. And you know, we should all feel 

proud – we do feel proud.” 

The growth Mumsnet has achieved in 

the last 17 years may have been a collaborative 

effort, but before the 100-strong 

team now presiding over the site existed, 

Roberts had little but an idea, determination 

and guile. “If you have an idea, 

you’ve got to really believe in it,” she 

says. “It took about eight years for 

Mumsnet to really pay salaries to the 

people who were putting hours in.” 

VALUE OF EXPERIENCE 

With such a diverse working repertoire 

before the inception of Mumsnet, you 

might think Roberts to be something of 

a job-hopper, but she believes that, 

although a City life – or a life in journalism 

– wasn’t for her, it was time well 

spent. “I think all experiences prepare 

you,” she says. “Every year that you’re 

working you’re learning something, 

even if it’s learning what you don’t want 

to do – and how to get out of it.” 

If learning what she didn’t want to do 

was ample preparation, Roberts also 

thinks that parenthood, not only gave 

her the idea for Mumsnet, but prepared 

her to enter the world of business. “It 

just puts you under a lot of pressure; you 

learn negotiating skills, you get frustrated 

often and become less selfish – it 

makes you think about other things and 

other people. I think, in a multitude of 

ways, it helps you to multitask. You’ll 

probably never be so stretched, busy and 

exhausted as when you go through 

motherhood.” 

NATIVE EVOLUTION 

Mumsnet today is a far cry from the parenting 

forum Roberts envisioned during 

a disastrous family holiday with her 

young twins in 2000. Today it’s a manyheaded 

beast, a fabric woven into the 

digital furniture and more popular than 

ever, exceeding 10m users. 

“I think we view it as an online community 

first and foremost, and what 

we’re trying to do is provide solutions 

which make that community’s life easier. 

That might mean managing a great 

forum, or it might mean producing 

engaging content, putting on an event, 

or writing a book. It’s really just about 

developing, producing and offering 

things that make parents’ lives easier.” 

Over a decade and a half later, 

Mumsnet is a lucrative business, 

turning over some £7.2m last year. Most 

of its revenue comes from display and 

programmatic advertising, but more 

recently it has pioneered a method of 

native advertising that makes the most 

of the site’s user base. 

“What works best on Mumsnet is talking 

‘Mumsnet language,’” says Roberts. 

“And the best bits of native content 

we’ve done are where brands have really 

allowed the community to take the lead. 

So very often we’ll package up the best 

advice from our forums, rather than put 

a load of blurb written by an agency or 

parenting guru. The whole point is 

MUM’S 

THE WORD 

Elliott Haworth talks bursting 

the filter bubble and managing 

a 10m strong community with 

Mumsnet’s Justine Roberts 

really that you’re no longer broadcasting, 

you’re in conversation. So we have a 

lot of control over the creative process.” 

COMMUNITY 

Mumsnet was recently named as one of 

Grant Thonton’s Faces of a Vibrant 

Economy, which Roberts says she thinks 

is “because of the strength of the online 

community – that’s what Mumsnet is 

all about. It’s recognition for the daily 

kindness, time and attention that people 

all around the country are giving 

each other.” 

She refers to the community often, 

but how have trends, and the user’s 

needs and requirements, changed over 

the years? She tells me that “it’s quite 

hard to keep up now. You used to be able 

to log on and look at a link called ‘last 

day’ and read it comfortably in an hour. 

But now, you can’t read the last five 

minutes in an hour! So it’s faster moving, 

a bit noisier, but broadly, people 

have the same set of dilemmas.” 

Mumsnet has become a space beyond 

discussion about parenting, with pockets 

like “Pets Corner” and a chicken 

keepers’ forum. It’s probably best 

known for its occasional forays into politics. 

The 2010 election was dubbed the 

“Mumsnet Election” following a series 

Discussion, in 

itself, is something 

healthy and worth 

preserving 

of webchats with the leaders of the 

time. But the issues often run deeper 

than the pithy rhetorical whims of talking 

heads. 

DEBATE 

The most poignant discussions occur 

“when users are presented with a story 

that they feel isn’t right; when they feel 

something should be done about it. We 

probably have the largest forum of parents 

with special needs children, for 

instance, and I think some of the issues 

they have to face are an education for 

others. In our daily lives we are fed stuff 

by people we know, but on Mumsnet, 

it’s a place where you can experience 

people living very different lives.” 

Browsing the comment section below 

a controversial topic bears witness to 

the polarity – and occasional cruelty of 

the community. But Roberts is an advocate 

of free speech, for open discussion 

and inclusivity, however virulent, which 

is reflected in the laissez faire moderation 

on Mumsnet. “We’ve always had a 

commitment to open discussion and 

even disagreement, she says. “We’re not 

a site just for mothers of the right or 

left, we’re very much for all mothers. 

We believe that people have the right to 

say stuff. We ask people to refrain from 

personal attacks, and not to break the 

law. So you can disagree with someone, 

you can say when someone is talking 

rubbish, but you can’t really say someone’s… 

err, [laughing] 

I can’t really say that word, can I?” 

FILTER BUBBLE 

In the current climate, in which fake 

news, identity politics, and filter 

bubbles – the idea that social 

CV 

JUSTINE ROBERTS 

Company: Mumsnet 

Founded: 2000 

Turnover: £7.2m 

Staff: 100 

Title: Chief executive and founder 

Age: 49 

Born: London 

Lives: London 

Studied: PPE, Oxford University 

Drinking: I’m quite partial to a really proper 

mojito (with tonnes of fresh mint) 

Eating: The mint in a proper mojito and a 

proper Sunday roast 

Reading: Vanity Fair (the book, not the 

mag); Drive (Daniel Pink) 

Favourite business book: Leaders Eat 

Last, by Simon Sinek; The Lean Start Up, by 

Eric Ries 

Talents: Hand-eye coordination, haggling, 

not accepting no for an answer 

Heroes: Bill Shankly 

First ambition: To play football for 

Liverpool 

Motto: “There’s more than one way to skin 

a cat”. 

Most likely to say: Why? 

Least likely to say: I’m only coming if I can 

wear my Louboutins 

Awards: Online Comment Site of the Year 

(Editorial Intelligence Comment Awards) 

2011 and 2014; Institute of Internal 

Communication Communicator of the Year 

2014; EY Entrepreneur of the Year London 

and South Winner 2016; Appointed 

Commander of the Order of the British 

Empire (CBE) in the 2017 New Year Honours 

for services to the economy 

algorithms impair debate through 

reflection of self-affirming views – dominate 

the news agenda, I ask Roberts 

about the importance of debate. “Our 

view is there is something valuable in 

differing opinions,” she says. “And actually, 

in the last year we’ve become even 

more of that opinion. There are few 

places on the internet where you’re 

going to get diverse opinion because of a 

very calculated move on the behalf of 

the big tech companies to serve you stuff 

from the people that you know and who 

will say the sort of things you want to 

hear. Mumsnet sits outside of that.” 

I ask whether Mumsnet is bursting the 

filter bubble: “I don’t know if I’d go that 

far! But we’re certainly committed to 

Mumsnet not being a filter bubble. We 

don’t doctor people’s feeds, we don’t disallow 

contrary opinion, we don’t overweigh 

opinion that isn’t contrary. We 

wouldn’t do that because we think in 

itself, discussion and debate is something 

healthy and worth preserving. 

Differing opinion often changes 

people’s minds, and how else can you 

learn to appreciate a different point of 

view if you don’t hear differing opinions?” 

PRICE TAG 

Most tech companies grow with the 

intention of selling, so I ask Roberts if 

she would consider an offer. After a 

short pause, she tells me “it would be 

hard to because this isn’t just a business 

– it’s not a conventional one anyway. 

It’s a new type of business, and I 

would have to feel very comfortable, 

that the spirit of the site – putting purpose 

before profit – was going to be 

maintained.”

CITYAM.COM 


FEATURE 

23 

Q&A: How can you finance digital assets? 

THE DIGITAL economy has created 

myriad new types of 

business with different 

needs to traditional, bricksand-mortar 

firms. And with 

new business comes new challenges, 

one of which is access to the right sort 

of finance. We caught up with Andy 

Davies, sales director at LDF, to find 

out how the company is evolving 

finance to suit this new economy. 

What changes have you seen in the 

types of businesses approaching you? 

We’re certainly seeing an increase in 

the number of new, digital businesses 

in emerging industries that are looking 

for finance, whereas previously, it 

was more traditional businesses: manufacturers, 

for example – real bricksand-mortar, 

asset-based businesses. 

What we’re seeing now is a product of 

the new economy – far more innovative 

businesses: those that are techbased, 

and IT firms. 

How do the needs of these businesses 

differ to traditional asset financing? 

If you look at where we fitted in asset 

financing in the past, there would be 

a specific, tangible purpose that the 

funding would be attributed against. 

Whether a piece of equipment or a 

vehicle, it would be something with a 

LDF 

COMMENT 

Andy 

Davies 

palpable use or purpose. Now, to 

accommodate the digital age, we’re 

looking at loan options where it’s a 

longer-term, non-tangible type of 

spending. More “soft costs” are now 

required: marketing, digital marketing, 

website development – the types 

of things which we would not have 

traditionally looked at in the past. 

In terms of products, how have you 

reacted to the changing market? 

Traditional loan products have a specific 

purpose attached to them – 

that’s how LDF has operated in the 

past, and it’s been a fairly standard 

approach across the industry. If you 

wanted a loan, you would have to 

prove exactly what the tangible cost 

was going to be – whether it was 

£10,000 for refurbishment or £50,000 

for a machine – we would need to see 

the invoice matching that figure. To 

try and counter that, we’re looking at 

The new economy requires a different type of finance 

new, alternative products. One of 

these is a business development loan 

which allows us to look at a number 

of intangible products such as marketing, 

recruitment or development 

and, provided the customer has a 

story behind what this will mean for 

them – how they will benefit from 

that cash injection – then we can provide 

a loan on that basis. It’s a case of 

providing a loan without a tangible 

purpose attached to it. 

How can your technology make the 

process of financing easier? 

We have spent, and will continue to 

spend, an awful lot of money on trying 

to make the customer journey as 

simple and straightforward as possible. 

How we can make the whole credit 

process as slick as possible is a big 

part of our evolving business model. 

People are now looking at alternative 

finance far more than ever 

before. I think many look outside 

the mainstream banking options, 

especially those who are a bit more 

tech savvy. Whereas previously, once 

they’d been declined by their bank, 

that could well have been the end of 

their journey – but we are providing 

an alternative. 

How do you stay at the forefront of 

financing in an evolving business 

environment? 

We’ve invested heavily in a delivery 

platform called Lendinghive, which 

allows us to look at asset finance via 

an easy-to-use digital application 

and offer loans within 30 minutes. 

As part of future-proofing our own, 

and our customers’ businesses for 

the growing digital economy, we’ve 

invested a lot of money in trying to 

ensure that we cater for how the 

next generation will look for 

finance. 

It’s a new direction in business 

finance designed specifically for 

small to medium-sized companies, 

which puts the recipient in control 

of a bespoke finance plan. We very 

much believe that we’re at the forefront 

of how this kind of technology 

will work. 

WHEN DO YOU 

PAY YOURS? 

Avoid bank bureaucracy and 

 

spreading the cost of your tax 

 

a tax loan from LDF. 

 

 

 

 

 

Colette Stroud, Family Law 

/5 

 

lender on Feefo 

0333 014 2111 | ldf.co.uk/cityam 

LDF Operations Limited (reg. no 02029122) part of the LDF Group is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities (including hiring).


CITYAM.COM 

MARKETING 

WHEN THE 

LIGHTS GO OUT 

PICCADILLY 

SPECIAL 

As we bid farewell to 

the Piccadilly Circus 

patchwork, Elliott 

Haworth 

remembers its 

history and looks to 

its future 

ON ONLY a handful of occasions 

in its 100-year history 

has the hotchpotch of billboards 

at Piccadilly Circus 

been intentionally switched 

off during peacetime. Most famously, 

when Winston Churchill died, and 

later, Princess Diana. The advertising 

space, recognisable the world round, is 

symbolic of the national mood; it wears 

black when we mourn. 

But today, minus the iniquity of 

tragedy or war, the power to the 

patchwork Circus will cease. Decades 

of retrofitting will be replaced with a 

single screen, beaming new messages 

onto the streets below. 

Tim Bleakley, chief executive of 

Ocean Outdoor, the agency which 

organises the advertising on the 

board, understands the magnitude of 

altering a landmark. “It has this 

magnetism around it, I’d argue it’s the 

most famous advertising in the 

world,” he says. “Piccadilly’s iconism is 

linked to its longevity. The board has 

evolved not just as London has; it’s 

been there as the world has evolved 

around it.” 

Supplanting something as 

significant as the advertising at 

Piccadilly Circus, albeit temporarily, is 

an unenviable task. The last time all 

the lights were out for any sustained 

period was from 1939 to 1949, when 

Churchill ordered the blackout to 

muddle the logistics of the Nazi 

bombing raids blitzing the city. Since 

then, other than the charity 

campaigns London Lights Out and 

Earth Day, the display has barely 

jittered. Vasiliki Arvaniti, portfolio 

manager at Land Securities, which has 

owned the Piccadilly Circus site since 

the seventies, says that the lights will 

be off for approximately nine months. 

“What we’re doing is quite significant 

work, we have to take down the 

existing six screens, and the 

structures which hold them and 

replace it with a whole new structure, 

which is why it’s taking so long. It’s 

never been done to this scale before.” 

NEW TECH 

The new curved, ultra-high definition 

4K resolution screen aims to 

futureproof the space, while retaining 

the familiar patchwork aesthetic. The 

screen being installed – one of the 

biggest in the world – will cover some 

790 square metres, making it bigger 

than a full-sized tennis court (670 

square metres). It will also be one of 

the most technically advanced in the 

world, offering live video streaming, 

lifestyle updates such as weather and 

sports results, and real-time social 

media feeds, ensuring the space stays 

at the forefront of innovation, while 

offering new opportunities for brands 

and advertisers. 

The challenge is replacing the 

patchwork while retaining the 

identity for which it is loved 

Piccadilly’s 

magnetism is 

linked to its 

longevity 

One such innovation is localised 

wifi which, when combined with the 

ability to update the brand message in 

real time, provides the capability to 

alter adverts based on consumers 

within the area. “It’s fast,” says 

Bleakley. “Coca-Cola, for example, can 

log on at any given moment, see a 

large group of Spanish tourists and 

change the copy of the ad from ‘hello,’ 

to ‘buenos dias.’ There will be car 

recognition, so, if it’s a car brand 

advertising, it can serve ads based on 

the vehicles passing by. For those 

brands, it’s an exclusive tech club. 

They’ll be members of a world first.”

CITYAM.COM 


FEATURE 

25 

PICCADILLY LIGHTS: A TIMELINE 

£ 1908 First permanent electrical 

advertisement, using incandescent bulbs, is 

installed by Perrier. 

£ 1923 Within 15 years, electric billboards 

dominate the Monico Cafe and London 

Pavilion – brands from Bovril to Schweppes 

appear using neon lights, to the disdain of 

architectural societies. Guinness Time 

becomes a permanent fixture for several 

decades. 

£ 1939 Winston Churchill orders the 

blackout to confuse Nazi bombers: the 

Piccadilly Lights remain black for a decade. 

£ 1955 Coca-Cola takes its spot, which 

remains to this day, and will retain its 

residency when the new screen is installed. 

1953 

£ 1965 The lights are switched off as a mark 

of respect during Churchill’s funeral. 

£ 1978 Japanese technology company 

Sanyo erects its famous red and white sign, 

which stayed until 2011, when the boards 

were upgraded to LED for the London 

Olympics. 

£ 1986 Advertising is removed from London 

Pavilion as part of renovations. 

£ 1997 The lights are switched off for the 

funeral of the Princess of Wales. 

£ 2002 Yoko Ono pays a reported £150,000 

to display John Lennon lyrics: “Imagine all 

the people, living life in peace,” following the 

9/11 attacks. 

£ 2007 Paul Atherton’s short film “The Ballet 

of Change,” exploring the history of the 

Circus, premieres on Coca-Cola’s LED ad 

space. 

£ 2009 Coca-Cola switches its advert off as 

part of WWF’s Earth Hour. 

£ 2011 Lights emblazoned with poetry from 

across the British Isles as part of National 

Poetry Day. 

£ 2017 Piccadilly Lights switched off for nine 

months to remove old screens and replace 

them with one giant curved screen. 

1936 

1945 

1936 

1961 

1993 

HERITAGE 

Of course, replacing the lights with a 

giant screen risks losing the 

patchwork that has adorned the site 

for so long – and made it the 

landmark we know today. Graham 

Hinton, chairman of the History of 

Advertising Trust, says that, while an 

upgrade is inevitable, he heeds a 

warning. “Like any property that the 

public warms to, has affection for and 

knows well, to some extent, you 

tamper with it at your own risk. It’s 

achieved iconic status, and I think the 

patchwork is really important to it. If 

you look at the first pictures, it hasn’t 

changed – it’s always been that way. At 

what point does a medium lose its 

appeal because you adapt it to take 

advantage of modern technology?” 

Retaining a sense of history is on the 

lips of everyone involved in the 

project, says Arvaniti. “We’ve worked 

very closely with Westminster City 

Council to arrive at a proposal, she 

says. “What we will deliver is change 

that makes a big enough difference to 

ensure that the site continues to lead 

the way in terms of out of home 

advertising, while not changing its 

essence and heritage.” 

The way they hope to achieve this is 

through segmentation of the giant 

screen – replacing the patchwork, 

while retaining its spirit. The screen 

will be split into six sections 

ordinarily, periodically rotating brands 

in 30 minute loops, whereafter one 

brand will take full control of the 

entire screen. 

SPECIAL 

But what makes it so special? 

Landmarks tend to be buildings or 

icons – red phoneboxes and 

Buckingham Palace. It is, after all, just 

a board of adverts. 

A succinct answer that rings true 

today came in 1926. CJ Lytle, general 

manager of the Borough Billposting 

Company, wrote in Modern 

Advertising: “it is not too much to say 

the Piccadilly attracts thousands of 

sightseers every night for the avowed 

purpose of witnessing for themselves 

the mechanical wonders of the 

flashing signs. And they are all 

absorbing the commercial messages 

that are signalled to them.” 

Clearly, the board has grown up 

since then, but its appeal is 

undimmed. “It’s a very magical thing 

It’s evolved as the 

medium has 

evolved, and will 

continue to do so 

to go and see,” says Hinton. “The 

concentration and brightness of the 

images; the location in itself. Piccadilly 

is a pretty extraordinary place in 

London. It’s the hub of the West End, 

bringing everything together with 

these extraordinary brands and 

messages occupying the biggest space 

in the most exciting way. It sort of all 

works together.” 

The Circus is known the world 

over – monumental as a tourist 

attraction, irreplacable as an 

advertising behemoth – reaching over 

100m consumers per year, and setting 

a global standard in out-of-home. “It’s 

always been the centre of the change 

in the out of home medium,” says 

Bleakley. “It was the first site to be 

illuminated, the first to have neon, the 

first to be replaced with digital LED. 

It’s evolved as the medium has 

evolved, and will continue to do so.” 

HISTORY 

At present, six screens advertise 

brands at Piccadilly. The most famous, 

Coca-Cola, has held a permanent 

residency on the board for 62 years, 

and will continue to do so, according 

to Aedamar Howlett, marketing 

director of Coca-Cola Great Britain and 

Ireland. “There are only a handful of 

advertising spaces in the world that 

are as iconic and unique as the 

Piccadilly Lights,” he said. 

Despite its obvious staying power, 

Coca-Cola’s presence is a fairly recent 

addition to the boards’ history. 

Illuminated lettering attached to the 

facades of prominent buildings 

appears to have started in 1890 – 

although advertisers had filled the 

space with posters and static ads for 

some time. The first permanent, 

illuminated electrical advertisement 

from Perrier, using incandescent 

bulbs, appeared in 1908. It wasn’t until 

1923, that, like Dylan, Piccadilly went 

fully electric, with neon lights and 

moving signs replacing the original 

incarnation. 

It’s hard to imagine a brand like 

Bovril advertising on Piccadilly now, 

but the meat extract producer had the 

first neon sign to grace the famous 

facade. The neon lights, utilised by 

over 50 brands across several decades, 

from Cinzano to Guinness; Kodak to 

McDonald’s, remained for some 

decades, upgraded at the pace 

technology allowed. The last neon 

light, owned by Sanyo, was removed in 

2011 following a request to replace it 

with a more modern LED screen 

before the 2012 Olympics. 

“We’re replacing very cumbersome 

technology of varying age and quality,” 

says Bleakley. “Every screen is different 

and some will be outdated soon; this is 

a way of creating uniformity when we 

have the chance.” 

It’s not well known, but on two 

occasions in its life, the Piccadilly 

Lights have faced opposition that 

brought their future into question. 

Following a number of complaints 

from architects, in 1900 the London 

County Council made byelaws 

“prohibiting the exhibition of flash 

lights... so as to be visible from any 

street and to cause danger to the 

traffic therein.” The complainants 

insisted they were a “disfigurement to 

the Metropolis and a nuisance.” The 

council had wanted to impose a 

complete prohibition, which would 

have put a stop to all intermittently 

illuminated advertising in London. 

But Adland fought back, and won. 

The second was a proposition by one 

Lord Holford in 1962. He wanted to 

redevelop the area, replacing the 

buildings upon which the lights are 

fixed with three octagonal towers and 

an elevated pedestrian concourse 

linking the buildings around the 

perimeter of the Circus. It became 

known as The Holford Plan, spawning 

the reactionary short film, “Goodbye, 

Piccadilly.” 

Thankfully – for the sake of 

longevity, and developing an icon – 

neither plan was ever seen through. 

And in the autumn, when works are 

completed, we can instead say, “Hello 

Piccadilly,” and welcome it to the 

future.

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Coffee 'C' Futures .........................................149.03 -0.70 

Feed Wheat Futures ....................................148.25 1.60 

Soybeans Futures Continuation Contract..1044.25 -2.00 

AB INBEV..........................................................99.61 0.60 119.60 92.13 

ADIDAS N ........................................................147.95 1.95 160.30 82.65 

AIR LIQUIDE ....................................................104.95 0.75 106.55 85.96 

AIRBUS GROUP ................................................65.64 0.95 66.05 48.07 

ALLIANZ RG ....................................................160.80 1.60 162.00 118.35 

ASML HLDG RG................................................108.55 2.00 108.10 70.54 

AXA ..................................................................24.35 0.43 25.05 16.11 

BANCO SANTANDER ............................................5.15 0.09 5.19 3.15 

BASF N.............................................................89.06 0.88 89.47 56.01 

BAYER N ..........................................................101.65 1.65 112.00 83.45 

BBVA ..................................................................6.24 0.12 6.70 4.43 

BMW..................................................................87.81 0.35 91.76 63.38 

BNP PARIBAS-A-...............................................62.16 1.61 63.06 35.27 

CRH PLC .............................................................15.16 -0.23 16.93 12.81 

DAIMLER N ........................................................71.33 0.54 73.23 50.83 

DANONE ...........................................................60.53 -0.26 70.53 57.49 

DEUTSCHE BANK N.............................................18.15 0.70 20.58 9.90 

DEUTSCHE POST N.............................................31.69 0.28 31.95 19.55 

DEUTSCHE TELEKOM N ......................................16.36 0.12 16.64 13.54 

E.ON N .................................................................7.17 0.00 8.97 5.99 

ENEL....................................................................4.16 0.03 4.24 3.33 

ENGIE ................................................................11.67 -0.07 15.21 11.22 

ENI ....................................................................15.67 0.21 15.92 10.93 

ESSILOR INTL....................................................102.10 0.30 124.55 93.41 

FRESENIUS........................................................73.33 0.70 74.99 52.39 

IBERDROLA ........................................................6.07 0.01 6.32 4.60 

INDITEX ............................................................31.93 0.31 33.47 26.60 

ING GROUP........................................................13.78 0.28 14.05 8.30 

INTESA SANPAOLO..............................................2.47 0.04 2.95 1.52 

KON AH DEL......................................................19.69 0.38 23.03 17.89 

L'OREAL............................................................171.45 1.05 177.90 142.65 

LVMH...............................................................188.95 2.40 187.25 130.55 

MUENCH RUECKVERS N...................................179.65 3.10 187.35 140.90 

NOKIA ................................................................4.50 0.10 6.83 3.66 

ORANGE............................................................14.99 0.21 16.67 12.38 

ROY.PHILIPS .....................................................28.88 0.30 29.45 20.05 

SAFRAN ............................................................67.65 0.44 69.89 48.87 

SAINT GOBAIN .................................................45.60 0.41 45.25 31.47 

SANOFI .............................................................78.07 1.53 79.07 62.50 

SAP ...................................................................84.18 0.60 84.65 64.62 

SCHNEIDER ELECTRIC ........................................67.85 0.55 67.74 45.32 

SIEMENS N.......................................................116.40 0.35 118.45 79.23 

SOCIETE GENERALE...........................................47.48 1.60 49.38 25.00 

TELEFONICA........................................................9.22 0.06 9.92 7.15 

TOTAL ...............................................................48.85 0.15 49.50 33.28 

UNIBAIL-RODAMCO ..........................................221.15 -0.95 252.95 203.10 

UNILEVER CERT ................................................39.08 0.21 43.11 36.22 

VINCI ................................................................65.72 0.21 69.80 49.93 

VIVENDI.............................................................18.27 0.50 20.32 14.87 

VOLKSWAGEN VZ ............................................149.55 2.25 152.15 92.70 

Price Chg High Low 

EU SHARES 

3M RG..............................................................177.39 -0.05 182.27 134.64 

ABBVIE RG........................................................61.99 0.71 68.12 51.60 

ALPHABET-A ..................................................830.94 1.41 839.00 672.66 

ALPHABET-C...................................................807.88 1.52 816.68 663.06 

ALTRIA GROUP RG ............................................67.58 0.07 70.15 56.15 

AMAZON.COM RG .............................................817.14 3.50 847.21 474.00 

AMERICAN EXPRESS RG ...................................76.62 -0.26 78.00 50.27 

AMGEN RG.......................................................156.12 0.76 176.85 133.64 

APPLE .............................................................119.04 -0.21 119.93 89.47 

AT&T RG...........................................................40.96 -0.05 43.89 33.43 

BANK OF AMERICA RG ......................................23.01 0.09 23.41 10.99 

BERKSHIRE HATHAWY-B.................................161.90 0.49 167.25 123.55 

BOEING CO RG.................................................158.83 0.54 160.07 102.10 

CATERPILLAR ...................................................94.48 0.49 97.40 56.36 

CHEVRON ........................................................116.38 0.22 119.00 75.33 

CISCO SYSTEMS.................................................30.07 0.03 31.95 22.46 

CITIGROUP .......................................................59.63 0.40 61.63 34.52 

COCA-COLA CO.................................................40.88 -0.07 47.13 39.88 

COMCAST-A.......................................................72.77 1.35 71.76 52.34 

DU PONT NEMOURS&CO ..................................73.60 -0.51 75.86 50.71 

EXXON MOBIL...................................................86.35 0.01 95.55 71.55 

FACEBOOK-A...................................................128.34 1.72 133.50 89.37 

GENERAL ELECTRIC............................................31.36 -0.03 33.00 27.10 

GOLDMAN SACHS GROUP ..............................244.30 0.46 247.77 138.20 

HOME DEPOT ..................................................135.04 -0.03 139.00 109.62 

IBM..................................................................167.34 -0.61 169.95 116.90 

INTEL................................................................36.79 0.08 38.36 27.68 

JOHNSON & JOHNSON ....................................114.60 -0.02 126.07 94.28 

JPMORGAN CHASE...........................................86.70 0.46 88.17 52.50 

MASTERCARD-A .............................................108.70 -0.01 109.40 78.52 

MCDONALD'S...................................................121.50 -0.60 131.96 110.33 

MEDTRONIC......................................................75.09 -0.02 89.27 69.35 

MERCK .............................................................62.34 0.13 65.46 47.97 

MICROSOFT ......................................................62.70 0.09 64.10 48.04 

NIKE -B-...........................................................52.92 0.52 65.44 49.01 

ORACLE ............................................................39.26 0.06 42.00 33.13 

PEPSICO...........................................................101.55 -0.29 110.94 93.25 

PFIZER..............................................................32.52 -0.08 37.39 28.25 

PHILIP MRRS INT .............................................90.40 -0.11 104.20 84.46 

PROCTER&GAMBLE...........................................84.01 0.17 90.33 74.46 

SCHLUMBERGER...............................................84.82 -0.51 87.00 59.60 

THE KRAFT HEINZ.............................................87.03 -0.39 90.54 68.18 

TRAVLR COMP ..................................................117.05 0.30 123.09 101.23 

TWITTER............................................................17.25 -0.13 25.25 13.73 

UNITEDHEALTH GROUP ..................................161.80 -0.56 164.00 107.79 

UTD TECHNOLOGIES.........................................110.22 -0.60 112.83 83.39 

VERIZON COMM ...............................................52.55 -0.13 56.95 43.79 

VISA-A...............................................................81.17 -0.20 83.96 66.12 

WAL-MART STORES ...........................................67.13 -0.84 75.19 60.20 

WALT DISNEY-DISNEY ....................................108.06 0.53 109.49 86.25 

WELLS FARGO ...................................................55.31 0.81 58.02 43.55 

COMMODITIES 

CREDIT & RATES 

BoE IR Overnight.........................................0.250 0.00 

BoE IR 7 days..............................................0.250 0.00 

BoE IR 1 month ...........................................0.250 0.00 

BoE IR 3 months.........................................0.250 0.00 

BoE IR 6 months.........................................0.250 0.00 

LIBOR Euro - overnight ...............................-0.411 0.00 

LIBOR Euro - 12 months.............................-0.095 0.00 

LIBOR USD - overnight ................................0.693 0.00 

LIBOR USD - 12 months ................................1.698 -0.01 

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.................................................0.66 0.00 

US long bond yield .......................................2.99 -0.02 

Euro Euribor ...............................................-0.379 0.00 

The vix index.................................................11.23 -0.31 

The baltic dry index ..................................910.00 18.00 

Markit iBoxx EUR ......................................226.58 -0.41 

Markit iBoxx GBP........................................312.67 -2.07 

Markit iTraxx................................................69.84 -0.40 


US SHARES 

€/$ 1.0604 0.0008 

€/£ 0.8839 0.0111 

€/¥ 121.16 0.5480 

/€ 1.1308 0.0148 

/$ 1.1990 0.0167 

/¥ 136.99 2.4310 

BAE Systems . . . . . . . . .611.5 -6.0 618.0 459.7 

Cobham . . . . . . . . . . . . .138.2 1.2 234.4 127.5 

Meggitt . . . . . . . . . . . . .445.2 0.3 482.0 346.5 

QinetiQ Group . . . . . . . .262.9 2.4 266.0 212.0 

Rolls-Royce Holdi . . . . .661.5 -15.5 831.0 512.5 

Senior . . . . . . . . . . . . . .193.0 1.0 242.0 171.6 

Ultra Electronics . . . . . .1931.0 -13.0 2030.0 1595.0 

GKN . . . . . . . . . . . . . . . .341.3 2.4 343.8 248.6 

Aldermore Group . . . . .218.2 -0.7 238.5 104.8 

Barclays . . . . . . . . . . . . .235.3 3.0 239.0 127.2 

BGEO Group . . . . . . . . .2787.0 -12.0 3379.0 1570.0 

CYBG . . . . . . . . . . . . . . .288.3 -1.0 302.2 182.8 

HSBC Holdings . . . . . . .678.0 4.8 681.3 416.2 

Lloyds Banking Gr . . . . .66.0 0.0 73.7 47.6 

Metro Bank . . . . . . . . .3132.0 2.0 3356.0 1623.0 

Royal Bank of Sco . . . . .221.1 2.6 277.0 148.9 

Shawbrook Group . . . .254.3 -0.7 325.0 132.0 

Standard Chartere . . . . .718.5 15.3 718.5 386.7 

Virgin Money Hold . . . .324.8 2.2 381.5 205.0 

Barr (A.G.) . . . . . . . . . . .511.0 6.0 614.5 455.3 

Britvic . . . . . . . . . . . . . .586.0 5.0 732.5 523.5 

Coca-Cola HBC AG . . .1802.0 8.0 1840.0 1265.0 

Diageo . . . . . . . . . . . . .2197.5 21.0 2268.0 1745.0 

Croda Internation . . . .3338.0 15.0 3669.0 2663.7 

Elementis . . . . . . . . . . .272.2 4.2 279.4 180.6 

Johnson Matthey . . . .3248.0 28.0 3540.0 2230.0 

Synthomer . . . . . . . . . .379.5 -0.9 388.4 275.1 

Victrex plc . . . . . . . . . .1982.0 31.0 1989.0 1367.0 

AO World . . . . . . . . . . . .158.5 -3.8 189.3 120.5 

Auto Trader Group . . . .397.2 -2.8 424.1 313.8 

B&M European Valu . . .304.7 3.8 311.0 232.5 

Brown (N.) Group . . . . .209.8 0.3 362.1 160.4 

Card Factory . . . . . . . . .252.3 4.0 381.0 242.5 

Convatec Group . . . . . .239.7 -1.3 255.5 225.0 

Debenhams . . . . . . . . . .56.6 -0.8 81.6 51.4 

Dignity . . . . . . . . . . . .2473.0 -22.0 2871.0 2227.0 

Dixons Carphone . . . . .350.9 4.1 476.5 281.6 

Dunelm Group . . . . . . .698.0 -44.0 1018.0 692.4 

Halfords Group . . . . . . .351.7 3.2 449.1 305.6 

Inchcape . . . . . . . . . . . .728.5 7.5 754.0 581.0 

JD Sports Fashion . . . . .355.0 5.0 356.7 206.2 

Just Eat . . . . . . . . . . . . . .517.5 -12.5 599.5 329.1 

Kingfisher . . . . . . . . . . .353.0 8.8 386.2 306.7 

Marks & Spencer G . . . .339.1 -5.8 446.1 285.2 

Next . . . . . . . . . . . . . .4042.0 9.0 7020.0 4032.0 

Pets at Home Grou . . . .240.9 2.6 285.0 211.5 

Saga . . . . . . . . . . . . . . .194.5 0.6 225.9 173.9 

Sports Direct Int . . . . . .284.7 -2.8 425.1 252.2 

Ted Baker . . . . . . . . . .2925.0 25.0 3092.0 2124.0 

WH Smith . . . . . . . . . .1579.0 -2.0 1878.0 1447.0 

Balfour Beatty . . . . . . . .267.7 2.2 295.1 190.8 

CRH . . . . . . . . . . . . . . .2878.0 45.0 2895.0 1637.0 

Galliford Try . . . . . . . . .1349.0 7.0 1498.0 785.0 

Ibstock . . . . . . . . . . . . . .186.2 1.9 223.7 114.7 

Keller Group . . . . . . . . .842.5 1.0 1024.0 644.5 

Kier Group . . . . . . . . . .1401.0 -2.0 1433.0 932.0 

Marshalls . . . . . . . . . . . .285.2 2.0 357.3 206.5 

Polypipe Group . . . . . . .334.7 3.7 352.0 221.5 

Drax Group . . . . . . . . . .380.3 -0.7 385.1 207.6 

SSE . . . . . . . . . . . . . . . .1553.0 6.0 1628.0 1321.0 

Halma . . . . . . . . . . . . . .940.0 0.0 1126.0 773.5 

Morgan Advanced M . .290.0 1.2 305.5 192.3 

Renishaw . . . . . . . . . .2705.0 10.0 2930.0 1600.0 

Spectris . . . . . . . . . . . .2441.0 3.0 2481.0 1442.0 

Aberforth Smaller . . . .1113.0 4.0 1120.0 849.0 

Alliance Trust . . . . . . . .658.5 5.0 659.5 450.8 

Bankers Inv Trust . . . . .714.0 -1.0 720.0 522.0 

BH Macro Ltd. GBP . . .2095.0 -1.0 2134.0 1875.0 

British Empire Tr . . . . .660.5 2.5 665.0 412.0 

Caledonia Investm . . .2761.0 10.0 2765.0 2112.0 

City of London In . . . . . .413.9 1.6 415.2 341.5 

Edinburgh Inv Tru . . . . .719.0 -3.5 739.5 620.0 

Electra Private E . . . . .4651.0 -94.0 4852.0 3300.0 

Fidelity China Sp . . . . . .181.0 2.8 198.2 110.5 

Fidelity European . . . . .189.5 0.4 191.0 151.2 

Finsbury Growth & . . . .663.5 4.5 676.0 532.5 

Foreign and Colon . . . .553.5 4.0 556.0 391.2 

GCP Infrastructur . . . . . .124.3 0.1 134.8 114.8 

Genesis Emerging . . . .620.0 7.0 644.0 408.5 

Greencoat UK Wind . . . .119.3 -0.3 119.9 101.1 

HarbourVest Globa . . .1188.0 -7.0 1197.0 853.0 

HICL Infrastructu . . . . . .162.6 1.1 185.1 150.4 

International Pub . . . . .152.8 0.0 162.6 139.0 

John Laing Infras . . . . . .132.2 -0.5 140.4 114.2 

JPMorgan American . . .372.2 4.0 375.9 245.9 

JPMorgan Emerging . .706.5 2.5 765.0 483.0 

JPMorgan Indian I . . . .628.0 8.5 690.0 434.8 

Mercantile Invest . . . . .1730.0 1.0 1743.0 1375.0 

Monks Inv Trust . . . . . .602.5 9.0 604.0 361.1 

Murray Internatio . . . . .1155.0 -7.0 1188.0 742.5 

NB Global Floatin . . . . . .97.4 0.4 97.7 84.6 

P2P Global Invest . . . . .806.0 2.0 980.0 730.0 

Perpetual Income . . . . .371.3 -0.2 400.7 332.0 

Personal Assets T . . .39480.0 80.040500.034170.0 

Polar Capital Tec . . . . . .882.0 11.0 887.0 503.5 

RIT Capital Partn . . . . .1847.0 10.0 1885.0 1512.0 

Riverstone Energy . . .1344.0 12.0 1355.0 720.0 

Scottish Inv Trus . . . . . .794.5 3.5 804.0 544.5 

Scottish Mortgage . . . .343.8 4.8 345.4 220.6 

Temple Bar Inv Tr . . . .1250.0 -6.0 1262.0 940.0 

Templeton Emergin . . .619.5 2.0 624.5 371.5 

The Renewables In . . . .109.2 0.2 110.2 90.3 

TR Property Inv T . . . . .297.0 0.2 321.0 241.7 

Witan Inv Trust . . . . . . .920.0 7.5 921.4 683.0 

Woodford Patient . . . . .92.3 -1.1 100.8 81.0 

Worldwide Healthc . . .2181.0 0.0 2281.0 1596.0 

3i Group . . . . . . . . . . . .725.0 7.5 729.0 389.8 

3i Infrastructure . . . . . . .187.5 0.2 200.0 166.5 

Aberdeen Asset Ma . . . .271.3 2.8 348.6 209.3 

Allied Minds . . . . . . . . . .422.1 -5.9 479.4 267.0 

Arrow Global Grou . . . .305.5 1.8 310.0 178.3 

Ashmore Group . . . . . .283.5 2.9 375.5 196.4 

Brewin Dolphin Ho . . . .308.0 1.3 309.4 210.2 

Charles Taylor . . . . . . . .224.0 5.0 327.5 219.0 

City of London In . . . . .350.0 -2.5 400.1 285.0 

Close Brothers Gr . . . .1450.0 12.0 1477.0 989.5 

CMC Markets . . . . . . . . . .119.6 -0.4 290.8 94.6 

Hargreaves Lansdo . . .1277.0 4.0 1389.0 1056.0 

Henderson Group . . . . .239.0 0.1 277.2 195.0 

IG Group Holdings . . . .530.5 4.5 959.5 450.7 

Intermediate Capi . . . .708.0 3.0 719.5 454.2 

International Per . . . . . .172.0 8.2 341.2 160.6 

Investec . . . . . . . . . . . .566.5 8.5 568.0 402.7 

IP Group . . . . . . . . . . . . .177.5 -1.3 200.0 120.4 

John Laing Group . . . . .268.0 -0.5 281.5 200.0 

Jupiter Fund Mana . . . .416.9 0.9 453.9 328.9 

Liontrust Asset M . . . . . .391.1 -7.3 402.0 235.0 

LMS Capital . . . . . . . . . . .54.5 0.0 72.0 54.0 

London Finance & . . . . .42.8 0.0 46.0 34.0 

London Stock Exch . . .2933.0 -1.0 2953.0 2123.0 

Man Group . . . . . . . . . . .126.7 1.9 162.6 107.3 

OneSavings Bank . . . . .333.1 1.6 358.7 176.2 

Paragon Group Of . . . .408.8 0.3 417.0 227.4 

Provident Financi . . . .2844.0 -5.0 3328.0 2164.0 

Rathbone Brothers . .2028.0 15.0 2356.0 1590.0 

Real Estate Credi . . . . . .163.4 0.9 174.0 143.0 

Record . . . . . . . . . . . . . . .37.0 0.5 37.5 22.1 

S&U . . . . . . . . . . . . . . .2175.0 -17.5 2610.0 1992.5 

Sanne Group . . . . . . . .604.0 -3.0 637.0 320.0 

Schroders . . . . . . . . . .3047.0 39.0 3054.0 2049.0 

SVG Capital . . . . . . . . . .710.0 -1.0 720.0 446.3 

TP ICAP . . . . . . . . . . . . .452.0 1.4 467.4 275.0 

VPC Specialty Len . . . . . .78.3 -0.4 96.1 70.5 

Walker Crips Grou . . . . .40.0 0.0 49.5 38.5 

BT Group . . . . . . . . . . . .391.8 -0.3 496.0 346.7 

TalkTalk Telecom . . . . .168.4 2.8 272.8 152.5 

Telecom Plus . . . . . . . .1246.0 10.0 1251.0 815.5 

Booker Group . . . . . . . .186.7 1.2 187.3 149.4 

Greggs . . . . . . . . . . . . . .977.5 -0.5 1196.0 884.0 

Morrison (Wm) Sup . . .241.9 2.9 246.0 153.9 

Ocado Group . . . . . . . . .267.1 -1.6 349.0 208.1 

Sainsbury (J) . . . . . . . .264.6 4.8 292.5 214.6 

SSP Group . . . . . . . . . . .396.3 4.4 397.8 264.0 

Tesco . . . . . . . . . . . . . . .206.0 -0.1 218.7 147.4 

UDG Healthcare Pu . . .660.0 -2.0 689.5 500.5 

Associated Britis . . . . .2580.0 4.0 3458.0 2350.0 

Cranswick . . . . . . . . . .2407.0 -11.0 2538.0 1890.0 

Dairy Crest Group . . . . .635.5 1.0 690.0 504.5 

Greencore Group . . . . . .247.0 -0.5 322.7 218.9 

Tate & Lyle . . . . . . . . . .694.5 3.5 807.0 535.5 

Unilever . . . . . . . . . . . .3383.0 12.0 3763.5 2798.5 

Mondi . . . . . . . . . . . . . .1768.0 26.0 1775.0 1124.0 

Centrica . . . . . . . . . . . . .230.2 3.2 242.0 183.6 

National Grid . . . . . . . .956.9 6.3 1130.5 891.5 

Pennon Group . . . . . . .776.5 -32.5 945.5 763.0 

Severn Trent . . . . . . . .2215.0 3.0 2509.0 2024.0 

United Utilities . . . . . .890.0 -6.0 1039.0 854.5 

RPC Group . . . . . . . . . .1065.0 -5.0 1079.0 653.0 

Smith (DS) . . . . . . . . . .434.7 -0.4 440.1 331.2 

Smiths Group . . . . . . .1526.0 18.0 1538.0 863.5 

Smurfit Kappa Gro . . .2129.0 -24.0 2273.0 1584.0 

Vesuvius . . . . . . . . . . . .422.0 8.7 422.2 270.6 


Assura . . . . . . . . . . . . . . .56.5 0.5 60.3 49.4 

Mediclinic Intern . . . . . .792.0 1.0 1168.0 685.0 

NMC Health . . . . . . . . .1600.0 2.0 1655.0 750.0 

Smith & Nephew . . . . .1236.0 17.0 1310.0 1051.0 

Spire Healthcare . . . . . .314.9 6.6 400.0 297.5 

Barratt Developme . . . .516.0 18.0 611.0 332.6 

Bellway . . . . . . . . . . . .2612.0 31.0 2810.0 1689.0 

Berkeley Group Ho . .2909.0 27.0 3607.0 2270.0 

Bovis Homes Group . . .840.0 14.5 1024.0 627.0 

Countryside Prope . . . .238.7 3.4 278.5 173.2 

Crest Nicholson H . . . . .515.0 9.0 604.0 335.0 

McCarthy & Stone . . . . .164.2 -2.0 287.0 140.3 

Persimmon . . . . . . . . .1997.0 27.0 2219.0 1289.0 

Reckitt Benckiser . . . .6845.0 -3.0 7692.0 5847.0 

Redrow . . . . . . . . . . . . .452.7 4.0 455.0 275.6 

Taylor Wimpey . . . . . . .172.6 1.5 210.3 115.8 

Bodycote . . . . . . . . . . .640.5 10.5 653.5 499.0 

Hill & Smith Hold . . . . .1186.0 1.0 1253.0 735.5 

IMI . . . . . . . . . . . . . . . .1096.0 12.0 1129.0 742.0 

Rotork . . . . . . . . . . . . . .266.0 1.8 267.4 152.7 

Old Mutual . . . . . . . . . . .212.5 1.1 225.5 149.4 

Phoenix Group Hol . . . .741.5 -6.0 802.4 611.5 

Prudential . . . . . . . . . .1612.5 22.5 1649.0 1087.0 

St James's Place . . . . .1085.0 26.0 1089.0 716.0 

Standard Life . . . . . . . . .357.1 3.3 378.8 262.1 

4Imprint Group . . . . . .1879.0 59.0 1900.0 1140.0 

Ascential . . . . . . . . . . . .291.4 9.5 297.9 200.0 

Bloomsbury Publis . . . .165.3 -0.8 178.5 144.3 

Centaur Media . . . . . . . .43.0 0.0 67.8 33.8 

Entertainment One . . . .232.5 -1.4 255.0 130.0 

Euromoney Institu . . . .1170.0 -5.0 1207.0 852.5 

Future . . . . . . . . . . . . . . .13.0 -0.1 14.4 7.9 

Haynes Publishing . . . .124.0 0.0 128.5 99.0 

Informa . . . . . . . . . . . . .693.5 2.0 697.5 538.6 

ITE Group . . . . . . . . . . . .158.3 0.8 176.0 128.8 

ITV . . . . . . . . . . . . . . . . .208.6 5.6 270.5 154.0 

Johnston Press . . . . . . . .16.6 -0.4 47.0 8.0 

Moneysupermarket. . .296.2 3.6 351.2 233.5 

Pearson . . . . . . . . . . . . .817.0 4.0 975.0 657.5 

Relx plc . . . . . . . . . . . .1464.0 3.0 1502.0 1126.0 

Rightmove . . . . . . . . .4045.0 45.0 4302.0 3173.0 

Sky . . . . . . . . . . . . . . . .992.0 1.5 1097.0 750.5 

STV Group . . . . . . . . . . .362.0 7.0 505.0 304.0 

Tarsus Group . . . . . . . . .284.5 3.0 289.0 217.3 

Spirax-Sarco Engi . . . .4359.0 8.0 4669.0 2725.0 

Weir Group . . . . . . . . .2033.0 32.0 2034.0 787.5 

Evraz . . . . . . . . . . . . . . .225.9 -2.3 273.0 56.2 

Ferrexpo . . . . . . . . . . . . .131.4 -3.6 151.0 15.8 

BBA Aviation . . . . . . . . .285.9 0.9 286.9 150.2 

Clarkson . . . . . . . . . . .2224.0 -17.0 2499.0 1691.0 

Fisher (James) & . . . . .1575.0 -29.0 1679.0 942.0 

Royal Mail . . . . . . . . . . .447.4 1.6 541.0 413.3 

Admiral Group . . . . . . .1774.0 17.0 2260.0 1611.0 

Beazley . . . . . . . . . . . . .384.0 -0.8 405.1 320.0 

Direct Line Insur . . . . . .348.6 1.9 409.6 333.3 

esure Group . . . . . . . . .200.9 4.0 304.6 188.9 

Hastings Group Ho . . . .232.0 -3.3 247.4 149.8 

Hiscox Limited (D . . . .1009.0 -7.0 1097.0 900.5 

Jardine Lloyd Tho . . . . .995.5 -2.0 1048.0 778.0 

Lancashire Holdin . . . .693.0 -3.0 758.0 518.5 

RSA Insurance Gro . . . .580.5 2.5 586.0 373.2 

Aviva . . . . . . . . . . . . . . .489.1 7.4 495.4 346.2 

JRP Group . . . . . . . . . . .139.8 -1.4 160.0 86.0 

Legal & General G . . . . .248.7 2.7 252.2 165.0 

Trinity Mirror . . . . . . . . . .99.3 3.0 168.3 73.5 

UBM . . . . . . . . . . . . . . . .739.0 12.0 746.5 491.0 

WPP . . . . . . . . . . . . . . .1888.0 20.0 1890.0 1338.0 

Zoopla Property G . . . .346.0 0.0 354.8 199.3 

Acacia Mining . . . . . . . .418.2 -2.4 599.0 161.2 

Anglo American . . . . .1329.5 19.0 1343.5 221.1 

Antofagasta . . . . . . . . .725.0 3.5 774.5 346.1 

BHP Billiton . . . . . . . . .1454.5 16.5 1460.5 580.9 

Centamin (DI) . . . . . . . .150.8 -0.4 180.0 61.8 

Fresnillo . . . . . . . . . . . .1413.0 -9.0 2008.0 640.5 

Glencore . . . . . . . . . . . .316.7 4.2 318.5 71.2 

Hochschild Mining . . . .235.8 4.7 313.7 39.5 

Kaz Minerals . . . . . . . . .425.5 -5.6 431.1 87.8 

Petra Diamonds Lt . . . . .158.1 -0.4 171.6 69.0 

Polymetal Interna . . . .923.0 -14.0 1190.0 523.5 

Randgold Resource . .6710.0 -85.0 9715.0 4229.0 

Rio Tinto . . . . . . . . . . . .3417.5 13.0 3453.0 1577.5 

Vedanta Resources . . .1016.0 14.0 1016.0 205.8 

Inmarsat . . . . . . . . . . . .712.5 1.0 1116.0 680.0 

Vodafone Group . . . . . .214.7 0.4 239.7 190.5 

BP . . . . . . . . . . . . . . . . .518.0 2.6 521.2 310.3 

Cairn Energy . . . . . . . . .242.4 2.3 243.0 127.2 

Nostrum Oil & Gas . . . . .457.7 -21.1 501.5 203.0 

Royal Dutch Shell . . . .2281.5 -1.0 2295.0 1266.0 

Royal Dutch Shell . . . .2377.5 1.5 2389.0 1277.5 

Tullow Oil . . . . . . . . . . . .315.6 -3.6 333.6 118.2 

Amec Foster Wheel . . .482.5 -4.8 619.5 327.6 

Hunting . . . . . . . . . . . . .624.5 -13.0 640.0 239.8 

Petrofac Ltd. . . . . . . . . .941.5 2.5 982.0 663.0 

Wood Group (John) . . .887.0 9.5 894.5 548.5 

Burberry Group . . . . . .1611.0 36.0 1613.0 1041.0 

PZ Cussons . . . . . . . . . .338.6 -1.2 372.6 249.3 

Supergroup . . . . . . . . .1686.0 -19.0 1744.0 1184.0 

AstraZeneca . . . . . . . .4609.0 53.5 5220.0 3774.0 

BTG . . . . . . . . . . . . . . . .605.0 11.5 728.0 557.0 

Dechra Pharmaceut . .1368.0 3.0 1418.0 975.0 

Genus . . . . . . . . . . . . . .1783.0 53.0 2042.0 1282.0 

GlaxoSmithKline . . . . .1585.5 19.5 1722.5 1345.5 

Hikma Pharmaceuti . .1896.0 37.0 2676.0 1624.0 

Indivior . . . . . . . . . . . . .309.2 7.0 369.0 130.8 

Shire Plc . . . . . . . . . . . .4661.5 106.5 5323.0 3480.0 

Vectura Group . . . . . . . .142.3 2.5 180.0 126.8 

Capital & Countie . . . . .275.8 -6.8 387.3 263.1 

CLS Holdings . . . . . . . .1529.0 -1.0 1700.0 1163.0 

Daejan Holdings . . . .6250.0 250.0 6335.0 4411.0 

F&C Commercial Pr . . . .135.7 0.2 138.4 102.1 

Grainger . . . . . . . . . . . .238.6 -1.1 248.5 193.1 

Kennedy Wilson Eu . . .945.0 -5.0 1202.0 888.5 

NewRiver REIT . . . . . . .334.0 -2.0 345.3 269.0 

Safestore Holding . . . . .345.5 2.6 400.5 311.9 

Savills . . . . . . . . . . . . . .782.0 -3.0 850.5 548.5 

St. Modwen Proper . . . .315.5 0.2 396.3 222.2 

UK Commercial Pro . . . .83.6 0.1 87.2 65.0 

Unite Group . . . . . . . . .603.0 2.5 663.5 543.5 

Big Yellow Group . . . . . .714.5 6.5 886.5 635.0 

British Land Comp . . . .618.0 -4.0 762.5 544.5 

Derwent London . . . .2622.0 -10.0 3430.0 2257.0 

Great Portland Es . . . . .642.5 -6.5 798.0 536.0 

Hammerson . . . . . . . . .564.0 -3.0 602.5 468.6 

Hansteen Holdings . . . .112.0 0.1 119.8 95.4 

Intu Properties . . . . . . .278.8 0.6 319.4 255.7 

Land Securities G . . . .1020.0 -4.0 1202.0 910.0 

LondonMetric Prop . . . .151.3 -1.7 166.8 134.9 

Redefine Internat . . . . . .39.7 0.7 48.1 36.3 

SEGRO . . . . . . . . . . . . . .469.6 -0.7 473.2 370.5 

Shaftesbury . . . . . . . . . .911.5 1.5 994.5 813.0 

Tritax Big Box Re . . . . . .139.7 -0.8 147.1 113.9 

Workspace Group . . . . .764.0 2.5 874.0 577.0 

Aveva Group . . . . . . . .1944.0 12.0 2051.0 1237.0 

Computacenter . . . . . .795.0 -3.0 860.0 678.0 

Fidessa Group . . . . . . .2319.0 36.0 2596.0 1771.0 

Micro Focus Inter . . . . .2157.0 10.0 2267.0 1308.0 

Playtech . . . . . . . . . . . .848.0 12.0 946.5 710.5 

Sage Group . . . . . . . . . .674.5 9.5 756.0 544.5 

Softcat . . . . . . . . . . . . . .297.8 2.1 383.0 280.0 

Sophos Group . . . . . . . .276.3 1.4 278.3 175.0 

AA . . . . . . . . . . . . . . . . .273.6 -1.3 307.3 209.9 

Aggreko . . . . . . . . . . . . .987.5 6.0 1286.0 765.0 

Ashtead Group . . . . . .1600.0 4.0 1644.0 769.0 

Atkins (WS) . . . . . . . . .1490.0 29.0 1713.0 1158.0 

Babcock Internati . . . . .954.0 7.5 1105.0 854.0 

Berendsen . . . . . . . . . . .874.5 3.0 1355.0 774.5 

Bunzl . . . . . . . . . . . . . .2136.0 9.0 2436.0 1735.0 

Capita . . . . . . . . . . . . . . .515.5 -3.5 1175.0 452.4 

Carillion . . . . . . . . . . . . .237.7 4.2 305.4 221.4 

DCC . . . . . . . . . . . . . . .6120.0 5.0 7220.0 4779.0 

Diploma . . . . . . . . . . . .1033.0 0.0 1054.0 630.0 

Electrocomponents . . .484.6 1.5 495.9 204.0 

Essentra . . . . . . . . . . . .453.6 6.3 891.0 382.9 

Experian . . . . . . . . . . .1601.0 4.0 1607.0 1073.0 

G4S . . . . . . . . . . . . . . . .245.6 1.9 251.0 164.0 

Grafton Group Uni . . . .586.0 45.5 752.0 440.0 

Hays . . . . . . . . . . . . . . . .157.0 -0.5 161.0 94.0 

Homeserve . . . . . . . . . .618.0 -3.0 630.0 363.2 

Howden Joinery Gr . . . .381.0 3.5 510.5 341.1 

Intertek Group . . . . . .3547.0 -3.0 3727.0 2628.0 

Mitie Group . . . . . . . . . .213.9 1.1 294.1 180.4 

Pagegroup . . . . . . . . . .426.0 -3.6 435.7 264.9 

PayPoint . . . . . . . . . . . .961.5 3.0 1168.0 720.0 

Paysafe Group . . . . . . .390.0 -5.0 469.2 305.7 

Rentokil Initial . . . . . . .224.6 0.6 235.5 150.0 

Serco Group . . . . . . . . . .146.7 0.2 148.3 76.8 

SIG . . . . . . . . . . . . . . . . .108.9 15.1 149.0 87.2 

Travis Perkins . . . . . . .1465.0 43.0 1964.0 1313.0 

Wolseley . . . . . . . . . .4996.0 12.0 5025.0 3230.0 

Worldpay Group . . . . . .292.6 4.3 313.0 255.9 

British American . . . .4729.5 24.5 5042.0 3565.0 

Imperial Brands . . . . .3590.0 -11.5 4139.0 3345.0 

Carnival . . . . . . . . . . . .4242.0 27.0 4314.0 2957.0 

Cineworld Group . . . . . .583.5 -3.0 605.0 457.0 

Compass Group . . . . .1460.0 -6.0 1548.0 1088.0 

Domino's Pizza Gr . . . . .379.8 2.0 396.9 285.3 

easyJet . . . . . . . . . . . .1036.0 0.0 1642.0 873.5 

FirstGroup . . . . . . . . . . .102.9 -0.2 114.5 80.8 

Go-Ahead Group . . . .2229.0 -4.0 2673.0 1790.0 

Greene King . . . . . . . . . .715.5 9.5 906.0 663.5 

GVC Holdings . . . . . . . . .619.0 4.0 769.0 421.5 

InterContinental . . . .3759.0 16.0 3782.4 2192.8 

International Con . . . . .488.7 9.5 565.0 343.9 

Ladbrokes Coral G . . . . .121.0 2.0 162.0 106.1 

Marston's . . . . . . . . . . . .136.6 2.5 162.4 129.7 

Merlin Entertainm . . . .479.0 6.9 490.2 379.8 

Millennium & Copt . . . .468.5 2.1 483.1 366.4 

Mitchells & Butle . . . . . .264.7 4.5 299.4 217.5 

National Express . . . . .344.1 0.4 376.5 275.6 

Paddy Power Betfa . .8645.0 -95.0 14275.0 7895.0 

Rank Group . . . . . . . . . .192.0 3.0 283.7 186.8 

Restaurant Group . . . . .344.9 2.9 562.5 256.9 

Stagecoach Group . . . . .213.1 0.0 278.4 196.0 

Thomas Cook Group . . .86.6 1.0 109.7 54.7 

TUI AG Reg Shs (D . . . .1141.0 17.0 1236.0 844.5 

Wetherspoon (J.D. . . . .894.0 3.0 952.0 609.0 

Whitbread . . . . . . . . .4093.0 56.0 4356.0 3391.0 

William Hill . . . . . . . . . .286.1 1.2 410.4 246.9 

Wizz Air Holdings . . . .1807.0 8.0 1995.0 1415.0 

4D Pharma . . . . . . . . . .705.0 2.5 1012.5 635.0 

Abcam . . . . . . . . . . . . . .818.5 17.5 901.0 580.0 

Advanced Medical . . . .213.3 2.3 235.0 154.3 

Amerisur Resource . . . . .29.3 0.0 33.0 17.3 

Arbuthnot Banking . .1450.0 0.0 1717.0 1265.0 

ASOS . . . . . . . . . . . . . .5473.0 105.0 5512.0 2595.0 

BNN Technology . . . . . .125.3 2.5 168.0 35.5 

Brooks Macdonald . . .1986.0 -24.0 2033.9 1400.0 

Camellia . . . . . . . . . .10650.0 55.5 10895.0 7510.0 

Clinigen Group . . . . . . .815.5 13.5 815.5 492.8 

Conviviality . . . . . . . . . .233.5 4.8 239.3 168.0 

CVS Group . . . . . . . . . .1085.0 35.0 1103.0 646.0 

Dart Group . . . . . . . . . .495.0 5.0 676.5 358.5 

EMIS Group . . . . . . . . . .955.0 18.5 1155.0 807.0 

Faroe Petroleum . . . . . .101.5 1.3 105.0 43.5 

Fevertree Drinks . . . . . .1111.0 2.0 1139.0 527.0 

First Derivatives . . . . .2149.0 -14.0 2218.0 1462.0 

Gamma Communicati .483.0 -3.1 528.0 365.3 

GB Group . . . . . . . . . . . .295.3 4.8 349.0 215.0 

Gemfields . . . . . . . . . . . .49.5 -0.3 56.0 31.5 

Gooch & Housego . . . .1077.5 -2.0 1115.0 834.0 

Hotel Chocolat Gr . . . . .295.0 5.0 302.5 169.5 

Hurricane Energy . . . . . .49.8 0.8 52.8 9.4 

Iomart Group . . . . . . . .304.8 11.0 314.0 214.0 

James Halstead . . . . . . .497.3 0.3 505.0 379.0 

Johnson Service G . . . .109.0 1.3 114.8 85.0 

Keywords Studios . . . . .510.0 -7.0 532.5 197.0 

M&C Saatchi . . . . . . . . . .371.0 -2.5 380.0 282.8 

M. P. Evans Group . . . . .635.0 0.0 700.0 371.8 

Mulberry Group . . . . .1085.0 -5.0 1150.0 948.0 

Nichols . . . . . . . . . . . . .1571.0 1.0 1665.0 1119.0 

Numis Corporation . . . .242.0 0.0 250.0 180.5 

Pan African Resou . . . . . .15.8 -0.3 24.3 8.4 

Patisserie Holdin . . . . . .316.0 -3.5 395.0 257.3 

Polar Capital Hol . . . . . .335.5 1.5 421.5 270.0 

Purplebricks Grou . . . . .157.5 7.3 175.0 73.0 

Redde . . . . . . . . . . . . . . .157.3 1.8 206.5 138.5 

Renew Holdings . . . . . .438.0 1.0 457.3 295.3 

RWS Holdings . . . . . . . .349.0 -11.5 360.5 188.0 

Scapa Group . . . . . . . . .339.3 10.8 339.8 179.3 

Sirius Minerals . . . . . . . . .18.5 0.0 45.5 10.8 

Smart Metering Sy . . . .578.0 -2.5 609.0 320.9 

Solgold . . . . . . . . . . . . . .28.0 -0.8 29.4 1.6 

Sound Energy . . . . . . . . .75.0 0.5 97.0 15.4 

Staffline Group . . . . . . .935.5 34.5 1398.0 748.5 

Telford Homes . . . . . . .329.8 6.8 391.3 262.0 

Telit Communicati . . . .293.3 11.5 294.8 178.3 

Thorpe (F.W.) . . . . . . . .302.5 2.5 325.0 200.0 

Watkin Jones . . . . . . . . .117.8 0.3 124.0 100.3 

Young & Co's Brew . . .1332.0 -0.5 1350.5 1075.0 

Young & Co's Brew . . . .990.0 -10.0 1065.0 792.5 

SIG . . . . . . . . . . . . . . . . . . . . . . . .108.9 16.1 

Grafton Group Unit . . . . . . . . . .586.0 8.4 

International Pers . . . . . . . . . . . .172.0 5.0 

Daejan Holdings . . . . . . . . . . .6250.0 4.2 

Barratt Developmen . . . . . . . . .516.0 3.6 

Ascential . . . . . . . . . . . . . . . . . . .291.4 3.4 

Genus . . . . . . . . . . . . . . . . . . . .1783.0 3.1 

Travis Perkins . . . . . . . . . . . . . .1465.0 3.0 

ITV . . . . . . . . . . . . . . . . . . . . . . .208.6 2.8 

Kingfisher . . . . . . . . . . . . . . . . . .353.0 2.6 

Dunelm Group . . . . . . . . . . . . . .698.0 -5.9 

Nostrum Oil & Gas . . . . . . . . . . .457.7 -4.4 

Pennon Group . . . . . . . . . . . . . .776.5 -4.0 

Ferrexpo . . . . . . . . . . . . . . . . . . . .131.4 -2.7 

Capital & Counties . . . . . . . . . . .275.8 -2.4 

Just Eat . . . . . . . . . . . . . . . . . . . .517.5 -2.4 

AO World . . . . . . . . . . . . . . . . . . .158.5 -2.3 

Rolls-Royce Holdin . . . . . . . . . . .661.5 -2.3 

Hunting . . . . . . . . . . . . . . . . . . .624.5 -2.0 

Electra Private Eq . . . . . . . . . . .4651.0 -2.0 

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 

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TRAVEL & LEISURE 

AIM 50 

Tsy 1.250 17 . . . . . . .103.98 -0.05 105.4 103.6 

Tsy 8.750 17 . . . . . . .105.33 -0.09 113.6 105.3 

Tsy 5.000 18 . . . . . .105.48 -0.07 110.0 105.4 

Tsy 4.500 19 . . . . . .109.29 -0.08 112.7 109.3 

Tsy 3.750 19 . . . . . . .109.32 -0.12 111.7 109.3 

Tsy 4.750 20 . . . . . . .113.85 -0.15 117.1 113.8 

Tsy 2.500 20 . . . . . .372.73 -0.19 374.3 357.7 

Tsy 8.000 21 . . . . . . .132.59 -0.21 138.2 132.5 

Tsy 4.000 22 . . . . . .116.89 -0.27 121.3 116.3 

Tsy 1.875 22 . . . . . . .128.02 -0.33 129.8 119.8 

Tsy 2.250 23 . . . . . .108.53 -0.43 113.6 105.3 

Tsy 0.125 24 . . . . . . . .118.16 -0.45 120.3 107.7 

Tsy 2.500 24 . . . . . .368.98 -0.40 374.5 337.4 

Tsy 5.000 25 . . . . . .130.04 -0.52 138.1 128.5 

Tsy 4.250 27 . . . . . .128.08 -0.68 138.3 125.2 

Tsy 1.250 27 . . . . . . .137.69 -0.55 142.5 124.6 

Tsy 6.000 28 . . . . . .149.17 -0.72 161.8 146.8 

Tsy 4.125 30 . . . . . . .368.77 -0.58 382.1 328.9 

Tsy 4.750 30 . . . . . .138.27 -0.82 153.0 133.8 

Tsy 4.250 32 . . . . . . .133.57 -0.91 148.9 127.9 

Tsy 1.250 32 . . . . . . .154.13 -0.80 162.2 135.8 

Tsy 0.125 36 . . . . . . . .141.21 -1.01 150.0 119.5 

Tsy 4.250 36 . . . . . . .137.38 -1.07 155.7 129.6 

Tsy 4.750 38 . . . . . .149.65 -1.18 170.9 140.2 

Tsy 0.625 40 . . . . . .163.44 -1.10 175.2 136.4 

Tsy 4.500 42 . . . . . .150.74 -1.30 174.5 139.3 

Tsy 3.500 45 . . . . . . .131.49 -1.46 154.6 120.2 

Tsy 4.250 46 . . . . . .150.61 -1.45 177.1 138.3 

Tsy 4.025 49 . . . . . .155.76 -1.60 185.4 141.9 

Tsy 0.500 50 . . . . . .189.38 -1.48 208.3 149.4 

Tsy 0.250 52 . . . . . .184.97 -1.60 205.0 142.9 

WORLD INDICES 

FTSE 100. . . . . . . . . . . . . . . . . . . . . . 7337.81 45.44 0.62 

FTSE 250 . . . . . . . . . . . . . . . . . . . . 18371.94 68.44 0.37 

FTSE All-Share . . . . . . . . . . . . . . . . 3971.69 22.70 0.57 

FTSE AIM All-Share . . . . . . . . . . . . . 873.94 3.65 0.42 

S&P 500 . . . . . . . . . . . . . . . . . . . . . 2274.64 4.20 0.18 

Dow Jones I.A. . . . . . . . . . . . . . . . 19885.73 -5.27 -0.03 

Nasdaq Composite . . . . . . . . . . . . . 5574.12 26.63 0.48 

Xetra DAX . . . . . . . . . . . . . . . . . . . . 11629.18 108.14 0.94 

CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4922.49 58.52 1.20 

Swiss Market Index . . . . . . . . . . . . 8452.19 77.17 0.92 

ISEQ Overall Index. . . . . . . . . . . . . 6658.95 53.76 0.81 

FTSEurofirst 300 . . . . . . . . . . . . . . . 1447.22 13.80 0.96 

Hang Seng . . . . . . . . . . . . . . . . . . 22937.38 108.36 0.47 

Shanghai Composite . . . . . . . . . . . 3112.76 -6.52 -0.21 

Straits Times . . . . . . . . . . . . . . . . . 3025.07 32.07 1.07 

ASX All Ordinaries . . . . . . . . . . . . . 5776.80 -44.80 -0.77 

Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg 

LIFE INSURANCE 

MOBILE TELECOMS 

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MEDIA 

MINING 

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HHOLD GDS & HOME CONSTR. 

NON LIFE INSURANCE 

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FTSE 100 

7337.81 

45.44 

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18371.94 

68.44 

FTSE ALL SHARE 

3971.69 

22.70 

DOW JONES 

19885.73 

5.27 

NASDAQ 

5574.12 

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S&P 500 

2274.64 

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BATS UK 100 

12384.92 

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16704.40 

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CONSTRUCTION & MATERIALS 

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Rise | Shine 

CITY A.M. MORNING UPDATE 

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CITYAM.COM 

26 MARKETS MONDAY 16 JANUARY 2017

CITYAM.COM 


FEATURE 

27 

CURRENCY TRANSFERS 

ADVERTISEMENT FEATURE 

HOW COULD AN INTEREST 

RATE RISE IN THE US AFFECT 

YOUR INTERNATIONAL 

TRANSFER? 

Find out how a currency 

specialist could help you 

Although 2016 is a year that will 

be remembered for its surprises, 

it is about to close on a relatively 

predictable economic 

event. Despite the fact that the 

14 Dec US interest rate rise was widely 

anticipated, it is no less significant. It 

marks just the second time the Federal 

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since the financial crisis - meaning the 

central bank’s confidence in the 

strength of the US economy is growing. 

Other announcements also helped 

buoy confidence. The Fed alluded to 

the possibility of another three rate 

hikes to come in 2017, while around the 

same time positive manufacturing data 

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result of this wave of enthusiasm, the 

US Dollar flexed its might: the Euro fell 

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28 LIFE&STYLE MONDAY 16 JANUARY 2017 

TRAVEL 

French settlers brought their pet monkeys 

to the Caribbean islands of St. 

Kitts and Nevis in the 17th century. 

Soon after they promptly escaped and 

began multiplying (the monkeys, not 

the French), wreaking simian havoc wherever 

they went. The marauding apes now 

outnumber humans and routinely devastate 

crops in dawn raids, munching their way 

through entire fields of produce and stripping 

trees of fruit. 

A boisterous guide on the St. Kitts Scenic 

Railway joked that every visitor to the island 

gets a free monkey to take home, whether 

they want one or not. Nevertheless, as maligned 

as these pests are, the tourists adore 

them. Imagine watching somebody chase a 

greasy pigeon around Trafalgar Square, 

laughing and trying to take its picture, and 

you begin to understand what it must be 

like to live on this tiny West Indies island. 

Nevis is one of those paradise islands that 

repeatedly forces you to take stock of absolutely 

everything in your life. It is the 

metaphorical monkey in the carry-on, leaping 

out when you least expect it and taking 

several minutes and a couple of air hostesses 

to contain. Turn any corner on this five mile 

wide island and you’ll be slapped in the retinas 

by the ridiculous natural beauty of this 

part of the planet. Nevis is a lush green cone 

rising from the navy-teal seam between Atlantic 

and Caribbean waters, a “potentially 

active” volcano around which dirt roads 

wind like dusty brown ribbons. Clichéd as it 

is, it’s as if you’ve tumbled into an impossibly 

picturesque postcard. 

Somewhere on this postcard is Paradise 

Beach Nevis, where the constant presence of 

monkeys is felt not in their 

long-term agricultural impact 

on the island, 

but in their shortterm 

perviness. Each 

morning a family of 

them would watch 

me intently from a 

nearby tree as I 

scrubbed myself 

clean in the outdoor 

shower – my 

own unwitting 

peep show for 

the invasive locals. 

Some 

dirt 

doesn’t 

wash off. 

Watch 

the sun 

dip 

below 

the 

The perfect 

cure for the 

winter blues... 

Steve Hogarty enjoys tropical 

luxury on the twin paradise 

islands of St Kitts and Nevis 

Sunset over the Caribbean Sea, as seen 

from a villa terrace at Paradise Beach 

The Killer Bee is the 

island’s most infamous 

cocktail, a rum punch 

that’s renowned for 

inspiring those who 

sample it to take off all 

their clothes and run 

into the ocean 

horizon from your private pool at Paradise 

Beach and try to muster a single stressful 

thought. You cannot. Things matter so little 

here, reality is so all-encompassingly perfect, 

that you feel at risk of losing your physical 

form and floating away on the breeze like a 

really good smell. You’ll turn to your partner 

and, in a knowingly understated way, say 

“well this is sort of alright isn’t it?” between 

three and four hundred times during your 

stay. Being anywhere else now feels like 

some kind of cruel hell. 

Paradise Beach comprises seven luxurious 

and secluded villas on a small private strip 

of the coast. The beach bar is permanently 

staffed, even if you’re the only guests there, 

just in case you happen to wander down in 

search of a rum punch. 

A friendly concierge attends to your every 

need, arranging your groceries, summoning 

the in-house chef to cook for you and calling 

the local taxi driver (the no-nonsense Tin- 

CITYAM.COM 

Tin, whose car smells like the fish soup 

lunches he eats every day) when you decide 

to wander out. They’ll give you a walking 

tour of the island, sharing its history – 

which is largely sugar plantation based – 

and advise you on local spots to eat and 

drink. 

The Killer Bee is the island’s most infamous 

cocktail, a rum punch that’s 

renowned for inspiring those who sample it 

to take off all their clothes and run into the 

ocean, often never to return. At Sunshine’s – 

one of those bustling, saltwater-beaten old 

beach huts held together by flags, red paint 

and high spirits – they mix it behind the bar 

to protect the recipe (and perhaps their licence 

too, as the drink is rumoured to contain 

bootleg rum smuggled in from the next 

island). 

If chugging hooch in a shed isn’t your bag, 

the island’s only wine cellar is to be found 

in the more sophisticated Coconut Grove. 

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LIFE&STYLE 

29 

: @city_am 

:@cityamlife 

NEED TO 

KNOW 

Paradise Beach 

is currently 

offering seven 

nights for the 

price of five in 

three and four 

bedroom villas 

until 30 April 

2017. 

It’s in this beachside enclave that you’ll find 

one of the very few pieces of beef available 

on the island too, imported from the US for 

homesick travellers. The island’s traditional 

cuisine is naturally more focused on daily 

catches of grouper, snapper and lionfish. 

The latter is an invasive species threatening 

the local ecosystem, so you’re encouraged to 

wolf down as much as you can. There are 

even festivals dedicated to coming up with 

new and inventive ways to prepare it. 

The highly awarded Coconut Grove is run 

by US-born and France-raised Gary Colt, a 

round-the-world skipper. When I tell him 

where we’ve come from, he fondly recalls 

his prized boat moored back in St. Katharine 

Docks. Many of the restaurateurs and hoteliers 

I spoke to seem vaguely restless here, 

driven to cabin fever by the island’s oppressively 

blissful pace. Paradise can be an unwitting 

prison for adventurous 

entrepreneurs, doomed to live out their days 

surrounded by unparalleled beauty, and to 

envy the likes of me showing up to chase the 

monkeys and then fly away again. 

As far as problems go, I can think of worse. 

Nevis is about as scenic and exclusive as 

Caribbean island retreats get, the more luxurious 

offshoot of the popular St. Kitts, and 

obscure enough a spot that most people mispronounce 

its name (it sounds like “Beavis”, 

rather than like the Scottish mountain). We 

were in good company here too. The Canadian 

prime minister had been the last person 

to stay in our villa at Paradise Beach, 

spending New Year’s Eve on the beach with 

his family. 

To think that the same monkeys that 

watched me shower had also watched Justin 

Trudeau brought me a great sense of peace 

and fulfilment. A shared experience captured 

in simian eyes – a profound unity of 

soapy men – now forever a part of this island’s 

continuing story. 

For more info 

visit paradise 

beachnevis.com 

Tropic Breeze 

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on six sharing a 

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A short boat ride will take you to the more populated St Kitts, where you can ride the 

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CITYAM.COM 

OFFICE POLITICSASK THE EXPERT 

Every month, business etiquette experts at Debrett’s 

will seek to solve your professional dilemmas 

Q: 

Most of my day is spent in useless meetings and my 

colleagues seem blind to the fact that we’d all be more 

productive if we weren’t staring at each other in a room. I have 

just been promoted and I want to know what can I do to ensure 

the meetings that I lead are actually effective. 

WE ALL seem to spend a 

disproportionate 

amount of our time in 

meetings and, more 

often than not, they are 

something of an unhelpful habit 

rather than a necessity. You can be 

reasonably confident that no-one in 

attendance is clamouring for more, 

and on that basis you should declare 

your aim to make meetings shorter, 

less frequent and more productive. 

You should also state that you need 

everyone’s help. Doing so may make 

it the first agenda item with which 

everyone is fully engaged! 

You need to change a few habits, 

and assuming that you have an agenda, 

then the easiest thing to do is to 

establish a clear outcome for every 

agenda item. Then, at the end of each 

meeting, allocate a few minutes to 

review how you did against your own 

objectives. This way, you will focus 

the collaborative energy and intellect 

of the group in order to make 

changes to your meetings culture. 

As part of the process, you should 

SEND US YOUR 

QUESTIONS OR 

DILEMMAS 

For the chance to have 

your question answered by 

the Office Politics Expert, 

please email enquiries@ 

debretts.co.uk 

For information on Debrett’s business 

coaching courses for both recent 

graduates and high-flying executives, visit 

www.debretts.com/training-academy 

look at what your meetings are currently 

used for. All too frequently 

they become opportunities to tell 

people things, rather than actually 

discuss them. Why get people into a 

room just to tell them things they 

could read in an email? It is healthy 

to get people into the habit of sharing 

information in advance so that the 

meeting can be used exclusively for 

discussion. 

It is also interesting to reflect on the 

fact that meetings are rarely used for 

persuading and inspiring people 

(when was the last time you were 

inspired in a meeting, honestly?) and, 

given that inspiration is rarely conveyed 

over email, a meeting is the 

best opportunity. This doesn’t mean 

that every meeting must be launched 

with an inspiring or motivational 

speech (although it is great if that 

does happen occasionally). If every 

agenda point addresses an issue that 

is important to the group, and it is 

expressed as a question that needs an 

answer, you will find that people 

want to be engaged. 

This leads to the next point. As part 

of your shake-up, you should also 

question who should attend the 

meeting. There is a great principle 

that attendance can be cut down to 

those whose perspectives are relevant 

to the subject matter and that everyone 

at the table should have a speaking 

part. Put simply, if someone can’t 

contribute, they should not be there. 

A recent article in the Wall Street 

Journal suggests that, if decisions are 

needed, then a maximum of seven 

people at the table is ideal. Every person 

beyond that number reduces the 

potential of making a sound decision 

by 10 per cent. 

One of your challenges will be to 

ensure that everyone does contribute. 

There are some simple guidelines 

that will help you achieve this. First 

and foremost, you must create time 

and space for people to speak, knowing 

that they will not be interrupted. 

In addition, everyone must sign-up to 

the idea that the best meetings are 

not competitions for air time and 

that everyone’s perspective is valuable. 

The great thing about taking 

this approach is that you will hear 

from everyone, not just the loudest in 

the room. This may upset the status 

quo temporarily, but people quickly 

realise the benefit. 

Every meeting should conclude 

with suggestions for the agenda next 

time, followed swiftly by a collective 

review on how you did versus your 

objectives. This should ensure that 

meetings under your leadership continue 

to evolve and improve. 

£ Rupert Wesson is The Academy 

director at Debrett’s.

CITYAM.COM MONDAY 16 JANUARY 2017 SPORT 31 

RUGBY UNION 

Last-gasp Sarries seal place in quarter-finals 

ROSS MCLEAN 

@rossmcleanRMAC 

SARACENS boss Mark McCall praised 

his side’s doggedness after a last-gasp 

Chris Ashton try snatched a dramatic 

22-22 draw with Scarlets and sealed 

their passage to the European 

Champions Cup quarter-finals. 

Ashton crossed the line for the 

second time with the final play of 

the game and Owen Farrell duly 

FOOTBALL 

Man City come unstuck at Toffees 

FRANK DALLERES 

@frankdalleres 

MANCHESTER City manager Pep 

Guardiola admits his team may be 

out of the title race after he suffered 

the heaviest league defeat of his glittering 

career at Everton on Sunday. 

Striker Romelu Lukaku and winger 

Kevin Mirallas put the Toffees in control 

before young midfielder Tom 

Davies and £11m debutant Ademola 

Lookman added gloss to the scoreline. 

It left City fifth in the Premier 

League, 10 points behind runaway 

leaders Chelsea, and prompted 

Guardiola to suggest that second 

place is the best they can hope for in 

his first season. 

“Ten points is a lot of points. The second 

one [Tottenham] is three points. 

We have to see,” said the former Bayern 

Munich and Barcelona coach. 

“I told my players the last month 

‘forget about the table, focus on the 

next game and try to do our best to 

win the games’. 

“At the end of the season we are 

going to evaluate how our level and 

performance was – how was the 

coach, how was the players – and 

after we are going to decide.” 

Everton manager Ronald Koeman, 

meanwhile, savoured an ideal after- 

GOLF 

Storm beats McIlroy in South 

Africa to end 10-year drought 



FORGOTTEN man Graeme Storm 

completed his remarkable 

turnaround in fortunes over the 

last three months by beating world 

No2 Rory McIlroy to the South 

African Open on Sunday. 

Storm looked to have missed out 

on his tour card by the slimmest of 

margins when he bogeyed the last 

at the Portugal Masters in October, 

only to be granted a reprieve when 

American Patrick Reed freed up a 

place by declining his exemption. 

The Englishman took full 

advantage in his first tournament 

of 2017, seeing off McIlroy at the 

converted, after Wales centre Scott 

Williams appeared to have set 

Scarlets on course for victory with a 

second-half touchdown. 

The draw ended Scarlets’ hopes of 

reaching the last eight, while 

reigning champions Saracens failed 

to set a tournament record of 14 

successive wins. 

“From a performance point of 

view, there were a lot of things we 

didn’t do well today,” said McCall. 

Guardiola admits title bid is in tatters 

after Everton run up landmark victory 

PREMIER LEAGUE 

EVERTON 4 

MANCHESTER CITY 0 

noon, although they remain seven 

points behind sixth-placed Manchester 

United. 

“You cannot plan a game like this,” 

said Koeman. “It is always difficult 

against City because they play great 

football, but the second half was perfect 

in every aspect. We scored at the 

right time in the first half and then to 

score straight after half-time made it 

very difficult for them.” 

City posed the greater threat in the 

first half hour but Raheem Sterling 

and David Silva were both thwarted 

by Everton goalkeeper Joel Robles before 

the hosts grabbed the opening 

goal. 

The dynamic Davies intercepted a 

City pass out of defence and fed Mirallas, 

whose cut-back allowed Lukaku to 

plant a first-time finish past a wrongfooted 

Claudio Bravo. 

Davies cleared a Bacary Sagna 

header off the line just before the 

break and Everton compounded their 

advantage immediately after the interval 

when Ross Barkley fed Mirallas 

to sweep low past Bravo. 

Guardiola threw on attacking reinforcements 

but it was the home side 

who struck again 11 minutes from 

time, 18-year-old Davies capping a buccaneering 

70-yard run with a delicate 

dinked finish. 

Substitute Lookman, 19, a January 

signing from League One Charlton 

who was playing Sunday league football 

three years ago, drove an opportunistic 

fourth between Bravo’s legs 

deep into injury time. 

third hole of a play-off to claim his 

first European Tour title for almost 

10 years. 

“I can’t quite believe it,” said the 

38-year-old. “This is a dream come 

true, especially after what 

happened to me last year. I have 

been to hell and back. It has been 

an absolute rollercoaster over the 

last year and a half.” 

Storm took a three-shot lead into 

the final day and finished with a 

one-under-par round of 71 to leave 

him on 18 under par. McIlroy’s 68 

forced a play-off, but while Storm 

parred all the extra holes, the 

Northern Irishman succumbed at 

the third. England’s Jordan L 

Smith, 24, finished in third place. 

“We made more mistakes than we 

wanted. But we find a way to be 

resilient, hang in there and give 

ourselves a chance. To find a way to 

get two points out of it is a good 

achievement.” 

Scarlets held a 9-5 half-time lead as 

three Dan Jones penalties cancelled 

out wing Nathan Earle’s try for the 

visitors, only for Toulon-bound 

Ashton to cross the line and fire 

Saracens into the ascendency nine 

IN BRIEF 

MELBOURNE VICTORY SEES 

PAKISTAN LEVEL SERIES 

£ CRICKET: Pakistan recorded their 

first one-day victory on Australian soil 

for 12 years to level the series at 1-1 

with three games of the five-match 

series to play. Seamer Mohammad 

Amir claimed 3-47 as Pakistan 

dismissed Australia for 220. In reply, 

stand-in skipper Mohammad Hafeez 

top scored with 72, while Shoaib Malik 

struck 42 not out, as Pakistan won by 

six wickets with 2.2 overs to spare. 

O’SULLIVAN RIDES LUCK TO 

SEAL MASTERS PROGRESS 

£ SNOOKER: Defending champion 

Ronnie O’Sullivan survived a scare 

before reaching the Masters quarterfinal 

with a 6-5 over China’s Liang 

Wenbo yesterday. World No11 Wenbo 

recovered from 4-2 down to lead 5-4 

but missed the final black in the 10th 

which would have settled the tie. 

O’Sullivan amassed 121 in the deciding 

frame to seal victory. 

minutes after the re-start. 

Williams pierced a gaping hole in 

the Saracens defence moments later 

to restore the home side’s advantage 

before Ashton’s late intervention and 

the boot of Farrell shattered the 

Welsh outfit. Saracens boast a fivepoint 

lead over second-placed Toulon 

in their pool and remain on course 

for a home quarter-final, while the 

two European heavyweights meet at 

Allianz Park on Saturday. 

Davies (right) capped a dynamic display with Everton’s third goal 

LIVERPOOL’S MANE SCORES 

AS SENEGAL WIN OPENER 

£ FOOTBALL: Liverpool’s Sadio Mane 

converted a 10th minute penalty as 

Senegal began their Africa Cup of 

Nations campaign with a 2-0 victory 

over Tunisia yesterday. Mane scored 

after West Ham’s Cheikhou Kouyate 

had been felled in the penalty area, 

while Kara Mbodji added a second with 

a powerful header. Victory sent Senegal 

to the top of Group B after Algeria drew 

2-2 with Zimbabwe. 

DURRANT BEATS NOPPERT 

TO CLAIM FIRST BDO TITLE 

£ DARTS: England’s Glen Durrant 

claimed his maiden BDO World Darts 

Championship title after a 7-3 victory 

over Holland’s Danny Noppert last 

night. Durrant said: “In 1989, I watched 

a match between Eric Bristow and 

Jocky Wilson that inspired me to pick 

up a set of darts. Now, thanks to hard 

work, determination and Teesside 

steel, I am world champion.” 

RESULTS 

FOOTBALL 


Everton ...................(1) 4 Man City ....................(0) 0 

Lukaku 34 

Mirallas 47 

Davies 79 

Lookman 90 Att: 39,588 

Man Utd .................(0) 1 Liverpool ....................(1) 1 

Ibrahimovic 84 

Milner 27 (pen) 

Att: 75,276 

P W D L F A GD Pts 

Chelsea............................21 17 1 3 45 15 30 52 

Tottenham .....................21 13 6 2 43 14 29 45 

Liverpool ........................21 13 6 2 49 24 25 45 

Arsenal............................21 13 5 3 48 22 26 44 

Man City .........................21 13 3 5 41 26 15 42 

Man Utd .........................21 11 7 3 32 20 12 40 

Everton ...........................21 9 6 6 32 23 9 33 

West Brom....................21 8 5 8 28 28 0 29 

Stoke ................................21 7 6 8 27 33 -6 27 

Burnley ............................21 8 2 11 23 31 -8 26 

Bournemouth ..............21 7 4 10 30 37 -7 25 

West Ham .....................21 7 4 10 26 35 -9 25 

Southamptn .................21 6 6 9 19 26 -7 24 

Watford ..........................21 6 5 10 23 36 -13 23 

Leicester .........................21 5 6 10 24 34 -10 21 

Middlesbro’ ...................21 4 8 9 17 22 -5 20 

Crystal Pal .....................21 4 4 13 30 40 -10 16 

Hull ....................................21 4 4 13 20 45 -25 16 

Sunderland ...................21 4 3 14 20 40 -20 15 

Swansea .........................21 4 3 14 23 49 -26 15 

AFRICA CUP OF NATIONS GROUP B 

Algeria ....................(1) 2 Zimbabwe .................(2) 2 

Mahrez 13, 82 Mahachi 17 

Mushekwi 29 (pen) 

Tunisia ...................(0) 0 Senegal ......................(2) 2 

Mane 10 (pen) 

Mbodji 30 

P W D L F A GD Pts 

Senegal .............................1 1 0 0 2 0 2 3 

Algeria ..............................1 0 1 0 2 2 0 1 

Zimbabwe........................1 0 1 0 2 2 0 1 

Tunisia ...............................1 0 0 1 0 2 -2 0 

BASKETBALL 

BBL CUP FINAL: Newcastle 91 Glasgow 83. 

CRICKET 

FIRST ONE DAY INTERNATIONAL—England v India 

(Pune): England 350-7 (50.0 overs; J E Root 78, J J Roy 

73, B A Stokes 62). India 356-7 (48.1 overs; V Kohli 122, K 

M Jadhav 120). India beat England by 3 wickets. 

FIRST TEST MATCH—Bangladesh v New Zealand 

(Wellington): Bangladesh 595-8dec. (152.0 overs; Shakib 

Al Hasan 217, Mushfiqur Rahim 159, Mominul Haque 64, 

Tamim Iqbal 56, Sabbir Rahman 54no; N Wagner 4-151) 

and 89-5 (18.3 overs). New Zealand 539 (148.2 overs; T W 

M Latham 177, M J Santner 73, H M Nicholls 53, K S 

Williamson 53). 

SECOND ONE DAY INTERNATIONAL—Australia v 

Pakistan (Melbourne): Australia 220 (48.2 overs; S P D 

Smith 60). Pakistan 221-4 (47.4 overs; Mohammad Hafeez 

72). Pakistan beat Australia by 6 wickets. 

DARTS 

BDO WORLD CHAMPIONSHIP (The Lakeside Complex, 

Frimley Green, Surrey)—Final: G Durrant (Eng) bt D 

Noppert (Ned) 7-3. 

GOLF 

BMW SA OPEN (Johannesburg)—Final Rnd (Gbr & Irl 

unless stated, par 72): 270 G Storm 69 63 67 71 (Storm 

won at 3rd play-off hole), R McIlroy 67 68 67 68, 271 J 

Smith 67 68 68 68, 273 D Burmester (Rsa) 67 70 67 69, 

274 T Aiken (Rsa) 67 70 68 69, T Fisher Jnr (Rsa) 66 68 

71 69, 275 J Stalter (Fra) 69 70 65 71, P Uihlein (USA) 70 

64 70 71, D Drysdale 70 65 71 69, A Bjork (Swe) 68 71 68 

68, M Korhonen (Fin) 72 66 67 70, E Molinari (Ita) 71 70 

63 71, 276 J Morrison 70 72 66 68, 277 R S Johnson 

(Swe) 69 70 66 72, L Canter 69 66 71 71, J Winther (Den) 

69 70 70 68, G King 73 68 66 70, 278 T Lewis 72 71 69 

66, J Fahrbring (Swe) 68 71 71 68, J Van Zyl (Rsa) 71 65 

68 74. 

RUGBY UNION 

EUROPEAN CHAMPIONS CUP POOL 3 

Scarlets .............................22 Saracens ..........................22 

Toulon ................................27 Sale ................................... 12 

P W D L B F A Pts 

Saracens ................................5 4 1 0 2 171 84 20 

Toulon ......................................5 3 0 2 3 117 90 15 

Scarlets...................................5 2 1 2 0 118 129 10 

Sale ...........................................5 0 0 5 0 41 144 0 

POOL 5 

Bordeaux-Begles................6 Clermont Auvergne ..........9 

Exeter .................................31 Ulster ................................ 19 


Clermont Auvergne ..........5 4 0 1 5 163 105 21 

Exeter ......................................5 2 0 3 3 84 98 11 

Bordeaux-Begles ...............5 2 0 3 2 92 98 10 

Ulster .......................................5 2 0 3 1 109 147 9 

EUROPEAN CHALLENGE CUP POOL 2 

Ospreys .............................47 Lyon Olympique................. 7 


Ospreys ...................................5 5 0 0 5 253 30 25 

Lyon Olympique ..................5 2 0 3 3 130 151 11 

Newcastle ..............................5 2 0 3 3 137 154 11 

Grenoble .................................5 1 0 4 1 61 246 5 

SNOOKER 

DAFABET MASTERS (Alexandra Palace, London)—1st 

rnd: R O’Sullivan (Eng) bt L Wenbo (Chn) 6-5. 

TODAY’S DIARY 

Africa Cup Of Nations Group C 

Congo DR v Morocco (7pm) .......................................................................... 

Ivory Coast v Togo (4pm) .............................................................................. 

CRICKET 

First Test Match—day 5 of 5: New Zealand v 

Bangladesh (Wellington, 22). 

SNOOKER 

Dafabet Masters 2017 (Alexandra Palace). 

TENNIS 

Australian Open (Melbourne, Australia).

32 SPORT MONDAY 16 JANUARY 2017 

SPORT 

FOOTBALL 

Tempers flare 

as Klopp and 

Jose clash 


MANCHESTER UNITED 1 

LIVERPOOL 1 

ROSS MCLEAN 


LIVERPOOL boss Jurgen Klopp accused 

Manchester United counterpart Jose 

Mourinho of attempting to coerce referee 

Michael Oliver into showing Roberto 

Firmino a red card as tensions sizzled 

during yesterday's draw. 

Firmino was booked for shoving Ander 

Herrera after the forward reacted angrily 

to the Spaniard pulling his shirt as the 

visitors looked to counter-attack in the 

dying embers of a pulsating clash. 

Both managers, who became embroiled 

in a heated touchline exchange, 

ultimately had to settle for a point as 

Zlatan Ibrahimovic headed an 84thminute 

leveller after James Milner had 

clinically dispatched a first-half penalty. 

The draw ended United’s nine-match 

winning streak and left them sixth in the 

table, four points adrift of a Champions 

League spot, while Liverpool returned to 

third and lie seven points behind leaders 

Chelsea. 

“He [Mourinho] wanted the minimum 

of a yellow card, I don’t know,” said 

Klopp. “I think the ref whistled before 

anything else happened. 

“Roberto is a footballer from head to 

toe and he wanted to stay in the game. He 

could have passed the ball but that was a 

yellow card for Herrera and nothing else. 

“In the end it was a yellow card for the 

guy who wanted to play football. It would 

have been even worse if someone wants 

to see it again and all that stuff. We [him 

and Mourinho] could not have the same 

opinion in this moment.” 

Mourinho denied he was trying to lobby 

for Firmino’s dismissal. He said: “He 

[Klopp] thought I was asking for his 

player to be sent off, I wasn’t. There was 

no problem at all.” 

Klopp also denounced United for an 

inhospitable welcome, adding: “I read the 

programme notes and it is the first time 

that there was nothing about ‘welcome 

to Liverpool’ or something like this. 

“Then I wanted a coffee and in the can 

was only tea. It’s started already, yeah? 

It’s all okay. It’s football.” 

Mourinho, meanwhile, whose side was 

chastised for adopting supposedly ultradefensive 

tactics during the goalless draw 

in the reverse fixture at Anfield in 

October, was happy to point the finger of 

negativity in Klopp’s direction. 

“We changed the qualities of our game 

and went to a more direct approach 

because Liverpool were defending with 

so many bodies behind the ball,” added 

the Portuguese. 

Liverpool opened the scoring on 27 

minutes when Milner converted a spotkick 

after Paul Pogba inexplicably 

handled as he challenged Dejan Lovren. 

But United levelled with six minutes 

remaining as Ibrahimovic stooped to 

divert an Antonio Valencia cross over 

goalkeeper Simon Mignolet after 

Marouane Fellaini’s initial flick had 

ricocheted off the post. 

TOP SIX 

TEAM PLD W D L F A PTS 

Chelsea 21 17 1 3 45 15 52 

Tottenham 21 13 6 2 43 14 45 

Liverpool 21 13 6 2 49 24 45 

Arsenal 21 13 5 3 48 22 44 

Man City 21 13 3 5 41 26 42 

Man Utd 21 11 7 3 32 20 40 

CITYAM.COM 

PEP’S GOODISON NIGHTMARE Guardiola 

admits City title bid in tatters after 

landmark Everton victory PAGE 31 

Jose Mourinho and Jurgen Klopp exchanged words 

TENNIS 

In-form Konta 

coy on Aussie 

Open chances 



BRITAIN’S Johanna Konta has 

played down her status as Britain’s 

most credible female grand slam 

contender since Virginia Wade as 

she prepares to begin her 

Australian Open campaign tonight. 

Konta goes into the year’s first 

major tournament at a career-high 

ranking of ninth in the world and 

buoyed by a string of fine 

performances already this month. 

The 25-year-old reached the last 

four in Shenzhen and then topped 

that in Sydney last week, winning 

the title without dropping a set and 

blitzing world No3 Agnieszka 

Radwanska in the final. 

“I’m definitely very pleased with 

the level I played but we all know 

that it’s not a given. It doesn’t 

decide how you will do in the next 

event,” said Konta. 

“I’m taking it as a positive from 

the week itself, but I’m looking to 

work hard here again and really try 

to do the best that I can.” 

Konta, who was born in Sydney 

and moved to Eastbourne as a 

teenager, starts her tournament in 

the early hours of Tuesday against 

Belgian Kirsten Flipkens, who won 

their only previous clash. 

“I’m looking forward to the 

opportunity to play her again,” she 

added. “She is a great player. She’s a 

Wimbledon semi-finalist. She’s 

been around the tour for a long 

time and that’s no accident.” 

Wade was the last British woman 

to win a grand slam singles title, in 

1977 at Wimbledon. She also won 

the Australian Open in 1972. 

RECORD PRIZES ON OFFER 

Tennis stars will do battle for the second 

largest pay-cheque in the sport’s history 

at the Australian Open. A men’s and 

women’s singles champion prize of 

AUS$3.7m (£2.2m) is the most generous 

ever offered at the tournament and 

second in size only to last year’s US Open. 

This year’s winners will bank AUS$300,000 

more than Novak Djokovic and Angelique 

Kerber took home 12 months ago. 

CRICKET 

Morgan questions batting as Kohli inspires India victory 

ROSS MCLEAN 


ENGLAND skipper Eoin Morgan 

blamed a below-par batting 

performance as his side succumbed to 

a three-wicket defeat in their opening 

one-day clash against India in Pune 

yesterday. 

The tourists’ total of 350-7, 

England’s record tally against India 

and their ninth highest of all time, 

proved insufficient as a Virat Kohli 

masterclass and destructive century 

from Kedar Jadhav proved decisive. 

Kohli and Jadhav shared a 200-run 

stand as India completed the jointfourth 

best run chase in history, 

winning with 11 deliveries to spare, 

which looked an unlikely prospect 

after they were reduced to 63-4. 

Batsman Joe Root earlier top 

scored for England with 78, 

while opener Jason Roy hit 73 

and all-rounder Ben Stokes a 

40-ball 62 as England piled on 

115 runs in the final 10 overs 

of their innings, although it 

was not enough for victory or 

Morgan. 

“Our batting effort wasn’t 

our best – it summarised the 

conditions here where the pitch is 

good and the boundaries are 

small,” said Morgan. “You 

don’t know what a good 

score is. 

“It hurts more because 

we had them 63-4. That’s 

what hurts the most. 

Even though Kohli 

was still in we were 

right into the 

middle order. Our 

plan was to get 

Kohli off strike and 

we certainly didn’t 

expect Jadhav to 

Kohli top scored for India 

with a knock of 122 

play like that. 

“We bowled brilliantly early on 

but our hope is that as our bowlers 

become more experienced they can 

come up with good enough skills.” 

India captain Kohli, meanwhile, 

whose 17th second-innings hundred 

equalled the record of the great 

Sachin Tendulkar, only in 136 fewer 

knocks, admitted that he felt 

England would wobble as India 

turned up the heat in their run 

chase. 

“The moment he came to the 

crease, Jadhav started hitting the ball 

really well,” said Kohli, who top 

scored for India with 122. “I said, ‘if 

we get to 150 here, they will press 

the panic button – watch’.” 

England surged into the 

ascendency early in India’s reply as 

Yorkshire’s David Willey removed 

India openers Shikhar Dhawan and 

KL Rahul in quick succession and 

Yuvraj Singh and MS Dhoni also fell 

cheaply. 

But they ultimately had no answer 

to expert chaser Kohli and Jadhav, 

who scorched a 65-ball ton on his 

home ground and finished with 120, 

as India secured a 1-0 lead in the 

three-match showdown. The next 

one-day tussle takes place in Cuttack 

on Thursday.

TO NEW BREXIT REALITY

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