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Uber Gears Up For High Court Battle: Rail Commuters Set For Steeper Fare Hike After Inflation Jumps
Uber Gears Up For High Court Battle: Rail Commuters Set For Steeper Fare Hike After Inflation Jumps
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Top German
MP: Give UK
special status
MARK SANDS
@MKSands
GERMANYS European affairs
minister has proposed a
special status for Britain
after Brexit, while calling for
talks to begin early next year.
Theresa May has repeatedly
stated that she will not
activate Article 50, which
gives the UK two years to
secure new terms, until 2017.
But Michael Roth has told
Reuters the UK should be
ready to negotiate and
trigger mechanisms to leave
the EU early next year.
Until the end of the year
should really be sufficient
time to get organised and
adjust to the new situation,"
he said.
Roth, a member of the SPD,
a party in Angela Merkels
ruling coalition, added that
Britain should be granted a
position distinct from that of
Switzerland and Norway,
which have both been cited as
potential examples for the UK
to follow.
Given Britains size,
significance and its long
membership of the European
Union, there will probably be
a special status which only
bears limited comparison to
that of countries that have
never belonged to the
European Union, he said.
I want relations between
the EU and Britain to be as
close as possible, he added.
Rail commuters set for steeper fare hike after inflation jumps
OLIVER GILL
@ojngill
MORE misery was piled on to
beleaguered commuters yesterday as
a hike in rail fares was unveiled.
Fares will rise by an average of
1.9 per cent next year following the
release of Julys retail price index
FTSE 1006,893.92 -47.27 FTSE 25017,808.50 -120.77 DOW 18,552.02 -84.03 NASDAQ 5,227.11 -34.90 /$ 1.304 +0.017 / 1.156 +0.001 /$ 1.127 +0.009
02
NEWS
CITYAM.COM
LET THE CHIPS FALL Las Vegas iconic Riviera Hotel & Casino
reduced to rubble to give way to a new convention centre
ONDON mayor Sadiq Khan has celebrated his first 100 days
in City Hall. So, hows his mayoralty shaping up? Khan was
elected on 5 May, after his rival Zac Goldsmith sank in a
pit of his campaigns own making. The Tory candidate
would probably have made a perfectly decent and thoughtful
mayor, but his campaign failed to strike the right notes and
turned off a lot Londoners uncomfortable with attacks on
Khans character, background and religion. If the mayor enjoyed
a honeymoon period, it was starkly interrupted by the 23 June
referendum, which saw the UK (if not London) vote to leave the
EU. Since that event, Khan has done his best to tell the world
that London is open and open for business. In an effort to
ensure this, hes already called for more powers to be devolved to
the capital in areas such as skills funding, business policy and
greater financial autonomy. But what of the powers he already
has? Well, this newspaper
was first out of the block to
congratulate the new mayor
for lifting his predecessors
ban on development at City
Airport. This was a positive,
timely and necessary postreferendum move for which
the mayor deserves credit. Khan has also moved quickly to
reassure the business community, with the appointment of a
deputy mayor for business, Rajesh Agrawal, who is busily
seeking to build new bilateral relations with other European
cities. The details are vague at this stage, but the sentiment is
encouraging. However, in areas on which the new mayor directly
campaigned such as housing and transport progress has been
more disappointing. The high-profile pledge to build 50,000 new
homes a year has already been watered down to a long-term
target and the flagship fares freeze policy has unravelled
after revelations that it wont include travelcard prices, which
are set by the Department for Transport. At least the Night Tube,
dogged by union opposition, will roll into service this weekend.
More broadly, Khan can be accused of having over-promised in
his campaign but hes clearly not short on energy. If he can
combine this with real radicalism on the policy front, then
theres every chance that hell make the most of his time in
office.
Khan can be
accused of having
over-promised in
his campaign
Ford says it will build a totally selfdriving car by 2021 as it seeks to take
the lead in the global race to produce
the worlds first high-volume driverless
vehicle. The car, which will have no
steering wheel or pedals, will be used in
the driverless taxi services that Ford
said it expects to dominate the market
in the coming decade. The carmaker
said in a later investor call that it
expected to first roll out the driverless
vehicles in big cities.
COMMERCIAL PROPERTY
STRESS TEST COSTS 12BN
WHAT THE
OTHER
PAPERS SAY
THIS
MORNING
THE REMAINING structures of the 60-year-old Riviera Hotel & Casino, which closed in May last year, were imploded yesterday. The
site, that hosted performances by famed singers including Dean Martin, has been snapped up by the Las Vegas Convention and
Visitors Authority which plans to build more convention space as part of its $1.4bn Las Vegas Convention Center District project.
UK inflation hits
20-month high
JAKE CORDELL
@JakeCordell
PRICES in the UK are rising at their
fastest rate since the end of 2014, new
figures showed yesterday.
Inflation came in at 0.6 per cent in
July on the consumer prices index
(CPI), ahead of expectations and up
from a rate of 0.5 per cent in June.
Sterling charged higher in the minutes after the figures were published
by the Office for National Statistics
(ONS). After setting a three-year low
against the euro of below 1.15 yesterday morning, the pound hit back
against the single currency, rising to
1.1563.
Against the dollar sterling jumped
0.7 per cent to reach $1.2964 and reversed Mondays losses. At the close, it
stood at $1.304.
Economists said the higher rate of
inflation was driven by the sharp fall
THE TIMES
UNIVISION SNAPS UP
GAWKER MEDIA FOR $135M
Two years ago, Facebook offered its inhouse recruiters an incentive to help
diversify its largely white and male
workforce. But the tech giant has shown
little progress. Just six per cent of its US
employees are Hispanic or black.
CITYAM.COM
NEWS
03
IN BRIEF
Chief executive Gavin Patterson has been under pressure to defend BTs spending
URBAN OUTFITTERS IN
FASHION AFTER SALES RISE
04
NEWS
CITYAM.COM
@HayleyLEK
CAIRN Energy revealed yesterday its
Senegal activity had come up trumps,
while it had also narrowed its losses
during its first half of 2016.
The Edinburgh-based oil and gas
exploration company revealed a total
loss after tax for the six months to
June of $38m (29.4m), improving
from a $230m loss for the same
period the year before and compared
with a $516m loss for the full year to
EMMA HASLETT
@emmahaslett
BALFOUR Beatty has been awarded a
$697m (540m) contract to electrify
the 52-mile Caltrain rail link between
San Francisco and San Jose the
largest US contract its ever won.
The construction giant said it will
begin work on the line, which operates across 17 cities including San
Francisco, San Mateo and Santa Clara
counties, this autumn.
Completion is due in 2020.
Samarco dam
disaster pushes
BHP to huge loss
EMMA HASLETT
@emmahaslett
MINER BHP Billiton unveiled a multibillion-dollar loss for the year yesterday, after a commodities rout, tax
issues and a dam disaster took their
toll.
BHP said it had made an attributable
loss of $6.4bn (5bn) in the year to the
end up June, down from a profit of
$1.9bn last year.
That was driven by $7.7bn of exceptional items, including a $4.9bn impairment charge on the value of its
onshore US assets, a $2.2bn charge for
the financial impacts of the Samarco
dam disaster, and $570m for global
taxation matters.
Underlying profits, which strip out
those one-off costs, hit $1.2bn, down
81 per cent. Meanwhile, net operating
cash flow fell to $10.6bn, 45 per cent
lower than last years $19.3bn.
It managed to pay a dividend of 30
cents although that is down 76 per
cent from the same period last year.
The Samarco dam disaster, in which
19 people were killed when a dam in
Brazil which was owned by the company burst last year, is continuing to
take its toll. In March BHP agreed to
BHP BILLITON
1,080
1,070
1,060
1,049.50
16 Aug
1,050
1,040
1,030
1,020
CMA threatens
ICEs $650m
Trayport deal
JESSICA MORRIS
@nickersonjw
FALLING copper prices hit miner
Antofagasta hard in the first half as it
reported a fall in profits and revenues
yesterday.
Antofagasta reported revenue 18.5
per cent lower at $1.45bn (1.12bn)
for the first half, while pre-tax
profits fell 8.4 per cent to $276.1m.
However, the company was bullish
in stating it had made further
progress on cost reductions and
improving its margins.
@jssmorris
THE COMPETITION and Markets
Authority yesterday threw into
doubt Intercontinental Exchanges
takeover of commodities trading
software company Trayport.
It said that the takeover could
result in less competition for
wholesale European utilities trades.
It issued a list of possible remedies,
which includes a forced sale.
The CMA is worried about higher
fees for executing and clearing
trades, as well as worse terms for
traders. The deal could discourage
ICE and its rivals from launching
new products and trading
solutions, it added.
The annoucement is part of the
CMAs ongoing probe into the
merger, which was completed in
December last year.
Simon Polito, inquiry chair at the
CMA, said: We examined the
mergers competition risks and
given the high level of dependence
of market participants on
Trayports integrated software
offering, we provisionally
concluded that the merged entity
would have the ability and
incentive to harm ICEs main rivals'
ability to compete effectively.
This could lead to higher prices,
a general worsening of terms and
less innovative trading solutions
offered to traders in wholesale
energy markets.
Wood Group is one of many oil industry firms hit by the ongoing price rout
CITYAM.COM
MARK SANDS
@MkSands
A GROUP of global trade experts is calling on the UK to trigger Article 50 by
the middle of 2017 at the latest, while
warning the UK to treat China with
kid gloves.
The new, independent trade commission will operate through think tank
Legatum and features former advisers
to both US President Obama and his
predecessor George W Bush.
Prime Minister Theresa May has said
the UK will not trigger Brexit talks
until next year at the earliest.
The group is led by Shanker
Singham, a trade and competition
expert, who warned that waiting too
long would engender further uncertainty and risk the UK missing out on
foreign investment. Singham, a
former adviser to Mitt Romney and
Marco Rubio in their failed presidential election bids, added the UK should
focus its efforts first on deals with the
NEWS
05
Direct Line
partial pension
offload stalls
JESSICA MORRIS
China remains a vital market for Apple despite sales in the region falling 33 per cent
@lynseybarber
APPLE is planning to increase its
investment in China and will build its
first ever research and development
facility in the country, according to
local reports.
Boss Tim Cook is visiting the
country and commented on the
plans during a meeting with Chinas
@jssmorris
DIRECT LINE has abandoned the
potential offload of part of its
pension scheme, following the
conclusion of an internal review.
It was part of a defined benefit
(DB) scheme in which monthly
payouts are linked to an employees
final salary going back to when
the insurer was wholly owned by
the Royal Bank of Scotland.
Direct Line concluded that the
current situation was the most
cost-effective way to manage its
pension liabilities. City A.M.
understands that market volatility
in the wake of the Brexit vote was a
secondary factor in its decision.
Sky News first reported that the
firm had been in talks to sell part
of its DB retirement scheme to an
external investor until Junes
referendum on the UKs
membership of the European
Union. Direct Line declined to
comment last night.
The firms pre-tax profit fell 5.2
per cent to 298.5m in the second
quarter. It said it had been well
prepared for the EU referendum
and immediate investment
volatility was actively managed.
06
NEWS
CITYAM.COM
@ojngill
POLYPIPE released record half-results
yesterday, which revealed profits had
spiked nearly 50 per cent.
Revenues for the six months to
June were 223m, up from 170m.
Operating profit margins climbed
from 15.1 per cent to 16.9 per cent.
We have delivered another record
performance in the first half
continuing the strong momentum
from last year.
HELEN CAHILL
@HelCahill
ONE FIFTH of 18 to 34-year-old
prospective buyers say they will find
it difficult to save for a deposit due to
the recent cut in interest rates.
Research from MoneySuperMarket
found 21 per cent of this age group
thinks the interest rate cut will mean
they will have to wait for longer to
climb onto the housing ladder.
MoneySuperMarket said first time
buyers expect to be 37 years old by the
FRP Advisory to
be appointed
BHS liquidators
HELEN CAHILL
@HelCahill
FRP ADVISORY is set to be appointed
as liquidators of the BHS empire,
City A.M. understands - ousting Duff &
Phelps from the role.
Duff & Phelps have recommended to
creditors that BHS be moved into liquidation and suggested they take on
the job.
However, it has now emerged that
they have been pushed out due to concerns they will not be impartial in
their assessment.
FRP Advisory was made joint administrators to BHS in July and
will be taking on the liquidation after Dominic Chappell who bought BHS for
1 alleged retail magnate Sir Philip Green described Duff & Phelps as
his ponies.
Not only will FRP Advisory look into the conduct
of
BHS
directors, it will
also investigate
Duff & Phelps.
If there is a
need to check
Morrisons sells
10pc stake in
Fresh Direct
EMMA HASLETT
CBRE recently sold a penthouse in Covent Garden for 2,900 per square foot
@HelCahill
HOME sales have remained strong
for CBRE after the Brexit vote, with
the company reporting it has
exchanged on nearly 60m worth of
residential property in the second
quarter of this year.
The transaction value achieved by
CBRE was its second highest for the
last four years.
Three quarters of the sales were at
more than 1,750 per square foot.
One penthouse in Covent Garden
@emmahaslett
SUPERMARKET giant Morrisons has
disposed of its 10 per cent stake in
wholesale business Fresh Direct, it
said yesterday almost 18 months
since it first announced plans for
the sell-off.
The supermarket said it had got
45m from the sale a premium of
14m to the 31m holding value of
its equity investment.
Morrisons said in March 2014
that it was planning to sell off
Fresh Direct along with Kiddicare,
which it sold for 2m a couple of
months later.
Since then, the business has most
notably made a push into online
retail.
Last week Morrisons unveiled
plans to extend a partnership with
Ocado albeit with changes
including a cut in fees it has to pay
the online grocer to access its
services.
In a statement Morrisons said the
principal changes to its contract
with Ocado are: the restriction on
store pick has been lifted, the
profit share agreement will be
cancelled and the research and
development fee will be reduced.
Morrisons is taking capacity in
Ocados new warehouse in Erith, in
south east London, which it said
will allow millions more
customers to shop with
Morrisons.com.
Demand for farm land has dropped substantially with more declines expected
08
NEWS
CITYAM.COM
EU referendum woes
set to lead to bumpy
road warns Santander
HAYLEY KIRTON
@HayleyLEK
THE CHIEF exec of the UK division of
banking giant Santander has warned
the UK economy slowed noticeably in
the run up to Junes Brexit vote, and
it was unlikely to get rolling again any
time soon.
In the companys half-yearly report,
published yesterday, Nathan Bostock
wrote that the slowdown in the UK
economy was expected to continue
while economic and political uncertainties prevail.
For Santander UK in particular, the
statement noted the banks net interest margin was likely to decline over
the rest of 2016, while cost management remained vital.
However, Bostocks assessment was
not all doom and gloom. He high-
Qatari bank to
review options
on Brexit vote
WILLIAM TURVILL
@nickersonjw
INDONESIAN airlines will be able to
take-off in America following a nineyear ban having been cleared by
regulators.
A safety review by the US Federal
Aviation Administration (FAA) said
Indonesia had been upgraded to a
top-tier safety rating Category 1
@wturvill
QATARI investment bank QInvest,
the largest shareholder in broker
Panmure Gordon, will be carefully
reviewing and stress-testing its
portfolio after the Brexit vote.
The company yesterday reported
revenue of $65.7m (50.6m) for the
first half of 2016 up from $53.7m in
the same period in 2015. The firms
net profit, meanwhile, came in at
$25.3m, up from $24.4m.
Earlier this month, it emerged
that WMG, a fund controlled by
Mehmet Dalman, had made an
approach to QInvest over its 43.4 per
cent stake in Panmure. And while
QInvest has not commented on
Panmure, it did confirm yesterday
that, in light of significant
headwinds around Brexit, Turkey
and continued subdued oil prices,
the firm has commenced a detailed
review of its portfolio positioning.
Handelsbanken fires
boss after 18 months
HAYLEY KIRTON
@HayleyLEK
HANDELSBANKEN announced yesterday it was waving goodbye to
group chief executive and president
Frank Vang-Jensen.
Vang-Jensen has been replaced immediately by Anders Bouvin, who
was the banks UK chief up until yesterday. Meanwhile, Andrew Copsey
is replacing Bouvin as acting chief
executive of Handelsbanken UK.
The Swedish bank revealed the
board had reached a unanimous decision to give Vang-Jensen, who was
appointed to his role last year, his
marching orders.
Board chairman Par Boman described the move as being purely re-
announces a net
sales increase
FRANCESCA WASHTELL
HELEN CAHILL
@fwashtell
THE STRONG US housing market
lifted second quarter sales and
profits at the worlds largest DIY
retailer, Home Depot.
Reported sales were up 6.6 per
cent to $26.5bn (20.5bn), while
comparable stores sales rose 4.7
per cent in the three-month
period, marginally below a Wall
Street estimate of 4.8 per cent.
Home Depot operates 2,275
stores in all 50 US states, as well as
in 10 Canadian provinces and
Mexico. In US stores, sales rose 5.4
per cent.
TK Maxxs owner
@HelCahill
OWNER of TK Maxx, the TJX Companies, announced net sales increased
by seven per cent to $7.9bn (6.07bn)
in the second quarter.
TJXs in-store sales were up four per
cent in the quarter to 30 July, beating analysts expectations of a 3.5
per cent increase.
Ernie Herrman, chief executive,
said it was terrific to see sales increase.
We also are very pleased that our
apparel, including accessories, and
home businesses both performed
well, Herrman said.
CITYAM.COM
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10
NEWS
CITYAM.COM
Global public
finances on
shaky footing
JAKE CORDELL
@JakeCordell
CONFIDENCE in Europes largest
economy has bounced back after a
sharp fall in the immediate
aftermath of the UKs Brexit vote.
The ZEW economic indicator
one of the leading gauges of
@JakeCordell
GOVERNMENTS across the world are
becoming riskier to lend to, according
to an analysis of sovereign credit
ratings.
Research by IHS Global has shown
the number of downgrades outpaced
upgrades by a ratio of three-to-one in
the second quarter of the year, as low
commodities prices hurt emerging
markets.
The group also cited the vote for
Brexit which led to the UK losing its
top-notch AAA rating.
In the second quarter, IHS counted
61 downgrades to sovereign debt,
compared to just 19 upgrades,
suggesting a general deterioration of
public finances across the world.
Jan Randolph, director of sovereign
risk at IHS Global, said commoditiesheavy economies fared the worst,
with downgrades reaching record
levels.
WILLIAM TURVILL
OLIVER GILL
@wturvill
MAGAZINE publisher Future has
announced the acquisition of an
Australian and south east Asian
digital shopping comparison
business.
The UK company behind Tech
Radar and PC Gamer has
completed a deal for Next
Commerce. The acquisition comes
shortly after Future announced a
14.2m takeover deal for fellow
UK publisher Imagine.
Next Commerce reported
revenue of AU$3.3m (1.9m) in the
year to June. It operates the
Getprice.com.au and
Pricepanda.com comparison
shopping websites across
Australia and south east Asia.
Getprice was founded in 2005
and claims to be Australias
largest shopping comparison
website, with more than 1,200
retailers using the website.
Pricepanda was founded in
Singapore in 2012 and now lists
5.8m products and has sites in
five countries.
This acquisition further
diversifies our revenue, an
important element of our
strategy, said Future chief
executive Zillah Byng-Thorne.
@ojngill
TWO-THIRDS of car dealerships said
they expected to either stabilise or
grow profits during the rest of 2016
despite the uncertainty created by
the Brexit vote.
The survey prepared by accountants MacIntyre Hudson also indicated around 53 per cent of dealers
expected to hit sales targets.
The report shows that the sector
is very positive about the next 12
months. We look forward to continued growth in the industry for the
rest of this year and beyond, said
Steve Freeman of MacIntyre Hudson.
CITYAM.COM
THECAPITALIST
NEWS
11
Note: You probably need a longish lead so as not to cause your dog any harm
None of your
business
Nigel Farages curt response
when asked what he
was doing queuing up
outside the German
embassy. Apparently
he was not applying
for citizenship...
FRANCESCA WASHTELL
@fwashtell
ONLINE glasses retailer MyOptique
has been sold to the French eyewear
giant Essilor.
MyOptique, whose brands include
the Sunglasses Shop and Glasses
Direct, will leverage its new parent
companys global supply chain and
collaborate with its other operating
businesses to increase its reach across
MARK SANDS
@MkSands
FOREIGN secretary Boris Johnson is
the governments senior minister
for the second week of Theresa
Mays holiday.
May, who is spending a break in
Switzerland, last week appointed
chancellor Philip Hammond to the
role of senior minister in charge.
However, the position has now
ds
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Sa
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12
NEWS
CITYAM.COM
Stephan
Shakespeare
@lynseybarber
DRIVERLESS car technology is careering towards the trough of disillusionment after hitting the peak of hype,
according to Gartner analysts monitoring the progression of the worlds
emerging technology trends.
The firms annual Hype Cycle tracks
where trends such as virtual reality
(VR), robotics, personal voice assistants and, of course, driverless cars,
are in their journey from talked-about
technology to becoming as mainstream as smartphones.
Autonomous vehicle technology is
being worked on by the worlds top
tech companies, including Google,
Apple and Uber, in addition to the
leading car manufacturers.
It has moved past what Gartner calls
the peak of inflated expectations, edging closer to the so-called trough of
disillusionment with a time-scale for
mass adoption moving beyond the
five to 10-year period identified last
year and now put at more than 10
years away.
BT SPORT
20
15
10
5
01 July 16
10 July 16
19 July 16
Driverless cars
set to hit their
peak of hype
LYNSEY BARBER
28 July 16
06 Aug 16
May is most
popular senior
UK politician
MARK SANDS
Gisela Stuart will lead think tank British Future to welcome EU citizens in the UK
@MkSands
LABOUR MP and Brexit campaigner
Gisela Stuart will lead a cross-party
inquiry into rights that could be
granted to EU nationals living in the
UK after Britain splits from the EU.
Stuart will lead the work for think
tank British Future, working with
figures from the Conservatives and
Ukip, as well as the Institute of
Directors head of employment and
@MkSands
PRIME Minister Theresa May is
viewed more favourably than any
other senior UK politician,
according to polling data.
May, who took office only last
month, is the only UK politician to
achieve a positive score in the
rankings, published yesterday by
PoliticalBetting.
Forty eight per cent of the UK
public said they have a positive
view of May, compared to 36 per
cent who view her unfavourably,
creating a net favourability rating
of 12 per cent.
The only other figures to record a
positive score were Barack Obama
and Hillary Clinton.
Both David Cameron and Jeremy
Corbyn notched negative scores,
while more than five times as many
people disapproved of George
Osborne than backed him.
When comparing the ratings of
May and Corbyn, two groups
showed greater support for the
Labour leader.
Among Scots, Corbyn is rated
marginally more favourably while
he also benefits from more young
supporters. A greater proportion of
18-24 year olds rated the Labour
leader favourably than any other
group.
15 Aug 16
Jeremy Corbyn said the transport system doesnt work for taxpayers
CITYAM.COM
CITYDASHBOARD
LONDON REPORT
UK inflation data
shocker bursts
FTSE 100 bubble
In association with
BEST OF THEBROKERS
NEW YORK
REPORT
AVIVA
P
424
16 Aug
Wall St slips
on rate chatter
417
422
420
418
416
10 Aug
11 Aug
12 Aug
15 Aug
16 Aug
Canaccord Genuity has reiterated its buy rating on insurance giant Avivas stock
after the group announced more modest cuts to its earnings per share than had
been feared. The broker hiked its target price to 500p from 435p after FX tailwinds
bolstered the companys results, released at the beginning of this month, despite a
lowered outlook for life insurance growth after the Brexit vote.
FAROE PETROLEUM
75.00
72.50
73.75
16 Aug
70.00
FTSE
6,950
67.50
6,900
16 Aug
6,893.92
6,850
6,800
10 Aug
11 Aug
12 Aug
15 Aug
16 Aug
A successful spudding in the Norwegian North Sea and a confirmed acquisition, both
announced yesterday, have boosted confidence in Faroe Petroleum from brokers at
Cantor Fitzgerald. Analysts said they were encouraged with the pace of activity
exhibited by the company in a challenging sector environment. Cantor Fitzgerald
has retained its buy rating and put a 100p target price on the groups stock.
COMTEK
COLLIERS INTERNATIONAL
ROSENBLATT SOLICITORS
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
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FTSE 100
FTSE 250
6893.92
47.27
17808.50
120.77
BATS UK 100
BATS UK 250
DOW JONES
NASDAQ
S&P 500
/ 1.1566
0.0051 /$ 1.1276
0.0092
3748.86
25.07
11709.11
82.79
16231.83
77.08
18552.02
84.03
5227.11
34.90
2178.15
12.00
/$ 1.3043
0.0163 / 0.8644
0.0039
/ 130.79
0.3520 / 113.07
0.0320
GILTS
0.07
-0.05
-0.06
-0.11
-0.14
-0.17
0.19
-0.21
-0.24
0.27
-0.34
0.25
0.23
-0.51
-0.44
0.34
-0.49
0.20
-0.61
-0.67
-0.03
-0.23
-0.77
-0.80
-0.23
-0.86
-0.90
-0.95
-1.05
-0.27
-0.45
106.0
116.5
111.0
112.7
111.7
117.1
372.8
138.2
121.3
129.1
113.8
119.3
371.5
138.1
138.3
140.0
161.8
375.3
153.0
148.9
158.4
145.7
155.7
170.9
169.9
174.5
154.6
177.1
185.4
199.0
194.7
104.1
108.8
107.4
110.8
109.4
114.4
354.6
134.3
114.5
118.3
102.9
105.7
331.5
126.0
121.9
122.1
143.3
324.1
130.0
124.0
132.7
119.5
125.2
135.6
132.5
134.3
115.3
132.5
135.6
144.9
138.1
-12.0
-0.5
-0.9
-0.9
-8.0
-4.1
-11.0
545.5
260.4
501.0
274.4
831.0
302.5
2026.0
425.5
127.5
346.5
212.0
512.5
186.0
1595.0
BANKS
Aldermore Group . . . . .139.6 -1.9
Barclays . . . . . . . . . . . . .161.8 -1.8
BGEO Group . . . . . . . .2790.0 -171.0
CYBG . . . . . . . . . . . . . . .263.6 -6.4
HSBC Holdings . . . . . . .542.5 -5.0
Lloyds Banking Gr . . . . .54.0 -0.6
Metro Bank . . . . . . . . .2340.0 16.0
Royal Bank of Sco . . . . .191.6 -1.5
Shawbrook Group . . . . .192.0 -5.8
Standard Chartere . . . . .653.1 -3.8
Virgin Money Hold . . . .286.9 -5.9
303.2
274.1
2961.0
289.5
557.6
80.3
2350.0
340.7
365.0
811.4
440.0
104.8
127.2
1570.0
182.8
416.2
47.6
1623.0
148.9
132.0
386.7
205.0
BEVERAGES
Barr (A.G.) . . . . . . . . . . .515.0 1.5 614.5 455.3
Britvic . . . . . . . . . . . . . .651.0 1.0 738.5 584.0
Coca-Cola HBC AG . . . .1712.0 -11.0 1730.0 1255.0
Diageo . . . . . . . . . . . . .2171.5 -16.0 2214.6 1640.0
SABMiller . . . . . . . . . .4382.0 -4.0 4440.0 2877.5
CHEMICALS
Croda Internation . . . .3391.0
Elementis . . . . . . . . . . .220.8
Johnson Matthey . . . .3349.0
Synthomer . . . . . . . . . .378.8
Victrex plc . . . . . . . . . .1560.0
-21.0
-1.4
-14.0
3.5
20.0
3427.0 2657.7
254.1 180.6
3390.0 2230.0
386.8 275.1
1939.0 1367.0
3.4
30.0
1.0
-1.0
-5.5
-9.0
-1.5
-8.9
272.5
2519.0
1813.0
225.0
1054.0
1513.0
370.8
362.0
190.8
1637.0
785.0
114.7
728.5
932.0
206.5
221.5
ELECTRICITY
Drax Group . . . . . . . . . .309.8 -5.1 357.2 207.6
SSE . . . . . . . . . . . . . . . .1526.0 -29.0 1628.0 1321.0
1094.0 713.0
347.5 192.3
2700.0 1600.0
2000.0 1442.0
FINANCIAL SERVICES
3i Group . . . . . . . . . . . .625.0
3i Infrastructure . . . . . . .193.8
Aberdeen Asset Ma . . .330.2
Allied Minds . . . . . . . . . .367.3
Arrow Global Grou . . . . .231.3
Ashmore Group . . . . . . .367.5
Brewin Dolphin Ho . . . .259.2
Charles Taylor . . . . . . . .272.0
City of London In . . . . .360.0
CITYAM.COM
-8.5
-0.7
-0.6
-5.1
0.0
9.5
-1.8
0.0
12.5
640.0
200.0
364.5
535.0
288.0
370.5
319.3
289.0
365.2
389.8
163.6
209.3
267.0
178.3
196.4
210.2
221.0
285.0
Price
Close Brothers Gr . . . .1356.0
CMC Markets . . . . . . . . .270.0
Hargreaves Lansdo . . .1338.0
Henderson Group . . . . .247.4
ICAP . . . . . . . . . . . . . . .460.5
IG Group Holdings . . . . .931.0
Intermediate Capi . . . .596.5
International Per . . . . .267.0
Investec . . . . . . . . . . . .498.8
IP Group . . . . . . . . . . . .180.4
John Laing Group . . . . .232.9
Jupiter Fund Mana . . . .425.7
Liontrust Asset M . . . . .323.5
LMS Capital . . . . . . . . . . .57.3
London Finance & . . . . .38.5
London Stock Exch . . .2881.0
Man Group . . . . . . . . . . .115.0
OneSavings Bank . . . . .223.7
Paragon Group Of . . . .292.4
Provident Financi . . . .2835.0
PureTech Health . . . . . .155.3
Rathbone Brothers . . .1824.0
Real Estate Credi . . . . . .163.8
Record . . . . . . . . . . . . . . .25.3
S&U . . . . . . . . . . . . . . .2377.0
Sanne Group . . . . . . . .398.0
Schroders . . . . . . . . . .2785.0
SVG Capital . . . . . . . . . .553.0
Tullett Prebon . . . . . . . .364.8
VPC Specialty Len . . . . . .82.0
Walker Crips Grou . . . . .45.0
Chg
High
Low
2.28
-0.79
-2.00
-1.50
-1.44
-0.28
-0.03
-0.22
-0.72
-0.02
-1.01
-0.60
-0.25
-0.78
-0.50
-0.09
-0.26
-0.11
-0.21
-0.10
-0.16
0.04
-1.40
-1.12
-0.35
-0.11
-0.76
-0.11
-0.04
-1.15
-1.55
0.70
-0.04
-0.19
-0.09
-1.16
-0.31
-0.92
-0.78
-0.80
-1.25
-0.43
-0.10
0.10
-2.50
-0.01
-0.49
-1.10
-0.17
-2.20
123.65
68.50
170.00
124.20
100.50
26.02
5.98
79.20
131.20
8.84
104.85
60.00
29.90
85.50
70.45
29.47
28.65
16.98
11.75
4.29
17.40
15.85
124.55
70.00
18.09
6.46
35.38
14.63
3.47
177.90
174.30
193.65
7.11
16.98
25.40
72.45
43.16
95.87
79.34
61.90
107.95
47.75
13.30
44.65
257.85
6.08
42.84
69.80
23.57
181.70
88.25
48.07
118.35
87.73
70.25
16.11
3.15
56.01
83.45
4.50
63.38
35.27
20.90
50.83
51.73
11.06
19.55
12.94
7.08
3.33
12.34
10.93
94.08
52.39
9.76
4.70
26.00
8.30
1.52
140.40
130.55
140.90
4.48
12.21
19.76
48.87
31.47
62.50
53.91
45.32
77.91
25.00
7.45
34.21
212.05
1.70
32.86
51.11
14.87
86.36
AA . . . . . . . . . . . . . . . . .270.7 -3.4
AO World . . . . . . . . . . . .156.2 -0.7
Auto Trader Group . . . .386.9 -2.2
B&M European Valu . . . .273.1 -5.5
Brown (N.) Group . . . . .185.0 -2.0
Card Factory . . . . . . . . .298.9 -2.9
Darty . . . . . . . . . . . . . . . .171.3 0.0
Debenhams . . . . . . . . . .59.7 -0.2
DFS Furniture . . . . . . . . .251.6 -8.5
Dignity . . . . . . . . . . . .2689.0 -25.0
Dixons Carphone . . . . .363.0 -4.7
Dunelm Group . . . . . . .879.0 -17.5
Halfords Group . . . . . . .359.1 -4.9
Home Retail Group . . . .157.5 0.0
Inchcape . . . . . . . . . . . .713.5 -3.5
JD Sports Fashion . . . .1275.0 -46.0
Just Eat . . . . . . . . . . . . .587.5 -4.0
Kingsher . . . . . . . . . . .359.7 -3.7
Marks & Spencer G . . . .337.5 -11.3
Next . . . . . . . . . . . . . . .5385.0-100.0
Pendragon . . . . . . . . . . . .32.1 -0.2
Pets at Home Grou . . . .253.8 -5.7
Saga . . . . . . . . . . . . . . . .216.4 -1.8
Sports Direct Int . . . . . .295.7 -1.6
Ted Baker . . . . . . . . . .2500.0 -21.0
WH Smith . . . . . . . . . .1567.0 -33.0
-1.6
-8.0
-1.3
-8.1
0.0
-3.1
-0.1
2.0
190.0
1314.0
209.4
407.1
292.5
334.0
204.8
625.0
149.4
884.0
139.0
208.1
214.6
264.0
139.2
460.3
361.8 209.9
189.3 120.5
449.6 313.8
350.0 233.1
389.1 160.4
399.0 290.8
174.0 68.0
89.6 52.9
349.0 181.0
2834.0 2205.0
500.0 281.6
1018.0 741.0
530.5 305.6
181.5 89.7
810.0 581.0
1332.0 805.5
603.9 329.1
379.7 306.7
542.5 285.2
8015.0 4384.0
49.0 26.7
311.2 222.2
220.0 173.9
809.0 252.2
3555.0 2124.0
1878.0 1455.0
Risers
%
8.7
6.7
4.6
3.3
2.9
2.7
2.6
2.5
2.4
2.3
Antofagasta . . . . . . . . . . . . . . . .558.5
Hochschild Mining . . . . . . . . . . . .313.7
Cairn Energy . . . . . . . . . . . . . . .204.0
NMC Health . . . . . . . . . . . . . . . .1330.0
Vedanta Resources . . . . . . . . . .546.5
Ashmore Group . . . . . . . . . . . . .367.5
Amec Foster Wheele . . . . . . . . .531.0
Tullow Oil . . . . . . . . . . . . . . . . . .234.2
Countrywide . . . . . . . . . . . . . . .244.5
Euromoney Institut . . . . . . . . . .1109.0
FOOD PRODUCERS
3599.0 2350.0
2538.0 1536.0
697.0 504.5
392.4 273.2
738.5 502.0
3678.5 2524.0
268.9 183.6
1130.5 818.7
945.5 713.0
2478.0 2024.0
1039.0 828.0
GENERAL INDUSTRIALS
RPC Group . . . . . . . . . . .876.5
Smith (DS) . . . . . . . . . . .411.2
Smiths Group . . . . . . .1350.0
Smurt Kappa Gro . . .1834.0
Vesuvius . . . . . . . . . . . . .371.1
-12.5
-5.9
-10.0
-19.0
-2.6
889.0
418.2
1360.0
2783.0
399.1
575.6
331.2
863.5
1584.0
270.6
-6.0
-4.6
-4.8
-4.7
1.1
-13.0
-8.0
-5.0
-5.5
2288.0
404.2
414.3
288.1
220.0
1091.0
1054.0
759.0
517.6
1455.0
318.4
333.3
223.7
149.8
867.0
778.0
518.5
373.2
LIFE INSURANCE
Aviva . . . . . . . . . . . . . . .417.0
JRP Group . . . . . . . . . . . .92.0
Legal & General G . . . . .211.7
Old Mutual . . . . . . . . . . .213.5
Phoenix Group Hol . . . .843.5
Prudential . . . . . . . . . .1415.5
-3.0
-2.0
-3.9
-3.5
-11.5
-27.0
521.0
191.2
274.9
225.5
943.5
1568.0
346.2
91.5
165.0
149.4
719.0
1087.0
61.8
1191.0
1335.0
1310.0
401.6
49.2
814.0
700.0
1051.0
279.9
662.5 332.6
2848.0 1689.0
3757.0 2270.0
1163.0 627.0
604.0 335.0
287.0 140.3
2219.0 1289.0
7692.0 5510.0
499.2 275.6
210.3 115.8
INDUSTRIAL ENGINEERING
Bodycote . . . . . . . . . . .594.0
Hill & Smith Hold . . . . .1192.0
IMI . . . . . . . . . . . . . . . .1064.0
Rotork . . . . . . . . . . . . . .200.5
Spirax-Sarco Engi . . .4409.0
-6.0
11.0
-11.0
-4.6
-33.0
668.5
1221.0
1088.1
222.0
4486.0
494.0
643.5
742.0
152.7
2725.0
MINING
Acacia Mining . . . . . . . .581.5
Anglo American . . . . . .890.0
Antofagasta . . . . . . . . .558.5
BHP Billiton . . . . . . . . .1049.5
Centamin (DI) . . . . . . . .177.0
Fresnillo . . . . . . . . . . . .1982.0
Glencore . . . . . . . . . . . .196.9
Hochschild Mining . . . . .313.7
Kaz Minerals . . . . . . . . .167.6
Polymetal Interna . . . .1190.0
Randgold Resource . .8585.0
Rio Tinto . . . . . . . . . . .2486.5
Vedanta Resources . . .546.5
-3.5
17.3
44.5
7.0
-0.3
-1.0
3.9
19.6
1.8
6.0
25.0
51.0
15.5
Fallers
%
-5.8
-3.9
-3.7
-3.7
-3.5
-3.3
-3.2
-3.2
-3.1
-3.0
SUPPORT SERVICES
-0.6
9.0
-2.5
-1.5
5.6
461.8
231.5
2107.5
2148.0
281.4
310.3
127.2
1266.0
1277.5
118.2
PERSONAL GOODS
Burberry Group . . . . . .1366.0 2.0 1504.0 1041.0
PZ Cussons . . . . . . . . . .348.2 -2.0 354.2 249.3
Supergroup . . . . . . . . .1575.0 -2.0 1714.0 1184.0
5220.0 3774.0
728.0 520.5
353.5 82.3
1385.0 912.0
1968.0 1281.0
1714.9 1237.5
2676.0 1704.0
305.9 130.8
5245.0 3480.0
188.5 144.2
473.4
1970.0
278.5
522.5
6595.0
148.5
254.0
1220.0
400.5
964.5
493.6
88.1
702.5
263.7
1163.0
173.2
227.0
4411.0
102.1
193.1
888.5
283.0
548.5
222.2
65.0
560.0
886.5
877.0
3880.0
889.5
685.5
124.1
353.2
654.5
544.5
2257.0
536.0
468.6
95.4
255.7
-10.0
-9.0
-21.0
-7.0
-7.0
-0.4
-1.5
TOBACCO
TRAVEL & LEISURE
Carnival . . . . . . . . . . . .3623.0 -28.0
Cineworld Group . . . . .586.0 -8.0
Compass Group . . . . . .1497.0 -18.0
Domino's Pizza Gr . . . . .372.9 -4.1
easyJet . . . . . . . . . . . .1060.0 -27.0
FirstGroup . . . . . . . . . . .102.1 -0.5
Go-Ahead Group . . . . .1848.0 -34.0
Greene King . . . . . . . . .800.5 -7.5
InterContinental . . . . .3313.0 -33.0
International Con . . . . .394.3 -8.5
Ladbrokes . . . . . . . . . . .155.3 -0.1
Marston's . . . . . . . . . . . .144.5 -1.2
Merlin Entertainm . . . . .478.1 -2.4
Millennium & Copt . . . .422.5 -16.9
Mitchells & Butle . . . . . .253.1 -1.6
51.75
31.50
-77.50
0.00
11.00
0.45
0.90
-3.20
BoE IR Overnight.........................................0.250
BoE IR 7 days..............................................0.250
BoE IR 1 month...........................................0.250
BoE IR 3 months.........................................0.250
BoE IR 6 months.........................................0.250
LIBOR Euro - overnight .............................-0.400
LIBOR Euro - 12 months.............................-0.072
LIBOR USD - overnight.................................0.419
LIBOR USD - 12 months................................1.506
Halifax mortgage rate ................................3.990
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.02
0.00
0.00
0.00
-0.01
0.02
0.00
0.83
10.00
-0.55
-1.75
-0.77
WORLD INDICES
Price
Chg %chg
FTSE 100. . . . . . . . . . . . . . . . . . . . . 6893.92 -47.27 -0.68
FTSE 250. . . . . . . . . . . . . . . . . . . . 17808.50 -120.77 -0.67
FTSE All-Share . . . . . . . . . . . . . . . . 3748.86 -25.07 -0.66
FTSE AIM All-Share . . . . . . . . . . . . . 783.50
-1.16 -0.15
Price
S&P 500 . . . . . . . . . . . . . . . . . . . . . . 2178.15
Dow Jones I.A. . . . . . . . . . . . . . . . 18552.02
Nasdaq Composite . . . . . . . . . . . . . 5227.11
Xetra DAX . . . . . . . . . . . . . . . . . . . 10676.65
Chg
-12.00
-84.03
-34.90
-62.56
%chg
-0.55
-0.45
-0.66
-0.58
3907.0
602.0
1515.0
396.9
1808.0
116.4
2713.0
977.5
3346.0
614.5
157.5
176.0
481.9
570.0
374.0
2957.0
457.0
991.0
279.0
989.5
80.8
1790.0
728.0
2192.8
343.9
93.4
129.7
365.9
366.4
217.5
AIM 50
4D Pharma . . . . . . . . . .712.5 0.0
Abcam . . . . . . . . . . . . . .745.0 -12.0
Advanced Medical . . . .215.0 -1.5
Amerisur Resource . . . .28.0 0.8
Arbuthnot Banking . .1629.0 14.0
ASOS . . . . . . . . . . . . . .4795.0 -37.0
Brooks Macdonald . .2000.0 0.0
Camellia . . . . . . . . . . .8750.0 0.0
Clinigen Group . . . . . . .633.0 -7.0
Conviviality . . . . . . . . . .226.5 -5.0
CVS Group . . . . . . . . . . .912.0 -9.0
Dart Group . . . . . . . . . .485.8 -18.3
EMIS Group . . . . . . . . .1042.0 -8.0
Fevertree Drinks . . . . .990.0 5.0
First Derivatives . . . . .1940.0 10.0
Gamma Communicati .459.0 3.0
GB Group . . . . . . . . . . .305.0 -4.0
Gemelds . . . . . . . . . . . .38.1 0.6
Gooch & Housego . . . .1016.0 -8.0
GW Pharmaceutical . . .534.5 -17.0
Iomart Group . . . . . . . .297.0 -1.5
James Halstead . . . . . .435.3 -13.3
Johnson Service G . . . . .98.5 -0.5
M&C Saatchi . . . . . . . . .346.0 4.5
M. P. Evans Group . . . . .435.3 4.8
Majestic Wine . . . . . . . .421.5 -4.0
Mulberry Group . . . . . .1102.5 0.0
Nichols . . . . . . . . . . . . .1411.0 -20.0
Numis Corporation . . . .198.0 0.5
Pan African Resou . . . . .23.0 -0.5
Pantheon Resource . . . .156.5 5.3
Patisserie Holdin . . . . . .317.5 -6.0
Pinewood Group . . . . .560.0 0.0
Polar Capital Hol . . . . . .301.5 4.3
Purplebricks Grou . . . . .135.0 -1.3
Redcentric . . . . . . . . . . .185.0 2.8
Redde . . . . . . . . . . . . . .190.0 -5.3
Renew Holdings . . . . . .350.0 -1.5
RWS Holdings . . . . . . . .249.8 2.3
Scapa Group . . . . . . . . .266.3 -1.0
Secure Trust Bank . . .2200.0 48.0
Sirius Minerals . . . . . . . .36.0 -0.5
Smart Metering Sy . . . .473.0 -4.0
Staffline Group . . . . . .1052.0 -11.0
Telford Homes . . . . . . .294.0 4.8
Telit Communicati . . . .265.3 -4.8
Thorpe (F.W.) . . . . . . . . .251.0 -1.5
Vertu Motors . . . . . . . . . .49.3 -0.3
Watkin Jones . . . . . . . . .112.3 -1.5
Young & Co's Brew . . . .1192.0 -10.5
Young & Co's Brew . . . .987.8 12.5
1012.5 660.0
775.5 551.5
218.0 143.5
33.0 17.3
1685.0 1265.0
4846.0 2473.0
2040.0 1400.0
9750.0 7510.0
753.0 492.8
238.0 155.0
928.0 609.0
676.5 429.0
1155.0 841.5
1010.0 416.8
2113.0 1312.5
463.0 268.5
321.0 213.0
65.1 31.5
1060.0 816.5
623.0 211.5
312.5 214.0
520.0 379.0
100.0 84.0
370.0 282.8
450.3 345.5
477.8 296.0
1103.0 883.8
1492.0 1119.0
271.0 180.5
24.3 6.8
184.8 17.6
450.0 257.3
580.0 419.9
430.4 270.0
175.0 73.0
203.3 154.0
210.3 138.5
410.0 295.3
261.8 124.8
284.5 179.3
3385.0 1600.0
36.8 10.8
485.9 305.5
1623.0 748.5
433.0 262.0
356.0 178.3
259.6 177.0
78.5 37.8
116.0 100.3
1255.0 1075.0
995.1 792.5
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
US SHARES
1286.0 770.0
1257.0 769.0
1656.0 1158.0
1084.0 854.0
1355.0 969.0
2436.0 1671.0
1300.0 848.5
353.9 221.4
7040.0 4620.0
870.5 608.0
312.5 172.5
891.0 467.7
1541.0 1022.0
259.4 164.0
752.0 440.0
168.6 94.0
587.0 363.2
531.0 341.1
3680.0 2328.0
335.6 230.0
545.5 264.9
1091.0 720.0
432.4 253.3
354.6 249.1
221.0 141.0
132.3 76.8
192.8 99.8
2119.0 1313.0
4336.0 3230.0
316.8 255.9
4.60
0.14
0.82
6.90
-4.00
-18.00
285.00
36.00
44.50
1237.0
694.0
1758.0
1175.0
225.8
710.5
489.7
280.0
175.0
COMMODITIES
2319.0
879.0
2627.0
2047.0
344.8
921.5
743.7
383.0
289.7
Rise | Shine
Gold ...........................................................1344.00
Silver .............................................................20.03
Brent Crude...................................................48.94
Krugerrand.................................................1341.40
Palladium ...................................................688.00
Platinum.....................................................1123.00
Tin Cash Official........................................18242.50
Lead Cash Official.......................................1863.75
Zinc Cash Official........................................2263.75
-4.0
-10.5
-31.0
-3.0
-4.4
-7.0
-7.0
-3.6
-7.5
MEDIA
1650.0
272.4
178.5
85.5
162.0
288.1
1150.0
11.5
125.0
755.5
178.3
278.0
108.0
377.1
1224.0
1471.0
4250.0
1127.0
515.0
276.0
182.8
686.0
MOBILE TELECOMS
600.0 156.6
910.0 221.1
615.0 346.1
1194.5 580.9
180.1 57.0
2035.2 588.0
200.0 68.6
327.6 39.5
190.0 72.7
1209.0 447.3
9715.0 3625.0
2599.5 1577.5
603.5 205.8
177.3 56.2
INDUSTRIAL TRANSPORTATION
EU SHARES
Price
GENERAL RETAILERS
Price
Chg %chg
CAC 40. . . . . . . . . . . . . . . . . . . . . . 4460.44 -37.42 -0.83
Swiss Market Index . . . . . . . . . . . . 8215.45 -89.83 -1.08
ISEQ Overall Index. . . . . . . . . . . . . 6035.05 -10.78 -0.18
FTSEurorst 300 . . . . . . . . . . . . . . . 1352.75 -11.48 -0.84
Price
Chg %chg
Hang Seng . . . . . . . . . . . . . . . . . . 22910.84 -21.67 -0.09
Shanghai Composite . . . . . . . . . . . 3110.04 -15.16 -0.49
Straits Times . . . . . . . . . . . . . . . . . 2858.80 -8.41 -0.29
ASX All Ordinaries . . . . . . . . . . . . . 5625.70 -8.10 -0.14
Price
Chg
High
Low
3M...................................................................179.25
ABBVIE.............................................................66.74
ALPHABET-A ...................................................801.19
ALPHABET-C....................................................777.14
ALTRIA GROUP.................................................66.26
AMAZON.COM ................................................764.04
AMERICAN EXPRESS ........................................65.30
AMGEN ............................................................172.16
APPLE.............................................................109.38
AT&T .................................................................41.96
BANK OF AMERICA.............................................15.17
BERKSHIRE HATHAWY-B.................................147.24
BOEING CO......................................................135.00
CATERPILLAR ...................................................84.29
CHEVRON........................................................102.62
CISCO SYSTEMS ..................................................31.12
CITIGROUP ......................................................46.62
COCA-COLA CO..................................................43.83
COMCAST-A .......................................................67.31
DU PONT NEMOURS&CO ..................................68.03
EXXON MOBIL ...................................................87.92
FACEBOOK-A...................................................123.30
GENERAL ELECTRIC ............................................31.19
GOLDMAN SACHS GROUP ...............................165.65
HOME DEPOT...................................................136.23
IBM.................................................................160.70
INTEL.................................................................35.21
JOHNSON & JOHNSON....................................120.33
JPMORGAN CHASE............................................65.71
MCDONALD'S ...................................................117.94
MEDTRONIC.......................................................87.27
MERCK.............................................................63.04
MICROSOFT.......................................................57.44
NIKE -B- ..........................................................56.88
ORACLE.............................................................41.32
PEPSICO .........................................................108.00
PFIZER..............................................................34.79
PHILIP MRRS INT..............................................99.47
PROCTER&GAMBLE..........................................86.58
SCHLUMBERGER................................................81.92
THE KRAFT HEINZ ............................................88.96
TRAVLR COMP..................................................116.98
TWITTER ..........................................................20.40
UNITEDHEALTH GROUP ..................................141.08
UTD TECHNOLOGIES.........................................109.16
VERIZON COMM ...............................................52.76
VISA-A..............................................................80.81
WAL-MART STORES..........................................72.89
WALT DISNEY-DISNEY......................................96.88
WELLS FARGO..................................................48.44
WILLIS TOWERS...............................................121.48
-1.31
-0.65
-4.77
-5.30
0.00
-4.45
-0.33
-2.42
-0.10
-1.06
0.15
-0.54
0.34
0.14
-0.15
-0.07
0.23
-0.41
-0.21
-0.61
0.11
-0.60
-0.05
0.10
-0.83
-1.18
0.30
-1.98
-0.01
-0.58
-0.64
-0.28
-0.68
0.11
-0.07
-0.72
-0.32
0.86
-0.44
-0.12
-0.12
-1.37
-0.46
-0.54
-0.53
-0.85
-0.10
-0.43
-0.22
0.17
-0.05
182.27
69.82
813.88
789.87
70.15
773.75
81.66
176.50
123.82
43.89
18.09
148.03
150.59
84.36
107.58
31.25
57.92
47.13
68.36
75.72
95.55
128.33
33.00
203.10
139.00
164.95
35.93
126.07
69.03
131.96
89.27
64.00
58.50
68.20
42.00
110.94
37.39
104.20
87.57
83.85
90.49
119.30
31.87
144.48
109.83
56.95
81.73
74.80
120.65
57.72
130.97
134.00
45.45
593.09
565.05
47.41
451.00
50.27
130.09
89.47
30.97
10.99
123.55
102.10
56.36
69.58
22.46
34.52
36.56
50.01
47.11
66.55
72.00
19.37
138.20
92.17
116.90
24.87
81.79
50.07
87.50
55.54
45.69
39.72
47.25
33.13
76.48
28.25
76.54
65.02
59.60
61.42
95.21
13.73
95.00
83.39
38.06
60.00
56.30
86.25
44.50
104.11
CITYAM.COM
FEATURE 15
PERSONAL FINANCE
Annabelle
Williams
highlights the
highest interestpaying current
accounts on the
market right now
SANTANDER
10,000-20,000 SAVED
Nationwide and
TSB offer great
rates, but on lower
savings of 2,500
MoneySuperMarket.
Judgment can be passed on
Santander this winter, when we know
which other banks have decided to cut
their
savings
interest
too.
Unfortunately, it is likely Santander
is just at the vanguard of rate cuts. Its
main competition, the other banks
with high interest accounts, may well
cut those too, says Lewis.
CURRENT ACCOUNTS
Confusingly, the highest interest available to savers looking for easy-access (as
opposed to locking it away for a fixed
term) is from current accounts, rather
than straight-up savings accounts.
This means the accounts come with
other terms attached, as typically a
normal savings account with unlimited access would have few conditions,
apart from maybe a monthly savings
requirement.
Its a sign of the odd times we live in,
but also means people have to study
the small print to get their savings to
work for them.
It can be helpful to spread savings
around different accounts. TSBs is one
of the most generous on the market
when all perks are taken into account,
and could be used alongside another
current account for maximum interest.
Difference
0
10
40
90
150
300
600
7.50
15
30
45
75
150
300
+7.50
+5.00
-10.00
-45.00
-75.00
-150.00
-300.00
500
1,000
2,000
3,000
5,000
10,000
20,000
Source: Moneycomms.co.uk
UP TO 2,000 SAVED
16
OPINION
CITYAM.COM
FORUM
EDITED BY TOM WELSH
Alex
Edmans
Paul
Ormerod
to grow rapidly.
The unions shed crocodile tears and
claim the disputes arise out of concerns for the safety of the public. In
one sense, the strikes are nothing
more than good, old fashioned examples of the workers putting their
hands in taxpayers and consumers
pockets when the opportunity arises.
But we might reasonably ask why
the same things are not happening
elsewhere in the economy. There does
in fact appear to be a more sinister
aspect to these disputes. Many of the
strike activists are supporters of
Jeremy Corbyn. The Labour leader and
his acolytes scorn the possibility of
reform through representative parlia-
DEBATE
Q: With inflation
expected to hit 3
per cent in 2017, is
the Bank of
England right to
prioritise growth
over price stability?
Martin
Beck
YES
In light of the sharp post-referendum
drop in the value of the pound, prices of
imported goods are set to increase. As a
result, inflation will rise over the next
year. As our forecast suggests, CPI
inflation is expected to peak at around 3
per cent next year, before then dropping
back to the Bank of Englands 2 per cent
target after that. Historically, this will be
below the 3.3 per cent average seen in
the 1990s and barely a third of the rate
seen in the 1970s and 1980s. All in all, it
looks like a return to the inflationary bad
old days is not on the cards.
Quite rightly, the Bank of Englands
Monetary Policy Committee has chosen
to look through what will be a short-lived
increase in inflation and aim its policy at
supporting the economy. In a globalised
world, where both companies and
workers face intense competition, the
odds of a transitory and exchange-rate
driven increase in inflation becoming
embedded in the behaviour of those
setting prices and wages are remote.
Martin Beck is senior economic adviser
to the EY Item Club.
Andrew
Sentance
NO
It is a fallacy that lower interest rates and
looser monetary policy can boost
economic growth except perhaps in the
very short term. It was entirely right for
the Monetary Policy Committee to cut
interest rates in the depths of the
financial crisis. But we have now had
record-low rates for over seven years.
Monetary policy can offset short-term
shocks to economic growth but price
stability should be the key longer-term
objective. The 2 per cent CPI inflation
target is not the Holy Grail of monetary
policy. We need price stability more
broadly, including house prices. Very low
interest rates and QE have pumped up
values in the UK housing market and for
other financial assets in the interests of
supporting economic growth. This is a
flawed policy and the MPCs latest
monetary boost is likely to add more fuel
to asset price inflation. The Bank may
think it can boost growth with more
monetary stimulus, but it ran out of
ammunition a long time ago.
Andrew Sentance is senior economic
adviser to PwC and a former member of
the Banks Monetary Policy Committee.
CITYAM.COM
LETTERS
TO THE EDITOR
BEST OF
TWITTER
Heathrow cant
ever be silent
Gas no energy
panacea
[Re: Nuclear and renewables may keep the
lights on but nothing beats Britains
home-grown gas, Monday]
Natural gas is an essential part of the energy
mix, but by no means the solution. The article
explores the benefits through the guise of
onshore gas, without once referring to
fracking. The short-term benefits overlook the
potential long-term ecological impacts. Such
short-termism is being driven by uncertainty
from the current post-Brexit state of affairs. If
only we had a department devoid of political
cycles with a long-term view, we could call it
the Department of Energy and Climate
Change, oh wait a minute
Arash Mojabi
Fountain House,
3rd Floor, 130 Fenchurch Street,
London, EC3M 5DJ
Tel: 020 3201 8900
Email: news@cityam.com
Certified Distribution
from 30/05/2016 till
3/06/2016 is 97,658
OPINION
17
:@cityam
Sarah
Mallaby
step approach and has launched a consultation period offering the public the
chance to have a say before the Modern
Transport Bill is passed. Insurers and
trade bodies have already been
working closely with the Department
for Transport to explore insurance
solutions for this new world, and the
Automated Driving Insurance Group
has made great progress in examining
liability issues, cyber safety and roadway legality.
The implications are many but the
creation of these vehicles will be of
huge benefit to everyone. A recent
report
commissioned
by
the
Association of British Insurers found
that 94 per cent of fatal injury accidents involve human error, and connected vehicles which can talk to
Distribution helpline
If you have any comments about
the distribution of City A.M.
please ring 0203 201 8955, or email
distribution@cityam.com
18
LIFE&STYLE
CITYAM.COM
FOOD&DRINK
NEW
OPENINGS
Andrew Baggs
@ARBaggs
Mac and cheese is as gooey and yellow as you could hope but I get significant food envy watching lengths of
bubbling bone marrow being carried
to the table next door. Next time.
Everything from the pit is served
with pickles and slaw and slices of
white bread to mop up the juice. If
theres a better use for a piece of
cheap sliced white, let me know.
Theyve got lunch sorted too: I went
back for that bone marrow and a pork
taco thats so far removed from the
ubiquitous slop often served at pubs
that I wonder if it is from a different
beast altogether.
Drinks are dispensed from the
honky-tonk bar next door. Theres
beer from Texas, of course, as well as
some South London breweries and a
selection of bourbon and tequila. The
bar works in its own right too: a beatup juke box is full of country classics
hhhhi
hhhhi
hhhhi
CITYAM.COM
: @city_am
: @cityamlife
SWINGERS
8 BROWNS BUILDINGS, EC3A
WHAT? Swingers combines two of the
Citys favourite past-times lunch and
golf into one saucily-titled venue. Punters
can putt for 13 per head on one of two
nine-hole courses, The Lighthouse and The
Windmill. Or pay twice and do a full course,
with a break for food in the middle.
WHERE? At the foot of The Gherkin in the
heart of the City. Based on a 1920s golf club
set in the English countryside, it doesnt
look like much from the outside, but this
underground venue packs in 16,000sqft of
rolling hills, grassy knolls and fuzzy foliage.
WHO? A mysterious-sounding collective
called The Institute of Competitive
Socialising, which set up this permanent
venue off the back of a sell-out pop-up run
in Shoreditch in 2014.
ORDER THIS... The Clubhouse, a twostorey dining section in the centre of the
venue, serves up gourmet fast food from
three London street food vendors, Pizza
Pilgrims, Patty & Bun and Le Bab. The
latters fries are floundering in fromage and
come highly recommended. Wash those
down with an arm-aching tankard of
draught beer from the bar, or work your
way through the Americana-themed
cocktail list until youre drunk enough to
order one of five brands of champagne on
offer, including vintage varieties.
BUSINESS OR PLEASURE? Friends,
colleagues, hell, even a German hen party
lined up to tackle the courses on our visit.
Theres more than one way to secure a
deal, after all and letting your client win
at crazy golf might be one of them.
NEED TO BOOK? It gets busier towards the
end of the week, so visit swingersldn.com,
email info@swingersLDN.com or call 020
3846 3222. Book a table on the Gin Terrace,
in the Clubhouse or the private Presidents
Committee Room. Bigger parties can book
the entire venue.
WORKING
LUNCH
ne of my fondest food
memories as a kid was my
grandfathers tomatoes. At
a certain time of year, he
grew chrysanthemums in
one greenhouse and tomatoes in
the other. I would often help him
gardening and at night we would
go to the greenhouse armed with
tweezers and a torch to remove
earwigs from his prize-winning
flowers. We would also
meticulously remove new shoots
from between the main tomato
stems so the fruits got maximum
nutrients.
His tomatoes were a simple vari-
MY FOOD
DIARY
Mark Hix
ety called moneymaker, nothing
fancy, and I remember the smell of
them when we went into the greenhouse to harvest them.
He would sell a few to his friends
or exchange them for crabs and
lobsters, or occasionally youd see a
20
FEATURE
CITYAM.COM
OFFICE POLITICS
growing business, but they are not perhaps a useful end goal. Outlandish
financial goals are usually in tension
with genuine excellence, management
author Steve Denning told Forbes.
STRETCH GOALS
The context of our failure is important.
High expectations are seen as a source
of inspiration by some, and demotivation by others.
In The Folly of Stretch Goals, Daniel
Markovitz argues that such targets can
lead to excessive risk taking and
unethical behaviour by employees who
are eager to please, and that the
inevitable failure has a demotivating
effect. Instead, he says managers would
be better off breaking up complex tasks
into smaller steps for their staff, as
suggested by psychologist Karl Weick in
Small Wins. Workers can then
measure their progress and feel more
satisfied in completing their work.
Head in the
clouds: Are
stretch goals
ambitious or
demotivating?
A guidebook is
seldom the best
way to explore a
new city, and
definitely not the
best way to lose
yourself in one.
Walter acts like a
compass,
directing you to
particular
landmarks
without showing
you the roads
and streets that
lead there. It
works without
an internet
connection,
includes
interesting sites,
bars and
restaurants and
tells you
whether they are
five, 10 or 20
minutes walk
away.
CITYAM.COM
THE PUNTER
RACING TRADER
@BillEsdaile
Cristophe
Soumillon will be
on board Dariyan
in the Juddmonte
International
Dariyan to strike a
blow for France in
the Juddmonte
ACING
returns
to
the
Knavesmire today as York plays
host to the popular Ebor Festival and its the return of Postponed in the Juddmonte
International (3.40pm) that will have
fans most excited.
Roger Varians charge has already rattled off a hat-trick of wins this season
and was expected to make it a fourth
at Ascot last month.
However, an infection meant the son
of Dubawi was unable to defend his
King George VI and Queen Elizabeth
Stakes crown at the Berkshire track.
He was odds-on to land the prize before being scratched and will go off
favourite today, but the yard has been
struggling for form of late and hes too
POINTERS
Fred Bowson e/w
Dariyan e/w
1.55pm York
3.40pm York
Money Back
as a Free Bet
if your horse QLVKHVQG*
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POINTERS
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22
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OLYMPIC GAMES
What to watch
in Rio: guide to
todays action
CITYAM.COM
OLYMPIC GAMES
JOE HALL
@joehallwords
ONE OF the few track and field stars
yet to make his bow in Rio, Ashton
Eaton, will begin the defence of his
decathlon title in one of Wednesdays
highlights at the Olympic Games.
The American goes in favoured
events the 100m (1:30pm) and long
jump (2:35pm) as well as shot put
(4:15pm) and high jump (9:45pm).
British track and field interest will
likely focus on 20-year-old European
champion Dina Asher-Smith in the
womens 200m final (2:30am
Thursday). Your best hope of staying
awake until then is to follow the
womens long jump final (1:15am)
which could include British world
silver medallist Shara Proctor.
Earlier in the day Britain will bid
for another equestrian gold in the
final show jumping round (2pm).
Decorated veteran rider Nick
Skelton is aiming to go out on a high
at his seventh and final Olympics.
Britains womens (5:05pm) and
mens (6:05pm) sailors will aim to
repeat or even better the silver
medals won four years ago in the 470
not put myself down as the emotional sort but I had a little cry.
James won her second silver of
the Games, having finished in second place in the keirin on Sunday,
after losing the first two races in
a best-of-three final against Germanys Kristina Vogel. Marchant
beat Elis Ligtlee of Holland to take
bronze. Laugher, meanwhile, took
second place in the mens individual 3m springboard final, five
days after winning synchronised
gold.
Teenager Amy Tinkler claimed
bronze in the floor exercise, while
Leeds-born Nile Wilson assumed
the status of the first Briton to
win an Olympic medal in the horizontal bar. Buatsi collected
Britains first boxing medal in Rio
with bronze at light-heavyweight.
FOOTBALL
FOOTBALL
COMMENT
Trevor
Steven
CITYAM.COM
SPORT
23
FOOTBALL
STEAUA BUCHAREST
MANCHESTER CITY
0
5
ROSS MCLEAN
@rossmcleanRMAC
MANCHESTER City boss Pep
Guardiola declared it mission
accomplished after his side
hammered Romanian outfit Steaua
Bucharest to all but seal their passage
to the Champions League group
stages last night.
Prolific striker Sergio Aguero
netted his eighth hat-trick for last
seasons semi-finalists, although not
before he had missed two penalties,
while playmaker David Silva and
Nolito also scored.
We are almost in the Champions
League, that was our target from the
beginning, said Guardiola.
Sergio Aguero netted his eighth hat-trick for City, but also missed two penalties
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