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The Daily Telegraph Business - April 24, 2018

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Business
**
Tuesday 24 April 2018
telegraph.co.uk
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Market report page 7. Questor page 6
Gold
Taking
on water
Shipbroker
Clarkson
sounds the
alarm a
month after
predicting
smooth
sailing
Nightmare
scenario
Staying in
customs
union after
Brexit is an
intolerable
prospect
Juliet
Samuel
Page 3
Page 2
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Page 7
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Page 7
Surging
crude price
risks major
oil shock
By Ambrose Evans-Pritchard
THE world risks a full-blown oil shock
within months as three geostrategic
crises come to the boil and Saudi Arabia hints at $100 crude, setting off a
speculative scramble by commodity
hedge funds.
Brent crude has surged this week to
a 40-month high of almost $75 a barrel
even though the global economy is losing momentum. This price spike is different from earlier China-driven
episodes over the past 15 years. It reflects a constriction of supply and a rising “political premium”. Such a context
makes it more threatening.
It is now highly likely that Donald
Trump will reinstate oil sanctions
against Iran on May 12, this time adding
extra curbs on distillates. Japan and
South Korea will almost certainly join
the Americans. Most European firms
will fall into line whatever the policy of
their own governments since it is dangerous to defy the US Treasury. Most
insurers and shippers will steer clear of
Iranian cargoes.
“We are pretty confident that oil will
be in triple digits by next year,” said
Jean-Louis Le Mee from Westbeck Capital. By then the oil market will be feeling the delayed effects of a 40pc slump
in investment from late 2014 to early
2017, storing up a structural shortfall of
8m barrels a day (b/d).
Mr Le Mee said the Iranian sanctions
alone will take up to 500,000 b/d off
the global market by the fourth quarter, rising to 700,000 in 2019.
This is happening just as the proxywar between Saudi Arabia and Iran
over Yemen reaches a lethal crescendo.
Escalating missile attacks on Saudi
targets by the Iranian-backed Houthis
threaten to detonate an epic clash between the rival Sunni and Shia alliance
systems.
“The Houthis are not backing off. My
fear for contagion is that one of these
missiles will get through Saudi air defences and then we will be in a MidEast war,” said Helima Croft from RBC
Capital. “If a Saudi tanker is sunk with
2m barrels of oil, people are going to
start worrying about the security of the
sea lanes. Markets have been far too
complacent,” she said.
It is also happening as Venezuela’s
oil industry goes into near-terminal
collapse, with drilling parts running
out and thousands of long-suffering
staff at the state energy group PDVSA
walking off the job in protest over pay
arrears. Output has crashed by 550,000
b/d since early 2017.
There is a clear risk that Washington
will impose tighter curbs on the Maduro regime after the elections on May
20. “We would end the year down another 1m b/d if the crisis metastasises,”
said Ms Croft.
The Opec-Russia cartel can at last
declare
“mission
accomplished”
though it has taken much longer than
they ever imagined. Joint cuts of 1.8m
b/d have reduced OECD oil inventories
towards their five-year average and
cleared most of the global glut, with the
Saudis cutting even deeper than agreed
in an attempt to lift prices well above
$80 before selling off shares in Aramco.
Continued on Page 4
By Alan Tovey
TRINITY Mirror’s plan to
buy a string of newspapers
from Richard Desmond’s
media empire has hit a hurdle with the Government
ready to block the deal on
public interest grounds.
Matt Hancock, the Culture Secretary, said he was
“minded to” issue an intervention notice, after the
Competition and Markets
Authority examined the
£126.7m sale to Trinity of the
Daily Express and Daily Star
titles by Northern & Shell.
Mr Hancock said that having considered a “broad
range of evidence”, the acquisition could be halted under the Enterprise Act.
The Secretary of State has
now asked for more information from both parties to
decide whether to allow it to
go ahead.
Simon Fox, the chief executive of Trinity Mirror,
said: “This is a part of the
process that we were aware
was possible. We continue to
believe there are no plurality
or competition issues. We
would expect any review by
Ofcom … would happen in
parallel with the CMA review, which we expect to
conclude by June 7.”
The deal, which has been
years in the making, represents a major upheaval in the
UK media landscape, bring-
REUTERS
Opec’s efforts to push the
price towards $100 and
geopolitical flashpoints
threaten perfect storm
Fresh scrutiny
of Mirror deal
to buy Express
Seeking seats Theresa May, the Prime Minister, inspects furniture with
Brian Murray, managing director of manufacturer Boss Design, as she lent
her weight to the Tories’ local election campaign in Dudley, West Midlands.
Legal & General to ‘name and
shame’ unsustainable firms
By Tim Wallace
ONE of Europe’s biggest investment managers is preparing to name and shame
companies which behave
unsustainably – and to ditch
billions of pounds of investment in their shares.
Legal & General Investment Management (LGIM),
which manages assets worth
almost £1 trillion, has
stepped up efforts to push
the firms in which it invests
to clean up their act with a
“climate change pledge”.
Fears over TSB
online glitch
MANY TSB customers found
themselves unable to access
accounts yesterday while
some were able to see other
people’s financial details, after an upgrade to the bank’s
services at the weekend. TSB
had warned that online banking would not be available
until Sunday evening, but
some were still unable to access their accounts last night.
Full reports: Page 5
Those who have done well
will be “named and famed”
next month, said Helena
Morrissey, LGIM’s head of
personal investing.
Those who have not listened to the investor will be
named and shamed. On top
of that, some LGIM funds
will dump their shares.
She told the City Week
conference: “The reason we
are shaming [the worst performers] is that we gave
them a number of years and
they did not take any notice.
There comes a time when we
should vote with our feet.
We will be divesting from
those companies.”
LGIM will initially apply
the policy to its entire “future fund” range.
Meanwhile, Lord Blackwell, the chairman of Lloyds
Banking Group, told the
conference that access to EU
markets was “not life and
death” for Britain’s financial
services sector, and that the
UK should avoid becoming a
rule-taker from an EU which
was “less friendly” towards
finance.
Capita: shareholders back plan
to raise £1bn for turnaround
By Rhiannon Curry
TROUBLED
outsourcing
business Capita said it has the
support of its largest shareholders for a plan to raise at
least £1bn to turn the company around, even as its losses
widened to £513m last year.
The company yesterday
unveiled its planned £701m
rights issue at 70p per share, a
discount of 56.2pc to Friday’s
close price. The issue, which
had been scheduled for
Thursday but was brought
forward, will be voted on
by shareholders on May 9.
The company will also
raise at least £300m this
year by selling parts of the
business which are considered not core. The cash
raised will be used to reduce
debt, invest in its infrastructure and improve products,
with £500m of investment
planned over three years.
The scale of the turnaround was also laid bare as
Capita reported pre-tax losses
slipped to £513.1m in 2017,
from a loss of £89.8m a year
previously, due to impair-
ments which it took on the
balance sheet. Stripping out
extra costs, profits rose by
34pc to £447.4m. Revenues
fell from £4.37bn to £4.23bn.
The firm said it had held
meetings last week with
eight investors which hold
50pc of Capita’s shares and
they had been supportive.
Woodford Investment Management and Invesco have
openly agreed to support the
move. Capita’s shares closed
up 13.1pc at 180.8p.
Analysis: Page 5
ing the Left-wing Mirror papers and Right-wing Express
titles under the same roof. It
will also see Trinity take
control of a series of celebrity magazines.
Mr Hancock’s concerns
include free expression,
with the minister saying he
had concerns about the impact a sale would have
on “editorial decision making” and whether editorial
independence would be
maintained.
A concentration of ownership of titles was another
£126.7m
The price Trinity Mirror has
agreed to pay Northern & Shell
for the newspapers
worry, with the Culture Secretary noting the combined
group would be the secondlargest national newspaper
organisation in circulation
terms, with a 28pc share.
The
CMA
has
also
launched an investigation
into whether competition
will be harmed by the sale.
The takeover will see the
combined business renamed
as “Reach” to reflect its size,
and Mr Fox expects “a significant amount” of savings
from the tie-up to be delivered in the first year.
2
Tuesday 24 April 2018 The Daily Telegraph
***
Business comment
W
hitbread is under pressure to
split apart its Costa Coffee and
Premier Inn units. After Sir
Martin Sorrell’s departure,
WPP may break itself up.
Prudential has already
announced plans to divide itself in two, and
Unilever has been told by some of its
shareholders to do the same thing. All of a
sudden, the FTSE 100 is dominated by
companies deciding to demerge.
A coincidence? Perhaps. Each company has its
own unique reasons for breaking itself apart. But
it may well be the start of a far larger trend.
In fact, there are plenty of reasons why major
businesses are under more pressure to split than
at any time in the past. Activist shareholders
have replaced corporate raiders, and they are
applying huge pressure for break-ups.
Rapid technological and market change has
left many potentially healthy businesses
struggling inside larger units. And slowing
growth favours small, more nimble units over
larger conglomerates. Add it all up and we are
likely to see a lot more in the year ahead.
Whitbread is the latest major company to face
calls to spin off one or more of its divisions.
When the hotels and coffee firm announces its
results tomorrow it may well bow to pressure to
break apart its two major brands, the Costa
Coffee and Premier Inn chains.
Two activist investors, Elliott Advisors with a
6pc stake, and Sachem Head with 3.4pc, have
both been hammering away for that to be done.
And in fairness, apart from the fact that they
are both rather bland, soulless but efficient, and
reasonably priced chains, it is hard to see much
in common between the two units unless you
count the fact that people quite often have coffee
for breakfast when staying at a hotel. Whitbread’s
chief executive Alison Brittain may well decide
there is not much point in resisting any more.
If she does, she will have some good company.
Last month, the insurance giant Prudential
decided to split its British and European and its
international arm into two separate listed
companies, both of which should be big enough
to go straight into the FTSE 100.
Old Mutual has announced an even more
complex four-way break-up that will turn it into
four separate businesses.
Others may well be on the way. After it fended
off a hostile takeover by Kraft, the consumer
goods giant Unilever has seen calls for it to
demerge, potentially putting its food and
personal care units into two
separate companies.
And now that Sorrell has
finally departed WPP after
three decades in charge, it is
hard to see a lot in common
between the 400-plus units
inside the empire other than
that they all interested the
chief executive. Whoever
takes over will come under
huge pressure to simplify its
structure, and that might
best be achieved by creating three separate
companies – advertising, public relations, and
market research and data.
It is not just British companies either. News
Corporation split its film and TV unit from its
newspaper and publishing assets, before selling
the film unit to Disney, and the American
chemicals giant DowDuPont is planning a
three-way break-up. It is happening around the
developed world. Is there a common theme? In
fact, there are three reasons why companies are
suddenly deciding to break themselves apart.
First, there are hardly any hostile raids any
more. With the rare exception of the Melrose
assault on the engineering giant GKN – which
significantly defended itself from the assault with
a proposed demerger of its own – the big
takeover battle is largely a thing of the past.
The money isn’t available, and the results were
often dismal. But whereas two decades ago a
Lord Hanson might have staged a raid on a
business and broken it up once he had won
control, now the company has to do it itself if it is
to happen at all. On top of that, activist investors
like Elliott have taken over the role of agent
provocateur, hustling and harassing for a split
that will release some value and make them some
money. If they work – and Whitbread will be an
interesting test case – then they will be
emboldened to seek out a lot more targets, and
they shouldn’t have much trouble finding them.
Next, rapid technological and market changes
mean businesses are often struggling inside a
larger company. Take WPP for example. Two
decades ago, it might have made sense to
combine so many marketing businesses in one
unit. Now, with digital markets evolving at
lightning pace, it just slows them all down.
The same is true of many media, retailing,
financial and telecoms conglomerates. As
business conditions change, ownership
structures that were perfectly fine in one era can
start to look hopelessly out of date – and that
creates pressure for change.
Finally, slower growth in most developed
economies favours smaller, more focused
companies over huge conglomerates.
As a general rule, leaner single-product
businesses do better than sprawling industrial
empires selling hundreds of things in dozens of
countries. In good times, the bureaucracy of a
big conglomerate might not matter too much.
Rapid growth papers over a lot of cracks. In a
harsher climate, with intense competition, the
fault lines can end up painfully exposed, and the
only way to fix that is often to create a series of
smaller, but better concentrated, companies.
There could well be plenty more demergers
ahead. If, for example, anyone knows what
Primark is still doing inside Associated British
Foods, alongside brands such as Twinings and
Ryvita, then they are keeping it to themselves.
Whether any of the demergers and break-ups
under way will create any real value for
shareholders remains to be seen. But the mood is
shifting towards small, more energetic and
disciplined companies.
‘Slower
growth in
developed
economies
favours
smaller
companies’
JULIET SAMUEL
MUEL
T
here is something surreal
about the customs union
debate. I cannot
remember how many
times I watched
politicians stand up and
laud the possibilities of an
independent British trade policy after
Brexit during the referendum
campaign, but it was a lot. Yet in the
next month, Parliament may well seek
to force the Government to seek a
customs union with the EU, making an
independent trade policy impossible.
Some Remainers are relaxed about
this, because they see it as a way of
half-staying in the EU. But being in a
customs union for which Britain has
no formal role in setting the rules and
tariff schedules is nothing like being in
the EU. Inside the EU, Britain was an
influential player and shaped several
of its major projects, from the single
market to the gradually liberalising
direction of its trade policy. Outside
the EU but inside a customs union, we
will be beholden to whatever trade
policy Brussels and the governments
of continental Europe choose. That is a
nightmarish outcome.
One way to see why is to look at how
influential the UK was in the EU before
Brexit. Many Brexiteers believed that
Britain was isolated, ignored and
railroaded into all sorts of initiatives
we did not like. I do not buy this
version of events, but my belief that
Britain was an important player in the
EU now makes me more supportive of
government policy to leave the
customs union, not less.
In my search to quantify what
influence Britain will lose when it
quits and therefore how much the EU
without us might evolve in a direction
we dislike, I came across an impressive
piece of work by Robert Thompson,
professor of politics at Strathclyde
University. A few years ago, Thompson
conducted an exhaustive exercise in
Business
Insight
Utilitywise
O
ne of the UK’s
fastest growing
B2B utility service
providers has warned
that its glowing profits
will dim after two
months of financial
wrangling over its books
earlier this year, writes
Jillian Ambrose.
Aim-listed Utilitywise
grew its pre-tax profits
by a third in the six
months to the end of
January this year.
But after two delays to
its annual reports, chief
executive Brendan
Flattery repeated a profit
warning for the group,
saying its enterprise
division will be hard hit
by the “destabilising”
confusion.
The first half of the
JULIAN SIMMONDS FOR THE TELEGRAPH
Blue-chips
are starting to
realise smaller
may be better
Without a seat at the table, staying in
customs union would be a nightmare
which he went through over 300
measures adopted by the EU over a
10-year period and then conducted
over 100 interviews with current and
former officials to work out how the
final decisions had come about.
In particular, Thompson was
interested in which member states
seemed to have the most influence and
how their differences were resolved.
To quantify his data, he took each
issue and assigned a numeric value to
the range of stances taken on it.
So, for example, on an argument
about sugar subsidies in 2005, some
states called for immediate abolition of
all subsidies, others argued for no
change and others were somewhere in
between. The policy stance of arguing
for complete abolition was given a
value of zero, the position of
demanding no change was valued at
100 and every in-between assigned a
value depending on the hardness of
their position. The same was done for
related issues, like how long farmers
should get to adjust, whether they
should get compensation, and so on.
By doing this for 331 measures taken
by the EU, he built a database to
calculate how closely the final decision
mapped on to the preferences
expressed by different member states
and EU institutions. There are all sorts
of obvious flaws to this method, but it
still captures something important.
How often was Britain overruled
and how often did the final decision
actually move in its direction, against
the views expressed by others? The
answer might surprise many
Brexiteers.
In 91 out of 331 cases, the final
outcome was exactly what the British
starting position had been. In a further
120 cases, it was within 20 points of
Britain’s position. That leaves 120 in
which the outcome ended up not very
close to UK preferences. This is
actually a strong performance.
Taking the average of positions of all
other member states and the
commission, the final outcome
matched their position only four
times, and was within 20 points of that
average position a further 167 times. So
everyone else found the final outcome
was not close to their preference in
160 cases – more than for Britain.
In other words, Britain was often
able to drag the decision in its
direction, against opposition by
others, more often than not.
Now, there are plenty of caveats
here. Even though it is better than the
average performance, some Brexiteers
year delivered an adjusted
pre-tax profit of £3.2m, an
increase of 33pc from the
firm’s first half in 2016
of £2.4m after
being restated.
Before the firm’s
auditors adapted its new
accounting guidelines,
Utilitywise had reported a
first-half result almost
four times higher at
£9.4m, by recognising
‘Without the
UK on board,
the customs
union is
highly likely
to change in
ways that
don’t suit us’
Today
150
p
29.45p
100
High Apr 2017
145p
50
Low Apr 2018
27.8p
Brendan
Flattery
Chief executive
85pc of its contract values
upfront. The group’s share
price has more than
halved since November
when it told investors that
it would need to delay its
reporting to update its
methodology. Utilitywise
will hope it can continue
to grow due to interest in
new “smart” energy
management systems.
Boris Johnson,
Foreign Secretary
and Dr Liam Fox,
the Trade Secretary,
make their way to
Downing Street.
Both ministers have
championed the
potential for newly
independent trade
will still think that 120 cases of Britain
not getting its way is far too many.
The data does not capture lots of
technical details on which states might
have won or lost battles. It does not
capture the preference held by states
not to have any new measures enacted
at all, and only shows their efforts to
mitigate what did happen. It only
captures states’ positions in the
European Council and does not reflect
the game of influence played out
behind the scenes, in the early
consultation phase run by the
European Commission, for example.
A subsequent analysis of the data
done by Simon Hix, a professor at LSE,
shows that whereas Britain was in a
losing minority in the European
Council less than 3pc of the time from
2004 to 2009, this jumped to over 12pc
from 2009 to 2015. However, overall, it
does indicate that Britain has been
better than many think at pushing the
EU in its direction. The existence of
liberalising, free market projects like
the single market and the state aid
regime bears this out.
What are the implications of this for
the customs union debate? To me,
they are important, because if Britain
had no influence in the EU, then
staying in the customs union would
not be so different from being in the
EU. But if, in fact, Britain was using its
EU membership to influence the
policies that Brussels enacted, then
losing the rights of membership could
make a huge difference to the bloc’s
direction of travel.
It is this latter argument that is, in
fact, true. Without the UK on board,
the EU and its customs union are
highly likely to change in ways that do
not suit us. We will not be able to stop
this from happening, but will be
subject to its rules anyway.
Many pro-Brexit voters believed
that Britain had no influence in the EU.
I disagreed, but it is precisely because
I think we did have a big impact on the
EU’s evolution that I now believe we
cannot outsource such an important
policy area as customs and goods
regulations to Brussels after Brexit.
Without a seat at the table, staying
inside the customs union is an
intolerable prospect.
Share price
ALAMY STOCK PHOTO
Matthew
Lynn
Utilitywise has warned over its enterprise division’s performance
0
2017
2018
Strengths
Threats
 Strong “smart” system
offerings
 Pan-utility focus offers
bundled solutions for
customers
 A major brand name in
the market
 Share price plunge
leaves group exposed as
takeover target
 At mercy of lender
after covenant waiver
 Rising competition in
service sector
Weaknesses
Opportunities
 Revenue reporting
issues at the firm knocked
confidence
 Cash flow woes could
emerge
 A depressed share
price
 Well placed to tap
fast-paced innovation
 Rising revenues in
corporate service
division
 Increasing appetite for
energy management
Cryptocurrencies are being woven into fabric of finance
CHRISTOPHER
HER
KESHIAN
T
witter chief executive Jack
Dorsey claimed recently in these
pages that cryptocurrencies
were on the verge of revolutionising
financial institutions forever. A view
that was once the preserve of internet
anarchists is now being endorsed by
executives of some of the world’s
leading companies.
Perhaps Dorsey’s vision is more
futuristic than that of the average
banker or investor, but there is no
doubt that traditional financial
services firms are warming to the
opportunities afforded by
cryptocurrencies and the technology
– such as blockchain – which
underpins them.
Goldman Sachs has launched a
Bitcoin futures market and influential
figures, such as Jamie Dimon and
George Soros, have reversed their
position on the value of these
investment products. The tide is
turning for cryptocurrencies, which
are slowly but surely gaining a
foothold in the more established parts
of the financial system.
Acknowledging this increased
interest from more traditional
financial firms is not to deny that
cryptocurrencies are still experiencing
the growing pains which are to be
expected in a nascent investment
product. Despite astonishing gains in
2017, many cryptocurrencies have
experienced extreme volatility thanks,
in part, to crackdowns on illicit or
unregistered investment professionals
from regulatory bodies, governments
and even technology companies.
Entirely fair questions are now being
raised about the possible illegitimacy
of some investors and developers
behind the currencies in cyberspace.
Although still in their infancy as an
asset class, we are none the less at a
point where cryptocurrencies and
blockchain technology are already
being woven into the fabric of the
national financial infrastructure by
central banks. The Bank of England,
for example, is road-testing blockchain
for a new payments system, thereby
incorporating cryptocurrency
infrastructure into monetary
policy management.
Similarly, we have already seen
some emerging markets begin to buy
Bitcoin directly, purchasing and
maintaining it in their reserves, similar
to how central banks hold gold. This
trend will spread first to technocratic
countries, such as Japan, and certain
developing countries with high
inflation rates. In a world where
concerns over rising global inflation
and currency weakness are growing as
quantitative easing draws to a close,
it’s not hard to see the appeal of an
uncorrelated asset class.
Troublingly though, governments in
some countries, such as Venezuela, are
attempting to use cryptocurrencies as
an alternative to bond markets. This is,
in our view, a dangerous move. They
have enormous potential but are not
developed enough to replace
traditional sovereign debt. The route
to the mainstream lies not in them
replacing the capital markets, but in
their functions in monetary policy and
financial institutions.
Being trusted by traditional banks
and asset managers is a crucial step for
an asset which only increases in value
as it becomes more widely accepted as
a secure store of wealth and a means of
payment. Digital asset classes cannot
truly enter the mainstream if they are
still predominantly associated with
fraud and the dark web.
This is why interventions, whether
from regulators, governments or other
companies, should be welcomed. Such
moves will remove the bad actors and
social stigma from the cryptocurrency
space and, although they do give
markets jitters, will encourage the
establishment of an asset class based
on true value rather than hype. This is
a natural step as the crypto space
continues to develop and gain
necessary regulatory oversight.
The ban on cryptocurrency adverts
by Google and Twitter, for example,
questioned the validity of marketing
practices within this asset class.
Many ICOs with poor infrastructure,
development teams and road maps
rely heavily on marketing to generate
interest in their currency or token,
rather than producing a product or
service that is resilient, useful and
well built.
To become a mature asset class,
cryptocurrencies require developers
to produce strong litmus tests for their
‘It is only
through
price
corrections
that we can
identify
products
which are
poorly
structured’
projects and organically build a
community that values them.
Governance measures, no matter
how positive, have been a source of
extreme volatility and, for many
investors, the unpredictability of
cryptocurrencies makes them a
difficult investment choice. However,
while corrections are always
unnerving, pullbacks are a necessary
part of the normalisation from the
outlying and ultimately unsustainable
growth curve seen last year.
Cryptocurrencies are growing in a
jagged upward trajectory. It is only
through corrections that we can
identify those investment products
which are poorly or irresponsibly
structured, compared to those which
can weather volatility and help to
build a valuable, lasting and useful tool
in financial infrastructure.
Goldman Sachs recently prophesied
that most cryptocurrencies would
crash to zero. It also said it would clear
Bitcoin futures for clients.
To say opinion is divided would be
an understatement. Bitcoin’s
detractors will not go away. But,
critically, neither will Bitcoin. It is now
entrenched enough within the fabric
of institutional finance that the debate
around it will focus more on its
valuation than on its intrinsic value.
Irrespective of their price or the
volatility thereof, the presence of
cryptocurrencies in global finance will
only continue to grow.
Christopher Keshian is the chief
executive and managing partner of
Apex Token Fund
The Daily Telegraph Tuesday 24 April 2018
***
Business
Clarkson shares suffer after profit warning
Shipbroker sees almost
20pc wiped off stock price
after reversing course on
positive trading outlook
By Jack Torrance and Alan Tovey
£45m. Investors abandoned shares in
the business in response, with FTSE
250-listed Clarkson plunging 30pc in
early trading. The company buoyed up
later on, with the shares still
down 20pc.
The gloomy outlook is in sharp contrast to the horizon scanning of the
wider global shipping market by Andi
Case, the chief executive, at Clarkson’s
full-year results on March 12. At the
time, he said that while the global shipping industry, which carries about
85pc of all global freight, had been battered in the wake of the financial crisis,
with prices driven down by too many
ships chasing not enough cargo, the
situation was beginning to normalise.
“The fundamentals of the industry
are good,” Mr Case said, adding that an
oversupply of vessels caused by shipowners rushing to place orders to take
advantage of high freight rates before
the crash was starting to work itself out
of the system.
The chief executive warned it was
unlikely freight rates will return to precrash highs, with the current fleet of
2bn tons of ships far higher than the
1.2bn-ton fleet seen back in 2008, even
though population growth was increasing demand. Mr Case added: “I’ve
been chief executive for nine years and
this is the first time I’d say we are in
positive waters.”
It is understood that the profit warning does not relate to the shipbroking
market, from which Clarkson derives
more than two thirds of its £324m of
annual revenue, and almost 90pc of
underlying profit. Sources close to the
company said shipbroking is at levels
predicted at the annual results, and the
issue lies within the financial parts of
the business, with equity markets to
fund new vessels effectively closed.
Although this has delivered a shortterm headwind to the business, the fact
that owners cannot get financing for
new ships mean the fleet is contracting, improving long-term prospects as
there are less ships battling for cargo.
Colin Smith, analyst at Panmure
Gordon, attributed the profit downgrade to a combination of foreign exchange impacts, lower transactional
activity and falling freight rates in the
tanker market. “Given the bullish outlook … at the results, this warning is a
surprise,” he said.
PICTURE ALLIANCE/AVALON.RED
SHIPBROKER Clarkson’s shares sank
almost a fifth yesterday after the company reversed course by issuing a
profit warning just a month after annual results which gave a positive
assessment of the shipping market.
The world’s largest shipbroker
sounded the alarm over a “challenging
environment” in shipping and offshore
capital markets, meaning deals are being delayed, a problem compounded
by a “quiet period” in sale and purchase
of vessels. Its shares fell 555p, or 17.9pc,
to £25.50 yesterday.
Clarkson said it had also been hit by
the weakening of the dollar, its main
trading currency, and lower tanker
freight rates, resulting in “financial
performance that is below that previously expected by the board”.
As a consequence, the 166-year-old
business warned that while it was too
early to forecast the full impact of the
difficult market, both interim and fullyear profits would be “materially below” last year, when it reported an
underlying pre-tax profit of £50.2m.
Analysts had been expecting Clarkson to post profits of about £60m this
year. In response, house broker Panmure Gordon slashed its forecast to
Fist bump with the future German chancellor Angela Merkel, right, and Enrique Pena Nieto, the president of Mexico, greet a robot at the Hanover Fair.
After stressing the importance of free trade, Mrs Merkel welcomed an agreement between the European Union and Mexico on a new trade pact just days
before she heads to Washington for talks with US president Donald Trump. She will address issues including trade when she meets Mr Trump on Friday.
British employers face tougher reporting
system as EU gets behind whistleblowers
Frans Timmermans of the commission has
pledged more support for whistleblowers
reporting to the media. Both public authorities and companies will be obliged
to respond to internal reports within
three months, under the plans put forward yesterday in Brussels.
Commission officials said that Britain was one of 10 EU member countries
with good whistleblower protection
but that British law only recommends
setting up internal whistleblowing
channels, rather than insisting upon it
as the EU legislation does.
There are provisions for the reversal
of burden of proof in British whistle-
blowing law. If a worker has been employed for one year or more, the
employer must prove he or she was
sacked for a legal reason.
The commission launched the bill,
which will have to be agreed by both
the European Parliament and national
governments before becoming law, after a string of scandals exposed by
whistleblowers.
These include Volkswagen’s dieselgate, the LuxLeaks, Panama Papers and
Paradise Papers tax exposes, and data
breach allegations involving social
media group Facebook.
Yesterday’s bill gives EU-wide protection for whistleblowers exposing
breaches of EU law, covering financial
services, tax, competition law, data
protection, public health and other
areas regulated by Brussels.
Frans Timmermans, the commission’s first vice-president, said “there
should be no punishment for doing the
right thing”, before expressing confidence that the new laws would be supported by the European Parliament.
Depending on the speed of adoption,
the bill could become law before the
end of the Brexit transition, meaning
UK firms would have to comply.
By Jack Torrance
A PARTNER in one of Glencore’s Congolese divisions has asked authorities
to consider scrapping the project in a
move that will pile pressure on to the
FTSE 100 mining giant to forgive some
of its debt.
Gécamines, the Democratic Republic of the Congo’s state-backed miner,
has begun proceedings to liquidate the
Kamoto Copper Company, which it
owns a 25pc stake in, on the grounds it
is carrying too many liabilities.
KCC, which is expected to produce
300,000 tons of copper in 2019, had a
capital shortfall of about $4.2bn (£3bn)
at the end of last year due to its $9.2bn
debt pile – much of which is owed to its
majority shareholder, Katanga, a subsidiary of Glencore.
Katanga said on Sunday it was considering forgiving a chunk of the debt or
converting it to equity in the hope of
bringing the dispute to a close ahead of
a court hearing scheduled for May 8.
Such a move “might have a materially
adverse impact” on Katanga’s cash flows
but would not significantly affect its assets or liabilities, the company said.
The action comes as the DRC’s gov-
ernment is planning to seize a greater
share of the mining wealth companies
extract in the country, which is among
the poorest places in the world despite
an abundance of metal deposits.
The government has passed a new
mining code that will increase the tax
on the industry’s profits from 30pc to
35pc, boost royalties on cobalt and copper from 2pc to 3.5pc and give it a 10pc
stake in new mining projects, up
Mining firms are angry
about the decision to tear up
a stability clause which
granted them immunity
from 5pc. Mining firms are angry about
its decision to tear up a “stability
clause” that previously granted them
immunity from any changes to the
code for a period of 10 years.
In February, Mark Bristow, chief executive of FTSE 100 gold miner Randgold, complained the change was
“draconian” and risked undermining
the industry’s growth.
Shares in Glencore closed off 0.35p
at 380.3p yesterday.
GE picks England to
test world’s largest
offshore turbines
By Jillian Ambrose
PA WIRE
BRITISH companies must set up internal reporting channels to bosses and
the media under new European Union
laws to strengthen whistleblower protection brought forward after the
“dieselgate” and Cambridge Analytica
scandals.
The UK has one of the most advanced
systems of protection in place but the
European Commission’s proposed legislation will require some businesses to
take further steps.
The legislation will raise standards
in other EU countries where protection
is far less comprehensive by introducing safeguards against retaliation, such
as demotion or dismissal.
If a whistleblower suffers retaliation,
the burden of proof will be reversed on
to the company rather than the employee under the bill, which will be
amended before it becomes law.
Businesses with more than 50 employees or a turnover of more than
€10m (£8.8m) must set up a three-tier
reporting system, including internal
channels, reporting to regulators and,
in cases of overriding public interest,
REUTERS
By James Crisp
BRUSSELS CORRESPONDENT
Glencore under pressure to
forgive debt in mining row
Rising with the sun Four offshore wind turbine base units silhouetted by
the early morning sun yesterday, as they were towed into position in the
North Sea off Cullercoats in north-east England.
GENERAL Electric has decided to test
the world’s largest offshore wind turbines at a facility in England in a major
vote of confidence for the UK’s burgeoning wind power industry.
The renewables arm of the American
conglomerate will take its mammoth
12MW wind turbines for a spin at the
Offshore Renewable Energy Catapult
centre in Northumberland as part of a
five-year research and development
deal beginning later this year.
The
world’s
largest
turbines
currently in operation were installed
off the coast of Aberdeen earlier this
month, at less than 9MW in capacity
each.
GE Renewable Energy believes its
350ft new turbines could also be more
efficient than the current generation of
offshore wind farms.
3
4
Tuesday 24 April 2018 The Daily Telegraph
***
Business
Rocky ride for car makers taking dents on all sides
T
he car industry has
suffered three huge
shocks in the past
fortnight. First Jaguar
Land Rover (JLR) made
1,000 staff redundant,
then Vauxhall announced plans to
slash its number of dealerships, and
finally Nissan geared up to cut up to
10pc of staff at its giant Sunderland site
– all moves attributed at least in part to
falling sales.
“It feels like 2008 all over again,”
says James Baggott, editor-in-chief of
Car Dealer magazine. “I’m worried the
industry’s being talked into a
downward spiral. Everywhere it feels
like people just aren’t spending.”
A decade ago motorists stopped
buying in the wake of the financial
crisis and car production fell by a
third. A year later, government and
manufacturers joined forces to fund a
scrappage scheme to lure motorists to
start spending, fuelling a steady rise in
‘I’m worried the industry’s
being talked into a
downward spiral. It feels
like people aren’t spending’
sales that continued until 2016 when
2.7m cars were sold – a record – before
dipping to 2.5m last year.
Industry trade body the Society of
Motor Manufacturers and Traders has
been quick to blame declining sales on
a combination of economic
uncertainty and motorists’ confusion
about government policy towards
diesel, which ministers are
discouraging with new taxes because
they say the fuel is more polluting.
But these are not the only factors
behind sales going into reverse.
“Any conversation about sales needs
to start with looking back to 2016 and
the all-time record – I cannot quite
believe it got to 2.7m,” says Paul
Philpott, UK boss of Kia Motors.
“Putting it in perspective, in my 30
years in the motor industry, I’d
consider 2.5m to be a very nice year.”
While motorists may be shying
away from diesel, they are not jumping
on green alternatives either. “There’s
confusion about electric vehicles,
hybrids and plug-in electric hybrids,”
says Philpott, with motorists unsure
about the technology, the
infrastructure required and the costs.
Professor David Bailey, a car expert
at Aston University, adds:
“Government has messed up
spectacularly with its diesel policy but
the industry has spectacularly shot
itself in the foot by not getting the
message across that diesel isn’t evil.”
He agrees with Philpott about the
industry getting ahead of itself and
that it is now clear with hindsight that
a car buying bubble peaked in 2016.
“The market has been over-trading
for years and 2016 was an artificial
high fuelled by financial innovation,”
says Bailey. “The way we buy cars
invested more than £15bn into new
products and facilities. That’s a lot of
investment that requires steady
growth which the company had been
achieving – until now.
The so-called demonisation of diesel
has hurt sales in JLR’s home market
where more than 80pc of its cars are
powered by the fuel. “Jaguar was slow
to get into diesel and it could be late to
leave,” says Bailey.
Vauxhall is a different proposition.
Unloved by former owner GM, it was
bought by French Peugeot owner
Groupe PSA last year, with the
intention of trying to gain efficiency
through scale. However, the brand had
suffered years of damage from
producing car designs that were, at
best, average. Vauxhall’s new chief
executive Stephen Norman’s statement
that the company makes a “decent car
for a modest man” is hardly inspiring. Selling a value proposition is also
difficult with PCPs now dominating
the market.
Buyers view car payments like their
mobile phones – a monthly cost rather
than an outright purchase. You might
Share of market
Registrations of new
cars in the UK
% Change
2013
Nissan
Vauxhall
Land Rover
Jaguar
12
12
12
12
%
%
%
%
8
8
4
4
11.46
2.3m
8
8
7.68
10.77%
4
2014
5.21
5.95
4
3.25
2.5m
9.35%
2.42
0
0
2013
2017
0.72
0
2013
2017
1.4
0
2013
2017
2013
2017
2015
2.6m
m
80pc
6.34%
The proportion of new car sales in the UK
which are now said to be supported
by ‘personal contract plan’ leases
2016
2.7m
m
2.25%
2017
2.5m
BLOOMBERG
Motor industry faces a
cocktail of challenges with
Brexit the biggest bump in
the road, writes Alan Tovey
-5.65%
Robotic arms work
on a Vivaro van at
Vauxhall’s plant in
Luton last week
changed with the growth of ‘personal
contract plan’ leases which are now
responsible for 80pc of new car sales.”
These financing deals are also
affecting the secondhand market,
depressing prices as people roll over
on to a new PCP deal every few years.
This means there is a big supply of not
very old cars coming into the used
market. Usually lasting three years,
PCPs effectively finance the
depreciation of a new car with drivers
making monthly payments. At the end
of the deal they can hand back the keys
and walk away, make a “balloon”
payment and keep the car, or use
equity built up in it to finance a
deposit for a new PCP. Most people roll
into a new PCP.
Trevor Finn, chief executive of
Pendragon, one of the UK’s largest car
dealership chains, says the use of PCPs
to buy new cars peaked two years ago,
putting a ceiling on sales growth: “We
should see PCP growth in used cars,
but for new, everyone who is going to
buy one on a PCP has done so.”
Finn also notes the “demonisation”
of diesel isn’t uniform across the
nation. He says that London’s
“T-charge” – an extra levy on more
polluting and older vehicles – has hit
diesel sales around the capital; other
cities are looking at introducing a
similar measure, affecting sales. But
away from these areas, diesel sales are
“holding up”, according to Finn.
The pound’s strength until the EU
referendum also created the ideal
‘The market
has been
over-trading
for years and
2016 was an
artificial
high fuelled
by financial
innovation’
conditions to pump up sales. While
Britain’s economy was doing well,
Europe was in the doldrums. This
meant manufacturers could make
bigger margins on cars built in the
eurozone but sold in the UK,
reinforcing the industry’s nickname
for Britain: “Treasure Island”. Manufacturers’ production
schedules, planned many months in
advance, directed ever more output
towards the UK. This large supply of
cars was hard to redirect quickly as the
market turned.
And with so many vehicles entering
the UK, dealers were able to negotiate
better deals with manufacturers,
allowing them to offer increasingly
competitive prices to buyers.
Kia’s Philpott adds: “When £1 was
worth €1.4 in 2016 there was big
margin on a car built in euroland: now
it’s at €1.1 – offers haven’t escalated in
the way they once did.”
But the headline-grabbing events at
JLR, Vauxhall and Nissan were also
caused by unique factors. In the
former’s case, Tata, which bought the
business in 2008 for £1.5bn, has
be able to buy an Astra for £199 a
month; but a premium car won’t be
much more on a monthly basis.
Nissan’s cuts are more of a shock.
The Japanese marque has said they are
only temporary as it weathers the
downturn and transitions into
producing more environmentally
friendly models. The company
announced it would build two new
models at its giant Sunderland plant
after a deal with the Government to
ensure it remained competitive in the
UK following Brexit, although the
exact details of what was agreed with
Theresa May are not known.
Brexit uncertainty may,
nevertheless, be playing a role. At the
weekend, Japan’s ambassador to the
UK, Koji Tsuruoka, highlighted the
risks Brexit poses to Japanese
companies operating in the UK.
In an interview with The Guardian,
he said manufacturers such as Honda,
Nissan and Toyota were “considering
and thinking and watching very
closely what they need to do”. He
added: “That is why they are not
investing additionally today.”
Events at JLR, Vauxhall and Nissan
might be the result of specific factors
but those in the industry are on the
lookout for who might get hit next.
The names of Toyota, Honda and
BMW are those most frequently
mentioned.
While Britain’s car industry – and
car sales – haven’t entirely stalled,
there is a feeling that they are coasting,
waiting to see what’s next. Indeed, it
might not all be bad news. As Baggott
puts it: “There’s a lot of pent-up
spending and investment – if we get a
good Brexit deal and the uncertainty
ends then that’s a lot of money coming
back into the industry.”
Rolls-Royce to certify jet engines in EU to avoid hard Brexit chaos
By Alan Tovey
ROLLS-ROYCE is preparing to relocate
the “signing off ” of British-made airliner engines to Europe, as the EU aviation authority will hold the right to
certify they are safe to fly in the event
of a hard Brexit.
The famous brand, a leading member of the country’s £31.8bn-a-year
aerospace sector, is preparing the plan
to protect itself from disruption if talks
stall over leaving the EU. Without such
an arrangement, sources inside the
company say that design, manufacturing and maintenance of Rolls-Royce
engines built at its Derby base could
grind to a halt if Britain suffers a “cliffedge” departure.
The UK was a founder member of
the European Aviation Safety Agency
(EASA), and Rolls-Royce’s engines and
designs are certified under its authority on a daily basis.
But if Britain leaves the EU without
agreeing a deal that includes associate
£31.8bn
The value of the aerospace industry in the
United Kingdom – the largest in Europe
and second only to the United States
membership of EASA, Rolls-Royce’s
products will not be able to be signed
off in the UK and will, therefore, be unable to take to the air. “It’s a theoretical
but real risk that either a deal or EASA
membership will not happen,” said a
senior Rolls-Royce source. “We would
have to stop making engines until it
was sorted out without a plan in place.”
The concerns ramp up the pressure
on ministers to achieve a deal to ensure
continuity for Britain’s aerospace sector, the largest in Europe and second
only to the US.
Theresa May’s Mansion House
speech last month identified as “critical” the UK remaining part of EASA.
The Prime Minister said she accepted
this meant “abiding by [its] rules and
making a financial contribution”.
However, industry sources say the
guidance from government is that talks
about a transitional deal ahead of Britain leaving the EU in March 2019 are
likely to “go to the wire”.
ADS, the trade association which
represents the aerospace sector, highlighted the importance of a deal.
“We have made absolutely clear we
need to remain part of EASA,” said Paul
Everitt, chief executive. “We are reasonably optimistic. It seems to be one
area on which everyone agrees.”
A spokesman for Rolls-Royce said
the company was in “regular dialogue
with ministers to ensure there is no interruption in our service to customers
as a result of Brexit”.
He added that plans to transfer design approval were a “precautionary”
measure. The company said it “did not
anticipate” jobs being transferred
to Europe.
US shale fails to keep pace
with global oil shortfall
PA ARCHIVE
Business to Business
Picking winners Chapel Down’s bet on the US market has paid off after
high demand for English bubbly helped the wine maker surpass its firstyear target of selling 10,000 bottles of sparkling wine in the country.
Continued from Page 1
Saudi Arabia and Russia are now signalling that they aim to extend the cuts
deep into 2019. This has been the green
light for hedge funds and ETF commodity investors. Ole Hansen from
Saxo Bank said the speculative rush has
pushed “long” commodity contracts to
a five-year high of $1.09 trillion.
The oil surge has pushed US petrol
prices to $3 a gallon, prompting Mr
Trump to tweet in an unexpected outburst last Friday that Opec is keeping
prices “artificially very high”.
US shale output can no longer keep
up with the global shortfall. Although
US production has rocketed by
800,000 b/d this year to a modern-era
high of 10.5m b/d in April, a lack of
pipelines is increasingly leaving
“stranded barrels” in the Permian basin
of east Texas. The new infrastructure
will not be in place until mid-2019. The
logjams are even worse in Canada.
America’s refineries are geared to
mixing sulphurous imports from Venezuela. They cannot cope with the volume of quality “super-light” grades
from shale. This chronic mismatch will
remain until new refineries are built.
Strictly speaking, Mr Trump’s criticism of Opec is correct. Bjarne Schieldrop from SEB says prices would slide
to the low $50s without the cartel cuts.
Nikolaos Panigirtzoglou from JP
Morgan says global consumers enjoyed
a $1.8 trillion annual windfall – worth
2.2pc of global GDP – when oil prices
crashed. This acted as a “tax cut” stimulus. The process is now going into reverse. Consumers have seen an $800bn
squeeze. On cue, JP Morgan’s instant
“Nowcast” tracker of world growth has
dropped from 4pc to 3.2pc since the
start of the year, far below estimates of
the International Monetary Fund.
It is hard to separate cause and effect.
China has been cooling as credit curbs
bite. Monetary tightening by the US
Federal Reserve is lifting global borrowing costs. The slowdown may prove
to be nothing more than a soft patch but
late-cycle pathologies abound and
there are reasons for caution. The rest
of the commodity nexus has yet to show
much sign of life. Metals have been
lacklustre after stripping out price
spikes in both aluminium and nickel,
caused by US sanctions against Russia.
In the end, Opec and Russia are
walking a tightrope. They risk a serious
misjudgment if they push prices too
high. “It was $100 oil from 2011 to 2014
that kicked off the renewable revolution that we have seen,” said Mr Hansen
from Saxo. A return to $100 oil would
accelerate investment in electric vehicles and bring forward the moment of
cost parity with petrol and diesel engines, at which point the oil industry
risks losing its footing forever and going into run-off.
Whatever happened to those Saudi
counsellors sagely warning last year
that any sustained move above $60 was
short-sighted folly?
The Daily Telegraph Tuesday 24 April 2018
***
5
Business
what if someone can see mine too?” A
TSB spokesman said the access issues
related to seeing multiple accounts
“lasted only about 20 minutes and impacted just a fraction of our customer
base and were fixed [Sunday] night”.
Both the Financial Conduct Authority and the ICO said they were monitoring the situation. The watchdogs have
the power to investigate and potentially fine TSB for a system failure or
data breach respectively.
In 2014, RBS was fined £56m by the
FCA for a breach of its rules after outages that affected more than 6.5m customers. In the past, the ICO has levied
fines of up to £400,000.
The problems struck as TSB tried to
complete the final stage of its “liberation” from its old owner Lloyds – from
which it was spun out in 2013, but continued to rent its IT system.
Customers had been warned the
transfer of 1.3bn customer records to a
new system could impact services from
4pm on Friday to 6pm on Sunday – but
the disruption continued into Monday.
A TSB spokesman blamed the “large
volumes of customers” trying to access
its online and mobile banking services
for continuing “intermittent issues”.
The spokesman added: “We are
sorry for the inconvenience … we are
working as hard and as fast as we can to
resolve this problem.”
TSB’s parent company, Sabadell, issued a statement last night hailing the
“successful completion” of the system
transfer to its own platform.
By Iain Withers
and James Connington
TSB could be in line for a hefty fine after a botched system upgrade left customers unable to use online and mobile
banking services for a fourth day and
sparked fears of a data breach.
Customers took to social media to
vent their anger after outages prevented some from making transfers,
paying bills and checking balances.
Others claimed that when they did
manage to log in, they were able to access other people’s money.
Niall McDonnell, 28, told The Daily
Telegraph that he was able to see a
business account on his profile when
he logged in, which contained more
than £2.8m. He sent a screenshot to the
City watchdog and data regulator, the
Information Commissioner’s Office.
Another customer said she was able
to see the account details of four other
people. Ashley Tait, 25, said that her father was able to see her details when he
logged in to his own account.
TSB customer Matthew Neal told the
BBC he was given access to someone
else’s £35,000 savings account after
logging in on Sunday to check how
much he’d spent the night before.
“I could see all my accounts, but on
top of that also three accounts belonging to someone else: a £35,000 savings
account, an £11,000 Isa and a business
account,” he said. “I had access to transfer money, if I was that way inclined.
The thing that was worrying me was:
GETTY IMAGES
TSB glitch gives
online users
access to other
people’s money
Chief executive Paul Pester with Alison Brittain (then of Lloyds), celebrates TSB’s split from its owner in 2013 but the bank continued to rely on Lloyds’ online banking platform
How bank’s botched migration of data left customers in the lurch
Q
Why has this happened?
be accessed by a designated person
other than the account holder, but
supposedly only in branch or via
the phone. TSB’s spokesman said: “We
noticed that nominees were able to
access those accounts online. They
would have been able to carry out a
transaction.”
This lasted for 20 minutes, until TSB
took its system down again, until 2am
yesterday. However, some customers
have reported being able to see
accounts of people or companies they
have no affiliation with. Many
customers yesterday were unable to
A
At the weekend, there was a
planned migration of customer
data from a rented banking platform to
TSB’s own platform. About 1.3bn
customer records had to be moved.
TSB switched off some services while
it made the switch. When it brought its
system back online on Sunday,
customers noticed that they were able
to see other people’s accounts.
A spokesman for TSB said that only
“nominee” account holders were
affected. These are accounts that can
access their accounts at all, which TSB
put down to “very high volumes of
people” attempting to use the service.
Q
How many people are affected?
A
TSB has more than 5m customers,
of which 2pc – or about 100,000 –
have nominee accounts. But if the
problem is not limited to nominee
accounts, the number could be far
higher. The number who have not
been able to access their accounts due
to the disruptions on Monday is
unknown. TSB’s spokesman said these
Capita taking aim at its ‘opaque’
management is boost for morale
RHIANNON CURRY
GETTY IMAGES
W
hen Capita’s chief executive
Jon Lewis arrived in his new
role last October, he found
there was alarmingly little oversight of
the company’s various divisions or of
the 70,000 people it employed.
After a dire profit warning in
September 2016 and the loss of
previous chief executive Andy Parker
six months later, Capita was close to
collapse.
“We needed to change years of bad
management,” Lewis said yesterday, as
he unveiled his plan to stem the
company’s losses, raise almost £1bn
and put it back on the road to growth.
Lewis was quick to appoint a new
management team, including two of
his former colleagues from Amec
Foster Wheeler, and begin work on a
plan to “simplify and strengthen the
business”.
“There was opaque accountability,”
he said. “But this new way of working
will be entirely transparent.”
Managers for each division will be
given control over their budgets and
allowed to invest in the business as
they see fit, he explained.
The new model will ensure more
efficiency, and will allow the company
to concentrate on the markets where it
already has a leading presence.
Lewis said: “The strategy we’re
going to launch today really speaks to
a simpler Capita. For the first time we
will be running divisions as integrated
growth platforms rather than as a
conglomerate.”
Capita wants to be spending £175m
less each year by the end of 2020 by
overhauling its IT, procurement and
property expenditure, and has
ambitions to make £200m of cash
annually in three years’ time.
“We have a fundamentally strong
business with talented people, a
blue-chip client base, some great
technology and the ability to deliver
value-adding services,” Lewis said.
“However, the business needs to
evolve.”
Recent contract extensions with the
BBC and Volkswagen have given
investors confidence that there are
areas where Capita performs well –
and these will be the ones where
Lewis will target a planned £500m of
investment over the next three years.
Sandhurst cadets in Camberley. Capita’s contracts include recruitment for the Army
The “new look” Capita will comprise
five divisions: software, human
resources, customer management,
government and IT services. This, it
says, will increase its focus on
customer management for its bluechip clients and enable it to be more
focused on its core services.
A sixth division, specialist services,
will contain the businesses which do
not neatly fit into one of the core parts
of the company or are areas where
Capita wants to develop.
As well as raising £701m through a
‘We have a fundamentally
strong business with
talented people. However,
the business needs to evolve’
deeply discounted three-for-two rights
issue of a million new shares at 70p,
Capita hopes to raise around £300m
by selling off parts of the business
which don’t fit with this new ethos.
Although the company was cagey
on what those could be, analysts
suggested that the European business
and parts of the IT enterprise division,
which helps the public sector with IT
procurement, could be for the chop.
Lewis had spent the last week
wooing shareholders ahead of
yesterday’s announcement in order to
make sure they were on board with
the plan. Even the news that the
company had made a £513m pre-tax
loss in 2017 did not seem to dampen
investors’ spirits: Capita’s shares rose
13.14pc yesterday to 180.8p, their
highest price since the end of
February.
The company reiterated its
guidance for pre-tax profits for 2018 of
between £270m and £300m,
suggesting that Lewis expects a
marked improvement over the next
few months.
None of this change is going to come
cheap: the cost-saving measures will
themselves cost £150m over three
years, and much of the money raised
by shareholders will simply be
ploughed into getting the company
back on to the straight and narrow.
Andrew Gibb, analyst at RBC Capital
Markets, said while there was some
relief that the financial results were
not worse, “the very complicated and
costly transformation plan needs to be
executed in market conditions that
will remain tough”.
But Lewis was confident that the
business had a solid future. “We just
wanted to get on with it,” he said, by
way of an explanation as to why the
company had brought forward its
planned rights issue by four days. “The
investors are just pleased we have a
plan.”
are the only two issues that are
“known problems”. The bank said it is
looking into other customer
complaints such as missing accounts
and incorrect account balances.
Q
A
What are my rights?
In the event your bank suffers
technical problems that prevent
access to your accounts, you can claim
compensation for any losses incurred.
That includes any charges for late
payment, extra costs incurred such as
credit card interest, and any costs from
not being able to make a payment.
There is also scope to claim for
non-financial harm, such as the stress
caused and you can ask the bank to
have your credit file corrected if it is
negatively affected.
H
A
ow do I claim?
First gather any evidence: such as
receipts, emails, invoices, or a copy
of your credit file. You need to be able
to prove the loss. Then get in touch
with your bank via the complaints
department. If you feel that the bank
doesn’t handle your case satisfactorily,
you can complain to the Financial
Ombudsman. It will adjudicate on the
dispute, and can order a bank to pay
compensation.
W
A
hen will it be resolved?
Customers were still reporting
difficulties in accessing their
accounts yesterday. TSB’s spokesman
said the bank can’t put a timeline on its
services returning to normal, but said
the situation is “calming down”.
James Connington
6
Tuesday 24 April 2018 The Daily Telegraph
***
Business
Keep buying Mediclinic as
its key Middle Eastern
arm continues to improve
Questor
Stock Picks
Weak performance
here has hobbled the
share price but there
are signs of fresh
momentum, writes
Russ Mould
Mediclinic
Key
numbers
Close: 686.4p
12
£
 Market value:
£5bn
 Turnover
(March 2018
estimate): £2.9bn
 Pre-tax profits
(March 2018 est):
£211m
 Yield (March
2018 est): 1.2pc
 Most recent
year’s divi: 7.9p
 Net debt (Sept
2017): £1.8bn
 Return on
capital (March
2017): 5.9pc
 Cash conv
ratio (March
2017): 60pc
 p/e ratio
(March 2018
est): 23.1
11
10
9
8
AN encouraging trading statement
signs of improvement. Start-up costs
from Mediclinic last week means
associated with the opening of new
the shares have risen nicely since
hospitals in Dubai and Abu Dhabi may
we tipped them in March. If all goes
restrain margins but the company is
according to plan, there should
developing a strong presence in
be more to come from what
what remains a long-term
Mediclinic
could prove to be a highly
growth market.
profitable and cashWhile South Africa
Buy
generative business.
is trading ahead of
Mediclinic operates in
expectations, regulatory
South Africa, Switzerland
changes and hefty
Firm is developing a
strong presence in
and the United Arab
investment continue
long-term growth
Emirates. Weak
to weigh on the Swiss
markets
performance in the Middle
operation, which runs 16
East has hobbled financial
hospitals and four clinics,
and share price performance
although planned cost savings
but the update from Danie Meintjes,
should help.
the outgoing chief executive, hinted at
Mediclinic’s balance sheet does bear
fresh momentum here.
£1.8bn in net debt but a 29.9pc stake
Sales at the operation in the
in Spire Healthcare is worth around
second half were 6pc higher than
£285m at current prices, and interest
in the same period a year ago
cover was more than five times in the
and, even better, up by 12pc on
2017 fiscal year, so there should be no
the first six months of the year
undue cause for concern here.
as a recruitment drive began to
Investors can now await the fullpay off, Dubai performed
year results on May 24, the arrival
strongly and Abu
of the new chief executive, Dr Carel
Dhabi began to show
Aron (Ronnie) van der Merwe, on
7
6
5
4
2013
2014
2015
2016
June 1 and an analysts’ meeting in
Zurich on June 28 for future updates.
Improved performance at the
Middle Eastern operation is key to the
investment case so the recent update
was highly encouraging.
Questor says: buy
Ticker: MDC
Share price at close: 686.4p
Update: Dignity
It is early days but Dignity, the funeral
group, is looking less pallid after last
week’s first-quarter trading update.
Management had suggested in
January that 2018’s profits could halve,
2017
2018
thanks to price pressure in the market
and the need to offer cheaper, lowend services. Yet sales and profits in
the first quarter came in broadly flat,
helped by an 8pc increase in deaths
across the country and only 15pc of
sales coming from simpler services,
rather than the expected 20pc.
The shares soared in response. The
management team did its best, quite
rightly, to restrain expectations but
at least the strong initial showing will
help to ease any fears that banking
covenants would come under threat,
as they might have done had profit
estimates halved again. That buys
executives and investors alike some
welcome breathing room and reduces
the still-considerable risks associated
with the stock. And lower risk can
mean a higher valuation, as Questor
seeks to regain some dignity with
regard to this selection.
The shares will remain volatile
but should be worth holding as this
is a market where there will always
be demand.
Questor says: hold
Ticker: DTY
Share price at close: £10.01
Update: GB Group
A strong full-year trading update last
week pushed shares in GB Group to a
new all-time high and left this column
with a 90pc gain since our first look
at the cyber security and identity
verification specialist in autumn 2016.
Organic momentum looks strong
and recent acquisitions seem to be
bedding down well so the only issue to
address is that of valuation.
A forward multiple of 36 for the 2019
fiscal year does not look like a bargain
but the rating could prove deceptive, as
it will rattle lower if forecast upgrades
keep coming. GB Group remains a good
long-term play in a very hot sector
and should still appeal to momentum
players and growth seekers.
Questor says: hold
Ticker: GBG
Share price at close: 505p
Russ Mould is investment director at
AJ Bell, the stockbroker
Read Questor’s rules of investment before
you follow our tips: telegraph.co.uk/go/
questorrules; twitter.com/DTquestor
Share prices www.telegraph.co.uk/shares
© 2018 Tradeweb Markets LLC. All rights reserved. The
Tradeweb FTSE Gilt Closing Prices information contained
herein is proprietary to Tradeweb; may not be copied or
re-distributed; is not warranted to be accurate, complete or
timely; and does not constitute investment advice. Tradeweb
is not responsible for any loss or damage that might result
from the use of this information.
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
1174
676 Oxford Inst
943 +16 1.4 -26.5
5820
3027 Renishaw ●
5050 +120 1.1 35.7
3750
2375 XP Power
3610 +10 2.2 24.3
Electricity -1.48%
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
Insurance +1.12%
52 week
High Low (p) Stock
-½ 3.9
305
1358
1025 Euromoney ●
1306 +46 2.3 34.5
124½* -2½ 3.9
132
773
631 Informa
731*
97⅝
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915* +2½ 1.9 17.9
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142.99 -0.45 4.20 1.59
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139.32 123.29 Treas 4¼% 32
130.73 -0.68 3.25 1.78
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136.16 -0.76 3.12 1.86
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140⅛
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512
250
Spread vs
Spread vs
565
5¼ Smith (DS)
515⅜* +7⅝ 3.0 23.3
774
667¾ Alliance Trust ●
720
+3 1.8
763
2220
Yield%
Bunds
T-Bonds
3254
1712¾ Smurfit Kappa
3108* -28 2.5 20.0
1353½
865 Allianz Tech Trust
1275 -10 — 1282
514
450 Merchants Tst
504*
+4 5.0
524
337⅝
France
0.84
+0.21
-2.14
6155
5050 Spirax ●
5795 -10 1.5 27.0
927
745 Bankers Inv ●
863
+5 2.2
857
826½
632½ Monks ●
788
+5 0.2
757
40
Germany
0.63
–
-2.35
1320
830 Vitec
1190* +15 2.6 19.4
883½
650 Biotech Growth
686
+3
—
737
825
710 Murray Income
748
+2 4.8
822
351¾
211 Kenmare Res
211
-6
—
16.4
325
237 Urban&Civic
320
+2 1.0 66.7
211⅜
99 Mandarin
174⅞* +⅞ 1.2 55.8
97¼
65½ Microsoft $
95⅝
+⅝ 1.8
0.7
Japan
0.06
-0.57
-2.92
2326
1696 Weir ●
2263 +62 1.9
83
66¼ BlackRock Com
78¼*
+½ 5.1
82
1314
1127 Murray Intl ●
1190* +6 4.2 1136
120½
54 Lonmin
60½
-⅝
—
-0.2
105¼
97 Warehouse REIT
100
+1 2.5
97
147¾
95⅞ Marston’s ●
108¾ +¼ 6.9
7.7
39⅜
31⅝ Pfizer $
36¾
+⅛ 3.7
2.6
Great Britain
1.53
+0.90
-1.45
Food producers -0.27%
393
303¼ BlackRck Emer Euro 335
+3 3.2
362
77
61½ Northern 2 VCT
63
— 8.7
66
9
6¼ Petropavlovsk
6¾
-⅛
—
9.5
1040½
827 Workspace Gp ●
1038 +20 2.2
—
284¾
219⅞ Mitchells&But ●
280 +1¼ 1.8 18.5
94⅝
73¾ Procter & Gamble $ 73¼
-½ 3.9
1.3
United States
2.98
+2.35
–
169½
144 BlckRock FroInv
160
-2 3.2
158
102
88½ Northern 3 VCT
89½
— 11.7
95
1074
577¾ Polymetal ●
703¼
414⅛
337¼ National Ex ●
407¼ +1¼ 3.3 15.8
210¾
151¾ Rockwell $
171
-1¾ 2.0
0.9
86½
64⅝ Nthn Venture
66¼
— 16.6
70
8255
5540 Randgold Res
5724* -18 2.5 27.0
8967
6027⅜ PaddyPwrBet
10-year Government Bonds
3.1
⅜
-⅝ 4.5 12.0
Retailers +0.26%
3387
2386 Ass Brit Fds
2613 -18 1.6 17.2
346
288½ BlckRck Grt Euro
321
-1½ 1.7
343
The share prices, price-earnings ratios and dividend yields
below are supplied by Interactive Data (Europe) Ltd. The
yields are calculated using historic dividend payments divided
by the closing share price multiplied by 100.
154
118 Carr’s Grp
145
+1 2.8 18.8
214
185 BlckRck Inc&Grth Inv 198
— 3.3
205
361
2711
2084 Coca-Cola HBC
2487
-9 1.9 24.3
501½
400½ BlackRock Latin
470
-2 2.0
553
250
31⅞ Carpetright
Aerospace & defence -0.20%
3497¾ 2524 Cranswick ●
2908
-6 1.6 21.7
171
144 BlckRck NrthAmerInc 152
-1½ 5.3
164
708½
571⅞ Dairy Farm
540½ +8 4.2 19.7
52 week
High Low (p) Stock
Price (p) +/- Yld
1134¾ BlackRock Small
+6 2.2 22.9
516
394¼ BlkRk Throg Tst
+5
-8.5
425
307⅛ BlackRock Wld M
562⅜ +3⅜ 5.0 10.2
226
202½ Highbridge MultiStrt 221½
-½
479¾ Dairy Crest ●
900
670½ Hilton Food
858
365
284 REA Hldgs
295
796½
522⅝ Tate & Lyle ●
682½
533½ BAE Systems
605¼* +4¼ 3.6 22.6
217
162 Chemring
213*
150¼
111⅛ Cobham ●
116¼ +¼
322⅞
190¼ Qinetiq ●
225¼ +2¼ 2.7 10.5
994½
799½ Rolls-Royce
852⅜ -13¾ 1.4
310⅜
206¼ Senior ●
299⅜ +⅝ 2.3 20.8
213
119¾ Centrica
146⅝ +⅜ 8.2 24.4
1426* +21 3.5 21.5
947¼
577⅜ Pennon Gp ●
2575
1078
2218⅝ 1138 Ultra ●
-½ 1.4 88.8
—
33.2
3
GKN
—
3866 -6½ 3.3 20.4
459⅞* -8 2.0 15.7
150 Findel
652⅝ -4¼ 5.5 16.4
201
176¾ City Merchants HY 192½* -1¼ 5.2
189
1664 Severn Trent
1860 -21½ 4.5 12.7
130⅝
106 City Nat Res H Yld
120 +2½ 4.3
648⅝ Utd Utilities
703¾ -13⅜ 5.6 11.1
444⅝
392 City of Lon ●
498
786
260 +2½ —
-3.9
1687⅞ 934⅜ TUI AG
1346⅛
953 Wetherspoon ●
3499⅞ Whitbread
—
83⅛
71⅝ Akzo Nobel €
78
-½ 3.2
1.3
1647½ +23½ 3.5 17.1
97½
77⅛ BMW €
91¼
+⅛ 4.4
2.6
1188 +22 1.0 23.1
23⅝
15½ Carrefour €
16½
… 2.8
1.4
257⅜
186½ Continental AG €
223 +2¾ 2.0
3.3
369¾
285¼ Kingfisher
309⅜ +⅜ 3.5 14.0
1600
1225 Arbuthnot
1480
144
131½
78½ Lookers
96⅜
-⅝ 4.0
2580
1790 BrooksMacdonald
424½ +1 4.2
415
397¾
262 Marks & Spen
284 +3⅜ 6.6 39.4
1¼
⅞
330¼ Dunedin Ent
377
— 5.0
439
254⅜
203¼ Morrison (WM)
235¼ +⅞ 2.6 17.7
345½
608 Edinburgh Inv Tr ●
670
+4 3.9
730
137⅛
18⅛
16
820
541½ Edin Worldwide
780
+5
764
5355
3565 Next
5208 -12 4.8 12.5
2793½
820 ElectraPrivEq
820
-10 — 1114
603¼
235¾ Ocado ●
531⅝ -5⅝ —
—
311
+3 1.7
+¼ 5.6
7.5
433
308 Charles Stanley
345
— 2.0 27.9
331
286 EP Global Opp
707¼ +6 5.2 20.6
62⅜
62 El Oro
67
— 3.6
1360
1175 European Assets
—
—
330
13 Mothercare
…
—
8.0
3.8
39¼
20 Pendragon
27¾*
1227½* — 6.4 1217
213⅞
108 Saga ●
132⅜ +2⅞ 6.8 10.8
4232
-3 2.3 18.3
76½
59 Daimler €
65⅜
+¼ 5.6
2.7
72⅛
61⅞ Danone €
65⅞
-½ 2.9
1.8
-5 2.2 33.7
41⅜
30½ Deutsche Post €
38
+¼ 3.0
1.9
1875* — 2.3 43.7
18⅛
12¾ Deutsche Tele €
14¼
+⅛ 4.6
0.9
91⅜
79⅝ Heineken €
86⅝
-1⅞ 1.7
2.3
1⅛
+⅛
2⅝ Central Asia Met
307
-7½ 5.4 14.7
283
204¾ LVMH €
281 +1¾ 1.8
2.0
8⅛ Ceres Power
13⅛
+⅝
60
50⅜ LafargeHolcim SFr
55⅛
-¼ 3.6
2.7
1270
780 Churchill China
1015 +55 2.4 17.4
31¼
15¾ Lufthansa €
26½
+¼ 3.0
4.8
460
3¼ Cohort
342½ +1 2.2 37.7
6
3¾ Nokia OYJ €
4⅞
… 3.9
1.7
862 +12 0.6 16.6
130⅞
111⅝ Michelin €
118¼ +1 3.0
2.6
1⅜
—
141⅞
112⅛ Pernod Ricard €
136½ -2½ 1.5
2.2
878½
4¼
Cambria Africa
484¾ Dart Group
1
Deltex Medical
—
0
— -13.2
—
-1.5
974
826 The Europ InvTr
908
-3 2.5 1030
339⅞
222⅜ Sainsbury J
266¾ +2¾ 3.6 15.2
61⅞
40 Elecosoft
59*
-2 1.0 23.6
21
16½ Peugeot €
20¾
… 2.6
4.1
408¼
352 Fidelity Asian V
390
-5 1.3
400
2347
1635 Smith WH ●
1945 +13 2.6 18.6
129
98¾ Finsbury Food
127*
— 2.4 17.9
36⅛
29¼ Philips (Kon) €
34¾ +1⅞ 2.3
1.9
1089 +13 2.6 14.6
263
190¼ Fidlty Chna Sp Sits ● 235½ +1½ 1.1
268
424⅜
280¼ Sports Direct ●
391⅛ +3¾ —
9.9
62½
21⅝ Futura Medical
33½
-½
— -10.4
133½
99¾ Siemens €
108½ +⅛ 3.4
1.8
-6 4.1 11.4
235
194¾ Fidelity Euro V ●
212½* +1 2.0
238
242¾
165⅜ Tesco
239¾ +⅜ 1.3 16.2
15½
5½ Gaming Realms
8
…
—
52¼
41⅞ Societe Gen €
46
+⅜ 4.8
1.3
138
-¼
19.6
160
105¾ Fidelity Japan V
150
—
—
164
Support services +0.37%
588
+8 2.7 38.8
274
228 Fidelity Sp V
262
+4 1.8
269
44
73⅝
62¼ Lloyds Bk Gp
66½*
1935
1258 Hargreaves L
304¼
237¾ Ryl Bk Scot
275⅞ +1¾ —
43.8
868½
520 IG Group ●
796
541¾
387⅛ Santander
481 +1⅛ 3.2 13.9
1204
760 Intermediate C ●
2500
1485¼ Secure Trust Bk
2055 -30 3.8 19.1
649⅜
451¼ Investec ●
577⅝
864¼
678¾ Standard Ch
764¾* +¼ 1.0 45.4
158⅜
99¾ IP Group ●
336½
250¼ Virgin Money ●
283¾* +5½ 2.1
620
425 Liontrust
-3 2.8 48.9
578 +2½ 4.6 13.4
AIM +0.88%
1520* +3 4.0 11.8
257
503 Dunelm ●
377⅝ +4 4.7 13.2
621½ HSBC
155½ Stock Spirits
760
486¾ +⅝ 2.3 16.3
1315 Close Bros ●
14.9
223
—
282 Howden Joinery ●
1715
Chemicals +0.61%
1798⅝ 1253¾ Ryanair
305⅜ Halfords ●
798⅝
320
Europeans +0.22%
5.7
158⅛ +¾ 7.5 28.7
379⅜
5⅝ NEX Group ●
0.7
1371⅛ +10⅞ —
-⅛ 12.7
22⅞
122¾ +⅛ 0.5
596¾
148⅝ Man Group ●
4.2
-⅝ 3.2
87¾ Thomas Cook ●
156
219¼
… 1.7
31
124⅜ Stagecoach ●
—
1018
100¼
27⅛ Xerox $
217⅝
2750 +70 2.0 3322
+3 3.7 16.8
96¼ Walt Disney $
37⅜
132¼
115½
-⅝ 4.1 22.0
712
116⅛
291¼ -5¾ 6.0 17.7
8.6
111⅞ Candover #
2451½ -13½ 2.6 23.1
173⅝ +⅝ 4.3 10.7
229¼ Restaurant Gp
8.2
2488 Caledonia ●
362⅜
657½ Britvic ●
169⅝ Rank Group ●
381¾
4333
320¼ Brewin D ●
839
250
34.5
1221* -6 2.6 21.6
399⅜
2735½ 2186½ Diageo
-2½ —
-2 5.4
144
41 Lon. Fin. & Inv.
34½
208¼
3020
3178 Lon Stock Ex
1.6
1001 -14 2.4
1400¼ 1041 Greggs ●
4371
-⅝ 2.4
734⅞ Dignity
270
216⅜ +⅞ 3.0 -21.0
47
86⅜
145¾ Dixons Carph ●
792
177¼ Barclays
Beverages -0.52%
2.1
73⅛ Wal Mart Strs $
2777
748
225½
7.5
-¼ 2.3
110
349⅝
841
87
122⅞
823¾ -7⅝ 3.8 12.8
439
— 2.2
416¼ -3¼ 4.0 16.6
109⅛ United Tech $
670 Playtech ●
573
+3 1.7
318⅞ Ashmore ●
139¼
1020
+3 1.8
510
660 British Empire Trust ● 704
447¼
7320* +15 2.7 28.4
-1 6.9 13.1
384½* -1 4.1
680½ Brunner
General financial -0.03%
7.4
206
602¼* +2½ 2.5 28.2
20 Debenhams
755
Banks +0.63%
+¾ 4.6 15.1
53½
796
Gas & Water -0.67%
-3.7
Automobiles & parts -1.71%
482¼
4557½ 3678½ Unilever
1400 +25 1.6 1557
1415
654
P/E
163¾ Brown N
9.3
1750½ +14½ 1.7 39.2
+6 4.1 17.2
—
— 2.5 12.6
778
689¼ Finsbury Gwth ●
754*
-4 1.9
749
4215 -35 1.2 28.8
678
555½ Foreign & Col ●
649*
+5 1.6
662
186 +1¾ 4.3 16.7
338
301¼ F&C Cap & Inc
321
-4 3.3
324
High Low (p) Stock
988½ -1½ 3.1
2.8
152¼
133⅞ F&C ComProp ●
144¼* -⅝ 4.2
139
268
234 Pacific Assets
52 week
52 week
10⅝ Suez Environ €
11¾
-⅛ 5.5
1.1
104⅜
83¼ Thales €
103¾ +⅜ 1.7
2.7
140 Gattaca
157¾ -3¼ 12.7
130⅜ Highland Gold
145⅝
994½
638⅝ Aggreko ●
743⅝* +4¼ 3.6 17.9
37
19 Hornby
24½
—
—
-1.9
50⅞
42¼ Total €
51⅛
+½ 5.0
1.2
1476 Ashtead Gp
2094 +23 1.3 20.8
70⅜
51 Inland Homes
63⅞
-2⅛ 2.9
8.2
19¾
15¼ UBS AG SFr
16¾
-⅜ 3.9
1.3
56.4
191¾
128 Volkswagen €
168¼ -1½ 2.3
2.6
NAV
High
1030
604 Babcock Intl ●
744⅜
-¼ 3.8 12.0
181½
55⅜ IQE
117⅞ +8¼ —
-1 1.0
265
4226½ 2882½ Rio Tinto
3948½ -38½ 5.4 11.2
230
145¼ BCA Marketplace ●
183
-3¾ 3.9 35.2
545
373 James Halstead
384
1895
—
981¾
738¾ -3¼ 5.7 -125.7
2472
1918½ Bunzl
2075 -55 2.2 22.0
⅞
721
127⅝ Capita ●
180¾ +21 6.1
-2.3
183
126 LPA Gp
156½
228¼
12½ Carillion #
14¼
—
0.5
430
290 M&C Saatchi
556
400¼ Paragon ●
524 +4½ 3.0 12.2
211⅜
177¼ F&C Mgd G
198
—
197
1929
1720 Pantheon ●
75½ Park Group
79¾
— 3.7 14.8
146
127 F&C Mgd I
135 +1½ 4.1
133
411⅝
329½ Perpetual Inc & Gr ● 356 +1½ 3.9
2402⅞ 312⅛ Provident Fin ●
695¾ +5⅜ — -10.5
366
307 F&C Priv Eq Ord
352*
+3 4.0
348
41680
38700 Personal Ass ●
— 2213
396
558½ Vedanta Res ●
Price (p) +/- Yld
P/E
Oil & Gas +0.89%
39100 -150 1.4 38701
6.7
2185
250
92
—
17
-¼ 7.1 10.1
339
181
Price (p) +/- Yld
Low Stock
-3.1
—
½
Kellan Gp
-11 3.4 21.8
Recent issues
—
— 1.7 10.9
52 week
High Low (p) Stock
366
-2 2.6
3¼
+1 2.9 14.7
¾
—
5.8
—
4691
3533 Croda
4610* +23 1.8 25.5
2842
2254 Rathbone Bros ●
2284* -18 2.7 24.6
1420
1255 F&C Glob SmCo ●
1335 +5 0.9 1362
88⅞
81¼ Picton Prop Inc
88⅜
+⅜ 4.0
88
536¼
437 BP
521⅝ +3⅜ 5.5
—
299
219⅝ Charles Taylor
265
-7 4.2 20.2
49⅛
34¾ Miton Group
48*
3511
2681 Johnson Mat
3293 +28 2.3 16.4
2567
1870 S & U
2525 +75 4.2 12.4
108
94½ F&C UKHighIncTst
98*
+1 5.0
107
173¾
109 PremierGlblInfra
127
— 7.9
143
237
164¼ Cairn Energy ●
226⅝ +4⅝ —
6.9
73
46¼ Communisis
62¼* -4¼ 4.3 11.0
233
75 Mpac Group
228½ +2½ —
2772
1826 Victrex ●
2732 +6 2.0 23.5
3784
3060 Schroders
3275* -8 3.5 15.2
109
99 F&C UKRealEstInv
107
-1 4.7
104
2010
1812 RIT Cap Ptnrs ●
1978* +24 1.7 1843
45¼
22½ EnQuest
36¾
-9.5
711½
438⅛ De La Rue
512
+5 4.9 13.0
220
153 MS Intl
185 +1½ 4.5 20.3
560⅝
428½ TP ICAP ●
472*
+1 3.6 29.9
305
265 Hend Alt Strat
267
-1 1.8
335
242
218⅜ Ruffer Inv Pref
228
-1 0.8
225
815
376½ Hunting ●
787½ +1½ — -67.0
7762½ 6445 DCC
6770 -55 1.7 27.8
410
230½ Numis
399
+1 3.0 14.6
97⅝
86⅜ Hend Div Inc Tst
91⅜
-¾ 4.8
88
383⅛
280 Schroder Asian TR
344*
-6 1.4
338
862⅛
4¼ Petrofac ●
619¼ +19⅝ 4.4 -101.6
588½
405¼ Essentra ●
450¾* +15¼ 4.6 10.3
174
151 Oakley Capital
166*
201½
165 Hend High Inc
181*
— 5.2
183
383
337 Scot American
360
-3 3.1
347
104½
42¾ Premier Oil
92¾
-2.6
1708
1428 Experian
1640 +33½ 1.9 24.8
45
880
— 2.2 1004
973½
771 Scot Invest ●
828*
+8 2.4
902
2579½ 1982½ Royal D Shell A
2519½ +22½ 5.3 22.2
5722
4427 Ferguson
5620* -10 2.0 18.0
103½
1022½ +2½ 2.0 1236
479¼
361⅛ Scot Mortgage
463
-¼ 0.6
451
2617
2037 Royal D Shell B
2575½ +27½ 5.2 22.7
342⅝
233¾ G4S
256¾ -1¾ 3.8 16.9
87⅛ Soco Intl
101⅜
Construction +0.18%
Healthcare +0.05%
193
115 Alumasc
311¾
252½ Balfour Beatty ●
705½
6¼ Barratt Dev
139
— 5.2
7.6
289¼* -1⅜ 1.2 11.9
349⅛
181⅜ ConvaTec Grp ●
215½* -1½ 1.9 37.6
904
728½ Hend Smaller Co
562¾* +3¼ 7.7
9.2
3728
1868 NMC Health
3560 -128 0.4 54.6
1110
890 Hend Opp
3805
2718 Bellway ●
3323 +16 4.0
9.0
890⅛
495⅜ Mediclinic Int
686⅜ -4¼ 1.2 22.1
1240
928¾ Herald Inv ●
1240 +25 — 1398
177¼
155½ Sec Tst of Scot
162* +1½ 3.7
175
150
4270
3031 Berkeley Grp
3992 +26 2.7
8.5
1442
1173 Smith & Nep
1389* +37 1.8 22.1
1825
1476½ HgCapital
1800* +2½ 2.6 1879
179⅞
167 Seneca Global
172½ +½ 3.7
172
Pharmaceuticals +0.73%
354
240 Boot H
293
+3 2.7
9.1
Household goods -1.54%
502
431 Stand Life Eq Inc
467
-3 4.0
483
84⅛
-1¼ —
21.2
90½
74 Breedon Group
461½* +1½ 3.0 14.8
494½
419½ Costain
648½
429¾ Crest Nicholson ●
2955
27 CRH
501½
-2 6.6
7.6
2528* +3 2.4 12.7
175½
133 HICL Infrastructure ●143¾ +⅞ 5.5
147
-3.0
243
—
—
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74⅞ Prime People
80½
— 6.2
6.1
602
384 Restore
564
-1 0.9 81.7
OneView Group
206¼
155 Hays ●
180
+⅜ 1.8 20.6
28
17¾ Rockhopper Exp
25¾
+¼
872
656½ Homeserve ●
736½
— 2.2 30.7
29
22⅛ Share
27
— 1.5
249¾
52¾ Interserve
85½
+⅛ 9.5
35
17¾ Sinclair Ph
18
-⅝
—
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—
22.4
-1.2
812
+6 2.6
912
406½
325 TR Property ●
399 +1½ 2.8
404
5520
4260 AstraZeneca
5015 +39 4.0 29.5
5470
3930 Intertek Group
4906 -20 1.5 27.5
57½
19 SRT Marine Sys
25½
518 Intl Biotech Tst
546
-3 4.9
585
830
644½ Tmpletn Em Mt ●
730
+4 1.1
831
784
540 BTG ●
672 +8½ —
392
188⅞ IWG ●
261½ -1⅛ 2.2 21.1
188
118 StatPro
169½ +12 1.7 -47.1
235
148¾ McBride
157¼ +1⅝ 2.8 32.1
312
250⅞ Invesco Asia Trust
280 +2½ 1.5
319
83½
72⅝ Troy Inc & Gr
75⅝*
+¾ 3.5
75
2840
1622 Dechra Pharma ●
2760 +14 0.8 98.3
151¾
1⅜ Johnson Serv
138⅝* +¾ 2.0 19.8
16
12½ Sterling Energy
13⅝
+¼
367¾
199¾ PZ Cussons ●
244⅜ +1⅜ 3.4 15.9
309½
260 Invesco Inc Gth Tr
276
+1 4.0
316
180
150 UIL Ord
165
— 4.5
274
2622
1652 Genus ●
2608 +68 0.9 48.5
750
619 Menzies J
94½
67 Tribal Gp
81¾
-½ 1.2 62.8
6.3
84⅛
73½ InvesPerp Enhc Inc 76⅝* -3⅝ 6.5
74
159¼
153¼ UIL Fin ZDP 18
159
—
—
155
1724½ 1179⅜ GlaxoSmKline
1445 +15 5.5 46.0
313½
146¾ MITIE Gp
189¾ +4¼ 0.7
-3.6
⅛
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144
129 InvesPerp Bal Rk
139
—
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140
145
133⅛ UIL Fin ZDP 20
143
—
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130
2000
814¼ Hikma ●
1258* +50 1.9
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238¼ Rentokil
290⅞* +4⅝ 1.3
7.8
245⅜
194½
167 InvesPerp Sel UK E
182
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186
127⅞
109¼ UIL Fin ZDP 22
125½
—
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447⅝
246½ Indivior ●
446½ +10⅛ —
77.9
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691 Ricardo Gp
976
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214
186½ InvesPerp Sel Gbl E 201
— 3.3
205
234⅝
194⅞ Utilico Emerg
212⅝ -4⅜ 3.3
244
249
3.6
739⅞
380½ Robt Walters
726
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1570
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184⅞
116½ SIG ●
145⅜ +⅛ 2.6 -14.4
123⅝
82¼ Serco Group
1709
1192 Travis P ●
760
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8110⅜ 4973⅜ Reckitt Benck
5513* -112 3.0
426¼
-⅜ 3.3 19.8
2102
1590
1520
1040 Morgan Sindall
1358
-2 3.3 11.4
Information technology +0.61%
379⅞
252 Nth Midland Con
312
— 1.9 42.7
2901
2214 Persimmon
2721 +4 8.6 10.7
25
17⅛ BSD Crown
19½
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527½
457 InvesPerp UK Sm Co 512
-5 4.1
541
1118
970 Witan ●
1046 +6 2.2 1060
673½
536 Redrow
635* -1½ 3.1
560
421 CML Micro
552½ +20 1.3 23.9
419¼
363½ JPM American
389*
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355
304¼ Witan Pacific
320
211⅞
173 Taylor Wimpey
298¼ JPM Asian
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387
2707
2269 Worldw HealthTr ● 2425
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381⅞
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288½ Microgen
450
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59 JPM Brazil Inv
+1 1.5
372
5021
29 Premier Vet
2940½ Shire
38
—
—
Property +0.24%
— 0.9 2419
Net Asset Values © 2018 Morningstar Estimated at previous
67¼
56⅝ Assura ●
58
+⅛ 4.3
—
642
●
98
-18 3.2 42.5
+¼
— -4900.0
1305½* -9½ 3.5 14.0
Telecommunications +1.54%
⅛
Union Jack Oil
115 Walker Green
1⅞ Xtract Resources
1286 Young & Co - A
⅛
—
—
—
-½ 3.7 13.7
2⅝
—
—
1324⅜ 1010 Young & Co - N/V 1225 — 1.6 22.2
The Alternative Investment Market is for young and growing
companies. Shares may carry higher risks than those with a full
quotation, and may be difficult to sell.
2970½
26¾ Micro Focus Intl
1316 +17½ 5.7 24.7
346¾
216¾ JPM Chinese
285
-4½ 0.6
333
917½
722 Big Yellow Gp ●
912½ +12½ 3.2
—
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—
674½
333 SDL
395
+5 1.6 11.4
760
659½ JPM Claverh’se
734
-2 3.7
754
695
589 Brit Land
664*
-2 4.5
—
318
216⅜ BT Group
243¾ +2 6.3 12.7
High
Low Stock
Price +/- GrsYd Cvr
430
246½ discoverIE Grp
420
-10 2.1 79.2
825¼
536¼ Sage Gp
631
+¼ 2.4 22.7
833⅜
716½ JPM ElecManGth
792½ +5 1.4
811
256⅜
185⅛ CLS Hldgs ●
237½* +5½ 2.7
6.1
865
334¼ Inmarsat ●
371½* -4¼ 6.5 13.0
39⅛
24¾ 21st Cent Fox A $
36¾
… 1.0
2.2
1341
1023 Halma
1239 +9 1.1 36.2
131
1⅛ Spirent
121
104 JPM ElecManInc
112
115
62¾
+⅛ 7.0
—
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85¼ KCOM Group
104 +4¾ 5.8 21.4
62⅜
29½ Alcoa $
52⅝
-7⅜ —
—
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50 Cap&Regional
52⅛*
102
101¾ RM ZDP
101½
—
—
100
169⅞
155 SimplyBiz Grp
162½
-½
—
—
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
●
FTSE250 Stocks
† Ex-scrip
# Suspended
‡ Ex-all
Cover relates to the previous year’s dividend.
Yields are net of basic rate tax.
Data is provided for information purposes only and is
not intended for trading purposes. Speak with a
financial advisor before using any data to make
transactions.
Americans +0.07%
520
121⅜* +¾ 2.5 35.7
-3.4
-0.2
1570 +17½ 1.2 25.5
480 Dialight
day’s close see www.Morningstar.co.uk.
—
-2.8
117
52 week
P/E
—
-4.6
1099
—
3
—
700½ ICG Enterprise Tst
77.2
Price (p) +/- Yld
Crusader Resources
— -26.8
650
360¼ Marshalls ●
194¾* +¾ 7.8 11.5
-¼ 5.2
— 2.7
10
8
858
681½ Grafton Gp ●
Electricals +1.28%
—
1738 +3 2.3 26.6
851
9.0
+3
—
1481½ Burberry
2024
486⅝
●
-¼
27.2
3
The Daily Telegraph Tuesday 24 April 2018
7
**
Business
Warm reception for energy small fry
IAIN WITHERS
RS
PORT
MARKET REPORT
Results roundup
Company
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
Fin – (–)
-24.0m (-11.7m)
-31.41 (-15.21)
n/a (n/a)
–
–
-7.7m (-9.5m)
-0.10 (-0.36)
n/a (n/a)
–
–
Fin 4.2bn (4.4bn)
-513.1m (-89.8m)
-80.14 (-14.27)
0.000 (20.600)
–
–
Fin 15.5m (10.2m)
229k (-1.4m)
0.37 (-1.49)
0.000 (0.000)
–
–
Capita
ENERGY sector minnows San Leon
and Rotork enjoyed a gushing
reception from City investors on a
quiet day for corporate reporting in
London. Oil explorer San Leon made a
comeback on junior market Aim after
resuming trading after a four-month
absence.
Shares had been suspended in the
North Africa-focused firm after it
received a reverse takeover proposal
from Nigerian rival Midwestern last
September. But San Leon confirmed
yesterday that it had rebuffed its
suitor, sending its shares up 6.4p, or
26pc, on its return to 31p. Its stock had
been suspended at just under 25p.
Industrial group Rotork was the
second biggest riser in the FTSE 250
– after Capita – after reporting a 10.2pc
jump in first-quarter revenue on the
back of a surge in demand from oil and
gas producers.
Rotork said its energy sector
customers were spending more on
upgrades and maintenance to make up
for sluggish investment in previous
years, sending orders up 21pc.
The company’s shares hit an all-time
high of 335.9p before dipping slightly
to close up 32.7p at 331.6p.
Among the biggest fallers was FTSE
XD
Fin 1.9m (635k)
Arix Bioscience
FairFX Group
Winners and losers (pc)
Turnover (£)
4D Pharma
Fidelity Asian Values
Int – (–)
1.8m (2.9m)
1.71 (3.53)
0.000 (0.000)
–
–
Fin 155.9m (119.4m)
3.6m (11.2m)
4.00 (16.00)
n/a (n/a)
–
–
ICG Enterprise Trust
Fin – (–)
18.9m (7.0m)
23.76 (8.13)
6.000 (10.000)
Jul 13
Jun 21
Lok’n Store Group
Int – (–)
2.5m (2.1m)
6.70 (6.91)
3.330 (7.000)
Jun 15
May 03
GBGI $
BUSINESS BULLETIN
Tax Systems
Fin 15.1m (5.8m)
-1.9m (-4.0m)
-0.59 (-9.82)
n/a (n/a)
–
–
Utilitywise
Int 39.7m (38.4m)
950k (-12.9m)
1.20 (-15.80)
0.000 (2.300)
–
–
Ç Telecommunications
1.54
Ç Electricals
1.28
Ç Insurance
1.12
Ç Tobaccos
1.1
Ç Oil & Gas
0.89
Ç AIM
0.88
Ç Pharmaceuticals
0.73
move means the contract will now be
fought for by just two companies, the
incumbent Stagecoach and Deutsche
Bahn-owned Arriva.
The decision by FirstGroup and its
bidding partner Trenitalia comes just
weeks after it rejected a takeover bid
by US private equity firm Apollo
Management without disclosing the
details of the offer to shareholders.
FirstGroup’s shares, which rose
more than 7pc to 101.8p on April 11, the
day the approach was announced,
slipped 2.5p to 113.5p yesterday.
FirstGroup said both it and
Trenitalia would instead focus on a bid
for the West Coast Partnership
franchise, the winner of which will be
the first operator of HS2. FirstGroup
already runs Great Western Railway
out of Paddington and South Western
Railway to the South West, as well as
the TransPennine Express.
Ç Banks
0.63
Ç Chemicals
0.61
È Media
-0.22
È Food producers
-0.27
È Mining
-0.31
È Transport
-0.46
È Beverages
-0.52
È Gas & Water
-0.67
È Electricity
-1.48
È Household goods
-1.54
È Automobiles & parts
-1.71
Competition watchdog
backs Co-op’s Nisa buy
BHP Billiton has been given another
two months to come to an agreement
with prosecutors in Brazil over a mining
disaster which killed 19 people in 2015,
after the deadline was pushed back for a
third time, to June 25. BHP said the
extension will allow it to “continue
discussions” on the Samarco settlement,
which is expected to include a two-year
pause on compensation demands.
The competition watchdog has waved
through the Co-operative Group’s
£137.5m takeover of corner shop chain
Nisa, saying the deal will not leave
shoppers worse off. The Competition
and Markets Authority has backed the
proposed tie-up after an opening probe
failed to throw up any concerns. Co-op
won approval for the deal from Nisa
members in November.
Valentine’s Day proposals Netflix to raise $1.5bn in
help Petra’s sales to soar debt for content splurge
www.theice.com/data
250 drug firm Vectura, where shares
fell 11.05p to 87p as investors
continued to digest news on Friday of
its chief financial officer’s departure to
take up a role at diagnostics company
Unilabs.
The fall came despite the
appointment of Anne Whitaker – a
pharma veteran with stints at GSK and
Sanofi under her belt – to the board as
a non-executive director.
Vectura shares have had a volatile
year as it works with partner Hikma to
try to win US approval for a generic
inhaler to rival GSK’s top-selling
asthma drug Advair. The pair were
knocked back by the US Food and
Drug Administration last year.
The embattled bus and rail operator
FirstGroup was also down after it
revealed it had pulled out of bidding
for the East Midlands rail franchise
which is currently up for tender. The
BHP granted extra time
to agree Samarco deal
Romantics popping the big question on
Valentine’s Day helped diamond miner
Petra post a 44pc surge in sales,
reassuring investors after a series of
setbacks for the London-listed firm.
Petra’s mines produced 1.2m carats of
diamonds in the three months to March,
a 20pc year-on-year increase and the
most it has ever produced in a quarter.
Netflix is looking to raise $1.5bn (£1.1bn)
in debt, on top of the $1.6bn it raised last
October, as it ramps up spending on
original content. The streaming giant
earlier this month said it expected to
spend around $8bn on content in 2018,
up from $6.3bn in 2017. Its long-term
debt stood at $6.5bn at the end of the
first quarter.
Harwood to take over
Richard Desmond’s go-to
retirement group Plan65 law firm to float in May
Wealth manager Harwood Wealth is
buying the assets of retirement advisory
firm Plan65 for £1.56m, which it says
will be integrated into its subsidiary
Compass Wealth Management
Consultants. The two founders of
Plan65, Keith Turner and Doug Rae,
both plan to retire once the
deal completes.
A City law group whose long-standing
clients include newspaper baron
Richard Desmond is on the cusp of
becoming the fourth ever UK legal firm
to go public. Rosenblatt, founded by
music lawyer Ian Rosenblatt in 1989,
plans to float in London on May 8, just
months after Keystone Law became the
country’s third law firm to list.
Market data
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
World market indices
Name
Index
Init chge
Mid
Sell
Change
Buy on day
Change
Mid
Change
Buy on day
Mid
Change
Buy on day
Discretionary Unit Fund
Multi-Mgr Inc&Gwth A Acc
5.00
*175.5000
+0.40
JPM Global Uncons Eq A Acc 3.00
*1307.0000
…
Multi-Mgr Inc&Gwth A Inc
5.25
*153.5000
+0.30
JPM Global Uncons Eq A Inc 3.00
*97.0800
Multi-Mgr Mangd A Acc†
5.00
*276.9000
+0.10
JPM Japan A Acc
3.00
Multi-Mgr Mangd A Inc†
5.00
*269.8000
+0.20
JPM Japan A Inc
Sterling Bond Acc†
4.25 *219.3100 228.7800
…
Sterling Bond Inc†
4.25 *64.4800 67.2500
…
JPM Multi-Asset Income A Inc 3.00
Strategic Bond A Inc
4.00
*122.5000
-0.10
JPM Multi-Asset Inc A Mth Inc 3.00
64.94
-0.11
UK Absolute Return A Acc
5.00
158.1000
+0.10
JPM Multi-Man Gwth A Acc
3.00
*985.2000
+2.2000
UK Alpha A Acc†
5.25
153.6000
+0.30
JPM Multi-Man Gwth A Inc
3.00
*901.5000
+2.1000
Jupiter Global Eq Inc Acc
UK & Irish Small Co A Acc
5.00
659.7000
+0.40
JPM Natural Res A Acc
3.00
*628.6000
+0.9000
Jupiter Global Eq Inc Inc
UK Equity Income A Inc
5.00
*638.7000
+1.80
JPM Natural Res A Inc
3.00
*44.0600
+0.0600
Jupiter Global Managed Acc
–
UK Index A Acc
–
622.0000
+0.50
JPM Sterling Corp Bd A Grs Acc 3.00
*92.2800
-0.0700
Jupiter Global Managed Inc
–
UK Tracker A Acc
–
278.7000
+0.10
JPM Sterling Corp Bd A Grs Inc 3.00
*55.3400
-0.0500
Jupiter Growth & Inc
–
US Growth A Acc
5.00
996.5000
+1.60
JPM UK Dynamic A Acc
3.00
*206.1000
+0.4000
Jupiter Income
JPM UK Dynamic A Inc
3.00
*162.5000
+0.2000
JPM UK Equity Core E Acc
–
*360.3000
–
Name
Init chge
Sell
Mid
Change
Buy on day
All Ordinaries
5976.00
+11.60
+0.19pc
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Ç Brazil
Bovespa
85602.49
+52.40
+0.06pc
Maitland Discretionary Inc
È China
Shanghai Composite
3068.01
-3.53
-0.11pc
CAC General
5438.55
+25.72
+0.48pc
DAX
12572.39
+31.89
+0.25pc
Hang Seng
30254.40
-163.93
-0.54pc
Ç Australia
Ç France
Ç Germany
È Hong Kong
Ç India
S&P CNX500
9373.40
+25.75
+0.28pc
È Japan
Nikkei
22088.04
-74.20
-0.33pc
È Russia
RTS
1144.66
-1.14
-0.10pc
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Straits Times
3579.54
+6.16
+0.17pc
Amer Gwth Acc
5.25
*589.0
-1.90
Madrid SE
1008.65
+4.21
+0.42pc
5.50
*169.2
+0.30
È Switzerland
Biotech Acc
SMI Index
8806.63
-1.17
-0.01pc
È USA
Dow Jones
24448.69
-14.25
-0.06pc
È USA
Nasdaq
7128.60
-17.53
-0.25pc
Commodities summary
Price
È Gold
per troy oz
È Silver
Change
-11.84
$1324.15
per oz
Ç Krugerrand
-0.89pc
£11.91
-0.30
-2.46pc
£952.25
+9.52
+1.01pc
Ç Brent Crude
Jupiter Euro Inc Inc
–
55.37
+0.02
M&G Global Dividend A Inc
4.00
*202.38
+0.15
-0.1700
Jupiter Euro Special Sits
–
412.70
-0.77
M&G Global Dividend A Acc
4.00
*277.99
+0.2
*65.4100
-0.1200
Jupiter Fin Opp
–
613.10
+4.05
M&G Glbl Emrgng Mkts A Inc 4.00
260.3
-1.32
Jupiter Fund Of Inv Trusts
–
252.68
+0.53
M&G Glbl Emrgng Mkts A Acc 4.00
281.78
-1.43
Jupiter Global Emg Acc
–
71.06
-0.07
M&G Glbl High Yld Bd A Inc
3.00
*50.34
-0.04
–
*70.42
+0.18
M&G Glbl High Yld Bd A Acc
3.00
*131.72
-0.08
–
*61.60
+0.15
M&G Global Macro Bd A Inc
3.00
82.05
+0.38
*229.27
+0.68
M&G Global Macro Bd A Acc
3.00
123.84
+0.56
*220.31
+0.66
M&G Global Themes A Inc
4.00
874.28
+0.14
103.14
+0.07
M&G Global Themes A Acc
4.00
1359.11
+0.21
–
569.20
+0.37
M&G Managed Growth A Inc 4.00
110.45
+0.12
Jupiter India Fd
–
123.66
+0.76
M&G Optimal Income A Inc
3.00
*149.74
-0.14
+0.5000
Jupiter Int Financials
–
95.51
+0.76
M&G Optimal Income A Acc
3.00
*211.59
*61.6600
+0.0800
Jupiter Japan Inc Fd Acc
–
116.32
+0.45
M&G Property Portfolio A Inc
Cash Fd Y
–
100.03
+0.01
JPM UK Equity Core E Inc
Cash Fd Y Accum.Units
–
100.35
+0.01
JPM UK Equity Gwth A Acc
3.00
*144.4000
+0.4000
Jupiter Japan Inc Fd Inc
–
91.09
+0.36
M&G Recovery A Inc
4.00
142.55
JPM UK Equity Gwth A Inc
3.00
*129.5000
+0.4000
Jupiter Merlin Bal Prtfo Acc
–
181.59
-0.10
M&G Recovery A Acc
4.00
333.45
+0.9
JPM UK Higher Inc A Acc
3.00
*1095.0000
+2.0000
Jupiter Merlin Bal Prtfo Inc
–
126.86
-0.07
M&G Strategic Corp Bd A Inc 3.00
*75.34
-0.09
-0.15
Income Funds
-4.04pc
-0.26pc
Managed Income Acc
5.25
*993.2
+0.40
Enhanced Inc Fd
3.50
106.3
+0.1
-2.07pc
Monthly Inc Inc
5.25
*255.7
-0.10
Extra Income Fd
3.50
27.59
-0.02
Monthly Inc Acc
5.25
*620.2
-0.20
Moneybuilder Bal
–
48.68
+0.01
Moneybuilder Inc
–
36.36
-0.06
+5.81
+0.25pc
£1616.24
-158.70
-8.94pc
UK Growth Acc
5.25
302.3
+0.10
£10237.29
-356.02
-3.36pc
UK Select Opps R Inc
5.25
*1925.0
+11.00
UK Select Opps R Acc
5.25
*3530.0
+20.00
UK Smllr Cos Acc
5.25
309.0
+2.20
+0.88pc
+0.1000
*94.7600
+6.00
-29.56
+0.65
*110.6000
1762.0
-13.01
$74.71
3.00
JPM Multi-Asset Income A Acc 3.00
5.50
†Available as an ISA
Investment Funds (OEIC)
-319.52
Jun settlement
-0.13
Health Acc
+0.1
£4966.31
*Copyright Baltic Exchange Information Services Ltd.
*170.0
-0.70
134.5
£15126.53
+0.14pc
4.00
107.4
3.50
grade A
+1.95pc
M&G Episode Income A Acc
5.25
Wealthbuilder
high grade
+0.20
+0.03
Global Tech
+0.10
+25.00
80.71
-1.00
*141.8
1306.00
–
*1246.0
5.25
£143.20
Jupiter Euro Inc Acc
5.25
Managed Income Inc
per tonne
+0.3000
Global Opp Inc
-0.19pc
Ç Baltic Dry Index*
-0.1
*459.3000
-1.00
-1.24
Ç Wheat
*129.98
*1412.0
£649.66
£2316.65
4.00
5.25
-0.20
high grade
M&G Episode Income A Inc
Global Opp Acc
+0.10
special high grade
+1.09
+3.30
593.9
È Nickel
2151.70
*672.3
385.9
È Aluminium
–
5.25
5.25
Ç Zinc
Jupiter European
AXA IM Funds www.axa-im.co.uk
Growth & Income Funds
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
£ > € Rate 1.1414 Change -0.07¢ £ > $ Rate 1.3949 Change -0.74¢
Tourist £1= Sterling £1=
1 Euro =
Pan Euro HY Bond Inc
5.25
*32.34
…
Pan Euro HY Bond Acc
5.25
*104.9
…
1 Dollar =
–
117.1
117.1
-0.2
-0.11
+0.39
JPM UK Higher Inc A Inc
3.00
*569.7000
+1.0000
Jupiter Merlin Conserv Prtfo Acc–
*57.62
-0.23
M&G Strategic Corp Bd A Acc 3.00
*116.51
JPM UK Sm Cos A Acc
3.00
494.0000
+1.4000
Jupiter Merlin Conserv Prtfo Inc–
*49.84
-0.18
M&G UK Inc Distribution A Inc 4.00
*778.18
+0.7
JPM UK Sm Cos A Inc
3.00
94.3200
+0.2700
Jupiter Merlin Grth Prtfo Acc –
*403.44
-0.41
M&G UK Inc Distribution A Acc 4.00
*7080.06
+6.42
-0.01
JPM America Eq A Acc
3.00
88.0500
-0.2100
JPM UK Strat Eq Inc A Acc
3.00
*191.2000
+0.4000
Jupiter Merlin Grth Prtfo Inc –
*392.09
-0.40
M&G UK Infl Lkd Corp A Inc
3.00
*114.76
JPM America Eq A Inc
3.00
88.0400
-0.2100
JPM UK Strat Eq Inc A Inc
3.00
*114.1000
+0.3000
Jupiter Merlin Inc Prtfo Acc
–
*295.03
-1.84
M&G UK Infl Lkd Corp A Acc 3.00
*118.38
-0.01
JPM Asia Growth A Acc
3.00
*205.2000
-0.1000
JPM Uncons Bond A Acc
3.00
*72.2600
+0.0300
Jupiter Merlin Inc Prtfo Inc
–
*132.56
-0.82
N.A.A.C.I.F. Inc
–
86.02
+0.08
–
8475.09
+8.04
Moneybldr Div
3.50
250.2
+0.2
JPM Asia Growth A Inc
3.00
*113.1000
-0.1000
JPM Uncons Bond A Inc
3.00
*57.2500
+0.0200
Jupiter Merlin WW Prtfo Acc –
289.24
-0.38
N.A.A.C.I.F. Acc
Moneybldr Gwth
–
78.81
+0.28
JPM Div Gth A Net ACC
3.00
260.2000
-1.0000
JPM US A Acc
3.00
*1024.0000
+2.0000
Jupiter Merlin WW Prtfo Inc –
289.22
-0.38
†CAR - Net Income reinvested.
Jupiter Monthly Inc Acc
–
*115.68
+0.26
Jupiter Monthly Inc Inc
–
*30.78
+0.07
146.68
+0.55
Growth Funds
Exchange rates
Sell
Financial Acc
5.25
-0.31pc
+0.14
+0.0100
Init chge
Unit Trust
Managed Balanced Acc
-5.14
61.25
Name
+0.80
Japan Acc
£1661.77
4.00
Sell
+0.30
-0.12pc
È Lead
M&G Episode Growth A Inc
Init chge
269.3
-0.43pc
£701.92
Change
Buy on day
-1.21
Name
878.2
-0.27
per oz
Mid
205.47
Sell
5.25
-4.06
È Palladium
Change
Buy on day
–
Init chge
5.25
£219.37
È Tin
Mid
Jupiter Emerg Euro Opps
Name
European Acc
£947.24
È Copper
Sell
Emerg Mkts Acc
È New Sovereign
per oz
Fidelity International
Init chge
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
È Maples
È Platinum
+13.6
AXA Investment Managers UK
Limited
Ç Spain
Ç Singapore
3.00 2361.68 2522.56
Name
American
3.50
3687
+9
Jupiter N.American Inc Acc
–
Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Australia
Amer Sp Sits
3.50
1490
+1
Jupiter N.American Inc Inc
–
122.22
+0.46
Aus $
1.7329
1.8312
1.6043
1.3128
Canada
Can $
1.7033
1.7898
1.5680
1.2831
European
3.50
2206
…
Jupiter Responsible Inc Fd Acc –
*115.09
+0.19
Balanced Inc
5.00
*328.90
Denmark
Krone
8.0909
8.5013
7.4478
6.0945
European Opps
3.50
509.8
+0.7
Jupiter Responsible Inc Fd Inc –
*73.02
+0.12
Balanced Acc
5.00
*422.00
…
Global Special Sits
3.50
3812
+2
Jupiter Strategic Bond Acc
97.16
-0.21
Equity Income
5.00
*349.80
…
Japan
3.50
360.5
+0.3
Jupiter Strategic Bond Inc
–
64.38
-0.14
Extra Income
5.00
*108.60
…
Japan Smaller Cos
3.50
317.7
+0.8
Jupiter Strategic Res Acc
–
53.48
+0.01
Growth
5.00
*392.70
…
Global Focus
3.50
1917
…
Jupiter Strategic Res Inc
–
52.06
+0.02
High Yield
5.00
*126.60
…
106.9000
+0.0900
Jupiter UK Growth
–
328.40
+0.26
Intntl Growth
5.00
*499.60
…
4022
+14
Jupiter UK Smaller Cos
–
369.97
+1.18
Jupiter UK Special Sits Inc
Euro
€
1.0902
1.1414
…
0.8183
HK $
10.4300
10.9413
9.5854
7.8438
India
Rupee
81.8200
92.6998
81.2129
66.4562
Israel
Shekels
4.4640
4.9411
4.3288
3.5423
Hong Kong
Japan
Kuwait
New Zealand
Yen
143.9300
151.2978
132.5497
108.4650
Dinar
…
0.4187
0.3668
0.3001
NZ $
1.8124
1.9492
1.7077
1.3974
Norway
Krone
10.4800
10.9935
9.6312
7.8812
Pakistan
Rupee
152.6200
161.2086
141.2323
115.5700
Saudi Arabia
Riyal
4.9157
5.2310
4.5828
3.7501
$
1.7225
1.8474
1.6184
1.3244
South Africa
Rand
16.0000
17.1224
15.0007
12.2750
Sweden
Krona
11.3200
11.8565
10.3872
8.4999
Singapore
Switzerland
Franc
1.3029
1.3633
1.1944
0.9774
Baht
39.4500
43.9534
38.5068
31.5100
Dirham
4.8315
5.1236
4.4887
3.6731
Thailand
UAE
UK
£
…
…
0.8761
0.7169
USA
$
1.3388
1.3949
1.2221
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
Change on month
Year
+3.3pc
RPI (1987=100)
Mar 278.30
+0.10
RPIX (Target 2.5pc)
Mar 278.80
+0.20
+3.4pc
CPI (2015=100 target 2pc)
Mar 105.00
+0.10
+2.5pc
Halifax house price index
Mar 737.50
1.5pc
+2.7pc
Money
Bank Rate
0.50pc
Nationwide Base Mortgage Rate
Overnight
0.48pc
US Fed Funds
7 day
0.48pc
US Long Bonds Yld
3.16pc
1 month
0.53pc
European repo rate
1.25pc
3 months
0.75pc
European base rate
0.00pc
6 months
0.85pc
2.50pc
1.50-1.75pc
Major price changes FTSE 100
Risers 62
Volume
Close
Change
Fallers 38
Ç St James Place
2.40m
Ç Smith&Neph
8.95m
1146½
3.33pc
1389
2.74pc
11.87m
249¼
Ç Experian
2.90m
Ç Vodafone
Ç Pearson
Ç Old Mutual
Volume
Close
Change
È NMC Health
1.13m
3560
-3.47pc
È Bunzl
1.30m
2075
-2.58pc
2.72pc
È WPP
7.72m
1118
-2.49pc
1640
2.09pc
È Natl Grid
12.90m
796½
-2.02pc
69.61m
214
1.88pc
È Reckitt Benck
2.69m
5513
-1.99pc
3.34m
797¼
1.68pc
È Fresnillo
1.01m
1272½
-1.96pc
Ç Rentokil Initial
8.30m
290⅞
1.61pc
È Utd. Utilities
Ç Easyjet
1.11m
1628
1.56pc
È GKN
Ç Smith (DS)
1.89m
515⅜
1.50pc
È Rolls Royce
3.16m
703¾
-1.87pc
51.84m
459⅞
-1.71pc
5.09m
852⅜
-1.59pc
Ç Brit Amer Tob
6.36m
3754½
1.47pc
È Severn Trent
1860
-1.14pc
Ç Carnival
0.73m
4741
1.46pc
È Compass
2.97m
1486½
-1.10pc
Ç TUI AG
0.77m
1647½
1.45pc
È Rio Tinto
5.76m
3948½
-0.97pc
Ç Micro Focus Intl 3.06m
1316
1.35pc
È Smurfit Kappa
0.51m
3108
-0.89pc
1.39m
Ç IntContl Hotels
0.48m
4428
1.33pc
È Lon Stock Ex
1.14m
4215
-0.82pc
Ç Just Eat
2.64m
750¾
1.24pc
È DCC
0.25m
6770
-0.81pc
Ç Marks & Spen
7.81m
284
1.21pc
È G4S
4.12m
256¾
-0.70pc
Ç Intl Cons Air
3.52m
618¼
1.18pc
È Ass Brit Fds
2.90m
2613
-0.68pc
Ç Lloyds Bk Gp
BNY Mellon Fund Managers
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Index UK A Acc
–
BNY Mellon Investment Funds (ICVC)
Special Sits
3.50
Sterling Income Shares
South East Asia
3.50
1345
-2
UK Select Acc
3.50
288.7
+0.7
Boston Co US Opp Fund
0%
120.00
+0.40
Insight Corporate Bd
0%
92.45
-0.18
Target Funds
–
–
*192.27
+0.02
Jupiter US Sm&Md Inst I Acc –
71.47
+0.17
Jupiter US Sm&Md Cap Ret Acc –
65.95
+0.16
Liontrust Investment Funds
Insight Eq Inc Fund
0%
174.42
+0.11
Target 2020
Insight Eq Inc Booster
0%
129.15
+1.05
†CAR - Net income reinvested
3.50
65.27
+0.02
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Insight Glob Abs Ret Inc
0%
110.57
-0.31
Glob Income
5.00
155.97
164.36
…
Insight Glob Multi-Strat Fd
0%
*122.64
-0.25
Growth Fd
5.00
415.07
439.27
…
Insight Inflat-Link Corp Bd
0%
*107.24
-0.10
Long-Term Global Equity
0%
246.82
+0.18
Fundsmith LLP
Newton Asian Income
0%
190.23
+0.33
Newton Cont European
0%
263.32
+0.14
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
Marks & Spencer Unit Trust
Management Ltd
Kings Meadow, Chester, CH99 9UT
0870 333 1835
Newton Global Dyn Bd
0%
101.75
-0.02
Newton Glb High Yld Bd
0%
60.08
-0.02
Fundsmith Equity T Acc
–
350.85
-0.41
JPM Emg Euro Eq A Acc
Newton Glb Inc Stg Inc
0%
187.66
-0.41
Fundsmith Equity T Inc
–
325.74
-0.39
JPM Emg Euro Eq A Inc
3.00
Newton Glb Opps
0%
275.93
+0.02
JPM Emg Markets A Acc
3.00
Name
Init chge
3.00
Mid
Change
Buy on day
Mid
Change
Buy on day
High Income Inc
–
113.7
113.7
+0.5
*193.4000
-1.6000
JPM US A Inc
3.00
*141.7000
+0.2000
High Income Acc
–
258.8
258.8
+1.3
*42.7300
-0.3500
JPM US Eq Inc £ Hdg A Inc
3.00
*117.1000
-0.8000
UK Select Port Inc
–
347.9
347.9
+3.9
*219.9000
-0.4000
JPM US Eq Inc A Acc
3.00
*167.8000
+0.4000
UK Selection Port
–
630.6
630.6
+7.1
Sell
Name
Init chge
Sell
Newton Intnl Bond
0%
229.4
+0.62
JPM Emg Markets A Inc
3.00
*93.6700
-0.1700
JPM US Eq Inc A Inc
3.00
*135.7000
+0.3000
UK 100 Co’s Fund Inc
–
*217.5
217.5
+1.1
Newton Multi-Asset Bal
0%
190.79
-0.07
JPM Emg Mkts Inc A Acc
3.00
*72.4200
-0.0500
JPM US Select A Acc
3.00
*158.4000
…
UK 100 Co’s Fund Acc
–
*375.2
375.2
+1.9
Newton Mult-Asset Div Ret
0%
154.6
-0.14
JPM Emg Mkts Inc A Inc
3.00
*57.8600
-0.0500
JPM US Select A Inc
3.00
*156.4000
+0.1000
W’wide Man Inc
–
499
+0.6
Newton Mult-Asset Gwth
0%
819.38
-0.70
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*218.1000
+0.2000
JPM US Sm Cos A Acc
3.00
637.8000
-1.1000
W’wide Man Acc
–
800.7
+1.1
Newton Oriental
0%
654.75
-2.30
JPM Euro Dyn (ex-UK) A Acc 3.00
*222.7000
+0.8000
JPM US Sm Cos A Inc
3.00
167.0000
-0.4000
+0.3700
Newton Real Return A
0%
111.93
-0.14
Newton UK Equity Fund
0%
857.02
-0.28
Newton UK Inc
0%
66.1
+0.02
Newton UK Opps
0%
325.18
-0.24
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
Asia Pac Cap Gwth A Acc
5.00
1080.0000
-1.00
JPM Euro Dyn (ex-UK) A Inc
3.00
*99.9500
JPM Europe A Acc
3.00
*1458.0000
+5.0000
JPM Europe A Inc
3.00
*81.0300
+0.2600
Asian Dividend Income Inc
5.00 105.6500 110.9900
…
JPM Euro Smaller Co A Acc
3.00
774.1000
+1.8000
Cautious Managed A Acc
5.00
265.8000
+0.30
JPM Euro Smaller Co A Inc
3.00
100.3000
+0.3000
Cautious Managed A Inc
5.00
153.2000
+0.20
JPM Global Bd Opps A Grs Acc –
*54.3300
-0.0400
Jupiter Unit Trust Managers Ltd
China Opps A Acc
5.00
1430.0000
+5.00
JPM Global Bd Opps A Grs Inc –
*49.0700
-0.0300
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
M & G Securities Ltd
Emerg Mkts Opps A Acc
5.00
207.0000
-0.30
JPM Global Bond A Gross Acc 3.00
*261.9000
-0.3000
European Growth A Acc†
5.25
233.1000
+0.30
JPM Global Bond A Gross Inc 3.00
*203.2000
-0.3000
1632.0000
+3.00
JPM Global Eq Inc £ Hdg A Acc 3.00
*82.9400
-0.3600
Jupiter Abslt Rtn
…
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
-0.01
Charibond Inc
–
123.15
Charibond Acc
–
3955.44
-0.31
+0.21
Charifund Inc
–
1594.63
+2.02
FENIX Balanced Fd
5.00
*156.1
+1.9
European Sel Opps A Acc
5.00
Generation Fd
5.00
778.2
…
Fixed Int Mthly Inc A Inc
4.25 *21.8800 22.8200
JPM Global Eq Inc £ Hdg A Inc 3.00
*55.7800
-0.2400
Jupiter Asian Fd
–
903.59
-1.42
Charifund Acc
–
24411.98
+30.87
Consistent Unit Trust
Management Co Ltd
Global Care Growth A Inc
4.50
*287.5000
+1.10
JPM Global Eq Inc Fd A Acc
3.00
*96.2800
+0.0800
Jupiter Asian Inc Fd Acc
–
*127.04
+0.03
M&G Corp Bond A Inc
3.00
*40.16
-0.05
Global Equity Inc A Inc†
5.25
*59.7300
+0.10
JPM Global Eq Inc Fd A Inc
3.00
*78.4200
+0.0600
Jupiter Asian Inc Fd Inc
–
*117.43
+0.03
M&G Corp Bond A Acc
3.00
*69.31
-0.1
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Growth Acc
4.25 3003.1699 3132.5300
…
JPM Global HiYld Bd A Grs Acc 3.00
*110.8000
…
Jupiter China Acc
–
*137.71
-0.35
M&G Dividend A Inc
4.00
60.38
+0.11
Jupiter China Inc
–
*132.32
-0.33
M&G Dividend A Acc
4.00
672.38
+1.22
Jupiter Corp Bond Inc
–
*56.35
-0.10
Global Strategic Cap Acc†
5.00
236.9000
+1.00
JPM Global HiYld Bd A Grs Inc 3.00
*37.0300
-0.0300
Global Technology A Acc
5.00
1672.0000
-6.00
JPM Global HiYldBdAGrsMthInc3.00
36.69
-0.03
–
54.05
170.03m
66½
1.13pc
È Mediclinic Intl
1.53m
686⅜
-0.61pc
Ç Ashtead Group
1.62m
2094
1.11pc
È SSE
2.84m
1319½
-0.60pc
Unit Tst Inc
5.00
51.94
52.83
+0.16
Multi-Mgr Abs Ret A Acc
5.00
*141.1000
+0.10
JPM Global Macro Bal A Acc
3.00
*72.5500
-0.1100
Jupiter Dstrbtn Acc
–
*101.39
-0.17
Ç Direct Line Ins
5.37m
376¾
1.10pc
È Shire
4.38m
3800
-0.56pc
Unit Tst Acc
5.00
133.9
136.3
+0.4
Multi-Mgr Active A Acc†
5.00
*222.7000
+0.20
JPM Global Macro Bal A Inc
3.00
*63.5900
-0.1000
Jupiter Dstrbtn Inc
–
*58.75
-0.10
Ç Royal D Shell B
5.43m
2575½
1.08pc
È Diageo
2.62m
2451½
-0.55pc
Practical Invest Inc
5.00
*232.3
249.1
+0.2
Multi-Mgr Distbn A Inc
5.25
*134.6000
+0.20
JPM Global Macro Opps A Acc 3.00
74.47
+0.02
Jupiter Dstrbtn & Grth Inc
–
*121.69
-0.06
Ç Sainsbury
7.78m
266¾
1.06pc
È Intertek
0.28m
4906
-0.41pc
Practical Invest Acc
5.00
*1229
1319
+1
Multi-Mgr Divrsfd A Acc
–
*85.2100
+0.02
JPM Global Macro Opps A Inc 3.00
73.77
+0.02
Jupiter Eco Inc
–
*379.17
+1.78
Initial charge:
This charge in percentage terms is included in the purchase
price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.
* Denotes Ex-dividend
…
8
Tuesday 24 April 2018 The Daily Telegraph
**
Technology Intelligence
‘Web privacy should be as easy as closing blinds’
man argument that you can only make
money if you track people to the ends
of the Earth,” he says.
“Facebook could still be a hyperprofitable business without this
tracking.”
DuckDuckGo is not immune from
the wider problems of the internet. It
has had to take down a number of fake
cryptocurrency adverts itself, much
like other web companies.
Its growth can be seen as part of a
growing trend towards privacy
focused apps. WhatsApp, the
messaging app owned by Facebook,
uses end-to-end encryption and is
hugely popular, with 1.5bn users.
But other independent apps are
benefiting. Weinberg himself uses
Signal and encrypted work-sharing
app Resilio.
The regulatory mood is also
changing in favour of privacy. With
The founder of
tracking-free search
engine DuckDuckGo
tells Matthew Field
how he is standing
up to Google to
improve trust online
A
‘What we are doing is
showcasing that there
can be a profitable
privacy company’
DUCKDUCKGO
fter years of giving data
up laissez-faire, more
people are realising the
web has made nearly
every aspect of their lives
visible to advertisers and
tech companies in ways they had not
imagined.
The Cambridge Analytica scandal
raised user privacy questions for
Facebook, while Google holds millions
of points of data on every user.
But one internet search company
believes things could be different.
According to Gabriel Weinberg,
founder of alternative search engine
DuckDuckGo, getting privacy on the
web “should be as easy as closing the
blinds”.
This year marks a decade since the
plucky private search engine,
designed to rival Google but with a
focus on private browsing, first made
its way on to hacker forums and
Reddit. It has survived despite its tiny
size and is a profitable business,
showing you do not need to track
users to all corners of the internet to
be a successful online outfit.
DuckDuckGo operates in a similar
manner to Google but users can search
the web without being tracked.
On DuckDuckGo, adverts cannot
“follow you around” the web. It does
not track users and its browser is
private. It provides advertising simply
based on keyword searches. Users can
easily delete their history instantly,
while it has recently added to its
browser to protect data when users
visit other websites.
The search experience itself is
similar to Google, with images and
news searches. DuckDuckGo also
recently launched an app version of
the service.
The venture launched in 2008,
conceived as a solo project by
Massachusetts Institute of Technology
graduate Weinberg. Then 27,
Weinberg’s project began as a server
rack in his basement as a small way to
challenge the search hegemony of
Google. By the mid 2000s, Google was
already all-conquering in the search
market.
DuckDuckGo now processes 25m
searches each day and ran close to 6bn
last year. It is small but profitable,
having only hired its first employee in
Gabriel Weinberg,
the founder of
DuckDuckGo,
believes there is a
growing consumer
appetite for online
privacy
2011, and now its team of 50-odd staff,
most of them home-workers, manage
the website and app, compared with
Google’s 88,000 employees.
“The principle is to raise the
standard of trust online,” says
Weinberg, a 38-year-old from Atlanta
who now runs DuckDuckGo from a
small office in Paoli, Pennsylvania,
thousands of miles from Silicon Valley.
“We wanted to show we could make a
real alternative to Google that
mainstream people could switch to.”
While it started as a search engine,
DuckDuckGo now has apps for
Android and iPhone. It can also be
used to rate websites from A to F on
how much data they attempt to skim
from the user.
Weinberg is expecting a boost from
the ongoing privacy scandal
surrounding Facebook, but he
believes this is just the start of a
renewed focus on privacy.
“Facebook is going to do this
investigation and I fully expect to find
many other breaches than Cambridge
Analytica,” he says. “We recently
surveyed the number of users trying
to improve their privacy in the US
after the Facebook scandal and the
group has expanded by 15pc. When
there is media scrutiny on these issues,
people want to protect themselves.”
Weinberg moved to Paoli with his
wife shortly before he conceived of
DuckDuckGo. The name apparently
has no hidden meaning, other than
being inspired by the children’s game
duck, duck, goose.
“Really it just popped in my head
one day and I just liked it,” Weinberg
wrote on an online forum.
While Facebook is one of the biggest
trackers on the web, the real rival for
DuckDuckGo is Google. “Google
tracks us even more across the web,”
Weinberg says. “They have crazy
amounts of your history.”
Google’s executives so far seem to
have escaped the data scandal
unscathed. While Mark Zuckerberg
was dragged before senators, Google
has quietly hidden the fact almost any
data you give it is stored, from your
movements to your search queries.
Users who downloaded their Google
data would be met with several
gigabytes of it.
Of course, DuckDuckGo is a
minnow among these names. If
privacy is its core principle, does
making money matter to Weinberg?
“What we are doing is showcasing that
there can be a profitable privacy
company,” he says, although
DuckDuckGo declined to give revenue
figures.
Facebook has stressed repeatedly
that without access to user data its
service could not remain free. Sheryl
Sandberg, the company’s chief
operating officer, said earlier this
month: “Our service depends on your
data... We don’t have an opt-out at the
highest level. That would be a paid
product.” But Weinberg disagrees.
“With Facebook there is this straw
‘We wanted
to show we
could make a
real
alternative
to Google
that
mainstream
people could
switch to’
the introduction of the General Data
Protection Regulation in the European
Union and UK, companies will have to
be more responsible with how they
collect and store data or face fines.
Margrethe Vestager, the EU data
commissioner and nemesis of Google,
is a keen DuckDuckGo user.
Weinberg thinks it is a positive step,
although enforcement and education
will be key.
“It won’t change a lot of these
structural issues around the
Facebook/Google duopoly, or how
much data they are able to take from
people. I don’t think people can
consent fully in an informed way.”
When Zuckerberg recently
appeared before the US Congress to
own up to his company’s failings,
many felt it would be the young
billionaire’s undoing.
Yet for now, the chief executive of
Facebook seems to have weathered
the media storm, bowed but
unbroken.
The real signs of change will be in
shifts in user behaviour. Zuckerberg
said there had been “little meaningful
impact” of users deleting Facebook or
amending privacy settings.
That said, Weinberg feels this
scandal could be different: “What this
story did, unlike many others, it felt
like a harm and it felt like a
manipulation. Millions more people
have felt it.”
DuckDuckGo accounts for only a
tiny fraction of web traffic. But its
small successes suggest there is a
market for attracting people who want
to keep their data to themselves. And
for the time being, it seems that
market is only growing.
Google parent Alphabet sees
profits jump 73pc on ad boom
By Hannah Boland and
Margi Murphy
GOOGLE’S parent company Alphabet
saw profits soar 73pc in its first quarter,
thanks to an increase in advertising income, with no sign that privacy concerns were starting to feed through to
its bottom line. Alphabet said it generated $31bn
(£22.2bn) in revenue in the three
months to March 31, pushing net income up 73pc to $9.4bn. Around 85pc of
its revenue came from advertising in,
equal to $26.6bn, while its ‘Other Bets’
unit, which includes its Waymo selfdriving business, posted revenue of
$150m, up from $132m a year earlier. However, although earnings beat
analyst expectations, Alphabet’s operating profit margin dipped to 22pc from
27pc a year earlier, causing shares to
seesaw in extended trade last night,
jumping 4pc before falling back down.
The results come amid mounting
concerns in the wider tech industry
over user privacy, in the wake of the
Cambridge Analytica data revelations.
Technology companies are also facing the introduction of the European
Union’s General Data Protection Regulation next month, which will give users greater control over their data, and
Susan Wojcicki, the
boss of YouTube, has
vowed to improve
the video-sharing
site’s approach to
offensive material
could affect how companies such as
Google target adverts and use boughtin data from advertisers.
Google chief executive Sundar Pichai
said the group started working on
GDPR compliance “over 18 months ago”
and that it has been working “very
closely with advertisers and our partners” on meeting requirements.
Meanwhile, last week Google-owned
Apple’s takeover of Shazam
delayed by EU watchdog
By Matthew Field
THE European Union’s competition
watchdog has launched an in-depth investigation into Apple’s deal to buy music app Shazam, delaying the California
giant’s takeover of the UK company.
The EU’s competition commission
will investigate Apple’s $400m (£300m)
takeover of Shazam, which provides an
$400m
How much Apple is expected to pay to
acquire Shazam, a British-founded music
recognition service
app that recognises song lyrics, over
fears the deal will give Apple dominance
over the music streaming and recognition markets. Margrethe Vestager, EU
competition commissioner, said the inquiry aimed to ensure music fans “won’t
face less choice”.
Founded in 1999, Shazam was a British tech success story, at one stage valued at around $1bn. Shazam used sound
recognition on smartphones to identify
songs from the radio or television, taking a cut when it directed users to
download the tracks.
Apple has a strong presence in music
streaming with its Apple Music app,
which has 40m paid subscribers.
The regulator said there were fears
the deal will give the US company access to data from Shazam on which
other music streaming services its users subscribe to, giving the iPhonemaker a competitive advantage and
allowing it to target users from apps
like Sweden’s Spotify or Deezer, which
is headquartered in France.
The commission said that while it
did not consider Shazam a key entry
point for streaming services, “it will
also further investigate whether Apple
Music’s competitors would be harmed
if Apple, after the transaction, were to
discontinue referrals from the Shazam
app to them”. The investigation will delay the deal until the decision on Sept 4.
Shazam failed to see its turnover
grow with the rise of music streaming,
despite millions of app downloads. In
2016 it posted revenues of £40.3m and
a £4m loss.
YouTube faced renewed criticism from
advertisers, after it emerged that it was
running adverts from major brands
alongside content prompting paedophilia and Nazism. YouTube said at the
time that it had “partnered with our advertisers to make significant changes to
how we approach monetisation on YouTube with stricter policies, better controls and greater transparency.
“When we find that ads mistakenly
ran against content that doesn’t comply
with our policies, we immediately remove those ads.” Last year, it was forced
to refund advertisers after paid-forclips appeared alongside extremist content. YouTube earlier in the day had
claimed that extremist videos on YouTube are taken down quicker when machines intervene. It follows a pledge to
get more humans reviewing harmful
clips, with YouTube boss Susan Wojcicki promising that by the end of 2018,
10,000 people will be tasked with reducing the time it takes to remove offensive material.
Deliveroo serves up
energy bill savings
for restaurants
By Bradley Gerrard
ONLINE takeaway company Deliveroo
is hoping to be more than just a helmetclad delivery service for its thousands of restaurants by helping them
cut costs, including on things like
energy bills.
Its new perks website will allow restaurants to get money off electric and
gas bills, as well as providing discounts
on job advertisements, using temporary agency workers and recruitment
firms.
Restaurants will also get cut-price
Wi-Fi and be able to access cheaper
business rate reviews, something
which could be crucial to smaller-scale
firms. Deliveroo said it had also been
able to use its scale to secure staff benefits for all workers in the restaurants
that are listed on its website.
It has struck a deal with WRKIT, one
of the UK’s leading employee engagement groups. The company said it expected this agreement to mean
restaurant employees would be able to
save in the region of £300 to £500 per
year via deals on cinema tickets, meals
out and high street discounts.
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