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The Daily Telegraph Business - April 25, 2018

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Business
***
Wednesday 25 April 2018
telegraph.co.uk
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Market report page 7. Questor page 6
Gold
Fun and
games?
Nintendo
is on a
mission to
rekindle the
kind of
appeal that
made its
name
Advantage,
China
Data
protection
fixation
leaves door
open in
the East
Jeremy
Warner
Page 8
Page 2
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Page 7
Page 7
Hamleys
owner to
buy House
of Fraser
By Ben Woods
THE Chinese firm behind the Hamleys
toy shop is looking to take control of
the department store chain House
of Fraser.
C.banner International Holdings has
entered into a memorandum of understanding with House of Fraser owner
Nanjing Xinjiekou Department Store
over buying a 51pc slice of the retailer.
House of Fraser is 89pc owned by
Nanjing, a subsidiary of China’s
Sanpower.
Hong Kong-listed C.banner said the
move would bolster its “competitive
strength”, particularly in the Chinese
retail market.
However, the announcement throws
up questions about which company
will wrest control of the business.
It comes after Nanjing revealed in
March that it may sell 51pc of House of
Fraser to Chinese tourism development firm Wuji Wenhua.
The Daily Telegraph understands
that talks between Nanjing and Wuji
Wenhua remain ongoing. C.banner,
which snapped up Hamleys for about
£100m in 2015, owns a string of footwear brands including Sundance,
Steve Madden and United Nude.
In a statement to the Hong Kong
Stock Exchange, the Chinese group
said a potential tie-up could create cost
saving opportunities.
It is understood this could mean
House of Fraser sharing back office
functions with other brands in the C.
banner group. The discussions add to
the uncertainty surrounding the struggling retailer, which is mulling store
closures as part of a restructure.
House of Fraser has hired accountancy giant KPMG to help overhaul the
business, and may launch a company
voluntary arrangement in an attempt
to hasten its turnaround.
A CVA could lead to a hefty drop in
its 59-strong UK store estate, which
employs 6,000 people and about
11,500 concession staff.
Sanpower, which bought the
169-year-old British retailer in 2014 for
£450m, has been ploughing millions of
pounds into House of Fraser in recent
months to help shift the group onto
firmer financial ground.
The retailer has also been talking to
landlords in an attempt to curb its rent
bill, with Rothschild overseeing a refinancing of its £390m debts.
House of Fraser’s woes add to dark
clouds hanging over the UK retail sector, with high street rival Debenhams
revealing plunging profits last week.
Debenhams, in the midst of a turnaround under chief executive Sergio Bucher, saw half-year pre-tax profits tank
85pc to £13.5m as the UK’s cold snap
hammered sales.
The recent spell of bitter weather
has piled more pressure on a retail sector, which is already struggling with
waning consumer confidence and escalating costs.
Hikes to the National Living wage,
high inflation and rising taxes sparked
by last year’s business rates revaluation
have squeezed margins.
Fashion chain New Look agreed a
CVA in March, putting 980 jobs at risk
as it looks to shut 60 stores.
By James Connington and
Iain Withers
MPs have demanded answers from TSB on its ongoing IT fiasco, as its customers
suffered a fifth day of disruption to their online services
yesterday.
Nicky Morgan MP, chairman of the powerful Treasury select committee, wrote
to TSB chief Paul Pester demanding to know what had
gone wrong and when normal services would resume.
She said the failures had
“all the hallmarks of an IT
meltdown”. “It simply isn’t
good enough to expose customers to IT failures, including delays in paying bills and
an inability to access their
own money,” she added.
Ms Morgan said she would
raise the matter with City
watchdog the Financial Conduct Authority, which has
the power to investigate and
fine a bank for an system
outage, as it did with RBS,
which had to cough up
£56m in 2014.
A botched system upgrade by TSB over the weekend has led to its online and
mobile banking services repeatedly going down, preventing customers from
making critical payments.
Others told The Daily Telegraph they had temporarily
been given access to money
that was not their own.
GETTY IMAGES FOR COACHELLA
C.banner International
signs deal to purchase 51pc
slice of struggling
department store chain
TSB boss under
fire from MPs
over net chaos
The right note Streaming subscriptions through services like Tidal,
co-owned by Beyonce, became the biggest source of revenue for the music
industry last year, accounting for 38.4pc of the $17.3bn (£12.4bn) market.
Battle for Shire intensifies as
Takeda returns with fifth bid
By Iain Withers
SHIRE is considering a fifth
offer from Takeda, after its
Japanese rival once again
sweetened its bid for the
London-listed drug maker.
Takeda faces a race against
time to secure any deal, as it
has a deadline of 5pm tomorrow to either make a firm offer for Shire or walk away
under City takeover rules.
Shire confirmed it had received a better offer but did
not disclose the details. The
previous offer for the Dub-
US Treasury
yields hit 3pc
By Tom Rees
YIELDS on benchmark US
10-year government bonds
have risen above 3pc for the
first time in more than four
years amid concerns of resurgent inflation.
The 10-year Treasury
yield – a benchmark rate that
influences global borrowing
costs – was pushed above the
3pc mark after inflation
Continued on Page 3
lin-based firm on Friday
from Takeda valued it at
£42.8bn, which Shire had
said it was considering.
Takeda confirmed the
new proposal in a statement
but also gave no details. It
said there was no certainty a
firm offer would be made.
Any tie-up could create a
global pharmaceutical powerhouse with close to £22bn
of annual sales, roughly
equivalent in size to Britain’s
AstraZeneca.
But Takeda’s tilt has concerned some analysts who
have raised warnings about
the large amount of debt the
smaller Japanese company
would be taking on.
City speculation is rife
that Shire could become the
subject of a bidding war. Analysts believe its lucrative
portfolio of highly profitable
medicines for rare diseases
could prove tempting to another
bidder.
Allergan
briefly entered the fray last
Thursday, but performed a
U-turn hours later.
Shire’s shares closed up
3.4pc at £39.30.
Apple to begin paying Ireland
€13bn tax bill within weeks
By Hannah Boland
APPLE will start transferring €13bn (£11bn) to the
Irish government within
weeks, as the internet giant
continues to fight against the
multi-billion euro bill and
despite push-back from
Ireland.
Apple was slapped with
the tax bill in 2016 after the
European Commission ruled
that the tax it paid on its operations based in Ireland
was so low that it amounted
to illegal state aid. Apple
launched an appeal against
the ruling, which is expected
to begin in the autumn.
While it awaits the outcome, which officials yesterday evening said could take
as long as five years, the tech
giant will transfer the funds
into an escrow account in
“significant tranches” starting in May, with all the
money to have been transferred by the end of October.
The decision to order the
American company to pay
€13bn caused ripples across
the Atlantic, with the US
Treasury at the time saying it
could “threaten to undermine foreign investment”
and “the business climate in
Europe”.
Dublin has pushed back
against imposing the bill,
though Irish finance minister Paschal Donohoe yesterday said that “Ireland is
intent on complying with
our binding legal obligations
in this regard”.
Apple said: “We continue
to co-operate with Ireland
on the recovery process the
Commission has mandated.”
Mr Pester “resurfaced”
yesterday morning to say he
was “deeply sorry” for the
ongoing problems. But he
stood by the bank’s decision
to migrate 1.3bn customer
records over the weekend.
Mr Pester told The Daily
Telegraph that the platform
was “absolutely ready to go”
and had been “tested nine
times over”.
Ms Morgan said: “This is
yet another addition to the
litany of failures of banking
IT systems.”
“Potentially millions of
£56m
The amount that RBS was
fined over an online banking
system outage in 2014
customers could be affected
by uncertainty and disruption. It simply isn’t good
enough to expose customers
to IT failures, including delays in paying bills and an inability to access their own
money.
“Warm words and platitudes will not suffice. TSB
customers deserve to know
what has happened, when
normal services will resume,
and how they can expect to
be compensated.”
Mr Pester claimed only
Continued on Page 5
2
Wednesday 25 April 2018 The Daily Telegraph
***
Business comment
On Brexit, the
CBI is on the
wrong side of
history again
T
he latest report from the CBI,
“Smooth Operations”, is a troubling
indication that many of our old,
incumbent businesses – or perhaps
the people who represent them – do
not appreciate the reality of trade
commitments in the modern world, their
opportunities and their domestic effects.
The report urges that UK regulation, both
domestic and export, be harmonised with the EU
for most sectors, with autonomy only in a small
number. Like the advocates of state planning in
the Eighties, a new world is unfolding around
them, and they seem reluctant to embrace it.
The CBI in effect proposes that Brexit should
mean near full alignment with EU regulation,
with rules being made by the institutions of the
single market, and where the UK might have
some autonomy, only partial autonomy at that.
“As the UK leaves the EU,” it says, “there are
opportunities for rules changes… however, these
opportunities are limited”. This is not only a lack
of ambition, it is to misunderstand the nature
and commercial opportunity of modern,
liberalising trade policy. Advanced trade
agreements like the Trans-Pacific Partnership
(TPP) require signatories to control their own
regulations, so they can make them more
pro-competitive if they agree to. The CBI would
appear content for us to be unable to sign them.
The CBI refers to the UK’s economy sector by
sector, telling us occasionally where the
regulation the EU has made for us is harmful, but
more often where it says it is just right, and will
stay just right, so there will be no need for us to
control it, ever.
The outcome would be Britain becoming a
kind of mixed sovereignty state, where we have
officially left the EU but most industry is
regulated by it, and without representation in
the European Commission, Council or European
Parliament. Others have called this “vassal”
status. In view of commitments the CBI has
argued we should make, namely to adopt EU
trade policy through a customs union, in which
we would have no say and no guaranteed access
to third-country markets while they had access
to ours, you can see why.
The report acknowledges “legitimate concerns
about trust or sovereignty”, saying: “Alignment
will need to come with mechanisms for influence
and enforcement.” What these are is not clear
though. That’s because they don’t exist, at least
not in ways consistent with the UK’s democratic
decision to leave the EU. The CBI stance also
misses something crucial:
whenever a given EU
regulation is useful (clearly,
not all are bad), with
regulatory autonomy we
can still choose to keep it.
Why deny ourselves the
freedom to do so in
advance?
The answer, I’m afraid, is
clear. The CBI claims: “Free
trade agreements like CETA
offer much shallower
co-operation than association agreements like
Norway’s relationship with the EU.” The CBI
seems to back a “Norway option” to govern us in
most areas. Norway’s own government says their
country is subject to 75pc of single market rules.
Representatives of EFTA countries such as
Norway have moreover repeatedly told our
select committees that they have had very little
or no influence over regulation that has been
imposed on them despite the mechanisms that
exist for consultation.
In sector after sector, the CBI appears blind to
UK industry needs and opportunities. In
financial services, they would have us keep
Solvency II, which Bank of England Governor
Mark Carney has said needs reviewing. Three
months after Mifid II came into force, the CBI
claims: “There is little desire for the UK to depart
significantly from current rules and regulations
for financial services.” That is astonishing. Mifid
II is 7,000 pages long. It requires 65 data fields to
be stored for every investment and every client,
and it has already caused extensive job losses at
the big brokers.
The last place the majority of financial services
businesses want to be is with their London
operations, often among their biggest, regulated
by the EU with no say. Many technology
industries are aghast at the cumbersome
approach taken by the EU to regulation. What
new horrors, such as a financial transaction tax
which the EU has tried to impose before on us,
might await?
Through its hundred-year history, the CBI has
put itself on the wrong side of virtually every
argument, supporting state planning, price
controls, the ERM, the euro, the Nice Treaty, the
Lisbon Treaty and more. It was founded in 1916
to be a leading protectionist voice against
Britain’s policy of free trade, campaigning for
tariff barriers that would raise prices for
consumers. Today, the red tape that hampers
innovative firms is often a boon for incumbents,
who see a way of stalling new entrants.
One thing we must not underestimate though
is the positive impact on future growth in jobs
from the freedom to regulate our domestic and
non-EU export economies the way we want.
They account for 89pc of our economy, and must
not be shouted down just to make life easier for
firms that export between the UK and EU.
The CBI’s corporate sponsors should ask
themselves whether they really want to continue
supporting a brazen flaunting of the British
people’s democratic will, or to engage with those
who appreciate modern trade and stand ready to
embrace it in creative new ways.
We need conditions which will truly let new
ideas flourish, enabling individuals and their
employers to build a better life. People voted for
change and the political accountability to deliver
it, outside the EU. To eschew these and stay
shackled to the EU would be a national
humiliation, and economic and political disaster.
‘In sector
after sector,
the CBI
appears
blind to UK
industry
needs’
Marcus Fysh, a former fund manager, is a
Conservative MP
We risk leaving the future to China
in our rush to data protection
JEREMY WARNER
R
S
omething big kicks off late
next month, and I don’t
mean the hangover from
Harry and Meghan’s
wedding party. On May 25,
the so-called General Data
Protection Regulation (GDPR), the
European Union’s answer to public
concern over misuse of private data,
comes fully into force.
Hardly anyone is going to be fully
up to speed from day one. The new
law requires companies to ensure
compliance not just for themselves,
but in all their suppliers too. Unilever
alone has around 120,000 suppliers to
whip into line. International telecoms
operators will typically have nearly
20,000 apiece.
So challenging has the compliance
effort become – and potentially
crippling the costs of failure – that
Google’s weekly revenue meetings are
said to have been converted into
weekly GDPR meetings until the
deadline is met. Regulatory
compliance has come to eclipse all
other priorities. It’s not just the titans
of the internet who are affected. Data
is these days core to virtually all
business. No one entirely escapes the
long arm of the GDPR.
Whole armies of data protection
lawyers, consultants and self styled
experts have been spawned to milk
the beast for all it’s worth. Not since
the mass hysteria of Y2K has there
been such a gravy train. Only this one
isn’t imaginary; four years in the
drafting, GDPR is real and manmade.
Its purpose is to define both the
rights of individuals when it comes to
personal data, and the obligations of
organisations that handle it. The new
law makes it easier for citizens to
access the data companies hold about
them, introduces a new and more hard
hitting system of fines, and requires
organisations to obtain the clear-cut
consent from people they collect
information about. Particularly
Business
Insight
Metro Bank
M
etro Bank
chairman Vernon
Hill survived the
lender’s annual general
meeting unscathed
yesterday despite the
threat of an investor
rebellion, writes Iain
Withers.
The motion for Mr
Hill’s re-election passed
with 96pc in favour.
Investors had been
urged to vote against by
shareholder Royal
London and investment
adviser Glass Lewis, after
Metro Bank payments of
£21m over seven years to
Mr Hill’s wife Shirley
Hill’s architecture firm
InterArch were
questioned.
The Sunday Telegraph
also revealed Mr Hill
REUTERS
Marcus
Fysh
onerous is the requirement on
companies to keep a detailed record of
data usage so as to create an electronic
trail for regulators.
Daunting stuff, described by one
executive tasked with implementing
the new rules as “a vast multiplicity of
issues to confront, some of them
inadequately defined so that you have
to err on the side of caution for fear of
falling foul of case law at a later date”.
According to Elizabeth Denham, the
UK’s Information Commissioner, it
means “data protection will be a
boardroom issue in a way it hasn’t in
the past”. You can say that again. Huge
amounts of the CEO’s time these days
seems to be consumed by the dismal
task of compliance of one form or
another, and it is about to get a great
deal worse. Whatever happened to the
joys of business?
Data is the new oil, goes the now
well used cliche, and European
regulators have been chasing it hard.
The Facebook scandal has further
strengthened public support for their
efforts. More hated than even the
bankers, the tech giants have invited
their own regulatory nemesis, pulling
everyone else into the net at the same
time. With no data protection law as
such, the US has pursued a somewhat
different approach. Broadly
summarised, anything goes, provided
customers are aware of the use their
data is being put to and give their
consent. Is there a connection
between this more tolerant approach
to data usage and America’s relative
success in spawning new data-based
companies?
The US’s market-driven approach
has created its own remedies. In
pursuit of best business practice, some
US companies voluntarily offer their
own privacy notices, thereby winning
competitive advantage. But others,
such as Facebook, have pushed the
envelope to the limits and beyond, and
are now scrambling to correct the
damage. In any case, in staying ahead
of the game, light touch regulation
may have played some part.
In the trade-off between data
protection and exploitation, is Europe
getting the balance right? And more
particularly, is there an opportunity
for post-Brexit Britain in regulatory
divergence from the EU’s apparently
heavyhanded approach? It’s a nice
thought, but in practical terms
somewhat unrealistic. Nothing flows
cross border more easily than data,
and in order to keep that movement as
frictionless as possible, regulatory
regimes have to be aligned.
Under the GDPR, personal data
cannot be transferred to countries
outside the EU unless they guarantee a
used his £120,000 a year
expense allowance
towards private jet trips
and a Mayfair flat that
were also used by Mrs Hill
and other InterArch
employees.
Metro Bank has
defended the payments to
InterArch saying they
were subject to “strong
review” and auditing. It
said how Mr Hill used his
‘Like it or
not, data is
the future. It
is already
responsible
for a major
part of our
economy’
Share price
Today
£35.18
High Mar 2017
Vernon
Hill
Chairman
expense allowance was
“down to his discretion”.
Metro Bank will hope to
turn attention to its
financials today when it
reveals first-quarter
results. In February the
challenger bank posted its
first yearly profit, but
spooked investors by
saying its core margins
were under pressure.
Even Facebook’s
Mark Zuckerberg
suggested to
Congress that the
US may need to
follow Europe on
data protection
similar level of data protection.
Effectively, then, anyone transacting
data with the EU is bound by the same
laws.
The constraints are very similar to
those that hinder significant
regulatory divergence for the City
after Brexit. British access to European
markets in financial services postBrexit depends vitally on at least
maintaining regulatory equivalence in
financial regulation, and possibly exact
regulatory alignment.
The same goes for data, where the
practical scope for laxer regulation
may be quite limited. For instance, few
industries depend more on cross
border data flows than international
finance. Large parts of the City would
be out of business unless judged to
have achieved “adequacy” of
regulatory alignment on data
protection.
Nor does there appear to be any
political appetite for significant
divergence. Britain has led from the
front in shaping Europe’s data
protection laws, and even now is
giving legal force to them through its
own Data Protection Bill. The
direction of travel internationally is
also clear. Even Mark Zuckerberg has
conceded that the US may have to
follow Europe on data protection.
Like it or not, data is the future. In
its totality, it is already responsible for
a major part of our economy, and it is
growing like topsy. Eventually, all else
will become secondary. Forget
manufacturing. There’s no future for
jobs in a business that will one day be
almost wholly automated. Thus far,
Western economies have led the world
in the application of data and the
development of new data-based
industries. But others, notably China,
are catching up fast.
What’s more, there’s no such thing
as data protection in China. To the
contrary, personal data, and
increasingly the related phenomenon
of artificial intelligence, are quite
openly used for the purposes of
surveillance and political
manipulation, with no questions
asked. It’s right that privacy is
protected. The worry is that in so
doing, we surrender our lead to less
scrupulous imitators.
Metro Bank will report its first-quarter results to investors today
42
£
40
38
£40.40
36
Low Aug 2017
34
£32.42
32
2017
2018
Strengths
Threats
 Rapidly accumulating
deposits
 On track to hit its 2020
loan growth targets
 Plans to create 900 jobs
and open 18 further
branches
 Rapid expansion could
erode credit quality
 Metro Bank could
breach its 12pc core
capital ratio this year
 Increasingly tough
mortgage market
Weaknesses
Opportunities
 Margins under pressure
amid intense competition
 City concerns that
volume growth coming at
expense of profitability
 Further capital raise
likely needed 2018 or 2019
 Planning big push into
business banking
 Focus on customer
service could give it a
competitive advantage
 Network could push
into northern England
Competition boost may mitigate costs of ringfencing
JON HOLT
E
arlier this month UK banks
began implementing a new piece
of regulation commonly called
“ringfencing”. By 2019 all systemically
important UK banks will have
separated their traditional retail
services, like deposit accounts and
mortgages, from their more complex
investment banking offerings, such as
foreign exchange or derivative trading.
This is another example of the UK
regulator forging ahead with its
ambitions to make banks as safe as
possible for taxpayers who paid so
heavily for the crisis 10 years ago. It is
positive for the industry but will have
an impact. Borrowers could see rates
rise and challenger banks may face
their toughest competition yet.
Implementing this ringfence is the
second biggest piece of post-crisis
regulation to hit the UK banking
industry. In our view, it comes second
only to Mifid II and supersedes Brexit
planning in cost, complexity and
resource. The initial costs are likely to
run into several hundred million
pounds for each bank.
In addition to the cost of
implementation, there are several
factors that are likely to mean this
regulation results in higher rates for
corporate borrowers. Firstly, two
banks means two lots of capital and
any benefit of diversification between
investment and retail banking will be
lost. Further still, a non-ringfenced
bank will naturally be deemed more
risky once the simple operations are
stripped away. Therefore, they’ll have
to hold even greater capital and
liquidity buffers against the loans they
issue and pay a higher rate of interest
to the market for their deposits
and borrowings.
Keeping cash aside for emergencies
is good practice but it also means
banks have to raise a lot of money that
cannot be lent back out or invested.
It comes at an opportunity cost
which will be keenly felt by
corporate borrowers.
Finally, some banks still offer loans
at a lower margin in order to build
relationships and gain businesses’
long-term custom which both the
retail and investment arms will benefit
from over time. While a lot has already
been done to cut down on this
practice, under ringfencing any
potential benefit of cross subsidisation
will be lost. Corporate loans will need
to be profitable in their own right.
Over the last 12 months we have
seen banks starting to pre-emptively
push for improved returns through
price increases. In some cases we have
even seen banks exit lending
relationships altogether.
Non-UK banks could be well placed
to benefit as, not being subject to
ringfencing, they will hold less
additional capital and can also still use
retail deposits to fund lending.
European, US and Asian banks are
active in the UK and are showing real
demand to pick up any slack in our
corporate lending market.
International banks will also have
an advantage when it comes to risk
diversification. Every systemically
important ringfenced retail bank in
the UK will be entirely tied to the fate
of the UK economy – which could be
rocky over the next few years. Banks
operating in different countries can
afford for profits in one region to dip, if
they’re doing OK in another region.
However, this is not something that
has escaped the regulator’s attention.
The Prudential Regulation Authority is
already considering stress testing UK
ringfenced banks from next year in
order to make sure they are resilient
against the toughest of shocks to the
UK economy.
While the impact on costs could be
detrimental, there is potential for
ringfencing to bring about renewed
vigour to UK banking competition.
At our last count, since 2008 the UK
has granted 60 new banking licences.
In 2015 we saw a spike in retail
banking competition as the likes of
Tandem, OakNorth and Atom all hit
the banking scene. Challengers have
had a decade to thrive while the
incumbents struggled with regulation
and reputation. Challengers have
dominated best-buy tables, served
niche markets overlooked by the big
banks and led the way on
digital innovation.
However, from next year, we will
have five new banks purely focused on
‘While the
impact
on costs
could be
detrimental,
ringfencing
could bring
about
renewed
vigour to
competition’
UK retail customers. HSBC, RBS,
Lloyds, Barclays and Santander will
have a bank entirely dependent on the
UK retail market so I expect to see an
uptick in competition for current
accounts, mortgages and customer
service. Their extensive customer
bases and relatively deep pockets will
make them fierce competition for our
newer upstart banks.
We’ll soon see whether our
challengers have done enough in the
last decade to stand up to the
competition they will face in the next
decade. Whatever the answer, they
have certainly raised the bar for
customer expectations.
In perhaps a sign of how adept our
banks have become to adopting new
rules, so far ringfencing preparations
have gone smoothly, and for the most
part unnoticed.
Customers of many participating
banks will have received letters
warning them of a 24-hour disruption
to services while the separation of the
retail and investment arms takes place.
However, as with any change of this
scale, to expect it not to have any
longer-term impact would be naive.
Whether the boost to competition
will be sufficient to counter the cost,
only time will tell. But with so much
speculation about our financial
services centre after Brexit,
ringfencing certainly confirms the
UK’s commitment to maintaining the
highest regulatory standards.
Jon Holt is head of financial services
at KPMG
The Daily Telegraph Wednesday 25 April 2018
**
3
Business
City watchdog holds out hope for bespoke Brexit deal
By Tim Wallace and Lucy Burton
THE head of the City watchdog has attempted to keep bankers’ Brexit hopes
alive hours after a top European Commissioner shot down plans for a socalled mutual recognition deal.
Andrew Bailey, head of the Financial
Conduct Authority, told a City audience yesterday that the mutual recognition model that finance firms want
was in fact “the opposite” of cherry
picking and remains a possibility.
“Now is the time for the UK and EU
authorities to come together and work
on the solutions to reduce the risks to
financial stability that Brexit could
pose,” he urged. “Financial stability is
far too important to engage in a standoff.”
His comments came just hours after
Valdis Dombrovskis, the senior EU official for financial services, told the
same audience that Brussels wanted to
keep an unusually tight hold over the
finance sector through so-called equivalence rules.
Mr Dombrovskis said that he wanted
Britain to use the more generic “equivalence” rules, which give Brussels
more control – a system rejected by the
UK Government. Under equivalence
rules, the EU could potentially give the
UK just 30 days’ notice before pulling
the plug on the agreement.
“Equivalence is not perfect, neither
for firms nor for supervisors. But one
should not make the perfect be the enemy of the good,” Mr Dombrovskis said
at the City Week conference in London.
“Equivalence has proven to be a pragmatic solution which works in many
different circumstances, and it can be
made to work for the UK as well.”
By contrast, the UK wants a bespoke
agreement of “mutual recognition” in
which the EU and Britain accept trade
with each other’s firms as both sets of
regulators are implementing the same
global rules. This should give finance
firms on both sides of the Channel access to each other’s markets, even if
the precise rules vary.
The aim is to replace the current
system of “passporting”, under which
a finance firm given a licence in any
EU nation can access all of the others.
Other countries already use the equivalence system; Mr Dombrovskis said 15
“third countries” have an equivalence
deal on central counterparties for
clearing derivatives, for example.
But the UK can expect a worse deal
than those nations, as Brussels deems
Britain to be the most important financial centre and so it wants to have more
of a say over UK rules.
“Equivalence is only possible if
there is close convergence of rules and
supervision. If the EU and a third
country should go different ways, the
conditions for convergence will fall.
This means the terms of equivalence
may be changed or, as a last resort,
withdrawn,” he said. Countries of
greater “systemic importance” to the
EU can expect greater scrutiny and
control, Mr Dombrovskis added.
There is also a risk that the decision
to grant equivalence is based on political discretion as much as the practical
quality of each country’s regulation.
This could mean the EU cutting off
British finance with 30 days’ notice at
any time of Brussels’ choosing.
Last month, Philip Hammond, the
Chancellor, said the equivalence system was “wholly inadequate for the
scale and complexity of UK-EU financial services trade”.
Police question
Bollore over
African
elections
By Christopher Williams
By David Chazan in Paris
CITYFIBRE, an Aim-listed broadband
infrastructure venture that one day
aims to challenge BT’s Openreach network, is to be taken private by a consortium of funds in a £538m bet on
demand for better internet access.
The company said more than 57pc of
its equity had already been irrevocably
pledged to the consortium by major
shareholders
including
Invesco
and Woodford.
The takeover at 81 pence per share
by Antin Infrastructure and West
Street Infrastructure, an arm of Goldman Sachs, represents a 93pc premium
on CityFibre’s price on Monday.
The shares had fallen nearly 30pc so
far this year, however, amid doubts
that CityFibre will be able to make a
dent in Openreach despite a major
wholesale deal with Vodafone.
Guy Peddy, an analyst at Macquarie,
said the deal undervalued CityFibre’s
long-term growth prospects. Last year
its revenues were just £34.8m, including a like-for-like increase of only £4m,
as few homes and businesses were using its infrastructure.
The company does not provide
broadband services itself but instead
builds and rents access to fibre optics.
Vodafone has agreed to market 1m
new ultrafast fibre-optic connections
in mid-sized cities that CityFibre plans
to reach by 2021. The deal could be extended to 5m lines, or about a fifth of
homes, by 2025. So far work is under
way in Milton Keynes, with Aberdeen
and Peterborough next.
Greg Mesch, CityFibre’s chief executive, said he and the rest of the management team planned to stay on under
the new owners to oversee the rollout.
The takeover follows Infracapital’s
£270m acquisition last month of the ultrafast broadband specialist Gigaclear.
A FRENCH tycoon close to the former
president Nicolas Sarkozy was held for
questioning yesterday by police investigating allegations of corruption and
meddling in African elections.
Vincent Bolloré, 66, one of France’s
richest men, is suspected of paying
bribes and influencing elections in
Togo and Guinea in return for licences
to operate container ports.
Havas, the advertising agency that is
part of Mr Bolloré’s empire, allegedly
ran the 2010 presidential election campaigns of Alpha Condé in Guinea and
Faure Gnassingbe in Togo at discounted prices. After their victories,
the two presidents, who are still in
power, allegedly handed port concessions to Mr Bolloré’s group.
They first ordered police to evict the
existing operators, who filed lawsuits
in France alleging corrupt deals between the Bolloré Group and the governments of Guinea and Togo, which
prompted the French authorities to
open a criminal investigation.
The French magazine Challenges described Mr Bolloré’s questioning as a
“legal bomb” for the Parisian business
and political elite.
He was taken into custody at the
same Paris police station where Nicolas
Sarkozy, the former president, was
questioned before being charged with
corruption last month for allegedly accepting millions of euros in campaign
funding from Muammar Gaddafi, the
late Libyan dictator. Mr Sarkozy denies
any wrongdoing.
Mr Bolloré, whose wealth is estimated at more than €7bn (£6bn), has
business and media interests ranging
from pop artists including Justin Bieber, Miley Cyrus and Madonna to the
French pay TV group Canal+ and an
electric car rental service in Paris.
DAVID ROSE FOR THE TELEGRAPH
Openreach
challenger
bought up
for £538m
Groovy baby A sky-blue, 1969, E-type Jaguar, centre, was one of the star lots last night as more than 50 classic cars, which
had been on display at London’s Royal Horticultural Halls during the week, were auctioned by Coys of Kensington.
Government borrowing and
deficit at lowest level for decade
By Anna Isaac
GOVERNMENT borrowing has hit its
lowest level since March 2007 and dayto-day spending has been paid for from
taxes for the first time in 16 years.
The deficit reached its lowest level in
more than a decade in the financial
year from April to March 2018, according to official data.
Public sector borrowing fell by
£3.5bn to £42.6bn between April 2017
and March this year, outperforming
forecasts from the Office for Budget
Responsibility.
In November, the OBR estimated
that the deficit would hit £49.9bn this
year, up from £45.7bn in 2016-17. This
was later revised down in March this
year to £45.2bn.
The latest figures from the Office for
National Statistics paint an even better
picture than the OBR’s March prediction, undershooting its forecast
by £2.6bn. There was another significant milestone in the data. For the first
time since the financial year 2001-
2002, so-called day-to-day spending
was paid for through taxes. This was
thanks to a slim surplus of £0.1bn.
However, this may yet be revised
downward by the Office for National
Statistics, with the OBR forecasting a
£1.6bn deficit for the same period.
This means that the £42.6bn borrowed in the financial year ending in
£42.6bn
The total of public sector borrowing
between last April and March this year –
the lowest figure since March 2007
March 2018 was entirely spent on socalled capital investment, including
infrastructure such as new roads,
schools, or railways.
Josie Dent, of the Centre for Economics and Business Research, said
this was a good sign, as such spending
should “boost economic growth in the
No pay rise for John Lewis
chairman amid tough trade
By Ben Woods
THE chairman of the John Lewis Partnership will go without a pay rise for
two years running as the retail stalwart
focuses on boosting its financial
fortunes.
Sir Charlie Mayfield opted against a
pay hike for 2017-18 and has told the
company not to boost his financial
Sir Charlie Mayfield,
the chairman of the
John Lewis
Partnership, has
opted against a
pay increase
package for the coming year. The move
means his total pay packet slipped to
£1.411m for 2017-18, down from £1.413m
the year before, as he pocketed smaller
pension awards.
His decision was made in light of the
group’s efforts to improve the balance
sheet and make investments as it is
confronted by tough conditions on the
high street. In the retailer’s annual re-
port, Sir Charlie said the retail industry
was undergoing a string of changes
amid “economic, societal and political
uncertainty”.
He added: “This has led to a continuation of tough market trading conditions in 2017-18. Against this backdrop,
we have taken decisions to make a
number of changes across the partnership, some of which are difficult but
necessary.”
The employee-owned firm announced in March that the annual bonus payment to staff had been slashed
to its lowest level in 63 years, as pre-tax
profits dropped 77pc to £104m in the
year to Jan 27.
While Sir Charlie told the retailer not
to boost his basic rate of pay in 2017-18,
the figure marginally increased to
£1.109m, up from £1.103m the year before, due to the timings of his pay rise
in 2016-17.
His annual basic rate of pay for 201819 will be £1.108m.
Despite his decision, Sir Charlie remains the highest paid partner at the
firm, with his pay coming in 68 times
higher than the average pay given to
non-managers at the partnership.
future, and drive higher tax receipts for
the Government”. The process of borrowing only for investment is also
known as the Golden Rule – a term first
introduced by former Chancellor and
Prime Minister Gordon Brown.
John Hawksworth of PwC said: “If
you just borrow to invest without limit,
debt service costs could run out of control, particularly if bond market investors take fright at a rising ratio of public
debt to GDP.”
The public debt, not including public sector banks, was £1.8 trillion at the
end of March this year. That is equivalent to 86.3pc of GDP, an increase of
one percentage point, or £71.2bn, on
the previous financial year. Excluding
the monetary policy efforts of the Bank
of England, the debt fell by 3.2pc.
Some balance sheet shuffling has
had an impact on the overall figure of
public debt. One such move from the
Government was the reclassification of
housing associations as part of the private sector, taking some £65.5bn or
3.2pc of GDP off the total debt.
Fears of rising costs
for US companies
weighs on Wall St
Continued from Page 1
fears were reignited by a recent spike
in commodity prices and traders fretted over a spurt in the supply of US government bonds. The two-year Treasury
yield hit the 2.5pc mark for the first
time in almost a decade while European benchmark bond yields were
dragged higher by Treasuries.
The 10-year Treasury yield rallied to
more than 2.9pc on inflation jitters in
February that rocked markets and sent
global stocks sliding.
Last night the US benchmark Dow
Jones stock index slid a more muted
1.7pc as the rising bond yields fuelled
investor concerns about higher borrowing costs for companies and a number of bellwether stocks, including
Caterpillar and 3M, cut their earnings
expectations for the rest of the year as
they reported quarterly results.
Market watchers have warned that
the combination of climbing bond
yields and the Federal Reserve pushing
up interest rates, making borrowing
more expensive, could end the bull run
on stock markets. A surge in government bond yields also makes them
more enticing to investors.
4
Wednesday 25 April 2018 The Daily Telegraph
***
Business
US sanctions on
Russia are not
constructive,
says BP’s Dudley
BP’s chief executive has cast doubt on
the US-led sanctions against Russia by
questioning whether the financial
blocks against President Vladimir Putin’s regime are constructive.
Bob Dudley said the oil major would
abide by the crackdown launched by
the US earlier this month, but would
not apologise for doing business in the
country where it owns almost a fifth of
Russia’s state-owned oil company.
“I’m not sure how constructive these
[sanctions] are,” said Mr Dudley, who
added that they seem to “get handed
out like train tickets”.
“I’m a big believer that commerce
builds bridges between countries, and
there must be activity between countries. I don’t apologise for BP working
in Russia. We have a good relationship
there,” he told an industry conference.
Mr Dudley admitted that the financial blocks imposed by the US on Russian companies and business leaders
following the country’s support for
chemical attacks in Syria meant BP had
had to “give up opportunities”.
The crackdown on Russia has already put BP’s plans to develop oil and
gas deposits in the Russian Arctic
alongside Rosneft on ice.
A spokesman for the company said
Mr Dudley’s comments may also be in
reference to undisclosed opportunities
which could have been considered
were the sanctions not in place.
“It’s a dangerous world right now.
We have to all be vigilant and companies need to be responsive if something
changes. We’ll always work within the
sanctions but it makes things difficult,”
the spokesman said.
By Lucy Burton
BOARD members at the London Stock
Exchange say they have been cleared
over their handling of a bitter boardroom crisis with a major investor last
year but the final report is being kept
under wraps.
The LSE hired Simon Collins, former
UK chairman of KPMG, to probe a huge
row with one of its top investors, the
Children’s Investment Fund (TCI), over
the exit of the exchange’s former boss
Xavier Rolet.
Chairman Donald Brydon told investors at the firm’s annual general meeting the investigation found that “even
with hindsight the board did not act
improperly and alternative approaches
to Mr Rolet’s succession would still
have caused disruption”.
However, shareholders were not
shown the report, with Mr Brydon saying it was “inappropriate to go into the
detail of all that happened” with the
dispute and the exchange was now “focused on the future”.
Instead he pointed to a raft of suggestions Mr Collins made following the
BP has worked in the oil-rich country for 25 years, first through its stake
in the TNK-BP partnership before it
sold its interest in the Moscow-based
venture to become a major shareholder
in Rosneft.
The TNK-BP relationship famously
soured ahead of the sale a decade ago,
after a bitter power struggle between
the oil major and a quartet of Russian
oligarchs. The dispute descended into
allegations of harassment by the oligarchs and the Russian state against BP
executives, including Mr Dudley, who
was boss of TNK-BP at the time.
‘I’m a big believer that
commerce builds bridges
between countries and
there must be activity’
Mr Dudley eventually fled Moscow
after the authorities declined to renew
his work visa. According to reports,
traces of poison were found in his
blood and he was forced to run the
company from a secret location.
After Mr Dudley stepped down, Russia’s state labour department softened
their case against him to a fine of 500
roubles, or £10.80 based on the exchange rate at the time.
“There are ups and downs,” Mr Dudley said of the group’s history in Russia.
“We have a very strong partnership
with Rosneft; we have for years, but we
stay out of politics. The secret? Patience, persistence, and never make it
personal,” he told delegates.
He later joked that if he could give
his younger self one piece of advice, it
would be to “stay away from Russia”.
Simon Collins, the
former KPMG
chairman, has
presented a report
into the row between
TCI and the LSE
DANIEL HAMBURY
By Jillian Ambrose
LSE’s board
cleared over
bitter row with
investor TCI
Well connected James Bromley of Openreach, in the group’s underground bunker in the
City of London. The bunker, at Baynard House, holds copper and fibre cables and is one of
a number of gateways to the rest of the UK and the world for private circuits.
Wind farm developer Orsted aiming to wire up battery project to grid
One of the UK’s largest wind farm developers is preparing to charge up its
first major battery storage project to
help stabilise Britain’s power grid as
more turbines begin to spin.
Denmark’s Orsted, formerly known
as Dong Energy, is nearing completion
of the world’s largest wind farm and
from next month will become one of
Britain’s largest commercial battery
developers too.
The group will begin building the
20MW power storage project in Liverpool next month and hopes it will be
able to provide the National Grid with
balancing services by the end of
the year. Matthew Wright, of Orsted
UK, said the group wants to remain “at
the forefront” of Britain’s move towards low-carbon energy. Orsted, once
an oil and gas company, has invested
billions of pounds in building wind
farms off Britain coast lines. The
growth of onshore wind and solar
power has also steadily grown in recent
years as falling technology costs have
made the projects more economic.
The renewables boom has fuelled
demand for batteries which can make
them more efficient by storing energy
when it is abundant until it is needed.
Even small batteries will be needed to
regulate the frequency of the energy
grid to keep the system stable.
“The future energy system will be
completely transformed from what it is
today, with a smarter, more flexible
grid, balancing supply and demand
with new technology and cleaner energy generation,” said Mr Wright.
Ryan O’Keefe, the boss of Orsted’s
solar and storage business, added: “The
demand for these services is likely to
grow in the UK as the country is expected to decommission large parts of
its carbon-based generation fleet and
introduce more renewables.”
Orsted snapped up the Carnegie
Road site from Shaw Energi with the
planning permission and grid connection already in place. The head-start
means Orsted’s project will be able to
help power the grid from this winter.
Melrose wins state approval for
GKN deal despite security fears
By Alan Tovey and Jack Torrance
MELROSE’S £8.1bn takeover of GKN
has been approved by the Government,
which has said it will not intervene on
national security grounds.
Business Secretary Greg Clark referred the deal to the Ministry of Defence because of the sensitive defence
projects in which the company is involved, such as the F-35 stealth fighter.
However, in a House of Commons
debate yesterday Mr Clark said the
Government had secured a series of
post-offer commitments from Melrose
that had allayed concerns.
These include a pledge by Melrose
that it will inform ministers of any decision to sell a part of GKN that works
on defence contracts, along with details of the potential buyers, and an
agreement that the Secretary of State’s
approval is required to dispose of any
business working on projects affecting
national security.
Turnaround investor Melrose also
agreed that it would hold on to GKN’s
core aerospace business for at least five
years. The agreement came as Melrose
took a final swipe at the management
of GKN after its acquisition of the engineering business, saying the company
under-performed during the bitter
takeover battle.
Melrose pitched its bid for GKN to
investors saying the company was failing to hit profit targets and needed new
£107m
The amount GKN’s management spent on
fending off the Melrose bid, according to a
trading update for the first quarter
management to achieve these. GKN’s
quarterly accounts for the first three
months of the year – which the new
owner pointed out were “sourced directly from the GKN group management accounts produced prior to
Melrose acquiring the business” –
showed revenues were flat at £2.6bn,
while operating profits fell 15.6pc to
£181m. The margin was 1.2 points lower
at 7pc.
Melrose won control of GKN last
month but the trading update revealed
the target company spent £107m trying
to fend off the approach.
A £39m “break fee” for GKN’s attempted tie-up with US competitor
Dana – which was abandoned when
Melrose won the takeover fight –
helped push up the company’s debt in
the quarter by £235m to £1.1bn.
“Continuing struggles” in GKN’s
troubled US aerospace unit – which
many believe triggered Melrose’s
swoop – resulted in sales slipping 1pc
and margins falling 5pc in the division,
meaning it made a loss in the quarter.
GKN’s automotive arm eked out
sales growth of 7pc but tighter margins
meant profits in the division were flat.
Melrose said that the accounts justified the bid, as they showed that GKN
had “achieved sales growth at the expense of operating margins”.
Shares in Melrose, which replaced
GKN in the FTSE 100 index, closed
down 2pc at 220p.
Aerospace giants to
press May on
industrial strategy
By Alan Tovey
REUTERS
By Jillian Ambrose
probe, including a recommendation
that the whole board engage more with
investors rather than relying solely on
the chief executive.
The board should also clearly set out
its behavioural expectations in company policies, the report concluded,
while LSE directors should be prepared
to tackle any “behavioural or performance issues” at the top.
Mr Brydon did not explain why Mr
Collins reached these conclusions or if
there were areas where the board could
have handled the situation better.
The LSE was criticised last year for
not being clear over the circumstances
surrounding Mr Rolet’s resignation, for
example. The popular chief executive
resigned in October but had been due
to remain in his job until December
this year. However, TCI’s campaign to
keep him in the job and force Mr Brydon out escalated to such an extent that
he then had to leave a year early.
TCI was notably missing from the
firm’s annual general meeting yesterday morning.
The company named the Goldman
Sachs banker David Schwimmer as its
new chief executive earlier this month.
One source said TCI supported the
appointment.
Payback Protests erupted at Wells Fargo’s AGM, a week
after the US bank paid $1bn to settle accusations it
mischarged customers for mortgage and car loan deals.
HEAVYWEIGHT members of Britain’s
aerospace industry are meeting at a No
10 summit to call on the Prime Minister
to spell out exactly how her industrial
strategy will help the sector.
Companies including Airbus, Bombardier and Rolls-Royce will be at the
Downing Street conference tomorrow
to press for clarity on what the sector
deal for the £32bn-a-year industry is
likely to contain.
Theresa May made industrial strategy a key plank of her leadership, referencing it in her inaugural speech as
Prime Minister in 2016.
She officially launched the policy
early in 2017, saying plans on how to
boost individual sectors would be
modelled on existing collaborations
between government and business
that already existed in the car and aircraft industries, and had made them
serious players on the global stage.
However, while other sectors have
seen detailed plans on what areas ministers want to target for growth, aerospace has been left in the dark.
The Daily Telegraph Wednesday 25 April 2018
***
5
Business
Mine’s leaky pipe puts hole in Anglo’s profits
$300m drop forecast after
operations suspended at
Brazilian iron ore mine,
writes Jon Yeomans
MINING group Anglo American expects its profits for the year to be down
by $300m to $400m (£215m to £287m)
after being forced to suspend operations at an iron ore mine in Brazil due
to a cracked pipe.
Production at Anglo’s Minas Rio
mine has been halted for 90 days to allow the company to make a thorough
inspection of the oil slurry pipeline
that had sprung what it called two “minor” leaks.
Anglo has already been hit with two
fines totalling $59m over the leaks. Authorities in Brazil are sensitive to the
environmental impact of mining after
the collapse of a dam at another mine in
2015, which resulted in 19 deaths and
widespread destruction.
About a third of Minas Rio’s workforce have been put on leave and pro-
duction is not expected to resume until
the end of the year. Last year, Minas Rio
produced 16.8m tonnes of iron ore but
its output this year will be closer to 3m.
The company still hopes to produce
26m tonnes of ore there by 2020.
Earnings before interest, tax, depreciation and amortisation at Minas Rio
were $435m in 2017, only slightly more
than the amount Anglo expects to lose
on the unit this year.
Mark Cutifani, chief executive, said
Anglo’s priorities were to “ensure the
integrity of the pipeline and the protec-
Mark Cutifani says
Anglo’s priority is to
ensure the integrity
of the pipe which
runs for more than
300 miles
tion of the natural environment, while
providing as much clarity as we can for
our employees, customers and other
business stakeholders”.
Anglo’s earnings hit $8.8bn last year
as the mining group, which also mines
diamonds, copper, coal and platinum,
enjoyed a rise in commodity prices.
Minas Rio has been much delayed by
permit problems and spiralling costs.
Anglo has taken $11bn of writedowns
on the project, on top of the $13bn cost
of buying and building it.
The broken slurry pipe runs for 328
miles from Brazil’s interior to the coast,
and 90pc of it is underground. It is
made up of 40-foot sections, with the
cracks running from top to bottom,
rather than across the joins.
Alex Griffiths, of Wood Mackenzie,
said premium iron ore, which is used to
make steel, was enjoying an uptick in
prices, which Anglo would miss out on.
“The halt in production comes at a
time when several iron ore producers
have issued downward revisions to
production guidance, tightening the
market,” he noted.
The update overshadowed a generally strong first quarter for Anglo,
which reported a 4pc increase in total
production across its operations. Anglo
shares fell 1.6pc in late trade to £17.47.
Sam Smith pub
chain chief to
face court in
pensions probe
Weak pound
drags returns
lower for
Grosvenor
By Bradley Gerrard
By Rhiannon Curry
The Pensions Regulator is taking pub
chain Samuel Smith and its chairman
Humphrey Smith to court after the
company failed to provide documents
linked to an ongoing investigation.
TPR requested documents from
Samuel Smith Old Brewery and Mr
Smith so it could establish the funding
position of the chain’s pension
schemes.
But a request sent in January appears to have fallen on deaf ears at the
notoriously secretive brewer, meaning
the company and its chairman have
been summonsed to Brighton Magistrates’ Court on May 15.
They will each face a charge of neglecting or refusing to provide information and documents, without a
reasonable excuse.
Mr Smith, whose Yorkshire-based
pub company has roughly 200 sites
mostly in the north of England, as well
as a handful of notable pubs in central
London, is charged on the basis that
the offence by the company was committed with his consent or connivance
or by his neglect.
TPR has the power to force pension
schemes, employers and third parties
to provide it with information. Failure
to respond is a criminal offence and can
result in an unlimited fine.
Samuel Smith Old Brewery, which
was founded in Tadcaster in 1758, has a
vast array of registered businesses on
Companies House meaning its sales
and profits are not published under
one entity. The size of these businesses
also means profit figures do not need to
be disclosed.
The company prides itself on serving some of the cheapest beers in the
country. Samuel Smith Old Brewery
did
not
respond
to
requests
for comment.
THE Duke of Westminster’s property
company, Grosvenor Group, has
blamed a slowdown in the London
market and the weakened value of the
pound for a drop in its returns last year.
Grosvenor’s total return for 2017 was
2.7pc, down from 8pc a year previously,
as the value of its global portfolio fell.
Mark Preston, the chief executive,
said the company had anticipated a dip
in the value of its London properties in
particular, and that a “cooling in the
market” driven by fewer international
investors and the drop in the value of
sterling after the Brexit vote had exacerbated the fall.
The Grosvenor family has owned
large swathes of Mayfair and Belgravia
since the 17th century.
However, Grosvenor’s revenue
profit, which the firm uses as its chosen
measure of performance and is based
on the income from its portfolio,
almost doubled on the previous year,
rising from £79.2m in 2016 to £143.5m
in 2017.
This was mostly driven by income
from the North American division,
which at almost £72m accounted for
around half of the total, a record
amount.
The company owns residential, retail and office buildings in major cities
including San Francisco, Vancouver,
Washington DC and Calgary, and last
year completed a number of new developments, boosting its income.
Mr Preston said global real estate
markets were likely to face a “challenging” 2018, particularly in the UK where
he thought economic growth would be
constrained this year and next.
“We remain mindful that the cycle is
at a fairly mature stage and investors
will have to adjust to the prospect of a
rising global cost of capital,” he said.
Blooming talent A “secret garden” display in Jo Malone’s store front in London’s West End as part of the eighth annual
Regent Street RIBA Windows competition, which is designed to showcase emerging and established architects. The display
for the perfumier was designed by Thomas-McBrien Architects, in collaboration with Paper & Wood.
Santander still feeling the pain
of loans to collapsed Carillion
By Iain Withers
HIGH street banks are still counting
the cost of bad loans to the collapsed
outsourcer Carillion after Santander
took another hit that dragged down its
first quarter profits.
The UK arm of the Spanish-owned
lender revealed a £60m writedown on
loan impairments to Carillion and one
other firm, understood to be fellow
struggling outsourcer Interserve.
The hit helped knock Santander
UK’s pre-tax profits 21pc to £414m for
the first three months of the year,
down from £525m the previous year.
Santander said “ongoing competitive pressures” in the UK, particularly
in the mortgage market, were also
putting pressure on profits.
As a result its net interest margin –
the key difference between the interest it receives in loans and pays on
deposits – will be lower this year, as
previously guided.
It currently stands at 1.83pc. Writedowns on bad Carillion loans across
UK banks are already thought to have
topped £1bn.
A £203m loan impairment charge
in Santander’s 2017 results pulled profits down 5pc.
The disappointing results in the UK
clouded what were otherwise strong
results for the overall Santander
£414m
Santander’s pre-tax profits for the first
three months of the year – down 21pc
from £525m the previous year
group, which reported profits up 10pc
to €2.1bn (£1.8bn). Nathan Bostock, the
chief executive, also raised the prospect of further branch closures by
putting an emphasis on saving costs.
The bank is to close 21 branches in the
first half of this year.
“Cost discipline remains an area of
particular focus for management,
Leeds Bradford Airport owner
swoops for a stake at Luton
By Bradley Gerrard
FRENCH investment company Ardian
has sold its interest in Luton airport,
the base of easyJet and Wizz Air.
Ardian’s 49pc stake in the concession to run Britain’s fifth largest airport
has been sold to AMP Capital, which
last year acquired Leeds Bradford Airport and is a long-standing investor in
others including Newcastle.
AMP Capital will now sit alongside
majority owners Aena, the Spanish airport operator, which has the right to
run the airport until 2031 under an
agreement with Luton Borough Council, which owns the freehold.
The terms of the deal have not been
disclosed but a source close to the
transaction said the concession’s total
value was roughly £1bn including debt,
based on the earnings multiple paid. In
2016, Luton airport had earnings before interest, taxes, depreciation and
amortisation of nearly £54m on revenues of £162.3m.
Ardian said it had invested £150m in
ramping up the number of passengers
the airport was able to accommodate
from 12m to 18m since it bought its
stake in 2013.
Andrew Liau, managing director of
Ardian, said the initial plan had been to
own the airport for a decade because
there was no expectation that during
this time frame passenger numbers
would rise to the point where another
capacity crunch was on the horizon.
“The airport has gone from 9.5m
passengers per year at the start of our
ownership to 16.5m now and this meant
we were faced with a decision as to
whether we kept hold of the stake and
invested more capital or not,” he said.
Ardian, which runs $67bn (£48m) in
assets around the world, said during its
ownership about 3,000 jobs had been
created directly at the airport and a further 6,400 in businesses linked to it.
Work on a new £200m light rail system linking the airport with Luton Airport Parkway station has also begun
and should be completed by 2021. This
development is seen as a key factor in
making the airport more competitive
with its rivals and allowing it to scrap
the bus service used to take passengers
between the airport and station.
with targeted actions expected to reduce the cost run rate over the year
and deliver operational efficiencies,”
he said.
Santander also said it would miss its
target of hitting 4.7m “loyal” retail
customers by the end of this year,
which it defines as current account
customers who hold a debit card and
an additional product.
Santander added that it was struggling to attract savings deposits to
meet its goal. The figure currently
stands at 4m.
The bank forecasts the UK economy
will grow “at a similar pace” in 2018 to
last year, with global growth and real
wage growth expected to provide a
boost, although it warned any downturn could result in higher inflation
that eats into earnings.
Mortgage lending jumped £1.9bn
over the first quarter to £156.8bn, but
savings deposits dropped £700m
to £60.1bn.
Santander shares closed down 3pc
at €5.39 in Madrid.
Customers report
ongoing problems
with online access
Continued from Page 1
402 customers with linked accounts
had been able to see “data we wouldn’t
normally make available” on Sunday
evening as a result of the system failure and this specific problem had been
resolved.
TSB has blamed the disruptions
since then on high volumes of people
logging in, although Mr Pester claimed
that the new platform is absolutely
able to “handle the volumes we
expect”.
Customers have been reporting a
wide array of problems beyond those
acknowledged, including incorrect
balances and the disappearance of
accounts.
A number of individuals who claim
to be TSB customers told The Daily Telegraph that they were able to see accounts to which they had no
connection.
Mr Pester said: “We struggle to see
how [these problems] could have occurred, or even whether they’re TSB
customers.” He urged customers having such problems to raise them directly with TSB.
6
Wednesday 25 April 2018 The Daily Telegraph
**
Business
Capita’s new strategy looks
sound so stick with the shares
and take up your rights
Capita
 Market value:
£1.2bn
 Turnover (Dec
2017): £4.2bn
 Pre-tax profits
(Dec 2017):
£513m loss
 Yield: nil
(dividends
cancelled)
 Most recent
year’s dividend:
31.7p
 Net debt (Dec
2017): £1.3bn
 Return on
capital (Dec
2017): – 28.3pc
 Cash
conversion ratio:
n/a
 p/e ratio: n/a
12
10
8
6
Questor
Follow the Money
Richard Evans
The outsourcer’s
shares have
performed terribly
but now is not the
time to sell as the
tide begins to turn
CAPITA has not been this column’s
actual cash, we also welcome Capita’s
most successful stock, even though we emphasis on this point.
rated it only as a hold when we looked
To fund its transformation and to
at it in October 2016 at 669p. The
cut debt, the group said it would raise
shares closed last night at about
£701m from investors via a rights
177.3p, representing a fall of
issue. Shareholders will be
Capita
more than 70pc. We will,
able to buy three new
however, resist the urge to
shares, at 70p apiece, for
Hold
cut our losses now.
every two already held.
Questor is normally
Questor feels that the
wary of complex, difficultshares are now past their
Plans for simpler
structure and
to-understand businesses
worst and that existing
emphasis on cash
and Capita, at least in
investors won’t get
are good signs
its current form, is far
another chance to buy
from simple. However, it
them at 70p. The new money
promised on Monday to “simplify
raised by the rights issue should
and strengthen the business in order
also put paid to any lingering fears
to deliver future success”.
that Capita could follow Carillion,
The group said its objective was
another outsourcer, into oblivion.
now to “become a more focused
However, we expect the stock’s
and predictable, client-centric
recovery to be slow as the market
company, generating sustainable
gradually regains faith in the company
free cash flow”.
and its management.
Given the difficulties that
Investors may have reacted
apparently profitable companies
favourably to the new strategy – the
can get themselves into
share price rose by 13.1pc on Monday
when they fail to convert – but in future they are likely to look
accounting profits into
for evidence that it is actually working.
4
2
0
2013
2014
2015
2016
Analysts at CFRA, the research group,
said: “While we are generally positive
on the turnaround plan, we are wary of
execution risks. Any signal to resume
its dividend would be a good indicator,
in our view.”
Existing shareholders including
Woodford Investment Management,
on whose faith in the stock we based
our original “hold” advice, have said
they will subscribe for new shares
in the rights issue. Capita directors
who hold shares have pledged to do
the same.
Questor says: hold, take up rights
Ticker: CPI
Share price at close: 177.3p
2017
on to its stake. Gaspar Arino, an
analyst at Montanaro, said Clarkson
ascribed the profits warning to the
weakness of the dollar, in which
much of its business is carried out,
and to the recent turmoil in the
financial markets, which had affected
shipping transactions.
“The shipping markets are highly
cyclical,” he said. “They have gone
through challenging times for a
few years and it is not possible to
accurately call the bottom of the cycle.
“The weakness in [Monday’s]
announcement comes from the less
predictable side of the business, the
financing and asset base transaction
business. However, the chartering
activity has been more stable and
continues its recovery path.”
He added: “My view is that the longterm thesis has not changed and that
Clarkson is well placed to capitalise on
the recovery of the different shipping
markets. Recoveries don’t happen in
a straight line and management has
been straightforward communicating
with investors.
“The company is cash generative,
has a strong balance sheet, will pay
increasing dividends and trades at
19 times expected earnings for 2019.
I think the shares will recover back
to £30.”
The company paid a dividend of 66p
a share for the year to December 2017,
so the shares currently yield 2.6pc.
Questor says: hold
Ticker: CKN
Share price at close: £25.40
Key
numbers
Close: 177.3p
14
£
2018
Update: Clarkson
One of our more successful tips
has been Clarkson, the shipping
brokerage. We said buy at £19.75 in
November 2016 and the shares closed
last night at £25.40.
However, they reached £34.50 last
month before a profit warning on
Monday sent them tumbling. The
166-year-old company said both
interim and full-year profits would be
“materially below” last year’s.
Montanaro Asset Management,
whose holding in the stock prompted
our tip, said it was surprised by the
profit warning but would be holding
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
-25 1.4 -25.8
1174
676 Oxford Inst
918
5820
3027 Renishaw ●
4874 -176 1.1 34.5
3750
2375 XP Power
3620 +10 2.2 24.4
Electricity +0.54%
368¾
Government securities
1174⅜
52 week
High Low (£) Stock
1554
Flat Rdm
Price (£) +/- Yield Yield
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
Insurance -0.27%
52 week
High Low (p) Stock
Price (p) +/- Yld
NAV
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
52 week
High Low (p) Stock
3111 +11 4.3
—
1342
1035 Telecom Plus ●
1080 -12 4.6
—
239⅝
190⅛ Vodafone
212⅜ -1½ 6.2 -10.8
Media -0.11%
326⅛
935
752¼ JPM Emerg Mkt ●
858
+2 1.3
967
2184
1766 Admiral
2003 +5 5.7 17.1
448
340 JPM Eur Sm Cos
407
+5 1.2
449
P/E
857⅛
660 Gt Portland Est ●
696⅜ +4⅜ 17.3
482¼ Aviva
527¼* — 5.2 15.1
339
287⅛ JPM Eur Gwth
303
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335
192
150 Bloomsbury
177¾
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245⅝ Grainger ●
305 +2⅝ 1.6 16.9
595½
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178
147½ JPM Eur Inc
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500 Daily Mail ‘A’
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188⅞ Intu Props ●
198* -2½ 7.1
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339¾ DirectLineIns
374¾* -2⅛ 9.4 11.8
397⅜
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314½ +1½ 3.9
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1025 Euromoney ●
1264 -42 2.4 33.3
52338 430⅜ Hammerson ●
538⅝* +⅝ 4.7
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127 +2½ 3.9
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735⅝* +4⅝ 2.8 19.5
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144½* -1¼ 5.4 14.2
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319* -4¼ 3.0 38.4
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72⅛ Exxon Mobil $
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189⅛
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1950 Clarkson ●
2540 -10 2.9 24.3
25
10⅛ Fiat Chrysler $
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52 week
High Low (p) Stock
Price (p) +/- Yld
NAV
1845
1633¾ Keystone Inv Tr
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652
549⅞ Law Debenture
272⅜
201½ 3i Infrastructure ● 219¼ +1¼ 4.5
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1590
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923⅜
1870
950⅛ Anglo Amer
1737½ +12½ 3.4 1975
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653* -3¼ 3.0 24.8
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578½ RSA
1992½ 1673 Prudential
608
Index Linked Securities
⅜
—
Retailers -0.88%
—
9.5
19½
10½ Marathon Oil $
18
… 1.1
4.8
178¾
133¼ McDonalds $
158⅞
-⅛ 2.5
1.6
4390* -38 1.7 21.9
66⅜
52⅞ Merck $
60¾
+½ 3.2
0.5
100⅛ Mandarin
171⅛* -3¾ 1.3 54.7
97¼
67⅛ Microsoft $
94
-1⅜ 1.8
0.7
147¾
95⅞ Marston’s ●
108½
-¼ 6.9
7.6
39⅜
31⅝ Pfizer $
37⅛
+⅜ 3.7
2.6
284¾
219⅞ Mitchells&But ●
274⅝ -5⅜ 1.8 18.2
94⅝
72¾ Procter & Gamble $ 72¾
-¼ 3.9
1.3
414⅛
337¼ National Ex ●
407¾ +⅝ 3.3 15.9
210¾
151¾ Rockwell $
162¾ -6½ 2.1
0.9
8967
6027⅜ PaddyPwrBet
2.1
627 +8¾ 3.0
7.5
3387
2386 Ass Brit Fds
2584 -29 1.6 17.0
346
296¾ BlckRck Grt Euro
326
+5 1.7
344
6965* -355 2.9 27.0
139¼
109⅛ United Tech $
122¾
-⅝ 2.3
154
118 Carr’s Grp
147¼ +2¼ 2.8 19.1
214
185 BlckRck Inc&Grth Inv 198
— 3.3
206
361
163¾ Brown N
193⅞ -12⅛ 7.3 12.4
1020
670 Playtech ●
800 -23¾ 3.9 12.4
110
73⅛ Wal Mart Strs $
86½
+⅜ 2.4
1.6
2711
2113 Coca-Cola HBC
2472 -15 1.9 24.2
501½
400½ BlackRock Latin
+2 2.0
551
250
31⅞ Carpetright
36⅛ +1⅝ —
250
169⅝ Rank Group ●
173
116⅛
96¼ Walt Disney $
99¾
-½ 1.7
4.2
165
708½
571⅞ Dairy Farm
381¾
229¼ Restaurant Gp
281⅝ -9⅝ 6.2 17.1
37⅜
27⅛ Xerox $
30½
-⅝ 3.3
0.7
1354½ -16⅝ —
Europeans -0.07%
472
3497¾ 2524 Cranswick ●
2884 -24 1.6 21.6
171
144 BlckRck NrthAmerInc 153¾ +1¾ 5.2
654
479¾ Dairy Crest ●
540
-½ 4.2 19.7
1435
1140 BlackRock Small
P/E
1425 +25 1.6 1558
734⅞ Dignity
984½ -16½ 2.5
8.5
217⅝
124⅜ Stagecoach ●
159¼ +1¼ 7.5 29.0
201
-7¼ 5.6
7.9
132¼
87¾ Thomas Cook ●
118⅛ -4¾ 0.5
—
223
760
503 Dunelm ●
555½ -22½ 4.8 12.9
150 Findel
-8.5
425
307⅛ BlackRock Wld M
219
162 Chemring
213
— 1.4 88.8
796½
522⅝ Tate & Lyle ●
559¾ -2⅝ 5.0 10.1
226
202½ Highbridge MultiStrt 222
150¼
111⅛ Cobham ●
115¾
-½
4557½ 3678½ Unilever
322⅞
190¼ Qinetiq ●
231¾ +6½ 2.6 10.8
146½
518
+½
755
660 British Empire Trust ● 703
-1 1.7
791
270
796
680½ Brunner
+7 2.2
839
1400¼ 1041 Greggs ●
755
+5
265
—
-4.0
1197* -24 2.7 21.1
3020
2488 Caledonia ●
2755 +5 2.0 3324
384¾
305⅜ Halfords ●
380 +2⅜ 4.7 13.2
… 8.2 24.4
144
111⅞ Candover #
115½
—
156
596¾
282 Howden Joinery ●
484⅜ -2⅜ 2.3 16.2
—
947¼
577⅜ Pennon Gp ●
659⅜ +6¾ 5.5 16.6
201
176¾ City Merchants HY 193¾* +1¼ 5.2
189
369¾
285¼ Kingfisher
303
2575
1664 Severn Trent
1868 +8 4.5 12.8
130⅝
106 City Nat Res H Yld
120¾ +¾ 4.3
142
131½
78½ Lookers
97½ +1⅛ 4.0
1078
648⅝ Utd Utilities
709⅜ +5⅝ 5.5 11.2
444⅝
392 City of Lon ●
426½ +2 4.2
416
397¾
262 Marks & Spen
279⅝ -4⅜ 6.7 38.8
498
330¼ Dunedin Ent
377
— 5.0
439
254⅜
203¼ Morrison (WM)
234⅜
18¾
General financial +0.40%
Banks -0.50%
447¼
318⅞ Ashmore ●
414
-2¼ 4.0 16.5
-6⅜ 3.6 13.7
8.1
1687⅞ 934⅜ TUI AG
1346⅛
4333
953 Wetherspoon ●
3499⅞ Whitbread
—
83⅛
71⅝ Akzo Nobel €
76¼
-1¾ 3.3
1.3
1631 -16½ 3.5 17.0
97½
77⅛ BMW €
91⅛
-⅛ 4.4
2.6
1171 -17 1.0 22.7
23⅝
15½ Carrefour €
16½
… 2.8
1.4
4186 -46 2.3 18.1
257⅜
186½ Continental AG €
226
+3 2.0
3.3
AIM -1.01%
76½
59 Daimler €
65⅛
-¼ 5.6
2.7
72⅛
62½ Danone €
65⅞
— 2.9
1.8
1600
1225 Arbuthnot
— 2.2 33.7
41⅜
31⅛ Deutsche Post €
37⅞
-⅛ 3.0
1.9
2580
1790 BrooksMacdonald 1887½* +12½ 2.3 43.9
18⅛
12¾ Deutsche Tele €
14⅛
-⅛ 4.6
0.9
0
91⅜
79⅝ Heineken €
86
-⅝ 1.7
2.3
307½ +½ 5.4 14.8
283
211⅞ LVMH €
281¾ +¾ 1.8
2.0
1¼
⅞
-¾ 2.6 17.6
345½
2⅝ Central Asia Met
Cambria Africa
+⅝
1480
1⅛
—
—
786
608 Edinburgh Inv Tr ●
671
+1 4.0
733
137⅛
16
8⅛ Ceres Power
14¼ +1⅛ — -14.2
60
50⅜ LafargeHolcim SFr
54¾
-⅜ 3.7
2.7
820
541½ Edin Worldwide
782
+2
762
5355
3565 Next
5150 -58 4.8 12.4
1270
780 Churchill China
1015
— 2.4 17.4
31¼
15¾ Lufthansa €
26½
… 3.0
4.8
235¾ Ocado ●
518¼ -13⅜ —
—
460
3¼ Cohort
342½
— 2.2 37.7
6
4⅞
… 3.9
1.7
+⅛ 5.5
7.6
878½
854
-8 0.6 16.5
130⅞
111⅝ Michelin €
120⅛ +1⅞ 3.0
2.6
1⅜
—
141⅞
112⅛ Pernod Ricard €
135⅞
-½ 1.5
2.2
—
13 Mothercare
—
3.9
225½
177¼ Barclays
215⅜
399⅜
320¼ Brewin D ●
364⅜ +2 4.1 22.1
2793½
820 ElectraPrivEq
834 +14 — 1114
603¼
1715
1315 Close Bros ●
1511* -9 4.0 11.8
433
310 Charles Stanley
345
— 2.0 27.9
331
286 EP Global Opp
314
+3 1.7
39¼
20 Pendragon
28*
798⅝
632½ HSBC
712 +4¾ 5.1 20.7
62⅜
62 El Oro
67
— 3.6
1360
1190⅜ European Assets
213⅞
108 Saga ●
133½ +1⅛ 6.7 10.9
4¼
-⅝ 3.6 15.2
86
14.7
145¾ Dixons Carph ●
-2
-3.7
1798⅝ 1253¾ Ryanair
2777
398¼ BlkRk Throg Tst
293
119¾ Centrica
5.7
349⅝
522
282 REA Hldgs
213
— 12.7
434
+4 2.2 23.0
365
3920 +54 3.3 20.7
22⅞
571
862
618* +12¾ 3.5 23.1
Gas & Water +0.41%
602¼* … 2.5 28.2
20 Debenhams
-⅝ 4.3 10.7
+8 1.7
670½ Hilton Food
533½ BAE Systems
—
53½
36.1
387½* +3 4.0
900
682½
-1 3.0 -20.9
1.1
644 JPM Indian ●
480
451⅜* -8½ 2.1 15.4
-⅛ 3.2
786
476
GKN
40⅜
596½ +1 1.8 -23.1
— 1.1
3
36⅛ Coca-Cola Euro $
542½ Lancashire Hldg ●
435
482¼
44¾
773½
421½ +3½ —
1404* -22 3.5 21.2
1.1
2.0
-⅝ 4.6
322½ JPM Japan Sm Cos
Automobiles & parts -1.85%
124¼ +⅝ 3.6
97
334½ JPM Japanese ●
2218⅝ 1138 Ultra ●
102½ Chevron $
94 JPM GL Conv
469
— 2.3 20.8
0.4
133⅞
102¾
—
462
+⅝ 1.4
2.0
146⅜ -7½ 2.1
1481 -10 2.0
8.7
853
331¼ -7⅝ 2.1
95¾ Caterpillar $
1220* +8 2.8 21.7
278¼ +¾ 5.5
299⅜
175½ Boeing $
173¼
1078 Jardine Lloyd ●
253¼* +4⅛ 2.8 13.1
800 Rolls-Royce
371⅝
1121 Hiscox ●
185½ Old Mutual
208⅜ Senior ●
3.4
1537
244¼ Legal & General
310⅜
+¼ 1.6
1468
259⅝
994½
30⅝
8.4
279⅞
33.1
22⅛ BankAmerica $
3.5
904* -11 1.9 17.7
—
2.5
33
9.1
1328 +8½ 7.0
728½ Bodycote ●
Price (p) +/- Yld
… 1.4
801⅝ +5⅛ 5.6
1043
Aerospace & defence +1.08%
P/E
100⅝
733 Nat Grid
1176½ SSE
124.05 -0.12 4.03 1.32
52 week
High Low (p) Stock
Price (p) +/- Yld
76 Amer Express $
Tobaccos -0.28%
5643⅝ 3553 Brit Am Tob
52 week
High Low (p) Stock
103
-7.9
121.73 -0.09 6.57 0.91
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.
-2 3.2 20.8
295¼* -8¾ 4.2
132.85 124.02 Treas 5% 25
1697
251⅞ Capital&Count ●
550
6.8
P/E
3191⅛ 2574 Derwent Ldn ●
102
52 week
High Low (p) Stock
593
Price (p) +/- Yld
126¾
— 0.3
Price (p) +/- Yld
52 week
High Low (p) Stock
88⅝ TalkTalk ●
100½
132.43 123.14 Treas 8% 21
88
P/E
220
98 JPM ElecManCsh
218 Drax Group ●
Engineering / Industrial -0.49%
10-year Government Bonds
Price (p) +/- Yld
273½* -3¾ 0.5-2735.0
103
332
1227½* — 6.4 1214
484¾ Dart Group
1
Deltex Medical
—
-1.5
3¾ Nokia OYJ €
73⅝
62¼ Lloyds Bk Gp
66⅛*
-⅜ 4.6 15.0
1935
1258 Hargreaves L
1738 -12½ 1.8 38.9
974
846 The Europ InvTr
914
+6 2.5 1027
339⅞
222⅜ Sainsbury J
266⅛
64
40 Elecosoft
62½* +3½ 1.0 25.0
21
16½ Peugeot €
20½
-¼ 2.6
4.1
304¼
239⅝ Ryl Bk Scot
275⅝
-¼
43.7
868½
520½ IG Group ●
811 +15 4.0 17.6
408¼
352 Fidelity Asian V
394
+4 1.3
401
2347
1635 Smith WH ●
1923 -22 2.6 18.4
129
98¾ Finsbury Food
126*
-1 2.5 17.7
36⅛
29¼ Philips (Kon) €
34⅞
+⅛ 2.3
1.9
541¾
387⅛ Santander
465
-16 3.4 13.4
1204
771½ Intermediate C ●
1089
— 2.6 14.6
263
191⅛ Fidlty Chna Sp Sits ● 237½ +2 1.1
269
424⅜
280¼ Sports Direct ●
395¼ +4¼ —
10.0
62½
21⅝ Futura Medical
32½
-1
— -10.1
133½
99¾ Siemens €
106¼ -2¼ 3.5
1.8
2500
1485¼ Secure Trust Bk
2045 -10 3.9 19.0
649⅜
451¼ Investec ●
577⅝
— 4.1 11.4
235
199¾ Fidelity Euro V ●
211½* -1 2.1
237
242¾
165⅜ Tesco
238⅜ -1⅜ 1.3 16.1
15½
5½ Gaming Realms
7⅞
-⅛
—
-3.1
52¼
41⅞ Societe Gen €
45¾
-¼ 4.8
1.3
864¼
688⅝ Standard Ch
769¼* +4½ 1.0 45.7
158⅜
99¾ IP Group ●
139⅜ +1⅜ —
19.8
160
105¾ Fidelity Japan V
150½ +½
—
165
Support services -0.29%
6.6
… 5.5
1.1
336½
250¼ Virgin Money ●
281¾* -2⅛ 2.1
620
425 Liontrust
582
-6 2.7 38.4
274
228 Fidelity Sp V
264
+2 1.7
268
47
41 Lon. Fin. & Inv.
44
— 2.5 12.6
778
695¼ Finsbury Gwth ●
755*
+1 1.9
748
—
7.5
Beverages +0.54%
839
657½ Britvic ●
2735½ 2216½ Diageo
320
155½ Stock Spirits
4371
3251 Lon Stock Ex
4300 +85 1.2 29.4
678
560½ Foreign & Col ●
650*
+1 1.6
660
-2 3.7 16.7
219¼
148⅝ Man Group ●
184½ -1½ 4.3 16.6
338
304½ F&C Cap & Inc
325
+4 3.3
324
High Low (p) Stock
2465½ +14 2.6 23.3
1018
5⅝ NEX Group ●
992½ +4 3.1
2.8
152¼
133⅞ F&C ComProp ●
144⅜* +¼ 4.2
139
268
710
256
-1 2.8 48.8
Chemicals -0.99%
52 week
NAV
High
234 Pacific Assets
251½ +1½ 1.0
265
4226½ 2882½ Rio Tinto
1900 +5
556
400¼ Paragon ●
522
-2 3.0 12.1
211⅜
178 F&C Mgd G
198
—
—
197
1929
1720 Pantheon ●
92
75½ Park Group
80¾
+1 3.7 15.0
146
127 F&C Mgd I
135
— 4.1
133
411⅝
329½ Perpetual Inc & Gr ● 356
2402⅞ 312⅛ Provident Fin ●
682¾ -13 — -10.3
366
307 F&C Priv Eq Ord
364* +12 3.9
348
41680
38700 Personal Ass ●
— 2275
— 3.9
398
981¾
Low Stock
558½ Vedanta Res ●
140 Gattaca
155½ -2¼ 12.9
17
10⅝ Suez Environ €
11¾
130⅜ Highland Gold
146
+⅜ 7.1 10.1
104⅜
83¼ Thales €
104⅜ +⅝ 1.7
2.7
24½
—
-1.9
51⅛
42¼ Total €
51⅞
+⅝ 4.9
1.2
994½
638⅝ Aggreko ●
729⅝* -14 3.7 17.6
37
2185
1476 Ashtead Gp
2115 +21 1.3 21.0
70⅜
51 Inland Homes
63⅞
— 2.9
8.2
19¾
15¼ UBS AG SFr
16¾
… 3.9
1.3
1030
604 Babcock Intl ●
739⅜
181½
56⅝ IQE
108¾ -9⅛ —
52.1
191¾
128 Volkswagen €
168¾ +½ 2.3
2.6
3974½ +26 5.3 11.3
230
145¼ BCA Marketplace ● 184¼ +1¼ 3.9 35.4
545
373 James Halstead
391
746 +7¼ 5.7 -127.0
2472
1918½ Bunzl
2086 +11 2.2 22.1
⅞
721
127⅝ Capita ●
177¼ -3½ 6.3
-2.2
183
126 LPA Gp
151
228¼
12½ Carillion #
14¼
0.5
430
290 M&C Saatchi
371
52 week
Price (p) +/- Yld
339
181
Price (p) +/- Yld
P/E
Oil & Gas +1.55%
39200 +100 1.4 38557
-5 3.9 12.0
—
—
19 Hornby
½
Kellan Gp
¾
—
+7 3.4 22.2
Recent issues
—
-5½ 1.8 10.5
52 week
High Low (p) Stock
+5 2.6
3¼
—
5.8
—
3
Price (p) +/- Yld
Crusader Resources
3
—
P/E
—
-3.5
4691
3564 Croda
4619* +9 1.8 25.5
2842
2254 Rathbone Bros ●
2314* +30 2.6 25.0
1420
1255 F&C Glob SmCo ●
1345 +10 0.9 1362
90½
81¼ Picton Prop Inc
89⅜
+1 3.9
88
536¼
437 BP
533⅝ +12 5.4
—
299
219⅝ Charles Taylor
280 +15 3.9 21.3
51
34¾ Miton Group
50½* +2½ 2.8 15.4
102
101¾ RM ZDP
101½
—
—
100
3511
2681 Johnson Mat
3250 -43 2.3 16.2
2567
1870 S & U
2490 -35 4.2 12.2
108
94½ F&C UKHighIncTst
98*
— 5.0
107
173¾
109 PremierGlblInfra
127
— 8.0
142
237
164¼ Cairn Energy ●
227⅝ +1
—
7.0
73
46¼ Communisis
64*
+1¾ 4.2 11.3
233
75 Mpac Group
220
-8½ —
169⅞
155 SimplyBiz Grp
162½
—
—
—
2772
1826 Victrex ●
2642 -90 2.0 22.7
3784
3069 Schroders
3263* -12 3.5 15.2
109
99 F&C UKRealEstInv
106
-1 4.7
107
2010
1812 RIT Cap Ptnrs ●
1996* +18 1.7 1840
45¼
22½ EnQuest
37¼
+½
—
-9.6
711½
438⅛ De La Rue
500
-12 5.0 12.7
220
153 MS Intl
185
— 4.5 20.3
560⅝
428½ TP ICAP ●
467⅜* -4⅝ 3.6 29.6
795 +7½ — -67.7
-½ 3.0 14.5
Construction -1.18%
Healthcare -0.99%
192¾
115 Alumasc
311¾
252½ Balfour Beatty ●
705½
6¼ Barratt Dev
139
— 5.2
7.6
305
265 Hend Alt Strat
271
+4 1.8
335
242
218⅜ Ruffer Inv Pref
230
+2 0.8
225
815
376½ Hunting ●
97⅝
86⅜ Hend Div Inc Tst
93
+1⅝ 4.7
88
383⅛
280 Schroder Asian TR
344*
— 1.4
337
862⅛
4¼ Petrofac ●
610
201½
165 Hend High Inc
182*
+1 5.2
183
383
338 Scot American
361
+1 3.1
347
104½
42¾ Premier Oil
94⅝ +1¾ —
1630 -10 2.0 24.7
45
8
OneView Group
— 2.7
243
9¼
-¾
—
-1.3
6.0
973½
771 Scot Invest ●
833*
+5 2.4
908
2579½ 1996 Royal D Shell A
2549½ +30 5.3 22.5
5722
4427 Ferguson
5652* +32 2.0 18.1
103½
74⅞ Prime People
78½
-2 6.4
553⅝* -9¼ 7.8
9.0
3728
1880 NMC Health
3532 -28 0.4 54.2
1110
890 Hend Opp
1020 -2½ 2.0 1245
479¼
364 Scot Mortgage
460
-3 0.7
447
2617
2038 Royal D Shell B
2607½ +32 5.2 23.0
342⅝
233¾ G4S
255½ -1¼ 3.8 16.8
602
393 Restore
544
-20 0.9 78.8
1255 +15 — 1394
177¼
155½ Sec Tst of Scot
163¾ +1¾ 3.6
175
150
87⅛ Soco Intl
101¾ +⅜ 5.2
206¼
155 Hays ●
177⅞ -2⅛ 1.9 20.4
28
17¾ Rockhopper Exp
25¼
-½
1822½* +22½ 2.5 1880
179⅞
167 Seneca Global
174¼ +1¾ 3.6
172
Pharmaceuticals +0.90%
872
660½ Homeserve ●
735½
-1 2.2 30.6
29
22⅛ Share
27
— 1.5
502
431 Stand Life Eq Inc
476
+9 3.9
483
249¾
52¾ Interserve
86¼
+¾ 9.4
35
17½ Sinclair Ph
17¾
-¼
—
-4.5
+¼
—
22.6
890⅛
495⅜ Mediclinic Int
673⅜ -13 1.2 21.7
1265
1442
1173 Smith & Nep
1377½* -11½ 1.8 21.9
1830
354
243¼ Boot H
300
+7 2.7
9.3
Household goods -0.98%
83¼
-⅞
—
494
-7½ 6.7
7.5
2487* -41 2.4 12.5
-5 2.1 14.0
2024
1481½ Burberry
175½
133 HICL Infrastructure ●146¼ +2⅜ 5.4
147
828 +16 2.5
959
406½
327⅜ TR Property ●
396
-3 2.8
403
5520
4260 AstraZeneca
4989½ -25½ 4.1 29.4
5470
3963 Intertek Group
4898
-8 1.5 27.4
57½
19 SRT Marine Sys
25¾
518 Intl Biotech Tst
540
-6 5.0
577
830
649 Tmpletn Em Mt ●
728
-2 1.1
829
784
540 BTG ●
658½ -13½ —
392
188⅞ IWG ●
257⅞ -3⅝ 2.2 20.8
188
118 StatPro
171 +1½ 1.7 -47.5
-8¼ 3.0 30.4
138⅝* — 2.0 19.8
16
12½ Sterling Energy
12⅞
-¾
94½
67 Tribal Gp
81¾
— 1.2 62.8
148¼ McBride
149
312
253 Invesco Asia Trust
280
— 1.5
320
83½
72⅝ Troy Inc & Gr
75*
-⅝ 3.5
75
2840
1622 Dechra Pharma ●
2786 +26 0.8 99.2
151¾
1⅜ Johnson Serv
199¾ PZ Cussons ●
244⅝ +¼ 3.4 15.9
309½
260 Invesco Inc Gth Tr
276½ +½ 4.0
317
180
150 UIL Ord
164
-1 4.6
266
2648
1652 Genus ●
2616 +8 0.9 48.6
750
619 Menzies J
8110⅜ 4973⅜ Reckitt Benck
5443* -70 3.0
6.2
84⅛
73½ InvesPerp Enhc Inc 76⅞*
+¼ 6.5
2102
1505 -85 2.0 18.5
144
129 InvesPerp Bal Rk
139
—
194½
167 InvesPerp Sel UK E
214
74
159¼
153¼ UIL Fin ZDP 18
159
—
—
155
1724½ 1179⅜ GlaxoSmKline
1462¼ +17¼ 5.5 46.6
313½
146¾ MITIE Gp
181¾ -8⅛ 0.7
-3.5
⅛
145
133⅛ UIL Fin ZDP 20
143
—
—
130
2000
814¼ Hikma ●
1229* -29 2.0
-4.9
338¾
239⅛ Rentokil
290¾* -¼ 1.3
7.8
245⅜
182
— 3.5
186
127⅞
109¼ UIL Fin ZDP 22
125½
—
—
112
449¼
246½ Indivior ●
444⅝ -1⅞ —
77.6
1030
691 Ricardo Gp
960
-16 2.0 20.5
4
186½ InvesPerp Sel Gbl E 204
+3 3.3
206
234⅝
194⅞ Utilico Emerg
212⅝
… 3.3
243
249
-1⅝ —
3.4
742
380½ Robt Walters
726
— 1.7 16.9
1570
457 InvesPerp UK Sm Co 514
+2 4.0
542
1118
975 Witan ●
1040
-6 2.2 1060
184⅞
117¾ SIG ●
142¼ -3⅛ 2.6 -14.1
419¼
363½ JPM American
388*
-1 1.4
409
355
304⅝ Witan Pacific
320½ +½ 1.5
123⅝
82¼ Serco Group
381⅞
301 JPM Asian
349*
+3 4.4
387
2707
2273 Worldw HealthTr ● 2415 -10 0.9 2405
1709
1192 Travis P ●
73½
59 JPM Brazil Inv
65¾
— 1.2
76
1520
1040 Morgan Sindall
1350
-8 3.3 11.4
379⅞
252 Nth Midland Con
310
-2 1.9 42.4
2901
2214 Persimmon
2690 -31 8.7 10.5
25
17⅛ BSD Crown
20½
+1
-5.7
527½
673½
536 Redrow
618* -17 3.2
560
421 CML Micro
552½
— 1.3 23.9
211⅞
173 Taylor Wimpey
205⅜
111¾ Laird
195¾ +¼ 0.6 12.4
512
299½ Microgen
446
2970½
26¾ Micro Focus Intl
1099
480 Dialight
518
-2
—
674½
333 SDL
402
435
246½ discoverIE Grp
423
+3 2.1 79.8
825¼
536¼ Sage Gp
1341
1023 Halma
1218 -21 1.2 35.6
131
1⅛ Spirent
—
-4 1.4 27.2
1297½ -18½ 5.7 24.4
●
374
Net Asset Values © 2018 Morningstar Estimated at previous
5021
29 Premier Vet
2940½ Shire
36⅜
3930* +130 0.6 11.7
Property +0.28%
67¼
56⅝ Assura ●
59½ +1½ 4.2
—
●
95⅝
1289* -16½ 3.6 13.8
216¾ JPM Chinese
288
+3 0.6
332
926
722 Big Yellow Gp ●
923½ +11 3.2
—
760
659½ JPM Claverh’se
744 +10 3.7
757
695
589 Brit Land
663*
-1 4.5
—
318
216⅜ BT Group
240¾
632⅜ +1⅜ 2.4 22.7
833⅜
716½ JPM ElecManGth
792½
— 1.4
812
256⅜
185⅛ CLS Hldgs ●
237½* — 2.7
6.1
865
334¼ Inmarsat ●
119¾* -1⅝ 2.5 35.2
121
104 JPM ElecManInc
113
+1 4.1
115
62¾
+¼ 7.0
—
111¼
85¼ KCOM Group
day’s close see www.Morningstar.co.uk.
50 Cap&Regional
52¼*
-2⅜ — -4782.5
Telecommunications -0.95%
346¾
+7 1.5 11.6
+3 3.2 42.7
139
427¾ +1⅝ 3.3 19.9
Information technology -0.46%
645
—
755
360¼ Marshalls ●
—
75.7
235
681½ Grafton Gp ●
193⅜* -1½ 7.8 11.4
—
708⅞ ICG Enterprise Tst
367¾
1438 Superdry ●
-1.2
— -26.3
650
486⅝
Electricals -2.15%
-3.0
858
851
8.8
930 Herald Inv ●
1476½ HgCapital
1760 +22 2.2 27.0
21.0
465* +3½ 3.0 15.0
●
1428 Experian
+8 2.1 1006
8.9
27 CRH
1708
888
8.5
429¾ Crest Nicholson ●
-2.7
733½ Hend Smaller Co
3284 -39 4.0
2955
166*
904
3994 +2 2.7
648½
398½
151 Oakley Capital
213⅞* -1⅝ 1.9 37.3
2718 Bellway ●
74 Breedon Group
230½ Numis
174
181⅜ ConvaTec Grp ●
3031 Berkeley Grp
419½ Costain
410
436* -14¾ 4.7 10.0
349⅛
3805
494½
6680 -90 1.7 27.4
405¼ Essentra ●
287¼* -2 1.3 11.8
4270
90½
7762½ 6445 DCC
588½
-9¼ 4.5 -100.2
26.2
⅛
Union Jack Oil
115 Walker Green
1⅞ Xtract Resources
1286 Young & Co - A
⅛
—
—
—
-4.4
-2.9
117
— 3.7 13.7
2⅝
—
—
-0.2
1550 -20 1.2 25.2
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.
52 week
Low Stock
Price +/- GrsYd Cvr
359⅞* -11⅝ 6.7 12.6
39⅛
24¾ 21st Cent Fox A $
36⅛
-¼ 1.0
2.2
-4 6.0 20.6
62⅜
29½ Alcoa $
50⅜
-1½ —
—
100
●
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 -0.16%
High
-3 6.4 12.5
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
The Daily Telegraph Wednesday 25 April 2018
7
**
Business
Investors bet against big bookmakers
TOM
REES
PORT
MARKET REPORT
Results roundup
Company
INVESTORS were betting against
bricks-and-mortar bookies yesterday
on fears that the Government will defy
the gambling watchdog’s
recommendation of a lenient
maximum stake on fixed-odds betting
terminals.
The Gambling Commission called
for a £30 upper limit last month to
tackle problem gambling from the
so-called “crack cocaine” of bookies,
which allow punters to splurge as
much as £100 in a single 20-second
flutter. But various reports have
indicated that the Government will
instead bow to demands from antigambling campaigners and impose a
£2 cap, the doomsday scenario for
high street bookies.
The Treasury has reportedly backed
plans to slash the maximum stake
despite the likely plunge in tax
receipts and concerns that gaming
firms will be hit hard by the proposals.
City analysts have warned that
thousands of shops could close and
bookies’ revenue would take huge hits
from a punitive outcome. Davy analyst
David Jennings told clients that
investors will also be spooked by
suggestions that the Treasury will
attempt to offset any tax revenue
Winners and losers (pc)
Turnover (£)
AB Dynamics
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
XD
Int 15.3m (11.0m)
2.9m (1.7m)
12.35 (6.65)
1.465 (1.331)
May 18
May 03
Anglo-Eastern Plant $
Fin 291.9m (246.2m)
69.7m (60.8m)
91.37 (87.58)
4.000 (3.800)
Jul 13
Jun 07
Atlas Mara $
Fin 260.5m (241.7m)
53.1m (9.4m)
42.00 (12.00)
n/a (n/a)
–
–
Banco Santander €
1Q 12.2bn (12.0bn)
3.7bn (3.3bn)
12.00 (12.00)
Circassia Pharmaceuticals
Fin 46.3m (23.1m)
-113.6m (-38.8m)
-29.00 (-13.00)
n/a (n/a)
–
–
CityFibre Infra Hldgs
Fin 34.8m (15.4m)
-16.6m (-12.6m)
-4.00 (-5.00)
n/a (n/a)
–
–
Focusrite
Int 38.8m (32.0m)
5.8m (4.6m)
9.00 (7.30)
1.000 (0.750)
May 30
May 03
Proacatis Holdings
Int 26.4m (11.8m)
2.5m (878k)
2.60 (2.50)
n/a (n/a)
–
–
Sportech
Fin 66.3m (64.8m)
-23.2m (63.6m)
-12.00 (22.60)
n/a (n/a)
–
–
Fin – (–)
-3.4m (-711k)
-0.42 (-0.09)
0.000 (0.000)
–
–
Woodford Patient Cap Tst
BUSINESS BULLETIN
n/a (n/a)
–
–
Ç Oil & Gas
1.55
Ç Aerospace & defence
1.08
Ç Transport
0.94
Ç Pharmaceuticals
0.9
Ç Mining
0.81
Ç Beverages
0.54
Ç Electricity
0.54
Ç Food producers
0.45
Ç Gas & Water
0.41
www.theice.com/data
shortfall by increasing taxes online.
Investec argued, however, that the
annual tax impact would be half the
estimated £450m the Treasury
receives from the machines, thus
reducing the need for additional taxes.
GVC, which recently upped its
exposure to high street gambling
through its Ladbrokes Coral swoop,
tumbled 58.5p to 912.5p while William
Hill nosedived 42.7p to 293.4p, a 13pc
plunge. FTSE 100 firm Paddy Power
Betfair slipped to its lowest level since
September, dropping 355p to £69.65.
Elsewhere, defence giant BAE
Systems rallied to a six-month high
after Berenberg predicted that growth
would rebound amid rising US defence
spending and heightened geopolitical
tensions. In an upgrade to “buy”, its
analysts argued that its US business
would be a “key” growth driver in the
coming years as the White House sinks
more funds into the US military,
boosting shares 12.8p to 618p.
Peer QinetiQ was also on the rise
after announcing a £61m acquisition
for EIS’s Aircraft Operations business,
lifting it 6.5p to 231.7p. The deal will
increase its international exposure and
provides an entry into the German
defence market just as spending
begins to increase, Liberum told
clients. Pharma struggler Vectura
slumped 4.9p to 82.1p after Japanese
firm Sosei dismissed market chatter
speculating that it was readying a bid.
Boosted by its buoyant energy
giants BP and Shell, the FTSE 100
pushed up to a fresh 11-week high. The
blue-chip index climbed 26.53 points
to 7,425.40 as investors in Europe
largely brushed aside worries over the
benchmark 10-year Treasury yield
breaching the 3pc mark for the first
time since 2014.
È Travel & Leisure
-0.89
È Telecommunications
-0.95
È Household goods
-0.98
È Chemicals
-0.99
È Healthcare
-0.99
È AIM
-1.01
È Construction
-1.18
È Automobiles & parts
-1.85
È Electricals
-2.15
Businesses contribute
£186bn in tax revenues
PSA sales receive boost
from Vauxhall, Opel buys
The total amount paid by UK businesses
in taxes came in at £186bn in 2017-18,
equal to around 27pc of all tax revenue,
showing that they were “continuing to
make a strong tax contribution, despite
relatively subdued economic growth”.
The CBI, which analysed the data, said
business taxes had grown slower than
total taxes in the year, but the value of
business taxes was up 1.3pc.
The acquisition of Vauxhall and Opel
last year by French car maker PSA
Peugeot Citroen has helped drive up its
first-quarter sales by 42pc. The £1.9bn
purchase from GM last year made PSA
Europe’s second-biggest car company
after Volkswagen and put it on track for
its target of selling 4m cars this year.
PSA’s revenue jumped to €18.2bn
(£15.9bn) in the three-month period.
AstraZeneca to inject up
to $45m in Circassia
Atlas Mara hires CEO
after year-long search
AstraZeneca is upping its stake in
Circassia, to a maximum of 19.9pc from
14.2pc currently, injecting up to an
additional $45m (£32.3m) in the
business. Circassia said it will use some
of the proceeds to pay R&D costs it owes
to AstraZeneca under the development
and commercialisation deal the pair
agreed last year.
Atlas Mara hired South African banker
John Staley as its new chief executive,
more than a year after John Vitalo
abruptly left after disappointing results.
Recent efforts by former Barclays boss
Bob Diamond, who co-founded Atlas
Mara, have since helped revive the
group’s fortunes, with net profits
surging over 400pc in 2017.
Training software maker Meditor’s Carpetright
LTG in $150m US deal
interest nears 30pc
Learning Technologies Group (LTG), an
Aim-listed provider of staff training
software, is to expand in the United
States with the $150m (£107m) takeover
of Massachusetts-based PeopleFluent.
LTG, which has been expanding rapidly
through acquisitions, will fund its latest
deal with an £80m placing and £25m in
new borrowing.
Carpetright’s largest shareholder,
Meditor Capital Management, has
increased its stake in the struggling
retailer to 29.99pc, just under the 30pc
threshold at which it would be required
to make a formal takeover offer. The
group will seek approval for its
company voluntary arrangement to
shut 92 stores from creditors tomorrow.
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
Mid
Change
Buy on day
Mid
Change
Buy on day
Discretionary Unit Fund
Multi-Mgr Inc&Gwth A Acc
5.00
175.5000
…
JPM Global Uncons Eq A Acc 3.00
*1310.0000
+3.0000
Jupiter Emerg Euro Opps
–
208.02
+2.55
M&G Episode Growth A Inc
4.00
61.51
+0.26
Multi-Mgr Inc&Gwth A Inc
5.25
153.6000
+0.10
JPM Global Uncons Eq A Inc 3.00
*97.2800
+0.2000
Jupiter European
–
2151.64
-0.06
M&G Episode Income A Inc
4.00
*130.13
+0.15
Multi-Mgr Mangd A Acc†
5.00
*277.5000
+0.60
JPM Japan A Acc
3.00
*460.5000
+1.2000
Jupiter Euro Inc Acc
–
80.76
+0.05
M&G Episode Income A Acc
4.00
*170.2
+0.2
Multi-Mgr Mangd A Inc†
5.00
*270.4000
+0.60
JPM Japan A Inc
3.00
*110.9000
+0.3000
Jupiter Euro Inc Inc
–
55.40
+0.03
M&G Global Dividend A Inc
4.00
*202.21
-0.17
Name
Init chge
Sell
Mid
Change
Buy on day
All Ordinaries
6009.40
+33.40
+0.56pc
No 1, Poultry, London EC2R 8JR. 020 7415 4130
È Brazil
Bovespa
85469.07
-133.43
-0.16pc
Maitland Discretionary Inc
Ç China
Shanghai Composite
3128.93
+60.92
+1.99pc
CAC General
5444.16
+5.61
+0.10pc
Ç Australia
Ç France
È Germany
Ç Hong Kong
DAX
12550.82
-21.57
-0.17pc
Hang Seng
30636.24
+381.84
+1.26pc
3.00 2359.57 2519.14
-3.41
AXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Ç India
S&P CNX500
9390.40
+17.00
+0.18pc
Ç Japan
Nikkei
22278.12
+190.08
+0.86pc
Ç Russia
RTS
1153.83
+9.17
+0.80pc
Straits Times
3584.56
+11.18
+0.31pc
Amer Gwth Acc
5.25
*588.7
-0.30
Biotech Acc
5.50
*168.2
-1.00
Emerg Mkts Acc
5.25
268.7
-0.60
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
European Acc
5.25
882.6
+4.40
Unit Trust
Ç Singapore
È Spain
Madrid SE
1003.27
-5.38
-0.53pc
È Switzerland
SMI Index
8796.91
-9.72
-0.11pc
È USA
Dow Jones
24024.13
-424.56
-1.74pc
È USA
Nasdaq
7007.35
-121.25
-1.70pc
Commodities summary
Price
Ç Gold
per troy oz
Ç Silver
Change
$1331.16
+7.01
+0.53pc
Financial Acc
5.25
*674.3
+2.00
Global Opp Acc
5.25
*1407.0
-5.00
Global Opp Inc
5.25
*1241.0
-5.00
Global Tech
5.25
106.9
-0.50
Health Acc
5.50
1764.0
+2.00
Cash Fd Y
–
100.03
5.25
596.0
+2.10
Cash Fd Y Accum.Units
–
100.35
£11.97
+0.06
+0.49pc
È Krugerrand
£950.23
-2.03
-0.21pc
Ç New Sovereign
£219.85
+0.48
+0.22pc
Japan Acc
£949.51
+2.28
+0.24pc
Managed Balanced Acc
5.25
386.9
+1.00
£656.77
+7.11
+1.09pc
Managed Income Inc
5.25
*141.8
…
per oz
Ç Maples
Ç Platinum
per oz
È Palladium
Ç Copper
È Tin
Wealthbuilder
3.50
135.0
–
413.33
+0.63
M&G Global Dividend A Acc
4.00
*277.76
-0.23
Jupiter Fin Opp
–
615.35
+2.25
M&G Glbl Emrgng Mkts A Inc 4.00
259.86
-0.44
Strategic Bond A Inc
4.00
*122.4000
-0.10
JPM Multi-Asset Inc A Mth Inc 3.00
64.98
+0.04
Jupiter Fund Of Inv Trusts
–
254.00
+1.32
M&G Glbl Emrgng Mkts A Acc 4.00
281.3
-0.48
UK Absolute Return A Acc
5.00
158.2000
+0.10
JPM Multi-Man Gwth A Acc
3.00
*991.9000
+6.7000
Jupiter Global Emg Acc
–
70.70
-0.36
M&G Glbl High Yld Bd A Inc
3.00
*50.29
-0.05
UK Alpha A Acc†
5.25
153.1000
-0.50
JPM Multi-Man Gwth A Inc
3.00
*907.5000
+6.0000
Jupiter Global Eq Inc Acc
–
*70.57
+0.15
M&G Glbl High Yld Bd A Acc
3.00
*131.58
-0.14
UK & Irish Small Co A Acc
5.00
665.4000
+5.70
JPM Natural Res A Acc
3.00
*627.2000
-1.4000
Jupiter Global Eq Inc Inc
–
*61.74
+0.14
M&G Global Macro Bd A Inc
3.00
81.96
-0.09
UK Equity Income A Inc
5.00
*642.2000
+3.50
JPM Natural Res A Inc
3.00
*43.9600
-0.1000
Jupiter Global Managed Acc
–
*230.04
+0.77
M&G Global Macro Bd A Acc
3.00
123.71
-0.13
UK Index A Acc
–
625.2000
+3.20
JPM Sterling Corp Bd A Grs Acc 3.00
*92.1600
-0.1200
Jupiter Global Managed Inc
–
*221.04
+0.73
M&G Global Themes A Inc
4.00
877.13
+2.85
–
103.47
+0.33
M&G Global Themes A Acc
4.00
1363.53
+4.42
571.49
+2.29
M&G Managed Growth A Inc 4.00
110.77
+0.32
JPM UK Dynamic A Inc
3.00
*163.4000
+0.9000
Jupiter India Fd
–
124.37
+0.71
M&G Optimal Income A Inc
3.00
*149.05
-0.69
JPM UK Equity Core E Acc
–
*362.3000
+2.0000
Jupiter Int Financials
–
95.82
+0.31
M&G Optimal Income A Acc
3.00
*210.62
-0.97
…
JPM UK Equity Core E Inc
–
*61.9900
+0.3300
Jupiter Japan Inc Fd Acc
–
116.63
+0.31
M&G Property Portfolio A Inc
…
JPM UK Equity Gwth A Acc
3.00
*144.8000
+0.4000
Jupiter Japan Inc Fd Inc
–
91.33
+0.24
M&G Recovery A Inc
4.00
†Available as an ISA
Investment Funds (OEIC)
Income Funds
+0.3
high grade
£15078.06
-48.47
-0.32pc
Monthly Inc Inc
5.25
*256.2
+0.50
Extra Income Fd
3.50
27.58
-0.01
-7.51
-0.45pc
-13.95
-0.60pc
Monthly Inc Acc
5.25
*621.3
+1.10
Moneybuilder Bal
–
48.80
+0.12
high grade
£1583.72
-32.53
-2.01pc
UK Growth Acc
5.25
303.3
+1.00
Moneybuilder Inc
–
36.35
-0.01
£10090.23
-147.06
-1.44pc
UK Select Opps R Inc
5.25
*1928.0
+3.00
UK Select Opps R Acc
5.25
*3537.0
+7.00
UK Smllr Cos Acc
5.25
306.6
-2.40
AXA IM Funds www.axa-im.co.uk
Jupiter Euro Special Sits
+0.0400
–
106.6
*Copyright Baltic Exchange Information Services Ltd.
+0.0600
*65.4500
Jupiter Income
3.50
-1.14pc
*94.8200
JPM Multi-Asset Income A Inc 3.00
Jupiter Growth & Inc
Enhanced Inc Fd
-0.85
JPM Multi-Asset Income A Acc 3.00
…
-0.0700
-0.20
$73.86
…
4.25 *64.4300 67.2000
+1.2000
*993.0
Jun settlement
4.25 *219.1500 228.6000
Sterling Bond Inc†
*55.2700
£1654.25
È Brent Crude
Sterling Bond Acc†
*207.3000
5.25
-0.35pc
Growth & Income Funds
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
£ > € Rate 1.1433 Change +0.18¢ £ > $ Rate 1.3964 Change +0.15¢
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
…
143.34
+0.79
JPM UK Equity Gwth A Inc
3.00
*129.9000
+0.4000
Jupiter Merlin Bal Prtfo Acc
–
181.81
+0.22
M&G Recovery A Acc
4.00
335.3
+1.85
JPM UK Higher Inc A Acc
3.00
*1099.0000
+4.0000
Jupiter Merlin Bal Prtfo Inc
–
127.01
+0.15
M&G Strategic Corp Bd A Inc 3.00
*75.25
-0.09
JPM UK Higher Inc A Inc
3.00
*572.3000
+2.6000
Jupiter Merlin Conserv Prtfo Acc–
*57.83
+0.21
M&G Strategic Corp Bd A Acc 3.00
*116.38
-0.13
JPM UK Sm Cos A Acc
3.00
494.7000
+0.7000
Jupiter Merlin Conserv Prtfo Inc–
*50.01
+0.17
M&G UK Inc Distribution A Inc 4.00
*780.31
+2.13
JPM UK Sm Cos A Inc
3.00
94.4400
+0.1200
Jupiter Merlin Grth Prtfo Acc –
*403.90
+0.46
M&G UK Inc Distribution A Acc 4.00
*7099.37
+19.31
JPM America Eq A Acc
3.00
87.9400
-0.1100
JPM UK Strat Eq Inc A Acc
3.00
*191.9000
+0.7000
Jupiter Merlin Grth Prtfo Inc –
*392.53
+0.44
M&G UK Infl Lkd Corp A Inc
3.00
*114.7
-0.06
JPM America Eq A Inc
3.00
87.9400
-0.1000
JPM UK Strat Eq Inc A Inc
3.00
*114.5000
+0.4000
Jupiter Merlin Inc Prtfo Acc
–
*295.33
+0.30
M&G UK Infl Lkd Corp A Acc 3.00
*118.32
-0.06
JPM Asia Growth A Acc
3.00
*206.1000
+0.9000
JPM Uncons Bond A Acc
3.00
*72.2200
-0.0400
Jupiter Merlin Inc Prtfo Inc
–
*132.70
+0.14
N.A.A.C.I.F. Inc
–
86.22
+0.2
289.29
+0.05
N.A.A.C.I.F. Acc
–
8494.79
+19.7
Moneybldr Div
3.50
251.3
+1.1
JPM Asia Growth A Inc
3.00
*113.6000
+0.5000
JPM Uncons Bond A Inc
3.00
*57.2200
-0.0300
Jupiter Merlin WW Prtfo Acc –
Moneybldr Gwth
–
79.18
+0.37
JPM Div Gth A Net ACC
3.00
260.4000
+0.2000
JPM US A Acc
3.00
*1024.0000
…
Jupiter Merlin WW Prtfo Inc –
289.27
+0.05
Jupiter Monthly Inc Acc
–
*116.03
+0.35
Growth Funds
Exchange rates
Sell
3.00
Managed Income Acc
+1.84pc
Init chge
JPM UK Dynamic A Acc
-1.04pc
-0.50
Name
JPM Sterling Corp Bd A Grs Inc 3.00
+0.69pc
+24.00
Sell
-1.30
-7.31
£142.70
Init chge
+1.80
+34.05
1330.00
Name
280.5000
£694.61
per tonne
Sell
995.2000
£2302.71
È Wheat
Init chge
–
£5000.36
Ç Baltic Dry Index*
Name
5.00
per oz
È Nickel
Sell
US Growth A Acc
special high grade
È Aluminium
Init chge
UK Tracker A Acc
+0.5
grade A
È Lead
È Zinc
Fidelity International
Name
Jupiter Monthly Inc Inc
–
*30.87
+0.09
American
3.50
3709
+22
Jupiter N.American Inc Acc
–
146.89
+0.21
†CAR - Net Income reinvested.
Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Australia
Amer Sp Sits
3.50
1503
+13
Jupiter N.American Inc Inc
–
122.39
+0.17
Aus $
1.7366
1.8390
1.6085
1.3169
Canada
Can $
1.7029
1.7912
1.5668
1.2827
European
3.50
2218
+12
Jupiter Responsible Inc Fd Acc –
*115.30
+0.21
Balanced Inc
5.00
*328.90
Denmark
Krone
8.0831
8.5152
7.4481
6.0977
European Opps
3.50
512.6
+2.8
Jupiter Responsible Inc Fd Inc –
*73.15
+0.13
Balanced Acc
5.00
*422.00
…
Global Special Sits
3.50
3831
+19
Jupiter Strategic Bond Acc
–
97.27
+0.11
Equity Income
5.00
*349.80
…
Japan
3.50
363.3
+2.8
Jupiter Strategic Bond Inc
–
64.45
+0.07
Extra Income
5.00
*108.60
…
Japan Smaller Cos
3.50
320.0
+2.3
Jupiter Strategic Res Acc
–
53.52
+0.04
Growth
5.00
*392.70
…
Global Focus
3.50
1927
+10
Jupiter Strategic Res Inc
–
52.10
+0.04
High Yield
5.00
*126.60
…
107.4500
+0.5500
Jupiter UK Growth
–
333.21
+4.81
Intntl Growth
5.00
*499.60
…
4024
+2
Jupiter UK Smaller Cos
–
369.49
-0.48
Jupiter UK Special Sits Inc
Euro
€
1.0893
1.1433
…
0.8187
HK $
10.3700
10.9579
9.5846
7.8469
India
Rupee
81.5100
92.6597
81.0478
66.3538
Israel
Shekels
4.4445
4.9776
4.3539
3.5645
Hong Kong
Japan
Kuwait
New Zealand
Yen
144.3200
152.4504
133.3457
109.1700
Dinar
…
0.4197
0.3670
0.3005
NZ $
1.8237
1.9624
1.7165
1.4053
Norway
Krone
10.4700
11.0449
9.6608
7.9093
Pakistan
Rupee
151.5700
161.3878
141.1630
115.5700
Saudi Arabia
Riyal
4.8831
5.2370
4.5808
3.7502
$
1.7191
1.8489
1.6172
1.3240
South Africa
Rand
16.1100
17.2784
15.1132
12.3732
Sweden
Krona
11.3200
11.8803
10.3915
8.5075
Singapore
Switzerland
0%
119.40
-0.60
Insight Corporate Bd
0%
*92.34
-0.11
Target Funds
*192.72
+0.45
71.58
+0.11
Jupiter US Sm&Md Cap Ret Acc –
66.05
+0.10
Liontrust Investment Funds
0.9809
31.4300
Insight Eq Inc Fund
0%
*175.15
+0.73
Target 2020
4.4864
3.6730
Insight Eq Inc Booster
0%
*128.62
-0.53
†CAR - Net income reinvested
Insight Glob Abs Ret Inc
0%
*110.70
+0.13
Glob Income
5.00
156.53
164.92
+0.38
Insight Glob Multi-Strat Fd
0%
*122.88
+0.24
Growth Fd
5.00
416.6
440.97
+0.18
Insight Inflat-Link Corp Bd
0%
*107.19
-0.05
Long-Term Global Equity
0%
247.65
+0.83
Fundsmith LLP
Newton Asian Income
0%
*190.58
+0.35
0%
264.69
+1.37
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
0.7161
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
65.30
+0.03
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Marks & Spencer Unit Trust
Management Ltd
Kings Meadow, Chester, CH99 9UT
0870 333 1835
Year
+3.3pc
Newton Cont European
Mid
0%
*101.75
…
Change
Buy on day
Mid
Newton Global Dyn Bd
Change
Buy on day
High Income Inc
–
112.9
112.9
Newton Glb High Yld Bd
0%
*60.06
-0.02
Fundsmith Equity T Acc
–
351.6
+0.75
JPM Emg Euro Eq A Acc
3.00
*196.3000
+2.9000
JPM US A Inc
3.00
*141.8000
+0.1000
High Income Acc
–
256.8
256.8
-2
Newton Glb Inc Stg Inc
0%
*188.63
+0.97
Fundsmith Equity T Inc
–
326.44
+0.70
JPM Emg Euro Eq A Inc
3.00
*43.3700
+0.6400
JPM US Eq Inc £ Hdg A Inc
3.00
*117.2000
+0.1000
UK Select Port Inc
–
348.1
348.1
+0.2
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
0.47pc
US Fed Funds
7 day
0.49pc
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
0.86pc
2.50pc
1.50-1.75pc
Major price changes FTSE 100
Name
Init chge
Sell
Name
Init chge
Sell
0%
276.95
+1.02
JPM Emg Markets A Acc
3.00
*220.2000
+0.3000
JPM US Eq Inc A Acc
3.00
*168.2000
+0.4000
UK Selection Port
–
630.9
630.9
+0.3
Newton Intnl Bond
0%
229.17
-0.23
JPM Emg Markets A Inc
3.00
*93.8000
+0.1300
JPM US Eq Inc A Inc
3.00
*136.0000
+0.3000
UK 100 Co’s Fund Inc
–
*218.4
218.4
+0.9
Newton Multi-Asset Bal
0%
191.59
+0.80
JPM Emg Mkts Inc A Acc
3.00
*72.7100
+0.2900
JPM US Select A Acc
3.00
*158.6000
+0.2000
UK 100 Co’s Fund Acc
–
*376.8
376.8
+1.6
Newton Mult-Asset Div Ret
0%
154.59
-0.01
JPM Emg Mkts Inc A Inc
3.00
*58.0900
+0.2300
JPM US Select A Inc
3.00
*156.5000
+0.1000
W’wide Man Inc
–
499.8
+0.8
Newton Mult-Asset Gwth
0%
821.88
+2.50
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*218.4000
+0.3000
JPM US Sm Cos A Acc
3.00
637.0000
-0.8000
W’wide Man Acc
–
801.8
+1.1
Newton Oriental
0%
650.26
-4.49
JPM Euro Dyn (ex-UK) A Acc 3.00
*223.0000
+0.3000
JPM US Sm Cos A Inc
3.00
166.8000
-0.2000
Newton Real Return A
0%
111.96
+0.03
Newton UK Equity Fund
0%
*861.58
+4.56
Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
JPM Euro Dyn (ex-UK) A Inc
3.00
*100.1000
+0.1500
JPM Europe A Acc
3.00
*1463.0000
+5.0000
JPM Europe A Inc
3.00
*81.3000
+0.2700
…
JPM Euro Smaller Co A Acc
3.00
774.2000
+0.1000
3.00
100.3000
…
Close
Change
Newton UK Inc
0%
*66.46
+0.36
Asia Pac Cap Gwth A Acc
5.00
È PaddyPwrBet
0.31m
6965
-4.85pc
È Kingfisher
Newton UK Opps
0%
327.34
+2.16
Asian Dividend Income Inc
5.00 107.0200 112.4300
6.70m
303
-2.07pc
2.83m
1123
-2.05pc
Cautious Managed A Acc
5.00
266.3000
+0.50
JPM Euro Smaller Co A Inc
40.58m
220
-2.00pc
Cautious Managed A Inc
5.00
153.5000
+0.30
JPM Global Bd Opps A Grs Acc –
*54.2700
-0.0600
È Mediclinic Intl
Jupiter Unit Trust Managers Ltd
1.62m
673⅜
-1.89pc
China Opps A Acc
5.00
1450.0000
+20.00
JPM Global Bd Opps A Grs Inc –
*49.0200
-0.0500
È Halma
1218
-1.69pc
The Zig Zag Building, 70 Victoria Street, London,
1.30m
1.65pc
È Barratt Dev
3.76m
553⅝
-1.63pc
SW1E 6SQ
020 3817 1000
1.62pc
È CRH
2.23m
2487
-1.62pc
1.47pc
È Anglo Amer
6.17m
1747⅝
-1.58pc
Change
Fallers 57
14.81m
3930
3.42pc
5.62m
581¾
2.86pc
47.74m
533⅝
2.30pc
È St James Place
Ç Antofagasta
4.06m
977⅜
2.24pc
È Melrose Ind
Ç BAE Systems
15.72m
618
2.12pc
Ç Lon Stock Ex
1.32m
4300
2.02pc
Ç Old Mutual
15.62m
253¼
2.96m
413¼
52.70m
385⅞
1.42pc
È Marks & Spen
7.75m
279⅝
-1.55pc
Ç Unilever
3.00m
3920
1.40pc
È Pearson
7.50m
785¾
-1.43pc
Ç BHP Billiton
8.63m
1558
1.39pc
È Micro Focus Intl 2.16m
1297½
-1.41pc
Ç Burberry
1.88m
1760
1.27pc
È Standard Life Abr 6.38m
364⅜
-1.41pc
Ç Royal D Shell B
6.38m
2607½
1.24pc
È DCC
0.42m
6680
-1.33pc
Ç GlaxoSmKline
10.20m
1462¼
1.19pc
È Johnson Matt
0.77m
3250
-1.31pc
1.52m
2049
1.14pc
È Reckitt Benck
2.88m
5443
-1.27pc
Ç Segro
1.77m
634¼
1.12pc
È BT Group
20.19m
240¾
-1.23pc
Ç Ashtead Group
2.45m
2115
1.00pc
È Persimmon
1.63m
2690
-1.14pc
-0.8
Newton Glb Opps
Volume
Close
627
3.50
Change on month
RPI (1987=100)
Ç Utd. Utilities
Boston Co US Opp Fund
–
Jupiter US Sm&Md Inst I Acc –
1.1982
1.2214
Ç Mondi
+1.2
38.3901
0.8747
4.68m
+8
289.9
5.1292
…
Ç Intl Cons Air
1353
3.50
1.3698
1.3964
Ç Glencore
3.50
UK Select Acc
43.8904
…
Ç Evraz
South East Asia
1.2980
1.3299
Ç BP
Sterling Income Shares
4.7994
$
Ç Shire
3.50
39.2000
£
Ç Royal Mail
–
Special Sits
Baht
USA
Volume
Index UK A Acc
BNY Mellon Investment Funds (ICVC)
Franc
UK
Risers 42
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Dirham
Thailand
UAE
BNY Mellon Fund Managers
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
1077.0000
-3.00
M & G Securities Ltd
Emerg Mkts Opps A Acc
5.00
206.7000
-0.30
JPM Global Bond A Gross Acc 3.00
*261.8000
-0.1000
European Growth A Acc†
5.25
233.1000
…
JPM Global Bond A Gross Inc 3.00
*203.1000
-0.1000
1639.0000
+7.00
JPM Global Eq Inc £ Hdg A Acc 3.00
*83.1200
+0.1800
Jupiter Abslt Rtn
…
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
-0.08
Charibond Inc
–
123.07
Charibond Acc
–
3952.81
-2.63
–
1601.27
+6.64
54.20
+0.15
Charifund Inc
–
904.77
+1.18
Charifund Acc
–
24513.63
+101.65
–
*127.02
-0.02
M&G Corp Bond A Inc
3.00
*40.11
-0.05
–
*117.41
-0.02
M&G Corp Bond A Acc
3.00
*69.23
-0.08
Jupiter China Acc
–
*137.52
-0.19
M&G Dividend A Inc
4.00
60.48
+0.1
Jupiter China Inc
–
*132.13
-0.19
M&G Dividend A Acc
4.00
673.43
+1.05
FENIX Balanced Fd
5.00
*156.1
…
European Sel Opps A Acc
5.00
Generation Fd
5.00
778.2
…
Fixed Int Mthly Inc A Inc
4.25 *21.7400 22.6800
JPM Global Eq Inc £ Hdg A Inc 3.00
*55.9000
+0.1200
Jupiter Asian Fd
Consistent Unit Trust
Management Co Ltd
Global Care Growth A Inc
4.50
*287.6000
+0.10
JPM Global Eq Inc Fd A Acc
3.00
*96.5100
+0.2300
Jupiter Asian Inc Fd Acc
Global Equity Inc A Inc†
5.25
*59.9900
+0.26
JPM Global Eq Inc Fd A Inc
3.00
*78.6100
+0.1900
Jupiter Asian Inc Fd Inc
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Growth Acc
4.25 3001.2300 3130.5100
…
JPM Global HiYld Bd A Grs Acc 3.00
*110.5000
-0.3000
Global Strategic Cap Acc†
5.00
237.3000
+0.40
JPM Global HiYld Bd A Grs Inc 3.00
*36.9300
-0.1000
–
Global Technology A Acc
5.00
1663.0000
-9.00
JPM Global HiYldBdAGrsMthInc3.00
36.59
-0.10
Jupiter Corp Bond Inc
–
*56.34
-0.01
Unit Tst Inc
5.00
51.99
52.76
+0.05
Multi-Mgr Abs Ret A Acc
5.00
*141.4000
+0.30
JPM Global Macro Bal A Acc
3.00
*72.5800
+0.0300
Jupiter Dstrbtn Acc
–
*101.50
+0.11
Jupiter Dstrbtn Inc
–
*58.81
+0.06
Initial charge:
1.59m
709⅜
0.80pc
È Ass Brit Fds
1.56m
2584
-1.11pc
19.82m
712
0.68pc
È Next
1.51m
5150
-1.11pc
Unit Tst Acc
5.00
134.1
136.1
+0.2
Multi-Mgr Active A Acc†
5.00
*223.1000
+0.40
JPM Global Macro Bal A Inc
3.00
*63.6100
+0.0200
Ç Rio Tinto
4.43m
3974½
0.66pc
È Whitbread
1.01m
4186
-1.09pc
Practical Invest Inc
5.00
*233.6
249.7
+1.3
Multi-Mgr Distbn A Inc
5.25
134.7000
+0.10
JPM Global Macro Opps A Acc 3.00
74.59
+0.12
Jupiter Dstrbtn & Grth Inc
–
*122.17
+0.48
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.
Ç Natl Grid
10.01m
801⅝
0.64pc
È TUI AG
1.02m
1631
-1.00pc
Practical Invest Acc
5.00
*1236
1322
+7
Multi-Mgr Divrsfd A Acc
–
*85.2600
+0.05
JPM Global Macro Opps A Inc 3.00
73.89
+0.12
Jupiter Eco Inc
–
*379.51
+0.34
* Denotes Ex-dividend
Ç HSBC
…
8
Wednesday 25 April 2018 The Daily Telegraph
***
Technology Intelligence
Nintendo’s mission to put fun back into gaming
outside of their house and they
realised what type of experience that
is,” says Takahashi, whose official title
is general manager of entertainment
planning and development.
A slew of critically acclaimed
exclusives, including the latest Legend
of Zelda and Super Mario titles, allied
with a steady stream of titles from
third-party publishers and
independent developers meant the
Switch’s library filled up quickly.
Combined with the ability to take
the machine on the go and the
idiosyncratic charm of its
detachable “Joy-Con”
controllers, the console
became an alluring
prospect and a breath
of fresh air
After a tough few
years, the gaming
giant is finding
innovative ways to
build on the success
of its Switch console,
writess Tom Hoggins
T
‘We always
kept in mind
that the
products we
released
should not be
disliked by
mothers’
NINTENDO
he soaring
success of the
Nintendo
Switch, the
Japanese
gaming
giant’s most
st recent
console, has
as all but
banished the woes of a
turbulent few years for
the business.
ess.
The hybrid
brid device,
which can be hooked up
to a TV or used on the go,
has outstripped
ipped even its
creator’s expectations,
xpectations, selling almost
15m units between its release in March
last year and
nd the end of 2017. This was
enough to smash the lifetime sales of
its disastrous
ous predecessor, the Wii U,
return the company to a healthy profit,
send its share
hare price to a 10-year high
and put Nintendo
intendo back at the forefront
of the gaming
ming industry.
However,
er, when the console was
first unveiled,
led, critics and industry
observers were cool on the idea.
Nintendo’ss share price dropped and its
line-up of games was seen as too
sparse to excite the market.
It was only
nly once consumers got it
into their hands that the Switch’s
appeal became
came obvious, says Shinya
Takahashi,, the Nintendo executive in
charge of the console. “Explaining [the
Switch] verbally
erbally wasn’t really that
effective, but after the launch and
several games,
mes, people actually got to
experience
e it and take the system
After enjoying
success with the
Switch, Nintendo is
using cardboard to
create techpowered toys with
Labo, bottom left
kind of attachments we could put on
to the controllers to take advantage of
the features, it was cardboard we used
for trial and error.
“Initially, we were trying to find
attachments we could make as
products, but we realised this process
of assembling and creating
attachments was fun too, so we
thought maybe as a product we
should encompass
everything from
building, to
compared to high-powered
competitors from Sony and Microsoft.
But as the Switch enters its second
year, Nintendo needs to branch out
beyond the traditional gamers it has
deliberately courted thus far. Its
library of recognisable games will
continue to grow, with fan favourites
Super Smash Bros and Pokémon due to
be released this year, but it has always
had a reputation for lateral thinking
and family-friendly appeal.
Nintendo is combining these with
its next project, known as Labo. Using
a collection of cardboard sheets,
assembled at home and attached to
either the Switch console itself or its
controllers, gamers can create a range
of technology-powered toys, or
“Toy-Cons”. These include a remotecontrolled car driven entirely by the
vibration of the controllers, a fishingrod powered by motion, a fullyfunctioning piano that uses wireless
sensors to recognise key presses
and a robot suit that uses a
combination of string,
pulleys and sensors
to control a
mechanoid on
screen.
It is the sort
of invention
that only
Nintendo
would have
conceived, let
alone produced.
But its genesis was a
happy accident, says Takahashi.
“When we were considering what
discovering and playing.” Similar to
products such as the Wii Fitness
Board, Labo is the kind of quirky,
clever add-on that only a confident
Nintendo would produce in order to
expand its audience.
Elsewhere, the company is building
theme parks within Universal Studios
in Japan and the US, due to open in
2020, and is teaming up with Minions
creator Illumination Entertainment to
make a Super Mario Bros movie. Back
in the gaming industry, Nintendo is
also stepping up its interest in
developing mobile apps. It has already
found significant success
with titles such as
Super Mario Run
and Animal
Crossing, which
Takahashi hopes will drive interest
in Nintendo’s dedicated gaming
systems among the billions of
smartphone users on the planet.
He says: “With the release of Super
Mario Run and Animal Crossing, we
have seen the trend of people
remembering our titles, so we have
seen an increase in sales.”
Nintendo was criticised for entering
the lucrative world of smartphone
apps too late, due to an apparent
reluctance to compromise, and its
eventual entry has seen it dabble in
the controversial trend of micro
transactions and “loot boxes”, in which
gamers pay for minor upgrades.
The practice is a growing source of
revenue for gaming companies, but
has been likened to gambling, and
raised concerns that it was exploiting
children.
Takahashi says he recognises the
responsibility Nintendo – known for
its family-friendly nature – has with
micro transactions, but that the
company has a simple test when using
them.
“We always kept in our mind that
the products we release should not be
disliked by mothers,” Takahashi says.
“We understand what other
companies do with micro transactions,
and I should not completely deny
that we do micro transactions.
But we will do ‘Nintendostyle’ micro transactions. In a
way that mothers will not
dislike.”
Whether it is micro
transactions, traditional
games or quirky
cardboard toys,
Nintendo tends to do
things its own way.
But the company is
also reaping the
benefits of a wider
resurgence in games
consoles, with its
competitors PS4 and Xbox
One also defying
predictions that mobile
games would lead to falling
sales. “We have seen the trend of
very strong mobile games in the
past but now home console games
are regaining presence in the
market,” says Takahashi. “It isn’t
only about Nintendo, the video
game industry all doing well is
something that makes me very
happy.”
While Nintendo’s current
trajectory will please its
executives, Takahashi
remains keenly aware that
the company’s previous
highs, such as the success
of 2006’s Wii console,
have been followed by
disappointments when
the console’s successor
failed to match its
sales. Not that the
Japanese giant is
hostage to fashion.
“I consider our
job is to create
new play
experiences,” says
Takahashi. “As a
result of that we have visions to
innovate. It’s not that we don’t follow
the trends or we don’t keep our eye on
what is trending. But we try to think
about what we are good at and what
we should be doing. That is our focus.”
Facebook regularly shared user
data, claims app creator Kogan
By Margi Murphy and
Joshua Spencer
THE Cambridge University figure at
the centre of the Facebook data scandal
has claimed that the social network
regularly handed its user data to academics without questioning how it
would be used.
Dr Aleksandr Kogan, who created an
app that harvested 87m Facebook users’ data, which was then allegedly
used by Cambridge Analytica for political purposes, revealed that Facebook
workers sent him several caches of
user data when requested over email,
without any measures in place to protect who accessed it.
Giving evidence to the digital, culture, media and sport select committee
yesterday, he claimed the social network “gave me the data set without any
agreement to sign” and that many employees worked closely with academics
to share this data to make their jobs
more interesting. Dr Kogan said: “My
perception was that management tol-
erated this because it makes employees
happy. This was something they gave
their employees to stimulate them.”
Facebook has insisted that it never
handed out information that it collected on users to third parties, but admitted that developers were granted
access to its application programmer
interface (API), which provided a
stream of live information on users to
improve Facebook tools and apps. After realising that this API was being
abused, Facebook limited the amount
of data it shared.
But the Moldovan-born data scientist said that academics were able to retrieve vast data sets, adding that
Facebook’s portrayal of Dr Kogan as a
“rogue agent” collecting and passing
on user data was “more convenient”
while in the throes of “PR crisis mode”
and that Mark Zuckerberg and his team
“do not believe what they are saying”.
Dr Kogan said he used this data in his
academic research along with an app
he created to psychologically profile
people who were being paid to answer
Amazon starts deliveries to
car boots of US customers
By Joshua Spencer
AMAZON has begun sending parcels to
shoppers’ car boots in a move that expands the online retailer’s delivery network beyond the front porch.
The Amazon Key service will allow
couriers to ask for permission to access
car boots in order to leave deliveries inside, under a partnership with General
Motors and Volvo in 37 US cities.
The service works with specific
models of car sold after 2015 that allow
their boots to be unlocked remotely,
and is designed to let deliveries take
place when people are away from
home. It is designed to soothe the
nerves of customers anxious that their
deliveries will be swiped if left at their
front door. Amazon Key comes after
the company introduced an in-home
delivery option last year that allowed
couriers to open smart lock-enabled
doors in order to leave packages inside.
Both services are currently available
only to those who subscribe to the Amazon Prime next-day delivery scheme.
The in-car delivery service works by
using connected technologies already
embedded in many modern vehicles.
Prime members download the Amazon
Key app, which then links an Amazon
Prime account with the owner’s respective GM or Volvo accounts.
On the day of delivery, vehicle owners park within two blocks of their delivery address and in a publicly
accessible area, which the courier finds
via GPS and licence plate number.
The company said the test would be
expanded over time, having launched a
similar scheme as a pilot in Germany
with Audi in 2015.
Amazon verifies the delivery driver
is authorised, at the right location and
with the right package before they can
request for the car to be unlocked.
The Amazon driver will then have to
confirm on their app that the vehicle is
locked before they can proceed to the
next delivery. Those that require a signature, are valued at over $1,300 (£930)
or are particularly large are not eligible
for the new service.
Volvo has previously experimented
with in-car delivery, launching a similar option for residents of Stockholm
with Swedish start-up Urb-it in 2016.
Amazon has conducted US tests in
California and Washington state.
surveys. It included information on
every friendship made in the world,
between every country over a number
of years, broken down by month. It also
provided a set about emotional expression broken down by gender and age
groups for a week in August 2013.
The app was later used by Steve Bannon, by scraping personal information
from those who logged into the app,
plus all of their friends.
However, the initial data set retrieved from Facebook was not used
for political campaigns.
Dr Kogan said that Facebook made
no agreements about the data and it
was presumed he could hold on to
it “indefinitely”, until in December
2015 when he was told to delete
everything.
The Cambridge University researcher’s links to Russia were probed by Damian Collins, committee chairman. Dr
Kogan said that there was no evidence
that the data collected through his app
may have been seen by foreign intelligence agencies.
Visa system ‘turning
tech entrepreneurs
away from London’
By Tim Wallace
BRITAIN is losing the battle to attract
the tech entrepreneurs needed to build
a world-beating sector because the visa
system is too slow and complex, Parliament has been told.
Government efforts to attract global
hot-shots to the UK are bumping up
against the tough visa system which is
in part designed to push net immigration down.
“Entrepreneurs are becoming very
concerned and are not coming or are
not staying, and are experiencing problems with having to apply for visas,” the
City of London Corporation’s Catherine McGuinness told the Lords’ European select committee.
“That process is difficult, people are
getting very fed up with that and they
are ringing home and saying, ‘I thought
it was great to come to London but it is
such a bore getting the visa’.”
Carolyn Fairbairn, head of the Confederation of British Industry, told the
peers on the committee it was vital for
the economy that the target of reducing net migration to below 100,000 per
year was abandoned.
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