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The Daily Telegraph Business - April 26, 2018

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Business
FINAL
Thursday 26 April 2018
telegraph.co.uk
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Market report page 7. Questor page 6
Gold
Brexit
decider
It’s time for
a make-orbreak
election
over the
customs
union
Ambrose
EvansPritchard
Plane
dealing
Fears that
BAE could
be shut out
of new
Euro
fighter
project
Page 2
Page 3
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Page 7
Page 7
TSB boss Pester: ‘Everything’s fixed …’
TSB customers: ‘No it’s not – don’t lie to us’
By Iain Withers, Jack Torrance
and Lucy Burton
TSB chief executive Paul Pester is coming under mounting pressure as MPs
and tech experts accused the lender of
rushing out a botched IT upgrade.
Thousands of TSB customers continued to vent their anger on social media
yesterday as outages to vital services
continued into a sixth day, leaving
some unable to pay bills and rent, and
small business owners worried about
paying staff on Friday.
The Financial Conduct Authority –
which has the power to levy unlimited
fines for system outages – told The
Daily Telegraph it now had a team on
the ground at TSB HQ in London to
oversee work to fix the problems.
Mr Pester invited further ridicule by
claiming in an updated statement yesterday that “everything is working”,
despite acknowledging “one of the
main ways that our customers see everything is working – through our internet banking and mobile app – isn’t
functioning”.
TSB’s digital services are used by
around 1.9m of the bank’s 5m custom-
ers. The lender estimates its online
banking services are operating at 50pc
capacity, with mobile banking services
at 90pc.
Dozens of customers responded to
Mr Pester yesterday to say that they
were still struggling to log on and make
payments. Some said they could not
see their mortgage accounts.
They also reacted angrily on Twitter
to Mr Pester’s statement. “Paul Pester
do not lie … your site is still effectively
down!!” said Nils Reid. “As for you Paul
Pester this insincere and meaningless
message is pointless. Compensate us
now,” wrote Karen Nelson. Amid the
growing criticism, the TSB board said
Mr Pester and his top team had their
“full support”. Richard Meddings, TSB
chairman, said: “The TSB board fully
supports the executive team as they
continue to work around the clock to
fix the problems.”
The pressure ratcheted up further
on Mr Pester this week as MPs accused
the bank of cutting corners on the IT
upgrade, which saw 1.3bn customer records move from a system it had rented
from its old owner Lloyds over the
weekend. TSB could have continued
renting the IT system until the middle
of 2025 but City sources said there was
a “clear commercial incentive” for TSB
to move quicker, after the rent it paid to
Lloyds more than doubled last year to
£200m.
Sir Vince Cable, Liberal Democrat
leader, said: “One of the pities of this is
that the point of TSB being spun off a
few years ago was to create genuine
competition in the banking sector.
“By failing so abysmally, TSB might
have actually entrenched the position
of the big established banks.”
The bank, which has had engineers
working around the clock to fix the
debacle, could face fines from both the
FCA City watchdog and the Information Commissioner’s Office, which is
responsible for regulating companies’
use of customer data, if they find it to
have breached the rules.
The bank will also be on the hook
for compensation owed to customers
who have been hit with penalty charges
and credit card interest as a result of
the problems.
Further reports and analysis: Page 5
Comment: Page 2
Comcast takes on Fox
with £22bn Sky offer
By Christopher Williams
THE Murdoch family was
plotting a counterstrike in
the battle for Sky last night
after Comcast opened formal hostilities with a £22bn
bid for control of Britain’s
dominant pay-TV operator.
Sky’s independent directors withdrew support for
the £10.75 per share takeover agreed with 21st Century
Fox in late 2016, as Comcast
confirmed its offer of £12.50,
a 16pc improvement on the
Murdoch deal. The moves
set the scene for a bidding
Rupert Murdoch and wife Jerry Hall attend a state dinner at the White House. The 21st Century Fox founder is contending with a rival bid for Sky from Comcast
Takeda fall ‘may derail bid for Shire’ Facebook profits boon
By Julia Bradshaw
A FURTHER drop in
Takeda’s share price could
scupper a mega-deal between the Japanese pharmaceutical giant and Irish drug
maker Shire, according to
City analysts.
Shire’s board announced
yesterday that it was prepared to back a £46bn takeover bid by Takeda, having
rebuffed several earlier proposals and only after the Japanese drug maker sweetened
its offer to £49 a share. But
approval is far from certain,
according to Mick Cooper, a
healthcare analyst with Trinity Delta. The roughly 32pc
slump in Takeda’s share
price since the start of the
year suggests Japanese investors are wary of the deal,
not least because of the
amount of debt Takeda
would take on to fund it.
Adding Takeda and Shire’s
debt together, along with the
extra capital that would be
needed from Japanese banks
to fund the cash element of
the purchase, the company’s
borrowings will reach more
than £40bn – on a par with
oil giant BP, which has a
much higher growth rate
and bigger margins.
Shares in Tokyo-listed
Takeda ended the day down
7pc as wary investors digested
the deal, which would represent the largest ever foreign
takeover by a Japanese firm.
Takeda’s boss, Frenchman
Christophe Weber, is its first
non-Japanese chief executive in its 237-year history,
and his appointment in 2015
was met with disapproval by
some investors.
Another City analyst said
Continued on Page 3
FACEBOOK reported a 63pc
increase in quarterly profits
last night as the under-pressure social media giant gave
no evidence that the Cambridge Analytica row had
halted its breakneck growth.
Mark Zuckerberg’s company revealed that revenues
in the first quarter of 2018
had risen to $12bn (£8.6bn),
a 49pc increase on the same
period a year earlier.
The number of people
using Facebook each month
hit 2.2bn, surpassing analysts’ expectations and suggesting the #deletefacebook
campaign that followed the
company’s privacy row had
done little to dent user numbers. Profits reached $5bn,
up from $3.1bn a year ago.
Facebook
has
been
battling one of the biggest
crises in its 14-year history
since it emerged last month
that millions of users had
had their data compromised
and obtained by Cambridge
Analytica before 2015.
87m users’ private details,
such as likes, religious
beliefs and relationship statuses, are believed to have
Continued on Page 8
£12.50
The value of the Comcast offer
for Sky, per share, which is
higher than Fox’s £10.75 bid
war and sent Sky shares up
nearly 4pc to £13.59.
Investors are betting that
Fox, controlled by Rupert,
James and Lachlan Murdoch
and already owner of 39pc of
Sky, will come up with an
improved offer of its own to
salvage a takeover that the
Murdoch family has sought
since at least 2010.
The media empire behind
films such as Deadpool and
television shows including
The Simpsons said it was considering its options and that
it “remains committed” to its
offer for Sky.
Alternatively, Comcast rival Disney, which has agreed
to buy most of Fox’s assets
including Sky in a $66bn
(£47bn) Hollywood power
play, could respond directly
by bidding for Sky itself.
As it formalised its attempt
Continued on Page 5
2
Thursday 26 April 2018 The Daily Telegraph
***
Business comment
A lack of clarity from challenger
bank chief Paul Pester has added
to the frustrations of customers
locked out of online accounts
T
SB boss Paul Pester is fond of
telling people that banking is the
only industry in the world where
market share and customer
satisfaction are inversely related. So
congratulations to him for singlehandedly attempting to redress the balance.
TSB claims to be the most recommended
lender on the high street. Or it did. This week’s
catastrophic IT meltdown could prove disastrous
for its attempts to establish itself as one of the
UK’s genuine challenger banks.
The company separated from Lloyds in 2014
and from the outset tried to appeal to consumers
as a different kind of bank. Even its staff
incentive scheme was touted as unique with
each of its 8,500 employees handed £100 in
shares. The reward scheme was inspired by the
John Lewis Partnership. But if TSB really is
trying to emulate one of Britain’s most admired
companies then good luck with that.
Right now the bank is standing out for all the
wrong reasons. Nearly two million customers –
40pc of five million in total – have been unable to
access their online accounts all week after a
botched IT upgrade over the weekend. Some
have been frozen out since last Friday.
Worse, Pester has not been able to say when
the systems will be up and running again. Some
small businesses have been unable to pay
suppliers. Customers with personal accounts
have gone on to social media to ask the bank how
they should meet simple day-to-day needs like
buying groceries or paying bills.
This could be fatal to TSB’s prospects. If
customers think that a major high street bank’s
IT systems cannot be trusted then it has a very
uncertain future.
Pester’s shambolic handling of the whole affair
hasn’t helped. Yesterday he said that “everything
is working” except the bits that weren’t working
– internet banking and mobile. Such an absurd
statement suggests he is struggling to appreciate
why customers are so angry.
It is even more embarrassing considering how
confident TSB was in the IT upgrade, which
meant moving from a
system run by Lloyds to a
newer one under Spanish
parent Sabadell. This system
was built in 2005 – which,
in TSB’s eyes, makes it shiny
and new when compared to
the creaking legacy
platforms of bigger rivals.
Although one has to wonder
how new something can be
when it was built before
iPhones and smartphone
apps were even in existence.
Still, it would be a shame if TSB was unable to
recover from the affair. Pester has been a vocal
critic of the Big Four’s continued grip on lending
and the failure of the CMA to tear down many of
the impediments to competition. He has spoken
out against extortionate overdraft fees and
irresponsible lending, pointing out the great
paradox that exists in the personal loans market
that means the more you shop around the more
you pay because of the credit footprint that is
left behind.
Instead, he argues, loans should be linked to
bank accounts so lenders can see your
transaction history and record of payments, yet
the two are still totally separate.
Pester has also called for banks to give
customers a bill rather than a statement so that
the costs of banking are no longer hidden.
Such reforms would be genuinely radical, yet
Pester may struggle to see them through after
this week’s debacle. There are already calls for
him to forgo a bonus for the year. It won’t be long
before there is pressure for him to resign.
The one major change in UK banking is how
simple it is to switch these days. Unfortunately
for TSB, it may be about to find just how easy, as
furious customers flee elsewhere.
‘Paul
Pester’s
shambolic
handling of
the whole
affair hasn’t
helped’
Takeda’s bid for Shire a done deal
The sale of drugmaker Shire to Japan’s Takeda is
now all but a done deal. After a few weeks of due
diligence, another FTSE 100 company will
disappear from the index, not long after GKN’s
fate was sealed, and with Sky and Smurfit Kappa
set to follow.
That seems to be the conclusion most have
reached after the UK company gave in to a fifth
offer from the Osaka-based pharmaceuticals
giant. At £49 a share, the latest bid is a 60pc
premium to Shire’s closing price of £30.70 the
day before Takeda came knocking. Few boards
would be able to say no at those sort of levels.
Still, some serious obstacles remain. Shares in
Takeda dropped 9pc after an agreement was
announced, and are off 20pc since its initial
move. Shire’s shares are trading well below the
offer at nearly £38.
This suggests investors have major doubts
about the likelihood of a deal materialising.
Takeda has sweetened the mix with more cash
but Shire shareholders aren’t desperate to hold
Takeda shares, which will finance more than half
the consideration.
Meanwhile, both sides have concerns about
the eye-watering amounts of debt involved. The
finances of both are thinly stretched from
previous deals. Shire is still weighed down with
£19bn from the takeover of Baxalta in 2016, while
Takeda’s borrowings would rocket to £40bn.
Shareholders are right to be anxious. Scores of
firms did one deal too many then came unstuck
shortly afterwards. The sensible thing would be
for both sides to call off talks but that seems
unlikely now they have come this far. Instead,
the thumbs down could come from investors.
AMBROSE
EVANS-PRITCHARD
TCHARD
T
his country is in a very
dangerous situation. As if
we need reminding,
Michel Barnier told us
pointedly this week that
every national parliament
in the EU – not to mention the Walloon
assembly – will have a veto on the UK’s
future deal with the European Union.
His message was this veto will be
exercised unless Britain accepts EU
governance over everything from tax
policy to competition, regulatory
standards and environmental rules, and
accepts the sweeping extraterritorial
reach of the European Court of Justice
(ECJ). “Nobody should underestimate
the risks,” he said.
Indeed not. The withdrawal treaty
itself could be blocked at the last
moment by the European Parliament or
by challenges at the ECJ.
What is clear is that Brussels is
exploiting this latent threat, hoping to
pressure Britain into staying in the
customs union and remaining subject
to the EU’s core legal machinery.
By the time we find out whether the
veto is real, it will be too late for the UK
to fall back to the austere but defensible
foundations of the World Trade
Organisation. Britain may be faced with
the choice between a chaotic rupture at
the 11th hour or capitulation to
intolerable EU demands.
The conduct of these negotiations so
far strongly suggests that the terms will
amount to colonial legal status under
EU suzerainty, a Brexit from hell. Such
an outcome would risk a slow slide
towards civil war.
The harsh truth is that the
Government has drifted into a Greek
Syriza trap, allowing itself to be
beaten down by protracted talks, on
terms set entirely by Brussels. Such
an imbalanced structure leaves
Britain vulnerable to what traders
call “time decay”, with a cliff-edge
drawing nearer.
The psychology might have been
different if the UK had opted for WTO
terms from the outset, with a touch of
quick-footed, Macronesque, guerrilla
Business
Insight
Boohoo
O
nline fashion firm
Boohoo has
soothed market
concerns over its growth
plans by securing a
hefty jump in sales and
profits, writes Ben
Woods.
Pre-tax profit beat
expectations, surging
40pc to £43.3m for the
year to Feb 28, thanks
to an “exceptional
performance” by fashion
brand PrettyLittleThing.
Revenues also
marched higher, lifting
97pc to £579.8m over
the period, as sub-brand
Nasty Gal beat company
predictions.
It comes after Boohoo
saw its share price drop
40pc following a firstquarter trading update
in May last year. Analysts
REUTERS/HANNAH MCKAY
Pressure is on
TSB boss to
repair the
damage fast
We’re in such a mess over the customs
union, let’s have a snap election now
diplomacy. That would have reversed
the roles. Brussels might then have
been the demandeur, pushing for an
open trade deal in order to protect its
£80bn surplus with Britain.
Theresa May has bent over
backwards to assuage the EU, though
she gets little credit for her gestures.
She agreed to pay the divorce bill. At
the Munich Security Conference she
pledged that Britain’s defence
solidarity with Europe was
“unconditional”. This may have paid
off in the Skripal affair but it has not
moved the needle on Brexit.
Instead, the EU is seizing on
divisions in Parliament to pursue
maximalist ideological demands. It is
specifically using the neuralgic issue
of the Irish border to stop Britain
leaving the customs union, and
therefore to stop Britain restoring
sovereign self-government.
The mask dropped last week when
EU officials engaged in what they
called a “systematic and forensic
annihilation” of May’s proposals for a
loose customs arrangement. In fact,
they did no such thing. They simply
refuse to discuss any creative
compromise on the issue.
There are many ways to avoid a
“hard border” in Ireland. The
“Maxfac” model would harness the
sort of modern technology used in
Switzerland, Norway, or at Nafta posts
in North America, with a scheme of
“trusted traders” filing electronic
declarations in advance, and rare
spot checks.
It is not perfect. Rules of origin
documents would be needed but this
is how Nafta trade operates between
the US, Canada and Mexico. It is a
minor friction. Global companies
already have the software. The costs
would be prohibitive for small
traders but this can be solved at a
stroke by exempting 80pc of local
cross-border trade in Ireland, as
permitted by the WTO rules for areas
of political sensitivity.
There is a dishonesty to this whole
discussion. The EU is blowing smoke
over Ireland, promiscuously invoking
the Good Friday Agreement.
In reality, the customs union does
not in itself resolve the Irish issue.
Customs officers would still have to
check the “legality of products” and
compliance with standards. The
conundrum of “regulatory alignment”
would remain, as would problems
around the collection of VAT.
The only practical way to keep a
completely open Irish border is to stay
in the single market as well, and this is
exactly where Barnier is going with his
calls for a “Norway Plus” deal. He
wants a double lock: the single market
and the customs union together.
The customs union is the greater
threat of the two. It effectively stops
Britain from ever being able to
negotiate free-trade deals with the rest
of the world, keeping the country
feared the company’s
need to plough more
investment into
infrastructure could
hit margins.
However, shares
recovered some lost
ground yesterday, as the
impact on margins proved
less severe.
Chief financial officer
Neil Catto said the
company had proven to
‘There is still
time for
Britain to
tear up its
negotiating
strategy and
fall back to
the WTO
option’
Today
179.8p
Mahmud
Kamani
Chief executive
investors that its heady
rise was not running out
of steam.
The company now has a
market capitalisation of
£2.1bn, making it one of
the largest on Aim, though
still well short of rival
Asos’s £5bn market cap.
Boohoo saw customer
numbers jump 22pc to
6.4m over the period.
Into the dark:
Theresa May could
resign if she is
defeated on the
customs union – an
election will resolve
the UK’s Brexit
bickering once
and for all
trapped permanently as a dependent
of the EU regulatory regime.
It covers only goods where the EU
has the advantage, but does nothing
for services where Britain has the
upper hand.
A double retreat on both the single
market and the customs union – clearly
the objective of EU ultras in the Lords,
and Tory rebels in the Commons –
would leave Britain in a position that is
self-evidently preposterous. This
country would be emasculated, with no
council veto, with half its laws passed
by an alien legislature, effectively
subject to a foreign supreme court
– and reduced to a cuckold parliament.
How can any British parliamentarian
support such a formula? It cannot
plausibly lead to a settled outcome. It
must chafe so badly that passions erupt
with volcanic fury within five years or
sooner, further poisoning British
relations with Europe, and nurturing a
lethal sentiment in much of British
society that this ancient island
democracy has been subverted by a
self-interested elite, if not betrayed by
an outrageous trahison des clercs.
Those pushing what can only be
described as a vassal cause in
Westminster must move with care. If
the real motive is to bring about such
an impossible state of affairs that
Britons deem it better to call off Brexit
altogether, be warned that such
devious manoeuvres can all too easily
spin out of control. They risk tempting
Brussels to overplay its hand and
provoke a breakdown of the Brexit
talks, leading to the hardest
conceivable Brexit and their own
worst nightmare.
We are just 11 months from the
Article 50 deadline and EU withdrawal.
There is still just enough time for
Britain to tear up its negotiating
strategy and fall back to the WTO
option. This would be economically
painful but less destructive than either
a last-minute EU veto on any deal or
political evisceration on current terms.
Downing Street has indicated that
the Prime Minister may resign if Tory
rebels join forces with Labour to defeat
her on the customs union. If so, bring it
on. Let us have a snap Brexit election
and let us ask the voters whether or not
they wish to be a disfranchised
province of an imperial government
that controls their economy, their
trade, and much of their law.
Share price
ALAMY
Ben
Marlow
Boohoo’s styles have attracted 22pc more customers
280
p
260
240
High Jun 2017
220
266p
200
180
Low Apr 2018
160
140.95p
140
2017
2018
Strengths
Threats
 Online-only retailer,
shielded from current
tough high street
conditions
 Impressive growth from
sub-brands
 Continues to gain
market share
 Rival Asos is the
dominant market player
 UK consumer
spending slowdown
could hit sales
 May need to invest
in prices to fend off
rivals
Weaknesses
Opportunities
 Investment could
put margins under
pressure
 Youth fashion market is
highly competitive
 Push to expand
infrastructure may cause
growing pains
 Room for further
growth
 The continuing
consumer shift
towards online
shopping
 High street rivals are
struggling
How I, a keen Remainer, have learned to accept Brexit
MARK
GARNIER
A
s an enthusiastic, but defeated,
Remain campaigner, I have
first-hand experience of the
Kubler-Ross model of the five stages of
grief: denial, anger, bargaining,
depression. Yet it is without a shadow
of a doubt that my time as a trade
minister has led me to complete the
fifth stage – acceptance – far quicker
than many of my colleagues from the
Remain campaign.
In the early months after the Leave
vote, people across the world were
asking, “what are you crazy Britons
doing leaving the EU?” Yet in the last
months, as Article 50 progress is
slowly made, global businesses are
saying, “Brexit looks interesting”.
Economic predictions look to
extrapolate a relatively simplistic
mathematical model. They ask if the
trade weighted tariff we must pay to
have access to the EU markets in the
event of a granite hard Brexit (of
around 3pc) can be mitigated by
securing a similar, or better,
concession from trade deals outside
the EU. Ultimately, it can, but at what
cost to the UK economy over the
intervening period? Under these
models, it is inevitable that the cost is
foregone economic growth. And from
that comes the inevitable argument
that to mitigate these costs, we must
stay in the customs union,
guaranteeing tariff and friction-free
access to our biggest trading partners.
But in tightening the arguments to
the EU relationship, we fail to
understand why the world is so
curious of the opportunity presented
by Brexit.
Many global businesses have
located in the UK to secure access to
the EU single market. But for a newly
global Britain, they see that locating in
the UK will secure access to other
markets across the globe.
US businesses have suggested to me
that if the UK secures a better trade
deal with, for example, India than one
secured by the US, they will invest in
Britain to take advantage of that
opportunity. When Britain does its
trade deals across the globe, we are
creating a network of opportunity that
secures the UK at the heart of this
opportunity web.
Indeed, we can go further. Trade
deals tend to tackle goods before
services. Our economy flourishes on
our wide service industry and it is a
great, significant export. The EU single
market in services is alarmingly
shallow, given where we had hoped
we should be by now. It is important
– vital – that we secure access for our
whole economy, including services, to
the EU post-implementation, but it is
not the whole opportunity for our
service industries. Britain leading the
way in 21st century trade deals can
pioneer services as part of those deals.
Securing recognition of our
regulations, our professional
qualifications and our expertise will
open up new markets for British
service industries.
But none of this can happen if we
stay within the, or a, customs union
with the EU. There can be no global
opportunity. There can be no network
of trade deals, attracting more
businesses to the UK for a fresh set of
opportunities. There can be no global
British leadership for free trade and all
the good that brings.
Of course, this is not without risk.
We Remainers argued the perils of
coming out of the EU – including
leaving the customs union – during
the referendum. Our campaign, or
“Project Fear” as it became known,
highlighted the concerns we had and
we made a strong case for staying in.
But the electorate looked at the
arguments, considered what we had
said, made an informed decision, and
decided to go for Brexit.
Business, markets and economies
hate uncertainty. The vote to leave
created uncertainty about our
relationship with the EU, yet Nissan,
Toyota and BMW have committed
further investment into the UK since
the vote. They did it because the risks
‘Without
resolving our
direction of
travel,
business
investment
may dry up’
were quantifiable. However, where
there was uncertainty about our
relationship with the EU, the current
round of parliamentary voting to keep
us in a customs union creates more
questions about our global future, not
less. Not only do we have the
uncertainty of securing a deal with the
EU, but we don’t know if we will be
able to secure a deal with the rest of
the world. If we end up with a Norway
model, identical to our current EU
membership but with no influence
whatsoever, we will be far worse off.
I know that my Remain colleagues
have the best interests of the country
at heart and I respect them for their
views. But without resolving our
direction of travel, business
investment may dry up. And without
respecting the outcome of the
referendum, in its simplest form,
democracy will be lost.
All of us are at different stages of the
Kubler-Ross model. But if there is a
sixth stage, it is enthusiasm:
enthusiasm to embrace the change.
Our Victorian forefathers went out to
conquer the world with a bible in one
hand and a service revolver in the
other. Tomorrow we shall take on the
world armed with nothing more
sinister than a briefcase complete with
a trade deal and marketing pack. We
must embrace change, not fight it.
Mark Garnier is the former
international trade minister
The Daily Telegraph Thursday 26 April 2018
***
3
Business
Whitbread sets out details of Costa spin-off
Boss of the pub and hotel
chain says activist investor
‘noise’ forced her to reveal
demerger plans early
By Jack Torrance and Bradley Gerrard
WHITBREAD boss Alison Brittain has
admitted that pressure from two activist investors forced it to reveal its plans
for a demerger of the Costa Coffee
chain earlier than it wanted. Around
10pc of the 250-year-old company’s
shares are in the hands of Sachem Head
and Elliott Advisors, and the pair’s
presence had whipped up talk that Ms
Brittain would have to act on plans to
spin out Costa sooner than planned.
The chief executive rejected the suggestion that the idea and timing of the
split had been forced upon her, just
when the announcement was made.
“It’s not normal to announce something two years away and ordinarily we
would have announced it next year for
it to take effect in 2020,” she said. “But
we felt the need, given the noise [created by the presence of activist investors], to bring clarity to the situation.
Once you start getting asked by your
own teams ‘what is happening?’, you
know you need to give people clarity.”
Under the plan Whitbread will spin
off Costa, Britain’s largest coffee chain,
which will become a separate listed
entity. Whitbread will continue to own
Premier Inn, which has big expansion
plans in Germany.
Ms Brittain said some major projects
still needed to be completed, such as
Alison Brittain, chief
executive, said the
demerger will not
happen until 2020,
with major projects
still to complete
the move to a new finance and procurement IT system, and this was why the
demerger would not happen until
2020. “There has been some suggestion that a demerger is really easy, like
turning a light switch on, but that’s just
not true,” she said. “I cannot think of a
demerger that has happened in less
than 12 months and most take two or
three years.”
The proposal at present means existing Whitbread investors will see each
of their shares split into two – one representing Costa and one Premier Inn –
and then they will get the opportunity
to decide how much they want to keep
invested in each brand.
The change comes shortly after the
arrival of new chairman Adam Crozier,
who oversaw wide-ranging reforms at
both ITV and Royal Mail.
Shares in Whitbread fell 9p to £41.77
yesterday on the back of the
announcement, which was accompanied by its annual results.
The company revealed a 6pc growth
in pre-tax profits to £548m, and 6.5pc
growth in revenues to £3.3bn, in the
year to March 1, buoyed by a surge in
London hotel bookings and stronger
international sales at Costa.
The coffee chain’s UK operating
profits were down 2pc at £151m.
BAE could be
shut out of plan
for Europe’s
new jet fighter
By Jillian Ambrose
By Alan Tovey
ENGLAND faces a one in four chance
that the taps will run dry within the
next 30 years unless the water industry
undertakes a major drive to create a
new national water system.
The Government’s infrastructure
authority warned that England’s water
network is already under strain and
could leave large numbers of homes
and businesses without water for extended periods unless ministers adopt
its recommendations “without delay”.
The National Infrastructure Commission’s (NIC) latest report called on
the Government to set up a national
water system which can transfer water
supply from the abundant reservoirs in
the north of the country to the drier,
more densely populated areas in the
South which are at risk of severe
drought.
England’s low rainfall pushed Southern Water, which supplies 532m litres
every day, to apply to the Environment
Agency earlier this year for a drought
permit so it could take extra water from
the Medway to refill its Bewl Water reservoir.
NIC boss Sir John Armitt also warned
water companies that they will need to
stem the network’s leaks, which cost
the system a fifth of its water supply
each day.
His “twin-track” approach also calls
on customers to reduce their water demand to help ensure that the network
is fit “to meet future pressures”.
He said: “We take for granted that we
will always have a reliable water supply, but despite our reputation for rain,
the country risks water shortages.
“Climate change, an increasing population – particularly in the drier South
and East of England – and the need to
protect the environment bring further
challenges.”
FEARS are growing that UK defence
giant BAE Systems will be frozen out of
a programme to develop a new warplane after Airbus and Dassault teamed
up to build an aerial combat system to
replace the Eurofighter and Rafale jets.
The Franco-German programme
could come into service between 2035
and 2040 and take the form of a new
fighter plane or even a fleet of drone
aircraft controlled by a “mother ship”.
Speaking at the Berlin Air Show, Airbus and Dassault chiefs made no direct
mention of BAE taking part, calling the
new project a “landmark” in “securing
European sovereignty and technological leadership in the military aviation
sector for the coming decades”.
“Never before has Europe been
more determined to safeguard and foster its political and industrial autonomy and sovereignty in the defence
sector,” said Dirk Hoke, head of Airbus’s defence business. “Airbus and
Dassault have absolutely the right
expertise to lead the FCAS project.”
Currently the two businesses compete for fighter sales, with Dassault
producing the Rafale, and Airbus part
of the Eurofighter consortium, of
which BAE is also part. The latest move
follows pledges last summer by France
and Germany to tighten defence links
with the new aircraft, called the Future
Combat Air System (FCAS).
At the time Chris Boardman, head of
BAE’s military aircraft arm, said he was
“absolutely convinced that we, the UK,
BAE Systems, will one way or another
have involvement”.
But announcing the collaboration
yesterday, Mr Hoke said that decisions
had to be made “whether to include
or exclude the UK in certain projects
depending on how Brexit will
progress”.
REUTERS
National water
system urged
to overcome
drought threat
German chancellor Angela Merkel talks with Airbus chief executive Tom Enders at the Berlin Air Show, where Airbus and Dassault yesterday revealed details of a new warplane
Metro Bank shares slump with
City worried over capital buffer
By Iain Withers
METRO Bank shares slumped by more
than 7pc yesterday despite the upstart
lender posting record quarterly profits,
as a dent to the bank’s capital buffer
raised City concerns it would need a
further cash call this year.
The company posted pre-tax profits
of £6.4m for the first three months of
this year, up six-fold on the prior year.
The bank also continued to expand
fast, with deposits up 41pc to £12.7bn.
But its core capital ratio – a measure
of a bank’s strength, which weighs capital against assets – fell to 13.6pc, down
from 18.1pc.
John Cronin, analyst at Goodbody,
commented that he believed the
bank’s eroding capital buffer made a
further equity capital raise a “dead cert
for this year”.
He said: “It’s a young business and
they need to raise capital to fund
growth – but this will probably have to
be swifter than the market anticipated.
Metro’s targets are too high and the
question is can they deliver sufficiently
profitable growth.”
Craig Donaldson, the bank’s chief executive, told The Daily Telegraph that
the capital hit had come about as a result of the £500m purchase of a mortgage book from private equity firm
Cerberus. He denied that the bank
would need to do an equity raise this
41pc
The increase in deposits recorded by
Metro Bank, with the lender also reporting
pre-tax profits of £6.4m yesterday
year, saying it would raise debt instead:
“We are not planning to raise equity
this year, but we were always planning
to raise debt.”
He said he was pleased “momentum
and growth continued well” in the first
quarter and insisted the bank could be
“profitable as we grow”. Mr Donaldson
Respiratory headwinds drag
on GSK despite profit boost
By Julia Bradshaw
PRICING pressure and stiff competition in the market for respiratory drugs
have made trading conditions tricky
for Britain’s largest drug maker,
GlaxoSmithKline.
The pharmaceuticals giant reported
a slower-than-expected start to the
year in its key respiratory division after
Emma Walmsley, the
boss of GSK, said
Advair sales could
fall 30pc this year
due to increased
competition
strong sales of newer drugs failed to
offset sharp declines in its older portfolio of medications, including top-selling asthma inhaler Advair.
Emma Walmsley, GSK’s chief executive, said the increased competition
meant she now expected sales of Advair to decline roughly 30pc this year,
compared with a forecast of 20-25pc in
February. The news sent shares in GSK
down 3.4pc to £14.12. Group revenue
rose 4pc to £7.2bn in the first quarter of
the year, although the strength of the
pound meant that actual sales fell 2pc.
Operating profit, adjusted for exceptional costs related to the Novartis deal
earlier this year and excluding exchange rate fluctuations, increased by
9pc to £1.9bn.
Mick Cooper, an analyst at Trinity
Delta, said the results suggested GSK
had “lost a bit of momentum”.
GSK’s second-quarter results will reveal how the company intends to invest in its pharmaceutical division,
where R&D will be directed and what,
if any, smaller acquisitions the group
might make to bolster its early-stage
pipeline, Ms Walmsley said.
It is widely believed that GSK intends to expand its oncology division,
after recruiting cancer specialist Laurie
Glimcher on to its board.
Charlie Huggins, a fund manager at
Hargreaves Lansdown, said: “The key
priority now is extending capital allocation focus to the R&D pipeline. Already, a number of changes have been
effected, with new management
brought in.”
also defended the bank’s governance
procedures after its shareholder Royal
London and investment adviser Glass
Lewis last week both questioned the
£21m paid over seven years to the
chairman of Metro Bank’s wife’s architecture firm.
The Sunday Telegraph revealed
chairman Vernon Hill also used his
£120,000 a year expense allowance towards private jet trips and a flat in Mayfair, also used by Mrs Hill and other
InterArch employees.
Mr Donaldson welcomed the emphatic re-election of Mr Hill this week
by 96pc of investors, despite calls for
this to be blocked.
“We fulfil every requirement and
we always have. We’re very transparent. I look forward to meeting Royal
London as I want to hear their concerns,” he said.
Metro Bank has defended the payments to InterArch, saying they were
subject to “strong review” and auditing. Shares in the bank closed down
258p at £32.60.
Takeda’s proposed
takeover of Shire ‘is
not a natural fit’
Continued from Page 1
Takeda’s reasons for acquiring Shire
were “beyond confusion”.
“I don’t understand why Takeda
wants this,” he said. “Takeda has a
healthy cash position and a good
debt rating, but the new enlarged
company would have a lot of debt and
this debt would be downgraded several notches.
“Takeda’s chief executive is relatively new and he clearly wants to put
his stamp on things with a big acquisition ... This came completely out of the
blue, is not a natural fit and would be a
big strategic change.”
A continued slump in Takeda’s share
price could also put off Shire’s investors because roughly half of the £49
per share offer is in shares in the Japanese firm.
Shire’s share price slipped 2.8pc to
£38.20 yesterday, suggesting that its
own investors doubt the deal will go
ahead.
The tie-up could create a global
pharmaceutical powerhouse with
close to £22bn of annual sales,
roughly equivalent in size to Britain’s
AstraZeneca.
4
Thursday 26 April 2018 The Daily Telegraph
***
Technology Intelligence
Business
Banking app Revolut raises $250m as it targets 100m customers
By James Titcomb
REVOLUT, the fast-growing banking
app, has become the UK’s latest “unicorn” after completing one of the biggest funding rounds for a fintech
start-up.
The company has raised $250m
(£179m) at a valuation of $1.7bn, in an
investment round led by DST Global,
the venture capital arm of the Russian
tech investor Yuri Milner. It means the
London-based app has seen its valuation jump four-fold in nine months following a surge in users.
Revolut has no branches but allows
users to convert money between dozens of currencies at interbank rates and
send money instantly over an app, and
now has 2m accounts across Europe.
Nikolay Storonsky, a former Lehman
Brothers and Credit Suisse trader who
founded the company in 2014, has set a
target of 100m users within five years,
aiming to rapidly expand abroad to hit
the milestone.
Revolut is currently only available in
Europe but plans to expand to the US,
Canada, Singapore, Hong Kong and
Australia this year.
Mr Storonsky said that while the
cash injection will be partly used to increase staff numbers, from around 350
to 800 by the end of the year, much of
the new funding would be used to
build up the capital reserves needed to
launch in new markets.
The company said in February that it
had broken even, making it relatively
unique among the UK’s fast-growing
technology companies in turning a
profit.
It does not offer overdrafts, but
charges some customers £6.99 for ex-
tra features and perks, as well as offering loans through the app.
The company has applied for a European banking licence, which will allow
it to introduce features such as direct
debits and allow salaries to be paid directly into accounts. Mr Storonsky said
he expected the licence to be granted
around October.
DST is one of the world’s most successful technology investors, having
backed Facebook in its early days as
well as Spotify, Airbnb and Twitter. Silicon Valley venture capitalists Index
Ventures and Ribbit Capital also
backed the company.
Revolut says that of its 2m users,
250,000 use the app every day and that
it is signing up between 6,000 and
8,000 a day. The new funding brings
the money the company has raised to
date to $340m.
Surprise boost
from advertisers
pushes Twitter
to second profit
TWITTER has reported only the second profit in its history after an unexpected leap in advertising revenue,
capping a recent turnaround after
years of disappointment.
The microblogging site said sales
had increased 21pc in the first three
months of 2018 to $665m (£477m), its
fastest revenue growth for two years.
Despite Twitter’s undoubted influence and public figures like Donald
Trump using it as a microphone, the
service has struggled to achieve either
the global scale or healthy profits of rival social networks Facebook and
Instagram. Under Jack Dorsey, the
Jack Dorsey, the boss
of Twitter, has
announced a review
of the service in a bid
to improve the
standard of debate
company’s founder who returned as
chief executive three years ago, it has
cut costs and overhauled its advertising business, allowing it to make a
profit even as it appears unlikely to
match the size of other social networks.
The number of people using Twitter
each month increased to 336m, up
from 327m a year ago, while the number who logged in every day increased
by 10pc. International sales rose 53pc
on the year to account for 48pc of the
company’s total revenues.
“We are not that far away from international becoming more than half of
revenue at Twitter,” the chief financial
officer Ned Segal told analysts on a call,
highlighting strength in Japan, Britain,
Brazil and the Middle East. It also said it
had made progress on spam and fake
accounts as it attempts to address the
abuse that critics say has driven many
people off the social network.
Twitter reported a quarterly profit of
$61m, compared to a $62m loss a year
ago, and the second consecutive time it
has been in the black.
Shares rose almost 5pc in early trading, but reversed gains to trade down
4pc in late trade after the company told
investors that revenue growth was
likely to slow this year.
The shares have more than doubled
in the last year amid increasing optimism about the company’s finances.
Daniel Ives, a technology industry
analyst at GBH Insights, said recent
changes to Facebook’s central news
feed that relegated posts from businesses and publishers in favour of
those from friends were forcing companies to dedicate more attention to
Twitter. “The Facebook news feed
overhaul … is forcing publishers and
online advertisers to dip their toe in the
water [on Twitter] and start to ramp up
ad investments,” he said.
“The monetisation and ad growth
machine at Twitter is finally heading in
the right direction after years of a ‘one
step forward, two steps back’ strategy.”
Mr Dorsey recently announced a review of Twitter that would seek to improve the “health” of conversation and
debate on the service, amid criticism
that social media helps stoke divisions
and amplify abuse.
He said yesterday that he was
“encouraged by our initial progress in
this area”.
By Margi Murphy
TOMOHIRO OHSUMI/BLOOMBERG
By James Titcomb
Alibaba boss
calls for Asian
challenge to US
chip monopoly
Jack Ma, the founder of internet giant Alibaba, said countries such as China need core technologies so they are not reliant on the US
ALIBABA boss Jack Ma has pleaded
with nations from China to Japan to
create their own technology to sidestep America’s grip on the global
microchip market amid growing hostility from the West.
The billionaire founder of Alibaba,
China’s answer to Amazon, expressed
concern that Asian countries may be at
a disadvantage thanks to America’s
semiconductor monopoly.
“America was the early mover and
China, we need a lot of things. One
hundred per cent of the market for
chips is controlled by Americans,” he
told students during a presentation at
Waseda University, Tokyo.
“And suddenly if they stop selling –
what that means, you understand. And
that’s why China, Japan, and any country, you need core technologies.”
A row over technology between the
world’s two largest economies has
escalated recently. Last month, US
president Donald Trump blocked what
would have been a record-breaking
merger between US chip maker Qualcomm and Singapore tech giant Broadcom, citing national security concerns,
a move that effectively poured cold
water on China’s 5G development.
Smartphone maker Huawei has long
been viewed with suspicion in Washington because of alleged links to the
Chinese government. In January, a
deal with carrier AT&T was revoked at
the last minute, closing channels for
Huawei to sell to US customers.
ZTE, another Chinese tech giant,
was slapped with a seven-year ban for
violating US trade regulations. That,
along with the US’s repeated allegations that Beijing manufacturers are
guilty of copyright theft, have dealt
blows to the relationship.
“We’re entering a world where people don’t trust each other. That’s why
we have trade wars and so many problems,” Mr Ma said. “But don’t give up.
Trust isn’t just gained, it’s about building. And we can build.”
AI will only reach its vast potential
if ethical dilemmas are tackled now
HENRY
LANE FOX
T
he fact that the UK punches well
above its weight in AI should be
a source of national pride. After
all, this country is home to the largest
number of AI companies after America
and China, and £6.21bn was invested
in UK technology last year.
Our rich history in AI builds on the
work of computing pioneers such as
Ada Lovelace, publisher of the first
algorithm; Charles Babbage, originator
of the digital programmable computer;
and Alan Turing, who helped crack the
Enigma code.
We are fortunate to house some of
the world’s finest academic
institutions. The UK marries these
skills with an increasingly strong
network of angels and early-stage
funds with proven AI specialism.
But increasing numbers of
consumers at home and abroad are left
wondering if technology is their foe
rather than their ally. A series of news
stories have left many people scared.
There’s been the cavalier approach
to fake news and data stewardship at
Facebook. We have seen the recent
controversies at Uber. These aren’t
necessarily “AI stories” but the
implications are clear.
UK tech companies need to make
sure their software and data practices
are ethical and that their consumers
are protected even as they drive
innovation. A failure to do so could
seriously impair industry growth and
reputation – not to mention incurring
hefty fines. Of course, that’s easier said
than done at such speed. Where
technology is emerging as fast as AI,
ethical issues will quickly change.
That’s why I welcome news that the
Government is establishing a £9m
Centre for Data Ethics and Innovation.
This will address some of the
challenges posed by the adoption of AI
and advise on the measures needed to
enable safe, ethical and innovative
uses of data-driven technologies.
The centre will help colleagues stay
ahead of moral conundrums
simultaneously abstruse and
important. Consider the following.
We now have a live incarnation of
philosophy’s notorious trolley
problem. Should an autonomous car
swerve to avoid a pregnant lady if it
involves killing someone else? Seeking
‘Tech companies need to
make sure software and
data practices are ethical as
they drive innovation’
an answer to one of the hardest
questions in moral philosophy has
become a pressing reality.
Or imagine a computer deciding
someone’s mortgage application based
purely on data and machine learning.
When the application is unsuccessful
there would at present likely be no
legitimate way to explain to an
individual why their application failed.
Deep-learning systems must be able
to provide a clearer rationale for how
decisions are made. Say an AI doctor
falsely identifies my symptoms and I
die, who is legally liable? And how do
we mitigate against the risk of
inherent bias in AI systems?
Last, but by no means least, much
more research needs to be carried out
– and fast – into the question of what
training will best help replace the
many traditional jobs taken by AI.
When the centre is up and running,
the UK will be the first to set about
answering these questions and many
more not yet formulated. It will build
confidence in the practices of the UK
AI industry. Of course, this is just one
of the ways that Britain needs to stay
ahead of its competitors.
Happily, government investment is
also helping boost machine learning
skills at both foundational and
advanced level, funding 8,000
specialist computer science teachers
and 1,000 government-funded AI
PhDs by 2025. And it is committed to
developing a global Turing Fellowship
programme to attract and retain top AI
talent. For UK business, there is £20m
of funding to help service industries,
including law and insurance, and start
new pilot projects.
And, don’t forget, around half of the
£1bn investment announced comes
from “smart money” including
academia and organisations like
Samsung and Cambridge University.
At Founders Factory, we are
welcoming new AI start-ups to our
accelerator (Uquant, Peptone, Zoa
Robotics, Reps.AI and India’s Orbo.AI)
as well as launching our first
incubated AI business (Chosen.AI).
For the economic gains promised by
AI to be realised, ethical issues need to
become part of public discourse and
then be addressed. The tech
community cannot do this alone. We
should welcome the move to combine
industry, government and research to
ensure this exciting new technology
benefits everyone.
Henry Lane Fox is co-founder and CEO
of Founders Factory
The Daily Telegraph Thursday 26 April 2018
***
5
Business
TSB: the bank’s
story so far
Key dates leading
up to the IT crisis
1995: TSB Group
merges with Lloyds
2008: Lloyds TSB
agrees to buy HBOS
TSB Group, whose origins
stretched back to the original
trustee savings banks in the
early 19th century, was
acquired in a reverse takeover
by Lloyds in 1995.
When Halifax Bank of Scotland
ran into trouble in the early
stages of the financial crisis,
Lloyds TSB’s buyout deal
created a “super-bank” with
38m customers.
2009: Lloyds bailout
After HBOS’s losses were even
worse than expected in 2009,
the new Lloyds Banking Group
was forced to seek a bailout
from the Government. EU
state aid rules forced the bank
to look at selling branches.
2011: Paul Pester put in
charge of carve-out plan
Lloyds appointed former Virgin
Money boss Paul Pester to hive
off 632 branches. Co-op Bank
agreed to buy the branches for
£750m but pulled out in 2013
just before it plunged into crisis.
2014: TSB goes public
2015: Sabadell takes over
After the Co-op deal
collapsed, Lloyds felt the best
option was to spin off the
branches into their own new
business, which took the old
TSB name and was floated
with a market cap of £1.45bn.
Less than a year after its float,
TSB was bought by acquisitive
Spanish banking giant Banco
Sabadell for £1.7bn. Experts
warned it could face
difficulties integrating the
banks’ IT systems.
Locked out of the vault:
just how did TSB get its IT
rollout so badly wrong?
I
t was less than a year ago that
TSB promised to “build a bank
fit for the 21st century” by letting
customers open their mobile
banking app just by blinking at
their phone.
But those customers have been
staring wide-eyed at their mobiles for
a very different reason this week. After
a botched IT upgrade, they have been
unable to access their online bank
accounts for the last six days or have
been shown other people’s money.
The meltdown is a PR disaster for
TSB, which has been trying to grab
market share from bigger players such
as HSBC and Barclays since it split
from Lloyds four years ago. Promoting
itself as the first bank in Europe to
introduce iris scanning recognition, it
had hoped futuristic technology might
be its raison d’être.
Instead, it is behind the UK banking
sector’s biggest tech fiasco in years. It
is still not clear exactly what happened,
with the glitch coming after more than
2,000 staff clocked over 80,000 test
cases and nine so-called “dry runs” of
the system before its launch. No major
problem was flagged during those
trials, one source says.
“Upgrades like this are the most
complex thing to try to trial run,” says
Nick Hammond, an adviser at World
Wide Technology and a former
Barclays executive. “It’s like a
Formula One pit stop – you can
practice 300 times in Stevenage, but
when you’re in Monza in race
conditions, it all comes down to the
specific moment.”
IT experts and consultants suspect
that the platform TSB was migrating to
“didn’t have enough horse power” to
accept the volume or type of data
being moved. The migration involved
shifting 1.3 billion customer records.
“Maybe there was internal pressure
to say ‘let’s make this work’,” says
Richard Anning, head of IT for the
Institute of Chartered Accountants in
England and Wales. “[But] did they
have a plan for failure?
Communication would be an
important part of that plan but [chief
executive] Paul Pester didn’t come out
until Tuesday.” The incident is the
1.3bn
Number of customers that had records
migrated from the old Lloyds platform to
the new TSB one, creating the outage
stuff of nightmares for banking bosses,
drawing attention to the persistent IT
problems threatening the British
banking sector and the impact it can
have on customers, many of whom
took to Twitter to complain of being
unable to pay bills or get answers from
the bank. Ulster Bank also faced a
software glitch this week, blaming
“human error” on an issue that left
people unable to access their money.
“The financial services sector as a
whole is underpinned by decades-old,
legacy IT systems, which have been
pulled together through various
mergers,” says Lev Lesokhin, of
software intelligence group Cast. “The
complexity is leaving banks behind
other sectors and some banks are
nervous in touching old systems as
they do not want to cause an outage.”
A senior executive at one digital
bank says there are lessons to be learnt
from the TSB catastrophe, including
avoiding “a big bang release, making
sure you have a credible rollback plan,
and communicating better”, as well as
not rushing through a launch.
“It’s not the fact that it happened
that worries me, it’s the fact that they
couldn’t get it under control,” he adds.
“We’ve had instances where the
system has been unavailable, but not
for many days in a row. I suspect
something unforeseen and very
serious happened.”
An obvious question is why TSB did
not have an emergency plan, such as
rolling back to its original system in
the event of a crisis. But experts say
there is often a “point of no return”.
“Your contingency in all
circumstances would be to remove the
new technology and revert to the
original setup,” says Russell Crampin,
a director at IT software firm Axians.
“However, sometimes launching big
IT projects is a little like popping a
champagne cork – you could put it
back, but it’s not easy.”
These situations demonstrate why
the banking sector is in dire need of
fresh talent. Executives point out that
problems such as the one seen at TSB
would be less likely to happen if the
sector were more appealing to young,
tech-savvy coding graduates.
“If you’re a 24-year-old code genius,
and you can go to a Silicon Valley
start-up or go to work at HSBC, which
one would you choose?” says
Hammond. “The talent required to
simplify these environments is really
short in the industry.”
TSB customers furious after a
bungled attempt to move over
to Sabadell’s IT system left
many unable to access online
banking for several days.
Jack Torrance
Profile
Paul Pester
ANDREW MATTHEWS/PA WIRE
Lack of an emergency plan
from the lender is startling,
given its focus on leading
tech, writes Lucy Burton
2018: IT switchover
causes chaos
Message that TSB boss Paul Pester posted on its banking app, apologising to customers
TSB boss Paul
Pester was once
hailed as the
“luckiest man in
banking” after
he narrowly
avoided taking
the top job at
the Cooperative Bank,
shortly before it
found a black
hole in its
accounts.
But he’s
probably not
feeling so
fortuitous this
week, after a
bungled
switchover of
TSB’s IT systems
left some
customers
unable to access
their accounts
for days. The
bank is now
facing possible
investigation by
the Financial
Conduct
Authority and is
on the hook for
compensation
payouts.
Pester spent
his early
working life in
consulting
before taking
the reins at
Virgin Money, at
the time a
provider of
savings and
investment
plans, in 1999.
He has since
worked at
Santander and
the comparison
site Moneyfacts,
but it is Lloyds
Banking Group
that has loomed
over the most
dramatic
moments of his
career. Having
previously run
what was then
Lloyds TSB’s
consumer arm,
Pester returned
to his old
employer in
2010.
There he was
put in charge of
Project Verde,
Lloyd’s plan to
sell off 636
branches in
order to comply
with European
state aid rules
that kicked in
after it was
bailed out by
government.
The plan had
been to sell the
branches to the
Co-operative
Bank, with
Pester
becoming head
of the combined
group, but in
February 2013
the mutual
pulled out,
forcing Lloyds
to float TSB on
the stock
market. He
remained in
charge when
TSB was bought
by Spanish bank
Sabadell in 2015.
Jack Torrance
Lloyds distances itself from former subsidiary’s woes as it posts 23pc jump in profits to £1.6bn
By Iain Withers
BRITAIN’S biggest high street bank
Lloyds has posted a 23pc leap in quarterly profits and distanced itself from
the ongoing IT meltdown at its former
subsidiary TSB.
The lender posted pre-tax profits of
£1.6bn for the first three months of the
year, up from £1.3bn the prior year.
Chief executive António Horta Os-
ório said the bank was benefiting from
a “resilient” UK economy and had
started a £1bn share buyback to return
cash to investors during the period.
George Culmer, the bank’s chief
financial officer, said that from Lloyds’
perspective the migration of 1.3 billion
customer records from its IT system to
TSB’s over the weekend was “successfully completed”.
TSB customers have been suffering
outages to vital banking services since
last Friday, when TSB began transferring from Lloyds’ platform to its own.
TSB was spun out from Lloyds in 2013
but had continued to rent its IT system.
“We successfully completed the
migration over the weekend and that
was explicitly acknowledged by them,”
said Mr Culmer.
“There’s nothing we can do to help
resolve the situation, that’s up to them.”
Lloyds took an additional £90m charge
for meeting payment protection
insurance (PPI) claims, but said this
was down to an FCA ruling requiring
banks to write to previously defended
cases rather than a spike in volume
of claims.
Mr Culmer insisted Lloyds remained
“very committed” to its branch network, despite announcing another
49 closures alongside 1,200 redundan-
Volvo says it will make half of its cars electric by 2025
HALF of all the cars Volvo sells by 2025
will be electrically driven, the Swedish
manufacturer has declared.
The company believes the goal will
position it strongly in China, the
world’s biggest car market and a huge
player in the growing field of alternatively fuelled vehicles (AFVs). The car
maker is owned by Chinese billionaire
Li Shufu’s Geely corporation.
The move follows an announcement
made by Volvo last year that from 2019
all new cars in its range would be offered with an electric drive train or hybrid option.
Chief executive Håkan Samuelsson
said the move marked the “historic
end” of cars powered solely by petrol
or diesel, “placing electrification at the
core of its future business”.
With sales of 24.2m cars last year,
China is by far the world’s largest automotive market, ahead of second-place
America, with 17.3m sales.
In a bid to tackle China’s pollution
problems, the Beijing government has
set a target of AFVs making up 20pc of
new car sales by 2025 – the equivalent
of 7m cars, according to official forecasts. Mr Samuelsson said Volvo’s 50pc
electric plan by 2025 “reinforces and
expands” its commitment to AFVs in
the world’s leading market for electrified cars. He added: “China’s electric
future is Volvo cars’ electric future.”
China is Volvo’s largest individual
market, with the company selling
114,500 cars there last year, out of a
global total of 571,500. In the first quarter of 2018, Volvo sales in China rose
23.3pc, against total global growth of
14pc. However, the company has made
bold promises in the past that it has
failed to fulfil. Two years ago Volvo said
it would start testing driverless cars on
Volvo’s XC40
electric-powered
SUV on show at
the China Auto
Show media day in
Beijing yesterday
ANDY WONG/AP
By Alan Tovey
London’s roads by 2017 in what it described as its “most ambitious” trial
ever. The UK capital’s tough driving
conditions and complex road network
would stretch the technology to the
limit, Volvo said, and build on earlier
tests on the streets of Gothenburg, the
company’s home town.
But the cars are so far yet to hit London’s roads, with Volvo refusing to explain what is behind the hold-up – or if
it will happen at all. The Swedish manufacturer has positioned itself as being
in the vanguard of autonomous cars,
but has tried to differ from rivals by
saying that it sees the benefits the technology offers not only to motorists, but
society in general.
It has pledged that by 2020, selfdriving systems will mean no one will
be killed or seriously injured by a new
Volvo, with Mr Samuelsson having said
90pc of accidents are caused by drivers
being distracted. He said: “The sooner
autonomous cars are on the roads, the
sooner lives will start being saved.”
cies earlier this month. “I envisage
branches will remain a core part of the
provision,” he said.
Mr Culmer also provided an update
on plans to find a new manager for
£109bn of assets formerly managed by
Standard Life Aberdeen – and hinted it
had been barred from the contest this
time round.
Lloyds dealt a major blow to the
newly merged Standard Life Aberdeen
in February when it dumped its contract with the asset manager as it was
upset it had become a clear rival to its
Scottish Widows business in the pensions market.
Mr Culmer said: “We’ve had an enormous amount of interest and entered
round two with a more select group of
bidders. We have not allowed anyone
into the next round of the process with
whom we have a conflict of interest.”
Comcast commits to Sky News
as Murdochs consider options
Continued from Page 1
to gatecrash the complex two-step deal
for Sky, Comcast sought to underline
its claims that its bid would not face the
political and regulatory gauntlet that
has heavily delayed Fox.
Repeated reviews of the Murdoch
family’s media power in the UK have
meant Fox’s bid has still not gained
government approval more than 14
months after the price was agreed with
Sky. The Competition and Markets Authority (CMA) is due to provide advice
to Culture Secretary Matt Hancock
next week, and he is scheduled to make
a decision in June.
Comcast said it will make a legally
binding commitment to fund Sky News
at its current level for a decade, matching remedies offered by Fox to the
CMA. Sky News is understood to lose
around £40m per year. Comcast also
said it will establish an independent
board for Sky News, while Fox has offered to ring-fence governance of the
channel and spin it off into a separate
company, owned by Sky.
Brian Roberts, Comcast’s chief executive and son of its founder, is seeking
to gazump Fox as the Murdoch family’s
deal with Disney threatens to shift the
balance of power in the media indus-
try. Hollywood deal-making has accelerated as fear of the threat from Silicon
Valley mounts.
Comcast itself held talks to buy most
of Fox but backed out amid concerns it
would face regulatory opposition and
has instead so far opted to seek control
of Sky alone. Mr Roberts said: “We also
understand the role that Sky plays in
UK society and in its customers’ lives
and we are determined to be responsible and trusted owners of Sky.”
He plans cost savings and a crossselling boost of around $500m following the merger, which Comcast said it
aims to complete by the end of this
year. Comcast said it would also undertake not to buy any British newspapers
for five years as a further media plurality guarantee to contrast with Murdoch
control of The Sun and The Times.
Its UK news activities include a partnership between its NBC News operation and ITN, a major stake in Buzzfeed,
and Sky News online.
Fox would need Disney’s permission
to increase its own bid, as it would have
to raise its borrowing. Disney has already signalled its appetite for the
fight, however, with an offer to buy Sky
News regardless of whether its wider
deal with Fox proceeds.
6
Thursday 26 April 2018 The Daily Telegraph
***
Business
For the chance of making a
short-term profit, buy the
TR European Growth trust
Trust Bargains
Richard Evans
This well-managed
portfolio has
seen its discount
widen despite its
strong long-term
performance
Pershing Square, tipped in May
last year and currently our worst
performing investment trust, has
announced that it will buy back up
to $300m worth of its shares in an
attempt to narrow the 20.8pc discount.
However, shareholders who
“tender” some or all of their holding
for repurchase will not know the price
they will get until later: it will be at a
discount of 15pc-25pc to the net asset
value on May 9, depending on demand.
We are reluctant to recommend a
sale of stock at an unknown price and
suggest that anyone inclined to sell
should wait and see what effect the
repurchase has on the discount.
 Market value:
£519m
 Year of listing:
1990
 Discount: 9pc
 Ave discount
over past year:
4.1pc
 Yield: 1.1pc
 Most recent
year’s dividend:
14.5pc (including
special)
 Gearing: 14pc
 Annual charge
(2017): 0.75pc
12
10
8
OCCASIONALLY Questor likes to look manager, which recommends the
at short-term profit opportunities as
fund for some of its clients’ portfolios.
opposed to our more usual “buy-andHe said the trust had an experienced
hold” investment trust selections.
manager in Ollie Beckett of Janus
This week we look at a
Henderson. Beckett has made
well-managed fund
gains of 246pc over the past
TR European
whose large discount
10 years, compared with
Growth
may not last.
165pc for his peer group,
Shares in TR European
according to FE Trustnet,
Buy
Growth, which invests in
the fund analyst.
smaller companies listed
“With a smaller
Good management
and supportive
in continental Europe,
companies fund you
economic
were trading at a small
will always have some
background
premium as recently as
holdings that go wrong
February but are now at
so the portfolio is well
a discount of 9pc. The share
diversified, with almost 150
price is also about 17pc below its
stocks,” Webster-Smith said. “The
recent peak.
team meet more than 600 company
“TR European Growth has done
managements a year and they have a
very well – it has gained 259pc
strong sell discipline.
over the past five years, against
“They have a slight bias towards
143pc for the broader market –
‘value’ stocks and a cautious attitude
but has come off a little recently.
to ‘bond proxies’.” The latter are
low-growth stocks that produce
In our view this gives rise to a
reliable income and are seen as
short-term trading opportunity,”
vulnerable when interest rates rise.
said Jonathan WebsterDespite the portfolio’s strengths, the
Smith of Brooks
Macdonald, the wealth Brooks Macdonald manager said he
Questor
Update: Pershing Square
Key
numbers
Close: £10.36
TR European Growth Trust
14
£
6
Investment trust news
4
2
2013
2014
2015
2016
would hold it only while the economic
backdrop remained supportive.
“Economic activity in Europe is still
generally strong,” he said. “There
has been decent expansion in jobs,
manufacturing and services, while
fears of a severe trade war between
America and China have softened.”
Monetary policy is also
supportive, he added. “It would be
logical at this stage of the cycle to
expect interest rates to rise, but we
are not seeing inflation.
“The European Central Bank is
still very accommodative [keeping
money cheap]. It is one or two years
behind the US in terms of tightening
2017
Invesco Perpetual Enhanced Income
is to lose its respected management
team of Paul Causer, Paul Read and
Rhys Davies. Invesco has given a year’s
notice of its resignation as investment
manager in a dispute over fees.
Fidelity Asian Values is to
implement a variable, performancerelated fee. The base fee will be 0.7pc a
year but the overall charge could be as
low as 0.5pc or as high as 0.9pc.
BlackRock Smaller Companies
has scrapped its performance fee
and amended its tiered base fee. The
overall effect is to make the fund
cheaper; it estimated the reduction at
20pc had the new arrangements been
applied to the previous year.
2018
monetary policy – this is one reason
why we see holding TR European
Growth as a trading opportunity.”
Webster-Smith said it was “really
important” that consumer confidence
and business activity remained
strong and that he would reconsider
his holding in the trust at the first sign
of weakness.
We will report any developments
of this sort. Meanwhile, we rate the
trust as a short-term buy and suggest
banking profits should the discount
narrow appreciably.
Questor says: buy
Ticker: TRG
Share price at close: £10.36
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
Electricity +0.57%
368¾
1174⅜
1554
218 Drax Group ●
733 Nat Grid
1176½ SSE
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1537
1121 Hiscox ●
1489 +8 1.9
—
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1078 Jardine Lloyd ●
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490
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144⅞* +⅜ 5.4 14.2
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372½ +2½ 2.3 11.0
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342
296 Jup UK Gwth IT
-7⅜ 1.7
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31½
⅜
1696 Weir ●
2711
Price (p) +/- Yld
Hummingbird
40
1320
–
52 week
High Low (p) Stock
290
-½ 2.3 23.4
2326
+2.39
Aerospace & defence -0.94%
-⅜ 5.8 11.1
1525* +7½ 3.3 1628
373.18 360.81 Treas 2½% IL 20 361.02 +0.02 2.29 0.00
—
9.4
1662⅜ 1103 BHP Billiton
310
—
116¼
29
1675* -72⅝ 4.4
1725 -12½ 3.5 1962
Index Linked Securities
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.
7.8
561¾
4413¾* +9¾ 2.6
3.02
—
—
Gas & Water +0.53%
613⅝* -4⅜ 3.6 22.9
1.5
— 4.1
5192⅛ 4403⅞ Jardine Mthsn
United States
0.6
-½
148.84 +0.42 3.19 1.88
154
… 2.4
44
156.85 146.14 Treas 4¾% 38
-1.48
63¼
541
793 3i
+0.91
61¼ DowDuPont $
471 Mucklow A J
975
1.54
2.5
77⅛
41⅜ Raven Russia
High Low (p) Stock
Great Britain
1.4
+⅛ 1.9
52⅝
1830 -10 2.3 21.7
2386 Ass Brit Fds
-⅛ 2.5
119
564
1078* -18 3.7 18.0
3387
66½
83¼ Dr Pepper $
966* -3½ 2.4 26.0
1510 Goodwin
-2.97
65⅞ Colgate Palm $
126⅝
1116½ — 5.4
1004 IMI ●
-0.58
77⅞
639 UBM ●
1453
0.05
2472 +83½ 6.9 16.7
1074 WPP
2128
Japan
2298 Imp Brands
981
130.69 +0.21 3.25 1.78
-2.39
1.1
1762
136.21 +0.36 3.12 1.86
–
-⅝ 3.2
100
363.52 133.71 Treas 4¼% 36
0.63
39⅝
—
139.32 105.24 Treas 4¼% 32
Germany
36⅛ Coca-Cola Euro $
— 1.9 1276
1117* -6 3.8 40.2
Food producers +0.54%
44¾
+1
608½ +½ 0.8 34.6
-2.16
1.1
2.1
3850* +106 5.1
95½
279 Fenner ●
+0.23
-⅝ 3.7
1240
624½
0.86
121⅞
88 JPM Mlti-Ass
142.73 +0.02 4.20 1.61
France
102½ Chevron $
1003 JPM Mid Cap
1279½ 1051 St James Place
3.0
0.4
133⅞
103½
153.80 142.35 Treas 6% 28
T-Bonds
P/E
145⅛ +⅝ 2.2
1250
-1 3.3 14.1
-4⅝ 3.3 14.7
Price (p) +/- Yld
97¾ Caterpillar $
649⅜* -3⅝ 3.0 24.7
420
75¼
5643⅝ 3553 Brit Am Tob
52 week
High Low (p) Stock
173¼
1854* -28 2.5 19.9
1417½ — 0.8 28.1
59 Severfield
-⅜
P/E
583 RSA
59½ Coats Group ●
51 Low&Bonar
94 JPM GL Conv
Price (p) +/- Yld
Tobaccos +2.97%
259⅝
1350 Cropper J
Spread vs
52 week
High Low (p) Stock
279⅞
1975
Bunds
P/E
8.4
90
Spread vs
Price (p) +/- Yld
3.6
124.02 +0.01 4.03 1.33
Yield%
52 week
High Low (p) Stock
805⅞ +4¼ 5.5
121.67 -0.06 6.58 0.93
2⅛ Melrose Ind ●
P/E
1337½ +9½ 6.9
132.85 123.92 Treas 5% 25
1684 Mondi
Price (p) +/- Yld
542½ Lancashire Hldg ●
132.43 123.14 Treas 8% 21
91
NAV
-5½ 3.9
292¾ JPM Gbl Gth & Inc
773½
1992½ 1682 Prudential
1043
Price (p) +/- Yld
397⅜
-7.9
Government securities
Flat Rdm
Price (£) +/- Yield Yield
52 week
High Low (p) Stock
294⅜* -¾ 4.2
Engineering / Industrial -0.86%
52 week
High Low (£) Stock
52 week
High Low (p) Stock
—
270
+5
—
-4.0
1200* +3 2.7 21.2
-3 4.7 13.1
6.9
24¾
17⅛ HP $
21¼
— 2.6
2.7
4427 Carnival
4692 -42 2.8 18.1
171⅛
139⅛ IBM $
144⅝
-⅞ 4.3
1.0
1765⅞ 1396½ Compass
1495½ +6 2.3 21.0
97⅝
79⅝ Inger Rand $
84
+3⅝ 2.1
2.9
1698⅝ 1136 easyJet
1580 -43 2.6 20.4
54⅜
33¼ Intel $
51¼
-¼ 2.3
1.7
5435
67
50 Intl Paper $
53¼
+½ 3.6
2.7
119⅜
81⅝ JP Morgan Ch $
108⅞ -1½ 2.1
2.8
9.4
148⅜
122⅛ Johnson&John $
125⅝
-⅝ 2.7
0.1
729½ GVC Hldgs ●
892½* -20 3.3 -78.6
136⅞
95⅝ Manpower $
97¼ +1⅛ 1.9
4.6
680⅝
543½ IAG Intl Cons Air
622¾ -4¼ 3.1
19½
10½ Marathon Oil $
17⅞
+⅛ 1.1
4.8
4944
3656 Intercont Hotels
4409* +19 1.7 22.0
178¾
137⅛ McDonalds $
155¾ -1⅝ 2.6
1.6
211⅜
99¾ Mandarin
172¼* +1⅛ 1.2 54.9
66⅜
52⅞ Merck $
59⅛
-1 3.2
0.5
147¾
95⅞ Marston’s ●
108⅜
-⅛ 6.9
7.6
97¼
67⅛ Microsoft $
91⅞
-1¼ 1.8
0.7
284¾
219⅞ Mitchells&But ●
273
-1⅝ 1.8 18.1
39⅜
31⅝ Pfizer $
36⅝
-⅜ 3.7
2.6
414⅛
337¼ National Ex ●
404
-3¾ 3.3 15.7
94⅝
72⅛ Procter & Gamble $ 72½
… 4.0
1.3
8967
6027⅜ PaddyPwrBet
6950* -15 2.9 26.9
210¾
151¾ Rockwell $
165⅛ +3⅛ 2.0
0.9
139¼
109⅛ United Tech $
121
-1⅛ 2.3
2.1
110
73⅛ Wal Mart Strs $
87
+½ 2.4
1.6
154½
76⅛ FirstGroup ●
113
-½
1124
889¼ Fullers ‘A’
930
-30 2.1 15.7
2004
1310 Go-Ahead Grp ●
1946 -18 5.2
996
—
12.2
7.4
1020
670 Playtech ●
792⅜ -7⅝ 4.0 12.3
250
169⅝ Rank Group ●
170
381¾
229¼ Restaurant Gp
290 +8⅜ 6.0 17.6
116⅛
96¼ Walt Disney $
101 +1⅝ 1.7
4.2
1798⅝ 1253¾ Ryanair
1342 -12⅜ —
37⅜
27⅛ Xerox $
30⅜
-⅜ 3.3
0.7
217⅝
124⅜ Stagecoach ●
158⅞
132¼
87¾ Thomas Cook ●
-3 4.4 10.5
14.6
-⅜ 7.5 28.9
116⅞ -1¼ 0.5
Europeans -1.08%
—
1687⅞ 934⅜ TUI AG
1617 -14 3.5 16.8
83⅛
71⅝ Akzo Nobel €
75½
-¾ 3.3
1.3
1346⅛
1136 -35 1.1 22.1
97½
77⅛ BMW €
89¼
-1⅞ 4.5
2.6
-9 2.4 17.4
23⅝
15½ Carrefour €
16½
+⅛ 2.8
1.4
257⅜
186½ Continental AG €
221⅞ -4⅛ 2.0
3.3
4340
953 Wetherspoon ●
3499⅞ Whitbread
4177
AIM -0.84%
219
162 Chemring
213
— 1.4 88.8
213
119¾ Centrica
147¼ +⅝ 8.2 24.5
130⅝
106 City Nat Res H Yld
120¼
-½ 4.3
137
369¾
285¼ Kingfisher
301
-2 3.6 13.6
76½
59 Daimler €
65
-⅛ 5.6
2.7
150¼
111⅛ Cobham ●
115⅜
-¼
33.0
947¼
577⅜ Pennon Gp ●
666⅝ +7¼ 5.4 16.7
444⅝
392 City of Lon ●
423
-3½ 4.2
414
131½
78½ Lookers
98¼
+¾ 4.0
8.1
1600
1225 Arbuthnot
1480
— 2.2 33.7
72⅛
62½ Danone €
66¼
+¼ 2.9
1.8
322⅞
190¼ Qinetiq ●
229¼ -2⅜ 2.7 10.7
2575
1664 Severn Trent
1869½ +1½ 4.5 12.8
498
330¼ Dunedin Ent
377
— 5.0
439
397¾
262 Marks & Spen
283⅝ +4 6.6 39.4
2580
1790 BrooksMacdonald
1850* -37½ 2.3 43.1
41⅜
31⅛ Deutsche Post €
36
-1⅞ 3.2
1.9
994½
800 Rolls-Royce
842⅝ -10⅜ 1.4
1078
648⅝ Utd Utilities
714¾ +5⅜ 5.5 11.2
786
608 Edinburgh Inv Tr ●
666
-5 4.0
730
254⅜
203¼ Morrison (WM)
234⅛
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1¼
1
310⅜
208⅜ Senior ●
291⅜
820
541½ Edin Worldwide
778
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751
137⅛
18⅞
+⅛
345½
2⅝ Central Asia Met
2793½
820 ElectraPrivEq
821
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5355
3565 Next
5186 +36 4.8 12.4
16
8⅛ Ceres Power
331
286 EP Global Opp
315
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603¼
235¾ Ocado ●
504⅜ -13¾ —
—
1270
780 Churchill China
7.5
460
3¼ Cohort
2218⅝ 1138 Ultra ●
—
-3.7
-8 2.4 20.3
General financial -0.99%
1395* -9 3.6 21.1
Banks -0.29%
318⅞ Ashmore ●
408⅝ -5⅜ 4.1 16.3
399⅜
320¼ Brewin D ●
362
-2⅜ 4.1 21.9
1360
1192 European Assets
433
315 Charles Stanley
345
— 2.0 27.9
974
846 The Europ InvTr
904
1258 Hargreaves L
1729½ -8½ 1.8 38.7
408¼
352 Fidelity Asian V
225½
177¼ Barclays
1715
1315 Close Bros ●
1507* -4 4.0 11.7
1935
213
-2⅜ 3.1 -20.7
447¼
—
330
1227½* — 6.4 1204
13 Mothercare
—
… 5.6
3.9
39¼
20 Pendragon
27⅞*
-10 2.5 1014
213⅞
108 Saga ●
132⅜ -1⅛ 6.8 10.8
878½
386
-8 1.3
399
339⅞
222⅜ Sainsbury J
266¾ +¾ 3.6 15.2
4¼
Cambria Africa
484¾ Dart Group
1
Deltex Medical
1⅛
—
0
18⅛
12¾ Deutsche Tele €
14⅛
… 4.6
0.9
301
-6½ 5.5 14.4
91⅜
79⅝ Heineken €
86
-⅛ 1.7
2.3
13½
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—
283
211⅞ LVMH €
280⅝ -1⅛ 1.8
2.0
1037½ +22½ 2.4 17.8
60
50⅜ LafargeHolcim SFr
54¼
-½ 3.7
2.7
349 +6½ 2.1 38.4
31¼
15¾ Lufthansa €
25⅝
-⅞ 3.1
4.8
3¾ Nokia OYJ €
5
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1.7
2.6
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841
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6
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130⅞
111⅝ Michelin €
115½ -4⅝ 3.1
— 2.5 17.7
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798⅝
635⅝ HSBC
711¾
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868½
526 IG Group ●
807½ -3½ 4.0 17.5
263
191⅛ Fidlty Chna Sp Sits ● 235
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2347
1635 Smith WH ●
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129
98¾ Finsbury Food
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141⅞
112⅛ Pernod Ricard €
135⅞
— 1.5
2.2
73⅝
62¼ Lloyds Bk Gp
65*
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1204
774½ Intermediate C ●
1062 -27 2.7 14.3
235
199¾ Fidelity Euro V ●
209* -2½ 2.1
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424⅜
280¼ Sports Direct ●
394¾
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21⅝ Futura Medical
35¼ +2¾ — -10.9
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16½ Peugeot €
20⅛
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242¾
165⅜ Tesco
239⅜ +1 1.3 16.2
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7⅞
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29¼ Philips (Kon) €
34⅝
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153
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104⅞ -1½ 3.5
1.8
181
130⅜ Highland Gold
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239⅝ Ryl Bk Scot
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43.4
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561¼ -16⅜ 4.2 11.0
160
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149¼ -1¼ —
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471⅜ +6⅜ 3.3 13.6
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730⅝* +1 3.7 17.6
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336½
250¼ Virgin Money ●
277¼* -4½ 2.2
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2467 +1½ 2.6 23.3
320
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155½ Stock Spirits
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324
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322
2185
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139
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721¼ -18¼ 4.0 11.7
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51⅛
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373 James Halstead
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1.3
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191¾
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165¾
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556
5⅝ NEX Group ●
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2402⅞ 312⅛ Provident Fin ●
198
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197
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135
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2254 Rathbone Bros ●
2294* -20 2.7 24.7
1420
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273½ +2½ 1.7
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86⅜ Hend Div Inc Tst
201½
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349⅛
181⅜ ConvaTec Grp ●
213*
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Price (p) +/- Yld
782
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1964* -32 1.7 1831
862⅛
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599
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42¾ Premier Oil
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330
242
218⅜ Ruffer Inv Pref
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2528½ -21 5.3 22.3
178¾* -3¼ 5.3
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2588 -19½ 5.2 22.8
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150
1110
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1020
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479¼
370¾ Scot Mortgage
455⅝ -4⅜ 0.7
441
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285¾* -1½ 1.3 11.7
1442
1173 Smith & Nep
1365* -12½ 1.9 21.7
1265
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1225 -30 — 1391
177¼
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179⅞
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5520
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466
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480
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858
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392
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2840
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235
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154⅜ +5⅜ 2.8 31.5
312
253 Invesco Asia Trust
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317
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655 Tmpletn Em Mt ●
716
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819
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240⅜ -4¼ 3.4 15.7
309½
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486⅝
360¼ Marshalls ●
424⅝ -3¼ 3.3 19.7
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17⅛ BSD Crown
1040 Morgan Sindall
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560
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379⅞
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2694 +4 8.7 10.6
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211⅞
173 Taylor Wimpey
192⅞* -½ 7.9 11.3
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246½ discoverIE Grp
410
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1029 Halma
1200 -18 1.2 35.0
78 Mpac Group
222½ +2½ —
219⅝ Charles Taylor
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73
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711½
438⅛ De La Rue
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522 +22 4.8 13.3
7762½ 6445 DCC
6690 +10 1.7 27.5
588½
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422¼* -13¾ 4.9
1708
1428 Experian
1621½ -8½ 2.0 24.5
5722
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5562* -90 2.0 17.8
342⅝
233¾ G4S
254¼ -1¼ 3.8 16.7
206¼
155 Hays ●
177⅜
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732
5470
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392
188⅞ IWG ●
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138*
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750
619 Menzies J
640
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313½
146¾ MITIE Gp
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243⅜ Rentokil
292* +1¼ 1.3
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—
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174
151 Oakley Capital
167*
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539
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194⅞ Utilico Emerg
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1030
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381½* -6½ 1.4
405
1118
975 Witan ●
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716
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1570
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141⅞
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95⅝
…
346*
-3 4.4
384
355
304⅝ Witan Pacific
373
67¼
56⅝ Assura ●
59⅞
+⅜ 4.2
—
184⅞
65½
-¼ 1.2
75
2707
2273 Worldw HealthTr ● 2400 -15 0.9 2396
926
722 Big Yellow Gp ●
920½
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—
123⅝
82¼ Serco Group ●
1709
1192 Travis P ●
26¾ Micro Focus Intl
1276 -21½ 5.8 23.9
346¾
217¼ JPM Chinese
286½ -1½ 0.6
334
536¼ Sage Gp
627⅝ -4¾ 2.5 22.6
760
659½ JPM Claverh’se
738
-6 3.7
758
131
1⅛ Spirent
118* -1¾ 2.5 34.6
833⅜
716½ JPM ElecManGth
792½
— 1.4
121
104 JPM ElecManInc
112
103
98 JPM ElecManCsh
100½
319
695
589 Brit Land
660¾* -2¼ 4.6
—
day’s close see www.Morningstar.co.uk.
256⅜
185⅛ CLS Hldgs ●
235* -2½ 2.7
6.1
814
Media +1.29%
62¾
50 Cap&Regional
+¼ 6.9
—
-1 4.1
115
251⅞ Capital&Count ●
102
52 week
High Low (p) Stock
326⅛
— 0.3
Net Asset Values © 2018 Morningstar Estimated at previous
Price (p) +/- Yld
P/E
52½*
— -4780.0
1292* +3 3.6 13.9
Telecommunications -1.25%
OneView Group
29
5021
3.4
⅛
⅛
245⅜
Union Jack Oil
115 Walker Green
1⅞ Xtract Resources
1286 Young & Co - A
⅛
—
—
—
—
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-3.0
117
— 3.7 13.7
2¾
+⅛
—
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1570 +20 1.2 25.5
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
279½* +6 0.5-2795.0
318
216⅜ BT Group
239
3071 -40 4.4
—
865
334¼ Inmarsat ●
367* +7⅛ 6.6 12.8
-1¾ 6.4 12.5
—
High
Low Stock
Price +/- GrsYd Cvr
39⅛
24¾ 21st Cent Fox A $
36¾
+¾ 1.0
2.2
2184
1766 Admiral
2002
-1 5.7 17.1
935
757½ JPM Emerg Mkt ●
842
-16 1.3
953
192
150 Bloomsbury
174½ -3¼ 3.9 17.8
857⅛
660 Gt Portland Est ●
677¼ -19⅛ 17.8
111¼
85¼ KCOM Group
100¾ +¾ 6.0 20.8
62⅜
29½ Alcoa $
51⅞
+1
—
—
550
482¼ Aviva
522¾* -4⅜ 5.2 14.9
448
345¼ JPM Eur Sm Cos
399
-8 1.2
443
769
500 Daily Mail ‘A’
665
-4 3.4
6.8
385¼
245⅝ Grainger ●
304
-1 1.6 16.9
220
88⅝ TalkTalk ●
124⅝ -2⅛ 3.2 20.4
103
76 Amer Express $
98⅛
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2.5
+3 1.9 30.6
339
287⅛ JPM Eur Gwth
301
-2 2.3
333
1358
1025 Euromoney ●
1296 +32 2.4 34.2
283¾
188⅞ Intu Props ●
198*
— 7.1
—
1342
1035 Telecom Plus ●
1080
— 4.6
33
22⅛ BankAmerica $
30
-¼ 1.6
3.4
374¾* — 9.4 11.8
178
147½ JPM Eur Inc
157
-1 3.7
173
773
638 Informa
732⅜* -3¼ 2.8 19.4
52338 430⅜ Hammerson ●
539¼* +⅝ 4.7
—
239⅝
190⅛ Vodafone
209
-3⅜ 6.3 -10.6
371⅝
175½ Boeing $
335
+6 2.0
2.0
5820
3139 Renishaw ●
4704 -170 1.1 33.3
596
429¾ Beazley ●
3750
2375 XP Power
3600 -20 2.2 24.3
411¼
340 DirectLineIns
596
9.1
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
Americans -0.52%
3191⅛ 2574 Derwent Ldn ●
-3.5
101½
249
—
—
162½
130
—
—
155 SimplyBiz Grp
112
36⅜
P/E
3
100 RM ZDP
—
3820* -110 0.7 11.3
Price (p) +/- Yld
Crusader Resources
169⅞
—
29 Premier Vet
3
102
—
2940½ Shire
3¼
— 4.5 20.3
—
77.3
52 week
High Low (p) Stock
-7 3.1 14.3
143
—
26.5
Recent issues
185
125½
-1
—
391½
133⅛ UIL Fin ZDP 20
-4.8
443⅝
5.8
153 MS Intl
109¼ UIL Fin ZDP 22
1218½* -10½ 2.0
—
230½ Numis
127⅞
—
¾
410
145
—
Kellan Gp
220
185
2970½
—
233
299
206
—
825¼
Insurance -0.83%
508
-⅝ 2.8 15.3
— 3.3
457 InvesPerp UK Sm Co 514
59 JPM Brazil Inv
49⅞*
+1 3.5
363½ JPM American ●
302⅛ JPM Asian
34¾ Miton Group
814¼ Hikma ●
419¼
73½
+9 2.5
51
246½ Indivior ●
527½
381⅞
+1 1.8 10.6
380
2000
-5.6
— 1.4 27.2
152
290 M&C Saatchi
449¼
183
-⅛ 0.6 12.4
126 LPA Gp
430
—
263
167 InvesPerp Sel UK E
446
183
0.5
—
155
189⅛ InvesPerp Sel Gbl E 204
195⅝
-2.3
14¼
159
214
310 Microgen
184⅜ +7⅛ 6.0
12½ Carillion #
162½ -1½ 4.6
194½
111¾ Laird
127⅝ Capita ●
228¼
150 UIL Ord
+1
205⅜
721
½
153¼ UIL Fin ZDP 18
140
512
⅞
159¼
— 6.5
129 InvesPerp Bal Rk
—
2542 -74 1.0 47.2
1412¼ -50 5.7 45.0
545
2070 -16 2.2 22.0
180
73½ InvesPerp Enhc Inc 76⅞*
144
-½
1652 Genus ●
145¼ BCA Marketplace ● 185¼ +1 3.9 35.6
1918½ Bunzl
74
84⅛
557½ +5 1.3 24.1
20
2648
1724½ 1179⅜ GlaxoSmKline
76.0
230
2472
139
6.3
Information technology -1.09%
1520
— 4.0
-2 2.0 18.5
-3 2.1 13.9
+7 3.2
1820* -2½ 2.5 1879
9.2
2543* +56 2.3 12.8
752
1481½ Burberry
-2.8
133 HICL Infrastructure ● 146
1476½ HgCapital
20.9
-3 3.0 14.9
494½
2024
-6⅛ 5.5
-2.6
175½
1840
Household goods +0.73%
P/E
376½ Hunting ●
140
662¾ -10⅝ 1.2 21.4
8.5
1341
Low Stock
3502 -30 0.4 53.6
3999 +5 2.7
435
High
815
125
-2 8.1
NAV
495⅜ Mediclinic Int
3031 Berkeley Grp
480 Dialight
52 week
Price (p) +/- Yld
1880 NMC Health
4270
1099
52 week
High Low (p) Stock
890⅛
9.0
27 CRH
178 F&C Mgd G
146
3728
8.8
681½ Grafton Gp ●
211⅜
7.6
3272 -12 4.0
851
2.8
-6 2.0 22.6
551⅜* -2¼ 7.8
2955
989
512½ -9½ 3.1 11.9
2842
Healthcare -0.94%
6¼ Barratt Dev
1.1
144*
2636
2718 Bellway ●
1.3
… 5.6
304½ F&C Cap & Inc
3199 -51 2.4 15.9
705½
… 4.8
11¾
133⅞ F&C ComProp ●
1826 Victrex ●
3805
45¾
10⅝ Suez Environ €
152¼
2681 Johnson Mat
252½ Balfour Beatty ●
41⅞ Societe Gen €
17
338
2772
311¾
52¼
180¾ -3¾ 4.4 16.3
3511
— 5.2
-2.0
4273 -27 1.2 29.2
3784
139
—
148⅝ Man Group ●
4438* -181 1.8 24.5
115 Alumasc
+½
3293 Lon Stock Ex
3612 Croda
191¾
25
4371
4691
Construction +0.64%
19 Hornby
—
219¼
1018
2735½ 2224 Diageo
Support services -1.22%
●
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.
The Daily Telegraph Thursday 26 April 2018
7
**
Business
Rise in US borrowing costs hits stocks
TOM
REES
PORT
MARKET REPORT
Results roundup
Company
boohoo.com
Character Group
Fenner
GLOBAL stocks are on their longest
losing streak in 2018 after they
tumbled on flashing warning signs
from bond markets signalling to
investors that the bull run in stocks
could be on its last legs.
The US 10-year Treasury yield
continued to creep higher to fresh
four-year peaks after briefly touching
over the psychologically important
3pc mark on Tuesday.
A seventh consecutive rise in the
benchmark yield amid inflation
concerns was followed by a fifth
straight plunge in global stocks, the
MSCI World Index indicated.
The Treasury yield influences
borrowing rates around the world,
with the recent rally stoking fears that
increased borrowing costs for
companies and more alluring bond
yields could spark a move out of
stocks. Investors were starting to eye
the next multi-year milestone for the
yield as it settled firmly above 3pc
following another spike yesterday.
The mood on markets was soured
further by US corporate giants beating
earnings estimates in the first quarter
of the year but failing to inspire
confidence in their outlook. The
prevailing mood among investors was
Winners and losers (pc)
Turnover (£)
Boeing $
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
XD
419.00 (257.00)171.000 (142.000)
Jun 2018
tba
–
–
1Q 23.4bn (22.0bn)
2.8bn (2.1bn)
Fin 579.8m (294.6m)
43.3m (30.9m)
2.78 (2.19)
n/a (n/a)
Int 50.5m (61.5m)
4.5m (7.1m)
16.96 (27.33)
11.000 (9.000)
Jul 27
Jul 05
Fin 354.1m (307.4m)
28.5m (13.8m)
8.30 (5.30)
2.100 (1.400)
May 18
May 03
11.20 (21.40) 19.000 (19.000)
Jul 12
May 10
–
–
GlaxoSmithKline
1Q 7.2bn (7.4bn)
1.1bn (1.6bn)
Lloyds Banking Group
1Q 4.6bn (4.4bn)
1.6bn (1.3bn)
1.50 (1.10)
1Q 91.8m (61.9m)
8.6m (1.6m)
8.80 (1.90)
n/a (n/a)
–
–
Int – (–)
60.8m (42.0m)
3.00 (2.30)
1.350 (1.300)
Jun 25
tba
8.34 (5.07)
2.600 (1.500)
Jul 20
Jul 05
239.74 (231.39) 69.750 (65.900)
Jun 2018
tba
Metro Bank
RDI REIT
Warpaint London
Fin 32.5m (22.5m)
6.9m (4.4m)
Fin 3.3bn (3.1bn)
548.4m (515.4m)
Whitbread
BUSINESS BULLETIN
n/a (n/a)
Ç Tobaccos
2.97
Ç Media
1.29
Ç Household goods
0.73
Ç Construction
0.64
Ç Electricity
0.57
Ç Food producers
0.54
Ç Gas & Water
0.53
fading faster than anticipated. In a
statement before its AGM, BAT
predicted “another year of good
earnings growth” and reiterated its
ambition to double its revenue from
“next generation” products, which
include e-cigarettes, to £1bn by the
end of 2018, lifting its shares 106p to
£38.50. Smaller rival Imperial closed
83.5p higher at £24.72, pulling further
away from a four-year low it hit in
March.
Chemicals manufacturer Croda
International dipped 181p to £44.38
after its sales growth disappointed.
Equipment rental giant Ashtead
dropped 105p to £20.10 on a read
across from US firm Caterpillar’s
outlook unnerving investors.
Finally, shipping firm Clarkson
plunged a further 165p to £23.75
following a profit warning on Monday,
bringing its three-day tumble to 24pc.
Ç Retailers
0.08
Ç Beverages
0.05
È Europeans
-1.08
È Information technology
-1.09
È Oil & Gas
-1.13
È Support services
-1.22
È Telecommunications
-1.25
È Mining
-1.75
È Pharmaceuticals
-1.90
È Electricals
-2.22
È Chemicals
-2.32
Boeing beats forecasts,
easing trade war fears
Google is overhauling its Gmail design,
the first time it has revamped the
service since 2013, to include offline
functionality, improve security and
integrate better with other G Suite apps.
Jacob Bank, product manager lead for
Gmail, said this would be “an entire
rewrite of our flagship, most used
product”. Around 1.4bn people use
Gmail each month.
Boeing smashed forecasts with its
first-quarter results, easing fears that a
potential trade war with China could
damage the aerospace giant’s hopes of
selling airliners to the fast-growing
market. Revenues were 6pc higher at
$23.4bn (£16.8bn), helped by airliner
deliveries and stronger demand in its
defence and space operations. Profits
rose 57pc to $2.5bn.
Countrywide hit by weak Appeal lodged against
sales in London in 2018
Candy brothers case win
www.theice.com/data
that this is “as good as it gets”, LCG’s
Jasper Lawler explained.
After the Dow Jones plunged 1.7pc
on Tuesday, a brighter start on Wall
Street quickly deteriorated. The dollar
following yields higher eased the pain
on the Continent as Europe’s exporting
heavyweights clawed away from their
worst levels.
A flurry of M&A action involving
FTSE 100 firms could not rescue the
sinking blue-chip index with its
46.08-point tumble to 7,379.32
dragging it away from the 11-week high
it hit on Tuesday.
British American Tobacco and
Imperial Brands were leading the
push-back on the index after the
former soothed the market’s fears of a
drop-off in cigarette demand.
The two tobacco giants’ shares went
up in smoke last week after US rival
Philip Morris warned that demand was
Google’s redesign of
Gmail first since 2013
Countrywide’s income was hammered
in the first quarter by “the significantly
lower entry pipeline in UK and London
sales coming into 2018”. Revenues fell
10pc on the same period last year, down
at £145m. It will come as a
disappointment to the group, which last
month said it was going “back to basics”
after it posted a £212m loss for 2017.
Mark Holyoake, the businessman who
unsuccessfully tried to sue property
developers the Candy brothers last year
over a £12m loan, has lodged an appeal
against the judge’s decision. Mr
Holyoake accused the brothers of
harassment and intimidation over the
repayment of the loan, but the case was
dismissed in the High Court last year.
Vodafone’s Indus merger Argos bolsters tech teams
to create tower giant
as its sales shift online
Indus Towers, in which Vodafone owns
a 42pc stake, has agreed to merge with
Bharti Infratel, to create the second
largest telecom tower company in the
world, with an equity value of around
$14.6bn (£10.5bn). Vodafone will be
issued 783.1m new shares in the
combined company and will be its
second largest shareholder.
Argos is recruiting for 150 jobs in its
tech and digital team, which it said
would allow it to develop ways to make
shopping quicker and “more
convenient”. Argos said it was looking
for software engineers and machine
learning engineers. It comes as more of
Argos’s business moves online, with
60pc of sales starting on the web.
Market data
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
World market indices
Name
Index
Æ Australia
È Brazil
Bovespa
85044.38
È China
Shanghai Composite
3117.97
-10.95
-0.35pc
CAC General
5413.30
-30.86
-0.57pc
DAX
12422.30
-128.52
-1.02pc
Hang Seng
30328.15
-308.09
-1.01pc
È Hong Kong
Change
Buy on day
closed
6009.40
È Germany
Mid
Sell
Change
All Ordinaries
È France
Init chge
-424.70
-0.50pc
9349.95
-40.45
-0.43pc
Nikkei
22215.32
-62.80
-0.28pc
È Russia
RTS
1137.62
-16.21
-1.40pc
Straits Times
3568.01
-16.55
-0.46pc
Amer Gwth Acc
5.25
*577.8
-10.90
Biotech Acc
5.50
*165.7
-2.50
Emerg Mkts Acc
5.25
265.0
-3.70
European Acc
5.25
870.2
-12.40
Financial Acc
5.25
*669.3
-5.00
Madrid SE
999.99
-3.28
-0.33pc
SMI Index
8740.96
-55.95
-0.64pc
Ç USA
Dow Jones
24083.83
+59.70
+0.25pc
È USA
Nasdaq
7003.74
-3.61
-0.05pc
Commodities summary
Price
È Gold
per troy oz
È Silver
Change
-8.37
$1322.79
-0.63pc
104.7
-2.20
-17.00
-0.13pc
Japan Acc
5.25
591.9
-4.10
Managed Balanced Acc
5.25
383.5
-3.40
Managed Income Inc
5.25
*141.6
-0.20
£219.58
-0.28
Ç Palladium
Ç Copper
Ç Tin
£947.04
-2.47
-0.26pc
£643.88
-12.89
-1.96pc
JPM Global Uncons Eq A Acc 3.00
*1291.0000
-19.0000
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Multi-Mgr Inc&Gwth A Inc
5.25
153.6000
…
JPM Global Uncons Eq A Inc 3.00
*95.8800
Multi-Mgr Mangd A Acc†
5.00
*275.7000
-1.80
JPM Japan A Acc
3.00
Multi-Mgr Mangd A Inc†
5.00
*268.6000
-1.80
JPM Japan A Inc
Sterling Bond Acc†
4.25 *218.7600 228.2000
Sterling Bond Inc†
4.25 *64.3200 67.0900
Strategic Bond A Inc
4.00
UK Absolute Return A Acc
3.00 2347.07 2508.23
-10.91
Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
Unit Trust
Wealthbuilder
3.50
-0.6
134.4
UK Smllr Cos Acc
5.25
305.9
-0.70
*Copyright Baltic Exchange Information Services Ltd.
AXA IM Funds www.axa-im.co.uk
*94.4000
-0.4200
Jupiter Euro Special Sits
–
408.59
-4.74
M&G Global Dividend A Acc
4.00
*274.64
-3.12
…
JPM Multi-Asset Income A Inc 3.00
*65.1700
-0.2800
Jupiter Fin Opp
–
607.29
-8.06
M&G Glbl Emrgng Mkts A Inc 4.00
256.93
-2.93
*122.3000
-0.10
JPM Multi-Asset Inc A Mth Inc 3.00
*64.6900
-0.2900
Jupiter Fund Of Inv Trusts
–
252.04
-1.96
M&G Glbl Emrgng Mkts A Acc 4.00
278.13
-3.17
5.00
157.6000
-0.60
JPM Multi-Man Gwth A Acc
3.00
*982.9000
-9.0000
Jupiter Global Emg Acc
–
69.76
-0.94
M&G Glbl High Yld Bd A Inc
3.00
*50.2
-0.09
UK Alpha A Acc†
5.25
151.9000
-1.20
JPM Multi-Man Gwth A Inc
3.00
*899.3000
-8.2000
Jupiter Global Eq Inc Acc
–
*69.98
-0.59
M&G Glbl High Yld Bd A Acc
3.00
*131.35
-0.23
UK & Irish Small Co A Acc
5.00
661.8000
-3.60
JPM Natural Res A Acc
3.00
*620.4000
-6.8000
Jupiter Global Eq Inc Inc
–
*61.22
-0.52
M&G Global Macro Bd A Inc
3.00
81.72
-0.24
UK Equity Income A Inc
5.00
*637.4000
-4.80
JPM Natural Res A Inc
3.00
*43.4800
-0.4800
Jupiter Global Managed Acc
–
*227.03
-3.01
M&G Global Macro Bd A Acc
3.00
123.35
-0.36
UK Index A Acc
–
621.3000
-3.90
JPM Sterling Corp Bd A Grs Acc 3.00
*91.9900
-0.1700
Jupiter Global Managed Inc
–
*218.16
-2.88
M&G Global Themes A Inc
4.00
867.21
-9.92
UK Tracker A Acc
–
279.0000
-1.50
JPM Sterling Corp Bd A Grs Inc 3.00
*55.1700
-0.1000
Jupiter Growth & Inc
–
102.65
-0.82
M&G Global Themes A Acc
4.00
1348.12
-15.41
US Growth A Acc
5.00
977.4000
-17.80
JPM UK Dynamic A Acc
3.00
*205.0000
-2.3000
Jupiter Income
–
567.73
-3.76
M&G Managed Growth A Inc 4.00
109.72
-1.05
JPM UK Dynamic A Inc
3.00
*161.7000
-1.7000
Jupiter India Fd
–
122.43
-1.94
M&G Optimal Income A Inc
3.00
*149.66
+0.61
3.00
*211.48
+0.86
4.00
141.66
-1.68
Income Funds
-0.07
+0.19pc
JPM Multi-Asset Income A Acc 3.00
M&G Recovery A Inc
36.28
+0.14
-2.28
…
-0.47
–
$74.00
*199.93
90.86
Moneybuilder Inc
Jun settlement
4.00
–
-0.14
-37.00
M&G Global Dividend A Inc
Jupiter Japan Inc Fd Inc
48.66
*3500.0
-0.58
-1.5000
–
5.25
54.82
*143.3000
Moneybuilder Bal
UK Select Opps R Acc
–
3.00
-2.30
+0.21pc
Jupiter Euro Inc Inc
JPM UK Equity Gwth A Acc
*619.0
+3.46pc
-1.1000
…
5.25
+0.30
*109.8000
100.35
Monthly Inc Acc
+46.00
-0.76
3.00
–
-0.05
£143.00
*169.44
Cash Fd Y Accum.Units
27.53
1376.00
4.00
M&G Property Portfolio A Inc
3.50
per tonne
M&G Episode Income A Acc
M&G Optimal Income A Acc
Extra Income Fd
Ç Baltic Dry Index*
-0.85
-0.60
-1.00
-2.40
79.91
-1.24
*255.2
-20.00
–
94.58
5.25
300.9
Jupiter Euro Inc Acc
116.03
Monthly Inc Inc
*1908.0
-4.6000
–
+1.22pc
5.25
-0.58
*455.9000
–
+184.57
5.25
*129.55
Jupiter Japan Inc Fd Acc
£15262.63
UK Select Opps R Inc
4.00
Jupiter Int Financials
high grade
UK Growth Acc
M&G Episode Income A Inc
-0.3800
-0.3
-2.25pc
-33.41
Growth & Income Funds
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
£ > € Rate 1.1449 Change +0.16¢ £ > $ Rate 1.3936 Change -0.28¢
Tourist £1= Sterling £1=
1 Euro =
Pan Euro HY Bond Inc
5.25
*32.34
…
Pan Euro HY Bond Acc
5.25
*104.9
…
*128.6000
-1.3000
Jupiter Merlin Bal Prtfo Acc
–
180.51
-1.30
M&G Recovery A Acc
4.00
331.37
-3.93
*1090.0000
-9.0000
Jupiter Merlin Bal Prtfo Inc
–
126.10
-0.91
M&G Strategic Corp Bd A Inc 3.00
*75.17
-0.08
JPM UK Higher Inc A Inc
3.00
*567.3000
-5.0000
Jupiter Merlin Conserv Prtfo Acc–
*57.65
-0.18
M&G Strategic Corp Bd A Acc 3.00
*116.25
-0.13
JPM UK Sm Cos A Acc
3.00
491.8000
-2.9000
Jupiter Merlin Conserv Prtfo Inc–
*49.85
-0.16
M&G UK Inc Distribution A Inc 4.00
*778.53
-1.78
JPM UK Sm Cos A Inc
3.00
93.9000
-0.5400
Jupiter Merlin Grth Prtfo Acc –
*399.97
-3.93
M&G UK Inc Distribution A Acc 4.00
*7083.18
-16.19
JPM America Eq A Acc
3.00
86.8100
-1.1300
JPM UK Strat Eq Inc A Acc
3.00
*190.3000
-1.6000
Jupiter Merlin Grth Prtfo Inc –
*388.71
-3.82
M&G UK Infl Lkd Corp A Inc
3.00
*114.69
-0.01
JPM America Eq A Inc
3.00
86.8100
-1.1300
JPM UK Strat Eq Inc A Inc
3.00
*113.6000
-0.9000
Jupiter Merlin Inc Prtfo Acc
–
*293.93
-1.40
M&G UK Infl Lkd Corp A Acc 3.00
*118.31
-0.01
JPM Asia Growth A Acc
3.00
*203.7000
-2.4000
JPM Uncons Bond A Acc
3.00
*72.1300
-0.0900
Jupiter Merlin Inc Prtfo Inc
–
*132.07
-0.63
N.A.A.C.I.F. Inc
–
85.7
-0.52
Jupiter Merlin WW Prtfo Acc –
286.04
-3.25
N.A.A.C.I.F. Acc
–
8443.52
-51.27
-0.9
JPM Asia Growth A Inc
3.00
*112.3000
-1.3000
JPM Uncons Bond A Inc
3.00
*57.1500
-0.0700
Moneybldr Gwth
–
78.61
-0.57
JPM Div Gth A Net ACC
3.00
258.9000
-1.5000
JPM US A Acc
3.00
*1009.0000
-15.0000
1 Dollar =
-77
…
3.00
250.4
3632
117.1
3.00
3.50
3.50
117.1
JPM UK Higher Inc A Acc
Moneybldr Div
American
–
JPM UK Equity Gwth A Inc
Growth Funds
Exchange rates
Sell
-2.3000
106.3
+1.24pc
2118.23
Init chge
*61.6100
3.50
+0.88pc
–
Name
*360.0000
Enhanced Inc Fd
-51.70
Jupiter European
Sell
–
-1.20
+19.69
-0.57
-1.4000
Init chge
–
*991.8
+88.44
60.94
Name
JPM UK Equity Core E Inc
5.25
£2251.00
4.00
Sell
JPM UK Equity Core E Acc
Managed Income Acc
£1603.40
M&G Episode Growth A Inc
Init chge
…
+0.54pc
£10178.67
Change
Buy on day
-2.78
Name
100.03
+0.13pc
high grade
Mid
205.24
Sell
–
+3.74
+0.20pc
Change
Buy on day
–
Init chge
Cash Fd Y
+6.46
+3.32
Mid
Jupiter Emerg Euro Opps
Name
†Available as an ISA
Investment Funds (OEIC)
£698.35
special high grade
Ç Brent Crude
+0.10
£5006.82
Ç Nickel
Ç Wheat
Change
Buy on day
175.6000
per oz
£1657.58
È Zinc
Change
Buy on day
grade A
Ç Lead
Ç Aluminium
-22.00
1747.0
È New Sovereign
per oz
-25.00
*1219.0
5.25
+0.27pc
È Maples
*1382.0
5.25
5.50
-0.70pc
+2.55
È Platinum
5.25
Global Opp Inc
Global Tech
-0.08
£952.78
per oz
Global Opp Acc
Health Acc
£11.88
Ç Krugerrand
Mid
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
S&P CNX500
È Spain
Mid
5.00
Sell
AXA Investment Managers UK
Limited
È India
È Switzerland
Change
Buy on day
Multi-Mgr Inc&Gwth A Acc
Init chge
Maitland Discretionary Inc
È Japan
È Singapore
Mid
Discretionary Unit Fund
Name
Jupiter Merlin WW Prtfo Inc –
286.02
-3.25
Jupiter Monthly Inc Acc
–
*115.82
-0.21
Jupiter Monthly Inc Inc
–
*30.82
-0.05
Jupiter N.American Inc Acc
–
145.48
-1.41
†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
1477
-26
Jupiter N.American Inc Inc
–
121.22
-1.17
Aus $
1.7477
1.8431
1.6098
1.3225
Canada
Can $
1.7084
1.7951
1.5679
1.2881
European
3.50
2191
-27
Jupiter Responsible Inc Fd Acc –
*114.44
-0.86
Balanced Inc
5.00
*328.90
Denmark
Krone
8.0975
8.5307
7.4512
6.1213
European Opps
3.50
506.8
-5.8
Jupiter Responsible Inc Fd Inc –
*72.60
-0.55
Balanced Acc
5.00
*422.00
…
Global Special Sits
3.50
3769
-62
Jupiter Strategic Bond Acc
–
97.12
-0.15
Equity Income
5.00
*349.80
…
Japan
3.50
360.7
-2.6
Jupiter Strategic Bond Inc
–
64.36
-0.09
Extra Income
5.00
*108.60
…
Japan Smaller Cos
3.50
317.3
-2.7
Jupiter Strategic Res Acc
–
53.57
+0.05
Growth
5.00
*392.70
…
Global Focus
3.50
1888
-39
Jupiter Strategic Res Inc
–
52.15
+0.05
High Yield
5.00
*126.60
…
106.7800
-0.6700
Intntl Growth
5.00
*499.60
…
3990
-34
Euro
€
1.0909
1.1449
…
0.8215
HK $
10.4000
10.9358
9.5519
7.8471
India
Rupee
82.1000
93.1865
81.3945
66.8675
Israel
Shekels
4.4927
5.0053
4.3720
3.5917
Hong Kong
Japan
Kuwait
New Zealand
Yen
144.9900
152.3274
133.0515
109.3050
Dinar
…
0.4192
0.3661
0.3008
NZ $
1.8340
1.9729
1.7233
1.4157
Norway
Krone
10.5400
11.1096
9.7037
7.9718
Pakistan
Rupee
151.9100
161.0584
140.6776
115.5700
Saudi Arabia
Singapore
Riyal
4.8932
5.2263
4.5649
3.7502
$
1.7271
1.8524
1.6180
1.3293
South Africa
Rand
16.2500
17.4026
15.2004
12.4875
Sweden
Krona
11.3600
11.9310
10.4213
8.5613
Switzerland
Franc
1.3064
1.3712
1.1977
0.9839
Baht
39.3700
43.9541
38.3921
31.5400
Dirham
4.8098
5.1189
4.4711
3.6732
Thailand
UAE
UK
£
…
…
0.8734
0.7176
USA
$
1.3328
1.3936
1.2172
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
Change on month
Year
+3.3pc
RPI (1987=100)
Mar 278.30
+0.10
RPIX (Target 2.5pc)
Mar 278.80
+0.20
+3.4pc
CPI (2015=100 target 2pc)
Mar 105.00
+0.10
+2.5pc
Halifax house price index
Mar 737.50
1.5pc
+2.7pc
Money
Bank Rate
0.50pc
Nationwide Base Mortgage Rate
Overnight
0.47pc
US Fed Funds
7 day
0.49pc
US Long Bonds Yld
3.20pc
1 month
0.54pc
European repo rate
1.25pc
3 months
0.76pc
European base rate
0.00pc
6 months
0.86pc
2.50pc
1.50-1.75pc
Major price changes FTSE 100
BNY Mellon Fund Managers
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Index UK A Acc
–
BNY Mellon Investment Funds (ICVC)
Special Sits
3.50
Sterling Income Shares
South East Asia
3.50
1336
UK Select Acc
3.50
287.5
Boston Co US Opp Fund
0%
117.44
-1.96
Insight Corporate Bd
0%
*92.19
-0.15
Insight Eq Inc Fund
0%
*174.28
-0.87
Target 2020
Insight Eq Inc Booster
0%
*128.04
-0.58
†CAR - Net income reinvested
3.50
65.07
163.59
-1.33
413.68
438.0
-2.97
Insight Inflat-Link Corp Bd
0%
*107.11
-0.08
Long-Term Global Equity
0%
244.99
-2.66
Fundsmith LLP
Newton Asian Income
0%
*189.08
-1.50
Newton Cont European
0%
261.39
-3.30
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
Marks & Spencer Unit Trust
Management Ltd
Newton Global Dyn Bd
0%
*101.66
-0.09
0%
*59.95
-0.11
Fundsmith Equity T Acc
–
345.01
-6.59
JPM Emg Euro Eq A Acc
Newton Glb Inc Stg Inc
0%
*187.27
-1.36
Fundsmith Equity T Inc
–
320.32
-6.12
JPM Emg Euro Eq A Inc
3.00
Newton Glb Opps
0%
273.95
-3.00
JPM Emg Markets A Acc
3.00
Name
Ç Marks & Spen
9.35m
283⅝
1.43pc
È Shire
16.13m
3820
-2.80pc
Ç Pearson
3.45m
796⅜
1.35pc
È Easyjet
1.51m
1580
-2.65pc
Ç Reckitt Benck
2.29m
5494
0.94pc
È Just Eat
2.66m
734⅜
-2.31pc
Ç Utd. Utilities
2.01m
714¾
0.76pc
È Glencore
55.13m
377¼
-2.25pc
Ç SSE
2.04m
1337½
0.72pc
È Standard Chart 12.49m
752½
-2.17pc
Ç Next
Ç Natl Grid
Ç Rentokil Initial
Ç Centrica
Ç IntContl Hotels
Ç Tesco
0.85m
5186
0.70pc
È Old Mutual
31.70m
248¼
-2.01pc
10.21m
805⅞
0.54pc
È Melrose Ind
41.52m
216
-1.82pc
8.28m
292
0.45pc
È BP
50.88m
524
-1.80pc
19.55m
147¼
0.44pc
È Antofagasta
6.21m
960
-1.78pc
0.87m
4409
0.43pc
È Lloyds Bk Gp
254.47m
65
-1.69pc
31.13m
239⅜
0.42pc
È Micro Focus Intl 5.04m
1276
-1.66pc
0.40pc
3.00
*116.3000
-0.9000
UK Select Port Inc
–
349
349
+0.9
JPM US Eq Inc A Acc
3.00
*166.7000
-1.5000
UK Selection Port
–
632.5
632.5
+1.6
3.00
*134.8000
-1.2000
UK 100 Co’s Fund Inc
–
*219.2
219.2
+0.8
JPM US Select A Acc
3.00
*156.2000
-2.4000
UK 100 Co’s Fund Acc
–
*378.1
378.1
+1.3
Newton Mult-Asset Div Ret
0%
153.88
-0.71
JPM Emg Mkts Inc A Inc
3.00
*57.5200
-0.5700
JPM US Select A Inc
3.00
*154.1000
-2.4000
W’wide Man Inc
–
500.4
+0.6
Newton Mult-Asset Gwth
0%
812.47
-9.41
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*215.2000
-3.2000
JPM US Sm Cos A Acc
3.00
626.5000
-10.5000
W’wide Man Acc
–
802.8
+1
Newton Oriental
0%
639.71
-10.55
JPM Euro Dyn (ex-UK) A Acc 3.00
*219.2000
-3.8000
JPM US Sm Cos A Inc
3.00
164.1000
-2.7000
Newton Real Return A
0%
111.82
-0.14
Newton UK Equity Fund
0%
*854.90
-6.68
Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
5.00
-2.82pc
JPM US Eq Inc £ Hdg A Inc
JPM US Eq Inc A Inc
5.00 105.8800 111.2400
-2.84pc
-0.6200
-2.4000
-0.7200
Asian Dividend Income Inc
4760
*42.7500
*217.8000
-1.0400
Asia Pac Cap Gwth A Acc
3010
+1.1
*71.9900
-3.52
0.55m
257.9
*92.7600
-0.54
0.44m
257.9
3.00
*65.92
È Smurfit Kappa
+0.4
–
3.00
323.82
È Intertek
113.3
High Income Acc
JPM Emg Markets A Inc
0%
2.01pc
113.3
-2.1000
Sell
JPM Emg Mkts Inc A Acc
0%
1.94pc
–
*139.7000
-0.69
Newton UK Inc
2634
High Income Inc
3.00
Init chge
-1.27
Newton UK Opps
421½
Change
Buy on day
JPM US A Inc
Name
228.48
Change
1.63m
Mid
-2.8000
190.32
-4.15pc
6.18m
Change
Buy on day
Sell
0%
-4.96pc
Ç Ass Brit Fds
Mid
*193.5000
0%
1675
Ç Evraz
3.00
Newton Intnl Bond
2010
-3.42pc
Init chge
Newton Multi-Asset Bal
Close
-3.92pc
Kings Meadow, Chester, CH99 9UT
0870 333 1835
Newton Glb High Yld Bd
9.49m
4438
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
155.22
3.45m
1412¼
-0.23
5.00
Volume
1.08m
-0.26
5.00
È Anglo Amer
17.74m
65.79
Growth Fd
È Ashtead Group
È Croda Intl
Jupiter US Sm&Md Cap Ret Acc –
Glob Income
Fallers 67
È GlaxoSmKline
-0.28
-0.82
3.90pc
2.83pc
-1.18
71.30
-0.45
3.50pc
2.25pc
*191.54
*122.06
Change
3850
–
*110.25
1359
2543
Jupiter UK Special Sits Inc
Jupiter US Sm&Md Inst I Acc –
0%
2472
8.71m
-17
-2.4
0%
4.41m
3.42m
-1.30
Insight Glob Abs Ret Inc
Volume
Ç Brit Amer Tob
-3.10
368.19
Insight Glob Multi-Strat Fd
12.33m
Ç CRH
330.11
–
Liontrust Investment Funds
Ç Sky
Close
–
Target Funds
Risers 31
Ç Imp Brands
Jupiter UK Growth
Jupiter UK Smaller Cos
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
1068.0000
JPM Euro Dyn (ex-UK) A Inc
3.00
*98.3600
-1.7400
JPM Europe A Acc
3.00
*1442.0000
-21.0000
JPM Europe A Inc
3.00
*80.1400
-1.1600
…
JPM Euro Smaller Co A Acc
3.00
763.3000
-10.9000
3.00
-9.00
Cautious Managed A Acc
5.00
265.4000
-0.90
JPM Euro Smaller Co A Inc
98.8500
-1.4500
Cautious Managed A Inc
5.00
152.9000
-0.60
JPM Global Bd Opps A Grs Acc –
*54.2100
-0.0600
Jupiter Unit Trust Managers Ltd
China Opps A Acc
5.00
1435.0000
-15.00
JPM Global Bd Opps A Grs Inc –
*48.9600
-0.0600
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
M & G Securities Ltd
Emerg Mkts Opps A Acc
5.00
204.7000
-2.00
JPM Global Bond A Gross Acc 3.00
*261.6000
-0.2000
European Growth A Acc†
5.25
229.1000
-4.00
JPM Global Bond A Gross Inc 3.00
*203.0000
-0.1000
1611.0000
-28.00
JPM Global Eq Inc £ Hdg A Acc 3.00
*82.2600
-0.8600
Jupiter Abslt Rtn
–
54.32
…
JPM Global Eq Inc £ Hdg A Inc 3.00
*55.3200
-0.5800
Jupiter Asian Fd
–
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Charibond Inc
–
122.93
-0.14
Charibond Acc
–
3948.17
-4.64
+0.12
Charifund Inc
–
1592.85
-8.42
899.90
-4.87
Charifund Acc
–
24384.78
-128.85
-0.05
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 *21.8100 22.7500
Consistent Unit Trust
Management Co Ltd
Global Care Growth A Inc
4.50
*283.7000
-3.90
JPM Global Eq Inc Fd A Acc
3.00
*95.4200
-1.0900
Jupiter Asian Inc Fd Acc
–
*125.72
-1.30
M&G Corp Bond A Inc
3.00
*40.06
Global Equity Inc A Inc†
5.25
*59.3900
-0.60
JPM Global Eq Inc Fd A Inc
3.00
*77.7200
-0.8900
Jupiter Asian Inc Fd Inc
–
*116.21
-1.20
M&G Corp Bond A Acc
3.00
*69.13
-0.1
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Growth Acc
4.25 2941.5701 3068.2800
…
JPM Global HiYld Bd A Grs Acc 3.00
*110.2000
-0.3000
Jupiter China Acc
–
*136.02
-1.50
M&G Dividend A Inc
4.00
59.96
-0.52
M&G Dividend A Acc
4.00
667.66
-5.77
Global Strategic Cap Acc†
5.00
236.4000
-0.90
JPM Global HiYld Bd A Grs Inc 3.00
*36.8500
-0.0800
Jupiter China Inc
–
*130.70
-1.43
Global Technology A Acc
5.00
1628.0000
-35.00
JPM Global HiYldBdAGrsMthInc3.00
*36.5100
-0.0800
Jupiter Corp Bond Inc
–
*56.24
-0.10
Ç Compass
3.73m
1495½
È Ferguson
0.91m
5562
-1.59pc
Ç Sainsbury
8.30m
266¾
0.26pc
È Vodafone
67.23m
209
-1.58pc
Unit Tst Inc
5.00
51.63
52.42
-0.36
Multi-Mgr Abs Ret A Acc
5.00
*141.4000
…
JPM Global Macro Bal A Acc
3.00
*72.2100
-0.3700
Jupiter Dstrbtn Acc
–
*101.12
-0.38
Ç Unilever
2.39m
3930
0.26pc
È Johnson Matt
0.92m
3199
-1.57pc
Unit Tst Acc
5.00
133.1
135.2
-1
Multi-Mgr Active A Acc†
5.00
*221.4000
-1.70
JPM Global Macro Bal A Inc
3.00
*63.2900
-0.3200
Jupiter Dstrbtn Inc
–
*58.59
-0.22
Ç ITV
17.49m
144⅞
0.24pc
È Mediclinic Intl
1.58m
662¾
-1.57pc
Practical Invest Inc
5.00
*232.3
249.4
-1.3
Multi-Mgr Distbn A Inc
5.25
134.8000
+0.10
JPM Global Macro Opps A Acc 3.00
73.99
-0.60
Jupiter Dstrbtn & Grth Inc
–
*121.34
-0.83
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 DCC
1.23m
6690
0.15pc
È BHP Billiton
10.44m
1533¾
-1.55pc
Practical Invest Acc
5.00
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8
Thursday 26 April 2018 The Daily Telegraph
FINAL
Business
Small firms upbeat on
4pc rise in investment
spending, defying fears
of a Brexit slowdown
Business Tracker
SME owners cheered by
cash inflows to UK business
as positive sentiment builds,
writes Matthew Caines
BRITAIN’S small businesses continue
to be upbeat about the future,
according to the latest Daily Telegraph
Business Tracker, which examined
the Twitter posts of 25,000 UK
companies and businesspeople
between March 27 and April 23.
Put together by the insight company
Impact Social, the tracker reveals yet
another positive period for small firms,
with 17pc of the 38,000 tweets sent
over the four-week period containing
a cheery sentiment. Just 6pc were
negative, while 77pc were neutral
(those without any opinion attached,
such as product offers).
Taking all other 2018 trackers into
account, small business satisfaction
on social media has been very solid in
the first four months of the year.
Removing all neutral posts, it means
that 73pc of tweets this year have been
optimistic, while 27pc were downbeat.
Receiving the most praise for the
March-April period was news that
government, business and private
investment spending in the UK rose by
4pc in 2017 – the strongest annual
increase of any G7 country. Reported
at the end of March, 17pc of positive
posts mentioned this, with many
suggesting that it shows how Brexit
has not resulted in a decrease in
investment into the UK.
A further 12pc even shared the fruits
of such investment, celebrating their
own successful funding rounds.
New opportunities for businesses in
the creative industries was also cause
for celebration, with 14pc of
favourable posts praising the £150m
that the Government and
organisations will commit to the
sector. The majority of these
specifically welcomed the £33m for
‘For the third month,
discussion of government’s
industrial strategy provides
a foothold for positivity’
immersive technologies such as virtual
and augmented reality.
Hasan Bakhshi, executive director
of creative economy and data analytics
at Nesta, welcomes the news, given
that so many micro-businesses can be
found in this sector.
“Companies with fewer than
10 employees make up 95pc of the
UK’s creative industries, so it’s no
surprise that such a commitment has
raised spirits,” he says, adding that it
could help to improve the country’s
productivity performance.
“Through our own recent research,
we’ve found that creative firms are
more productive than those of an
equivalent size in other industries, but
they will only help to solve the UK’s
long-standing productivity problem if
we see more of them transition from
start-up to scale-up. The Government
should make this a priority.”
Also deserving of an upbeat tweet
were vacancies to be filled (13pc) and
small businesses that have recently
taken worthwhile skills training (10pc).
Eight per cent of positive posts
(517 tweets) mentioned women in
business, which has been a recurring
theme among trackers. Bolstered by
International Women’s Day, the
#MeToo movement and revelations
about the gender pay gap, more than
2,500 tweets in support of female
workers and entrepreneurs have been
analysed by the tracker since Jan 22.
But things were not entirely rosy;
28pc of negative tweets mentioned
Brexit, although it should be noted
that 7pc mentioned Brexit benefits.
Many shared the view the Government
cannot be relied upon (as some put it)
to “muddle through” the process.
There were also grumblings among
this group that recent public debate
about the customs union ignored the
services sector, which accounts for
about 80pc of UK output.
Will Brown of Impact Social says
that, overall, the tracker shows small
businesses are listening to and
responding well to Government
strategy. “For the third month in a row,
discussion of the Government’s
industrial strategy, with its recognition
of the importance of small companies,
provides a foothold for positivity.”
of 25,000
British
companies and
businesspeople,
searching
their public
tweets for
indicators of
their sentiment
towards the state
of the economy,
their own
business
performance,
and their
reaction to
government
policies.
Between
March 27 and
April 23, they
had tweeted a
total of 38,000
times.
Those
aggregated
search results
are then
analysed
manually by
Impact Social’s
researchers to
assess whether
the messages
are positive,
negative or
neutral.
That process
also strips
out posts that
are promotional,
leaving only the
businesses’
actual
opinions on
the topics in
question.
Regaining its shine Molten gold flows into water to produce gold casting grain at the
Valcambi SA precious metal refinery in Lugano, Switzerland. Gold’s safe haven qualities
have come back in focus this year as the Trump administration picks a series of trade fights.
Tullow to close its North Sea wells this year
By Jillian Ambrose
TULLOW Oil will wring the final barrels of oil from its North Sea wells over
the next six months before shutting all
eight of its fields by the end of the year.
The FTSE 250 company confirmed
ahead of its AGM that its fields in the
UK continental shelf will stop producing in the third quarter of this year,
before the wells are plugged and abandoned entirely. Its 10 UK wells across
eight licences have added an average of
just 2,700 barrels of oil a day to its overall 87,700 barrels a day production rate
for the year so far.
The UK’s contribution will dwindle
to a daily rate of 1,900 this year as a
whole, it said. The shutdowns mark the
end of an 18-year era for the group,
which snapped up the fields from BP in
a £201m deal in 2000.
The closures are part of the first
wave of oil rig shutdowns, or decommissioning, which will take place
across the ageing basin in the coming
decades. Trade body Oil and Gas UK
estimates that more than 200 fields in
the UK North Sea will shut down between 2017 and 2025 at a cost of £17bn.
These costs are claimed back from the
Treasury by the companies, which paid
heavy taxes in the North Sea’s heyday.
As a result, there is growing pressure
on offshore engineers to find lowercost methods for winding down oilfields. This work could also help the
UK by establishing a decommissioning
sector with service export potential.
Facebook profits up 63pc despite Cambridge Analytica scandal
Continued from Page 1
been collected. In response, Facebook has
promised tighter controls and a thorough
audit of the website, but shares have still
fallen almost 15pc since the scandal broke, as
it has faced growing calls for regulation and
resentment from parts of its user base.
However, shares climbed more than 7pc
in after-hours trading last night as investors
breathed a sigh of relief at the company’s
apparent financial resilience.
While the results for the three months to
the end of March cover only the first two
weeks of the controversy, the company’s
chief operating officer, Sheryl Sandberg,
suggested there had been almost no impact
on its advertising business.
“In the immediate days [after the scandal
broke] we heard from a handful of advertisers who paused spend, one of whom already
came back,” she said. “We haven’t seen a
meaningful trend since then.”
‘We are taking a broader view
of our responsibility and
investing to make sure our
services are used for good’
Ms Sandberg mounted a staunch defence
of the company’s advertising-funded business, saying the company was “proud” of it,
but admitted that Facebook had considered
alternative revenue models such as subscriptions in the past. Facebook has prom-
ised to increase spending on securing users’
data and stopped using information obtained
from data brokers to target adverts, a move
that analysts say could cost it billions.
“Despite facing important challenges, our
community and business are off to a strong
start in 2018,” Mr Zuckerberg, the chief
executive, said.” We are taking a broader
view of our responsibility and investing to
make sure our services are used for good.”
There were two blackspots on the company’s results. David Wehner, Facebook’s chief
financial officer, admitted that new EU data
protection laws, known as the GDPR, could
lead to a fall in user numbers across Europe,
and the company increased its forecasts for
how much it would be spending on staff to
address its recent criticism. Facebook
declined to say if recent changes to its central
news feed, which relegated the influence of
pages from businesses and publishers, had
led to users spending less time on the social
network.
u WhatsApp, the messaging app owned by
Facebook, is barring children under 16 years
of age from using it in Europe, because of
forthcoming data protection laws.
Next month’s GDPR laws require children
aged 15 and under to receive parental permission to use internet services that process
personal data, although countries including
the UK are reducing this to under-13s.
A WhatsApp spokesman said the app
would only enforce the rule change using a
simple tick-box, rather than verifying users’
ages.
Carbon prices
poised to double in
clean energy push
Vincent Bollore
indicted in Africa
corruption probe
By Jillian Ambrose
By Hannah Boland
EUROPE’S carbon price is set to double in the next three years, creating a
major market push towards cleaner
power and factories.
The market allowances, which are
used by Europe’s most polluting industries to offset their carbon emissions,
have already tripled in value in the last
year. Fresh analysis shows that the
price of carbon is set to double by 2021
and could even quadruple by the end of
the next decade.
The carbon market has won support
as an important lever to create a market-driven solution to encouraging
companies to reduce their emissions.
But it has had limited success, after
the price fell to lows of €4.38 a ton in
May 2017 due to a chronic oversupply
of allowances left over in the market,
after the financial crisis caused industrial growth in Europe to stall.
The price climbed to €13.82/ton this
April after the EU outlined plans to
siphon off the extra allowances into a
reserve facility. Carbon Tracker has
now forecast that the price could reach
€25-30 a ton by the turn of the decade. Vincent Bolloré announced last week that he was stepping down as chairman at media giant Vivendi
FRENCH business tycoon Vincent Bolloré has been charged with allegations
of corruption and influencing elections
in Africa.
Mr Bolloré, the billionaire boss of
Bollore Group and close friend to the
former president Nicolas Sarkozy, has
been placed under formal investigation, in a process known as “mise en
examen”, after having been held by police for questioning earlier this week.
Police are investigating whether Bollore Group’s Havas subsidiary undercharged presidential candidates in
Guinea and Togo for work on their
campaigns in exchange for contracts to
run ports. French authorities opened
the investigation into the allegedly corrupt deals after the existing operators
of the ports filed lawsuits in France.
Bollore Group said: “Vincent Bollore
has been indicted by Judge (Serge)
Tournaire. Bollore, who continues to
be presumed innocent, will now have
access to this dossier (of evidence)
whose content he had no knowledge of
and will have the opportunity to
answer these unfounded accusations.”
AFP/GETTY IMAGES
The Daily
Telegraph
Business
Tracker is a
piece of
analysis
compiled by
Impact Social.
It tracks the
Twitter posts
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