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THE WEEK
8 SEPTEMBER 2018 | ISSUE 1192 | £3.50 THE BEST OF THE BRITISH AND INTERNATIONAL MEDIA
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4 NEWS The main stories…
What happened What the editorials said
Labour backs down Alastair Campbell knows a thing or two about news
management, said The Independent. If a story runs for more
In the hope of drawing a line under a row than 11 days, the former spin doctor once
that has dogged the party all summer, Labour’s remarked, then it won’t disappear of its own
ruling body finally agreed this week to adopt, accord; you have to take decisive action to
in full, the definition of anti-Semitism espoused make it go away. The lack of such action
by the International Holocaust Remembrance explains why Labour’s anti-Semitism row
Alliance (IHRA). The National Executive has been able to dominate the headlines all
Committee (NEC) had previously opted to summer. Corbyn should have moved sooner,
exclude from its code of conduct some of the agreed The Times. The Jewish community
definition’s associated examples, because of “will not easily forget” how long it has taken
concerns that they’d curtail criticism of Israel. Labour to adopt the full IHRA definition. But
The NEC added a short statement emphasising better late than never: the party has now taken
freedom of expression on Israel, but rejected a a first step towards rebuilding trust.
stronger caveat proposed by Jeremy Corbyn.
Corbyn’s proposal angered his critics, as did the There was never any need to pick a fight over
earlier re-election to the NEC of Peter Willsman; the IHRA definition in the first place, said
he had suggested in July that Jewish “Trump Corbyn: still digging? The Guardian. Labour argued that it might
fanatics” had made up anti-Semitism allegations. preclude legitimate criticism of Israel, but that’s
not true. The definition expressly states that “criticism of
Last week, one of Labour’s longest-serving MPs, Frank Field, Israel similar to that levelled against any other country cannot
resigned the whip, saying it was a “cry of desperation” about be regarded as anti-Semitic”. If Corbyn had just accepted the
the state of the party under Corbyn. The MP for Birkenhead IHRA version and moved on, he “might have begun to allay
said Labour had become “a force for anti-Semitism in British the Jewish community’s fears”, said the Daily Mail. Instead,
politics”, and also condemned its new “culture of intolerance, he tried to include a caveat, stating that it should be acceptable
nastiness and intimidation”. to describe Israel as “racist”. He just “keeps digging”.
If Chequers is finished, so too may be May, said Peter Oborne in the Daily Mail. But don’t The pro-Brexit European
underestimate the opposition of many Tory MPs to the idea of Johnson as her successor. Research Group of Tory
My hunch is that many will choose to “stay their hand” rather than see him in Downing MPs, led by Jacob Rees-
Street. That should keep May in power long enough to negotiate a “messy Brexit”. Don’t Mogg, will soon publish its
bank on it, said Matthew Norman in The Independent. To be sure, many of his fellow Tories blueprint for a hard Brexit.
“actively hate” Boris. But under pressure from their local parties, and with opinion polls citing Rees-Mogg noted this week
“Baby Trump” as their best chance of holding their seats, they are quite capable of backing his that Brexiteers’ disdain for
nomination. And in the present climate there’s every chance he would emerge the winner in a Chequers meant they are
contest against a “moderate” figure such as Sajid Javid or Jeremy Hunt. “People laughed at more in tune with Brussels
Boris when his ambition first became obvious... they’re not laughing now.” than with Downing Street.
THE WEEK
Editor-in-chief: Jeremy O’Grady
“Never argue about facts,” a wise aunt always used to tell me. “Just Editor: Caroline Law
Executive editor: Theo Tait Deputy editor: Harry Nicolle
look ‘em up.” What a lot of trees could be saved if more pundits and City editor: Jane Lewis Editorial assistant: Asya Likhtman
politicians were to follow her advice, and let the evidence do the Contributing editors: Daniel Cohen, Charity Crewe, Thomas
Hodgkinson, Simon Wilson, Rob McLuhan, Anthony
talking. Take income tax. Will hiking the top rate from 45% to 50% – as Labour proposes – raise tax Gardner, William Underhill, Digby Warde-Aldam, Tom
Yarwood Editorial staff: Anoushka Petit, Tigger Ridgwell,
revenue? In the press, it’s routinely asserted that it will merely lead to greater tax avoidance, but William Skidelsky, Claudia Williams Picture editor:
Xandie Nutting Art director: Nathalie Fowler Sub-editor:
does the evidence support this? The Institute for Fiscal Studies analysed three recent research papers Laurie Tuffrey Production editor: Alanna O’Connell
on the issue, and concluded that given certain conditions, it could actually boost government coffers, Founder and editorial director: Jolyon Connell
Production Manager: Ebony Besagni Senior Production
albeit by less than Labour expects. That doesn’t mean we have to endorse the idea: there may still be Executive: Maaya Mistry Newstrade Director: David Barker
Direct Marketing Director: Abi Spooner Inserts: Joe Teal
good reason (the effect on enterprise?) to reject it, but let’s at least start from what we know to be the Classified: Henry Haselock, Henry Pickford, Rebecca Seetanah
Account Directors: Scott Hayter, John Hipkiss, Jocelyn
case. And so it is with Brexit and supply lines. As the Briefing on p.13 makes clear, there’s really no Sital-Singh, Chris Watters Digital Director: John Perry
UK Advertsing Director: Caroline Fenner
point disputing what many still dispute – that major disruption will ensue if a “no deal” Brexit leads Executive Director – Head of Advertising: David Weeks
to hold-ups at the border. Even allowing for scaremongering, it just is so. Accepting this doesn’t mean Chief Executive, The Week: Kerin O’Connor
Group CFO/COO: Brett Reynolds
you have to accept the preferability of a “soft” Brexit. You can still argue that technological solutions Chief executive: James Tye
Dennis Publishing founder: Felix Dennis
will eliminate delays; that the threat of disruption works both ways, so Brussels will have to play ball;
that the costs of disruption are worth bearing for whatever else Brexit brings. What accepting it does THE WEEK Ltd, a subsidiary of Dennis Publishing Ltd,
mean, however, is that the scope of argument is narrowed and the focus sharpened. In these days of 31-32 Alfred Place, London WC1E 7DP. Tel: 020-3890 3890.
Editorial: The Week Ltd, 2nd Floor, 32 Queensway, London
hysterical faction fighting that, surely, is something we all want. Jeremy O’Grady W2 3RX. Tel: 020-3890 3787.
email: editorialadmin@theweek.co.uk
Paris
Actor accused:
Gérard Depardieu
has become the
latest celebrity
to be accused
of sexual
misconduct.
A 22-year-old
actress told police
last week that the
69-year-old actor
had raped and
assaulted her at his Paris home on two
occasions last month. Reportedly, she is
the daughter of one of Depardieu’s friends
and had been working with him. The star
denied the allegations through his lawyer,
who said the claims were “the opposite of
who he is”. A preliminary police inquiry
will determine whether prosecutors should
open criminal proceedings.
Washington DC
Palestinian aid: The US has halted its funding for the UN’s
Palestinian refugee agency, on the grounds that it is
“irredeemably flawed”. The United Nations Relief
and Works Agency provides food, education and
healthcare to five million Palestinians in Gaza, the
West Bank, Jordan, Syria and Lebanon. Last month, the US
withdrew $200m in separate funding for projects in Gaza and the
West Bank. A spokesman for Mahmoud Abbas, the Palestinian
president, described the withdrawal as an “assault” on his people,
and warned that the US no longer has any role in the region, and
is “not part of the solution”. Late last year, President Trump
enraged Palestinians by recognising Jerusalem as Israel’s capital.
San Francisco
Divisive campaign: Sportswear giant
Nike is estimated to have generated
$43m worth of free publicity, by naming
Colin Kaepernick as the face of its new
“Just Do It” campaign. Kaepernick is the
American footballer who divided sports
fans in 2016 by kneeling for the national
anthem before his San Francisco 49ers
team’s matches to highlight racial injustice.
His stance won him an Amnesty award
– and the opprobrium of Donald Trump.
Nike’s decision has also proved divisive:
some customers have posted pictures of themselves burning Nike
trainers (using the hashtag #JustBurnIt), but others (including
tennis champion Serena Williams) have praised the campaign.
Kingston
Windrush deaths: At least three people wrongly deported from
Britain to Jamaica have since died, according to the Jamaican
foreign minister, Kamina Johnson-Smith. They were among
63 members of the Windrush generation that British officials had
been trying to trace in order to discuss their repatriation. A lawyer
for one of the three said that her client had retired to Jamaica but
then regretted it. She’d wanted to move back to the UK to be with
her children, but died “heartbroken”. Johnson-Smith described her
story as “heart-rending”, but an official said the British government
had made a “sincere effort” to find the victims of the scandal.
Seoul
Spy-cam epidemic: Public
toilets in Seoul are to be
checked daily for hidden
cameras, in a bid to stamp
out “spy-cam porn”. The
use of secret cameras to
record footage of (mostly)
women – much of which
ends up online – is a
growing problem in South
Korea: more than 6,600
people were arrested for
the offence in 2014, up
from 1,110 in 2010.
Last month, some 70,000
women protested in
Seoul over the issue. City
officials say cleaners
will now sweep
toilets for
hidden
devices.
he was This is my famous. Yes, Robinson is very easy to 12 August, aged 71.
invited to mission talk about. We’ve seen home-grown Professor Sir
compete: now – to thugs like him come and go for decades, James Mirrlees,
“The tell older and we know why they’re wrong and Nobel Prize-winning
producers people like what words to use about them. The economist, died
messaged me myself to problem with migrant criminals, 29 August, aged 82.
on Instagram
am and at keep a however, is harder to articulate. How Paul Taylor, titan of
first I thought
ght it was a passion. They do we address that without sounding contemporary dance
dance,
prank: I only
nly had 500 have to be like… well, Tommy Robinson?” died 29 August, aged 88.
followers.”” It was his active.” Tim Stanley in The Daily Telegraph
Desert Island Discs
scs returns on 16 Septe
September
Briefing NEWS 13
What is the big anxiety? hike in imported food costs. But longer
That there will be chaos at the borders if term, the impact could be just as
Britain crashes out of the EU without a punishing for manufacturing, especially
deal on 29 March 2019 and reverts to for engineering-heavy sectors like defence
“third country” status – thereby abruptly and aviation, as well as the car industry
severing our seamless trading links with (which employs 850,000 in the UK).
the bloc. The implications of sudden
ejection from the single market and Why is the car industry vulnerable?
customs union are sobering for Britain’s Because it’s so reliant on the efficiency
135,000 exporters to the EU. The road of JIT systems. The boast at Honda, for
haulage industry – on the front line in example, is that two million European-
any “no deal” scenario – warns of sourced components “flow like water”
potential gridlock around UK ports. through its Swindon plant: they do so
We had a taste of that in 2015 when with such streamlined precision that
French strikes halted operation of the warehouse capacity allows only 36 hours’
Channel Tunnel, turning sections of the breathing space to keep production of
M20 into a giant lorry park. Disruption the Honda Civic rolling. What’s more,
would be much more widespread this carmakers often split assembly
time. In June, Paul Drechsler, then head A BMW Mini on the production line in Cowley between plants in different countries.
of the Confederation of British Industry, The crankshaft used in BMW’s Mini
warned that without the guarantee of frictionless transition at the crosses the Channel three times in a 2,000-mile journey before
border, parts of British manufacturing risk becoming “extinct”. the finished car rolls off the company’s Cowley production line.
If there is “a stop at the border”, says BMW, which operates four
Doesn’t that sound like doom-mongering? factories in Britain, “we cannot produce our products in the UK”.
Up to a point. Desperate talk of immediate food and medicine
shortages is probably overplayed. But any extra red tape at the How would a no-deal outcome interrupt the JIT process?
border is bound to have a disproportionately big knock-on effect If border checks are introduced as a result, the Channel Tunnel is
on the flow of goods for one simple reason: the reliance of so likely to become a major bottleneck – terrible news for a firm like
many UK companies on just-in-time systems. JIT is an inventory Honda, which sources 75% of its parts through it. The congestion
strategy that dispenses with the need to stockpile components in may force Honda to use sea routes, which are slower and more
vast warehouses by only ordering them in at the precise moment intermittent: even assuming ports here and in Europe have the
they’re needed. It is thus hyper-sensitive to the slightest glitch or capacity to meet the extra demand, that would play havoc with
delay – a major issue for those companies whose JIT systems are production and delivery schedules. Honda calculates that this
deeply entwined with those of partner operations in the EU. means EU-sourced parts would then take from two to nine days
to reach its plant. And to house up to nine days’ stock would
How did JIT systems become so ubiquitous? require a 300,000-square-metre warehouse – equivalent in size
The concept really took root in Japan (see box): it was introduced to 42 football pitches: a prohibitively costly alternative.
to Britain when carmakers Honda and Nissan arrived in the early
1980s and became the first companies to use a truly pan-European But isn’t the warning of a systems meltdown overdone?
supplier base. And when “JIT fever” hit US boardrooms around Probably. Some Brexiteers compare it to previous threats that
the same time, it sparked a bonanza for “enterprise” software proved to be groundless – like the millennium bug – and accuse
providers – the likes of Oracle and IBM – whose marketing efforts company bosses of fanning fears for self-interested reasons: using
in turn contributed to the rapid uptake of the technology. Another it as an excuse, for example, to shift production to China. Yet the
pioneer was Walmart: its masterly use hard-nosed analyses of specific risks
of JIT is credited with sealing its dom- Who invented JIT? produced by many companies are
inance in the US grocery market. (By In some ways JIT is but the latest whizzy version of the hard to gainsay. Over time (Honda
introducing “cross-docking” between eternal quest to boost productivity and profit margins reckons at least 18 months) big multi-
suppliers’ trucks and its own, it vastly by refining processes and tightening inventories – nationals may be able to absorb the
reduced warehouse costs.) And the dating back at least a century to Henry Ford’s Model T extra costs and adapt their systems
rise of consumer e-commerce has assembly line, and probably beyond. In Britain, the to life beyond the EU customs union.
accelerated the process further: concept was of vital importance during the production A lot of the smaller firms that
look at the disruptive impact that drive in the Second World War, when Vickers used ministers like to call “the backbone of
“lean” methods to maximise Spitfire production.
“fast fashion” – as practised by JIT our economy” probably would not.
specialists like Zara and Asos – has But corporate historians usually credit the invention
of modern JIT to Taiichi Ohno, a Japanese industrial
had on the established rag trade. What’s the likely outcome?
engineer, who pioneered what became known as the
Toyota Production System in the 1940s. It was based The threat of mass disruption to the
Which firms will be worst hit? around the idea of on-demand supply – regular, small flow of goods is real enough to make
M&S’s chairman, Archie Norman, deliveries of exactly the correct amount of components it unlikely any government would
claims the first casualties of a no-deal just as they are needed on the assembly line. Ohno countenance an overnight cut-off.
Brexit would be Parisian fans of its was obsessed with eliminating waste of any sort, The likelihood is that even a formal
sandwiches, who rely on same-day observing in his “ten precepts” for winning that no-deal Brexit would result in a
delivery from a giant factory in “valueless motions are equal to shortening one’s life”. “quick and dirty” sub-deal with
Northampton. As Britain imports He ran his original system – swiftly copied by a rash of the EU to keep the nuts and bolts
Japanese carmakers and electronics firms – using
30% of its food from the EU, moving. The agony for those running
order signals on kanban boards displayed around the
a disruptive Brexit would inevitably factory. Since then, the process has been constantly companies is that, when it comes
limit choice and raise prices in this streamlined in line with rapid developments in to cementing deals, the Government
sector – even if supermarkets did their computer and communications technology. seems to have fully embraced the
best to absorb the estimated 22% idea of a just-in-time delivery.
Official fuel consumption figures in mpg (l/100km) for the All-New Ford Focus range: urban 36.2-74.3 (7.8-3.8), extra urban
54.3-85.6 (5.2-3.3), combined 45.6-80.7 (6.2-3.5). Official CO2 emissions 138-91g/km.
The mpg figures quoted are sourced from official EU-regulated test results (EU Regulation 715/2007 and 692/2008 as last amended), are provided for comparability
purposes and may not reflect your actual driving experience. Information correct at time of going to print.
Best articles: Britain NEWS 15
On her tour of Africa last week, Theresa May declared, as if it
IT MUST BE TRUE…
Foreign aid – were something dramatically new, that from now on Britain’s aid
budget would be used to serve British trade and political interests. I read it in the tabloids
a system based But since when did we use it for anything else, asks Kenan Malik.
Our aid system has never been confined to relieving poverty: not A security guard has been
fired from his job at a Florida
on fraud one of the five poorest countries – DR Congo, Haiti, Mozambique,
Uganda, Tajikistan – is among the top ten recipients of British aid.
hospital after his bosses
discovered that he’d been
No, our top aid targets are either key markets, such as Nigeria, or posting recordings of his
Kenan Malik
strategically important countries, such as Pakistan or Afghanistan. thunderous flatulence on
The Observer “Indeed, half of all international development aid is tied, meaning Instagram for five months.
that recipient countries must use it to buy goods and services from The man, who uses the nom
the donor nation.” Much of the rest is in the form of loans, which de guerre Paul Flart, began
often earn rich nations more in interest than they actually give recording his farts after
noticing that the lobby where
in “aid”. There’s invariably a political agenda, too: the EU
he worked had “really great
increasingly makes aid to African nations conditional on curbing acoustics”. In August, Flart
migration to Europe. Some forms of aid, like disaster relief, do a went viral, accumulating
vital job. But the system as a whole is “a fraud”. more than 90,000 followers,
and was then sacked. He now
“We are sorry for the pain we’ve caused to the many communities hopes to turn himself into
Enough of affected.” That was the formal apology issued by the US magazine
The Nation in July, for running a poem about homelessness by
an internet brand. “There’s
a whole new opportunity out
there for me now,” he said.
this confected a white writer that included the word “crippled” and was rash
enough to use African-American Vernacular English. The howls
A fishmonger in Kuwait
outrage of online protest this elicited drew abject expressions of remorse
from magazine and poet alike over the “harm” caused. What a has been closed down for
charade. Did this poem cause genuine distress to anyone? Of sticking googly eyes on its
Lionel Shriver fish in order to make them
course not. The professional offence-takers who prowl “the
cultural veldt” for infractions feel nothing but grim satisfaction appear fresher. Rival shops
The Spectator reacted by advertising fish
when they spot a target. “Any source of umbrage presents an
opportunity to score a trophy and hang it on your (Facebook) “without cosmetics”,
wall.” People talk of the so-called snowflake generation being along with a picture of
oversensitive, but there’s nothing delicate about the activists who a fish and a selection of
hound academics off campuses and tear down statues. They may coloured contact lenses.
“employ the language of fragility”, what with their “safe spaces”
and vaunted concern for the feelings of the less fortunate, but do
not be fooled. “This stuff is about pushing other people around.”
What’s more, they’re proposing to fast-track future projects Dazzle & Fizz, a high-end
John Ashton
by allowing shale gas explorers to drill test sites in England Surrey children’s party
without planning permission, and by moving subsequent planning planner, recently organised
The Guardian a glitzy £5,000 birthday
decisions to the national, rather than local, level. This would be
justified were there an “overriding national interest” in exploiting party for an eight-year-old:
a chihuahua named Oscar.
shale gas, but there isn’t. On the contrary, fracking will only delay
Each of Oscar’s ten canine
our transition to a low-carbon economy based on renewables. guests had a personalised
The Government talks of being green and devolving power to gift bag, a bespoke cake and
local people, but while “it keeps trying to force open the door a bowl with organic food.
to wholesale fracking” it can’t be taken seriously.
RUSSIA Reforming Russia’s pension system is the most politically risky decision Vladmir Putin has ever made,
says Vladislav Inozemtsev. The retirement age for men is set to rise from 60 to 65 (though as male
Why Putin is Russian life expectancy is 66, many won’t make it that far) and for women from 55 to 63 – at least
it was until last week, when Putin, spooked by his plummeting poll ratings, dropped it to 60. But to
spooked by no avail. Russians are still seething: it’s hard to overstate the unpopularity of the reform. So why did
Putin do it? Yes, the current situation is unsustainable in the long term: the pension fund deficit is
pension reform huge (Russia has 36.3 million pensioners for 72.7 million in work). Yet since Putin’s final term ends
in 2024, he could easily have plugged it for a few years: a total of 2.74trn roubles is expected this
The Moscow Times year alone from oil and gas. So why didn’t he kick the problem down the road? Creating difficulties
for one’s successor is a traditional Russian political sport, after all. The answer is that Putin doesn’t
plan to stand down in 2024: he plans to find some way of circumventing the constitutional limit of
two terms. And he needs to get this unpopular reform done and dusted so that by 2024, it no longer
affects his ratings. It’s not economic necessity that gave rise to this reform – it’s power politics.
We like our politicians to think creatively, says Joseph Martin, and Paris’s mayor, Anne Hidalgo, has
FRANCE certainly done that. Paris is cursed by the nuisance of men relieving themselves on the pavements, so
she has come up with the idea of installing open-air urinals for them to turn to when they’re caught
Please stop short. These uritrottoirs are tastefully designed as red flower planters – the urine goes into a waste
Parisian men bin filled with straw, which is then made into compost as the nitrogen and phosphate act as natural
fertilisers. They were first trialled in badly affected areas such as the Gare de Lyon, and are now
peeing in pots being rolled out across the capital: tourists have been gawking in surprise at the sight of men casually
peeing into flower pots. But I fear this “wacky” idea won’t help dry the puddles of urine on Parisian
RSE Magazine pavements, it will merely normalise the practice of unzipping in public, whether or not one of these
(Paris) ecological devices is to hand. It has also infuriated feminists, who are seething about men being
provided facilities that women can’t use. Two uritrottoirs have already been vandalised, and they
won’t be the last. Creative thinking is all very well, but sometimes it’s better to be conventional.
Have people had enough of experts? Dutch pig farmers have, says Ingrid Jansen. A few years ago,
THE NETHERLANDS following complaints about the pong of faeces and ammonia emanating from their farms, they were
The Dutch pig ordered by the government to fit their sties with “air scrubbers”. Not any old scrubbers, mind you,
but devices certified as having passed smell-removal tests conducted by a German institute commis-
farmers kicking sioned for the purpose by the environment ministry. At up to s100,000 per unit, some farmers had
to invest more than a million euros. But guess what? Local residents still went on about the smell. So
up a stink the state secretary responsible, Stientje van Veldhoven, commissioned new tests, this time by a Dutch
university. And their experts have now concluded that some of the units approved by the Germans
Trouw work only half as well as thought. It turns out that the testing of odour levels, whether by Dutch or
(Amsterdam) German experts, is done not by instruments, but the human nose. Does that mean Dutch noses are
more sensitive than German ones? Van Veldhoven doesn’t care: she knows only that emissions have
doubled and pig farmers must now buy costly new equipment that meets the new standard or lose
their licences. If those farmers now prefer to spend the money suing her instead, who can blame them?
SOUTH AFRICA The US president is using lies about South Africa to whip up racial animus in his own country, says
Sisonke Msimang. The good news, though, is that while Donald Trump’s recent fanciful remarks
Trump’s about the “large-scale killings” of white South African farmers may have “mobilised the lunatic
fringe in America”, his intervention has been a PR disaster for white nationalist groups in South
misguided Africa. The most high-profile such organisation, AfriForum, toured the US earlier this year in a
bid to call attention to what it calls “the plight” of white farmers. While it has been careful to stop
intervention short of asserting that a “genocide” is being perpetrated against whites, it is affiliated with groups
that make such claims, and is fuelling a false narrative about widespread land seizures. The reality
Al Jazeera is that a public consultation process is taking place about land reform, a process that will follow
(Doha) the rule of law and involve appropriate compensation. Thankfully, the indirect endorsement of
a US president whom South Africans of all colours and political persuasions widely regard as
“unhinged and blatantly racist” has undone much of AfriForum’s efforts to appear reasonable.
Does pollution make you less smart? The energy drink ban
Breathing dirty air is more than just a Children in England are to be banned
physical hazard – it also seems to make from buying caffeinated energy drinks
people less intelligent, says The Guardian. under government plans to tackle child-
This is the conclusion reached by an inter- hood obesity and bad behaviour, says
national team of researchers after examining The Times. The restrictions, announced
the test scores of 20,000 people in China. by Theresa May, are expected to apply
to brands – including Red Bull, Monster
The subjects were of different ages, but they
and Relentless – that contain more than
all took a set of language and arithmetic 150mg of caffeine per litre. More than
tests – first in 2010, then tests of equivalent two-thirds of 10- to 17-year-olds, and a
difficulty in 2014. The team compared the quarter of 5- to 9-year-olds, are thought
two sets of scores taken by each examinee to consume the drinks, which have been
and then matched them with air quality linked to various health problems,
data for the regions in which he or she lived. including obesity (due to their high sugar
And the results suggest the impact of dirty content), headaches and hyperactivity.
Commuters in Beijing
air on intelligence is “huge”: across all Although many major retailers already
refuse to sell them to under-16s, the
participants, increases in pollution were associated with significant falls in test scores
drinks, which cost as little as 25p a can,
– a 1mg rise in pollution being equivalent to losing more than a month of education. can still be bought easily by children
The effect was most marked among men, the elderly and those with low education from corner shops. Under the proposals,
levels (who are likelier to work outdoors). “Cognitive decline imposes a huge burden shops that flout the ban would face fines
on the society,” said researcher Xiaobo Zhang of Peking University. “Although the air of up to £25,000 – the same penalty for
quality is getting better... there are bigger problems down the road.” selling cigarettes to under-18s.
Kanye West has declared The scallop wars: fury in the Channel
that he will run for president
in 2024. The hip-hop artist Last week, French and British fishermen clashed the understandable rage of French fishermen,
believes his experience of off the coast of Normandy, said Lee Rotherham “seeing future catches scraped away by British
show business deals makes on CapX. By “clashed”, I mean that some 40 dredgers capable of taking a month’s catch for
him an ideal candidate. French fishing boats “rammed and threw rocks, a smaller boat in a single day”. In fact, there are
“There’s one thing I learnt smoke grenades and lumps of iron” at five real doubts about whether we should be eating
by hanging around with British vessels, and drove them off. The violence the shellfish at all, said Daniel Lavelle in The
Jay-Z and being married to followed a long-simmering row over the right Guardian. Scallops spend much of their lives
my wife [Kim Kardashian]:
to harvest scallops, known in France as coquille under the seabed, so most are caught using
you can’t f*** up the paper
[money]. That’s the problem Saint-Jacques, and specially prized there. In heavy-toothed dredgers: vast steel frames with
with a lot of the radical order to conserve stocks, French law dictates long teeth and chain-mail collecting bags. These
leaders in the past.” that its fishermen are only allowed to harvest “monstrous contraptions” plough up the seabed
the shellfish between 1 October and 15 May. and cause terrible damage to marine life.
The Who’s drummer But under the EU’s Common Fisheries Policy,
Keith Moon had a British boats are allowed to dredge for scallops Still, French fishermen resorting to violence
formidable reputation as a up to 12 nautical miles from the French coast – against British fishermen fishing in shared EU
hellraiser, but beneath the and they are not bound by French law. It’s a waters is “hypocrisy in the extreme”, said
wild exterior there was a
frustrating situation for the French fishermen, Owen Paterson in The Daily Telegraph. The
more gentlemanly soul,
according to the comedian certainly, but the British boats were perfectly Common Fisheries Policy, which allocates fish
Barry Cryer. He remembers within their rights. And nothing justified this quotas to national fleets, is “startlingly loaded
drinking with Moon at display of “dangerous, and illegal, aggression”. against the UK”: for 40 years, EU fishermen
The Angel Inn in Highgate, have been awarded some 60% of the fish in
London, shortly before the I hate to admit it, “but the French are in the British waters; EU fleets receive a 90% share
star’s death in 1978: “He right about those scallops”, said Rod Liddle for cod, haddock and whiting in the Channel.
grabbed his pint of lager, in The Sunday Times. Shouldn’t British boats “UK fishermen would not have been pushed to
shouted ‘bleurgh!’ and using French fishing grounds observe local targeting scallops in wider EU waters had they
threw it to the floor.
rules designed to manage stocks? Indeed, until not been deprived of fair access to abundant
But when we left he
leant over the bar and very recently they did, said The Times. But an resources in British waters.” This would be one
whispered, ‘How much do agreement that stopped large British vessels of the great benefits of a clean Brexit: being able
I owe you for the glass?’” dredging for scallops in the Baie de Seine during to manage our own fish stocks, allowing our
the summer months has broken down. Hence fishing industry to “thrive”.
Cook has never been the most naturally talented Cook: fortitude and guts The “twin peaks” of Cook’s career took place
of cricketers, said Mike Atherton in The Times. “If overseas, said Andy Bull in The Guardian. There
anything, he got runs in spite of his technique rather than because was the successful Test series in Australia in 2010-11, where he
of it.” But he still had many strengths. He played fast bowling made 766 runs in five Tests; and another in India two years later,
“superbly”; he became a “remarkable” player of spin. But where he made 562 in four. England hadn’t won a series in either
what really distinguished him, as an opening batsman, was his country since the 1980s; “had it not been for Cook’s batting, they
“resilience, fortitude, concentration and guts”. Cook is the only still would not have”. But those are now distant memories, said
batsman whose name appears twice in the list of the ten longest Andrew Miller on ESPNcricinfo.com. Since Cook relinquished the
Test innings: his “monumental” 263 against Pakistan in 2015, in Test captaincy, his decline has been unmistakable. His average in
the searing heat of Abu Dhabi, lasted an astonishing 836 minutes; the past 20 Tests is 34.20; that drops to 18.62 in the nine Tests he
his 294 against India in 2011 stretched over 773 minutes. Few has played this year. He is bowing out at the right time.
liontrust.co.uk/sustainable
Proud Partners Proud supporters of
with Durham CCC ZSL’s Asiatic lion campaign
Issued by Liontrust Fund Partners LLP (2 Savoy Court, London WC2R 0EZ), authorised and regulated in the UK by the Financial Conduct
Authority (FRN 518165) to undertake regulated investment business.
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LETTERS 27
Pick of the week’s correspondence
Stand your ground Exchange of the week Is it possible that not giving
To The Daily Telegraph them a smartphone in the
I read Allister Heath’s article Parsing Corbyn’s meaning first place may boost their
as a cry of despair over our resilience? Do you really
seeming inability to maintain To The Times want a £500 device that
the free speech, free inquiry I am Jewish. Although I wrote Yes Minister and Yes, Prime allows you to obsess over
and free debate that are our Minister, Jeremy Corbyn says I don’t understand English yourself and your friends,
inheritance from the irony. My co-writer Tony Jay was only half-Jewish, so bully and be bullied, and
Enlightenment. perhaps he half-understood irony and was able to supply once in a blue moon actually
As it is impossible to have some. The Labour Party continues to deny that Corbyn is use it to make a phone call?
a rational discussion with an anti-Semite, but as Sir Humphrey said: “Never believe There is a blatantly obvious
what he describes as the anything until it’s been officially denied.” Philip Collins’s and inexpensive solution to
“new totalitarian thugs”, or article shows that Corbyn’s speech, ironically, reveals what this crisis, yet the inability
to restrict their right to free seems hidden to him. to see or acknowledge it
speech, there is another way Jonathan Lynn, US simply represents a wider
– ignore them. spinelessness at government,
We have a classic example To The Guardian school and parental level.
of the success of that tactic. To compare Jeremy Corbyn to Enoch Powell is outlandish, This solution does not
It was recently demanded of particularly for a respected public figure such as the former involve employing an
Boris Johnson, often through chief rabbi, Jonathan Sacks. It serves to obfuscate growing army of navel-gazing
use of defamatory language, racism in this country. Powell’s speech was made in the school counsellors to
that he apologise for his highly charged context of the arrival of thousands of whom teenagers rarely
comments on the burqa. Kenyan Asian British citizens and the debate over the listen or respect. We
He ignored his critics, didn’t 1968 Race Relations Act to outlaw discrimination. His have legislation aimed at
apologise and continues as language of “the River Tiber foaming with much blood” children and adolescents
usual, leaving them where? and “the black man will have the whip hand over the rightly prohibiting cigarettes,
Nowhere. white man” was seemingly chosen to incite. And it was alcohol, driving and sex, and
I have been in politics for Powell who started “the numbers game” over immigration now energy drinks are in the
58 years, and learnt a long in the UK. firing line. Why not limit
time ago that the best defence Corbyn’s “crime”, committed five years ago at a relatively smartphone sales?
against vitriolic abuse is to small gathering, but unearthed now by political forces that Just because the damage
be sure that your opinions want to end his leadership, was to describe as Zionist those can’t be seen on an X-ray,
are well founded, that they who, through their behaviour, clearly were, and to make an it doesn’t mean the effects of
are anchored in principles off-the-cuff remark about English irony. Is a lack of these devices aren’t damaging
and are honestly expressed. proportion also an English trait? to well-being.
When that test is met, I Jenny Bourne, editor, Race & Class Gillian Kemp, South Africa
don’t give a damn what others
may think of me. That was highest use actually have drugs in 2015. This figure Abe’s honest advice
my attitude before, and it is the worst safety records and rose by 4.6% to 2,593 in To The Economist
so now in the world of social the highest levels of inactivity- 2016. In the same two-year “No deal for Britain is
media, where I have been related illness. period, recorded drug better than a bad deal for
targeted with ridiculous Helmets are a reaction to possession offences fell from Britain,” Theresa May has
accusations and abuse. Some feeling unsafe. If you want 122,975 to 111,328. said, regarding Brexit.
tell me I am arrogant to take to wear one, go ahead. But Last month, you reported Agree, disagree or both.
up such a position. Better making them mandatory that Chief Constable Just remember what
arrogant than bullied into may end up killing more Anthony Bangham had cited Abraham Lincoln said
submission to unreason. people than it saves. a 4% increase in road deaths more than 150 years ago:
Jim Sillars, former deputy Chris Boardman, Wirral in the UK over the same “Elections belong to the
leader of the SNP, Edinburgh period as justification for a people. It’s their decision. If
Reaping what you sow? zero-tolerance approach to they decide to turn their back
Helmets are a choice To The Times speed limit enforcement. But on the fire and burn their
To The Sunday Times Some Tories may now the second-lowest number of behinds, then they will just
Cyclists should wear “fear infiltration by UKIP road deaths ever recorded on have to sit on their blisters.”
whatever makes them feel members”, but wasn’t the British roads, 1,730, was in Bernabé Guitérrez, Spain
safe, but I am strongly entire point of the referendum 2015. Of these, speed
opposed to making helmets to shoot the UKIP fox and was recorded as a
mandatory. This may seem return errant UKIP voters contributory factor
strange for someone who back to the Conservative fold? in only 222 cases.
has been a cycle safety Alex Gerald, London Could these two
campaigner for more than men swap jobs?
half their life, and whose Policy by numbers David Warden,
mother was killed in a road To The Sunday Telegraph Coleford,
traffic accident while riding In June you reported that Gloucestershire
(with a helmet on). Chief Constable Mike Barton
In Australia and New had called upon the House Ditch the phones
Zealand, where helmets have of Lords to consider a To The Times
been made compulsory, cycle more lenient approach David Aaronovitch
use dropped dramatically, to illegal drugs. suggests we give our “Unfortunately, a tiny percentage of
with no corresponding Official statistics attribute children “more tools” the drones are opposed to violence”
increase in safety. Indeed, 2,479 deaths in England and to boost their
countries that have the Wales to overdosing on illegal emotional resilience. © FARLEY KATZ/NEW YORKER/CARTOON BANK
since 1884, by averages? Or the numbers of full this meandering, often “airless” novel disappoints, said Claire Lowdon in The
days’ play lost to rain, by ground? It’s all here – Sunday Times. Descriptions are imprecise and the authorial voice lacks “ironic
and a great deal more besides. distance”. Rooney should have “left this one in the barrel a little longer”.
▲
▲ Shropshire: Stone House, Corve Street, Ludlow. Lincolnshire: Kelham House, Broad Street,
This Grade II property is understood to be the work Stamford. A beautifully renovated and extended Grade
of Charles Cockerell, who designed the Ashmolean II town house in the centre of Stamford, home to the
Museum in Oxford, and is only a short walk from stately Burghley House. Master suite, 4 further beds,
the town centre. Master suite, 5 further beds, 2 further family bath, 1 further bath, kitchen, 2 receps,
baths, kitchen/breakfast room, 4 receps, cellar, garden, conservatory, cellar, garden, parking spaces. £1.1m;
parking. £975,000; Strutt & Parker (01584-873711). Strutt & Parker (07471-227352).
Wiltshire:
▲
St Ann Street,
Salisbury. A cosy
Grade II property,
dating back to the
16th century, located on
a street that forms part
of the city’s medieval
grid system. Master
bed, 1 suite, 2 further
beds, family bath,
sitting room, drawing
room, kitchen/
breakfast room, study,
cloakroom, utility room,
entrance hall, garden,
patio. £675,000;
Myddelton & Major
(01722-337575).
Berkshire: Fishlock’s
▲
Cottage, Hungerford. A
beautiful Grade II town
house, thought to date
from the early 18th
century, which combines
both period and more
contemporary features.
The town sits in the
North Wessex Downs
Area of Outstanding
Natural Beauty, and
Freeman’s Marsh,
Hungerford Common
and the Kennet and
Avon canal are all
▲ Oxfordshire: Church View, Market Place, nearby. Master bed,
Faringdon. A substantial detached Grade II period 4 further beds, family
house in the historic market town, which dates back bath, shower room,
to at least the 12th century. Master suite, 4 further kitchen/dining room, 2
beds, family bath, kitchen/breakfast room, sitting receps, playroom, study,
room, family room, snug, utility room, cellar, garden, cellar, garden, terrace.
storage sheds. £740,000; Perry Bishop and Chambers £700,000; Knight Frank
(01367-240356). (01488-682726).
▲
residence, which is Grade I listed because of its
attachment to Harnham Gate, with pretty gardens
in the historic Cathedral Close. Master bed with
built-in wardrobe, 2 further beds, family bath,
kitchen, dining room, sitting room, garden room,
WC, garden. £595,000; Myddelton & Major
(01722-337575).
East Sussex:
▲
26 Church Square,
Rye. A lovely
Grade II timber-
framed house dating
from the early 16th
century, with
frontage onto a
cobbled street in
the heart of the
Rye’s Conservation
Area. Master bed,
2 further beds,
family bath, shower
room, kitchen,
dining room, sitting
room. £499,999;
Phillips & Stubbs
(01797-227338).
▲ Kent: Calverley Park Crescent, Tunbridge Wells. A Grade II town house designed by Decimus Burton, in
a central location close to Calverley Grounds. Master suite with fitted dressing room, 1 further suite with
built-in wardrobes and open-plan study, 1 further bed, kitchen, dining room, sitting room, balcony, utility,
communal gardens, residents’ parking. £965,000; Savills (01892-507000).
MARKET REPORT
According to the Nationwide House masked the fact that the £2-5m and £5m+ resulting in a Y-o-Y increase of 15.0%.
Price Index, UK property prices grew 2.3% brackets experienced -12.0% and -10.8% Kate Eales, Head of Residential Lettings at
in the year to Q2 2018. Year on year (Y-o-Y) (respectively) decreases on the previous Strutt & Parker, said: “Whilst lettings values
growth over the same period shows that on a quarter. It should be noted that transactions have remained static in PCL since 2017,
regional basis, the best performers have been in PCL are dominated by the sub £2m properties in the £700 to £1,000 per week
the East Midlands (4.5%), West Midlands bracket, accounting for circa 70% of bracket continue to show real movement.
(4.3%) and Wales (4.1%). Despite historically total transactions. At the other end of the market, super prime
having one of the strongest growth rates Charlie Willis, Head of London Residential is doing well, and we are seeing appetite
in the UK, London as a whole continued Agency at Strutt & Parker, said: “Transaction for properties at £4,000 per week and over.
to have the weakest growth in the country volumes in the PCL market remain low, The properties that are sticking are those in
for the quarter (-1.9%). Despite this dip in but we have seen a slight improvement in the mid-range which are in need
growth, it is worth noting that London prices sales since 2016. We are seeing competitive of refurbishment.”
are still 53% above the 2007 peak, while bidding for some stand-out properties.
national house prices are 15.7% above 2007. Larger family homes that might have been
Guy Robinson, Head of Residential on the market for 12 months already are In summary...
Agency at Strutt & Parker, said: “Since the now moving and being picked up by families
chilly temperatures and snow that we who have sat on the fence since December • Total transaction levels for England and
saw in the early spring, the sun has been 2014, when major stamp duty increases Wales look to be relatively equivalent to
positively shining across the UK and the were imposed.” this time last year.
property market has been getting gradually In the lettings market, the take-up of
• Despite transactions picking up over
warmer too. Transaction levels have been new rental tenancies increased by 27.7% in
the course of 2017 in Prime Central
steady throughout April, May and June Q2 2018 compared to the same period last
London, they continue to be low by
in comparison to last year. However, the year, and is down 16.1% on the five-year
historic standards.
number of registered buyers is dwindling, average for the second quarter. The Buy-
although those that are contacting us are to-Let market looks to be relatively stable, • Strutt & Parker holds its residential house
more focused on their search, thereby albeit with subdued levels of new uptake. price forecast for both the UK (2.5% for
sustaining momentum.” According to UK Finance, there were 5,500 2018) and PCL, where prices are forecast
In Prime Central London (PCL), new Buy-to-Let house purchase mortgages to be flat in 2018 as a best case scenario,
transaction levels have seen an overall completed in May 2018 (most recent data with a downside risk of -5.0%.
4.4% increase compared to Q2 2017. released) showing a Y-o-Y decline of 9.8%. • PCL lettings prices are also forecasted
This uptick in volumes is a positive sign Additionally, there were 14,600 new Buy-to- to remain flat at 0% in 2018.
for the market. However, this increase has Let remortgages completed in May 2018,
Strutt & Parker is a trading style of BNP Paribas Real Estate Advisory & Property Management UK Limited, which provides a full range of services across the residential, commercial and the rural property sectors.
LEISURE 39
Food & Drink
What the experts recommend
Stem 5 Princes Street, London W1 brooch”. A great hunk of chewy, well-bred
(020-7629 9283) rump steak, cooked rare, “oozes macho
This friendly, fantastic-value new minerality”. A side order of braised baby
restaurant in a Georgian town house just gem with crisp chicken skin is “what every
off Regent Street is chef Mark Jarvis’s side dish should dream of being when it
latest venture, says Jay Rayner in The grows up”. And service is as “sweet as the
Observer. I haven’t yet tried either of his home-made ice cream”. In short, it’s all
recent-ish and widely acclaimed other good. £45 a head.
London openings – Anglo and Neo Bistro
– but as soon as I taste the amuse-bouche Parker’s Tavern Regent Street,
at Stem I know I’m in the safest of hands. Cambridge (01223-606266)
It’s a “tiny, exceedingly crisp tart filled This excellent British brasserie – which sits
with a deep chive emulsion, all onion kick in the newly reopened, seriously swanked-
and adoration” and piled with the tiniest up University Arms hotel – is all parquet
dice of lightly dressed, crunchy green floors, dark wood and velvet sofas, says
beans. “It’s an extraordinary amount of Tony Turnbull in The Times. It’s modern
attention to detail for a single mouthful.” but coolly elegant, as if “Soho House
Everything we eat here shows class, from Parker’s Tavern: swanky, with food to match or The Ivy has gone up to read law at
an “intense and velvety” white onion soup a particularly well-endowed college”,
(“more caramel tones than a toffee shop”) Mail on Sunday. This one in Oxfordshire and chef Tristan Welch’s cooking does
to “killer” toasted sourdough with whorls is a red-brick, wood-beamed place with the space proud. Burrata, produced
of soft, warm Winchester cheese (“all an “exuberantly flowering” garden, far in-house, had a fresh creaminess that’s
lactic funk and power”). Rectangles of removed from the “hurly-burly of battle “near impossible to find outside Italy”,
“luscious” chicken thigh – the skin crisped and an empire long passed”. Napier was and arrived with heirloom tomatoes and
and salted – come with poached breast by all accounts an interesting mix of the a “nicely acidulated dressing made from
and chargrilled baby leeks. And a lime leaf hardcore imperialist and the relatively its juices”. The best of our mains was
granita atop whipped cream cheese and enlightened. So it is fitting, perhaps, that fillet of sole with shrimps, beurre noisette,
biscuit crumb is “loveliness” incarnate. his gastropub namesake “melds the samphire and confit potatoes – a “classic
Three-course meal about £30, plus drinks. traditional with the quietly modern”. Fat done well”. And as for the truffle risotto
strands of “immaculate” crab, picked that – “it was like a forest floor in autumn,
Sir Charles Napier Sprigs Holly, morning, are “fresh as a saline-scented thick with a carpet of shaved Somerset
Chinnor, Oxfordshire (01494-483011) breeze”. A beautiful salmon dish of “gentle fungus”, and the rich rice possessed
There are ten or so pubs named after the cured, vivid amber translucence, coated in “bosky depth” with just the right balance
commander-in-chief of the British Indian a slip of herbs” is served with a splodge of of creaminess and bite. Starters from £7,
Army, says Tom Parker Bowles in The Avruga caviar: as “pretty as a Fabergé mains about £15.
Taken from Game by Phil Vickery and Simon Boddy, published by “Beats many from Provence.”
Kyle Books at £22. To buy from The Week Bookshop for £17.99,
call 020-3176 3835 or visit theweek.co.uk/bookshop. For our latest offers, visit theweekwines.com
▲
Hiplok AIRLOK To keep simple-as-can-
▲
Storage Tent If ▲ Cycloc Solo Ideal for indoor smallest bike rack. Available
you’re going use, this simple, clever design in several tyre sizes, it can
camping with has won several awards over hold your bike either
your bikes and the past few years. Just bolt the vertically, by clipping
want to keep plastic into the wall and rest one wheel to the
them out of the your bike frame on the hooks. wall while the other
elements, this It’s available in seven different rests on the ground;
narrow tent is colours and you can also put or horizontally,
just the job. It’s easy to put up and holds up to small bike accessories inside it standing on the ground as
three bikes (£30; halfords.com). (£65; cycloc.com). normal (£15; thehornit.com).
Tips of the week… how to And for those who Where to find…
Wh fi d
escape the tourist crunch have everything… online wine shops
● If you’re going somewhere popular with The friendly, knowledgeable team at
day trippers – Venice, Oxford, Versailles – Honest Grapes make it easy to navigate
stay the night. You can explore the hotspots an “exceptional” wine list. They also have
in the quiet morning and evening, and go to nifty food matching and quiz tools to help
a less popular area in the middle of the day. you choose (honestgrapes.co.uk).
● But bear in mind that some places – e.g. The Wine Society is a cooperative, and
Egypt’s Valley of the Kings – are quietest lifetime membership costs only £40. You’ll
in the hottest part of the day, when tour get free delivery, a say in how the company
groups are taken to lunch. Use the “popular is run and £20 off your first purchase
times” widget on Google to check patterns. (thewinesociety.com).
● If you’re going to a city for museums and Borough Wines’ stores won The Drinks
food, go in winter, when galleries are empty Business’s best independent retailer award
and restaurants full of locals. Vienna and this year. Online there’s even more stock.
St Petersburg are great in the snow, and Pick from small wine producers, in bottles
Seville and Marrakech are still warm. or curated cases (boroughwines.co.uk).
If you assumed deodorant was one item
● Experience cathedrals like Notre Dame Just as in Majestic stores, you’ll be asked
that could never be “on trend”, you were
in Paris as they were meant to be seen a few simple questions online to help you
by attending a church service. Just dress
wrong. Rosy Pits currently has a 5,000- choose. The “buy it again” rating by other
appropriately and stay until the dismissal. person waiting list. Rather than blocking users is also handy (majestic.co.uk).
● Some sites, including the Sistine Chapel,
sweat ducts like an antiperspirant, it
The Vino Beano team aim to unearth
offer private tours outside normal hours. apparently uses natural ingredients to stop undiscovered gems from around the world,
They’re not cheap, but may be worth it for smelly bacteria forming on the skin. made by producers who are yet to hit the
a place you’ve always wanted to visit. $18; megababebeauty.com mainstream (thevinobeano.com).
SOURCE: THE DAILY TELEGRAPH SOURCE: THE TIMES SOURCE: THE INDEPENDENT
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CITY CITY 45
Companies in the news
...and how they were assessed
Amazon: hitting a trillion – at what price?
“There is something fundamentally wrong when thousands of Amazon workers are
on food stamps while their boss, Jeff Bezos, is the richest man in the world,” tweeted
the leftist former US presidential candidate, Bernie Sanders, last month. The timing
was apposite, said Joe Williams in the Washington Examiner. Not only is Bezos worth
$166bn, but his e-commerce giant has just become America’s second “trillion-dollar
company” alongside Apple; shares have doubled in value in a year. Amazon, which Seven days in the
made $2.5bn in the last quarter, counters that the Vermont senator is “spreading Square Mile
misleading information”: it claims that pay rates for over 90% of its “associates” now
top $15 an hour. But the row will be further grist to the mill of President Trump and Renewed turmoil in Argentina and
other critics as they step up their attacks on the online giants amid threats of antitrust Turkey – both trying to contain currency
crises – prompted fears of a wider sell-
break-ups. Sanders has not made the case for what Amazon’s warehouse wages “should”
off across emerging markets. Argentina
be, said Lex in the FT. Yet “the rise of trillion-dollar companies and the collapse of raised interest rates to 60%, the world’s
unions” have certainly undermined “the classic labour demand model”. Sanders may be highest rate, in an effort to prevent the
“grandstanding”, but the heat is on Amazon. peso falling further. Contagion worries
sent stocks and currencies lower in
Funding Circle: heading for the Square Mile Indonesia, South Africa, Poland and
Britain’s maturing “fintech” sector looks to have created another “unicorn”, said Mexico. The Indonesian rupiah sank
Hasan Chowdhury in The Daily Telegraph. Funding Circle, the peer-to-peer lender close to its weakest level since the
started by a group of Oxford graduates in 2010, is heading for the market in a planned 1997 Asia crisis. Donald Trump, the
US president, ratcheted up trade war
£300m listing that could value it at about £2bn. The online platform of the company,
anxieties by threatening to pull out of
which is still loss-making, links borrowers with savers looking to make returns of up the WTO and spurning a deal with the
to 6.5%. It was launched to plug a hole in small business funding and reckons it is “a EU that would end import tariffs on cars.
long way” from realising its full potential: “We have £2.5bn of loans under management,
Michel Barnier, the EU’s chief Brexit
but actually the addressable market in the UK, US, Germany and the Netherlands is negotiator, said he “strongly opposed”
£470bn,” said co-founder and CEO Samir Desai. It has been held up as a potential key parts of the Chequers trade proposal
“bank killer”, with savers looking for alternatives to established high street lenders, said and urged Britain to adopt a Canada-
Harry Wilson in The Times. But the sector is not without its risks. Indeed, two of its US style deal favoured by Brexiteers. The
peers, LendingClub and OnDeck, have both “hit hard times”, said Alex Brummer in the former Bank of England governor
Daily Mail. Funding Circle started “in the depths of recession” and has built up its loan Mervyn King called the Government’s
book during a recovery. “What happens when the economy tanks again is less clear.” Brexit preparations “incompetent”,
saying that plans to stockpile food
TSB: computer says go and medicines “beggared belief”.
“Somewhat unbelievably, TSB is still struggling with its IT,” said Aimee Donnellan The DIY chain Homebase was saved
on Reuters Breakingviews. The bank, which was spun out of Lloyds and bought by the from administration after creditors
approved a restructure that will force the
Spanish outfit Sabadell in 2015, hit the deadlines in April when its five million customers closure of 42 stores. Royal Mail made its
suffered chaos after it botched an upgrade to a new technology platform. After presiding biggest acquisition since floating in
over “another outage” last weekend, CEO Paul Pester has now resigned. His departure 2013, buying the Canadian parcel
(albeit sweetened by £1.2m in pay and benefits, and a £480,000 bonus) “should rattle” company Dicom for £213m. The Chinese
other bosses who, until now, “have survived cyberattacks and IT failures with few dents parent of dating app Grindr announced
to their careers”. Under new rules, bank bosses “theoretically face jail time for crimes plans to list the company. Richard Liu,
committed by their staff”. IT systems with hidden weaknesses “pose an even murkier the founder of the Chinese e-commerce
threat” and can now cost CEOs their jobs. “Those already wary about accepting senior giant JD.com, was arrested in the US on
banking positions” have “another reason” to give the sector a wide berth. a rape allegation and later released.
of 2008? gross public and private debt has doubled in the past decade to
running WPP.” The new
man in charge of the
about 300% of GDP, surpassing “even Japan’s wild 1980s debt world’s largest advertising
Gillian Tett binge”. Yet China has “powerful strengths”, including “fat conglomerate, Mark Read,
currency reserves” and a government able to fight any crisis comes at “a tenth of the
Financial Times “without being distracted by voters”. Its obsession with history price”, said Alistair Osborne
also stands it in good stead: officials have examined other people’s in The Times: the most he’ll
get if he hits all his targets
disasters, in order to avoid them. But has China learnt enough to
is a comparatively modest
avoid the fate of Japan in 1997 or America a decade ago? “That £7m. Truly, “a new era is
trillion-dollar question will not be answered for several years.” under way”. Read, 51, is
Yet if Beijing does succumb to its own boom and bust, the impli- actually an old hand
cations for the global economy could be devastating. “Never who first joined WPP as a
before have those financial history books mattered quite so much.” graduate in 1989 when he
wrote to Sorrell asking for
Although fears about trade wars have occasionally weighed a job. Latterly, he ran the
on stocks since President Trump announced tariffs on steel and group’s Wunderman digital
Trump’s trade aluminium in February, US stock markets have continued to
set new records, says Peter Eavis. Yet the possibility of “a sharp
agency before being “thrust
into the hot seat”, as joint
wars are escalation” of conflict with China should shake the complacent
view that Trump’s threats are mostly “negotiating tactics”. The
COO with Andrew Scott in
April, when Sir Martin quit
The “Big Six” energy firms are set to shrink to only five, says The
Observer: the Competition and Markets Authority has given the
An existential green light to a merger between Npower and SSE. This marks a
U-turn on its view four months ago that consolidation “would
fight in the substantially cut competition and drive up household bills”. So
what changed? The “logical conclusion” is that lobbying by the
energy market firms won the day. But a “more generous interpretation” is that
Read, like Sorrell, was
the big suppliers are already “losing hundreds of thousands more
Editorial customers to keenly priced rivals”. Npower and SSE have pitched educated at Cambridge and
their merger as “good news for householders”, arguing that the Harvard, but he cuts rather a
The Observer different figure to his mentor,
new firm – which will rival British Gas for size – “will be more
who has since launched a
efficient and agile”. But customers can forget about a price competitor company, said
“bonanza”. This merger is “an existential reaction” to a market Kate Holton on Reuters.
that is now “a hostile environment for the Big Six”, and which is Colleagues describe him
likely to get worse for them in December when the Government’s as “a good listener and
new price cap cuts margins. Npower and SSE have cleared the delegator, with no obvious
competition hurdle, but they have “bigger challenges” ahead. ego”. Still, he can be
“exacting”, said The Wall
Rumours are swirling that Ford is about to cease production Street Journal. “A wine
connoisseur, he is known
of its Mondeo range as part of a round of cost-saving measures,
The car that says Paul Hudson. Cue an outpouring of nostalgia. Whether
remembered fondly as a family car, or “barely remembered as a
for bringing his own bottle
to social events in case the
defined a minicab home after a night out”, it’s safe to say that the Mondeo
wine being served isn’t up
to scratch.” Read himself
has featured in the life of nearly every Briton. The model entered
generation into political folklore: “Mondeo man” came to symbolise the type
claims to have “no hobbies”.
“Family and work are my
of ambitious, company car-driving voter that New Labour needed interests,” he says, “in that
Paul Hudson to sweep to power in 1997. But we tend to forget what “a breath order.” He apparently has
of fresh air” it once was. For car buffs, it “democratised ride no plans to break up the
The Daily Telegraph group. But his big challenge
and handling” – giving the sort of “driving pleasure” that was
now, said Bloomberg, is to
“previously the preserve of expensive sports cars”. Latterly, step beyond the founder’s
sales have been squeezed “by a shift in the company car market shadow. He must prove that
towards premium brands” and the “relentless growth of leasing”. he has a vision for WPP
Why opt for a Ford when you can impress the neighbours with bold enough to set him
an expensive BMW 3 Series or an Audi A4? The Mondeo helped “apart from Sorrell”.
“define a generation”. But it’s time to leave it in the past.
neptune.com/adifferentperspective
Shares CITY 51
Card Factory Hunting The Gym Group Shares tipped 12 weeks ago
The Daily Telegraph The Times The Mail on Sunday Best tip
The greetings card retailer Hunting makes highly The 147-strong budget gym Strix Group
has shaved 4% off analysts’ specialised products for the group is in “fantastic shape” The Daily Telegraph
profit forecasts, blaming oilfield, such as shale guns and as turnover rises 36%, profits up 15.08% to 164.8p
bad weather, weak consumer steel pipe threading. Costs are up 8% and membership
confidence and margin have been cut and efficiencies 41% in half-year results. Worst tip
pressure. Cash-flow cover for improved. Shares have risen Shares have soared, but there’s Oxford Biomedica
The Sunday Times
the fat yield is getting thinner. strongly with the oil price still potential. Hold. 334p.
down 10.37% to 862.08p
Sell. 185.8p. recovery. Hold. 849p.
WH Smith
Centrica Petrofac The Times
Investors Chronicle The Times Some 60% of the retailer’s Market view
The owner of British Gas Petrofac builds, operates and profits are driven by travel “The biggest risk to the UK...
has been fined by Ofgem for maintains oil and gas refineries stores that operate in train is that this issue isn’t going
exit fees and overcharging. in India and the Middle East. stations and airports. The 610 to go away.”
Although the impact is Shares, which crashed on high street stores are profitable Former BoE governor
Mervyn King on fears that
“unlikely to be meaningful”, a SFO investigation, have and cash-generative, but have
Brexit uncertainty could
this will not help stem the recovered, but there is struggled to grow sales. drag on for years. Quoted
tide of departing customers. uncertainty over its ability Shares are “not compelling”. on BBC News online
Sell. 143p. to grow. Avoid. 651.75p. Hold. £20.70.
Market summary
Key numbers
Key numbers for investors
investors Best
Best and
and worst performing shares
shares Following the Footsie
4 Sep 2018 Week before Change (%) WEEK’S CHANGE, FTSE 100 STOCKS 7,900
FTSE 100 7457.86 7617.22 –2.09% RISES Price % change
7,800
FTSE All-share UK 4113.26 4194.24 –1.93% Whitbread 4700.00 +17.00
Dow Jones 25869.64 26052.18 –0.70% Bunzl 2415.00 +3.87 7,700
NASDAQ 8062.64 8013.07 0.62% Micro Focus Intl. 1316.00 +2.65 7,600
Nikkei 225 22696.90 22813.47 –0.51% London Stock Ex.Grp. 4681.00 +1.83
7,500
Hang Seng 27973.34 28351.62 –1.33% Centrica 143.20 +0.88
Gold 1200.05 1197.70 0.20% FALLS 7,400
Brent Crude Oil 78.27 75.92 3.10% Sage Group 590.80 –9.28 7,300
DIVIDEND YIELD (FTSE 100) 3.99% 3.91% Fresnillo 870.40 –9.13 7,200
UK 10-year gilts yield 1.28 1.31 WPP 1196.50 –8.03
US 10-year Treasuries 2.90 2.87 Antofagasta 794.40 –6.25 7,100
balding. And when I first clapped eyes on him he was all these brick, with an ugly garage door dominating the view of the front,
things, but much taller and bulkier than I expected – to the extent and a severely pollarded tree standing guard. As I parked outside,
that when we shook hands (his skin was rather moist) he seemed I found it hard to believe the place had been chosen as home by
to loom over me like a shadow, cupping one ear with his free someone whose poems showed that he cared a great deal about
hand to compensate for his deafness. The effect, combined with beauty of various kinds. Until I reminded myself how often the
a watch-chain stretched across his waistcoat (surprisingly formal) same poems decided that beauty – like the chance of a happier
1 2 3 4 5
ACROSS DOWN
6 Current cuts change European 1 Afternoon refreshment for the 6 7 8
city (5) elite? (5,3)
7 European delegation is an issue (8) 2 Erect trap in a Middle East 9
10 Mistake clubs used by German mystery (6)
golfer (7) 3 Heard publican’s role in 10 11
11 Nuts are for returning and safe basement bar (4,6)
for removal (7) 4 Footwear for new and old US
12 Run into power cut and show president (4)
anger (7) 5 Mess up your degree in African
12 13
13 Sailing vessel and member of language (6)
band of robbers (7) 6 Counts out US city (6)
14 Flying clearance needed by party 8 HQ for force in Waterloo, say (7)
for fast passage (11) 9 All set to make money (5)
19 In part of east London university 13 Style of male singing at the 14 15 16
embraced (7) cutting edge? (10)
21 As is one contributing factor (7) 15 Porter holding on for 17 18
23 Fancy that fellow being in Marlborough? (7)
swimming race (7) 16 Evergreen love shown by 19 20 21 22
25 English choral composer who’s Hero’s partner (8)
made a mark? (7) 17 What’s quickly seen in spare
26 Change nothing about say, very capacity shown up (5)
close friend (5,3) 18 Fast intro to rhapsody in part 23 24 25
27 Subject Goethe mentioned? Not of score (6)
entirely (5) 20 Small bottles in records spoken
of (6)
22 Demands former religious 26 27
text (6)
24 One expression of approval?
More than one (4)
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