Financial Times Europe - 21.02.2020

(Tina Sui) #1

2 ★ FINANCIAL TIMES Friday21 February 2020


FINANCIAL TIMES
Bracken House, 1 Friday Street,
London EC4M 9BT.


Subscriptions & Customer service
Tel: +44 207 775 6000, [email protected],
http://www.ft.com/subscribetoday
Advertising
Tel: +44 20 7873 4000 [email protected],
[email protected]
Letters to the editor
[email protected]
Executive appointments
Tel: +44 20 7873 4909
http://www.exec-appointments.com


Published by: The Financial Times Limited,
Bracken House, 1 Friday Street, London EC4M 9BT.
Tel: +44 20 7873 3000; Fax: +44 20 7407 5700.
Editor: Roula Khalaf.
Germany: emirören Media, Hurriyet AS-BranchD
Germany, An der Brucke 20-22, 64546 Morfelden-
Walldorf, +49 6105 327100. esponsible Editor, RoulaR
Khalaf. Responsible for advertising content, Jon Slade.
Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti,
153, Monza, 20900, Milan. Tel. +39 039 28288201
Owner, The Financial Times Limited; Rappresentante e
Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi -
Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy.
Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in
Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1
.comma 1, DCB Milano.
Spain: ermont Impresion, Avenida de Alemania 12, CTC,B
28821, Coslada, Madrid.Legal Deposit Number


(Deposito Legal) M-32596-1995;
Publishing Director, Roula Khalaf;
Publishing Company, The Financial Times Limited,
registered office as above. Local Representative office;
C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN
1135-8262.
UAE: MasarPrinting & Publishing, P.O. Box 485100,
Dubai. Editor in Chief: Roula Khalaf.
Qatar: ar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97D
44557825
France: Publishing Director, Jonathan Slade, 46 Rue La
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
5376 8253; Commission Paritaire N° 0919 C 85347; ISSN
1148-2753.
Turkey: Dunya Super Veb Ofset A.S. 100. Yil Mahallesi
34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24.
Sweden: esponsible Publisher - Christer NorlanderR
© Copyright The Financial Times 2020.
Reproduction of the contents of this newspaper in any
manner is not permitted without the publisher’s prior
consent. ‘Financial Times’ and ‘FT’ are registered trade
marks of The Financial Times Limited. The Financial
Times and its journalism are subject to a self-regulation
regime under the FT Editorial Code of Practice:
http://www.ft.com/editorialcode
Reprints e available of any FT article with yourar
company logo or contact details inserted if required
(minimum order 100 copies).
One-off copyright licences for reproduction of FT articles
are also available.
For both services phone +44 20 7873 4816, or email
[email protected]

I


ts onset has been visible for some time; such is the
nature of slow-motion wrecks. Unfortunately we can-
not press the fast-forward button. Wednesday night’s
debate in Las Vegas as the Democratic party’s nasti-w
est so far — with Michael Bloomberg its clear loser.
Nevertheless, the Democratic race is likely to boil down to
a fight between him andBernie Sanders. There are few
ways that a zero-sum contest between a self-funded old
billionaire and a stubborn old socialist could end in a
friendly armistice. There are many in which the collision
could play out. Almost none ntails a happy ending fore
Democrats.
Similarities between Mr Sanders’ ampaign andc Donald
Trump’s in 2016 are apt, eachwith militant supporters
happy to indulge in social media harassment and charac-
ter assassination. Barely half of Mr Sanders’ supporters
would vote for Mr Bloomberg if he became the nominee,
according to a recent poll. That share would almost cer-
tainly rise as the spectre of a Trump second term loomed.
But Mr Trump would need to capture only a slice of the
“Bernie Bro” constituency — the politically incorrect ele-
ment of the US senator’s base — to tip the election his way.
That is what happened in 2016. An estimated tenth of Mr
Sanders’ supporters voted against Hillary Clinton.
Mr Sanders is trying to do a Trump-like hostile takeover
of theDemocratic party. He enjoys similar tactical advan-
tages. Like Mr Trump, Mr Sanders has benefited from a
packed field of conventional candidates who have spent
most of their firepower attacking each other, with
Wednesday’s debatethe most combustible exampleso far.
Like Mr Trump at the
same point in 2016, Mr
Sanders is spurned by his
party’s establishment.
Nowadays that is taken as
a virtue. A single Iowa leg-
islator endorsed the Ver-
mont senator efore theb
state’s caucus this month
against double-digit
endorsements for most, including Joe Biden and Elizabeth
Warren. Yet Mr Sanderswon the most votes.
Finally, like the US president, Mr Sanders believes he is
heading a movement, not a campaign. People who lead
causesdo not drop out. Butbillionaires do not drop out,
either. Anyone who thinks Mr Bloomberg will fold if he
underperforms s not paying attention. The former Newi
York mayor has sunk $400m of his wealth into this race so
far,roughly a tenth of his probable annual return from his
$54bn personal fortune. He could do the same 10 times
overand not touch is capital —h one terrible debate will
not change that.
Mr Sanders wants a revolution. Mr Bloomberg wants a
restoration. The contours of one increasingly likely colli-
sion came at the end of Wednesday’s debate. Every candi-
date, barring Mr Sanders, said they would accept the rules
of a brokered presidential convention. Mr Sanders alone
insisted that the candidate with the most votes should be
the nominee — even if they had less than half thedelegates.
The danger is that this is precisely what will happen. Mr
Sanders has a clear lead in the national polls but is unlikely
to win a majority of the delegates. Besides Mr Bloomberg,
the restdo not have enough cash to stay in the race for long.
In another democracy, Mr Sanders would belong to a dif-
ferent party. Mr Bloomberg would too. The first calls him-
self a socialist. The second is essentially what used to be
called a Rockefeller Republican. The question is whether
their shared antipathy to Mr Trump is greater than their
differences. In theory, both would answer yes. In practice,
New York’s former mayor is seen bythe other candidates
as a plutocrat who bought the silence of sexually harassed
former employeesand his place on the Democratic stage.
Mr Sanders s seen as an ageing coronary patient whosei
extravagant promises would deliver Mr Trump a second
term.Writer Jorge Luis Borgeslikened the UK-Argentina
war over the Falkland Islands to two bald men fighting
over a comb. It would also serve as an apt forecast of a
Bloomberg-Sanders showdown.

[email protected]

GLOBAL INSIGHT


WASHINGTON


Edward


Luce


Showdown unlikely


to have happy ending


for Democrats


Sanders is trying


to do a Trump-like
hostile takeover

of the
Democratic party

L AU R E N F E D O R — WASHINGTON


Michael Bloomberg’s campaign insisted
his big-money bid to win the Demo-
cratic party presidential nomination
remained on course yesterday after he
came under withering fire from rival
candidates in his debut debate.
The billionaire former mayor of New
York City came under sustained attack
as his opponents accused him of trying
to buy the election and questioned his
record on race and gender.
“I don’t think Bloomberg can recover
from the debate last night,” said Demo-
cratic strategist Mary Anne Marsh.
“What everyone sawwas not the guy in
the TV ads. They saw the real Michael
Bloomberg.”


Mr Bloomberg, worth an estimated
$62bn, has already spent hundreds of
millions of dollars of his own money on
his bid, in a move that appears to have
paid off in public opinion polling. He
qualified for Wednesday’s debate after a
national poll this week showed him sec-
ond place in the still crowded Demo-
cratic presidential field, trailing only
Vermont senator Bernie Sanders.
But many strategists said his debate
performance was likely to dent support.
He came under fierce fire from Sena-
tor Elizabeth Warren, who called him “a
billionaire who calls women fat broads
and horse-faced lesbians”.
She attacked Mr Bloomberg over non-
disclosure agreements involving
women he worked with, who alleged
sexual harassment and gender discrimi-
nation. Despite repeated questioning,
Mr Bloomberg refused to say he would
release the women from the agree-
ments, saying: “None of them accuse me

of doing anything other than maybe
they didn’t like a joke I told.”
Ms Warren and Mr Sanders also tore
into Mr Bloomberg’s “stop and frisk”
policy as New York mayor, which they
said disproportionately targeted people
of colour.
Simon Rosenberg, president of New
Democrat Network, a centre-left think-
tank, said Mr Bloomberg’s response on
women and race had put him in jeop-
ardy.“His failure to address these two
simple things that [his campaign] knew
were coming was alarming. He had a
shot and he failed.”
But Kevin Sheekey, Mr Bloomberg’s
campaign manager, insisted: “He was
just warming up last night. It took Mike
just three months to build a stronger
campaign than the rest of the field had
built in more than a year. It took him
just 45 minutes in his first debate in 10
years to get his legs on the stage.”
Nathan Gonzales, author of the non-

partisan Inside Elections newsletter,
acknowledged Mr Bloomberg had a bad
night. “But will it matter?” he added.
“Only a small percentage of Democratic
primary voters will have watched the
debate. A few more will see news cover-
age. But Bloomberg is likely to continue
to spend tens of millions of dollars pro-
jecting another image, one that will be
seen by more voters.”
The real test for Mr Bloomberg will
come on “Super Tuesday” on March 3,
when Democrats vote in more than a
dozen states, including California and
Texas. He skipped the early voting
states and is not on the ballot in Satur-
day’s Nevada caucuses or the following
South Carolina primary.
The latest Las Vegas Review-Journal
poll showed Mr Sanders in the lead in
Nevada, on 25 per cent, followed by
former vice-president Joe Biden on 18
per cent, and Ms Warren on 13 per cent.
Editorial Comment age 8p

US election


Bloomberg just warming up, says aide


Billionaire under fire in


Democratic debate over


record on race and gender


‘It took
Mike just

three
months to

build a
stronger

campaign
than the

rest of the
field in

more than
a year’

D E M E T R I S E VA STO P U LO — WASHINGTON
G U Y C H A Z A N —BERLIN


Donald Trump has named Richard
Grenell, the American ambassador to
Germany, to lead the US intelligence
community asacting director of
national intelligence, in a move that
sparked condemnation by Democrats.
Announcing the appointment on
Twitter, the president wrote: “Rick has
represented our country exceedingly
well and I look forward to working with
him.”
Mr Grenell, who will continue in his
role as ambassador, has ruffled feathers
in Germany with his frequent attacks on
its relatively low military spending, its
use ofHuawei elecommunicationst
equipment and its support for the Nord
Stream 2 pipeline bringing Russian gas
to Europe
The appointment places a staunch
loyalist at the top of an intelligence com-
munity hat has had a complicated rela-t
tionship with Mr Trump, who at times
has referred to his own security officials
as the “deep state”.
A f ormer US spokesman at the UN
when John Bolton was the incumbent
American ambassador, Mr Grenell will
succeed Joseph Maguire, a retired navy
admiral. Mr Maguire had been serving
as actingdirector of national intelli-
gence since the departure of Dan Coats,
a former Indiana senator who had also
served as US ambassador to Germany.
Mr Maguire came to national promi-
nence last year over his role in deter-
mining that the CIA whistleblower who
sparked the Ukraine-related impeach-
ment investigation against Mr Trump
had valid concerns that needed to be
looked into.
Democrats attacked Mr Grenell’s
appointmentbecause of hislack of
experience in the intelligence field, par-
ticularly given that the position over-
sees the 17 security agencies that make
up the US intelligence community.
They also criticised Mr Trump for


naming Mr Grenell as the “acting” head
of the intelligence community, a move
that prevents the Senate from carrying
out its traditional role of vetting official
nominations.
“The president has selected an indi-
vidual without any intelligence experi-
ence,” said Mark Warner, the top Demo-
crat on the Senate intelligence commit-
tee. “This is the second acting director
the president has named to the role
since the resignation of Dan Coats,
apparently in an effort to sidestep the
Senate’s constitutional authority to
advise and consent on such critical
national security positions.”
Mr Trump last year named John Rat-
cliffe, a Texas congressman, to succeed
Mr Coats, who had angered the presi-
dent by contradicting the commander-
in-chief over US assessments about Rus-
sia, Iran and North Korea and also by
criticising remarks Mr Trump made at a
news conference with Russian president

Vladimir Putin in Helsinki. Mr Ratcliffe
withdrew his nominationafter intense
criticism, including from some Republi-
cans, over his lack of experience and
amid concerns about the veracity of
claims he made on his CV about his
national security credentials.
Mr Grenell, who will be the first gay
member of the cabinet, has been an out-
spoken supporter of Mr Trump and his
“America First” policy. The DNI posi-
tion wascreated after the September 11
attacks in 2001revealedsilos in the US
intelligence community that prevented
officials fromsharing information.
A US official said that Mr Grenell
would also continue as Mr Trump’s spe-
cial envoy to the Kosovo-Serbia dia-
logue, though most of his time would
now be spent in Washington. He said it
was not his understanding that the
Trump administration would nominate
Mr Grenell as its permanent DNI.
Mr Grenell’s abrasive, decidedly

undiplomatic style has earned him few
friends in Berlin.Last March he warned
the German economy ministry that the
US would scale back intelligence sharing
with German spy agencies unless Berlin
blocked Huawei from taking part in the
rollout of its superfast fifth-generation
mobile network.
Officials say Mr Grenell has in recent
months trampled on diplomatic con-
vention by failing to show up at events
that have near-hallowed significance for
modern Germany. He was absent from
the Bundestag last month when Israeli
president Reuven Rivlin made a speech
to lawmakers marking the 75th anniver-
sary of the liberation of Auschwitz.
He did not attend a ceremony com-
memorating the 75th anniversary of the
allied bombing of Dresden, in which
25,000 people perished.
“It is highly unorthodox for an ambas-
sador to skip events like this,” said one
German official.

White House. ational securityN


Trump attacked for intelligence pick


Critics say envoy to Berlin


lacks experience for job of


overseeing 17 US spy agencies


Abrasive style:
Richard Grenell
in Munich last
week. He has
warned Berlin
not to give
Huawei a part in
the rollout of
Germany’s 5G
mobile network
ThomasKienzle/AFP/Getty

K A D H I M S H U B B E R — WASHINGTON

Roger Stone, thelongtime confidant fo
Donald Trump, has been sentenced to
40 months in prison by a federal judge
in Washington who has been the target
of repeated attacks by the president.

Mr Stone, 67, a veteran Republican
political operative, was convicted last
year of lying to Congress, obstruction
and witness tampering to protect Mr
Trump.
The sentence, handed down by Judge
Amy Berman Jacksonyesterday, came
following almost two weeks of contro-
versy over the US justice department’s
handling of the case that erupted after
William Barr, Mr Trump’s attorney-
general, reversed a recommendation by
career prosecutors that Mr Stone serve
up to nine years in jail.
Mr Trump has publicly attacked the
prosecutors, allfour of whom quit the
case fter the sentencing reversal, asa
well as Judge Jackson and a juror in Mr
Stone’s trial. The attorney-general has
insisted his decision o overrule thet
prosecutors was made independently of
the president.
Judge Jackson in courtyesterday

rejected suggestions that Mr Stone’s
prosecution had anything to do with
politics — something that Mr Trump has
asserted in his repeated tweets about
the case.
“He was not prosecuted, as some have
complained, for standing up for the
president,” she said. “He was prose-
cuted for covering up for the president.”
The events surrounding Mr Stone’s
sentencing have sparked accusations
that Mr Barr is giving special treatment
to the president’s allies and focused
attention on Mr Trump’sclaims of abso-
lute authority o direct criminal prose-t
cutions, even those of his friends.
John Crabb, a senior prosecutor in the
US attorney’s office in Washington, told
Judge Jackson the prosecution of Mr
Stone was “righteous” and said the jus-
tice department was committed to
enforcing the law “without fear or
favour or political influence”.
Mr Crabb was grilled by Judge Jackson
on why the justice department had
changed course. Apologising for the
confusion, he said the original team had
“authorisation by the US attorney’s
office to file the sentencing memo”, but
there had been a miscommunication

between the interim US attorney in
Washington, Timothy Shea, and Mr
Barr.
Mr Crabb asked for the judge to sen-
tence Mr Stone to a “substantial period
of incarceration” but declined to specify
how long despite that being the stand-
ard practice for his office.
“Under the unique facts and circum-
stances presented in this matter, it is

particularly appropriate for the govern-
ment to defer to the court,” he said.
Seth Ginsberg, Mr Stone’s attorney,
urged the judge not to jail his client, say-
ing that his family would “suffer tre-
mendously if he is incarcerated”.
Mr Stone declined to speak on his own
behalfyesterday: “Your honour, I
choose not to speak at this time, thank
you very much.” He appeared impassive
as Judge Jacksonsentenced him.
Mr Stone was the last person indicted

by Robert Mueller, the special counsel
appointed to investigate links between
Mr Trump’s 2016 campaign and the
Russian government, before he
wrapped up his probewithout establish-
ing criminal conspiracy between thea
campaign and Russia.
Theself-described “dirty trickster”,
who has a tattoo of Richard Nixon on his
back, was convicted for lying to Con-
gress in 2017 about his contacts with
WikiLeaks during the 2016 campaign.
He had publicly claimed to have an
“intermediary” with Julian Assange as
the WikiLeaks founder released a trove
of documents stolen from the Demo-
cratic National Committee in a hack the
US has attributed to Russia.
Mr Stone’s lies to Congress included
false information about the identity of
the intermediary, a jury concluded last
November. The jury also found him
guilty of witness tampering after he
threatened another witness before Con-
gress to ensure they did not contradict
him. Mr Stone has asked for a retrial.
Judge Jackson said earlier this week that
any sentence she imposed would not
take effect until the motion for a new
trial was resolved.

Stone trial


US president’s longtime ally sentenced to 40 months in prison


I N T E R N AT I O N A L


Judge Amy
Berman Jackson
said Roger Stone
was ‘prosecuted
for covering up for
the president’

MAKE A SMART INVESTMENT


Subscribe to the FT today at FT.com/subscription


STOCK MARKETS S&P 500 Mar 302365.932361.13prev %chg0.20 WorldMarkets
Nasdaq CompositeFTSEurorst 300FTSE 100Euro Stoxx 50Dow Jones Ind7369.5220703.38 20659.32 0.211500.725902.743481.675897.557373.72 -0.063475.271493.750.180.470.
FTSE All-ShareCAC 40Xetra DaxNikkeiHang Seng19063.22 19217.48 -0.804011.0124301.09 24392.05 -0.3712256.43 12203.00 0.445089.645069.044011.80 -0.020.
FTSE All World $297.99297.730.

$ per ££ per €$ per € CURRENCIES 1.074Mar 301.2490.8591.0751.241prev0.
¥ per $¥ per £SFr per €€ index COMMODITIES 111.295 111.035139.035 137.82289.046 89.3721.0691.072$ index€ per $£ index¥ per €£ per $€ per £SFr per £Mar 30104.636 103.930119.476 119.36376.705 76.9511.2440.9321.1640.801prev0.9301.1551.2380.
Oil Brent $Gold $Oil WTI $Mar 3050.221248.8052.981251.10prev52.5449.511.430.84%chg-0.

UK Gov 10 yrGer Gov 10 yrUS Gov 10 yr INTEREST RATES price100.4698.8798.681.212.38yield0.390.00chg-0.03-0.
Jpn Gov 10 yrUS Gov 30 yrGer Gov 2 yrFed Funds E 0.66100.14price100.45102.58-0.752.99prev0.060.660.010.00chg0.000.
US 3m BillsEuro Libor 3mUK 3mPrices are latest for editionData provided by Morningstar-0.360.340.78-0.360.340.780.000.000.

L A andaAboastaL JENNIURA N O O ondoni£37, FER T ful HOMNAN — nvestment000fineinthefirstcaseofWhatsAppme PSO N — DUB L I NLO N D O Nbankerssagehascosthisjob
rThefinebynicchatapp.egulatorsationsovercratheckingdownoncomFinanFacebookcialCon’spopularmu-duct
Astaff’sprthatnSevuthorityoblemeedtomocommunerallanewmehighlightsrgeidiaposenveicanitortion.stmentandartheforcochivebankshaveincreampaniessingtheir
bannedemainformationinencryptionccecludingssedwployithoutpWhaovermesystemtsApp,eesfromermthatcissionfromwhichssagingsendingannotbeusesanservicesclientthe
Whauser.tsAppfromeutscheDBankworlastyk-issuedBearbannedlack-

iesbanker,passedconfidentialclientainformationtoa“pBerrysanceChristopherandafterdiscussionswfriend”Niehaususingersonal,aformerJithrWhatsAppacquaint-egulators.effer-,
accordingtoconMrtoTheFCAsaidMrhisNiehausfidentialemployervinformatheFCA.hadturnedoluntationonNiehausTherrily.overegulatorhadthemehisdesharedsaidvicessag-
ingbutnewmelastyearto“Sevsystem“onanumberofotheeralsituationhasdiafromwbankshavebimpress”peobecomeork-annedissueddeple.ccatrickierasthesions”vices,useof
issuedbanksmovetowaclamasdeiPhone-lovice”ppeddownonBlackBolicy.erryvingitsrdsa“staffs.GoldmanSaspurnstaff’sbringyourownphonetheirwchsbillsork-has
areBantypicallykersattwointrainedinhowtostitutionssaidusenewstaff

meChpribandiaatwoambAndrewBodvatepeophones.plefromers,saidrk,butnartheinstallinga,abarristeratMabanksareuncaseset“apreceppsontheirdentabletotrix
else”.insaincludedthatitIngingformashowsappsasthetiontheFCAssharedbyMridenthesameasevtityandeesdetathesemes-Niehauserythingilsofa
clientandhismefferies.InoastedhowhembJMrortgageiNiehauswasinformonefadealwasationabinstanceightbesuspabletopayoffsucceendedfromJtheoutarivalofbankerssful.ef-
feriesandreacebookFtionoforJcomment.efferiesdeclinedtofadisciplindisignedbdnotrespondtoarequestaryprocess.eforecommentthecomwhileple-
Additi Lombard onal report page 20 ing by ChloeCornish

City wabanker lotchdog seses job over WhndsaclearatsApp boastmessage as

averCongreonattempt to tApril 28 have retaUS gthe US-Messional Reoverackxico border on topubsisted Dfunds to pay for a wnmentlicans seshutdonald Town aftereking torump’sall
stopgap spending platime since 2013, as Dforcdefethathis plnce and border speeafederalannedshutd$33bnns.emocrats rown forincrndingThey fease inthe ficouldefuseearrst
Trump attUS budget toacceptthe proposa Q&Aackoverandhealth bill ls.iPAGE 8

Shutdown risk as borderwall bidgoesoverthe top

FRIDAY 3 1MAR C H 2 017

BriefingEuropeidealm USbargain-h aking,asUShasbecome unters thecombigpaniestarget fuel ridea Europe forcrTrump-fuelledoss-b M&A order
AequitytlanArep Rep iortonhowtic. ort out market— PAGE 15; CH lines l rallytothehealthINAhunt onger NHS w CURBSservicecanforHITbargainsDEALS, PAGE 17 aiting t surviveacross imes the
moreion-nsome Emerging surgicalproceurgentopausterityhaserationsand nations in re saiddureswpatientswforA&Etreaillbe cord debt scrapillwaitped.tmentwlon— PAGE 4ger sales hilefor
Devemergingmovernmenttakingadgelopingvantageofacountrieshavedebtinarketsasthetradebooms.surgeinfirstsoldreoptimismtowquarterof— PAGE 15cordlevthisyear,elsofard
iinLonAreplannedoruncord455 London t surveydon.Whasrevtallorkb ower derbuildingsareealedcon plans br eganonstructhatation eak records
almiTheUSsecrduring2 Tillerson ostonetowe016.etaryof— PAGE 4 fails to raweekstate ease hasfa Turkey t iledtore ensi concile ons
tenieTaxtraditionofyyipEsions To shiba i rdoganonafter nvestors clericFtalksinAnissuesinethullah doubt revival karawcludingSithPreGulen.— PAGE 9yriaandsidentRe plan thecep
InafiledmanandstormyforCcastagerso–adoubtonarevivalhapter11three-vinganentrhourmebankruptcypreting,inveenchedsecrecyplanafterWeotecstorstion.stincultureaccused— PAGE 16ghouse
iMs,inamovetoemntitleseedsofThe HSBC woos t suchas“banktrahasunvnsgenMx”,inaeile ransgender derbracedivdarangeofcustomdditiontoMr,ers.ersityand— PAGE 20 customers geder-nMrs,ncatertoeutralMissorthe
Datawatch

UK £2.70 ChannelIslands £3.00; Republic of Ireland €3.

Crinted in LonNorankfurt,FPhicago, San©THE: 39,FINANCIAL^435 Brussels, M★Francdon,isco, WLiverpool,ilan,Madrashington DC,TIMES LTDGlasgow,id,New York,Dublin,^2017 Orlando,
Tokyo, Hong Kong,Singapore, Seoul, Dubai

Sub el: 0800Tww F w.ft. or the latest news go toscribe com/298 4708subscribe In p now rintand online
http://www.ft.com

Recent attnotablymassAnders BrNorway,acre bythe 2011theacks —eivik in
att acks in ParisBrusandbombibucked the trselsngs—haveNice, andsui cidetheend
Sources: Jane’s Terrorism and Insurgency Centreof generfat alities fromterrorwestincidents inern Europeallylow

Terror attacks in western Europe Highlighted attackOthers
NorwayParisBrusselsNice

A Five StarIt aly’s pthe pooropulists are tr— B I GREAD, PAG E 1 1plan?ying to woo

WORLD BUSINESS NEWSPAPER
Trump vspoliTechtical risktit ans need to mini—GILL I A N T E T T, PAG E 1 3the Vamiselley Dear DletterMay’s first stab at the br— ROBE RTon...SHRIMSLE Y, PAG E 1 2eak-up

Lloyd’sofLondonEUbasetohelpdealselsover“fiveorcitiesinexpecteditsdelossofpacisiontochoseBsix”wsetupansspiththeortingotherrus-
rightscenturies-ket,saidheexJohnNafterBreoldelson,xit.chairmanofinsurapectedncemar-otherthe
illbereinsuredbacktoheadquayndicatesatswbusinessinsurerstorters,writteninitsfollow.MpicCityofLoturedabove.ostofBrusselsndonthethe
beenseenasgrLondon’ssTheBelgiancapitalhadnotoupsafterpeciathetheUlistinfirstKlechoiceavessurancethefor

EU,witshMrNboomesurgtransportthoelsonithDforughttobemorethesaidublinlinks,taindustry.theandLuxcitywononlentpoollikelyem-But
and“etoryr LexInsurers set to follow page 14xtremelygoodreputation”.page 18egula-

Lloyd’sofBrutotapnewtalentpoolwithEUbasesselsInsurancemarket

AFP

A MESJ dutiAmomputercayesandnotbe BLITZ clearimposystema— WabletohHITEHAL L EcquiredtortsintoandleDITO RtheUKthehugecollect
surgledmittedtoMPs.amentaravesHMeinwoRevyinquirythatthenewtheEU,enue&CustomstoldaparkloadexcustomspectedauthoritieshaveonceBritainsystemrlia-
conMinsaidmeededtime“hascoarch2019,wpleted,confidenceitwourgentacandllapsed”.henBrethetiontobereadybychairofuldbeopxitistheprobeduetobeerational
BritisincBhasxitSettingupadigitalcustomsrereaseindehpobeenatplanrtswhenningtheclabecaheartofrationsextheUKuseofWhitehall’sleavespectedatthefivefoldsystemtheEU.
chThesicoecksAbout53permefromtheEU,anddongleresaMayabecausemarketandnnouncedinJtheycentofBcustomsarriveritishimportsunion.throanuarynotrequireughthatButthe
Botcustomdbxitwhit3reotheclaratradingsun00m.tionsayouldincludeion,blocs.earthenumberisexbut,oHMRChdeparturefromnceandlesoutsidepectedthe60m
hoswhethelicallTherevedCkelytotofrustomsDeregulatoryrWhitehallcanimthrowaelationsabclarationsharperspegimeouts—inartheService,areplemotlightonsystem,entaeas
ranginssentialtoBretoatimeProeBritainblemsgricultureandgfromleaveswithxitcustomsCDSandtheEU.couldforceLoandfisheries—byimmigrationotherprojectsndontothe

EUadjustoughttohaveanimourownmuch,aWhitehallharderitsnegocustomsthanweantiaofficialsationposystemispropactonhowweid.ticipated,sition“Ifwithrunningvingthethat
pressdelivoftheCommonstreasuryselectcom-mInaittee,eringCDSwas“forlettertocertainHMRCAndrewoptionsinBsaidtheTyrie,chatimetablellenrussels.”chairmangingbutfor
achieHMRClinkedtodotemstoworkpropcomplexprassigneda“greenvable”.But,itogramme”zensofoadded,erly.InNthercothatntrafficmputereededtobeCDSwas“aovember,light”tosys-
coCDS,time.Butlastmbeenrmeansmmitteesaindicathereare“majorelegatedto“tingitwyingouldbeonth,itwrotetothepramber/red,”wogrammehadrisksordeliveredonissueshichthe
anditwatracktobeinternationalpparHMRCsaidlastillbeentinanumbero£eyardeliveredbyJanabletotradeonight:“[CsupportncetheUKfricuaryeas”.DS]isonleavestio2019,nless
fotheEU...IntomakeceHMRC’sssfulcusandredelivsureletterstoery.”thateachprojectternalsourceitreratingsaredetheselectquirescomforgetssignedsuc-themit-
tee,videnoecausedbychange,siontowhichleavebutsomeMPsbtheEUwillbexplanaMrsMay’scustomsunion.tionpublishedtoday,pro-unexforelieveitwaspecteddetheratingci-
EditoTimetablPhilip StScJPMorgan eye ophemriale toComment & Ne&Great Repephens&Chrisimport EU lawstionsotebookGiles page 18 eal B page 3 ill page 13page 12page 2

HMRC warns
customsrisks
being swamped
by Brexitsurge
33 CoFivefoldnfidenceinITplans‘riseindeclarationsexpectedhascollapsed’

STOCK MARKETS S&P 500 Mar 312367.102368.06 -0.04prev %chg WorldMarkets
Nasdaq CompositeFTSEurorst 300FTSE 100Euro Stoxx 50Dow Jones Ind7322.9220689.64 20728.49 -0.191503.035918.693495.595914.347369.52 -0.633481.581500.720.400.150.
FTSE All-ShareCAC 40Xetra DaxNikkeiHang Seng18909.26 19063.22 -0.813990.0024111.59 24301.09 -0.7812312.87 12256.43 0.465122.515089.644011.01 -0.520.
FTSE All World $297.38298.11 -0.

$ per ££ per €$ per € CURRENCIES 1.070Mar 311.2510.8551.0741.249prev0.
¥ per $¥ per £SFr per €€ index COMMODITIES 111.430 111.295139.338 139.03588.767 89.0461.0711.069$ index€ per $£ index¥ per €£ per $€ per £SFr per £119.180 119.476104.536 104.63677.226 76.705Mar 310.8000.9351.1691.252prev0.9321.1641.2440.
Oil Brent $Gold $Oil WTI $Mar 3150.461244.8553.351248.80prev53.1350.350.220.41%chg-0.

UK Gov 10 yrGer Gov 10 yrUS Gov 10 yr INTEREST RATES price100.3598.6399.271.222.41yield0.33-0.01chg0.02-0.
Jpn Gov 10 yrUS Gov 30 yrGer Gov 2 yrFed Funds E 0.6699.27price100.36102.57-0.753.04prev0.070.660.010.00chg0.000.
US 3m BillsEuro Libor 3mUK 3mPrices are latest for editionData provided by Morningstar-0.360.340.78-0.360.340.780.000.000.

ALEX BAST E FA N WAG ST Y L stanceinBreTheEUyesterdaytookat GEORGE PARKERRKER — B R U Sxitne— L—gotiatBERLINOND O NSEL Soughopions,rejectingening
arEuropeanCeBritain’sxplicitlygivrangementspleaforearlyouncilpreingthataSpainavetopplytotradetasidentDonGibraltar.overanylksandald
Tusk’stheroadtoBre“phasedwhichareanimportantain’sexapprfirstpecdraftofoach”totationsbyxit,soughttodthethedivorceproc-settingoutamileguidelines,ampBstoneonrit-
essdealscSpaindrawalThedethattheterms.overingrighttovcisiontoprioritisesprGibraltarcoaddetoanyogressonwtheclaEU-UKuldmakeusegitradevingith-the
300-MayearterritorialdisputebetweendridandLondonanobstacleto

amtrGibraltaryefullyclause,saeatmentbybitiousbeenyingtradeandsingledthethesterdaycouncilatoutterritoryairlineaforunfavohitbackatthebhad“ccessurableshame-ehestofdeals.the
Spain”.MaSeniorEUclause,pthe“MrTusk’stexttraditionalointingdridleftroomfornSpaoutdiplomatsdefendedthatitonlyrnishposition”.notedegothetiatorseflectedthatdraft
wastowthatminrgely“la“withinorkwistertheEUconTheresaMay’sithinstructive”,wthepanegotiatingcomingmorametersofithonesaalliesstancewasnths.insistedwhatweyingitPrime
insistenceonawereexBupside”.EuropeanCoritishpecofficialsating,purtofJconerhapsmoreondmittedusticeinanytinuingrthatoletheEU’stransi-forthethe
tionBrusselssdealcouldbeproeeslittleroomforblematic.compro-

msupervisoryandenforcementinstru-Brestatusrequire“exit,ise.IfBwithinthexistingrritainwantstoproguidelinestheegulasinglemarketstateitwtory,budgetary,longafterouldits
mentsandhascitizentobbeenmadeonBeginonlyonce“MrTuskwantsrights,wstructurestoatalksonhichsufficientprritain’seWhitehallopply”.futurexitogress”billandtradefficials
bNatoelievemossibleifpreaBossuredEuropeansummitinrisJohnson,certaineanssimtheforBrusselsconultanecolleaguesataditionsareeignsecrthatoustalksaremet.MrsMayetary,
afterBrehadnotin Rep when Jonaorts & she than Powell, xitw analysis linkedsetendedtoithatrade Tim curityco-oppage 3 Harford & “threaten”deal.ertheEUation
Man inHenry Mthe News: Daance page 12 vid Davis page 11

Br usselswithSpain htakes tough sanded veto over Gtance on Breibraltarxit

wage to £7.50 per hour. Butwhich wwill ptoday’sAbout 2.3m peile preincreill have to pay caressure on Eoplease inthe natwill benenglishionalworkers acouncils,thefit fromriseliving
lotstanew living waged 25 andexpected to cost co—amore. Some 43 permounting to 341,ageover —anduncils’ care searn less tthecent of careincr000 peopleease iserviceshanthe
£360m in Analysis iPAGE 4thecomingfinancialyear.

Livingpressure onwage rise to pcareservicesile

UK £3.80 ; ChannelIslands £3.80; Republic of Ireland €3.80 S ATURDAY1APRIL/S U N DAY 2 APRIL 2 017

©CNoFPrankfurt,THEhicago, Sanrinted in Lon: 39, 436 FINANCIALBrussels, M★Francdon,Liverpool,isco, Wilan,Madrashington DC,TIMES LTDGlasgow,id,New York,Dublin, (^2017) Orlando,
Tokyo, Hong Kong,Singapore, Seoul, Dubai
Sub Tww For the latest news go to w.ft.el: 0800 scribe com/298 4708subscribe In p now rintand online
http://www.ft.com

Censors and sensitivityWarning: this article may be upsetting — LIFE & ARTS
H OT E CW HNO LO GYD RIVER LESS I S
C H A NA MERICAN GIN G A N WAY OF LIF E
T H EO F T END H E
R O A D
FT WEEKEND MAGAZINE
Escape the taper trapHow high earners can evade a pension headache —FT MONEY
The lure of the exoticRobin Lane Fox on the flair of foreign flora — HOUSE & HOME
How To Spend It
Chic new lodgings in ScotlandMAGAZINE
Art of persuas overdisputedpain ion ting of Jane AusMystery deepensten
Austen’sdescendantsinsisttheRiceportraitdepictsherasagirl—seemagazineBridgeman Art Library
R we D Cs UNC A N R re A LPH AT epingditSuissetaxinve OBINSO NKINS — Z Uhas— B R U S SRIC HstigabeentionsintargetedbyELStheUK,
FcitbimageaTheSwoackSwrs-operatinganceandsataxhavitzerland’sissbanksaidyewithatheNattemptstoetherlauthoritiesaen.nds,sterdayitcleanupsettingfterwasits
“oconcerningwpartfficesinLoDeresinGermanywerealsoinvolved,utchacontactedbylouthondon,Paclienttaxmaritiessaidrisandcaltters”.theircoAmsterdamofficialsunter-
wtoovsaiditwasinveeffTheohileAerhaulrtsbyinqustrauiriesthebusinessmolia’srevcountry’sstigathreatentountingaSwenuebankdelsandenissbank.departmentdermineingsectorsure
dcusteqrbillionownoneTheprouiremomersmeetsofentsfobesdollarsinvaders,wriskllowinternasparkinganfines.ingahichreUS-ledtionalsultedininterna-clamp-tax
menttionageEntionscocU’seral’sojudicialal”disputeathatithad-ordinatedbyEurojfficeeliaisonbody.fterxprebeentheSwissssed“aleftoutofattoust,stonish-rney-thethe
sublandcenCretyes,Frajectofinveditsterday,Suisse,wnceandstigahoseidentionsintheUK.tifiedsharesThebtheNfell1.2peritselfasanksaidether-the
itlaunchedagatherinforcomfollowed“aHMpliance”Revcrimmationaboutenue&Customsbutwasstrainalinvetegyostigaffullstilltheprosaiditclienttiontryingtobes.hadtaxinto
taxsuspectedandderingby“areachofcertainoauthothisiritytaxefitsadded:nveglobalvasionandmoneyemployfinastiga“Theintionncialinees”.sendsaternstitutionTheUKationallaun-clear
meingsthoseseekaction,Dutchprssageandgoldsaidthatingtoevadetax.”osetheycutors,whointhereisnoseizedjewingotsaspartofhidingellery,paitiatedplaceint-theirthefor
probe;Switzerlandinvethousataxastigationhadrevuthorities.nd”bankawhileFrenchoandnotdeccountsopenedinealed“sevclaredtofficialssaidFrenchtheireral
delibopsaiditwas“ademeraTheSwissattorney-general’sofficeerateexandetionhasdawstoclusionofrittenenishedatbeenorganxplanationfromSwitzerlaisedwthewaynd”.Itiththisthe
Dinevadetax.ItagrranIn2014,CretheUStoan“eutchagingcuthorities.onspiracy”toditeedtofinesof$2.6bn.Suissextensivepleadedhelpandwide-guiltyclients
in PHouDublin,Additional rearislder inCarLondon,oline Biporting byand MnhamLaura Nichaeland VStotoonan inanessahard
Credit Suisse
engu lfed in
f 3 reshUK, France and Nethertax probelands swoop
3 Blow for bid to clean up Swiss image
FEBRUARY 4^2
017
THE RISE OF ECO-GLAM
390_Cover_PRESS.indd 1 19/01/2017 13:

Free download pdf