Professional Documents
Culture Documents
The new FP CRUX UK Special Situations Fund is a concentrated This tried and tested investment approach, which Richard has
portfolio of quality stocks. The core of the portfolio is mid used consistently for 25 years, has delivered a solid track record
cap companies topped up with some FTSE 100 names and a over the long-term.
number of carefully selected small cap ideas.
If you’d like to find out more about the new FP CRUX UK
The manager, Richard Penny, looks at the fundamentals Special Situations Fund and its quality driven holdings, visit our
of businesses to ensure they offer clear upside potential. website today.
Fund Featured; FP CRUX UK Special Situations Fund. This financial promotion is issued by CRUX Asset Management Limited who
are regulated by the Financial Conduct Authority (FRN: 623757). The value of an investment and the income from it can fall as
well as rise and you may not get back the amount originally invested. Past performance is not a guide to future performance. A
free, English language copy of the full prospectus, the Key Investor Information Document and the Supplementary Information
Document for the Fund, which must be read before investing can be obtained from the CRUX website or by calling us
(details above).
The biggest History’s THE SNUBBING
blockbuster greatest OF DONALD
of them all marathon TRUMP
FILM P 33 runner TALKING POINTS
SPORT P 26 P 25
THE WEEK
4 MAY 2019 | ISSUE 1225 | £3.80 THE BEST OF THE BRITISH AND INTERNATIONAL MEDIA
Officially, the British Government is still President Xi with Ren Zhengfei To think Huawei could function “without
considering whether to use Huawei equipment. the imprimatur of Beijing” would be “naive”,
But a rare leak last week from a meeting of the National said The Daily Telegraph. But if the cyber-security risks can be
Security Council (NSC) revealed that despite objections from managed – and GCHQ experts believe they can – there’s “no
several ministers, Theresa May had decided to allow the firm obvious reason to exclude Huawei from the British market in
to provide non-core elements of the 5G infrastructure, such as which it has operated, since 2003, under a government-
mobile masts (see page 15). This would be in line with the approved partnership with BT”. An outright ban would be
strategy employed by Germany and other countries. The US “wrongheaded”, agreed The Economist. Refusing to use
claims Huawei can’t be trusted with critical infrastructure Huawei hardware would do little to reduce the risk of cyber
because the company is effectively an arm of the Chinese state. attacks, which generally exploit flaws in software. “This is
But Huawei has denied allegations that it is a Trojan Horse why Russia can cause mayhem abroad, despite having no
and has accused the US of pursuing a protectionist agenda. commercial role in Western telecoms networks.”
THE WEEK
Editor-in-chief: Jeremy O’Grady
If I noticed an opponent kick a ball out of the rough during a round Editor: Caroline Law
Deputy editor: Harry Nicolle Executive editor: Laurence Earle
of golf, I would be outraged. When I read about Donald Trump doing City editor: Jane Lewis Editorial assistant: Asya Likhtman
it, however, I’m not shocked, merely entertained. There is something Contributing editors: Daniel Cohen, Charity Crewe, Thomas
Hodgkinson, Simon Wilson, Rob McLuhan, Anthony Gardner,
so breathtakingly brazen about the “Commander in Cheat”, as a new book by the sportswriter Rick William Underhill, Digby Warde-Aldam, Tom Yarwood
Editorial staff: Anoushka Petit, Tigger Ridgwell, William
Reilly calls him, that one finds oneself almost admiring his chutzpah. At Winged Foot, where Trump Skidelsky, Rosabel Crean Picture editor: Xandie Nutting
Art director: Nathalie Fowler Sub-editor: Laurie Tuffrey
is a member, caddies saw him kick the ball back onto the fairway so often they christened him Pelé, Production editor: Alanna O’Connell
after the famous footballer. If he plays a bad stroke off the tee, he allegedly just plays another, and Founder and editorial director: Jolyon Connell
Production Manager: Ebony Besagni Senior Production
maybe another, still counting it as one shot. He then jumps into his golf cart, which is tuned to go Executive: Maaya Mistry Newstrade Director: David Barker
Direct Marketing Director: Abi Spooner Inserts: Jack Reader
faster than anyone else’s so he can get down the fairway first. A ball hooked into the woods will Classified: Henry Haselock, Rebecca Seetanah,
Nicholas Fisher Account Directors: Lauren Shrigley,
appear miraculously on or near the green. One opponent even claims to have seen him swing a club Jonathan Claxton, Jocelyn Sital-Singh Senior Account
Managers: Joe Teal, Hattie White Account Executive:
at a non-existent ball, then march up to the flag and pull a real one out of the hole. Then there’s the Clement Aro Advertising Manager: Carly Activille
Group Advertising Director: Caroline Fenner
way he scores. If he shoots a “sketchy“ 77, says Reilly, “on the ride home it’ll be 75. By dinner, 72”. Executive Director – Head of Advertising: David Weeks
What’s odd is that, far from being a duffer, Trump is in fact a handy player. He drives the ball a long Chief Executive, The Week: Kerin O’Connor
Group CFO/COO: Brett Reynolds
way for a 70-year-old, as Tiger Woods noted after playing with him, and is the best player ever to have Chief Executive: James Tye
Dennis Publishing founder: Felix Dennis
occupied the White House – better than John F. Kennedy and better than Eisenhower, who was such THE WEEK Ltd, a subsidiary of Dennis Publishing Ltd,
an avid golfer that he had a putting green built on the White House lawn. But 31-32 Alfred Place, London WC1E 7DP. Tel: 020-3890 3890
Trump being Trump, the only thing that matters is winning, however you do it. Jolyon Connell
Editorial: The Week Ltd, 2nd Floor, 32 Queensway, London
W2 3RX. Tel: 020-3890 3787.
email: editorialadmin@theweek.co.uk
Paris
Macron launches fightback: President
Macron has attempted to relaunch his
presidency – rocked by months of gilets
jaunes protests – by announcing s5bn
of income tax cuts for lower and middle
earners, and pension rises for the poorest.
In a televised speech followed by a
two-and-a-half-hour press conference (the
first of his presidency), Macron apologised
for his sharp tongue and perceived
arrogance. He said he would inject
more “humanity” into his presidency,
but would press ahead with his liberalising
pro-business agenda, and ruled out one
of the gilets jaunes’ key demands – the
reintroduction of France’s wealth tax.
He also announced a range of political
reforms, including slashing the number
of MPs by 30%, and confirmed that
he plans to close the École Nationale
d’Administration, the elite college
where he himself studied (see page 19).
Huntsville, Texas
White supremacist executed: A 44-year-old white supremacist,
who committed one of the most notorious hate crimes in modern
US history, was executed by lethal injection by the state of Texas
last week. John William King was one of three men convicted of
the murder of James Byrd Jr in 1998. The trio had gone out in
a pick-up truck in the early hours and, coming across Byrd, a
49-year-old African-American man, offered him a lift. They beat
him up, chained him to the truck by his ankles and then dragged
him behind it for nearly three miles along a secluded road. Byrd is
believed to have been conscious for around a mile before his body
was ripped apart. One of the killers was executed in 2011; the
third, who cooperated with police, is serving a life term.
Caracas
“Coup” attempt:
Venezuela’s embattled
president, Nicolás
Maduro, claimed on
Tuesday that his troops
had staved off an
attempted “US-backed”
coup, following a day of
street battles in which
scores of people were injured. In an hour-long address,
Maduro said that a “small group” led by opposition leader
Juan Guaidó – and backed by Colombia and US “imperialists”
– had tried to turn the military against him, but that they had
failed. The events, he added, would not go “unpunished”. He
appeared on camera flanked by senior officers, and in video Brasília
footage taken on Tuesday, armoured vehicles can be seen Bolsonaro under attack: Brazil’s
driving into protesters. Guaidó called on his supporters to take President Bolsonaro, a self-declared
to the streets again on Wednesday – raising fears of more homophobe, has been accused of
clashes. In a video, he told his supporters that their efforts to inciting hatred towards the country’s large LGBT community
oust Maduro were entering the “final phase”. by warning that Brazil must not be allowed to become a “gay
Guaidó declared himself interim president in January, tourism paradise”. “If you want to come here and have sex with
claiming that Maduro had secured a second six-year term a woman, go for [it],” said Bolsonaro. “Brazil can’t be a country
in an election marred by fraud and an opposition boycott. He of the gay world, of gay tourism. We have families.” Bolsonaro’s
has been recognised as such by around 50 countries; however, approval ratings have slumped since he took office, partly as a
Maduro has the support of Russia, Bolivia and Cuba. This result of increasingly bitter and public infighting between his sons
week, Washington claimed that Maduro had been about to Carlos and Eduardo (both politicians) and his vice-president,
board a plane to Cuba to escape the unrest. Hamilton Mourão, a retired general who is seen as a moderating
influence on the far-right president.
Tokyo
New emperor: Japan’s
Crown Prince Naruhito
ascended to the
Chrysanthemum Throne
on Wednesday, one day
after his father, Emperor
Akihito, 85, stepped down
– the first such imperial
abdication for 200 years.
Naruhito, 59, is an
Anglophile who studied in
Oxford in the mid-1980s.
In his 1993 memoir,
The Thames and I, he
described the period as the
happiest time of his life.
To mark the new imperial
era of Reiwa, or
“beautiful harmony”,
the country has
been given
ten days off.
Pemba,
Mozambique
Second cyclone: Baghuz,
Mozambique Syria
has been struck Isis leader
by a second alive: The
devastating leader of Isis,
cyclone, just six Abu Bakr
weeks after Cyclone al-Baghdadi,
Idai tore into the country killing at least has made
600 people. Cyclone Kenneth hit northern his first Jakarta
Mozambique last Thursday, pounding the appearance Election officials die: Indonesia’s election
region with days of torrential rain – for five years, commission says that 311 election staff
ongoing this week – and causing in a video in which he hails the Sri Lanka have died – mostly of fatigue-related
widespread flooding and damage to suicide bombers and threatens a wave of illnesses caused by overwork – since the
infrastructure. The worst affected areas global terror attacks, in revenge for the country went to the polls on 17 April,
are in the far northeast, and include the defeat of the Isis “caliphate” in Syria and in the world’s biggest single day election.
city of Pemba, and Macomia, Ibo and Iraq. Until the video’s release, Baghdadi A further 2,232 have fallen ill. Some 193
Quissanga in Cabo Delgado province. had not been seen since July 2014, and million voters were eligible to take part in
According to early official estimates, many had speculated that he was dead. simultaneous presidential, parliamentary
35,000 homes and buildings have been His current whereabouts are not known; and regional elections. There were 800,000
destroyed; and tens of thousands of however, it’s thought that he had been polling stations across Indonesia, which
people made homeless. The initial death based in Baghuz, the last Isis-held town in has more than 17,500 islands and stretches
toll was put at 38: flooding was expected Syria which was captured by Kurdish-led 3,000 miles from east to west. Turnout
to peak later this week. Syrian Democratic Forces in March. was 80%. Full results are due by 22 May.
felt when I walked my dreams since And rem member, while you might know nominated director of
into a room that I was a kid. Why your target demographic, they might Boyz N the Hood, died
I always had to would I mess not realiise they’re middle-aged.” 29 April, aged 51.
prove I was more that up?” Barbara Ellen in The Observer
Desert Island Discs returns in the spring
THE WEEK 4 May 2019
19
Your private address at sea.
Grill Suites
Briefing NEWS 13
How many people will be voting? of condoning a pogrom that left 790
India has 900 million eligible voters. And Muslims dead. In 2005, Britain and the
as the country simply can’t handle all of US placed visa bans on him for his
them voting on the same day, they will “severe violations of religious freedom”,
cast ballots in seven phases spread over though quietly overturned them when it
five weeks. More than one million polling became clear he’d win power. And as
places will be set up (the US, by contrast, PM, he has often accused the opposition
has about 117,000), partly because of Congress Party of being the party of
India’s vast size, and partly because of a Muslims and of seeking a “pink
law that says that no citizen should have revolution” – a reference to blood from
to travel more than 1.25 miles to vote. slaughterhouses. (The RSS condemns
Voters will choose representatives for Muslims for eating beef and seeks to ban
the Lok Sabha, the lower and more the killing of cows, which are sacred to
powerful house of the legislature, to Hindus.) Modi has also spent millions on
serve for five-year terms. The party public works to glorify Hindu heroes and
or coalition that wins a majority of the reduced funding for tourist sites of the
543 seats will select the prime minister. Muslim Mughal era, like the Taj Mahal.
In the last national election, in 2014,
Prime Minister Narendra Modi’s Hindu Narendra Modi: championed by Bollywood Who’s Modi running against?
nationalist Bharatiya Janata Party (BJP) The main opposition is Congress, a
got an outright majority of seats. secular party controlled by the Nehru-Gandhi family, which has
dominated Indian politics since independence. Rahul Gandhi is
Has Modi’s first term proved a success? the great-grandson of Indian founding father Jawaharlal Nehru;
Modi promised to make sweeping economic reforms to lift his grandmother and father were also PMs. The party’s most
farmers out of poverty, and to create the one million jobs India striking election pledge is the hugely expensive promise of a basic
needs to add every month to accommodate its rapidly growing yearly income of $1,000 to the poorest 20% of India’s families.
workforce. And, while he has dismantled much of India’s stifling It’s also promising a raft of policies to empower women: for
bureaucracy and privatised many of its lethargic state companies, example, to reserve 33% of appointments to central government
he has made scant progress on either of these fronts. Despite posts for women; to ensure state police forces do the same; and to
India’s relatively good economic growth rate of about 7%, enforce the Equal Remuneration Act. But as women now vote in
the agricultural sector – which employs nearly half the workforce ever-greater numbers, and their vote is considered pivotal, the
– has been growing at only 2.7%. In fact, the unemployment BJP is also trying to woo the female vote with similar policies.
rate reached a 45-year high in 2017, a figure Modi has been
accused of trying to conceal. And most halfway decent jobs And who is likely to win?
are almost impossibly hard to come by. When 62 low-level Polls show Modi ahead. He has profited from a surge of patriotism
government jobs were posted in Uttar Pradesh state, 93,000 fuelled by a suicide bomb attack in Kashmir by a Pakistan-based
people applied; a staggering 25 million people put in for 90,000 terrorist group, in which 40 Indian soldiers were killed. Modi
openings in the Indian Railways. Income inequality is massive: responded to that attack with fiery rhetoric and ordered air strikes
about 364 million Indians still live in dire poverty. on Pakistani territory. Yet Gandhi could still pull an upset. Voter
dissatisfaction with the economy led to the BJP losing three major
Then what is the basis of Modi’s continuing appeal? state elections in the Hindi heartland in December. Adding to the
Hindu nationalism. He and the BJP are dedicated to the idea of unpredictability, about half of Indian voters are likely to cast
Hindutva – of a Hindu-led India in which ethnic and religious ballots for regional parties specific to their state, many based
groups held to have originated in the on caste or ethnicity. With the stakes
subcontinent (Hindus, Sikhs, Jains) The boost from Bollywood high, all sides have resorted to
are to make the running, but in Bollywood used to be studiedly unpolitical. But that‘s unprecedented propaganda efforts.
which “invader” or “infidel” groups changed with the rise of Narendra Modi. Never before,
(India’s 172 million Muslims and its says Anshul Chaturvedi in The Times of India, has What kind of propaganda?
28 million Christians) should have there been “such a committed, unapologetic support Primarily fake stories on social media.
no place. Back in the 1920s, during group for a government or a party within the Hindi film Facebook says it has taken down
British rule, a radical militant industry”. It began with the large Bollywood turnout at more than 712 accounts, nearly
organisation called the Rashtriya Modi’s swearing-in ceremony in May 2014, and several 549 of them linked to Congress, that
big names have become defenders of government
Swayamsevak Sangh (RSS) was policies on TV news channels. Now there has been a
were spreading disinformation: one
formed to pursue the Hindutva ideal. slew of movies in which actors portray real politicians. faked video showed a BJP official
It was banned after independence, conspiring to stir up a war with
In many of these Modi is depicted as India’s strong,
when a former member assassinated patriotic champion. Uri: The Surgical Strike, which Pakistan to boost election chances.
Mahatma Gandhi, only to re-emerge glorifies Modi’s military response to a 2016 terrorist But the BJP is no innocent in this
years later as a charitable body attack, is the year’s highest-grossing film. In another regard: HuffPost India found that it
campaigning for land reform and fawning biopic entitled PM Narendra Modi, the actor had evaded Facebook and WhatsApp
social welfare, but with an abiding Vivek Oberoi, who plays Modi, is seen warning funding disclosure rules to secretly
ideological attachment to Hindutva. Pakistan: “If you dare raise your hand against us again, back sites that run doctored videos
The BJP is its political cousin. we will chop it off.” But Rahul Gandhi is not without slandering Congress leaders. For the
his own Bollywood boosters. He’s given hagiographic 287 million Indian adults who are
treatment in My Name is RaGa. The film plays up the
Has Modi pushed Hindutva? illiterate, these videos, as well as
Gandhi family’s importance in modern Indian history.
Yes. A long-standing RSS member, “Bollywood is not just a form of entertainment,” Bollywood movies (see box), are a
he has a history of involvement in cultural studies professor Rajinder Dudrah told main source of information. Voting
sectarian controversy. As governor Time, “but also a parallel form of information.” ends on 19 May: the results will be
of Gujarat in 2002, he was accused announced on 23 May.
of CEO pay says Dominic Lawson. Chief executive pay, here and in the US,
has become divorced from any balance between risk and reward.
slope they got stuck, and
dialled 999.
Walt Disney, an artistic and business genius, built an entertainment
Dominic Lawson empire from scratch and stood to lose everything if it failed. “Iger, McDonalds’ attempt to cut
plastic waste by introducing
when all’s said and done, is an employee whose great rewards were
The Sunday Times paper straws at its UK
never balanced by personal risk.” When he and other CEOs get branches has not got off to a
obscene windfalls, it makes capitalism stink; it plays into the hands good start. Customers say the
of our “avowedly Marxist” shadow chancellor, John McDonnell, paper straws get soggy, and a
who plans to expropriate ordinary shareholders in big companies petition demanding the return
by handing 10% of their investments to employees. Businesses that of plastic ones has attracted
fail to exercise proper judgement over bosses’ pay should beware. 43,000 signatures.
They “will themselves be judged, and not to their advantage”.
In the Battle of Agincourt, says Bret Stephens, the “humble and effective English longbow made
The Pentagon short work of the expensive and vulnerable French cavalry”. Is America at risk of suffering the same
sort of military humiliation? Christian Brose, the former staff director of the Senate armed services
could learn committee, believes so. The traditional model of US power – based on large, expensive and heavily
manned systems – has, he says, become a dangerous anachronism. It no longer makes military or
from Agincourt economic sense to invest in $13bn aircraft carriers and $89m fighter jets when the US is fighting
technologically primitive enemies in the Middle East, and when its “relatively small number of
Bret Stephens ultra-sophisticated platforms are increasingly vulnerable to detection and destruction” by rivals such
as China and Russia. The US should instead create many more, cheaper military platforms, “and –
The New York Times within ethical limits – enhance their autonomy”. That would put fewer soldiers in harm’s way and
reduce the risk from swarm attacks. But alas, this change is unlikely to happen any time soon: the
“military-industrial-congressional complex” will resist any disruption to its business model. “In the
meantime, the risk of being on the losing side of our own Agincourt” grows greater by the day.
The Mueller report is scary, says Yuval Levin – and not just because of what it reveals about Russian
It’s dangerous election interference and possible obstruction of justice by President Trump. Perhaps even more
disturbing is what it reveals about how this White House functions. Mueller found that officials
to disobey routinely ignored Trump’s orders, because they view him as irrational and ignorant. The “willingness
of his subordinates to be insubordinate” has generally served Trump well during his time in office, as
the president his judgement is often “shockingly bad”. Indeed, by refusing to fire Mueller or halt the investigation,
officials in this case probably saved his presidency. But if the willingness of Trump’s people to ignore
Yuval Levin or disobey him is in some ways reassuring, it’s dangerous in the long term. In our system of
government, the president is supposed to be the final authority. If aides and cabinet members pick
National Review and choose when to carry out presidential decisions, the constitutional order breaks down. How do
we hold these people accountable? A clear and effective chain of command is particularly vital in
moments of crisis. We’d better hope we’re lucky enough to avoid a national security or economic
emergency under Trump. For this White House would be “fundamentally unprepared” to handle it.
It has been six months since Canada legalised cannabis, says Stephen Marche, and one thing is
Canada shows already clear. “When you make pot legal, you make it super, super boring.” I went to a party in
a smart area of Toronto the other night and it seemed as if half the people there were involved in
the way on the cannabis industry in some form. Marijuana stocks have replaced property prices as the go-to
conversation at dinner parties. It’s too early to judge the public health effects of legalisation. We
cannabis don’t yet know whether it will lead to higher rates of teenage mental illness, say, or more car
accidents. “But, already, it is unimaginable that marijuana would be made illegal again.” Legalisa-
Stephen Marche tion has opened people’s eyes to the “sheer stupidity of the drug war”. America is losing the battle
against illegal drugs: cocaine and heroin have never been cheaper; overdoses have just overtaken
The New Yorker car accidents as a cause of adult deaths. But the US is doing well with legal drugs: tobacco use and
drink-drive fatalities are both in steep decline. Now that it has legalised pot, Canada can regulate
it and study its effects properly. The country is “proving, once again, the deep political power of
boredom: if you want to suck the power and glamour out of drugs, let the government run them”.
An art-hating “hysteric”. That’s what conservative pundits have been calling Angela Merkel after she
GERMANY took down two oil paintings by the great German expressionist Emil Nolde from the walls of her
office, says Karl Gaulhofer. Nolde, whose works are now on show in Berlin’s Hamburger Bahnhof,
The respected is held in high esteem in Germany – hence the tirades against Merkel. Under the Third Reich, his art
artist who was banned as “degenerate” and “unGerman” (Hitler abhorred modernism in art); and Nolde
himself is often seen as – and after the War presented himself as being – a brave victim of the Nazis.
backed Hitler However, that myth is exploded by the Berlin exhibition, which highlights the less familiar facts that
Nolde was a Nazi Party member and ardent anti-Semite who adored Hitler. It was this that rightly
Die Presse prompted Merkel to take action. Yet just because Nolde should have no place in the German
(Vienna) Chancellor’s office doesn’t mean his art no longer has merit, any more than Michael Jackson’s music
has suddenly become bad following the paedophilia claims. In a mature, liberal society we must
accept that great artists can also be thoroughly reprehensible people – and live with the ambivalence.
If your president becomes extremely wealthy while in office, he surely has a duty to explain how it
PHILIPPINES came about, says the Philippine Daily Inquirer. And President Rodrigo Duterte certainly has a lot of
explaining to do. Having analysed financial statements from the Duterte family, the Philippine Centre
How did you for Investigative Journalism has found the president’s net worth, and that of his son Paolo, former
get so rich, deputy mayor of Davao, roughly tripled during their time in office. That of his daughter Sara, mayor
of Davao, has increased sixfold. But rather than explain this financial mystery, Duterte has responded
Mr President? with his “now patented mode of going after perceived detractors with curses, gutter language, sexual
innuendos and threats of retribution”. He claims the journalists investigating him are crooks, paid
Philippine Daily Inquirer by his enemies. And he insists the public has no right to poke into his personal finances. “I’m rich?”
(Manila) he says. “I’ll hide it. Why should I tell you where I keep my money? You’re stupid. I might end up
getting robbed.” Philippine law actually requires all public officials to account for their wealth, so we
can make sure that our representatives aren’t looting the coffers. But Duterte is a law unto himself.
It’s the ultimate elite training college: it has produced four of the last ten French presidents (including
FRANCE François Hollande and Emmanuel Macron), and seven of the past 18 prime ministers. The École
Macron is Nationale d’Administration (ÉNA) was founded by Charles de Gaulle in 1945 to end “nepotism and
cronyism” and ensure France’s future leaders were chosen purely on merit. A very worthy institution,
wrong to close in short, says Maxime Tandonnet. But as places are subject to fierce competition (only 90 énarques
graduate each year), critics see it as the preserve of well-off families with access to the best education,
his alma mater and even those who’ve benefited from it seem embarrassed by its inegalitarian reputation. Jacques
Chirac (also an énarque) toyed with closing it. Now, in a blatant sop to the gilets jaunes who’ve been
Le Figaro making his life such a misery, Macron says he’s actually going to. Really? How are France’s interests
(Paris) served by doing away with high-level competition for top posts? Most énarques are anonymous civil
servants who, by passing its ferocious exams, prove their determination to serve the country. By all
means let us make access easier for those with real ability. But to throw the ÉNA to the mob as a
scapegoat for France’s real problems is the height of demagoguery.
AR ANTEE
AR PRICE GU
T WO YE
New to Sky?
Get Sky TV for £22 a month sky.com/sports 0800 759 1488
The F1® Logo, F1®, FORMULA 1®, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trademarks of Formula One Licensing BV, a Formula One group company. Sky TV required for £22 pm with new
18-month minimum term, standard price £27 pm outside of new minimum term. Set-up fee up to £20. All Sky Q kit is loaned to you at no cost and must be returned at the end of your subscription. Sky Sports F1 offer: Sky
Sports F1 £10 extra a month for 24 months for new and existing customers, cancellation requires 31 days’ notice. Upon cancellation, this offer will not be redeemable again. After 24 months, standard price will apply (currently
£18pm). Offer ends 28 May 2019. General: Subject to status. Upfront payment may be required. Prices may go up during your contract. Non-standard set-up may cost extra. Weekend set-up £15 extra. Connect to TV using
HDMI cable. You own the Sky dish. Prices may vary if you live in a flat. You must get any consents required (e.g. landlord’s). UK residential customers only. Email address required so we can keep in touch about your services.
Further terms apply. Correct at 3 May 2019.
Health & Science NEWS 21
Why orcas are the ocean’s top dogs Wild salmon in “crisis”
The great white shark’s reputation Fewer wild salmon were caught in
as the ocean’s most fearsome apex Scotland last year than in any of the
predator may not be justified. previous 70 years, renewing fears that
Biologists have discovered that the the species is in crisis. Only 37,196
sharks are terrified of killer whales salmon were caught in 2018, two-thirds
(orcas) – and with some reason: it of the average over the previous five
years, and far fewer than the 111,405
seems that orcas have developed a
caught in 2010. A major factor in the
taste for the sharks’ nutrient-rich livers. decline is thought to be last year’s
Researchers who tagged great whites unusually hot summer, which caused
off the coast of California for more some rivers to dry up, and left many
than a decade noticed that whenever migrating salmon trapped in estuaries.
orcas appeared, the sharks would Striking fear into great whites Yet there is clearly a longer-term trend
abruptly vanish, often not returning for at work, and conservationists have war-
months. They didn’t observe any orcas killing great whites, but discovered that in ned that a range of factors are to blame,
1997, fishermen in the region had observed a pair of orcas beating to death a great including pollution from farm waste, an
increase in man-made obstructions in
white and then feasting on its liver; and that in South Africa in 2017, five liverless
rivers and the spread of parasitic sea lice
great white carcasses had washed ashore after a pod of orcas had been seen nearby. from salmon farms on Scotland’s west
© SCIENCE PHOTO LIBRARY
Orcas appear to have developed a near surgical technique for removing a shark’s coast. Dr Alan Wells, chief executive of
liver: they bite their victim near its pectoral fin and then squeeze the organ out Fisheries Management Scotland, called
through the wound. “It’s like squeezing toothpaste,” said Salvador Jorgensen for conservation of wild salmon to be
from the Monterey Bay Aquarium, who led the research. made a “national priority”.
The C60 Trident Elite 1000, with a titanium case and full-lume bezel
featuring top grade SuperLumiNova®, gives a glowing performance all
the way down to 1000m. It more than holds it own against other
professional dive watches – at a price point they can’t reach without
cracking their profit margins.
Do your research.
christopherward.co.uk
We strive
to go deeper.
Murray Income Trust
ISA and Share Plan
Investing for income growth is a skill. Sometimes,
an investment that seems great on paper may not
be so good when you look beneath the surface.
Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management
and Standard Life Investments. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace,
Aberdeen AB10 1XL, which is authorised and regulated by the Financial Conduct Authority in the UK. Please quote
Telephone calls may be recorded. aberdeenstandard.com 2056
LETTERS 29
Pick of the week’s correspondence
Paying for social care Exchange of the week Extinction Rebellion by a long
To The Times list of academics, educators
Damian Green is to be The merits of private schools and other professionals.
applauded for being brave Elsewhere in the car pages of
enough to raise the spectre of To The Times The Magazine, we discovered
social care costs. However, Independent schools have no right to exist if they do not fulfil the perils of driving an electric
I do not think he goes far a need, but nor is it rational to abolish them if they do. Private car on a longish journey almost
enough. In my view, if you can schools have one particular merit that justifies their survival: anywhere, and in the Traveller
afford to pay for your care in they act as a “control” to set against the endless experiments section we were informed that
old age then you should. The of an often hyper-politicised state system. This is why the silent we may not be able to stand on
average length of stay in a influence of good private schools has been disproportionate to ever-crowded trains. But who
home towards the end of a the number of pupils they have taught. Over the years, they cares? In the same Traveller
person’s life is 18 months, have encouraged creative teaching far beyond any curriculum section, we learn we can fly to
according to some estimates, and retained sixth forms and playing fields; they are Sharjah in the UAE and drive
and given that the average unembarrassed by the competitiveness that inspires many around some sand dunes, or
house price in the UK is children, especially boys, and have tried to harness it. They better than enjoying our 50th
reported to be £230,000, most have promoted music, languages and “difficult” subjects. birthday in the many good
estates can afford to pay this They recognised and supported the needs of academic children venues in Cardiff, why not fly
and still leave an inheritance to when this was considered the height of wickedness. off to Málaga for a blast?
the next generation. We have much to address, not least high fees and low levels Something more than
Where this analysis breaks of social diversity. However, it makes no sense to abolish China’s massive cement
down is in the case of something because it is successful. industry has got to change.
dementia, where the length of Andrew Halls, head master, King’s College School, Gary Wiltshire, Bunwell,
stay can be significantly greater Wimbledon Norfolk
and the costs punitive. Here
I agree with Green about the To The Times Pulling the NHS apart
concept of an insurance policy, Independent schools provide affluent people with the To The Daily Telegraph
which could help to alleviate opportunity of separating their children from those of the Both your Tuesday headline
the burden of care home fees masses and buying what they imagine to be a superior (“Gag order ban for NHS staff
when the length of stay is more education. The Independent Schools Council unsurprisingly who blow whistle”) and your
than 18 months. argues that such segregation really does the masses a favour; leading article (“A transparent
Previous generations have as William would have said, “they oughter be jolly grateful”. NHS”) highlight important
been the recipients of very Andy Connell, Appleby-in-Westmorland, Cumbria issues regarding the way NHS
generous tax relief on pension services are delivered.
contributions that are now government agencies, state- must respond to these NHS managers and
denied to taxpayers like me in owned companies and, unprecedented circumstances. politicians are poles apart in
their 30s. The best way to probably, private companies It should revise the current their vision of what should be
ensure wealth cascades down where it has a formal presence. arrangements, introduced after delivered and how it should
the generations is by allowing It seems highly likely that when significant changes in 1998, be done. Politicians want
younger generations to save it comes to strategic decisions, under which the leader can be quantity, not necessarily
more, through tax cuts and it is the Party – via Zhou – that challenged annually if 15% quality, to convince voters that
pension relief. That can only be controls Huawei. It beggars of Tory MPs write secret letters services are being delivered.
achieved by people paying their belief that the Government demanding a vote: 30% should Trust managers, though, can’t
own way in old age. does not understand this. become the threshold; be seen to be providing poor or
Charles Bull, London Consequently, we must ask challenges should be permitted dangerous services, as they
why it’s planning to allow the whenever it is reached, with might risk their jobs or see a
Investment at any cost? company any role at all in the disaffected making their trust put into special measures.
To The Guardian Britain’s 5G network. Is it names public (in the past, This means that as long as
The Government is right that because Brexit Britain will be letters have been forged). some service can be delivered –
Huawei is not owned by the in desperate need of any That will ensure that a regardless of the quality of
Chinese regime, but it seems to investment? If this were a disastrous leader cannot that service – then the problem
have missed the fact that it is Labour government, the right- cling on for months without will continue.
probably controlled by the wing media would be telling significant support. As Dr P.L. Riley (retd),
Chinese Communist Party. us that Jeremy Corbyn was in Churchill said, leaders who Stourbridge, West Midlands
Huawei is technically majority- the pay of China. But Theresa fail must be poleaxed.
owned by its employee union. May? Surely not. Lord Lexden,
As with all legal trade unions Jeffrey Henderson, professor Conservative Party
in China, however, Huawei’s emeritus of international historian
union will be controlled by the development, University
Party. Additionally, as with of Bristol Consuming desires
other large privately owned To The Independent
firms, Huawei has a party Getting rid of May The challenge of matching
branch, currently headed by To The Times the need for action on
Zhou Daiqi. Although Zhou is The Conservative Party is in climate change to the
Huawei’s director of ethics, it greater turmoil today than ever lifestyle urges of the
is almost certainly in his role as before in its long history. cash-affluent was amply
Party secretary that he serves Theresa May has completely demonstrated in the
as a member of Huawei’s lost its confidence, both in and pages of today’s Daily
executive committee. outside Parliament. The 1922 Edition app. “Let me go and get my manager
and see if she cares”
It is the Communist Party Committee, which determines The Letters page
that ultimately controls all how Tory leaders are elected, covered support for © DREW PANCKERI/NEW YORKER/CARTOON BANK
White
by Bret Easton Ellis Novel of the week
Picador 261pp £16.99 You Will be Safe Here
The Week Bookshop £13.99 by Damian Barr
Bloomsbury 352pp £16.99
Having once been “brattishly in touch with his The Week Bookshop £13.99
own epoch”, Bret Easton Ellis (b.1964) has
morphed into a grumpy old man, said David In this “polished and harrowing” first novel,
Sexton in the London Evening Standard. In these “two South African stories unfold a century
“freewheeling” essays, the author of American apart”, said Hephzibah Anderson in The
Psycho takes aim at “Generation Wuss” (aka Observer. In 1901, during the Second Boer War,
millennials), lambasting them for everything from Sarah van der Watt, a Boer farmer’s wife, is sent
their cry-baby tendencies to their intolerance of with her young son to a British internment camp.
opposing points of view. A central theme is More than 100 years later, Willem Brandt, a
“disdain” for digital culture, which Ellis (pictured) attacks on multiple fronts troubled 16-year-old, is despatched by his family
(despite himself being a prolific tweeter): for polarising opinion into ever- to a paramilitary training camp, on the basis that
hardening tribes; for diminishing sex by making it too available; and for forcing it will toughen him up. Both strands have been
everyone to have identical reactions to art, or risk being “tagged a racist or “extensively researched” (the latter is inspired by
misogynist”. While these pieces can be entertaining – Ellis remains an “eloquent a teenager’s 2011 death at a similar camp), but
and contrary” writer – there is something unedifying about the spectacle of a Barr wears his learning lightly and maintains a
former enfant terrible “overcome with nostalgia for his own youth”. “subtle emotional intelligence” throughout –
It’s easy to see Ellis as a much-reduced figure who hasn’t written a good novel especially during the brutal ending, which deals
in years, said Tom Shone in The Sunday Times. But the “real shocker” about with the effects of homophobic violence.
these essays is that they’re actually pretty “good” – especially those in which Although a link between the stories emerges
Ellis recalls his youth as a latchkey kid in 1970s California, living in a world at the end, there’s a sense that they don’t quite
without “parental filters or, for that matter, parents”. Ellis wears his identity “pull together”, said Antonia Senior in The
as an early Gen X member with pride, describing himself as part of the “most Times. The novel’s theme – that “brutality
pessimistic and ironic generation” ever, said Anna Leszkiewicz in The Guardian. fathers brutality” – isn’t “strong or novel enough
And he wants us to believe that today’s “PC, thought-police culture” has been to supply the missing cohesion”. Barr, however,
responsible for “ruining the world”. But while he appears to think that this is a is a “natural storyteller”, and the individual
daring viewpoint, the reality is that it’s “reactionary and boring”. These pieces parts are very moving. This is a “searing debut”.
have “all the sound, fury and insignificance of a misguided rant posted at 3am”.
To order these titles or any other book in print, visit
theweek.co.uk/bookshop or speak to a bookseller on 020-3176 3835
Opening times: Monday to Saturday 9am-5.30pm and Sunday 10am-4pm
Spanning two decades and embracing the path to modernisation. The last stretch
murder, ballroom dancing and UFO is too long, and there are “intellectually
sightings, this Chinese crime saga from ponderous moments”, said Maggie Lee
the director of Mountains May Depart is in Variety. But this “winding tale of love,
a “sprawling portrait” of a nation in flux, disillusionment and survival” is saved by
said Kevin Maher in The Times. At its the brilliant way in which the director
heart is a “mesmerising” performance by explores the most vulnerable feelings of
Zhao Tao as Qiao, a gangster’s moll in a his tragic protagonists.
provincial mining town, who is sentenced This is both a gripping parable about
to five years in prison for grabbing a gun the vanity of human aspirations and an
to defend her boyfriend Bin (Liao Fan) impassioned exploration of national
against his villainous rivals. But the boyfriend deserts her in her malaise, said Peter Bradshaw in The Guardian. It’s the “rangiest,
hour of need, and on her release she sets out on a 12-year journey most bittersweet” story of a life that Jia has yet produced, said
to track him down. It’s not just a personal journey: Jia Zhangke’s Tim Robey in The Daily Telegraph, and confirms him as China’s
film is also a melancholic rumination on what China has lost on boldest contemporary director.
As principal partner of Shakespeare’s Globe’s Summer Season 2019, Merian Global Investors is
delighted to offer a draw to win one of 25 pairs of tickets for A Midsummer Night’s Dream on July 24.
It promises to be a magical night.
Principal partner
Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount
originally invested. This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”). Merian Global Investors is registered in England and Wales
(number: 02949554) and is authorised and regulated by the Financial Conduct Authority (FRN: 171847). Its registered office is at 2 Lambeth Hill, London, United Kingdom, EC4P 4WR.
For full competition terms and conditions visit merianattheglobe.com. Models constructed with Geomag. MGI 04/19/0109.
Art ARTS 35
Exhibition of the week Stanley Kubrick: The Exhibition
Design Museum, London W8 (020-3862 5900, designmuseum.org). Until 15 September
Think of the “most “terrifying” carpet
powerful moments in from The Shining, a
cinema history” and continuity memoran-
you will inevitably dum from Spartacus
alight on the films of that “casually calls”
Stanley Kubrick, said for a cast of 3,600
Jonathan Morrison in Romans and 2,000
The Times. From Peter slaves, and Kubrick’s
Sellers’ Dr Strangelove “sole Oscar statuette”,
rising from his received when 2001:
wheelchair to the A Space Odyssey won
terrifying combat the award for best
in Full Metal Jacket, visual effects.
Kubrick’s career is Nevertheless, “the
packed with pervading impression
unforgettable imagery is still of an auction
– and we Brits have house preview of a
particular claim to it. mammoth disposal
Although born and sale of Kubrickiana”,
raised in New York, and there’s “something
Kubrick (1928-1999) Kubrick’s sci-fi masterpiece 2001: A Space Odyssey fundamentally
settled in England in disconcerting” about
1961 and, owing to his fear of flying, very rarely left. It’s strange, seeing “the smoke-and-mirrors magic of cinema” reduced to an
therefore, that it is only now that a major museum exhibition “array of static objects”. Overall, it’s a disappointment.
celebrating his work has been staged in this country. The wait,
however, has been more than worth it. This thrilling retrospective Still, it gives extraordinary insight into Kubrick’s “obsessive
is “a feast for anyone remotely interested in the movies”, guiding attention to detail”, said Oliver Wainwright in The Guardian. To
us through Kubrick’s films and shedding valuable light on his prepare for an unrealised film about Napoleon, he “produced an
craft. The show contains hundreds of fascinating exhibits, index card for every day of the French emperor’s life, with notes
including the special camera used to film Barry Lyndon by about his activities, even down to menu choices”; the interiors of
candlelight, Tom Cruise’s masks in Eyes Wide Shut and the the B-52 in Dr Strangelove were so accurately rendered that the
“erotic furniture” from the Korova Milk Bar in A Clockwork US military suspected him of spying. Elsewhere, a particular
Orange. It’s a fitting tribute to “one of the greatest directors ever “thrill” is the section devoted to 2001, featuring original artwork,
to work in this country”. model spaceships, costumes and “props galore”, and revealing the
ingenious ways in which Kubrick made his sci-fi masterpiece as
There are some marvellous things on show, said Catherine Slessor believable as possible. Ultimately, this show provides a compelling
in The Observer. In the course of the exhibition, we see the window into a “meticulous, and often disturbing, mind”.
period, evoking the heady fug of the contain hints of darkness; the
before Hoornik had told Van Gogh that she’d
dub sound systems, underground clubs, policemen in the periphery of many of become a “whore” out of laziness and that it
and the constant threat of unwarranted these images cast a shadow of paranoia was “bound to end up with me jumping in the
arrest in a series of paintings that make over the riotous scenes depicted. Prices water”. It did. Having tracked down her death
extensive use of odd perspectives and from £125,000. certificate in the Rotterdam municipal archive,
bright colours. The compositions meld Bailey discovered that she drowned after
the dynamism of cubism or Italian 25-28 Old Burlington Street, London throwing herself into a Rotterdam canal in 1904.
futurism with the explosive, anarchic W1 (020-7494 1434). Until 25 May.
15 days, November 2019 | from £4,699 pp Call 0808 239 8947 to book, quote ‘The Week’
• •
Reasons to book: Exclusive talk and insights from Jeremy Paxman Stay in some of India’s finest hotels Experience sunset and sunrise
• •
at the Taj Mahal Cruise along the sacred River Ganges on board Ganges Voyager II Stay in some of India’s finest hotels
4 days, September 2019 | from £995 pp 10 days, June / September 2019 | from £2,799 pp
Call 01334 441 976 to book, quote ‘The Week’ Call 01425 384 695 to book, quote ‘The Week’
Reasons to book: Drinks reception and exclusive talk and Reasons to book: Private walking tour, drinks party
•
Q&A with Nick Bailey Charming stay in four-star Grade II-listed •
and dinner in Florence with Alex Polizzi Five-star boutique
•
Alverton Hotel Dinner, bed and breakfast included •
hotel stay Explore the best Tuscany has to offer
lets slip to Natasha about a honeymoon Tom’s booked. Tom makes dinner for Natasha and buys her
lilies. Natasha’s late and admits she doesn’t like lilies, so Tom bins them. She’s horrified to learn with celebrities, including
he’s booked their honeymoon at a lodge in Borsetshire. She’s not going. Trev was right – Ambridge Richard E. Grant and Stanley
would stifle her. She makes to leave; Tom begs her not to. Natasha goes, saying she needs space. Tucci to chat about their lives.
▲
▲
on the market
▲
▲
▲
▲
▲
LEISURE 41
Food & Drink
What the experts recommend
The Fishmarket 23A Pier Place, that comes with toasted hazelnut for
Newhaven, Edinburgh (0131-552 8262) much-needed crunch. And pollock, so
Ondine, a superb fish restaurant near often a dull fish, works splendidly with
the top of the Royal Mile, is my favourite bottarga-sprinkled monk’s beard and
place to eat in Edinburgh, says Jay Rayner the most gentle of curried dressings. The
in The Observer. I love its perfect tempura flavours “whisper, sing and holler.
squid; its “heaving hot shellfish platter”; Balance is all.” About £40 a head.
its scallops with garlic butter and bacon
jam. So I was excited to learn that its Yopo The Mandrake, 20-21 Newman
chef, Roy Brett, was opening this Street, London W1 (020-3146 8880)
harbourside sister restaurant (and Yopo is named after a plant found in the
takeaway) in Newhaven. However, my jungles of South America that is known
trip to The Fishmarket was both “hugely for its hallucinogenic properties, says
enjoyable and utterly baffling”. The William Sitwell in The Daily Telegraph.
seafood cookery remains of the first order. And The Mandrake hotel in Fitzrovia,
There’s terrific tempura squid, familiar where you will find this outstanding
from Ondine (but £10 instead of £14). Europe-meets-South America fusion
There are excellent crab claws, “thumping Yopo: perfect food, “psychoactive” setting restaurant, has something of the “psycho-
great” langoustines and a hearty smoked active entheogen” about its design. Nip to
haddock chowder. There are fishcakes, you can say about yet another perfectly the loos and you’ll find yourself navigating
mussels and a terrific thick wedge of pleasant lamb shank, pork belly or salt an Indiana Jones-type maze of dark pas-
snowfield-white halibut on nutty purple and pepper squid. Happily, The Royal sages, stone walls and hanging vines. But
potatoes with broccoli and pesto. The Oak at Whatcote is “a cut above”. The even if it’s a “jungle out there”, Yopo will
“baffling” bit is that a plate of simple fish dining room is on the starker side of “take you by the hand and lead you on a
and chips was “merely OK”. The fish was modern: whitewashed walls, bare beams path of enlightened discovery”. Oysters
“fine, but here fine isn’t good enough”. and milk-coloured chairs. But while the with champagne granita offer a “sweet
And the chips were fully subpar – “pale decor is the epitome of cool, chef Richard and heavenly zing”. Sourdough pieces
and uninteresting”. Very odd. Great puds, Craven’s cooking “dazzles and delights”. with anchovies, pecorino and harissa are
though. Mains from £7. A starter of smoked eel with dill and new achingly beautiful and “naughtily more-
potatoes combines “Nordic purity with ish”. Crisp-skinned duck with soft quince
The Royal Oak 2 Upper Farm Barn, a very English charm”. Crisp Cotswold chutney and braised endives is “perfect”.
Whatcote, Warwickshire (01295-688100) legbar egg “oozes over hogget with serious And gently grilled octopus with avocado,
Gastropubs can fill us critics with profes- bleat”, the flavours “big and bold”. Pig’s lime, and two relishes – of Peruvian
sional despair, says Tom Parker Bowles in head and black pudding lasagna is an peppers and tomatillo – is stupendous.
The Mail on Sunday. There’s only so much “elegant, beautifully thought-out dish” Dinner for two, £114 plus drinks.
• Put the chicken in a heat to low and add the Stopham Estate Pinot Gris 2017, West
saucepan with enough rest of the ingredients. Sussex (£16; stophamvineyard.co.uk). This
hot water to cover it, Leave to infuse for at rare English pinot gris was the trophy winner
bring to the boil and least an hour. in the IEWA still wines section. It’s ripe and
blanch for 5 minutes, • After 3 hours, the soft, with fairly rich apple and pear flavours.
then drain and rinse. broth should have It would be delicious with cold chicken or
• Put the blanched meat reduced by half. Strain fresh salmon steak.
and the water in a large the broth and enjoy it
saucepan or stockpot on its own or to use as Langham Rosé English Sparkling
and bring to a simmer a base for other recipes. Wine NV, Dorset (£28; langhamwine.co.uk).
© GREGORIO SOAVE; PATRICIA NIVEN
over a medium heat. The broth will keep for I adore this sparkling pink, a gold medal
Cover and simmer for up 2 days in the fridge. winner. It is dry with subtle hints of
to 2 hours, skimming off any foam Alternatively, freeze it in portions strawberry and cranberry with a dab of
that appears. After 2 hours, turn the to use another time. cream, and masses of teeny-tiny, satin-like
bubbles. Match it with seafood.
Taken from Super Roots by Tanita de Ruijt, published by Hardie Grant
at £16.99. To buy from The Week Bookshop for £13.99, call 020-3176 3835
or visit theweek.co.uk/bookshop. For our latest offers, visit theweekwines.com
w a
well as connecting to
our Bluetooth devices, B
Bow
hese stylish speakers ▲
((which are wired Z ppe n re ess ormer y one o e mos
Ze
ogether) have digital a poppullar iPod docks, the Zeppelin has now been
analogue inputs, so co
a upddatted for Bluetooth and Wi-Fi. Complete with
ake an upgrade for a a 6in
in subwoofer, this is a powerful home hi-fi
C or TV audio system replaccement (£499; bowerswilkins.com).
((£329; johnlewis.com).
▲
Tivoli Andiamo The goal with the Andiamo
JBL Charge 4 was to get the absolute best sound quality into
▲
Tips of the week… how And for those who Where to find… adults-
to use your phone less have everything… only
y hotels in Eu
urope
● Get an alarm clock. Using your phone as Sitting on the marina on the Croatian island
an alarm makes it the last thing you see at of Brac, Hotel Osam has an outdoor pool
night and the first when you wake up, so and rooftop bar overlooking the boats
you’re much more likely to have a ”quick” (doubles from s63; hotel-osam.com).
scroll through social media. The four-star enclave of Leonardo Plaza
● Do a “deep dive” into your notification Cypria Maris Beach in Paphos, Cyprus, is
settings. Even when you put your phone fittingly serene, given it’s where Aphrodite
down, it often buzzes so you pick it back up. allegedly emerged from the Mediterranean
Try turning off notifications that aren’t from (doubles from £168; leonardo-hotels.com).
people, so that you’re alerted to messages, Away from the crowds on Rhodes, the
but not to “15 people liked your photo”. five-star Lindos Blu offers rooms with
● The latest versions of both Android Jacuzzis and sweeping views of the
and iOS allow you to track your screen Aegean (doubles from £190; lindosblu.gr).
habits. Do that, and then delete apps you With just four suites, Keromoussi lies on
overuse, or try to limit your time on them. the Greek island of Meganissi, next to
Jeremy May makes you a piece of jewellery
● Switch your phone to greyscale. This tiny Skorpios – formerly home to Aristotle
inspired by, and out of, your favourite Onassis and Jackie Kennedy (a week from
neuters carefully designed prompts (such
as red notification bubbles). It also ensures book – a Kafka bracelet, for instance, or a £1,511 per person; simpsontravel.com).
that real life is the more vivid option. Lord of the Rings ring. He reads the entire
Fully refurbished in 2018, the four-star
● Before you pick up your phone, ask book for inspiration, then creates the Guayarmina Princess on the westerly
yourself: “Why am I doing this?” When the jewellery by cutting and layering its pages. Costa Adeje, Tenerife, is designed to look
answer is: “I’m bored during this seven- from £600; littlefly.co.uk like an ancient Greek palace (doubles from
second lift journey”, you may reconsider. s116; princess-hotels.com).
SOURCE: THE GUARDIAN SOURCE: FINANCIAL TIMES SOURCE: THE DAILY TELEGRAPH
confirms that Transport for London, a co-sponsor of the scheme, “top-notch investigators” are
The Sunday Times painted “an unduly rosy picture” of progress for the mayor, Sadiq brilliant at gathering “every
last scrap of evidence”, but
Khan. And TfL “is still playing games” when it comes to being
they need a bit more “focus”.
frank about software and signalling problems with the new trains, Ideally, cases should come
which are the biggest barrier to the line opening. This costly saga to court with “witnesses and
looks to have further to run, and will doubtless be repeated. defendants still living, and
“Look no further than High Speed 2”, the £56bn north-south the evidence still alive”.
railway, for another project with many of “the same symptoms”.
Plus get
£20 to £1,000
cashback
Exclusions and
T&Cs apply
Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are
trademarks of FIL Limited. UKM0319/23549/CSO9030/070619 B
Talking points CITY 53
Issue of the week: WeWork heads to market
Another loss-making “vision” company has filed to go public. What does it say about the state of stock markets?
Is it a property company, or a tech the company is big on “vision”. Its stated
unicorn? Who knows, said The Wall mission, says Neumann, is “to elevate
Street Journal. But the giant the world’s consciousness”. To that end,
“co-working” company WeWork has he has sought to add “more and more
become the latest in a “slew of highly services, some of which appear only
valued start-ups” to head for the public tenuously related to corporate life”. They
markets. Details of the filing haven’t include WeLive (which provides dorm-
been made public, but the surprise like apartment buildings with communal
move, confirmed in a memo to staff by areas), WeGrow (children’s education)
founder Adam Neumann, “will test the and a wave-pool company.
company’s rich valuation and heavy
spending”. Valued at $47bn by Japanese Neumann’s baby is essentially an office
tech investor SoftBank, WeWork began company out to command a tech IPO
life as a single space in Manhattan nine price. And good luck to it, said Thornton
years ago. It has since morphed into a McEnery on DealBreaker. “WeWork is
global empire of trendy shared offices so brazenly full of shit about so many
and business services – the largest Neumann: elevating the world’s consciousness things” it’s hard not to respect it. How
occupier of space in both New York and not to love a property arbitrage company
London – and “a prodigious spender”. Last year alone, WeWork that creates “nonsense accounting principles out of thin air”, and
burned through more than $2.3bn. That’s even more than Uber. makes Uber look “profitable by comparison”? The more serious
point, said Rett Wallace in the FT, is what these giant flotations
Most of the biggest “decacorns” (privately held companies with of huge loss-making companies say about the state of markets.
valuations of at least $10bn) have filed for IPOs in recent months, When Microsoft floated in 1986, its 52-page prospectus provided
among them Lyft, Pinterest and Uber, said Michael J. de la Merced more than four years of financial detail, “showing healthy profits
and Andrew Ross Sorkin in The New York Times. All are still in every year”. By contrast, Uber’s “enormous, vague” 431-page
loss-making, but WeWork, whose parent company rebranded as IPO document is full of “platitudes and gobbledegook”. It
the We Group earlier this year, stands out for its “combination of grandly claims that its “mission is to ignite opportunity by setting
high flying ambitions and unsettled financial outlook”. As well as the world in motion”. But modern IPO investors would settle for
becoming “one of the biggest corporate landlords in the world”, getting some “simple and reasonable questions answered”.
helped “zombie” companies survive. Weak Smaller Companies, which majors on “the difference will be stashed away”.
demand and lower investment saw GDP healthcare, tech, media and telecoms. The Non-interest paying.
plummet last year, but a big factor fuelling preferred choice of Mick Gilligan of Killik
reform, he says, is “the rise of China”: it & Co is the Schroder Japan Growth Plum Also monitors daily spending,
“has focused Japanese minds like nothing investment trust – because it’s “run by an transferring small amounts into a zero-
interest savings account around five
else”. Japan’s “poor demographic profile” investment house [with] a long track-
times a month. You can also opt to
has also spurred innovative ways of record in Japan and a distinct value style”, invest the cash in stocks and shares.
tackling the problem, says wealth manager and “it outperforms long-term”.
157.5p.
Hill & Smith TT Electronics
The Times President Energy Investors Chronicle Nov Dec Jan Feb Mar Apr
This galvanising specialist The Mail on Sunday The electronic sensors-maker
Market summary
Key numbers for investors Best and worst performing shares Following the Footsie
30 Apr 2019 Week before Change (%) WEEK’S CHANGE, FTSE 100 STOCKS
7,500
FTSE 100 7418.22 7523.07 –1.39% RISES Price % change
FTSE All-share UK 4067.98 4115.59 –1.16% NMC Health 2822.00 +7.67
Dow Jones 26523.46 26656.11 –0.50% Reckitt Benckiser Gp. 6197.00 +4.29 7,300
NASDAQ 8085.09 8107.45 –0.28% Standard Chartered 700.00 +4.23
Nikkei 225 22258.73 22259.74 0.00% Hikma Pharmaceuticals 1765.50 +3.58
Hang Seng 29699.11 29963.24 –0.88% Severn Trent 2036.00 +3.40 7,100
Gold 1279.50 1275.70 0.30% FALLS
Brent Crude Oil 72.25 74.33 –2.80% Glencore 304.35 –9.73
DIVIDEND YIELD (FTSE 100) 4.36% 4.29% Anglo American 1981.40 –8.48 6,900
UK 10-year gilts yield 1.18 1.23 Royal Bank of Sctl. Gp. 239.60 –7.78
US 10-year Treasuries 2.51 2.57 Whitbread 4460.00 –7.47
6,700
UK ECONOMIC DATA Smurfit Kappa Gp. 2245.00 –7.27
Latest CPI (yoy) 1.9% (Mar) 1.9% (Feb)
BEST AND WORST UK STOCKS OVERALL
Latest RPI (yoy) 2.4% (Mar) 2.5% (Feb) 6,500
Edenville Energy 0.07 +222.89 Nov Dec Jan Feb Mar Apr
Halifax house price (yoy) +2.6% (Mar) +2.8% (Feb)
Eight Peaks Gp. 4.00 –57.89
6-month movement in the FTSE 100 index
£1 STERLING $1.306 E1.163 ¥145.582 Source: Datastream (not adjusted for dividends). Prices on 30 Apr (pm)
her body was found added to the investigating team’s suspicions. attracting life.
“He turns up at the allotments – it’s all taped off, the police are
there. He approaches the police cordons and doesn’t ask about A longer version of this article appeared in The Guardian.
what had happened. He doesn’t try to check in with Lea to see © Guardian News & Media 2019.
ACROSS DOWN
1 Irish actor bores engaging male 2 I’m next to referee without
relative and female one (6,7) delay (9)
10 French novelist seen in a tree 3 Stands for higher
from the east (5) remuneration (5)
11 Fellow surrounded by unsociable 4 Duke losing head remains
types, city people (9) a Duke! (9)
12 Angry boy tackles one US 5 Stove in farmhouse no good
president (7) at first (5)
13 Princess showing European 6 Terrible smell in barges at sea?
spirit (7) Not right place for deodorant (6,3)
14 Patriarch with tax-free investment 7 Some of the private investigators
on account (5) did not dine out (3,2)
16 Explosive wrapped in newspaper 8 Southern river very good for
could be these (4,5) crustaceans (6)
19 A writer figures range in Italy (9) 9 On the way up, hostel sing partly
20 Eat a lot of Cheddar? (5) in minor keys (6)
22 Loose dentures for nothing! (3,4) 15 Singers on trial caught briefly
25 Not the traditional Left in Welsh out (9)
city (7) 17 Third notes in class deceive (9)
27 Foreign gentleman in taxi, old 18 Italian traveller showing
Austin with no end of juddering (9) damage on company car (5,4)
28 Big beef, serious complaint by 19 First signs of lovely spring
individual (1-4) in one superb part of France (6)
29 I’m only er... Norma in another 21 Beautiful wife shakes up terse
guise (7,6) husband (6)
23 Bill left with a couple of
drums (5)
24 One against revolutionary
Yemen (5)
26 Ring character beginning
to worry old Brown (5)
Name
Address
Clue of the week: Real Madrid’s high flyer (3,7) The Independent, Klingsor Tel no
Clue of the week answer:
ADDRESS
Sudoku 700 (very difficult) POSTCODE
7 5 3 8 7
6
1
5
4
8
8
2
3
9
6
7
5
3
2
4
9
1
1 6 9 2 5 9 3 2 1 4 5 6 8 7
1 8 3 6 5 9 2 7 4
2 9 6 4 7 1 8 5 3
5 4 7 3 8 2 9 1 6
7 3 4 8 2 9 7 1 3 4 6 5
4 7 5 9 6 8 1 3 2
3 6 1 5 2 4 7 9 8
4 2 1 9 We will use the information you have shared for carefully considered and
specific purposes, where we believe we have a legitimate case to do so, for
example to send you communications about similar products and services OVERSEAS PLEASE CALL
Charity of the week we offer. You can find out more about our legitimate interest activity in our
privacy policy at www.dennis.co.uk/privacy-policy/ If you wish to object to
+44 (0) 330 333 9494
or view all pricing at
the use of your data in this way, please tick here N dennismags.co.uk/theweek
Formed in 1995 as a support group for gender-variant or email us at privacy@dennis.co.uk using the offer code shown.
children and teenagers, Mermaids is the only UK-wide ‘We’ includes The Week and other Dennis Publishing (UK) Ltd brands listed
*Calls to 03 numbers will be
charity working to support transgender or gender non- charged at your standard
at http://www.dennis.co.uk/brands/ local rate.
conforming children, young people and their families.
Mermaids’ overarching aim is to create a world where CALL 0330 333 9494, ORDER ONLINE AT
www.dennismags.co.uk/theweek
gender diverse children and young people can be USING OFFER CODE:
themselves and thrive; to this end, our goal is to relieve the mental and QUOTING OFFER CODE SHOWN OR RETURN THIS FORM TO:
Freepost Plus RTXU-YAGZ-HUKH The Week Ltd, Rockwood House,
emotional stress of all those aged 19 years and under who are transgender/ 9–17 Perrymount Road, HAYWARDS HEATH, RH16 3DH
P1225
gender variant.
Our specialist services include an information helpline, online forums, local
groups, weekend residentials, legal support and training. Anyone affected by SOURCES: A complete list of publications cited in
these issues can contact our helpline on 0808-801 0400, email us at info@ The Week can be found at theweek.co.uk/sources
mermaidsuk.org.uk or visit mermaidsuk.org.uk (calls to the helpline are free
from within the UK and do not appear on itemised bills).
For binders to hold 26 copies of The Week at £8.95 (modernbookbinders.com)
Registered as a newspaper with the Royal Mail. Printed by Wyndeham Bicester. Distributed by Seymour Distribution.
Subscriptions: 0330-333 9494; subscriptions@theweek.co.uk. 4 May 2019 THE WEEK