Financial Times UK - 25 01 2020 - 26 01 2020

2020·33.34 MB·English

NEWSPROVIDEROFTHEYEAR
UK £4.00; Channel Islands £4.00; Republic of Ireland €4.00 SATURDAY 25 JANUARY /SUNDAY 26 JANUARY 2020
Louis de Bernières
It’s the weekend –
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‘always on’ culture
FT WEEKEND MAGAZINE
FCA urged to probe pension advice
3 Calls for City regulator to contact 160,000 people 3 Fears over fresh mis-selling scandal
JOSEPHINECUMBO to1,841financialadvisersabout“poten- pensionmis-selling,said:“Nowthatwe mitteesaidthousandsofBritishSteel
PENSIONSCORRESPONDENT
tial harm” in their defined-benefit knowhowseriousthesituationis,we pension scheme members had been
TheCityregulatorisfacingcallstocon- transferadvice.Thisrepresented76per urgentlyneedtoknowwhatisbeing “shamelesslybamboozled”intotrans-
tact more than 160,000 people who centof2,426advisoryfirmsadvising doneaboutit.TheFCAshouldimmedi- ferring their pensions to unsuitable
The rise of the branded
havecashedintheirfinal-salarypen- individualsfrom2015-18,whenpension atelycontactcustomersatfirmswhere fundswithhighcharges.
sionssince2015afterrevealingthatit transfersbegantoboom. thereareproblems.” MarkvandenBerghen,principaland residence House & Home
wasworriedaboutnearly80percentof “This data is shocking,” said Mick Reformstopensiontaxrulesin2015, senior consulting actuary at Buck, a
GeorgeOsborne
thefirmsprovidingbadadviceinthe McAteer,aformerboardmemberofthe introduced by ex-chancellor George consultingfirmthatlodgedtheFOIlast
madeitmore
£80bnmarket. forerunnertotheFCA,andco-director Osborne,madeitmoreattractivefor year,said:“Thislatestinformationfrom
attractivefor Watches &
AformerboardmemberoftheFinan- oftheFinancialInclusionCentrethink- membersofdefined-benefitschemesto theFCAisalarmingandshouldworry
ownersof
cialConductAuthorityandanMPsaid tank.“Ihadthoughtmultibillion-pound cash in pensions. The new pensions allinvolved—providers,advisers,and
defined-benefit Jewellery
thattheFCAneededurgentlytoaddress mis-selling scandals belonged in the freedomspromptedafloodoftransfers, schememembers.”
planstocashin
itsconcernsamidfearsthatthefloodof past,butclearlythisisnotthecase,”he triggeringfearsthattradinginpensions theirpensions Revelationsofthescaleofproblemsin Special
transferscouldleadtoanewmis-selling added,callingfora“full-scaleinquiry” foracashlumpsumcouldleadtolower thepensions-transfermarketcamein
pensionsscandal. intowhatwentwrong. retirement income, as well as the risk thesameweekthattheFCAwarnedthat Report
A freedom of information request NickSmith,aWelshMPwhosecon- thatpeoplemayrunoutofmoney. “toomuch”transferadvicewasnotof
revealedthattheFCAplannedtowrite stituentswereaffectedbywidespread In2018,aparliamentaryselectcom- anacceptablestandard.
Containment
Virus brings
China to a halt
Are you a champion
ApassengerwalksthroughBeijingWest
stock picker?
Railway Station yesterday as China
rushestocontainavirusthathaskilled
Take on the
atleast26people,infectedmorethan
880andspreadaroundtheglobe,witha FT’s finest
secondcaseconfirmedintheUS.
Astheweek-longlunarnewyearholi-
daykickedoff,publictransportwas FT MONEY
suspendedin12citiesaffecting36m
peopleintheregionwherethecorona-
viruswasfirstdetected.Partsofthe
GreatWallshutamidthelockdown.
USconfirmssecondcasepage5
FTBigReadpage7
EditorialCommentpage8
OnWallStreetpage16
Lexpage20
NicolasAsfouri/AFP
Met Police to use facial recognition
despite accuracy and privacy concerns
planstousethetechnologybutithas biasagainstwomenandpeopleofcol-
MADHUMITAMURGIA
sincebacktracked.Thetechnologyis our. The Met’s independent review
London’s police will start using live usedbypoliceinChina,Brazil,India showedthat“itonlyworkedcorrectly
facial recognition on the capital’s andpartsoftheUS,thoughitisbanned eightoutof42timeswhenindividuals
streets,ignoringconcernsfromMPs, incitiessuchasSanFrancisco. wereflaggedbythesystem”,saidPete
regulatorsandhumanrightsgroups LastyearaMet-commissionedinde- Fussey,acriminologistattheUniversity
Insuranceveteranspush
overthehighlyinvasiveandofteninac- pendentreviewpublishedadamning ofEssexwhoauthoredthereview.
plansfor£10mmuseum curatebiometrictechnology. reportontheMet’sfacial-recognition Hepointedoutthatfacial-recognition
ThetwomenbehindaLondonscheme trialsinLondon,warningthatthetech- algorithms did not have “equal per-
toopenamuseumthatshowcasesthe The Metropolitan Police Service said nologywasonly19percentaccurate, formance”acrossage,genderandeth-
insuranceindustrysaytheideawas standalone cameras would scan andlikelytocontravenehumanrights. nicity, adding: “They don’t have the
sparkedbytheneedtofindahomefor passers-by, searching for people sus- MPsontheHouseofCommonssci- authoritytorollthisout.”
acollectionofartefacts,includingfrom pectedofseriouscrimessuchasknife enceandtechnologycommitteeurged Assistant Commissioner Nick Eph-
RMSTitanic,aswellasbyjealousy. attacksandchildsexualexploitation. theHomeOfficeinJulytoimposeamor- grave said: “We are using a tried-and-
TheBankofEngland’smuseum The decision follows last week’s atoriumonallfacialrecognitiontrials. testedtechnology,andhavetakenacon-
receivesabout100,000visitorsper announcementbytheEuropeanCom- Severaladvocacygroups,suchasBig sidered and transparent approach in
year.IndustryveteranRegBrownsaid: missionthatitwasconsideringbanning BrotherWatch,havealsocalledfora ordertoarriveatthispoint.”
‘We’reasimportanttotheCityasthe facial-recognitiontechnologyacrossthe moratoriumontheuseofthetechnol- InOctobertheUK’sdataprotection
bankersare.Whyhaven’twegotour blocforfiveyears,whilepolicymakers ogyintheUKuntilregulationcanbe watchdogurgedthepolicetodelayits
own?Wecouldtelllotsofstories.’ createaregulatoryframework. established. useoflivefacialrecognitioninpublic
ReportiPAGE3 Germany’spolicewastheonlyknown Among the biggest concerns about placesuntilthegovernmentprovided
European force to push ahead with facialrecognitionisitsinaccuracyand legalguidanceforthetechnology.
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JANUARY 25 2020 Section:FrontBack Time: 24/1/2020 - 20:10 User: nick.miller Page Name: FRONT1, Part,Page,Edition: LON, 1, 1
2 ★ FTWeekend 25January/26January2020
NATIONAL
Big Four
Private companies face audit rule tightening
Plansforsimilarcurbson relationshipswithallthebigunlisted taxbyEY,whilePwCauditsandpro- ingprivately,saidhewasopposedtothe senioraccountingexecutive.“Itwould willhavetogetusedtobeingheldto
UK companies. Simon Dingemans, videstaxandotheradvicetoTataSteel, plan.HetoldtheFTthathisfirmwould maketheauditmarketevenlessattrac- higherstandards.”
advicetothosethatapply
chairmanoftheFRC,toldtheFinancial Europe’s third-largest steelmaker, considerresigningfromtheauditsof tivetooperatein,andtheextraredtape Itisnotyetclearwhichcompanies
alreadyforlistedgroups Timesthatitwas“whollyappropriate” whichemploys8,500people. somelargeprivatecompaniesfollowing wouldmaketheUKalessattractive wouldfallundertheproposedregula-
thatprivatecompanieswereheldtothe UndertheFRC’searly-stageplans,all theintroductionofsuchrulesinorderto marketforprivatecompanies.” tions.However,onepersonclosetothe
sameauditrulesastheirpubliccounter- privatecompaniesof“significantpublic mitigatetheaddedriskandinsurance PwC,respondingtoaconsultationby FRC said they would probably cover
TABBYKINDER
parts.HesaidtheFRCwasworkingwith interest”wouldeitherhavetoreplace theFRConthesubject,said:“Theintro- thosebusinessescapturedbytheWates
TheBigFouraccountantsriskhaving thegovernmenton“howfartogodown theirauditororoverhaultheirrosterof ‘Theextraredtapewould duction...would lead to complexity principles on corporate governance,
theirrelationshipswiththeUK’slargest thispath”. consultants.Theiraccountswouldalso forcompaniesandtheirauditcommit- whicharecompaniesthatemploymore
maketheUKaless
privateemployerscurtailedunderplans Themovebythewatchdogtobring fallunderthescopeoftheFRC’sannual teesasitisuncleartowhichcompanies than2,000people,orhaveaturnoverof
bytheregulatortoextendstrictaudit therequirementsforprivatebusinesses reviewofauditquality,whichcanlead attractivemarketfor thedefinitionwouldextend.” morethan£200mandabalancesheet
independencerulestobusinessessuch inlinewiththoseoftheirlistedcounter- toenforcementactionbytheregulator. Deloitte cautiously welcomed the of£2bn.
privatecompanies’
asIneosandDyson. partswaspromptedbythecollapseof “Inaworldwherewearetryingto changesontheconditionthattherewas “TheFRCcanbarelyhandleitsexist-
Thegovernmentisconsideringgiving BHSin2016.Thedemiseoftheretailer, improve governance, reporting and along“transitiontime”. ingworkload,”saidthechiefexecutive
theFinancialReportingCouncilpowers withthelossof11,000jobs,underlined auditstandardsacrossthemarket,a costsoftheaccountsbeingsubjectto Simon Cleveland, head of public ofoneoftheBigFourfirms,referringto
topreventPwC,Deloitte,KPMGandEY, thatlargeunlistedcompanieswerenot debate about whether significant enhancedregulatoryscrutiny. policyandregulation,said:“It’simpor- thescandalsthathaveincreasedscru-
andtheirsmallerrivalsfromproviding being held to the same standards as privatecompaniesshouldbeheldtothe Accounting firms began shedding tantthatthere’senoughtimetowork tinyoftheregulator’srecordsupervis-
consulting, remuneration and tax publiccompanies. samestandards[aspubliccompanies] risky and unprofitable public audit throughanychanges,butextendingthe ingtheauditsector.“Thismovewould
advicetothemajorprivatecompanies ClientsoftheBigFourincludeIneos, seemswhollyappropriate,particularly clientslastyearaftertheywerehitwith definitionofwhatisapublicinterest potentiallymeanithadthousandsmore
theyaudit. thepetrochemicalsgroupthatemploys giventhelargenumbersofemployees, largefinesfollowingaseriesofcorpo- entity to include some private companieswhoseaccountscameunder
The plans would spell an end to 22,000workers,whichisauditedand customers and suppliers,” said Mr ratecollapsesandaccountingscandals. businessesistherightthingtodo. itssupervision.”
lucrativecontractsheldbythefirms, advisedbyDeloitte.Dyson,with12,000 Dingemans. “Someofourclientsarepushingback “If a company is big enough to be Ineos,DysonandTataSteeldidnot
which have close advisory and audit employees,isauditedandadvisedon OneBigFourchiefexecutive,speak- hard on the proposals,” said another consideredapublicinterestentity,they respondtoarequestforcomment.
Climate fears
NationalTrust
landat
National Trust Borrowdale
Cumbria,with
viewsofGreat
land warning
Gable,Base
Brown,
Glaramaraand
theSeathwaite
Almostthree-quartersofspecial valley.Thetrust
naturalareascaredforbythe iscallingfor
NationalTrustareunderthreatfrom actiontocut
climatechange,thecharitywarned emissions,
yesterday.Thetrusthasconducted restorenatural
itsfirstclimateauditof101,000 habitatsand
hectaresofpriorityhabitatacross deliverbenefits
England,WalesandNorthernIreland forpeopleand
includingrivers,fens,andsalt wildlife,
marshes.Itfound73percentofthe including
land,rangingfromuplandoakwoods banningpeatfor
togloballyrarepeatland,was horticultural
consideredtobesensitiveorhighly useandboosting
sensitivetoturbulentweatherevents, treecover
risingseasandhighertemperatures.
NickBodle/Alamy
MPC vote. Business sentiment
Bounce in confidence points to stronger economy
ButmarketssuggestBankof majorityattheDecemberelectionand pricinginfuturesmarketssuggesting give the MPC grounds to leave rates Shearguedthat,bythen,policymak- todownsiderisks”,becausetheBoEno
someoftheuncertaintyaroundBrexit theoddsofaratecutarelittlemorethan onholdandwaittoseewhetherthe ers would know whether economic longerhadasmuchfirepowerasinthe
Englandinterestratedecision wasreduced. 50-50—withaslightlystrongerproba- pick-up in business sentiment trans- growthandinflationwerepickingup pasttofightasevereeconomicdown-
Other recent evidence of activity bilityofamovebyMarch. latesintoanimprovementineconomic andwouldalsobeabletofactorinthe turn.
nextweekisonaknifeedge
pickingupinthehousingmarketand ThePMIwas“neitherstrongenough activity. sizeofanyfiscalstimulusthatchancel- IftheBoEcutratesnowandthemove
carsalesrisinginDecembercouldpoint to rule out a January cut, nor weak “Thereboundintheactivitysurveys lorSajidJavidmightannounceinhis turnedoutnottobeneeded,itwouldbe
DELPHINESTRAUSSAND to consumers feeling more confident enoughtoguaranteeit”,saideconomists mightprompttheMPCtotakearain MarchBudget. relativelyeasytoraisethemagainand
VALENTINAROMEI—LONDON aboutbigspendingdecisions. atBankofAmerica,callingthedecision check” until its March meeting, said ButsheaddedthattheMPCvotenext getinflationundercontrol,onthisargu-
TheUKisbenefitingfromapost-elec- But surveys of business sentiment “effectivelyacointoss”. RuthGregory,economistattheconsul- weekwouldbeclose—andthatthepos- ment.Butifitfailedtoactandtheecon-
tion bounce in business confidence, oftenoverstatetheimpactofpolitical Someeconomistssaidthelatestdata tancyCapitalEconomics. sibilityofaratecutwouldlingerfor omytookaturnfortheworse,itmight
accordingtonewdata,buteconomists eventsonactualeconomicactivity— months. nothaveenoughammunitiontofighta
saidtherewaslittleguaranteeofalast- andthelatestPMImaynotbeenoughto Private sector activity rebounded Employment rose more than PhilipShaw,economistatInvestec, recession. Even without making this
ing recovery in economic growth — convince the BoE’s Monetary Policy in January expected in 3 months to November saidthedecisionwouldbe“theleast caseforan“insurance”ratecut,policy-
makingtheBankofEngland’sinterest Committee on Thursday next week predictableforsometime”andwould makersmaybereluctanttoreadtoo
Purchasing managers’ index (above 50 = Change over previous three months
ratedecisionnextweekthemostunpre- thattheeconomyhasturnedacorner, dependchieflyon“theextenttowhich muchintotheapparentimprovement
a majority of businesses reporting (’000)
dictableforyears. afteritscontractionintherun-upto expansion) theMPCbelievesthesignsofabounce inthestateoftheeconomy.
Akeybusinessactivitysurveypub- theelection. 58 200 aresufficientandgenuine”. FabriceMontagné,economistatBar-
lishedyesterday—theflashIHSMarkit/ FouroftheMPC’sninemembershave ButhetoopredictedthattheMPC clays,arguedthatevenafterthelatest
Cipscompositepurchasingmanagers’ recentlymadethecaseforcuttinginter- 56 150 would resist the urge to cut rates — improvement,thepurchasingmanag-
index—roseto52.4inJanuary,from estratesiftherewasnoclearimprove- pointingtoAngloAmerican’sbidthis ers’indiceswerestillbarelybackattheir
49.3inDecember. mentineconomicdata. 54 100 monthfortheUKpotashminerSirius long-termaverages.
Thismeantthatamajorityofcompa- Thelatestofficialdatapaintavery Mineralsasoneconcreteexampleof George Buckley, economist at
52 50
nieshadreportedexpandingactivity, mixed picture. The labour market renewedcorporateactivitythatcould Nomura,saidaweakerglobalenviron-
drivenbyrenewedstrengthintheserv- remains strong, with employment Manufacturing deliveramuch-neededboosttobusi- mentcouldbeafurtherfactorinthe
50 0
icesectorandconditionsinmanufac- reaching a record high even in the Services nessinvestment. MPC’s deliberations: the latest data
turingstabilisingafteraperiodofweak- run-uptotheelection.Butwagegrowth However,therearealsostrongargu- fromtheeurozonecastsdoubtonthe
Composite 48 -50
ness. haseased,retailsaleshavenotincreased mentstojustifytheMPCpressingahead prospectsofarecoveryintheUK’smain
ThePMIisoneoftheclearestindica- sinceJulyandinflationiswellbelowtar- withaprecautionarycutinrates. exportmarkets,andtheIMFthisweek
46 -100
torssofarthatcompaniesarestartingto getat1.3percent. MichaelSaunders,anexternalMPC issuedanewsetofdownbeatforecasts
2017 2018 2019 2020 Q1 2019 Q2 Q3 Q4
feelmoreupbeataftertheConserva- InvestorsnowviewtheMPCdecision member,arguedthismonthfor“arela- forglobalgrowth.
tiveswonan80-seatHouseofCommons nextweekasbeingonaknifeedge,with Sources: IHS Markit, Refinitiv Sources: ONS, Refinitiv tivelypromptandaggressiveresponse Marketspages15-16
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Labour leadership
Subscribe to the FT today at FT.com/subscription Long Bailey chances boosted by Unite union endorsement
FRIDAY31MARCH2017 WORLDBUSINESSNEWSPAPER UK£2.70ChannelIslands£3.00;RepublicofIreland€3.00
TTpeorclihtuictmiatlarnipsskn—veeGsdILLttIoAhNmTeiEnTiVmT,PiasAeGlEl1e3y AItthaelyFp’soipvoorep—uBSlIiGsttRsaEAarDr,ePpAtGrlyEai1n1ng?towoo DMletateye’rsa—firrRsODtBsEtRoaTbSnHaRt.I.tM.hSeLEbYr,ePAaGkE-u12p JIMPICKARD Thefourremainingcandidatesinthe willfaceLisaNandyandKeirStarmer. hasbeenapart-timeadvisertoMrCor-
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PressLd,Kells,Ireland 2017was64.6%
theparty’sradicalagendaofwidespread MinisterBoris unionshaveallpickeddifferentcandi-
©CopyrightTheFinancialTimesLimited2020.All nationalisation and higher tax and Johnson datestoreplaceMrCorbyn.
rightsreserved. spending. OliScarff/AFP/GettyImages MirandaGreenpage10
JANUARY 25 2020 Section:World Time: 24/1/2020 - 19:31 User: john.conlon Page Name: UKNEWS1, Part,Page,Edition: LON, 2, 1
25January/26January2020 ★ FTWeekend 3
NATIONAL
Duo enlist ancient Mesopotamia and
Financial services
FCA ‘thinker
in chief’
Titanic in push for insurance museum
named as
interim head
Industry leaders get behind ‘tricky marketing job’ to transform image through £10m visitor centre in City of London
CAROLINEBINHAM
OLIVERRALPH
ChristopherWoolardhasbeennamed
INSURANCECORRESPONDENT
interim chief executive of the UK’s
“Hey kids, let’s go to the insurance
chieffinancialwatchdoguntilaperma-
museum!”
nentsuccessorisfoundtoAndrewBai-
It might not sound like the most
ley,whoisleavingtobecomethenext
promisingdayout,buttwopeopleare
BankofEnglandgovernor.
determinedtoconvincethemassesthat
theywanttospendtimegettingtoknow MrWoolard,untilnowtheFinancial
theinsandoutsofinsurance. ConductAuthority’sheadofstrategy,is
Industry veteran Reg Brown and oneoftwotrustedlieutenantsofMr
brand consultant Jonathan Squirrell Baileywhoaretippedtosucceedhim
are trying to set up an insurance onapermanentbasisattheFCA.The
museumintheCityofLondon,arguing other is Megan Butler, FCA head of
thatitwoulddowondersforthesector’s supervision.
reputation. TheTreasuryapprovedMrWoolard’s
“Weneedtotell[people]howwide- appointmentasinterimchiefonthe
spreadtheinsurancebusinessis,”said recommendationoftheFCAboard,on
Mr Brown, a 77-year old who spent whichhealreadysits,theregulatorsaid
decadesworkingatLloyd’sofLondon yesterday.
andwasalsopresidentoftheChartered DubbedtheFCA“thinkerinchief”,
InsuranceInstitute. Premiumbrand: MrWoolardhasbeenattheregulator
“It’snotjustsingingwaitersandcar industryveteran sinceitscreationoutofthediscredited
insurance and household insurance, RegBrown,top FinancialServicesAuthorityin2013.
whichiswhattheyseeonthetelevision right,and Beforethat,heworkedatOfcom,the
adverts . . . Wewanttotellthemit’salot projectmanager mediaandtelecomsregulator,theBBC
morethanthat.” Jonathan andthecivilservice.
MrSquirrellisprojectmanagerfor Squirrell.The MrWoolardsaid:“Wehaveahugejob
thescheme.Hehasnobackgroundin Titanic’s todoandI’mlookingforwardtowork-
insurance,butbecameinvolvedafter insurancepolicy ing with the board and colleagues
proposingtotheCIIthatitshouldmake andartefacts acrosstheFCAaswecontinuetodeliver
adocumentarytoshowcasetheindus- fromprivatefire theFCA’smission.”
try’sskills. brigadesare WithMrBaileyduetomovetothe
Themuseumideawasbornoutofa amongpossible BoE in March, Mr Woolard will as
mixtureofjealousy,apracticalproblem museumexhibits interim FCA chief oversee close to
and a desire to improve the sector’s CharlieBibby 60,000financialgroups—fromthecon-
image. ductofthelargestbankstohighstreet
Notforthefirsttime,theinsurance financial advisers, and must closely
industry was jealous of the profile manage the sector’s response to the
awarded to banks. In this case they workininsurance,”hesaid.“It’snoton ancecompanies)whichfirestoputout. The pop-up will be used to test umsinMilanandMadrid,andanother UK’sexitfromtheEU.
notedwithenvythesuccessoftheBank theirtargetlistwhenthey’regraduating MrSquirrellinsiststhereshouldbe exhibits,ideasandvisitorappetite.Ifall openedlastyearinChina. JohnGlen,economicsecretaryatthe
ofEngland’smuseum,whichreceives andthingslikethat.So,thereisagroup somesortofmarqueeattractiontopull goeswell,itwouldbetheprecursortoa TheLondonprojectwillhavetowork Treasury,said:“Ilookforwardtowork-
around100,000visitorseachyear. ofpeoplethereweneedtocommuni- thepuntersin. muchbiggerproject—a£10.5mscheme hard,saidAlistairBrownoftheMuse- ing closely with him to ensure the
MrBrownisaregular.“Ikeepcoming catewith.” The Bank of England’s museum has tosetupapermanent,20000sqft umsAssociation.“Onthefaceofit,it’s UKremainsaworldleaderinfinancial
outandthinking,well,we’reasimpor- Theorganisershavenotyetfixedona goldbars.Fortheinsurancemuseum, museumintheCityofLondon. notthemostthrillingsubjectbutthere services.”
tanttotheCityasthebankersare,why namefortheattraction.TheInsurance thatcouldbeaVirginGalacticspace- “Theworld-classvisitorvenueisthe areallsortsofmuseumsacrosstheUK Thishintsatapressurefacingthe
haven’twegotourown?Wecouldtell Museumisaworkingtitle,butcould craft,whichcouldillustratehowinsur- ultimategoal—that’ssomethingwe’ve covering niches from witchcraft to FCAthatMrWoolardmustnavigate:
lotsofstories.” eventuallychange—TheMuseumof ersdealwiththerisksofspaceflight. got to work hard to get to,” said Mr lawnmowers.”Itwouldbe“atrickymar- lobbyistsarepushingfortheTreasury
Therewasalsoamoremundaneprob- Riskisanotherpossibility. Mr Squirrell also wants some of the Squirrell. keting job”, he added, “but I’m sure togiveregulatorsapost-Brexitcompet-
lemtoaddress.TheCIImovedoutofits There is no shortage of material. otherstaplesofmodernmuseums— Therearealreadyinsurancemuse- there’sastoryworthtelling”. itivenessmandatetopromotetheUK.
historicbuildinginAldermanburyto digital games, videos and the like to
smaller premises in Lombard Street, ‘Thereareallsortsof keeppeopleamused.
andneededsomewheretodisplaythe Theideahasplentyofbackersinthe
museumsacrosstheUK
artefactsithadamassedoverthepast insurancesector.
100yearsorso. coveringnichesfrom “I’mverysupportiveofitasawayto
Morebroadly,therewasadesireto build knowledge of the industry,” said
witchcrafttolawnmowers’
improvepeople’sunderstandingofthe Bronek Masojada, chief executive of
sector. Hiscox, the insurance company. “In
“Oneofthethingsthatthelifeinsur- Theideaofinsuranceandriskmanage- termsofmakingthingsvisible,Ithink
ancecompaniesareterriblyinterested mentgoesbackthousandsofyearsto it’squitegoodfun.”
inistomakesurethatfinancialliteracy MesopotamiaandChina,andLondon Hiscoxisoneofthecompaniesthat
ofchildrenincludestheimportanceof hasbeenoneofthecentresoftheindus- hasputmoneyintogettheideatothe
savingfortheirownpensions,forexam- trysincepolicieswerefirstdiscussedat next stage of development. Beazley,
ple,”saidMrBrown. Edward Lloyd’s coffee house in the Aviva,Aon,AxaandSwissRehavealso
Heishopefulthatthemuseumwill 1680s. chippedin.
help people better understand what Artefacts that could go on display Overall,theorganisersaretryingto
insuranceisallaboutandhowitworks, range from RMS Titanic’s insurance raise£3mwiththeintentionofopening
andwouldalsoconvincemorepeopleto policytofireenginesandfiremarks— asmall“pop-up”museumsomewhere
workintheindustry. plaques that were placed outside inEC3—thepartofLondonthathouses
“HRpeoplearealwaysmoaninghow buildingshundredsofyearsagototell the insurance industry — potentially
difficultitistorecruitqualitystaffto thefirebrigades(thenownedbyinsur- laterthisyear.
Profile.KarenPierce
UN envoy tipped for Washington job
matneededtobesenttoWashington. widelyrespectedforhergraspofdetail
Acareerdiplomatratedby
“Theadvertwaspostedjustafterthe andherrobustdebatingstyle.“Sheisa
PM,shewouldbeBritain’s dronestrike;thatwasn’tacoincidence,” veryseriousdiplomat,sheknowsher
saidone. stuff,”saidone.Shecanalsobeflamboy-
firstfemaleambassadortoUS Thefinaldecisiononthepostingis ant,oncewearingaboaataUNmeeting.
expectedtobetakenbyMrJohnsonin Justweeksintothesecuritycouncil
thecomingweeks.Heworkedclosely role,DameKarenmadeheadlineswhen
LAURAHUGHESANDGEORGEPARKER withDameKarenduringhistimeasfor- shetradedbarbswithVassilyNebenzia,
KarenPierce,theUK’spermanentrep- eignsecretary.“Theygetonverywell,” Russia’sambassadortotheUN,inastyle
resentativetotheUN,isbeingtippedby saidoneFOofficial. nottoodissimilartothatofMrJohnson
diplomatstobecomethefirstBritish A former colleague added that Mr overthenerveagentattackonformer
femaleambassadortotheUS,fillingthe Johnson “clearly rates her” and RussianspySergeiSkripalinSalisbury.
vacancycausedbytheresignationof describedherasadiplomatwhocould AftercomparingtheincidenttoMid-
KimDarrochlastyear. workwellwithMrTrumpbutwouldbe somer Murders, a UK police drama
SirKimwasforcedtoquitafterconfi- abletoswitchwitheasefromaRepubli- famousforbizarrewaysofkillingoffits
dential diplomatic cables criticising canadministrationifhefailstowina characters,MrNebenziasuggestedthat
DonaldTrumpweremadepublic.Sen- secondterminthisyear’spresidential his country should take part in the
iorBritishdiplomatssayDameKarenis election. investigationintothepoisoning.
the“hotfavourite”tosucceedhim,with DameKarenretortedwithareference
onesaying:“SheiscertainlytheForeign totheSherlockHolmesstories,telling
Office’scandidateforthejob.” DameKaren theambassadorthat“allowingRussian
alreadyhasahigh
TheWashingtonappointmentneedsa scientists into an investigation when
mediaprofileinthe
safepairofhands.ItcomesastheUKis theyarethemostlikelyperpetratorsof
USasafrequent
leavingtheEUandlookingtostrikea guestoncable thecrimeinSalisburywouldbelike
newtradedealwiththeUS.Although newschannels Scotland Yard inviting in Professor
PrimeMinisterBorisJohnsonenjoysa Moriarty”.
goodrelationshipwithMrTrump,rela- “Sheisabubbly,extrovertpersonality “Boristhinksshe’sdoneagoodjobin
tions between the two allies are not with past experience of working in NewYork,whichplaystoherfavour,”
alwayssmooth. Washington”,theysaid.“Iamsureshe saidonediplomaticofficial.“Thereis
Yesterday,foreignsecretaryDominic woulddothejobwell.Anditwouldbe alsoafeelingthathewouldliketobethe
RaabaccusedtheUSofadenialofjus- good,atlast,tohaveawomaninthe primeministertosendthefirstever
ticeafterWashingtonrefusedtoextra- role.” femaleambassadortoAmerica.”
ditethewifeofaUSdiplomatwhoalleg- DameKarenalsohasahighmedia Another prominent female candi-
edlydroveonthewrongsideoftheroad profileintheUS,wheresheisafrequent date,AntoniaRomeo,permanentsecre-
andkilledaBritishteenager.Britainhas interviewee on cable news channels, taryattheDepartmentofInternational
alsoraisedAmericanhackleswithits including Fox News. “Americans like Trade,haspulledoutoftheracedespite
proposednewdigitalservicestaxand her,”saidonecolleague. havingexperienceofUS-UKtrade.
thepossibleparticipationofHuaweiin Since joining the Foreign Office in Askedifshewantedthehighlycov-
its5Gnetwork,despiterepeatedwarn- 1981,DameKarenhasbeenpostedto etedjob,DameKarentoldtheSunday
ingsfromUSofficials. Tokyo, the Balkans and Geneva. She Times in September: “Of course I’d
BritishdiplomatsarguethattheUS served as the UK’s ambassador to absolutelylovetodoit.It’sawonderful,
assassinationofIraniangeneralQassem Afghanistanin2015and2016. challengingjob.Butit’suptothePM,up
Soleimaniearlierthismonthreinforced Colleaguessaysheisaprominentfig- totheforeignsecretary,andthere’llbea
theviewintheFOthataseasoneddiplo- ureontheUNSecurityCouncil,andis queuearoundtheblock.”
4 ★ FTWeekend 25January/26January2020
INTERNATIONAL
Environment
Lagarde and Mnuchin clash over growth
WORLD|
WEEK IN REVIEW|
USTreasurychiefsays missedforsolong,shesuggested.But tantly—thatUSeconomicperformance ‘There’sno KristalinaGeorgieva,IMFmanaging
theUSTreasurysecretaryaccusedMs hadbeenconsistentlybetterthantheirs director, said yesterday that growth
cheappowerismorevital waywecan
Lagardeoffallingforunworkablepolicy overthepastdecade.Butfewwereas remained“sluggish”,butshewashope-
thangreeninvestments ideasandarguedthataccesstocheap optimistic as Mr Trump and many modelwhat fulthatthedatawouldsoonimprove
ExpertslinkWhatsAppaccount
energywasmoreimportantforgrowth blamedthepresident’stradepoliciesfor giventherecenttradetrucebetweenthe
these
usedbySaudiprincetoBezoshack thaninvestmentingreentechnologies. lastyear’sboutofglobalweakness. USandChina,freshmonetaryeasingby
CHRISGILES—DAVOS
“Youcanhavealotofpeoplelookat In their latest economic outlook, [climate] leadingcentralbanksandastabilisation
ForensicexpertshiredbyJeffBezosconcludedwith ChristineLagardeandStevenMnuchin thisandmodelit,Ijustdon’twanttokid released this week, IMF economists intheperformanceofthemanufactur-
risksare
“medium to high confidence” that a WhatsApp haveclashedoverhowbesttoachieve ourselves...there’snowaywecanpos- warnedthere“werenoclearsignsofa ingindustryaroundtheworld.
accountusedbySaudiCrownPrinceMohammedbin environmentally-friendlygrowth,ina siblymodelwhatthese[climate]risks turning point” in global growth, and overthe “WeareinabetterplaceinJanuary
Salmanwasdirectlyinvolvedina2018hackofthe rowthathighlightsthedifferenceineco- areoverthenextfewyearswitha[suffi- trimmedtheirforecastsdownwards. 2020thaninOctober2019,”shesaid.
nextfew
Amazonfounder’sphone. nomicperformancebetweentheUSand cient]levelofcertainty,”hesaid.“The Fewthinktheworldisabouttoentera MrTrumparguedhistariffshadbeen
Areportonthehack,seenbytheFinancialTimes, othermajorglobaleconomies. worldisdependentonhavingreasona- boom, productivity growth rates in yearswitha thecatalystthatbroughtChinatothe
saidMrBezos’sphonestartedsurreptitiouslysharing Speaking as the World Economic blypricedenergyoverthenext10or20 advancedandemergingeconomiesare tableanddeliveredthephaseonetrade
[sufficient]
vastamountsofdataimmediatelyafterreceivingan ForuminDavoscametoacloseyester- yearsorwe’renotgoingtocreatejobs disappointing and many are worried agreementearlierthismonth—aboost
apparentlyinnocuous,butencryptedvideofilefrom day.theEuropeanCentralBankpresi- andwe’renotgoingtocreategrowth.” thatabetter2020performancemight levelof toglobaleconomicconfidencewhich,
theprince’sWhatsAppaccountinMay2018. dentcalledforgreatereffortstothink Thespatwassymptomaticofthedif- besimplybecauselowinterestratesare hesaid,theUSshouldgetcreditfor.
certainty’
Saudi Arabia denied the allegations. Relations aboutinvestmentingreentechnology ferent economic perspectives on show fuellingtheaccumulationofdebtsthat TheUShasalsosteppedbackfromits
betweenMrBezosandtheprincesouredafterthe alongsidetaxesandregulationsto“push allweekinDavosbetweenPresident ultimatelywillgosour. threattoimposetariffsonFrenchgoods
Steven
murderofJamalKhashoggi,aveteranSaudijournal- companiesinthedirectionofanticipat- DonaldTrump’sUSadministrationand “What you have once again is the and, after many tense meetings,
Mnuchin
istwhousedaregularcolumnintheBezos-owned ingthetransition[toareducedcarbon politicians and officials representing unendingsearchforyieldfuellingvery appeared ready to remove the road-
WashingtonPosttocriticisePrinceMohammed. emissions]”. mostothercountries. questionable quality borrowers,” said blocksithaderectedtomultinational
Thiswouldresultinstrongerproduc- Earlierintheweek,MrTrumphailed Carmen Reinhart of the Harvard talksattheOECD;thoseshouldnowget
tivitygrowth,ahealthierglobalecon- theUSeconomyas“aroaringgeyserof KennedySchool.“Itsharesalotofsimi- underwaynextweek.
omy and, in Europe, inflation rising opportunity”.EuropeanandJapanese laritieswithsubprime[lending]before TimHarfordpage9
IMFtrimsforecastsforeconomic
back towards the ECB’s target it has officialsadmitted—sometimesreluc- theglobalfinancialcrisis.” RobertShrimsleypage10
growthbutpraisesinterestratecuts
TheIMFtrimmeditsforecastsforglobaleconomic
growththisyear,cuttingits2020forecastfrom3.4 Impeachment. Swiss visit
percentinOctoberto3.3percent,andreducednext
year’sforecastfrom3.6percentto3.4percent.These
Davos provides useful distraction for Trump
figuresareonlyalittlebetterthanthe2.9percent
achievedin2019,theworstyearfortheglobalecon-
omysincethefinancialcrisismorethanadecadeago.
TheIMFpraisedcentralbanksforlooseningmon-
etarypolicy,sayingglobalgrowthwouldhavebeen
0.5percentagepointslowerhadtheFederalReserve, Ivanka,madeinDavosabouttheneed
USpresidentwashobnobbing
EuropeanCentralBankandothersnotcutinterest toinvestinretrainingworkersforthe
rates.IMFchiefKristalinaGeorgievacalledthe71 withseniorexecutivesashis ageofartificialintelligence.
interestratecutsby49centralbankslastyear“the Members of the World Economic
mostsynchronisedmonetaryeasingsincetheglobal trialopenedintheSenate Forum’sinternationalbusinesscouncil
financialcrisis”. metMrTrumpatareceptionafterhe
ANDREWEDGECLIFFE-JOHNSON leftthestage;theeventfocusedonthe
DAVOS first-stagetradeagreementtheUSpresi-
DEMETRISEVASTOPULO—WASHINGTON
dent had reached with China days
USthreatenssanctionsonUKcars Theearnesthand-wringingaboutthe beforeflyingtoSwitzerland.
ifLondonenactsdigitalservicestax stateofglobalaffairsintheSwissresort Thereception“wasavictorylapon
ofDavosthisweekdidnotseemlikea China”,saidJulieSweet,Accenturechief
naturalforumforDonaldTrump’sbom- executive.“AlotofCEOsareveryhappy
basticrhetoric. abouttheChinadeal.”
Car exports and imports, 2018 (’000)
But the World Economic Forum’s MrTrumpcarriedhiseconomicmes-
To/from US To/from EU 68.4%
annual gathering of leaders and top sageontoadinnerwithoverseaschief
1,500
executivesprovedausefulplatformfor executives,tellingagroupthatincluded
theUSpresidenttoheraldhisnation’s KenichiroYoshidaofSonyandBenvan
economic performance, distracting BeurdenofRoyalDutchShelltheywere
1,000
attentionfromtheimpeachmentpro- the“greatestbusinessmenintheworld”.
ceedingsgoingonbackhome. The hobnobbing came at the very
52.6%
OnTuesday,newsannouncerswho moment John Roberts, the Supreme
500 hadbeendiscussingtheUkrainescan- Courtchiefjustice,openedMrTrump’s
17.9% dalthatledtotheimpeachmenthear- Senatetrial.
ingscuttoimagesofMrTrump’spresi- ButMrTrumpwasrelativelymuted
1.4%
0 dential helicopter silhouetted against aboutthemostconsequentialeventof
Exports Imports
thesnow-cappedSwissAlpsasheflewin his presidency, telling reporters in
Source: SMMT
toaddresstheforum. Davositwasa“hoax”.
TheUSthreatenedtoimposesanctionsonUKcar Andhoursbeforethestartofthethird EvenafterAdamSchiff,theCalifornia
exportsifLondonwentaheadwithplansforadigital impeachmenttrialofanAmericanpres- Democraticcongressmanwholeadsthe
servicestax.TheUSandFranceagreedatruceonthe identsincethefoundingoftherepublic, prosecutionteam,deliveredhisopening
issuependingtalksonaglobaldigitallevyaccord. MrTrumpwasbusytellingworldlead- remarks, Mr Trump refrained from
ersandchiefexecutivesthattheUSwas hurling his usual insults at the law-
“winningagainlikeneverbefore”. maker.Hisonlyrebuttaltotheproceed-
“DavosMan”—thestereotypicalelite ingsthatwilldeterminewhetherheis
LagardekicksoffECBpolicybattle attendeewhofretsaboutpopulism,cli- convictedandremovedfromofficefor
withfirststrategicreviewin16years matechangeandthefrayingofmultilat- abusinghispowerandobstructingCon-
eralism—hasbecomeashorthandin gresswasasingletweet:“READTHE
recentyearsforallthatMrTrumpis TRANSCRIPTS!”
TheEuropeanCentralBankwillexamineifitshould not.Butthatdidnotstopdelegatesfrom MrTrumpwasreferringtonotesof
alterits€200bncorporatebondholdingstotake gossipping about the secret service his July 25 2019 telephone call with
accountofclimatechange,ChristineLagardesaidas agentswhosuddenlyfilledtheIntercon- impeachmenttrialinWashingtonwas rebutted the president’s speech and Handsup: UkrainianpresidentVolodymyrZelen-
shelauncheditsfirststrategicreviewin16years. tinentalhotel. rarelymentioned. profferedawealthofmoredamaging DonaldTrump skythatsparkedtheinvestigationthat
AlmostthreemonthsafterbecomingECBpresi- Hedge fund managers swapped ExecutivesinDavossaidthatnobody statistics. But most Davos attendees invitesquestions ledtohisimpeachmentintheHouseof
dent Ms Lagarde set out the framework for the rumoursthatMrTrumphadflownina hadmentionedtheproceedingsonCap- agreedwithMrTrump’sargumentthat fromthemedia Representatives.
reviewthatsheaimstocompletebyDecemberand largestockofCalifornianwineforthe itolHillinanyoftheirmeetings.Their theUShasbecometheessentialengine inDavos WhilemanyobserversinWashington
thatpromisestotriggerbruisingdebatesonsomeof dinnertowhichheinvitedinternational focus,instead,wasonthemessageatthe ofglobalgrowth,andtheysupportthe thisweek arepayingcloseattentiontotheDemo-
themostdivisiveissuesincentralbanking. chiefexecutivesonTuesdaynight,per- coreofMrTrump’sspeechtotheforum: corporatetaxcutsandrollbackofregu- SimonDawson/Bloomberg craticpresidentialrace,whichkicksoff
Thecentralbank,whichkeptitsultra-loosepolicy hapstothumbhisnoseatEuropeans thathehadturnedtheUSeconomyinto lationsthathetoutedinhisspeech. inIowaonFebruary3,therewasmuch
ratesunchangedonThursday,saiditwouldrecon- fearfulofthreatenedtariffsontheirown a“roaringgeyserofopportunity”. MrTrump’staxcutsandderegulation lessdiscussionaboutUSpoliticsinthe
sidertheinflationtargetthatdefinesitscoreprice wineimportstotheUS. Several attendees questioned Mr were“working”toexpandtheeconomy, Swissresort.
stabilitymandate,alongwiththeeffectivenessand Thespeculationwasjustoneexample Trump’sselectivemarshallingofonly onetechchiefexecutivetoldtheFT. “TheUSelectionisatwo-yearcycle,”
potentialside-effectsofthetoolsusedtoachieveit. ofhowMrTrumpcametodominatethe themostflatteringeconomicfacts,with Adviserstootherseniorexecutives said Ms Sweet. “It’s way too early
debate in Davos over the course of the Nobel-winning economist Joseph whometMrTrumpsaidtheyappreci- forcompaniestobecompletelyfocused
the week — and the opening of his Stiglitzhandingoutsheetsofpaperthat atedcommentsheandhisdaughter, onit.”
Senate trial
Democrats face fight to make rivals break ranks
FRIDAY31MARCH2017 WORLDBUSINESSNEWSPAPER UK£2.70ChannelIslands£3.00;RepublicofIreland€3.00
TrumpvstheValley AFiveStarplan? DearDon...
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John Bolton and Mick Mulvaney — suggestedtheyhavebeenswayedbythe ringtotheimpeachmentproceedings.“I
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JANUARY 25 2020 Section:World Time: 24/1/2020 - 19:05 User: john.conlon Page Name: WORLD1, Part,Page,Edition: LON, 4, 1
25January/26January2020 ★ FTWeekend 5
INTERNATIONAL
Rothschild heirs sue city of Vienna
Global alarm
US confirms
over €110m trust seized by Nazis second case of
virus as China
widens travel
Case is one of the largest restitution claims brought by the descendants of victims of Hitler regime
shutdown
SAMJONES—VIENNA ‘Anschluss’:
Heirs of the Austrian branch of the Austrian KIRANSTACEY—WASHINGTON
Rothschild banking dynasty have citizensgivethe RYANMCMORROW—BEIJING
TOMHANCOCK—WUHAN
accusedthecityofViennaof“perpetu- Nazisaluteas
ating”Nazianti-Jewishlawsbyplunder- Germantroops TheUSyesterdayconfirmedasecond
ingalong-forgottencharitabletrust,set enterViennain caseofthecoronavirusthathaskilled
upin1905toendowtheAustriancapital 1938.The morethantwodozenpeopleinChina
with pioneering psychiatric websiteofthe asglobalalarmoverthediseasespread
hospitals. Rosenhügel andtheChineseauthoritiesextended
Thecaseoverthe€110mtrustisone mentalasylum, anextraordinarytransportshutdown.
of the largest ever restitution claims below,saysthe
contestedbythedescendantsofNazi hospitalwas USofficialssaidyesterdaythatawoman
victims,thoughitishighlyunusualin builtby inher60sfromChicagowasinhospital
thatitisadisputeovercharitableassets. municipal after being diagnosed with the virus
Alawsuitaccusesthemunicipalityof authoritiesin havingtravelledfromWuhan,theChi-
conspiringinrecentyearstosellvalua- 1907anddoes nesecitywhereitisbelievedtohave
blepropertyfromtheNathanielFrei- notmentionitis originated.
herrvonRothschildFoundationforthe ownedbythe Health officials said they expected
MentallyIlltoitselfatgrosslyunderval- Rothschild more American cases in the coming
uedprices—includingalatebaroque foundation daysandsomeUSlawmakersurgedthe
palacethatwasoneoftheworld’searli- LondonExpress/Getty federal government to enact stricter
estcentresofmentalhealthtreatment Images;GavinGough checksontraveltotheUSfromChina.
—andamendingthecharity’sdeedsto TheUSCentersforDiseaseControl
makethecitythesolebeneficiaryofits andPreventionsaiditwasmonitoring
assets. 63peoplein22differentstatesforsigns
Thecityis“completingwhatwasdone ofthedisease.
in1938,”saidWulfGordianHauser,a TheSars-likevirushaskilled26peo-
lawyerrepresentingtheheirs,referring pleinChinaandinfectedafurther887,
to Nazi confiscation of the Austrian China’sstatetelevisionsaid.
Rothschilds’assetsandbequestsafter Theauthoritieswereracingtohaltthe
theannexationofAustriabyGermany. ‘[TheCity AlbertvonRothschild,headoftheRoth- trianRothschildswerenottold—city structuresintoamorecoherentsystem. diseaseontheeveofthelunarnewyear,
Austriaisnostrangertolegalclaims schildbankinViennainthetwilight authoritiesdeemedittoohardtofind In 2002, the city-appointed trustees China’smostimportantholidayseason,
ofVienna]
fromthefamiliesofitsonce-thriving yearsoftheHabsburgempire. them—andthetrusteeshipspassedto soldoneofthetrust’smainassets,the extendingabanonpublictransportto
Jewishcommunity,thoughithassofar has BaronAlbertvonRothschildsetup nomineesofthecityitselfinstead. MariaTheresienSchlössel,asmallpal- citiesthatarehometomorethan36m
been priceless cultural artefacts that thefoundationin1905tocommemo- Overtime,theoutwardsignsofthe acerumouredtohavebeenfavouredby peopleintotal.
essentially
havebeenthesubjectofanoftendeeply rate his brother, Nathaniel, the trust’sexistencefaded:thewebsiteof empressMaria-Theresa,tothecity.The All together, there are more than
uncomfortable reckoning with the rewrittena renownedartcollectorandaleading thesprawlingRosenhügelmentalasy- Rothschildcaseclaimsitwasmassively 1,000suspectedcasesofthecoronavi-
country’spast. advocateofpsychiatrictreatments.The luminVienna’sHietzingdistrict,for undervalued. rusin20Chineseprovinces.
willtomake
TheRothschildfamilies’claimseeks bequestpaidfortheestablishmentof example,simplysaysthehospitalwas Whencityauthoritiesbegancutting TheoutbreakpromptedS&PGlobal
toreturncontrolofthetrusttoitsorigi- itselfthe twoinstitutionsforcuttingedgecarefor builtbymunicipalauthoritiesin1907. downswathsoftreesonthesprawling Ratings, the credit rating agency, to
nalform,andtorepledgeitsassets“to nervousdisorders.AcodiciltoAlbert’s Noreferenceismadetothefactthatthe campusoftheRosenhügelasylumlast warnthatifitworsened,thedisease
mainheir’
theAustrianpeople”inperpetuity. ownwilllaterleftthefoundationwith entirefacilitywasconceivedandisstill year, some prominent members of couldknock1.2percentagepointsoff
Thecaseisabout“theannihilationof 20m crowns, equivalent to owned by the Nathaniel Rothschild Vienna’s Jewish community, who China’seconomicgrowththisyear.The
[Nathaniel Rothschild’s] legacy,” the around€120mtoday. foundation.Thetrust’sunusualstatus rememberedthedistantbequestofthe economygrewby6.1percentin2019,
heirssaidinajointstatementtothe Fin-de-siècleViennawasacitywhose wentuntroubledfordecades.Butrecent Rothschildfamily,begantolookmore theslowestpacein29years.
FT.“Wearedeterminedtolegallyand cultural elites were gripped by the yearshaveseenVienneseauthoritiestry closelyintothemayoralty’sactivities. AuthoritiesinWuhanand11nearby
morallychallengeanyattempttofur- developingfieldofpsychiatry.Theyear torationalisetheircomplexmunicipal TheygotintouchwithMrHoguetand cities in Hubei province have closed
therdisrespectourgreatgranduncle ofthefoundation’sinauguration,1905, hiscousins.TheheirssayRosenhügelis train and bus connections and other
andgreat-grandfather’sintentionsand alsosawSigmundFreudpublishhisfirst being prepped for property develop- publictransport.
memory.” workonsexuality. ment.Ifitissold,thenthetrustwillhave There are roadblocks preventing
HannesJarolim,thelawyerforthe Copiesofthefoundation’scharter,the lostitsoriginalpurpose,andtherewill mostprivatecarsfromleavingWuhan
cityofVienna,saidafullrebuttalofthe willofAlbertanditscodicils,seenbythe beacasetowinditup. and some of the cities are closing
claimswouldbegivenincourt. FTaspartofthecase,showthefounda- “[TheCityofVienna]hasessentially markets.
“Itisremarkablewhatargumentsare tionwasoriginallyputundertheprotec- rewrittenawilltomakeitselfthemain Army medics and dozens of state-
beingmadeaboutagreementswiththe tionofaboardof12trustees. heir,andineffect,hasdonebyguile ownedcompanieshavebeenenlistedin
Rothschild foundation which were In1938,theNazisseizedthetrust, whathadbeendonein1938bybrute relief efforts. One construction com-
takendecadesago,andwiththegreatest paidthemselvesahandsomeshareofits force,”theheirstoldtheFT. panyhasdeployeddozensofdiggersto
respectandunderstandingoftheorigi- assets,andgavetheresttotheViennese “Thecity’sactionsrepresentagriev- buildanewquarantinehospitalwith
nalintentionsofthefoundation,”Mr government. While the trust was re- ous case of self-dealing, possibly the 1,000bedsontheoutskirtsofWuhanby
Jarolimadded. establishedin1956aspartofAustria’s mostcynicalandcorruptinthehistory earlynextmonth.
ThecasehasbeenbroughtbyGeof- atonementforitsembraceofNazism, ofaryanisationandrestitutioninpost Beijing’sForbiddenCity,summerpal-
frey Hoguet, the great grandson of crucially,thescatteredheirsoftheAus- warAustria.” aceandsectionsoftheGreatWall,some
of China’s biggest tourist attractions,
havebeencloseduntilfurthernotice.
Butexpertsaredividedoverwhether
Byford resignation thestepswillslowthespreadofthe
virus. Ian Mackay, a virologist at
NYC ‘Train Daddy’ quits subway job but leaves reforms on track
Queensland University in Australia,
saiditwaspossiblethetravelrestric-
tionswouldbemerelya“Band-Aid”.“It
hasneverbeendonebefore,thereisno
evidencethiswilldoanythingbyshut-
JOSHUACHAFFIN—NEWYORK AndrewCuomo,theNewYorkgovernor thecity,particularlybytheroughly8m longtime employee of the London hadsurpassed80percentforseven tingthesepeoplein,”hesaid.
whocontrolstheboardoftheMetropol- peoplewhoridethesubwayeachday. Underground, was recruited by New straightmonths. Coronaviruscaseshavealsobeencon-
AndyByford,theBritish‘TrainDaddy’
itan Transportation Authority, which “DEVASTATED,” Corey Johnson, the YorkofficialsafterassignmentsinSyd- Biggerimprovementscouldlieahead firmedinHongKong,Macau,Taiwan,
whoarrivedinAmericatwoyearsago
overseesNYCTransit. speakerofNewYorkCityCouncil,wrote neyandToronto.Evenforhardened thankstoamasterplandraftedbyMr Japan, South Korea, Thailand, Singa-
tofixNewYork’scrumblingsubway
InaresignationstatementonThurs- onTwitterafterthenews. New Yorkers, the city’s chronically Byford.CalledFastForward,itspellsout poreandVietnam.
system,hashitthebuffers.
day,MrByford,whohadpreviouslyten- MrByford,aPlymouthnativeand underfunded subway system was everythingfromculturalchangesinthe Beijingisunderpressuretopreventa
Duringhistenure,MrByford,thepresi- deredhisresignationinOctoberonlyto becomingasourceoffuryforitsfilth managementrankstotheinstallationof repeatoftheSarscrisis17yearsago,
dentofNewYorkCityTransit,became withdrawit,thankedMrCuomoand andunreliability. modernsignallingequipmentandthe whennearly800peopledied.Although
somethingofafolkheroinNewYorkfor expressedprideinhisteam’sprogress Only58percentofweekdaytrains deploymentofthousandsofnewbuses the Sars virus was thought to have
hissuccessatimprovingthesubway’s overthepasttwoyears. arrivedontimeinJanuary2018.Many andsubwaycars. emerged in late 2002, it was only
reliabilityandsettinginmotionaplan “IbelieveNewYorkCityTransitis stationswereindisrepairandequip- Muchofthecapitalprogrammefund- reportedofficiallyinFebruary2003.
toreverseagenerationofdecayand well-placed to continue its forward mentwasoutdated. ingwillcomefromacongestioncharg- NancyMessonnier,aseniorCDCoffi-
neglect. On social media commuters progress,” Mr Byford said, citing a Mr Byford undertook an extensive ingplanchampionedbyMrCuomo. cial,said:“Theimmediaterisktothe
affectionatelydubbedhim“theTrain record-breaking $51.5bn capital pro- tourofthesystem,chronicledinThe Mitchell Moss, an urban planning Americanpubliccontinuestobelowat
Daddy”. grammeapprovedlastyear. New Yorker magazine. “To start, I expertatNewYorkUniversity,likened thistime,butthisisarapidlychanging
ButwhilehetamedNorthAmerica’s Speakingtoreporters,MrCuomosaid directedmyteamtobecomeabsolutely MrByfordtoa“visitingfireman”,say- situation.”
largestsubway,heapparentlyfailedto hehad“afinerelationshipwithAndy” fixatedonthebasicsthatwillimprove ing:“Heputoutthefire—thedown- Additional reporting by Christian Shep-
gettogripswithanunwieldysystem’s butalsopraisedthetalentofthebroader serviceunderourcurrentbudgetand wardspiralofthesubways—withgreat herd,PrimroseRiordan
political bosses. In particular, Mr managementteamatNYCTransit. withinexistingoperatingconditions,” skill.” FTBigReadpage7
Byford, according to several reports, OtherpoliticalleaderssuggestedMr AndyByford:‘NYCTransitiswell- hewrotethatMay. MrMosspredictedthechangesheset EditorialCommentpage8
carriedonadifficultrelationshipwith Byford’slosswouldbefeltthroughout placedtocontinueitsprogress’ ByDecember,on-timeperformance inmotionwouldcontinue. Lexpage20
World Trade Organization Trade treaty
Brussels enlists allies against US judicial block EU to get tough over British deal breaches
JIMBRUNSDEN—BRUSSELS tribunalwasleftwithouttheminimum identDonaldTrump’suseofpunitive JIMBRUNSDEN—BRUSSELS ButUKprimeministerBorisJohnson create a “cliff-edge in many areas”.
numberitneededtofunction. tariffsagainsttraderivals. andchancellorSajidJavidhaveinsisted ThedocumentsunderlinetheEU’s
Brusselshasscoredasuccessinitsbid TheEUwilldemandtherighttorapidly
The joint declaration marks a big BrusselsandtheUSagreethatthe BritainwilldivergefromBrusselsregu- insistencethatatariff-free,quota-free
topreventWashingtonfromsnarling sanction the UK for breaching any
advancefortheEU,whichhasledinter- organisationisinneedofdeepreform, lationsafterBrexit,settingupaclashin tradedealwillhingeonBritain’swilling-
uptheWorldTradeOrganization’sdis- future-relationshipdealasitseeksto
national efforts to put temporary andhaveworkedtogethertodraftnew thefuturerelationshiptalks. nesstostickcloselytoa“levelplaying
putesettlementsystem,forginganalli- prevent“competitiveundercuttingor
arrangements in place. It vastly rulesthatwouldrestrainBeijing’suseof TheUKisduetoformallyleavetheEU field”of“commonhighstandardsand
ancewith16countriestoworkaround freeriding” by British companies,
expands the coalition of countries it industrialsubsidies,buttheyhavefailed rules”.Guaranteeingthelevelplaying
aUSblockonjudicialappointments. according to an internal document
hasassembledbeyondearlyadherents tocometoanyunderstandingonthe Documentsunderlinethat fieldisoneofanumberof“imperisha-
seenbytheFinancialTimes.
TheEUsignedajointpactyesterday CanadaandNorway. appellatebody. bleEUprinciples”forthetalks.
tariff-free,quota-freepact
withcountriesincludingChina,South Themove“testifiestothehighimpor- The signatories of yesterday’s joint EUgovernmentswanttobeabletotake TheslidespresenttheEU’sconclu-
Korea,andBraziltoputinplaceatem- tancethattheEUandtheparticipating declarationpledgedtoputinplace“con- “flexible” and “interim” measures hingesonUKwillingness sionsfromalmost50hoursofseminars
porarysystemthatwillstandinforthe WTO members attach to retaining a tingencymeasuresthatwouldallowfor againstBritainifitbreakscommitments thatnationalofficialshaveheldwiththe
tokeep‘levelplayingfield’
WTO’sappellatebody.Thetribunalhas two-stepdisputesettlementprocess”, appealsofWTOpanelreportsindis- givenaspartofanyfuturetradeagree- EuropeanCommissioninBrusselsover
beensuspendedsincetheendoflast saidPhilHogan,theEUtradecommis- putesamongourselves. . . ” ment. thepasttwoweeks,astheblocprepares
yearbecauseoftheUSveto. sioner. “This remains a contingency ParticipatingcountriesincludeNew TheEU’stoughnegotiatingposition, nextFriday,heraldingthestartofan11- forwhatareexpectedtobegruelling
Washingtonhaslongstandinggripes measureneededbecauseoftheparaly- Zealand,Chile,Mexico,Singaporeand setoutinaseriesofslidesdiscussedby monthtransitionwhichwillkeeptrad- negotiationswiththeUK.
againsttheappellatebody—theWTO’s sisoftheWTOappellatebody.” Uruguay. diplomatsinBrusselsyesterday,isthat ingandsecurityconditionsunchanged. Yesterday’s meeting of diplomats
finalarbitratorofdisputes—whichit Thetribunal’sparalysishasheight- Therearealsonoticeableabsentees theUKmustagreetostickcloselytothe Both sides are seeking to agree a coincidedwithabriefceremonywhere
accusesofjudicialover-reachandmed- enedthecrisisattheWTO,whichhas fromamongtheWTO’sbigpowers,chief bloc’srulesinareassuchaslabourrights newrelationshipbytheendof2020, EUchiefsinBrusselssignedoffBritain’s
dlingwithnationallaws. beenunderminedbytheinabilityofits amongthemJapanandRussia,asign and environmental protection in when Britain’s post-Brexit transition exittreaty,beginninganEUratification
TheUSblockontheappointmentof rulebooktocopewithChina’smodelof thatconcernsabouttheappellatebody exchange for a trade deal with few arrangements expire. The slides processthatwillconcludeintimefor
newjudgesmeantthatinDecemberthe state-sponsoredcapitalismandUSpres- extendbeyondtheUS. restrictionsontradeingoods. warnthatfailuretoreachadealwould BrexitdayonJanuary31.
JANUARY 25 2020 Section:World Time: 24/1/2020 - 19:07 User: john.conlon Page Name: WORLD2, Part,Page,Edition: LON, 5, 1
6 ★ FTWeekend 25January/26January2020
INTERNATIONAL
Justice system Business survey
Poland judicial clash leaves courts in chaos Eurozone
makes weak
start to year
Fearsoverparallellegal cianscontrolwereillegitimate,andthat whichhaslargelymaintaineditsinde- can move forward, but first a judge tice’s changes, and in 2017 took the
ordersincountryas some of their rulings could be ques- pendenceandisheadedbyMalgorzata mustmakeaverydifficultdecision,a unprecedentedstepoflaunchingaso- as services
tioned. Gersdorf;andasecondfollowingthe decision that nobody should have to calledArticle7processagainstPoland,
hearingsarepostponed LawandJusticepoliticiansrejected Constitutional Tribunal, which was makeinastatebasedontheruleoflaw,” whichcouldintheoryresultinthecoun-
sector stalls
the Supreme Court’s resolution, with neuteredbyLawandJusticein2016, saidMarcinMatczak,aprofessorofLaw try’sEUvotingrightsbeingsuspended.
the justice minister Zbigniew Ziobro andisnowheadedbyJuliaPrzylebska. attheUniversityofWarsaw,andanout- Whilethisprocesshasbeenvetoedby
JAMESSHOTTER—WARSAW
brandingita“flagrantviolationofthe SheisdescribedbyJaroslawKaczynski, spoken critic of the government’s Poland’scloseally,Hungary,theCom-
Poland’sjusticesystemdescendedinto law”.Poland’slegislature,controlledby the head of Law and Justice, as a reforms. missionhasalsolaunchedaseriesof
confusion yesterday as courts began LawandJustice,simultaneouslyvoted “friend”. “OfcourseasalawyerIhateasitua- legalchallengesagainstLawandJus- MARTINARNOLD—FRANKFURT
postponinghearingsamidaclashwith throughacontentiousnewlawthatwill “Judgeswillfaceachoice:shouldwe tion like that, because the law is all tice’schanges.Yesterday,theEU’stop
Business activity in the eurozone
the government that observers said makeitpossibletopunish,andeven followtheSupremeCourtorshouldwe aboutstabilityandclarity,andthisis courtconfirmedthatithadreceiveda
remained unexpectedly weak in
risked creating parallel legal orders in sack,judgeswhoquestionitsreforms. support the government and chaos.” requestfromtheCommissiontosus-
January,asadeclineintheservices
thecountry. Amidtheconfusion,courtsincities the...ConstitutionalCourt.Soajudge Law and Justice argues that its pendLawandJustice’slatestlawondis-
sector offset a nascent recovery
Thecountry’srulingLawandJustice includingWarsaw,KatowiceandKalisz changes are necessary to overhaul a cipliningjudges.
amongmanufacturers,accordingtoa
party has given politicians sweeping postponedhearings.MichalLaskowski, ‘AsalawyerIhatea creaking system regarded by many ChristianWigand,aspokesmanfor
survey.
powers over the judiciary, sparking a Supreme Court judge, said it had Polesasinefficient.Butcriticsathome the Commission, reiterated the EU’s
situationlikethat,
resistancefromPoland’sSupremeCourt adjournedthreecasesthathadbeendue and in Brussels regard them as an concernsatapressconferenceinBrus- TheIHSMarkiteurozonepurchasing
andabacklashfromEUinstitutions. tobeheardyesterday. becausethelawisall attempt to undermine democratic sels,andaddedthattheCommission managers’indexwasunchangedat50.9
TheSupremeCourtsaidonThursday Analystssaidtherewasnowariskof checksandbalances. “willnothesitate”totakeanynecessary inJanuary,despiteexpectationsforthe
aboutstabilityandclarity’
thatjudgesappointedsinceLawand rivaljudicialsystems:onecomposedof The European Commission has stepstoprotecttheruleoflaw. keyindicatorofeconomichealthtorise
Justicechangedtherulestogivepoliti- judges loyal to the Supreme Court, repeatedly condemned Law and Jus- AdditionalreportingbyAgataMajos to51.2atthestartofthisyear.While
German activity rose above expecta-
tions,thiswasoffsetbyweakerdata
from France, which has been hit by
Sex education. Far-right veto nationwidestrikesforseveralweeks.
Byremainingonlyslightlyabovethe
crucial level of 50, below which the
Battle lines harden in Spain’s classroom culture wars
majority of companies surveyed are
reporting a shrinking of activity, the
PMIdataunderlinetheweakpositionof
theeurozoneeconomy.
“Whiletheyearmayhavechanged,
the performance of the eurozone
Voxparty’spushtoextendthe
economy was a familiar one in
‘parentalpin’attackedaseffort January,”saidAndrewHarker,associate
directoratIHSMarkit.“Outputgrowth
toaxelessonsongenderissues wasunchangedfromthemodestpace
seen in December, signalling that
the economy failed again to record
DANIELDOMBEY—MADRID
For the leader of Spain’s far-right, a ‘Thebigpictureforthe
parentalvetoisnecessarytostop“erotic
eurozoneremainsofan
games” for under-sixes in the class-
room.Forthegoverningsocialists,the economywithsubdued
vetoisaworryingsignofa“far-right”
underlyinggrowth’
laboratoryinthecountry’ssouth-east.
Barely two weeks after Pedro
Sánchez’sSocialist-radicalleftcoalition a pick-up in growth momentum.”
tookoffice,thebattlelinesinSpain’s Theeurozoneeconomyhasslowed
culturewarshavehardenedinafight sharplyinrecentmonthsandtheEuro-
overwhatthefar-rightVoxpartycalls peanCentralBankrecentlyforecastthat
theparentalpin—arequirementthat growthlastyearwouldbe1.2percent,
parentsapprovetheirchildren’sattend- downfrom1.8percenttheprevious
anceforclassestaughtbynon-teachers yearand2.4percentin2017.
ontopicssuchassexandgender. The signing of a phase one trade
Voxcomparesittothepincodesthat agreement between Washington and
can prevent children from watching Beijingthismonthhasboostedhopesof
inappropriatevideosathome. aneasingoftradetensionsthathave
TheaffairdemonstratesVox’sagen- beenweighingonEurope’sexport-de-
da-shapinginfluenceafteritscoopedup pendentmanufacturingsector.
15percentofthevoteinlastNovem- ButtheUScontinuestothreatento
ber’sgeneralelection.Thepartyisthe imposeextratariffsonEuropeangoods
third-biggest force in Spain’s parlia- inretaliationforataxontechnology
ment, supports minority administra- companies, which is feeding anxiety
tionsacrossSpainandiskeentoexpand thatEuropecouldbethenextfrontline
theparentalpinandotherradicalpoli- inthebattleovertrade.
ciesacrossthecountry. Theindexfortheeurozone’sservices
“Wearegoingtouseourpower...to sectorfellto52.2,downfrom52.8in
ensurethatparentalprotectionworks December.Economistshadexpectedit
inschools,”declaredSantiagoAbascal, Classaction: action.VictoriaRosell,thegovernment LGBT+groupstodiscusshomophobia, ‘Thisisan oftheparentalpin,aphraseitprefers toincrease.Meanwhile,theindexfor
theparty’sleader,thisweek.“Wewant aparentalveto commissioner against gender-based butaddedthatthemeasurenowaffects nottouse.ButPabloCasado,thePP’s manufacturing in the eurozone
ideological
to protect children from sexual con- isnecessary violence,hasevensuggestedcontinued “complementary” lessons in which nationalleader,hastakenuptheissue. increasedtoafive-monthhighof47.8,
tent.”Butcriticsdismisssuchtalkasa tostop‘erotic resistancebyMurciacouldleadMadrid someoneotherthanateacherleadsthe issue After one Socialist minister said the upfrom46.3lastmonthandwellahead
wilfulmisinterpretationofeducational games’inthe toimposedirectrule,althoughshesub- class.Shesaidthat,withoutaparental parentalpinviolatedthefundamental ofexpectations,albeitstillbelowthe
pushedby
materialsandanefforttoshutdowndis- classroom, sequentlysaidshewasspeakinginjest. authorisationslip—thekindofform righttobeeducatedandthat“children levelof50thatindicatessolidgrowth.
cussionofgenderandsexuality. saysfar-right Thisweek,MrAbascalsaidtheparen- easilygetslostinaschoolbag—students theright. do not belong to their parents”, Mr “The big picture for the eurozone
Themeasureisopposedbypeople leaderinSpain talpinwasnecessarytoprotectchildren couldforgoinstructiononissuessuchas Casadorespondedwithfury.“Arethey remainsofaneconomywithsubdued
Families
likePaquiLópez,whorepresentspar- IsmaelHerrero/EPA-EFE from “erotic games for under-sixes”, bullyingorhowtorecycle.“Wedon’t sayingwhattheytellfamiliesinCuba, underlyinggrowth,around0.2to0.3per
ents’associationsfrom300schoolsin suggestingtheywerebeingsubjectedto wantschoolàlacarte,”sheadded. havenever thatthechildrenbelongtotherevolu- cent per quarter at the start of this
Murcia,thesouth-easternregionwhere suchactivitiesintheclassroom.“Such Nevertheless,Voxwantstoexpand tion?”hesaid.“Arewegoingtogettothe year,inlinewiththegrowthratesseen
askedfor
Voxhasmadetheparentalpinareality. indoctrinationhasnothingtodowith themeasurebeyondMurcia,theone pointwherechildreninformontheir inthesecondhalfof2019,andastill
“Thisisanideologicalissuepushedby education; it is the corruption of regionwhereVoxcamefirstinNovem- theparental parentsfornotbeinggoodrevolutionar- fragile manufacturing sector,” said
theright,”shesaid.“Thefamilieshave minors,”hedeclared. ber’selection.InMurcia,asinMadrid ies,asoccursinCuba?” NicolaNobile,leadeconomistatOxford
pin’
neveraskedfortheparentalpin.” Vox’scriticssaidthe“eroticgames” andAndalucía,Voxsupportsaminority Somecommentatorswonderwhether Economics.
ButVox’srise,anditsparentalpin MrAbascalreferredtowereaphrase administrationledbythecentre-right thePP,whichranthenationalgovern- The data published yesterday pre-
campaign,aretestimonytothedisquiet takenoutofcontextfromeducational People’sparty.Itinsistedontheparental mentlessthantwoyearsagoandstill sentedacontrastingpicturebetween
felt by many in Spain’s conservative guidelines—fromoutsideMurcia—that pinasaquidproquoforunblockingthe leadstheopposition,isseekingtoemu- GermanyandFrance,astheeurozone’s
heartlands at the social and political described children’s sexual develop- budget in Murcia, a manoeuvre that lateVox.“ThePPhasbeencornered,” twobiggesteconomiesdivergedatthe
trendsofrecentyearsandthepromi- mentratherthanprescribingactivities couldworkelsewhere.“Murciaisthe saidLucíaMéndez,oneofthefounders startoftheyear.
nentroleof“progressives”inpubliclife. fortheclassroom. laboratoryofthefar-right,”saidJosé oftheSpanishnewspaperElMundo.“If German PMI rebounded ahead of
MrSánchez’scoalitionhaslabelled Ms López said the origins of the LuisAbalos,aleadingSocialistofficial. thePPadoptsthelanguageofVox,why expectationstoafive-monthhighof51.1
theprovisionunconstitutional,giving parentalpininMurcialayinrightwing Murcia’s People’s party-led govern- shouldpeoplevoteforthemratherthan inJanuary,butFrenchPMIdippedtoa
Murciaamonthtorevokeitorfacelegal resistancetoschoolroommeetingswith menthasdownplayedtheimportance therealthing?” four-monthlowof51.1.
Industrial unrest League party
Macron defies protests over pension reforms Salvini hopes local poll will take him to Rome
MICHAELPOOLERANDDOMITILLEALAIN Normalservicehadlargelyresumed ing the complete withdrawal of the MILESJOHNSON—ROME whichsharespowerinItaly’sgovern- spreadingfear,hatredanddespair,”he
PARIS onParis’spublictransportsystemthis reform.“Thisisnotthelaststand.There mentwiththeFiveStarMovement,has saidduringaneventinFerrara.
MatteoSalvinimadeafinalcampaign
EmmanuelMacron’sgovernmenthas weekduringabriefpauseinstrikes,but willbethreenewdaysofmobilisation push yesterday ahead of an Italian attemptedtoplaydowntheimpactof MrSalvinihasalsohadtocontend
unveiledlong-awaitedlegislationfora itsroads,railwaysandmetrolineswere nextweek.” regional election that has taken on losinginEmiliaRomagnaonItaly’scoa- withrivaleventsheldbylargegroupsof
pensionsreformthatsparkedthelong- onceagaindisruptedyesterday.Unions Despiteaconcessionfromthegovern- nationalsignificance,withtheleaderof lition,buthewouldbeexpectedtocome so-calledSardineprotesters—mainly
estpublictransportstrikeinFrance’s claimedaturnoutof350,000inthecap- mentearlierthismonththatitwould the anti-immigration League hoping under significant internal pressure youngItalianswhohavestagedrallies
history,asworkersprotestedagainst ital, and around 127,000 people pro- suspendanincreaseinthepensionage victorycouldtopplethecountry’sfrag- shouldhispartylose. acrossthecountryagainstracismand
theoverhaulthroughoutthecountry. testedinothercities,accordingtooffi- from62to64,healthministerAgnès ilecoalitiongovernment. Inhisdrivetoturntheregionalvote intolerance,directedprincipallyatthe
cialestimates. Buzynsaidtheprincipleofraisingthe intoanationalreferendumonthegov- Leagueleader.
Theprojectistheflagshipeconomicpol- “Whenareformisunjust,thereis age to balance the system’s finances MrSalviniwasduetoholdsixcampaign Mr Salvini, an ex-interior minister
icyforthesecondhalfofthepresident’s everyreasontomobilise,”saidPhilippe would remain intact and take effect ralliesinEmilia-Romagnaashisparty ‘Salvinilooksmore anddeputyprimeminister,lastsum-
terminoffice,butithasbecomehisbig- Martinez,thegeneralsecretaryofthe from2037.However,animpactstudy triestowincontroloftheregion—a merbroughtdownItaly’slastcoalition
andmorelikeaplague
gest challenge since the gilets jaunes hardline Confédération Générale du published with the bills revealed that, strongholdoftheItalianleftsincethe betweenFiveStarandhispartyand
demonstrationsthatshookParisand Travail(CGT)union,whichisdemand- evenwithchanges,thepensionsystem secondworldwar—tomorrow. spreaderfromthe calledfornewnationalelections.How-
othercitiesfromlate-2018. wouldonlybreakevenbyaround2050. Pollingpublishedbeforeapre-vote ever,FiveStarforgedanunlikelypart-
16thcentury’
MrMacronwantstoreplace42exist- Publicsupportforthemovementhas blackoutperiodshowedthatthecontest nershipwiththePDtoformanewgov-
ing schemes — some of which grant grownfrom44percenton2Januaryto betweenStefanoBonaccini,theregion’s ernmentinSeptember,banishingMr
earlyretirementandgenerouspensions 51percenttwoweekslater,accordingto incumbentDemocraticparty(PD)pres- ernmentMrSalvinihasusedinflamma- Salviniintoopposition.
toworkerssuchasrailwayemployees— thepollsterIfop.Sixin10Frenchpeople ident,andLuciaBorgonzoni,aLeague tory tactics. He sparked widespread Thecurrentrulingcoalition,fronted
withasinglesystembasedonpoints, want Mr Macron to withdraw the senatorwhoisfrontingarightwingcoa- criticismintheItalianmediaafterhe byPrimeMinisterGiuseppeConte,has
whichhisadministrationsayswillbe reform,onesurveyfound. lition,wasneckandneck. rang the doorbell of a north African stumbledthroughseveraldomesticcri-
fairerandbenefitwomen. “Theparadoxisthatdespiteasmaller MrSalvinihasdemandedthatifthe familyinBolognaandasked:“Isyour ses since taking office, including the
Thegovernmentpushedaheadwith mobilisation in the streets, [public] PDloses,anationalelectionshouldbe sonadrugdealer?” possibleclosureofItaly’slargeststeel
itsprogrammeyesterdayinthefaceof opinion seems to support the move- held.HebelievestheLeaguewouldwin MrZingarettiaccusedMrSalviniof plantinthesouthernregionofPuglia
demonstrationsaimedatreinvigorating mentmore,”saidChloéMorinfromthe and he would become premier. His deliberatelyincitingsocialtensionin andthedefectionofseveralFiveStar
acampaignofwalkoutsandprotests Fondation Jean-Jaurès, a think-tank. rightwingcoalitioniseasilyexpectedto theregioninordertomobilisehisvote. lawmakerstotheLeague.
involving teachers, lawyers and civil “PresidentMacronisgivingtheimpres- winasecondelectiontomorrowinthe “Salvini looks more and more like a ThisweekLuigiDiMaio,FiveStar’s
servantswhichbeganonDecember5 AParisplacardportraysEmmanuel sionofquickeningthedeclineofthe southernregionofCalabria. plaguespreaderfromthe16thcentury leader,steppeddownaftermonthsof
buthasfadedinrecentweeks. MacronasKingLouisXVI Frenchsocialmodel.” NicolaZingaretti,leaderofthePD, whogoesaroundshopsandbusinesses attacksfromfactionsinsidetheparty.
JANUARY 25 2020 Section:World Time: 24/1/2020 - 19:05 User: john.conlon Page Name: WORLD3, Part,Page,Edition: LON, 6, 1
25January/26January2020 ★ FTWeekend 7
FT BIG READ. CHINA
TheChinesegovernmenthasimposedanear-lockdownofWuhan,acityof11mpeople,topreventthe
spreadofanewcoronaviruswhichhasworryingsimilaritiestoSars.Buthasitmovedquicklyenough?
ByTomHancock,ChristianShepherdandCliveCookson
Z hangLuhua’sordealbegan
attheendoflastweek,when
the57-year-oldresidentof
Wuhanstartedhavingtrou-
The virus
blebreathing.Shewentto
HubeiProvincialPeople’sHospital,one
ofthebestinthecity,whereadoctor
toldhershemighthaveanewvirusthat
wasstartingtocauseglobalalarm,but
hecouldnotactuallytesther. alarming
Overthecourseofthenextweek,she
wasturnedawaybyfourotherhospitals
inthecitybeforeadoctoratXinhua
Hospitaltoldherthatsheprobablyhad
thevirusandshouldgohomeand“self-
quarantine”. the world
“Bythenwehadstoppedtryingas
hospitalswereeitherclosedorpacked
with patients with different levels of
symptoms,”saysXieJing,herdaughter.
“Wehavespentseveralthousandyuan
[renminbi]seeingdoctorsbutweare
stillnotsureifmymotherisaviruscar-
rier.”Sheadds:“Wuhandidabadjobin
diseasecontrol.”
Wuhan,acityof11m,hasenjoyeda
fewmomentsatthecentreofmodern
Chinesehistory.Oneoftheeconomic
hubs of central China, it was twice
brieflythecapitalunderthenationalists
andMaoZedongtookhisfamousswim
intheYangtzeinWuhanatthestartof
theculturalrevolution.
NowWuhanisatthecentreofanout-
breakofapreviouslyunknowncorona-
virus:nCoV,asitisknown,hasthisweek
demonstrated some uncomfortable
similarities with Sars, which killed
almost800peoplebetween2002and
2004.TheglobaleconomiccostsofSars
wereestimatedat$50bn.
Bymid-afternoononFriday,26peo-
plehaddiedandtherewere881con-
firmedcasesofnCoVinfection,accord-
ing to Chinese state television, with
another 1,073 suspected cases in 20 ‘Wespent Marketwereadmittedtohospitalwith Wuhanmayhavetriedtocoverupthe notbeaffectedbutthenewvirus“por- Background, Althoughnovaccineisavailableto
provinces across the country. Small several pneumoniasymptoms.“Itwasdetected outbreakinitsearlystages. tendsanextraordinarilydifficultyear”, above:a preventnCoVinfection,acrashpro-
numbersofcaseshavealsobeencon- becauseChinahadputinplaceasystem ThecapacityoftheChinesesystemto he says. “Xi is looking to build an digitally grammetodeveloponeisunderway.
thousand
firmedintheUS,Japan,SouthKorea, specificallytopickupseverelowerres- marshalresourcesandgiveordershas empire,butinstead,he’llbespending colourised TheCoalitionforEpidemicPrepared-
Thailand,Singapore,HongKongand [renminbi] piratoryinfections,”saysTedrosAdh- beenclearinWuhananditssurround- histimefightingdomesticfires.” microscopic ness Innovations, based in Oslo, is a
Macau, but no deaths have been anomGhebreyesus,director-generalof ingcities,wheretensofmillionsofpeo- Discontent over the Communist imageofthe $750m partnership set up in 2017
seeing
reportedoutsideChina. theWorldHealthOrganization.Within plehavebeenplacedinpartialquaran- party’smanagementoftheoutbreakhas Mers between governments, charities and
SinceWednesday,Wuhanhasbeen doctorsbut two weeks, Chinese researchers had tine.Majortouristsitesacrossthecoun- sofarlargelybeendirectedatthemayor coronavirus, industrytopreventfuturepandemics.
underanear-lockdownwithairandrail identifiedthepathogenasanewstrain try,fromtheForbiddenCityinBeijingto ofWuhan,ZhouXianwang,withsome whichisthought Cepi has launched three projects
wearestill
linkssuspendedastheauthoritiestryto ofthecoronavirusandreleaseditsfull ShanghaiDisneyland,haveshuttheir onlinecommentatorscallingforhisres- tobesimilarto usingdifferenttechnologiestoprepare
limitthespreadofinfection.Paramili- notsureif geneticcodetocolleaguesworldwide. doors,whilecompaniesthatproduce ignation for earlier downplaying the the2019-nCoV nCoVvaccinecandidatesandaimsto
tarypolicestandguardoutsidethemain BothSarsandMers,arelatedcorona- surgicalmaskshavekeptrunningover severityofthevirus. strain.Below haveonereadyfortestingonhuman
mymother
railwaystationtopreventanyoneenter- virus, originally passed to humans theholidays. Residents were angry in particular left:diggers volunteerswithin16weeks,saysRich-
ing while — in contrast to the over- isavirus throughcontactwithanimals—civet One 29-year-old Shanghai resident thattwoeventsheldinthecityinearly preparethe ard Hatchett, the partnership’s chief
crowded hospitals — the streets are cats and camels respectively — and whodeclinedtobenamedsayshewent January—acommunaldinnerwithover groundfora executive.“Therearenoguaranteesof
carrier.
largely empty ahead of the annual expertsbelievethatnCoVcamefrom tovisithisparentsinWuhanonTues- 40,000peopleandthedistributionof fieldhospitalin success,”headds.
springfestival,themostimportantholi- Wuhandida liveanimalssoldinthemarket.The dayandreturnedhomeonThursdayat 200,000freeticketstotouristsites— Wuhan Anothertoolthatwouldhelpfightthe
day in China when families come badjobin actual source is under investigation. 10am,justbeforethetravelbantook were not cancelled and might have yesterday outbreak is a better diagnostic test.
togethertocelebrate. Althoughsnakeshavebeenmentioned effect. At 3pm, he got a knock on the worsenedthespreadofthevirus. GettyImages;National HealthauthoritiesinChinaandelse-
Yet some health experts fear the disease asapossibility,manyscientistsbelieve doorofhisPudongdistrictflat.“Iwasin InstituteofAllergyand whereareusingteststhatrecognisethe
Stoppingtransmission InfectiousDiseases
travelrestrictionsonWuhanandother control’ thatthevirusoriginatedinbats. mypyjamasonlytofindtherewasone geneticsequencesofnCoVbuttheseare
citiesinHubeihavecometoolate,given Infectious disease crises require a policeofficerwithtwomedicalpeoplein Noteveryoneissocriticaloftheofficial slowtoperformandhavetobecarried
thatmanyofthe100mChinesewho mixtureofextremetransparencyand fullgearinmylivingroom,”hesays. response.WangHongtao,30,avideo outinspecialistlaboratories.OneUS
crossthecountryeveryyeartovisitrel- draconiancontrols.WHOofficialshave “Theytrackedmedownandreached producer from Wuhan, spent time company, Co-Diagnostics, says it has
ativeshadalreadymadethetrip. thanked Beijing for what Mr Tedros outtomylandlordtogetthekey.” observingoneofthemainhospitalsin completedpreliminarydesignworkfor
Fortheauthoritariangovernmentof calls “its co-operation and transpar- Thevisitorswere“politebutforceful”. thecityinrecentdays.“Therewasalong afastermolecularscreeningtest.
PresidentXiJinping,whoisunderpres- ency”—incontrasttothethreemonths Hewastoldtostayathomeandreport lineofpatientsbuteverythingseemed Nodrughasbeendevelopedtotreat
sureovertheprotestsinHongKongand takenforthecountrytonotifytherest hisbodytemperaturetwiceadayforthe tobekeptinorder,”hesays.“Idon’t coronavirus infections, though some
thevictoryofanopponentintheTai- oftheworldaboutSarsin2003.Health next week. When he posted an item believetherearehospitalsthatareturn- antiviralsmayhelppatientsfightnCoV.
waneseelections,theoutbreakofanew experts believe their counterparts in aboutthevisitonWeChat,hereceived inginfectedpatientsaway.” Althoughmedicalsciencehasmade
virusisaverypublictestofitsabilityto Beijingaretryingtobeasopenaspossi- responsesfrom“haters”whoaccused SofarnCoVhaskilled3-4percentof muchprogressinthe17yearssinceSars,
manageaninternationalcrisis—and blethistime,thoughlocalofficialsin himofspreadingthevirusbyleaving people infected, mainly those with The thenewcoronaviruswillbestoppedby
onethatcannoteasilybeblamedon Wuhan.“Buttheyhavenoideahow underlyingchronicdisease,andcaused outbreak usingthesamemethodstobreakthe
malignoutsideinfluences. badlythelocalauthoritiesarerespond- severeillnessinaboutaquarter.That chainoftransmission,saysPeterPiot,
‘portendsa
“ThestorytheCommunistpartytries ingtothewholeincident,”hesays. compareswitha10percentfatalityrate director of the London School of
toperpetuateisthattheChinesegov- YettheremaybedownsidestoMrXi’s inSars.Althoughthenewvirusdoesnot difficult HygieneandTropicalMedicine.
ernmentsystemisinherentlysuperior styleofleadershipforcrisismanage- passeasilybetweenpeople,theChinese “Youisolatethepatientsandmake
year . . . Xi
becauseofitsabilitytomaintainstabil- ment,withcentraliseddecisionsleading authoritiesaredetectinglimitedhuman surethatthepeoplecaringforthem
ityandgrowth,”saysAdamNi,aformer toinactionamonglowerofficialscon- tohumantransmission. islookingto have maximum protection against
advisertotheAustraliangovernment cernedabouttakingtheinitiativeover JeremyRossman,avirologistatthe infection,”hesays.“Thenyoutraceeve-
buildan
andeditoroftheChinaNeicannewslet- sensitiveissues. UniversityofKentintheUK,says:“Itis ryonewhohasbeenincontactwiththe
ter.“Internalshockscanshattertheidea “Thisisyetanotherexampleofhis likelythattheviruswillcontinueto empirebut patient within the incubation period
oftheomnipotenceoftheparty.” concentrationofpowercreatingapoliti- spread with rapid increases in case andlookforanysymptomsinthem.”
he’llbe
calsystemthatispronetobuck-passing numbersoverthecomingweeks.How- NocasesofSarshavebeendetected
Marshallingresources
andsecrecy,”saysJudeBlanchette,a ever,itremainsunclearifthedisease fighting anywheresince2004.Theworldwillbe
Theoutbreakcametotheauthorities’ ChinaexpertattheCenterforStrategic willkeeptoitscurrentlowfatalityrate relievedifitssisterviruscanalsobe
domestic
attentiononDecember29whenfour andInternationalStudiesintheUS. andlowincidenceofperson-to-person wipedoutwithinayear.
workersatHuananSeafoodWholesale Thepresident’spositionofpowerwill spreadorwhethertheviruswilladapt.” fires’ AdditionalreportingbySunYu
Obituary
TerryJoneswasthemostversatileofthe dementia.Theafflictionendedhispow- in his fishwife-voiced middle-aged book,andafilmofKennethGrahame’s
six comic talents who created Monty ersofspeechandimpededhiswriting, womenandhishyperbolicobesityas classicTheWindintheWillows(1996).
The versatile Python’sFlyingCircus.Thewriter-per- theverytalentsthatbroughthimearly thegrotesqueMrCreosote(temptedto Hebecameadocumentaristtoo—
former,whohasdiedaged77,showed famewhenheteamedwithothergradu- self-destructionbyawafer-thinmint). thoughthatwordseemsdryforthecol-
hisrangenotjustinthelegendaryfilm ates (Oxford contemporary Michael Youdidn’texpectragingexhibitionism, ourful, animated pedagogy he dis-
Python who
andtelevisionseries—hisrepertoire PalinandJohnCleese,EricIdleandGra- butyougotthattoowiththoseshotsof pensedinprogrammeslikeTerryJones’
includednudeorganists,shrillhouse- ham Chapman from Cambridge) to Jonesnakedatthekeyboard. MedievalLivesorTerryJones’Barbarians.
sided with wivesandvomitingrestaurantguests— changethefaceofTVcomedy. WhenthePythonteamtooktothebig He dabbled in musical drama, with
but in his competing careers as an Surrealism,nonsequiturandakind screen,itwasaplay-offbetweenMrGil- librettos and directing assignments.
author,historianandfilm-maker. ofdeadpan,febrileslapstickweretri- liamandJonesastowhowouldgetthe (EvilMachineswasabookandanodd-
the underdog
Fellowperformerandwritingpartner alledinDoNotAdjustYourSetandThe directing job. Jones won. After one ball opera). When time allowed, he
MichaelPalincalledhim“thecomplete FrostReportbeforereachingfullpower shared-creditgigonTheHolyGrail,he wroteeloquentlyangryarticlesforthe
Renaissance comedian”, although andpopularityinMontyPython’sFlying tookchargeofcast,crewandcamer- newspapersabouttheIraqwar.
Jones’sownhistoricalbentwasemphat- Circus.Joneswasoftencreditedwiththe aworkforTheMeaningofLifeandLifeof The unifying theme his work had
icallypre-Renaissance.AMedievalist, innovationofabandoningpunchlines Brian.Tohiscredit,noconcessionwas afterMontyPython,ifindeedithadany,
TerryJones heco-conceivedandco-directed(with andembracingthezanilyfragmentary. madetofilm-makingprotocolsorsup- wassurelyalovefortheunderdog:from
Terry Gilliam) Monty Python and the TerryJoneswasborninColwynBay, posedboxofficerequirementsineither hisTVanimationseriesBlazingDragons
Actor,writeranddirector
Holy Grail. His first two non-fiction Wales,in1942.Hisfatherwasstationed film.Theformerwasafearlesspatch- (1996-98),whichsidedwiththedecent
1942-2020
bookswereaboutGeoffreyChaucer. inIndiawiththeRAF:apossibleinspira- workofsketchesintruePythonstyle; dragons against the destructive
Joneswentfurtherbackintimeand tionforJones’sloveofthefictionalpilot thelatternolessfearlessinitsassaulton TerryJoneswasdescribedas‘the humans,tohispolemicaljournalism.
folkloretomakethecomedy-fantasy Bigglesandothergung-hoaviators(a thepioustraditionofbiblicalepics. completeRenaissancecomedian’ Andweshouldn’tforget,withTheLifeof
movieErik the Viking(1989),tocreate comedysourceinbothPythonandRip- Jonesdiversifiedintoothercareers Brian,hissympathyformistakenmessi-
theanimatedTVseriesBlazingDragons, pingYarns,theserieshelaterwrotewith andpursuits.Asanauthorhewasa ahsinatimeofmartinetdogma.
Hewasoftencredited
andtoenragereligiouszealotsbydirect- MrPalin).HisfamilymovedtoEngland giftedamateurhistorian,apublished “Ittook200years”,heoncewrote,
ing Life of Brian (banned in Ireland, whenhewasfour. poet(contributingtoPoetryReview) “for the crusaders to create Muslim
withtheinnovationof
opprobriated elsewhere). His best- Though perhaps the least iconic andachildren’swriter.Inthatmode,he fanaticism.Itwastheexactimitationof
knownlineinthePythonfranchisewas Pythonasacomicpersonality,Joneswas pennednovels,storiesandabookof abandoningpunchlines Christianintolerance.”
probablyasBrian’smum:“He’snotthe themostversatileandunpredictable. poemscalledTheCurseoftheVampire’s Jonesmarriedtwiceandhadthree
andembracingthe
Messiah.He’saverynaughtyboy!” Youdidn’texpectstormingstereotypes Socks.Hecombinedthisloveforchil- children.Heissurvivedbythemandby
Joneshadsufferedforseveralyears fromaliberallikehim,withastreakof dren’sfictionwithscreendirectingskills zanilyfragmentaryjoke hissecondwife,AnnaSoderstrom.
fromtherarediseasefrontotemporal political-correctness,butyougotthem bymakingEriktheViking,basedonhis NigelAndrews
JANUARY 25 2020 Section:Features Time: 24/1/2020 - 18:51 User: alistair.hayes Page Name: BIGPAGE, Part,Page,Edition: LON, 7, 1
8 ★ FTWeekend 25January/26January2020
Letters Email:[email protected]
Includedaytimetelephonenumberandfulladdress
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SATURDAY25JANUARY2020
Novel virus is latest bout
in an age-old struggle
Mistrustandrealpolitikcomplicateeffortstoprotectpublichealth
Inthestoryofhumanity,communica- conspiracytheoriesofenemybioweap-
blediseasesplayastarringrole.From onscirculated.An1853outbreakofyel-
thebubonicplaguetocholeratoHIV, lowfeverinNewOrleanswasblamed
wehavebeenlockedinastrugglefor onimmigrants.Onsocialmedia,wild
supremacywithmaladiesformillen- claimsarealreadycirculatingthatthe
nia.WithseveralChinesecitiesunder coronavirus was manufactured on
curfew,infectionsinthehundredsand behalfofvestedinterestsseekingtosell
thepotentialforsignificanteconomic vaccines.Fearandmistrustmaybeone
disruption,theeffortstoprotectpublic ofthegreatestchallengesauthorities
healthfromtoday’snovelcoronavirus faceineliminatinginfectiousdiseases.
areastrikingexampleofthiscontinu- Technologicalchangeshaveproved
ing contest. As governments and tobeadouble-edgedsword.Modern
health authorities battle to stop the diagnostic techniques have sped up
spreadofthenewvirus,theywoulddo identification,whiledatasciencehas
welltoconsiderlessonsfromhistory. madeiteasiertotrackthespread—a Prince is bound by commitment to service TheBossandhisBand
Theexacteffectsandnatureofthe farcryfromJohnSnow’sdotmapofthe
arelife-affirming
newstrainofthecoronavirus,arelative 1854choleraoutbreakinLondon.But
ofthecommoncold,remainunknown. someadvances,suchasimprovedcon- Ifrequentlytakemytimetofully
Expertsareconcernedaboutthespeed nectivity,haveprobablycontributedto Thoughwholeheartedlyconcurring HRHtheDukeofSussexisfully expressionofloyaltyandpersonal savourLife&Artssoitwasnotunusual
atwhichitcouldmutate.Reporting the rapid proliferation of the virus withCamillaCavendish(“Theroyal awareofthisnoblestatusandhis bravery.Foramoreseniorofficer, thatIonlygottoMichaelHann’sLifeof
suggeststhatanimalsmayhavebeen withinChinaandabroad. rebelsareswappingonegildedcagefor fatherHRHthePrinceofWalesis respectfullyfulfillinghisorherduties aSongcolumnon“YouNeverCanTell”
theoriginalsource—aswasthecase Evenglobalhealthco-operationhas another”,January18),Iwouldliketo rightfullyproudofhisyoungerson’s asamemberoftheroyalfamilyin lastweekend.Iwasdelightedtoseethe
withSars,anothervirusinthesame been less than straightforward. The addasomewhatmoremilitaryangleto armyrecordandhisworkforgood servicetoHMtheQueenisanhonour. referencetoBruceSpringsteenandthe
family — reflecting the proximity conversationhasfarimprovedfrom thediscussion. veterancauses.Themarriagewiththe Asanofficer,mypersonalconclusion EStreetBand’srendition(full
whichmillionsinChinasharewithlive- 1851,whenEuropeannationssoughtto Everysoldier,inparticulara DuchessofSussexwillneverchange isclear—thedutiesofasenior disclosure—Ihavebeenafanfor45
stock.Theemergenceofnewdiseases standardisemaritimequarantines.Yet commissionedofficer,livesunderand this. memberoftheRoyalFamilymay yearsandbeenfortunatetoseethem
has also been worsened by climate theWHO,despiteitsmessageofworld- isboundbythemostdistinguishedand Livinguptoexpectationsisalways neverbeswappedforwhatever“gilded liveinconcertoncountlessoccasions).
change, which has expanded the wide “solidarity and co-operation”, everlastingschemeofloyaltyand challengingandexpectationsdo cage”maycomealong. Thankyou,Michael,forthis,sinceI
temperateregionwherepathogenscan continuestoexcludeTaiwanfromkey commitmenttoservicethathisorher changeovertime.Forayoungofficer, DrUdoBirkner hadnotseenthisparticularclipon
thrive,accordingtotheWorldHealth meetings and information sharing, surroundingsocietyisabletodesign. servinginAfghanistanisastrong Vienna,Austria YouTube,whichonceagainreminds
Organisation. under Chinese pressure. That risks meofthepowerofmusicandthe
Today’sstrategyofcontainment— creatingaloopholeforthecoronavirus uniquenessofthismightyband.
one of the key measures deployed and future diseases. Pandemics and Politicsneedsafollowing wordinedgeways.Shehadno I’vegotthekitand Withrumoursofa2020tour
againstendemicdiseases—wouldbe politicsdonotmixwell. questionsbutalltheanswers.Iwas aboundingwecanallhopetoseethem
windinordertothrive awaitmyinvitation
familiartocivilauthoritiesandmedi- Yetperspectiveisneeded.Sarskilled instructedtofollowwhatJohn liveinconcertoncemore—whichis
calpersonnelasfarbackastheancient fewerthan800.Datasofarsuggeststhe LordHeseltinedrawsattentiontothe Gummer,thenflavourofthemonth, RachelSanderson’sinterview(January withoutfailawonderful,life-affirming
world.“Quarantine”hasitsrootsinthe coronavirusmayhavealowermortal- manyreportsandrecommendations wasdoingtoattractcompaniestohis 18)withFabiod’Angelantoniowasa experience.
Venetian Republic’s 14th century ityratethanitscousin,andismost hehasmadeinhistimethat,ifthey EyeconstituencyinSuffolk.Whatcan gas!Hereisachiefexecutivereadyto PeterBoland
effortstokeepouttheplague.Butthe lethaltothosewithweakenedimmune hadbeenimplemented,wouldhave youdowhenthepersonyou’retalking proudlypronouncethathecatersonly Dubai
maritime power would have been systems.Itistheperennialscourgeof givenusmoreoftheself-confidencein toisspeakingadifferentlanguageand totheglobalelite.Veryrefreshing.
Managementcommittee
hard-pressedtoinstituteacordonsani- influenza that most concerns pan- politicalandeconomicpowerthatwas livinginanalternativeuniverse? Networkingeventsaside,Iwaskeen
taireonaChinesescale.Theabilityto demic watchers. An estimated 50m evidentinourtownsandcitiesduring LisaNandyisrighttofocusonthe tonotetheextensivebrandshout-out headachesinspiredaplay
lockdowncitiesthesizeofWuhan, diedfromtheSpanishflu.Evenwith the19thcentury(“HowJohnsoncan deprivedtowns.Itistheignored, ofelegantarticlesthatIown.AZegna
whichisaboutasbigasLondon,isa modernmedicine,USauthoritiesesti- ‘levelup’Britain”,January18).Fat neglected“rustbelt”townsthatshould vicunawoolPrussianbluewaistcoat DavidKeohane’sarticle“Westillhave
reflectionofthepowerofBeijing’sever mateabout34,000Americansdiedlast chance. bethefocusof“levellingup”.For purchasedinStockholm;aPiana Paris”(House&Home,January18)is
moreauthoritarianrule. fluseason.Outbreaksofunidentified Hewouldperhapshaveusasthe starters,HighSpeed2shouldbe cashmereHackettblazerboughtin oneofthemostaccurate,andwell-
Misinformation, and disinforma- diseasesdemandvigilanceandstudy. slavesofsomedefunctpolitician extendedtoScotland—nothingwould London;aCucinellicardiganacquired observed,thatIhavereadaboutmy
tion,arealsostillprevalent.Duringthe Butnoveltydoesnotmaketheminher- distillingourwealthfromideasdreamt domoretoconvincemyfellow inRome;andPianavirginwool adoptedcity.Nevertheless,onefeels
outbreak of Spanish flu in 1918-19, entlymoredangerousthanolderfoes. upafewyearsback.Butmany,ifnot countrymenthatthereisstillsome bespoketrousersorderedinTurin.In dutyboundtowarnMrKeohaneabout
most,ofthegreatindustrialand substancetotheUnion.The Shanghai,acravatbyHermes,which thepossiblepitfallsentailedinserving
scientificideasthatdrovethe importanceoftheTrans-Pennineroute myassistantinsistedwasanMH—a asamemberofhisbuilding’s
industrialrevolutionweretheresultof isobvious,asaretherailconnections “MustHave”,firsttimeI’dheardofthe managementcommittee.
individualsworkingattheirownideas. intonorth-eastWales. term—wassopriceythathenceforth Inmyownexperience,sucha
Thepoliticsthenfollowedthewealth, Oneofthemostjaw-dislocating mywifeputaDNE(DoNotExecute) responsibilitycanbeasourceofmuch
Tesla’s rise has sparked
nottheotherwayround. statisticsIencounteredduringthe clauseonourjointblackcreditcard aggravation,amusementand
Itisstillcommonplaceforpoliticians Welshselectcommittee’sinquiryinto account.Luxotticasunglasses?Whata annoyance.Indeed,conflictsand
tothinktheyshouldleadinsetting theimpactoftheChanneltunnelon shame.Ilostmynicepairattheairport confrontationsonbuilding
an electric revolution
vaguenotionslike“industrialstrategy”. WaleswasthatFranceandGermany inNewDelhi. managementinParishaveeven
Withapologiesforbangingonaboutit, had15,000railfreightloadingpoints Yachtsandseasickness inspiredaplay,LesCopropriétaires(The
Brexithasshownjusthowfarour betweenthemwhilewehadapuny notwithstanding,inHavana,ifFabio Co-Owners)byGérardDarier,which
politiciansarefrombeingabletoset 700. invitesmeintohis“veryelitistclub”, hadahighlysuccessfulrunoverseveral
ElonMuskdeservescreditforcreatinganewforceinthecarindustry andguidepolicy.Ateachstageofthat KeithRaffan I’mpartialtoRomeoyJulietaNo2. seasonssomeyearsago.Ilookforward
debateacompetentboardofdirectors LondonW11,UK HowtoSpendIt,anyone? toreadingMrKeohane’sarticleonthe
HowmuchisTesla,theelectriccar- towardsonethatis“solarelectric”by wouldhavethrownthematteroutas MP(Con)forDelyn1983-92;MSP(Lib CSJamais delightsofhisnewmanagementrole.
maker,worth?Theanswertothatques- making“anelectriccarcompanywith- lackingclarityandcoherence.Butthey Dem)forMidScotland&Fife1999-2005 Amsterdam,TheNetherlands StephenO’Sullivan
tionhasfluctuatedwildlyoverthepast outcompromises”.Alongtheway,Mr ploughedondeeperintothiscreative Paris,France
Cinemaisputtingina Votingsystemmakesit
coupleofyearsasthecompany’scritics Muskhasinvestedhisownmoneyor chaos,andstillshownosignsofdoing
Bikerbuddiesmeetdaily
have taken their best shot. These tappedpersonalconnectionstokeep anybetter. miraculousperformance easiertooustbadleaders
detractors are legion, ranging from thebusinesssolventduringturbulent Anydevolutionofpowerwillfail underthegoldenarches
thosewhothinkitsbrilliantbuterratic times. Since going public in 2010, unlessthevotersareinterestedand Thosefamiliarwiththecinema BerntJohansson(Letters,January18)
chiefexecutiveElonMuskisafraud,all Tesla’sgrowthhasbeenfuelledbyits unlessthosewhocreatewealthand industrywillhaveheavedawearysigh complainsthattheUK’sfirst-past-the- ItwasnicetoreadEdwardLuce’s
thewaythroughtotheofficersofthe continued access to capital, either ideasaboutitareinthelead.Politics toseeanotherarticle(January18) postelectoralsystem“istotally review(Life&Arts,January18)of
SecuritiesandExchangeCommission, throughissuingnewsharesortaking thrivesinafollowingwind. predictingtheimminentdemiseofa undemocratic”.MayIsuggesthereads ChrisArnade’snewbookDignityand
whoin2018censuredandfinedMr on new debt. Mr Musk’s personal DavidBoorer businessthathasshownextraordinary “Choices”,theremarkableand thedescriptionofMcDonald’sas
Muskforplayingfastandloosewith brandhasbeenbothahelpandahin- Llandovery,Carmarthenshire,UK resilienceformorethanacentury, insightfulanalysisofvotingsystemsby substituteforacommunitycentre.I’ll
normalstockmarketdisclosurerules. drance.Hisunpredictablebehaviour althoughtoseethatseemingly thephysicistDavidDeutsch,inhis definitelybuyit.
Neglectedtownsshouldbe
Despitetheseslingsandarrows,how- hasimproved,buttheeffectivenessof inevitabledoompredictedtoarrive bookTheBeginningofInfinity. ThesamethinggoesoninEngland,
ever,themostrapidchangeinTesla’s governanceremainsunproved. thefocusof‘levellingup’ withinaslittleastwoyearssetsanew Inthisessay—essentialreadingfor withmy70-year-oldbrother-in-law
stockmarketvaluehascomeinthe Despitesomescepticismaboutthe yardstickforpessimism. everyoneinterestedinfreedom— andhisOAPbikerbuddiesmeeting
pasttwomonths.SinceNovember,the sustainabilityofTesla’ssoaringvalua- LordHeseltinemakestwo Soherearesomefacts.In2019, Deutschaddressestheproblem dailyunderthegoldenarchesof
shareshavemorethandoubled,leav- tion,thecompanyhasmetkeymile- fundamentalmistakesinhisarticle globalcinemaboxofficereachedanew scientifically,andrevealsthe Wellinghighstreet,Kent.Theysitin
ingthosewhodoubtMrMuskandhis stones:deliveriesofitsbreadwinner (January18).First,hefocusesonthe highofover$42bn.Andwhileitistrue surprisinglycounter-intuitivepoint leathers,tryingtolookrebel,buyonly
companydumbfounded. Model3rosetonearly301,000in2019 cities,manyofwhicharedoingrather thatUSboxofficefellbyalmost4per thattruedemocracyisnotabout bottomlesscoffeeandtaketheirown
The rapid rise has pushed Tesla’s from146,000in2018,andanewChi- well,ratherthanthebypassed,much centlastyear,thatwasonthebackofa choosingleaders,butisreallyallabout cake,butthemanagementdon’tseem
stockmarketvaluepast$100bn,more nesefactoryhasbegunproduction.Not neglectedtowns.Second,hemakesnot record-breaking2017(whenboxoffice facilitatingtheremovalofbadleaders tomind.Whenthere’sapromotionon
than the combined share value of withstandingsharepricevolatility,the evenapassingreferencetoScotland, increasedyear-on-yearby7percent). orbadsystems. for2-4-1applepie,thegangwatchfor
Detroit’sroyalty,GeneralMotorsand outlookintheshorttomediumtermis NorthernIrelandorevenhisnative Closertohome,theUKenjoyedthe Thekeyobservationarisingfromhis anycommutingyoungsterinahurry
Ford.IthasevensurpassedthatofGer- positive. Tesla continues to benefit Wales. highestcinemaadmissionsfor50years analysisandcontemporaryexamplesis whoflingshistokeninthebinand,like
many’sVolkswagen,thebiggestcar- fromitsearlymoveradvantage;tradi- AsanMPforoneofthe in2018,andwhilewedidn’tquite thatthefirst-past-the-postsystem seagulls,orperhapsblackcrows,they
makerbyvolume.MrMusk’srecent tionalcarmakershaveyettocomeup constituenciesinthenorth-eastWales reachthoseheightslastyear(down0.5 actuallyhasthegreatmeritof rushthebintodigitout.
stockmarketsuccesshaswonhimnew withanythingcompetitive.VW’sCEO clusteratthatendofthe“redwall”,I percent),giventhecarnagebeing facilitatingtheremovalofbadleaders, JohnHarris
admirers,includingPresidentDonald recentlywarnedtheGermancompany wasconfrontedinthe1980sby30per visiteduponotherleisureandretail while,contrarytopopularbelief, Saigon,Vietnam
Trump,whodeclaredhima“genius” wouldhaveto“slaughtersomesacred cent-plusmaleunemploymentintwo sectors,thatperformanceislittleshort proportionalrepresentationessentially
Dystopianconceptalbum
andlikenedhimtoThomasEdison.It cows”andtransformitselfintoatech- ofthetownsIrepresented,Flintand ofmiraculous. hinderstheremovalofbadleaders
wasaboldcomparisonbutMrMusk nology company to survive the Holywell.Aftertheclosureofourlast Whilethe2020filmslatemay (oftenhandingdisproportionatepower Bowiedreamtofmaking
deservescreditforestablishingapure upheavalintheindustry. Courtauldsfactory,Ipersuadedthe potentiallyhavefewerobvious“tent- tothethird-largestparty).
electricbrandinanindustrynotorious Teslabelievers,however,woulddo selectcommitteeonWelshaffairsto pole”titles,itdoeshaveabroader RWDNickalls SimonKuperdrawsattentiontothe
foritsbarrierstoentry.Thereareques- welltoentertainsomedoubt.Historyis holditsfirst-eversessionoutside rangeoffilmsfromanever-wider Cheltenham,Glos,UK 70thanniversaryofthepassingof
tionsoverhowsustainableTesla’svalu- littered with examples of dominant London,inFlint.Thisledtoan rangeofdistributors.Thatcanonlybe GeorgeOrwell(“WhyTrumpis
What’sJavidsmoking?
ationis:thecompanyturnedcashposi- founders who over-reached them- uncomfortableexperiencefor goodforthesectorandforaudiences. provingOrwellwrong”,January18).
tiveinthelastquarterbutitstilldoes selves,aswellasoneswho,likeSteve Courtaulds’thenchairman,Sir Thesupposedlyimminentdemiseof Ashepointsout,itmovesworkssuch
notmakemanycars(367,500lastyear JobsofApple,builtlastingbusinesses ChristopherHogg,withhissacked thecinemasectorduetostreaminghas So,thechancellorwantstheeconomy asNineteenEighty-Fouroutof
compared with VW’s 11m). The thatsurvivedwithoutthem.MrMusk’s workforcemassedbehindhim,but itsechoesinthepredictedimpacton totakeoffwhilesimultaneously copyright.
$100bnpricetagis,nevertheless,avin- ambitionknowsnobounds:notjust littlemore. thebusinessofTV,VHSandDVD. allowingthewingstodropoff(“Javid WhatashameDavidBowieisno
dicationofMrMusk’svision. electriccars,butrevolutionsinsolar Inthosedays,thegovernment Thankfullythoseinvestingmassively warnsbusinesstogetreadyfor longerwithus.Hehadlongdreamtofa
The South African-born entrepre- power, tunnelling, public transport, tendedtoignoretherecommendations intheongoingrefurbishmentofUK divergencefromEUrulebook”, conceptalbumbasedonthatdystopian
neurhasusedacombinationofsales- commercial space exploration and, ofselectcommitteereports.Indeed, cinemasandtheopeningofmorethan January18).Perhapsheisrelyingon novelbutcouldnotgetthepermission
manship,ruthlessnessandsheerchut- naturally,acolonyonMars,areallon whentheprimeministerinvitedmeto 30newsitesin2019(withmoreto growthinthecannabisindustryto fromtheOrwellestate.Insteadsomeof
zpahtoachievehisambitionforTesla, theagenda.ButbuildingTeslaintoa teainherCommonsoffice(justthetwo comethisyear)knowbetter. providethehighsneededtorestorethe theideasemergedinhisDiamondDogs
firstoutlinedina2006“masterplan”: profitablemainstreamcarcompanyis ofus!),ostensiblytobriefheronher PhilClapp UK’sgrowthtothatof2015. album.
toexpeditethemovefroma“mine- still Mr Musk’s best shot at a truly forthcomingvisittomyconstituency,I ChiefExecutive, TonyOrchard DrJohnHawkins
and-burn hydrocarbon economy” enduringlegacy. had,asusual,greatdifficultygettinga UKCinemaAssociation Exeter,Devon,UK UniversityofCanberra,Australia
JANUARY 25 2020 Section:Features Time: 24/1/2020 - 18:52 User: alistair.hayes Page Name: LEADER, Part,Page,Edition: LON, 8, 1
25January/26January2020 ★ FTWeekend 9
Opinion
From Dresden to drones — the morality of air war
novelSlaughterhouse-Fiveinitsmidst, transportandelectricalnetworksthat Winston Churchill tried to dissociate Another aspect of the controversy iscertainthatwerethesameactscar-
PW
describeditas“carnageunfathomable”. allthosebombsmostlymissed. himselffromthe“area”bombingthat overDresdenrelatedtoaproblemwe riedouttoday,theywould.Thedevelop-
Singer Itisthisinabilitytofathomsucha Noristhatdestructivepowerjustin hadbeenthecentrepieceofalliedstrat- alsofacetoday.Unabletostrikeback mentofinternationallawandchanges
moment that perhaps explains why thehandsoftwonationsinthemidstof egyforseveralyears. directly,amilitarilydepletedNaziGer- in military culture after Dresden
Dresden, alongside the many other asuperpowerhandoff.Nuclearknowl- “Itseemstome,”hewroteinamemo- many retaliated with disinformation, reflectedadeterminationtoensurethat
horrorsofthesecondworldwar,still edge is proliferated across nations, randumtotheBritishchiefsofstaff, claiming that hundreds of thousands suchthingswouldneverhappenagain.
resonateswithustoday.Itwasindustr- whiletheemergentinternetofthings “that the moment has come when of civilians were killed in the raids, Thatlegalandethicalbackdropisone
S eventy-five years ago this ialisedwaratitsapogee,thesoontobe meansthatsmallgroups,andsooneven thequestionofbombingGermancities multipletimesmorethanthe25,000 reasonUSPresidentDonaldTrump’s
week, planning began for shrunkenBritishmilitaryandnascent solitaryhackers,willbeabletoshut deaddocumentedinthecityarchives. recentthreattodestroyIraniancultural
what would become one of USairforcesendingmorethan1,200 downentirecities. Fictionsthattookweekstodisseminate sitesstruckmanyassohorrifying.To
thedefiningmomentsinthe heavy bombers to drop more than YetDresdenalsoresonatesbecauseit Theremovalofthe 75yearsago,cannowspreadinseconds ordersuchmeasureswouldbeknow-
historyofwar:thedestruc- 200,000bombsonasinglecity. broughttotheforemanydilemmasthat onsocialmedia. inglytocommitawarcrime—onethat
pilotfromthepoint
tionoftheGermancityofDresden. Only the “arsenal of democracy” remainwithustoday.Bombercrews Above all, the horror of Dresden any officer would be duty-bound to
LaunchedasthewarinEuropewas couldmarshaltheindustry,technology servedinoneofthemostdangerous ofdangerlowersthe drove a new conversation about the reject.
comingtoaclose,aseriesofRoyalAir andmanpowertodeliversuchacapab- rolesinthesecondworldwar—ofthe need for laws governing warfare. It Forallthesereasons,thebombingof
costsofmilitaryforce
ForceandUSArmyAirCorpsbombing ility.Infact,asthememosenttothe 125,000 men who served in British showedthateveninpursuitofthemost Dresden continues to reverberate 75
raidswouldsoonwipemuchofthecity flight crews the night before put it, Bomber Command, 44 per cent lost righteousofcauses(onewhichmeets years on. The last word should thus
fromthefaceoftheearth.Thealmost “show[ing] the Russians” that very theirlives,amuchhigherdeathtollthan simplyforthesakeofincreasingthe theconditionsthatjuristsandphiloso- belong to Vonnegut, who wrote of the
8mpoundsofexplosivesdroppedon powerwaspartoftherationaleforthe thatexactedinthetrenchesduringthe terror . . . shouldbereviewed.” pherscalljusadbellum),howyoucon- needtomatchouridealswithreality.
February13and141945setoffafire- attack. firstworldwar.Butbythebeginningof Inmanyways,thiswasanearlyver- ductedyourselfinwar(jusinbello)mat- “Wearewhatwepretendtobe”,he
stormthatconsumedmorethan1,600 This is now as “unfathomable” as 1945,Dresdenwaslargelydefenceless, sionoftoday’sdebatesoverunmanned tersjustasmuch. said,“sowemustbecarefulaboutwhat
acresofthecity,destroyingordamaging the carnage itself. Technology would makingtheraidwasa“milkrun”-style weaponssystemsandso-calleddrone Today,historiansandethicistscon- wepretendtobe.”
morethan75,000homes,11churches soon show off how a single atomic mission — only six planes were lost, warfare. The removal of the pilot tinuetoargueoverwhethertheactions
andthecity’szoo. bomb could achieve the same scale threefromotheraircraftaccidentally from the point of danger lowers the takenbythealliesatDresden—from ThewriterisstrategistatNewAmerica
KurtVonnegut,whowasaprisoner ofexplosives.Today,asimilarplanto droppingbombsonthemfromabove. costs of war. But many worry that theindiscriminatebombingofacityto and co-author of the forthcoming book
of war in the city at the time of attackacitymightinsteadusecyber Thissenseofdisparitysoonledto the same advantage can make the thedestructionofhistoricandcultural ‘Burn-In:ANoveloftheRealRoboticRevo-
thebombingandwouldlatersethis means,softwaretakingdownthesame controversyandregret.Justweekslater decisiontouseforcetooeasy. sites—amountedtowarcrimes.Butit lution’
Climate change and the
prisoner’s dilemma
Theincomingheadofthe meanswearedoomedtoselfishself-
Tim
destruction.Moralphilosophershave
energymajorwantsto
Harford tiedthemselvesinknotstryingtorefute
reshapeitintheageof it,toshowthatitissomehowrationalto
The undercover collaborate in a one-shot prisoner’s
environmentalactivism,
economist dilemma. It isn’t. Fortunately, most
writesAnjliRaval human interaction is not a one-shot
prisoner’sdilemma.
The 1981 paper — and subsequent
O nceuponatime,apianist book—mayhavepushedthependulum
B ernardLooney,theincoming wasarrestedbythesecret toofarinanoptimisticdirection.Prof
chief executive of BP, has policeandaccusedofspy- Axelrodrantournamentsinwhichcom-
spent the past few months ing.Hewascarryingsheets puterprogramscompetedagainsteach
letting critics tell him how of paper covered with a other,playingtheprisoner’sdilemma
terriblehiscompanyis. mysterious code. Despite protesting hundredsoftimes.Repeatingthegame
Concernedthattheenergymajorhad thatitwasmerelythesheetmusicfor allows co-operation to be enforced
becometooinsularintheaftermathof Beethoven’sMoonlightsonata,thepoor through the threat of punishment —
the2010DeepwaterHorizondisaster, manwasmarchedtothecells.Acouple somethinggametheoristshadknown
theBPliferdeliberatelysetouttogauge ofhourslater,asinisterinterrogator since the 1950s. When Prof Axelrod
whattheoutsideworldthinks. walkedin.“You’dbettertellusevery- enshrinedthatideainasimpleprogram
Hismeetingswithinvestors,environ- thing,comrade,”heannouncedwitha called “Tit for Tat”, it routinely
mentalactivistsandjournalistsaheadof thinsmile.“Wehavecaughtyourfriend triumphed.TitforTatrespondstoco-
startingthejobnextmonthcomeamida Beethoven.Heisalreadytalking.” operation with co-operation, and
growingbacklashagainstenergycom- Thissetsupthemostfamousproblem betrayalwithbetrayal.Whateveryou
paniesforinactiononclimatechange. ingametheory:theprisoner’sdilemma. dotoit,itdoesrightback.
BPinparticularhasbeentargetedby Theinterrogatorexplainsthatifone ProfAxelrodhighlightedthefactthat
campaignsagainstitsartssponsorship manconfessesandtheotherdoesnot, althoughtheprogramwastough,itwas
andbyshareholderscallingforgreater thetalkativeprisonerwillgofreeand “nice”—ittriedco-operationfirst.And
disclosuresaroundcarbonemissions. theotherwilldo25yearsinagulag. hedrewbroaderparallels,arguingthat
BP’s board believed the company Iftheybothremainsilent,theywill thesuccessofthestrategyexplainswhy
needstoshiftgears,andMrLooneyhas eachspendfiveyearsinprison.Ifthey soldiersinthetrenchesofthefirstworld
alreadybeentakingadifferenttone.“I both confess, 20 years each. The warwereabletoagreeinformalcease-
knowalotofpeoplehaveviewsonoil dilemmaisclearenough:eachwoulddo fires.Hisinspiringmessagewasthatin
andgascompaniesandourroleinthe bettertoconfess,regardlessofwhatthe theworstpossiblecircumstances,nice
energytransition,”hewroteonThurs- otherdoes;yetcollectivelytheycould guysfinishfirst—providedtheyhavean
dayinanewInstagramaccountthat profitbystickingtogether. innersteel.
shows him casually dressed in blue Thissetupisnow70yearsold—itwas Butthatgoestoofar.Asimplerexpla-
jeans.“Iwouldliketousethisplatform developed in a simple mathematical nation of “live and let live” in the
totalkopenlyaboutthatandexplain formin1950bymathematiciansMerrill trenchesisthatpoppinguptoshootat
theroleBPcanplay,asIbelieveweshare FloodandMelvinDresherandwrapped
thesameconcernsandhopes.” inastorybyAlbertTucker.(Myown
Fifteenyearsyoungerthanhisprede- retelling owes a debt to economists Weallbenefitifothers
cessor, the 49-year-old Irishman is AvinashDixitandBarryNalebuff.)
restraintheirpollution
expectedtobringamoreagile,modern Dresher,FloodandTuckerworkedat
leadershipstyleatatimewhenBP’sstaff the Rand think-tank. The prisoner’s butprefernottohave
includesagrowingcohortofmillennial dilemmadistilledthetensionbetween
Personinthenews|BernardLooney torestrainourown
datascientistsaswelloildrillersinhard selfishness and co-operation into a
hats.Tallandtanned,hehasa20-some- potentform,makingitemblematicof
thing-year-oldreversementorandtalks the risk of nuclear destruction and theenemyisnothinglikerattingout
A polished oilman
abouttheneedtochallengeoldhabitsto muchmorebesides. Beethoven.Itisdangerous.Oneneeds
runabetterbusiness. Thedilemmareceivedasecondburst nogametheorytoexplainwhysoldiers
“Theproblemthatwehaveisthat ofattentionin1981,afterthepublic- mightprefertolielow.
peoplehavebeenworkingacertainway ationof“TheEvolutionofCooperation” ProfAxelrodalsosetfartoomuch
andbelievethatanswerthatthey’vegot bypoliticalscientistRobertAxelrodand storebyTitforTat’s“niceness”.Other
isright,”hesaidbeforehisselection. evolutionarybiologistWilliamHamil- strategiesprosperinprisoner’sdilemma
steps up at BP
AlthoughMrLooney’sbackgroundis ton.Theirarticleisnotonlythemost tournaments,dependingondetailsof
inBP’straditionaloilbusiness—agiant citedinpoliticalscience,butaspopular therules.Amongthemis“Pavlov”,a
pictureoftheThunderHorserigdomi- asthenextthreeworksputtogether. strategywhichtriestoexploitsuckers
nateshisStJames’sSquareoffice—the Ihopereaderswillforgivemydredg- andchangestacticswhenitencounters
board sees his views on the future ingupsuchavenerableidea,becauseit apunishingresponse.Itcanbeco-oper-
energysystemas“progressive”. remains relevant, instructive, and ative,sure—butitishardly“nice”.
His selection is an opportunity to widelymisunderstood. Prisoner’s dilemmas do exist. The
repositionthecompanyafterafeisty One common misunderstanding is mostpressingexampletodayisclimate
annual general meeting when share- thattheproblemisoneofcommunica- change.Everynationandeveryindivid-
holdersoverwhelminglybackedareso- paper,hetookatraditionalpath.The Recentlydivorcedandwithnochil- bothinsideandoutsideofthecompany. tion:ifonlythepianistandBeethoven ual benefits if others restrain their
lutiononbetterclimatedisclosures.“BP keentractorspottergrewuponadairy dren,hemaintainsanaggressivetravel “I’vedrunktheLooneyKool-Aid,”says couldgettogetherandagreeastrategy, pollution,butweallprefernottohaveto
doesn’twantarepeatoftheAGMfrom farm in Kerry and was the first in his schedule.“Thisisacompanythathas oneinvestor. they’dfigureoutthattheyshouldstick restrainourown.
last year, which was a total disaster, familytogotouniversity.Hestudied givenmeeverythingIhaveinmylife,” Despitebeingahardtaskmaster,heis together.Notso. ItwouldbefoolishtohopethatTitfor
wherethecompany’sleadershiplooked engineering,joiningBPin1991asadrill- hesaidin2018. known for giving credit to people in Communication doesn’t solve any- Tatwillsavethedayhere—andwedon’t
atoddswithcoreinvestors,”saysone ingengineer.Heworkedinoperational SomeindustryobserverspointtoBP’s lowerranks.Someinternalfansarejok- thing.Theattractionofteamingupis haveto.Wehavetoolsavailabletous:
personbriefedonthematter. rolesintheUK,VietnamandtheUS. 2019agreementtosellitsAlaskanbusi- inglyreferredtoas“theBernardettes”. obvious;soisthetemptationtobetray. domestically, taxes and regulations;
MrLooneysayshewantstobe“ambi- Identifiedasleadershipmaterialearly ness,whichwasspewingcarbonemis- He uses BP’s internal social media Thosewhobelievetalkinghelpsmuch internationally,treatiesandalliances.
tious”aboutconfrontingaglobalshift onbyformerBPchiefexecutiveJohn platformtoengagewithstaffandtalks shouldwatchGoldenBalls,aUKgame Suchtoolschangetheincentives.We
towardscleanerfuelsbygoingbeyond Browne,hejoinedacohortofrapidris- openlyaboutmentalhealthissues. show based on a modified prisoner’s couldandshouldbeusingthemmore.
small,ineffectualbetsonlowcarbon erswhoweredubbed“turtles”afterthe Hesayshewantstobe MrLooneyiskeenthatBP,whichhas dilemma.Whatmakestheshowfunto Thepianistandhissuspectedaccom-
investments.Yethealsowantstoinject Teenage Mutant Ninja Turtles who been criticised for its lobbying and watchistheemptinessofthepromises pliceweretrapped.Wearenot.Unlike
ambitiousabout
“realism”intothedebate,acknowledg- sprangintoactionifhelpwasneeded. greenadvertisingcampaigns,isseenas contestantsmaketoeachother. them,wecanchangethegame.
ing still robust demand for hydro- WhentheDeepwaterHorizondrilling confrontingaglobal honestunderhisleadershipevenifpeo- More problematic is the mistaken
carbonsinfast-growingeconomies. rigexploded,MrLooney,thenheadof pledonotalwayslikewhathehastosay. belief that the prisoner’s dilemma [email protected]
shifttowardscleanerfuels
Thenewchief,whohashadhissights BP’sNorthSeaoperations,wasflown “Hewantstosaysomethingandmean
onthetopjobforyears,hasprivately outtohelpstopthemillionsofbarrelsof it,”saidonepersonclosetoBP.
spokenoftheneedtoreconcilestronger crudethatweregushingintotheGulfof sions,asasignofwhatmightbetocome. Yet the oil and gas sector remains
actiononclimatechangewithsustain- Mexico.Theperiod,hehassaid,wasthe Outgoing BP chief Bob Dudley had deeplymistrusted.MrLooney’saimof TopreadsatFT.com/opinion
ing oil and gas revenues that enable mostchallengingtimeofhiscareer. resistedinvestorcallsforthecompany securingBPaseatatthegreentransition
heftydividendpayouts.Thebigques- Later,hewasbehindthecompany’s totakeresponsibilityfortheemissions tableislikelytorunheadlongintoactiv-
tioniswhetherhecanconvinceclimate biggestdealin20yearswhenitacquired ofcustomerswhoburnBPfuels.Butthe istswhowanttoshutthecompanyout. 3HowIbecameareluctantChina 3FreezingoutJeffBezoscouldbackfire
activiststhatheismakingameaningful minerBHP’sUSshaleassetsfor$10.5bn companyisnowsaidtobeassessing Tocounterthat,hewillneedtomatch sceptic forNewDelhi
shiftawayfrombusinessasusual. in 2018. He has also advocated for differentwaysofmeasuringthem. anypromiseswithrealaction. Xi’shardlineapproachishavingnegative Givingforeigninvestorsacoldshoulderlooks
With an interest in fashion and deployingtechnologyacrossthecom- MrLooney,whohasawell-crafted effects,writesGideonRachman badasgrowthslows,writesAmyKazmin
design,heisanunlikelyoilman.Buton panytocutcostsandboostproductivity. image, is widely liked and respected [email protected]
JANUARY 25 2020 Section:Features Time: 24/1/2020 - 18:17 User: alistair.hayes Page Name: COMMENT, Part,Page,Edition: LON, 9, 1
10 ★ FTWeekend 25January/26January2020
Opinion
The BBC must go back to Digging for
dirt with
doing what it does best
the Davos
plumbers
As its director-general prepares to depart, the corporation faces many challenges
SOCIETY
BRITAIN Robert
Shrimsley
Camilla
Cavendish
T heexcitingnewsthatSwiss
authorities have foiled a
Russianattempttobugthe
T heUKgovernment’smulish World Economic Forum at
boycott of the BBC Today Davos added a frisson of
programmehasimproved excitementtotheannualgathering.Swiss
mymorningsnoend.Oppo- police arrested two Russians posing as
sition politicians still trot plumberswhotheybelievewereintended
outplatitudes,butIcanbrushmyteeth toinstallsurveillanceequipmentinkey
duringthosebits.Inplaceofrobotic locationsattheconference.Thepairimme-
ministerial declarations we have had diatelydemandeddiplomaticimmunity—
in-depth reports from Iran and whichisnotsomethingthattendstohap-
Australia,exposésofthebureaucracy penwithPimlicoPlumbers.
facedbyEUnationalstryingtostayin TheFinancialTimeshasobtainedtran-
Britain, and a poignant conversation scriptsofentirelyfictionalconversations
between Greta Thunberg and David betweenthemenpriortotheirdetention:
Attenborough. Informed, thought-
provoking,anddistinctive—whichis Firstplumber:Ihopethissurveillance
whattheBBCoughttobe. equipmentisbiodegradable.Sustain-
Usuallyadeptatlobbying,theBBC abilityisabigthemethisyear.
nowfacesmultiplechallenges:asearch Second plumber: Absolutely. The
foranewdirector-generalafterTony casingsareallmadefromfinestUral
Hallthisweekannouncedhisintention woodchip.
tostepdown;aprimeministerwhoonce That’s good news. So, anyway Yuri,
dubbed it the “Brexit Bashing wherewereyoutoday?
Corporation”; a row over equal pay IwasattheKirchnerMuseumbugging
whichhashadtheincidentaleffectof theFacebookparty.
revealingtothepublicthatitpaysits Oh,IwouldlovetobugtheFacebook
(male)presentersgargantuansalaries; party.It’sthehottestinviteintown.
andaDowningStreetoperationwhich Youmustknowsomeoneimportant.
is pushing to decriminalise non- Mindyou,IhavetoadmitIdidfeelbad.
paymentofthelicencefee,orperhaps Itdidn’tfeelrightcollectingallthatpri-
even replace it with a Netflix-style vatedataonguestsataFacebookevent.
subscription. They should have checked their pri-
Thefundamentalquestioniswhether vacysettings.Theycouldhavegone
forthe“nobugging”option.
Iguessso,wherewereyou?
Thebroadcastershould AnthonyScaramucci’swinetasting.
Hehasn’tworkedforDonaldTrumpfor
recruitstaffwithawider
ages.Doeshestillgetgoodguests?
rangeofviewsandratchet Idon’tknow,butthewinesareexcel-
lent.Itoldthecommissarthatthere’s
downpresentersalaries
normallyalotofgreatredsthere.
Excellentmove.Sowhat’snext?
amonopolylicencefeecanstillbejusti- children’s programmes. And current turntheBBCintoasubscriptionservice gettingafairhearingduringtherecent I’mlookingatthepianobarattheHotel
fiedinanerawhenmoreyoungpeople affairs.Ittreatsserioussubjectswitha —orgiveupondramajustyet.Netflixis general election, say BBC insiders, Europe.Barry’sperformancesareleg-
nowwatchYouTubethanallterrestrial depthandanintelligencethatfewoth- debt-laden;Amazonbuildscustomers showsthattheyaredoingtheirjobprop- endaryandbytheendofthenightall
broadcastersputtogether,andnearly ershavetheresourcestodo.Overmany byofferinglossleaders;anditisnotyet erly.Butthatisnotthewholestory.In
halfofallUKhouseholdssubscribetoa years,Ihavehadtheprivilegetomake clearwhethereitherwillcontinueto striving to achieve impartiality by
streaming platform. In other words, programmeswithBBCproducerswho investinqualitylong-term. reflectingmainstreamviews,theBBC Youneedtohavereacheda
whyshouldyouhavetopaytheBBC areanoutstandinglycreativeandrigor- Ontheotherhand,thereisalegiti- hassometimesdefinedthemainstream
certainlevelofespionage
licencefeeifallyouwanttowatchisSky oustribe,workinglongshiftsforafrac- mateargumentthatexposuretomarket toonarrowly.ItregardedEurosceptic,
Sports? tionofwhatthepresentersarepaid. forcesmightforcetheBBCtoshedsome anti-immigrationandradicalsocialist eminencebeforethey’lllet
The licence fee was invented to Ifweabolishedthelicencefee,Ifear ofitsbureaucracy.Viewedfrominside viewsasfringeconcerns,wheninfact
youwireupahotelsuite
underpintheBBCasanationalservice, thoseareexactlythekindofpeoplewe government,orfromrivalnewsorgani- theywereincreasinglywidespread.
offeringsomethingforeveryone.Yetin mightlose.Theargumentforsubscrip- sations,NewBroadcastingHousecan Thatneedstochange,inthetwoyears
aworldofalmostinfinitechoice,that tionsisthatpeoplewillstillpayforgreat looklikeacomplacentbehemoth. beforethemidtermcharterreviewin thebigcheesesaregatheredaround
getsharder.Andthegoalofuniversality content.Butinreality,thatmodelis TheBBCalsohasamaddeningten- 2022.Inthatperiod,theBBCneedsto thepianosingingalong.
bumpsevermorepainfullyupagainst morelikelytoturntheBBCintosome- dencytosprawl.Itcurrentlyrunsfive demonstrateitsunparalleledabilityto DowereallycareaboutJamieDimon
quality.Totickthedemographicboxes, thinglikePBSintheUS—dignifiedbut orchestras,andtwo24-hournewsoper- aidpublicunderstandingoftheworld.It singing “Born to Run” at one in the
theBBChascreatedmoreandmore withlittlereach.Depth,intelligenceand ations—surelyonetoomany.Infact,I shouldrecruitstaffwithawiderrangeof morning?
channels — BBC3, 6 Music, and BBC serendipitymaybehardtopackageup wouldquestionwhetheritmakessense viewpoints,becomeleanerandratchet Godyes,haveyouheardhim?It’sprac-
NewsOnline,whichinitsquesttoreach aspersuasivelyas,say,JeremyClarkson fortheBBCtodo24-hournewsatall.It downpresentersalaries.Itshouldstrive ticallyKompromat.
youthhasbecomeashamelessmixof onAmazonPrime. trapsjournalistsinthestudio,filling tolooklesslikeametropolitanorgani- AnywayIhearBarry’sgothisowngig
newsandclickbait,ofwhichJohnReith, MrClarkson’sTopGearwasinfacta timebeforethenextbigevent,when sationremovedfromreality,whichis thisyear.Notsurehe’llgetthesame
thefirstdirector-general,wouldhave classicBBCsuccess:adistinctivelyBrit- they could be out getting stories. It howitisportrayedinthesatireW1A. qualityofsingers.
beenashamed. ishprogrammewhicheducatedmysons accentuatesthecultofthepresenter, Itishardtoimagineanytechgiant Wecanonlyhopeyouareright.
SomearguethattheBBCshouldstop ineverythingfromShakespearetoprac- whentheBBC’strumpcardisitsglobal parodyingitselflikethat.Whichisone Butlistenwedohavetobecareful.I
trying to compete with Netflix and ticalsciencewhiletheywatchedpetrol- networkofreporters. ofmanyreasonswewouldmisstheBBC thinktheSwissiesmaybeontous.
Amazonondrama,andconcentrateon headscrackjokes.Itwouldprobably Inaworldoffakenewsandglobalvol- ifwelostit. That’swhywearecarryingourpass-
highqualityprogrammingthatisgenu- neverhavebeencommissionedoutside atility,theBBC’sclaimtoindependence portsanddiplomaticidentitycards.
inelydistinctivefromcommercialchan- theBeeb.Itcannowholditsownon andimpartialityshouldmakeitunas- Thewriter,aformerheadoftheDowning Youdon’tthinkthat’sabitofagiveaway
nels: its natural history output, for Amazon, as The Grand Tour. But it sailable.Thefactthatneitherofthetwo Street policy unit, is a senior fellow at doyou?Imean,plumbersdon’tunusu-
example, or comedy, science and doesn’tmeanthatweshouldrushto mainpartyleadersfelttheirviewswere HarvardUniversity ally go around claiming diplomatic
immunityinthreedifferentlanguages.
Yes,andnotmanyareextraditedfor
offencesagainsttheU-bend.
Orviolenceinherentinthecistern?
Take a bloody nose, not a fall, for the party
You’vegottostopitwiththesejokes.
Wellcomeon,theymadeusplumbers.
That’snotevenoriginal.That’swhat
theycalledtheWatergateguys.It’slike
admittingitbeforeyouevenstart.
OK,wellcomeon,we’vegotroomstohit
leftwithjust“aone-waytickettoPal- lowdonations(amere$6.6mcompared offerupsecondchancestoo.It’sfartoo beponderinghisownrunafewweeks attheBelvedere.
POLITICS ookaville”(althoughshedidtweetthat withdoublefiguresforthefrontrun- soontogiveaverdictonUKprimemin- ago. Even less edifying has been the Can’t.I’veonlygotanorangepass.You
sheenjoyedbeingbackinherBirming- ners).KamalaHarris,theCaliforniasen- isterBorisJohnson’scareer,butdon’t triumphantreactionofpartsofMrCor- needawhitepasstobugtheBelvedere.
Miranda
hamconstituency).“Thisisnottheend, ator,alsocitedproblemsraisingenough forgethisdramaticdecisiontoexitthe byn’ssupportbasetoMsPhillipsquit- Theyarereallyhierarchicalhere.They
Green it’sthebeginning,”shetoldsupporters. moneywhenshequitinDecember. 2016Conservativeleadershiprace,only tingtherace—circlingthewagonsafter don’twantworldleadersbuggedby
“Wecanuseourvoicestomakesurethe If your campaign “simply doesn’t totriumphthreeyearslater. acatastrophicdefeatisonething,but anyone junior. You need to have
Labourpartycanwinelectionsagain.” have the financial resources”, as Ms Candidatesyettofindtheirformmay justhowsmalldotheywanttheLabour reached a certain level of espionage
That’sathreattopersistinservingup Harrisadmitted,thenthedecisionis needabitmoretimetoacquirethatelu- encampmenttobe? eminencebeforethey’llletyouwireup
uncomfortabletruthsthattheremain- madeforyou.Butbowingoutgracefully sive quality of being a heavyweight Howtohandlethenextroundisa ahotelsuite.Inanycase,Iwonderif
A nd then there were four. ingcontenders—KeirStarmer,Rebecca canleaveapolitician’sreputationintact primeministerialorpresidentialpick. puzzlefortheLongBaileyand,toan thisisworththeeffort.
JessPhillips,thestraight- LongBailey,LisaNandyand(fornow) —evenenhanced.Araisedprofilecan Thisismoreofastruggleforthosewho extent,theStarmerandNandycam- Ofcourseitis,supposewecatchTrump
talkinganti-CorbyniteMP EmilyThornberry—wanttoswerve. don’tcutthekindoffigurethepublicare paigns.Allavoiddisavowingtherecent sayingsomethingstupidinprivate.
hasdroppedoutoftherace The Labour leadership process is usedtoseeingonthestepsofDowning leftwardtilt.MsLongBailey’sprotests Hedoesitinprivate,too?
for the UK Labour party designedtoruthlesslyweedoutthose Phillips‘couldabeena StreetortheWhiteHouselawn.Three thatsheisnotjusttheCorbynproject’s Orweheardetailsofsecretdiscussions
leadership,admittingthatsheisnotthe without trade union backers at this Labourhopefulsarewomen;theparty candidateandhasherownideasare onUStradewartactics.Thatcouldbe
contender’fortheLabour
persontounitetheparty—ornot,asshe earlystageofthecontest—theonlyway hasonlyeverpickedamantoleadit. delightfullyreminiscentofthebanner usefulinformation.
carefullyputit“atthistime”. MsThornberrycansurvivenowiswith leadership.Herrivalsare Thequestionofwhoelectorateswill underwhichSelinaMeyer,anti-heroine WecouldjustreadhisTwitterfeed.
Afewdaysearliershehadwritten enoughlocalpartyendorsements. accept leads to unedifying internal ofHBO’sVeep,fightstohangoninthe Where’sthefuninthat?
stillduckingandweaving
aboutthefirsthustingsatwhichcandi- TheUSDemocratshavebeensimi- fights.Bickeringbrokeoutamongthe OvalOfficeafteraccidentalpromotion: Doyoueverwonderifthisisallabitold
datesfacedthemembershiplastweek- larlyunfeelinginnarrowingthefieldof Democrats about whether Bernie “Continuity with Change”. The other fashioned? The Saudis hacked Jeff
end:“Iwasawful.”Thisfranknessis would-bepresidentialcandidates,but meanafuturejobnearthetopofthe Sanders—nearlymanorsecond-time twoneedtokeeptheleftonside. BezoswithaWhatsAppmessage.Can
unusualinpolitics,butthedesireto thecurrencyontheothersideofthe pile.Thereareplentyof“nearlymen” victor?—thinkshisopponentElizabeth UnlikeJessorthekid,theyarehappy youbelievethewaythesetechguysall
haveacrackatthetopjobisnot.Asshe Atlanticseemstobe,well,currency— andwomenwhohaveprosperedthis Warren should be ruled out as no toduckandweavetostayinafightthey fallforthesescams.Nowthat’swhatI
conceded,youcouldheartracesofMar- coldhardcash.CoryBooker,theNew way:somequietly,somestridentlydis- woman could beat the incumbent wanttowin.MsPhillipswasnevergoing calldataharvesting?
lonBrandoinOntheWaterfrontinJess Jerseysenatorpreaching“radicallove” provingtheEnochPowellaphorismthat DonaldTrump.JeremyCorbynloyalist topullherpunches.Andweneedchal- Smart,though,hastobethewaytogo.
Phillips’regretfultone:“Icouldabeena hasdroppedhisbidfortheparty’spresi- allpoliticalcareersendinfailure.The MP and party chairman, Ian Lavery, lengerstostayintheringtillthebitter Yeah,butthere’salotlesstravel.
contender”. Like Brando’s frustrated dential nomination: the Democratic winnermightformaTeamofRivals calledonSirKeirtopulloutoftherace end.Afterall,awinbydefaultishowthe True.SeeyouattheSchatzalplater?
boxer,Terry,her“family”—theLabour NationalCommitteerulesexcludedhim cabinet,asBarackObamaattemptedin tomakewayforMsLongBailey,the nationendedupledbyTheresaMay. OK.Don’tforgetyourplunger.
movement—requiredhertotakeafall. fromappearingindebatesbecauseof emulationofAbrahamLincoln. leaderoftheopposition’sanointedsuc-
UnlikepoorTerry,MsPhillipsisnot lowpollratings(3percentinIowa)and The vagaries of politics sometimes cessor,eventhoughhewasreportedto [email protected] [email protected]
JANUARY 25 2020 Section:Features Time: 24/1/2020 - 18:17 User: alistair.hayes Page Name: COMMENT2, Part,Page,Edition: LON, 10, 1