BUSINESS WITH PERSONALITY
KNIGHTLEY’S STAGE
Issue 1,040 Friday 18 December 2009
BA STRIKE OFF BUT
UNION FIGHTS ON
AVIATION
▲
BY LORA COVENTRY
A WINTER walk-out by cabin crew at
ailing airline British Airways was yes-
terday declared illegal by the High
Court.
The Court’s judge Mrs Justice Cox
sided with the carrier, saying that the
Unite union had not correctly ballot-
ed its members on the strike action.
BA had argued that the union took
votes from staff who had left the air-
line.
The injunction means that cabin
crew, who are up in arms over propos-
als to cut the number of crew on all
flights, cap pay, and reduce remuner-
ation for newly hired workers, cannot
strike as planned for 12 days over
Christmas.
BA is desperately seeking to restruc-
ture as it tackles a £3.7bn pension
deficit and slumping demand for
travel in the recession.
The union called the ruling “a dis-
graceful day for democracy” and
pledged to re-ballot its crew if the dis-
pute was not resolved.
BA welcomed the news, saying the
decision would “be welcomed by hun-
dreds of thousands of families in the
UK and around the world.”
The airline met with the union yes-
terday for further frantic talks to
resolve the dispute, supervised by con-
ciliation service Acas, after a meeting
between chief executive Willie Walsh
and the union’s general secretary
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DEBUT, AND AVATAR
IN TODAY’S REVIEWS P25
Chief executive Willie Walsh has been in a fierce battle with union leaders
Tony Woodley fell apart earlier in the
week.
“The cabin crew were ill-advised to
strike at such a crucial period,” avia-
tion expert and guest lecturer at City
University Michael O’Donovan said.
“The union is led by a group of mili-
tants who are of the old school – they
don’t seem to understand that BA
BUYING
www.cityam.com
needs to restructure to be profitable,”
he added.
Analysts estimated the strike
would have cost the airline around
£30m a day, with around 1m passen-
gers affected and 7,000 flights
grounded.
The average pay for BA cabin crew
is £29,900, compared with an average
Picture: GETTY
of £20,200 at easyJet and £14,400 at
Virgin Atlantic Airlines, airline body
the Civil Aviation Authority said.
Meanwhile, there was further good
news for Christmas holiday-makers
yesterday, as a proposed walkout of
Eurostar drivers, which was set to
take place today and tomorrow, was
called off.
LINGERIE
MAKING A BIG
IMPRESSION
WITH SMALLS P23
FREE
Bernanke’s
nomination
approved
▲
BANKING
BY KAREN ATTWOOD
BEN Bernanke’s nomination to a sec-
ond term as head of the US Federal
Reserve was approved by a Senate
panel yesterday despite fierce opposi-
tion from some lawmakers.
Members of the Senate Banking
Committee voted 16 to seven in favour
of Bernanke continuing in his role fol-
lowing a two-hour debate that was full
of both praise for and criticism of the
Fed chief.
Bernanke is now likely to be
approved when the nomination pro-
ceeds to the Senate floor for a full
vote, some time in January.
Six of the seven “no” votes came
from Republicans with one Democrat
also opposed to Bernanke’s second
term.
Among them, Senator Richard
Shelby of Alabama, the top-ranking
Republican on the committee, said: “I
strongly disapprove of some of the
past deeds of the Federal Reserve
while Ben Bernanke was a member
and its chairman, and I lack confi-
dence in what little planning for the
future he has articulated.”
Many ordinary Americans have
been disgusted by Wall Street bailouts
and the handling of the financial cri-
sis which had fed an unusually high
level of opposition to Bernanke's nom-
ination.
The nomination came a day after
Bernanke was voted Time magazine’s
Person of the Year and the Fed voted to
keep interest rates on hold at 0.25 per
cent.
Certified Distribution
02/11/09 – 29/11/09 is 102,194
 2 News
It will be easy to lose money this year
EDITOR’S LETTER
ALLISTER HEATH
ONE of the great paradoxes of 2009
was that economic meltdown went
hand in hand with strong gains for
many investors. After a disastrous few
months when everybody was pricing
in the end of civilisation, stock mar-
kets bounced back, house prices start-
ed to rise again and many traders
made vast returns.
As I wrote yesterday, some of these
increases in asset prices were misguid-
ed – especially house prices, which are
once again over-valued. Others, howev-
er, were more justified: stock markets
are not especially pricey either here or
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor Ben Griffiths
Acting Night Editor David Crow
Features Editor Jeremy Hazlehurst
Art Director Darren Soulsby
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Deputy Sales Director Harry Owen
Head of Distribution Nick Owen
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WHAT THE OTHER PAPERS SAY THIS MORNING
STRICKEN SCOTTISH AIRLINE’S £30M
IN QUESTION
Administrators of Globespan, the col-
lapsed Scottish airline that has left
thousands of passengers stranded
abroad, were investigating last night
why £30m of its funds were being
held by E-Clear, the company that
handles its credit card transactions.
Bruce Cartwright, of PwC, said he
understood that about half that
amount might be recoverable for
creditors of the Edinburgh-based
group.
AADB IN FRESH EQUITABLE PROBE
The disciplinary arm of the Financial
Reporting Council has launched an
investigation into the actions of an
unnamed Scottish qualified account-
ant involved with Equitable Life in
the late 1990s. It is the third such
investigation related to Equitable in
the past year.
in the US; and many investors made a
killing in gold, the fixed income mar-
kets and emerging markets. Some
individual equities did extremely well:
Barclays is a case in point. Its price fell
far too low on misplaced fears – in
some cases fuelled by the media – that
it was finished. It turned out instead
to be one of the great winners from
the crunch, delivering huge returns.
But while 2009 was a bizarre year
for investors, 2010 will be more
straightforward. The name of the
game will be to combine wealth
preservation with an ability to jump
on some of the many opportunities
that will be available to make good
returns. Property will be very tricky
this year; the bond markets could eas-
ily be trashed if gilt yields surge as a
result of the end of quantitative eas-
ing combined with a continued crip-
pling budget deficit. Higher interest
rates will depress equity valuations in
standard models (by cutting the value
today of future cash flows). Cash rates
will remain low and be depressed by
Mobile tie-up
carries risks
TELECOMS
▲
BY KAREN ATTWOOD
THE proposed merger of Orange and
T-Mobile could curb competition and
hurt consumers, regulator Ofcom has
warned.
Ofcom said it was satisfied that
consumers were well served thanks
to competition between the country’s
five mobile carriers, but this situa-
tion could change if the merger were
to go ahead.
The regulator has no direct author-
ity to approve mergers but it said it
expected to provide input to the rele-
vant authorities.
Ofcom said this matter fell under
the European Commission’s jurisdic-
tion and the parties had signalled
their intention to file a submission
with the EC, which might refer it
back to the Office of Fair Trading.
MOUCHEL BID DEFENCE BUOYED BY
M&G SUPPORT
Mouchel’s defence against a £380m
($613m) takeover approach from VT
Group was bolstered when its largest
shareholder came out in support of
the target’s board. After holding a
meeting with Mouchel’s manage-
ment, M&G Investment Management
– which has an 11.4 per cent stake –
told the Financial Times that the
maintenance group “enjoys our com-
plete support”.
CD&R IN POLE POSITION FOR BCA BUY-
OUT
Clayton Dublier & Rice, the US private
equity group, has entered exclusive
talks to acquire British Car Auctions
in a deal valuing Europe’s biggest
vehicle reselling network at about
£400m. The acquisiton of BCA, which
is owned by Montagu Private Equity,
would be the latest sign that private
equity groups are making deals after
a virtual hiatus in buy-outs in the
past year.
increasing consumer price inflation.
Even if the UK economy grows by 1-
1.5 per cent in 2010, it is hard to see
how these negative factors will be
avoided. The only ray of light will be
globalised firms: because the FTSE 100
is now so dependent on global sales –
and no longer represents the UK econ-
omy – it could outperform again. The
consensus 10 per cent rise estimated
in a poll of analysts this week may not
turn out to be true; but it is certainly
in the realm of the feasible. Life will be
tougher for the more UK-centric com-
panies. Yesterday’s surprise decline in
November retail sales won’t be the last
such shock.
We were also very lucky in another
way in 2009, despite the collapse in
output. protectionism remains under
control; the gains of globalisation
have not been reversed. Some coun-
tries have imposed some capital con-
trols but a real backlash – a relapse
into autarky, huge tariffs, the dismem-
bering of global financial institutions,
the deglobalisation of capital and
Orange and T-Mobile signed an
agreement last month to form a 50-
50 joint venture that would grab the
top spot in Britain with a market
share of 37 per cent.
Ofcom said most stakeholders who
provided input for a report on the
Ed Richards, the chief
executive of Ofcom,
which said a T-Mobile
Orange merger may be
bad for the market
state of the mobile market agreed
that a full market review was not cur-
rently required, although some had
said this might need to be reconsid-
ered if the market structure changed.
A merger could lead to improved
coverage and network quality, Orange
and T-Mobile have said.
BIG INVESTORS CALL FOR INQUIRY
INTO BANKS’ FEES FOR M&A WORK
Some of the City’s most influential
shareholders are demanding a com-
petition inquiry into the fees charged
by investment banks on takeover
deals, The Times has learnt. Investors
are preparing an assault on the “exor-
bitant” fees of advisers on both sides
of company takeovers.
BANKS TOLD CRISIS COULD HAVE BEEN
AVOIDED WITH LOWER BONUSES
The Bank of England heaped fresh
pressure on banks to curb staff bonus-
es as it calculated that the entire tax-
payer-funded rescue might have been
unnecessary if bonuses and dividends
had been shaved by as little as a fifth
in the years before the crisis. British
banks could have piled up an extra
£75 billion to strengthen their bal-
ance sheets between 2000 and 2008
by showing a little more restraint.
labour – did not happen.
What wasn’t avoided was a gener-
alised loss of confidence in capitalism,
however: after every recession, ordi-
nary voters turn against business, fin-
anciers and the wealthy; they did so in
the 1930s, in the early 1990s and in
the early noughties after Enron and
the dot.com bubble. But this time it is
far worse: we are going back to puni-
tive tax rates on all high earners, with
more likely to come next year. The
biggest single tax threat to investors –
apart from more windfall levies on
banks and high earners – is that capi-
tal gains tax might be hiked in 2010.
Looking further afield, I’m even
more worried about geopolitical risk.
The Iran question has been in the
background for several years now; at
some point it is likely to flare up. The
consequences could be devastating –
and not just for the price of oil.
Investors must beware: compared
with 2009, it will be harder to make
money this year – and even easier to
lose some. allister.heath@cityam.com
Tube Lines Chairman David Begg will hunt for a new CEO
Tube Lines in £1.5bn hole
TRANSPORT
▲
BY ROGER BAIRD
TUBE Lines chairman David Begg said
last night he was frustrated his chief
executive Dean Finch is leaving the
underground maintenence firm to
join transport group National
Express.
Begg said: “We tried to keep hold of
him but National Express made him
an offer we couldn’t compete with.”
Finch only joined Tube Lines,
which maintains the Jubilee,
EX-LEHMAN BROTHERS STAFF TO
SHARE $50M BONUS BONANZA
A group of former Lehman Brothers
employees working to wind-up the
remnants of the collapsed investment
bank are in line to share in a $50m
(£31m) Christmas bonus pot.
Approximately 230 bankers working
to settle Lehman's $10bn-plus deriva-
tives portfolio will share in the pay-
out, after it was approved by a US
bankruptcy judge.
DAWSON HOLDINGS CLIMBS AS IT
AGREES NEW BANKING FACILITY
Shares in Dawson Holdings jumped
23 per cent on Thursday after the
newspaper and magazine distributor
said it had agreed new banking facili-
ties. Dawson said it had signed the
agreements with GE Capital and
Barclays "well ahead" of the end of a
180-day "standstill agreement" with its
creditors.
CITYA.M. 18 DECEMBER 2009
NEWS | IN BRIEF
BlackBerry’s profits surge
Research In Motion (RIM) posted a big
jump in profit and issued an even
stronger outlook yesterday, as sturdy
demand from holiday shoppers helped
the BlackBerry maker fend off the com-
petition. For its third quarter, ended 28
November, RIM said profit rose to
$628.4m , or $1.10 a share, from
$396.3m, or 69 cents a share, a year
earlier. Revenue rose 41 per cent to
$3.92bn . RIM sold more than 10 million
BlackBerry phones during the third
quarter, beating the previous record of
8.3 million, set during the second quar-
ter.
Stanford trial date set
Alleged swindler Allen Stanford will
spend more than a year in custody after
a US judge yesterday set his criminal
trial for January 2011. “This criminal
case is going to get under way and it is
going to go on schedule,” US District
Judge David Hittner said at a court
hearing. The date was a compromise
between Stanford's attorneys, who said
they wanted the trial to start in summer
2011, and US prosecutors, who pushed
for a September 2010 date.
Picture: REX
Northern and Piccadilly lines, from
FirstGroup in May.
The news came as the public pri-
vate partnership arbiter Chris Bolt
said Tube Lines would have to find an
extra £1.5bn in the seven-and-a-half
year period up until July 2010 to fund
work. Sources say Begg is likely to
switch from non-executive chairman
to executive chairman to cover
Finch’s move. Tube Lines adds that if
it has to find this extra cash work on
the Northern and the Piccadilly lines
would be delayed as a result.
COURT BATTLE SHINES A LIGHT ON AIG
UNIT
A Canadian real-estate investment
firm that sued American
International Group over a 25-year
swap deal is taking part in a litigation
"lottery" to avoid paying $1.2 billion
cash to AIG, the insurer alleged in
court papers filed late yesterday.
Lawyers for AIG asked a federal dis-
trict court in New York to dismiss a
lawsuit from Brookfield Asset
Management.
PRIVACY GROUPS FILE COMPLAINT ON
FACEBOOK
Ten privacy and consumer groups
announced they've filed a complaint
with the US Federal Trade
Commission alleging that Facebook
privacy-policy changes violate federal
law. The groups are urging the FTC
"to open an investigation into the
recent changes made by Facebook”.
CITYA.M. 18 DECEMBER 2009
LEBEDEV TARGETS INDIE
Business fund
in doubt as
banks pull out
▲
BANKING
BY KAREN ATTWOOD
THE government’s proposed fund to
stimulate lending to businesses was
in trouble last night after it emerged
a number of major banks may refuse
to contribute amid a row over
bankers’ bonuses.
Standard Chartered has already
turned down ministers’ requests to
provide at least £25m to support the
launch of the National Investment
Corporation (NIC) and it is thought
Barclays and US investment banks
may follow suit.
A Barclays spokesman said: “We are
considering the proposal that has
been put to us.”
Standard Chartered is not a major
lender to the UK and focuses on Asia,
Africa and the Middle East.
But it is thought the government’s
announcement last week that it plans
to introduce a 50 per cent tax on dis-
cretionary bonuses is a key reason
why banks are veering away from
contributing to the NIC’s growth cap-
ital fund for small and medium sized
businessed.
Ministers asked banks to con-
tribute £25m to £35m each after the
NEWS | IN BRIEF
EADS cleared of insider trading
Defence and aerospace giant EADS was
cleared of insider trading last night along
with current and former executives. The
probe was triggered after EADS suffered
a 26 per cent fall in its share price in
June 2006 after announcing worsening
delays in deliveries of its A380 superjum-
bo. France's AMF regulator said it had
not found any evidence that 17 people
who exercised share options in the weeks
and months beforehand knew about the
problems threatening Europe's largest
industrial project when they sold shares. 48-hour strike after accepting a new
The news ended a three-year probe that
has cast a pall over the group.
Dubai tries to restore reputation with further strikes planned for 26 and
Dubai scrambled to restore its reputation 27 December. The Transport Salaried
yesterday assuring investors that major
property and leisure projects would go
ahead as it dispatched two top officials on Friday and Saturday.
News 3
Ireland beats the UK to
pull out of the recession
ALEXANDER
Lebedev, the former
KGB agent who
owns the Evening
Standard, is back
in talks with
Independent News Ireland as a European base were
▲
WORLD ECONOMY
& Media, the stripped out, the underlying figure
group that owns
BY HARRY BANKS for gross national product was a
the Independent IRELAND’s troubled economy record- decline of 1.4 per cent.
and Independent ed 0.3 per cent growth in the third GDP was down 7.4 per cent in the
on Sunday titles. quarter, pulling out of recession third quarter on an annualised basis,
The Indie titles and ahead of the UK despite a savage con- while industrial production was
the Standard are traction over the previous year. down 10 per cent, investment was
all located at The former Celtic tiger economy down 35 per cent and construction
DMGT’s offices in beat market expectations of a 0.1 per was down 34 per cent.
High Street cent rise for the three months to Bill Keating, assistant director gen-
Kensington. September. However, analysts were eral of Ireland’s Central Statistics
cautious, pointing out that once prof- Office, refused to call an end to the
Picture: REUTERS its made by multinationals using recession at a press conference.
fund was announced in the pre-budg-
et report.
However, so far only the two state-
backed banks – Lloyds Banking Group
and Royal Bank of Scotland – have
agreed to pay up. Lloyds and RBS may
put in as much as £200m between
them.
US banks Citigroup, Goldman
Sachs and Morgan Stanley are
thought to be undecided yet
although they have had meetings
with Lord Mandelson, the Business
Secretary, and Chancellor Alistair
Darling to discuss the issue.
The City has warned there may be a
flight of key players overseas to avoid
the tougher legislation.
But a senior Bank of England offi-
cial yesterday said that if some banks
migrated overseas “it might be a price
worth paying” in order to protect the
reform of the financial system.
Andy Haldane, the Bank’s head of
financial stability, told the BBC World
Service that there were advantages in
the UK acting alone.
Deutsche Bank said yesterday it
would spread the pain of the super-
tax on bonuses among its staff
around the world as it would be
unfair to treat UK workers differently.
on a public relations drive to Washington.
Earlier this week, Dubai's wealthier
neighbour and fellow member of the
United Arab Emirates, Abu Dhabi, lent it
Kinetic Direct Drive
$10 bn to meet Dubai World's obligations
until the end of April and stave off a
bond default by Nakheel, developer of its
palm-shaped islands.
But confidence remains shaky, with syn-
dicated lending at a five-year low
Eurostar drivers call off strike
Eurostar train drivers have called off a
offer in a row over expenses. About 70
drivers belonging to the union Aslef are
still planning to walk out from midnight
Staffs Association said its 20 train man-
agers would now be working as normal
LONDON CITY
TO GENEVA
AND ZURICH
FROM £56
ONE WAY
Let BA take you direct to the ski slopes
from London City. And because we only
fly to centrally located airports, you can
spend more time there and less time
getting there. You’ll also saunter through
the airport thanks to speedy 15 minute
check-in for hand luggage. So fly BA
from the heart of the city to the heights
of the Alps.
CITYA.M. 18 DECEMBER 2009
BoA finally
names insider
for its top job
▲
BANKING
BY JOHN DUNNE
BANK of America (BoA) has promoted
Brian Moynihan as its new chief exec-
utive to be given the task of nursing
the stricken lender back to health.
The appointment of Moynihan –
who heads the bank’s retail division –
follows the retirement of Kenneth
Lewis. His promotion comes after the
bank posted two quarterly losses in
the past year after 20 consecutive
profit-making years.
The conglomerate’s board had
searched for a chief executive for four
months before turning to an insider.
BoA’s search was complicated by
Kenneth Feinberg, President Barack
Obama’s pay czar who, until the bank
repaid its $45bn (£27.5bn) bailout
loan last week, restricted the compen-
sation on offer to whoever would take
over as chief executive.
Some shareholders who had called
for a major shake-up of the troubled
lender will be left disappointed by the
decision.
Moynihan, 50, had also been criti-
cised by a US congressional commit-
tee over his response to a grilling over
the bank’s purchase of Merrill Lynch.
US House Rules and Oversight
Committee chairman Edolphus
Towns claimed the banker “didn’t
show the kind of leadership the bank
would seem to need.”
The new chief, who will officially
take over on 1 January, said he did not
envisage any major changes at the
bank, but wants to look forward.
Moynihan said: “We need to put
the last 18 months behind us. Now is
the time to execute.
“This company has a long tradition
of operational excellence and strong
execution. My goal is to refocus our
efforts and attention on those core
capabilities that will make us the best
financial services firm in the world.”
Moynihan, a former lawyer, joined
BoA when the bank took over his
employer FleetBoston Financial in
2004. His main rival for the top job at
BoA was chief risk officer Greg Curl,
who is 61.
Brian Moynihan named as chief executive at BoA
A ROCKY RESCUE
15 SEPT 2008:
After a frenetic weekend of negotia-
tions BoA agrees to buy Merrill Lynch
saving it from collapse in a $50bn
(£31bn) takeover. Lehman Brothers
files for bankruptcy.
17 DEC 2008:
Ken Lewis tries to pull out of the deal
because of rising losses at Merrill.
Treasury Secretary Hank Paulson and
Federal Reserve chairman Ben Bernanke
insist it goes ahead.
1 JAN 2009:
BoA officially buys Merrill.
16 JAN 2009:
BoA announces first quarterly loss in 17
Picture: REUTERS
years after Merrill lost more than
$15bn in the fourth quarter.
29 APRIL 2009:
Lewis stripped of chairmanship. BoA
board member Walter Massey is
named chairman.
30 SEPT 2009:
Lewis announces he will retire as chief
executive. The board scrambles to find
a successor.
2 DEC 2009:
BoA announces it will repay all of its
government loans, which come to a
total of $45bn.
17 DEC 2009
Brian Moynihan named chief execu-
tive.
News 5
RBS Sempra
deal may close
in New Year
BANKING
▲
THE sale of RBS Sempra, the com-
modities business owned by the
beleaguered Royal Bank of Scotland,
could be completed as early as
January, sources said yesterday.
Four players – thought to be
Deutsche Bank, Barclays Capital,
Goldman Sachs and Morgan Stanley –
have entered the closing stage of bid-
ding. Although Deutsche Bank was
reported to be a frontrunner, it is
understood the field is still open.
RBS has been ordered to divest
itself of assets over the coming four
years by the European Commission
under the terms of the state aid rul-
ing imposed in November. Bankers
have put a $3bn (£1.8bn) price tag on
RBS Sempra, but it is thought RBS is
hoping to get up to $4bn from a sale.
Sempra Energy, RBS’ partner in the
50/50 joint venture, will also sell its
share if the synergies and price are
right in what one source said would
be “a clear outcome for all sides”.
Speculation has fallen on Deutsche
Bank because BarCap, Goldman Sachs
and Morgan Stanley already have
strong commodities trading opera-
tions. Earlier this week Anshu Jain,
Deutsche Bank’s head of global mar-
kets, said the German firm wanted to
break into the top five commodities
players by 2011.
CITYA.M. 18 DECEMBER 2009 News 7

Savills poised for bumper

profits on UK house deals
transactions. In Asia, which compris- While the recent growth in sales
▲

PROPERTY
BY ALYSSA WOLICE
ESTATE agent Savills yesterday
reported that its profits for 2009
would be “significantly ahead” of
previous expectations.
The international real estate advi-
sor saw a higher-than-expected level
of transactions in the UK prime resi-
dential market, as well as an
increase in UK commercial market
es 40 per cent of Savills’ business, it
also reported continued strength in
transaction volumes despite expecta-
tions that the market would cool.
Analysts, who had originally fore-
casted pre-tax profits of around
£17m for 2009, upgraded their fore-
casts to around £22m to £24m
despite concerns regarding the sus-
tainability of Savills’ recent transac-
tion increases.
offers signs of a pick-up in the global
market recovery, a number of Savills’
transactions were completed earlier
than expected, and have therefore
contributed to the boost in year-end
forecasts.
The estate agent said it would
remain cautious about the sustain-
ability of the current performance of
both the UK and Asia Pacific markets
in the upcoming year. Prime property sales in the UK have boosted Savills’ year Picture: Jason Alden/CITY A.M.

YO! Sushi
owner raises
its turnover 
$&('#$#' #$+ ' &('
▲

PRIVATE EQUITY
BY OLIVER SHAH
QUILVEST, the private equity firm
behind the buyout of Japanese restau-
rant company YO! Sushi, more than
doubled its turnover last year.
The UK arm of Quilvest, which is
headquartered in Luxembourg, gener-
ated revenues of £1.2m – up from

$ !$# +(

£503,000 in 2007.
However, accounts filed at
Companies House show Quilvest UK
turned a profit of just £112,000 in
2008, an increase from £46,000 the
year before. No dividend was paid.
The latest figures relate to the year
Quilvest bought into YO! Sushi for a
   
rumoured £51m. In March 2008
Quilvest, which was set up to invest
on behalf of German immigrant-
turned-Argentine beer magnate Otto
  

Peter Bemberg, bought into the chain
famous for its conveyor belts of food.
The deal landed YO! Sushi founder
Simon Woodroffe a multi-million     
pound windfall.
Axelle Strain, the dealmaker who


 

masterminded the takeover of YO!
Sushi, was the highest-paid director
with £200,000 in emoluments.
Quilvest also owns stakes in three
US restaurant groups – Outback
Steakhouse, Chop’t and Pasha’s.
&.' #$ &'$# #$( ($ (& +( $&('#$#'$"
NEWS | IN BRIEF
)'( % ( ($ -$)&'! !&(
Watford offered lifeline
Watford Leisure, the owner of
Championship football club Watford,
was yesterday offered an eleventh
hour financial lifeline that may save it
from administration. Fordwat, an
investment vehicle of wealthy
%& ((# +( $&('#$#' # &')!( # !$''' &(& (#
Conservative peer Lord Ashcroft, has
proposed to underwrite a £7.5m rights
issue. This would allow Watford to pay
-$)& #(! %$'( )( #*& "$& (# ( )#' ! # -$)& $)#(
off its £4.9m loan to Valley Grown
Salads, which has issued a written


  

 

demand for the debt.

Guardian examines regional titles

Newspaper publishing company
Guardian Media Group is in exploratory
talks about consolidation of its regional
titles with other newspaper groups, it
said yesterday, but is not about to sell its
flagship Manchester Evening News. It
was earlier reported that the group had $&('#$#'$" '  (&# #" $ %&, ( + ' )($&' # &)!( - ( ##! &*' )($&(-
held talks to sell GMG Regional Media,
the operation which includes the
Manchester Evening News, to Trinity
Mirror for as little as £40m.
 8 Economic News CITYA.M. 18 DECEMBER 2009

Commercial
ANALYSIS l Stock of lending by UK-resident banks to the UK real estate sector and UK commercial property capital values

£ bn Index: June 2007 = 100

300 120
Stock of lending to the UK real estate sector(a) - left-hand scale

250 Commercial property value index - right-hand scale 100

property puts 200

150
Forecast(b)
80

60

banks at risk 100

50
40

20

0 0
▲

BANKING triggered by falling rental values and

the scheduled £160bn refinancing of 1988 1992 1996 2000 2004 2008 2012
BY JESSICA MEAD Source: Bank of England
loans over the next five years. Should
OVER-EXPOSURE to the commercial these risks materialise, the Bank

Withdrawal of policy support could

property sector could pose a serious envisages substantial impairments
risk to British banks, which will need beyond the high seven per cent rate
to shore up their balance sheets sub- recorded by major UK banks in the
stantially over the coming years, the first half of the year.

spark market volatility and disruption

Bank of England will warn in its bian-
nual Financial Stability Report (FSR).
Commercial property has been seen
as one of the most toxic sectors and
outstanding loans to the sector
exceeded £250bn in September.
Values have dropped almost 45 per
Although banks’ core Tier One cap-
ital ratios are now at pre-crisis levels
of 9.6 per cent, the Bank says finan-
cial institutions must increase their
capital equity buffers substantially to
protect themselves from commercial
property exposure and other poten- ECONOMY withdrawal of support could have a time of the June FSR and just 25 per
▲

cent since their June 2007 peak, push-
ing some loans into negative equity –
the Property Industry Alliance esti-
mates average loan-to-values could
reach 114 per cent by the end of 2010,
putting the average loan into negative
equity.
The Bank believes that deteriorat-
ing macroeconomic conditions
appear to have significantly increased
the probability of default by UK real
estate companies, which could be
tial destabilisers – including the need
to refinance £1 trillion worth of
wholesale funding by 2015.
Given that banks will face higher
capital requirements on trading
assets and securitisations from 2011,
the FSR urges banks to take the
opportunity to strengthen balance
sheets by reducing leverage, extend-
ing the maturity of funds so they are
not dependent on short-term money
and repaying public sector support.
BY JESSICA MEAD
WEANING the UK economy and the
banking sector off policy support
risks heightened volatility across
asset classes and abrupt portfolio
adjustments, according to the Bank
of England’s Financial Stability
Report (FSR), published today.
In the biannual report, the Bank
claims “the enormous scale of public
sector intervention means that any
significant impact on investors’ port-
folio choices and relative asset prices”.
The Bank estimates that a one per-
centage point increase in long-term
real interest rates or UK equity risk
premia would be consistent with a
fall in UK equity prices of around 16
per cent.
The rise in asset prices during 2009
has reduced losses of financial wealth
since the start of the crisis to $6.3 tril-
lion – less than half the level at the
cent of the expected future losses at
the trough of the market.
But the Bank warns that banks’ bal-
ance sheet vulnerabilities also expose
them to a setback in the asset price
rally as well as a slower-than-antici-
pated recovery and continued con-
cerns about sovereign risk.
Any one of these factors or a combi-
nation of all four could pose a risk to
the UK’s financial stability and its
banking system.
Put a smile on
your FD’s face.
No, honestly.
With Wi-Fi, the chance to get more work done and flexible pricing to suit
all business travel budgets, everyone will be happier taking the train.

Book in advance at virgintrains.com

Wi-Fi free in First Class, hourly rates apply in standard.

CITYA.M. 18 DECEMBER 2009 Economic News 11

WHAT DO THE LATEST UK RETAIL SALES FIGURES TELL US ABOUT THE

Slow start PROSPECTS FOR THE HIGH STREET?
HOWARD ARCHER |
Interviews by Rachel Stevenson

VICKY REDWOOD |

for Christmas “
GLOBAL INSIGHT
The figures are obviously very disappointing
even allowing for the upward revision to the October
data, and it does raise questions as to how robust
“
CAPITAL ECONOMICS
The latest figures on UK retail sales painted
a mixed picture about spending in the run-up to the
festive period. It is looking unlikely to be either a

sales season
spending is going to be over the critical Christmas bumper or a particularly disappointing Christmas.

” ”
period, which is worrying for retailers. The true test will be how spending holds up once the
fiscal squeeze gets underway later next year.

BENJAMIN WILLIAMSON | CEBR

“
ECONOMY and VAT returns to 17.5 per cent.
▲

The figures are likely to take some of the shine off the expected recovery in the fourth quarter. But while the seasonally

BY RACHEL STEVENSON
THE Christmas shopping season has
got off to a slow start, with retailers
reporting a fall in sales volumes in
November, dampening hopes of a
bumper festive period on the high
street.  ers may yet benefit from a flurry of
Figures from the Office for National
Statistics (ONS) showed that retail sales
volumes unexpectedly fell by 0.3 per
cent in November. Department stores
saw the biggest slump in sales, and
winter clothing proved particularly
unpopular thanks to a mild November.
Stores are holding out for a last
minute rush of shopping over the
coming week, but a separate survey
published yesterday showed retailers
are predicting shopping activity to fiz-
zle out once the January sales are over
”
According to a snapshot of senti- adjusted sales figures show a fall in spending in November, the non-seasonally adjusted data show typically higher sales at the
ment from the CBI, retailers are pre-
dicting gloomy times will continue. start of the festive period. Christmas has not been cancelled!
Chairman of the CBI distributive
trades panel and chief operating offi- ANALYSIS l Retail sales
cer of Asda Andy Clarke said: “With a On an annual basis Month by month
week left to go until Christmas, retail-
SALES TOTAL SALES DEPARTMENT TEXTILE, FOOD SALES
last-minute sales and from shoppers VOLUME STORE SALES CLOTHING AND
FOOTWEAR SALES
▲ 0.4%
bringing forward spending to beat the
VAT rise. Although individual retailers
may post healthy-looking Christmas
▲ 3.1% ▼ 0.3% ▼ 4.4%
numbers compared to the same time
last year when we were in the grip of
compared to
November 2008 in November in November ▼ 1.8%
the recession, conditions across the in November
whole of the sector are likely to remain
challenging in 2010.”
Year-on-year sales were up 3.1 per
cent in November, according to the
ONS, compared to an annual growth
rate of 3.7 per cent in October.

Greenspan
warns of threat
Dealings start well Citigroup takes hit after
Treasury ditches sale
of “fiscal crisis” for Moulton group this would have been a politically
▲

BANKING
unpalatable loss.
stake was valued at just over £14.9m SHARES in Citigroup slumped yes- Herbert Allison, Treasury assis-
▲

ECONOMY
FORMER US Federal Reserve chair-
man Alan Greenspan yesterday said
there was a critical threat of a “fiscal
crisis” as he backed the creation of a
board to make tough choices.
Greenspan said he believed a pro-
posed across party committee to
enforce federal spending cuts was “an
excellent idea”.
“I trust any such taskforce will
address the very thorny issue of the
asymmetrical consequences of too
much or too little fiscal restraint,” he
said.
INVESTMENT
JON Moulton’s £142.4m investment
vehicle Better Capital made a quiet
start to trading on AIM yesterday, tick-
ing up as high as 105p before settling
3.5p up at 103.5p.
Moulton, a former managing part-
ner of private equity firm Alchemy
Partners, will use the listed vehicle to
deploy capital turning around com-
panies in dire financial straits. Deal
sizes are expected to range between
£5m and £25m, with the first trans-
action expected imminently.
Moulton’s 10.5 per cent personal
yesterday. Ruffer Investment
Management is the vehicle’s largest
backer at 29.5 per cent, while other
investors include BlackRock, Scottish
Widows and Aviva.
Speaking before the float,
Moulton said: “This completes a fair-
ly concentrated eight weeks of hard
work. It’s a good amount [to have
raised] and the next stage is to invest
in what could be a very profitable
market.”
He expected to invest in companies
across all sectors, adding: “This really
ought to be the time to do this.”
terday after the US Treasury backed
out of plans to sell part of its stake
in the troubled bank.
Citigroup sold $20bn of stock and
convertible bonds in order to repay
bail-out funds to the government
but raising the capital came at a
steep cost to shareholders. Weak
demand led to a much lower pricing
than expected.
The Treasury had planned to sell
its $5bn stake but backed out after
the $3.15 offering price was well
below the $3.25 per share price it
paid for its investment. Analysts said
tant secretary, yesterday told law-
makers that the Treasury would sell
its stock in Citigroup to "achieve the
best possible price for the American
public”.
He added sales would commence
after a 90-day lock up period expires.
Allison said the government was
showing a "small profit" on its 34
per cent stake in Citigroup based on
the share value and dividends that
were accruing.
Citigroup's handling of the
fundraising has damaged Wall
Street's confidence in the bank.

www.isseymiyakeparfums.com
 The Capitalist
12 CITYA.M. 18 DECEMBER 2009
EDITED BY
VICTORIA BATES
GOT A STORY? EMAIL
thecapitalist@cityam.com

SUITOR LIES IN WAIT AS HOODLESS

PLANS FOR A CHANGE OF SCENERY
THINGS are hotting up over at broker
Hoodless Brennan, which I hear is cur-
rently in the final throes of negotiat-
ing a move from its current Canary
Wharf HQ back to the quainter envi-
rons of the Square Mile.
The brokers at Hoodless, which
plans to shack up on Finsbury
Pavement some time early next year,
are getting quite excited about their
upcoming change of scenery, since
many of them – including jovial deal-
ing director Roy Phillips, famous for
his customary telephone greeting,
“Happy House” – are regulars at the
gnarled old boozers lining the wind-
ing streets of the old City.
“It will make doing business with
other broking houses and clients a bit
easier due to geographical proximi-
ty,” chairman Andrew Baker tells me.
“And the staff are looking forward to
getting back to their charming
haunts in the City…”
Hoodless shouldn’t get too com-
fortable, mind, since a potential suit-
or is waiting in the wings in the form
of Edward Vandyk – aka “Dr Death” –
the owner of Astaire Securities who’s
made a name for himself over the
past year for his aggressive consolida-
tory actions in the sector.
Vandyk has apparently already

Brokers at Hoodless are moving back from Canary Wharf to the City Picture: REX

held informal talks with the share- include a table of wines and when
holders in Hoodless about a potential each vintage is best to drink. But in
tie-up in the near future, attracted by comes another 2010 diary from
the firm’s traditional stockbroking Winterflood Securities which is even
businesses in London and Bristol and prettier, made of pink leather with
market-making capabilities, which is The Capitalist’s name embossed in gold
a strength Astaire does not yet pos- on the front. Very fancy.
sess. Vandyk isn’t exactly known for
his propensity to dither on such deals,
so watch this space… BLUE RINSE
Feast your eyes on the photo below,
which isn’t a sight you’ll see very
IN A SPIN often in the City. Anneli Collins, head
Media monkeys everywhere got a bit of M&A tax at KPMG, and her col-
of a surprise yesterday with the shock leagues Angus Wilson and David
announcement that John Waples, Prestwich had a trip to the hairdress-
business editor of The Sunday Times, er earlier this week and came out
is heading over to the dark side with a with their hair a deep shade of blue.
job at PR firm Financial Dynamics –
as a managing director, no less.
Cue another scramble of applica-
tions for his old job, coming just
months after the shoes of Mark
Kleinman, Waples’ counterpart on
the Sunday Telegraph, were finally
filled by Kamal Ahmed.
Frontrunners for the post, unsur-
prisingly, are thought to include
Times stable insiders Dominic
O’Connell and Ian King…

TOUGH TASKMASTER KPMG partners show off their blue rinse

Has Geraldine Davies – who’s just
upped sticks from executive search
firm the Willis Partnership to join the
ranks of communications search
group Ellwood & Atfield – landed her-
self the toughest job in the recruit-
ment business?
Word reaches The Capitalist that
Davies has been tasked with finding a
replacement for John Murray as head
of comms at the Financial Services
Authority, which must be a hard sell
seeing as it’s more than likely that the
regulator’s days are numbered if the
Tories have their say next year.
Not that she’s prepared to let on,
mind. “Not at all – it’s surprising how
many people are interested,” Davies
explains. “It’s an exciting, challenging
job…” I’ll say.
IT’S A DATE
We’re used to the broking firms in
the City warring against each other
in business, but it now seems
they’re getting competitive on
the New Year gift front, too.
Not so long ago, we
received diaries for
next year
from Charles
Stanley,
which had
the fore-
sight to
The stunt was to raise money for
their marathon attempt next April, in
aid of Dyslexia Action and After
Adoption, though I hear it’s also net-
ted them some unusual fans.
“I had a heavily tattooed and
pierced man come up to me on the
way to work and tell me my hair was
cool,” Collins says, sounding some-
what bemused. “I think we’re appeal-
ing to a whole new demographic…”
NOT JUST FOR GIRLS
Wonders never cease. In comes an
email from SocGen analyst Dylan
Grice, who’s compiled a list of his
favourite financial books – including
The Essays of Warren Buffett, edited
by Richard Cunningham, and Manias,
Panics and Crashes, by Charles P.
Kindleberger.
So why is the note from Grice
and not notorious bear col-
league Albert Edwards, pray?
Because Edwards “only
reads ‘chick
l i t ’ ” ,
apparent-
ly. Uh-
huh.
 14 News
Deripaska’s Rusal heads for
Hong Kong and Paris listings
▲
INDUSTRIAL
BY RACHEL STEVENSON
UC RUSAL, the world’s largest alu-
minium producer controlled by bil-
lionaire Oleg Deripaska, is moving
closer to securing its $2bn (£1.2bn)
stock listing.
The company, which is planning to
list 10 per cent of its shares in Hong
Kong and Paris, is understood to be
finalising a massive debt restructur-
ing, which will help pave the way for
its initial public offering to go ahead.
Rusal is trying to reach a deal with
creditors over its debts, which are
causing concern to the authorities in
Hong Kong. The exchange’s regula-
tors are still thrashing out the condi-
tions of the IPO, and are set to meet
again today to carry on discussions
about the listing.
The Securities and Futures
Commission is thought to be consid-
ering a ban on retail investors partici-
pating in the share sale.
ONE LETS THE TRAIN TAKE THE STRAIN
Rusal has hit a number of set backs
in its attempts to float. The Hong
Kong Exchange and Clearing’s listing
committee has delayed a decision
three times, expressing concern
about a $4.5bn loan from VEB, the
state-owned Russian bank chaired by
prime minister Vladimir Putin.
Earlier this month Rusal named
two Hong Kong based non-executive
directors to its board in an attempt to
smooth its passage to become a pub-
lic company.
THE Queen yesterday caused a flurry of excitement when she travelled on an ordinary
train from King’s Cross to Norfolk. She travelled first class on a First Capital Connect
train before being met by a Range Rover which drove her to Sandringham, her Norfolk
estate.
Trio say no to
EU directive
▲
FINANCIAL SERVICES
BY CHRIS KAY
EUROPE’S financial powerhouses –
London, Paris and Frankfurt – stood
up yesterday against political show-
boating in face of the European
Commission’s draft Alternative
Investment Fund Management direc-
tive.
Representing a united
front, representative bod-
ies from the City of
London Corporation, Paris
Europlace and Frankfurt
based BVI Bundesverband
Investment und Asset
Management, stated that the EU
Commission’s proposal required sig-
nificant revision so not to damage
European pension funds, financial
services and professional investors.
They claimed the directive will cur-
tail alternative investment, despite
asset managers needing to operate in
Greek protesters demand u-turn
on spending cuts by government
▲
WORLD
THE economic crisis in Greece has led
to more social unrest, with thousands
taking to the streets yesterday to
protest against public spending cuts.
Supporters of a Communist-backed
trade union marched through central
Athens to protest against cuts
planned by Greece’s Socialist govern-
ment.
The cuts are aimed at curbing the
CITYA.M. 18 DECEMBER 2009
Picture: REX
a global setting to remain competi-
tive.
Stuart Fraser, chair of the City of
London’s policy committee, said:
“Away from the political rhetoric and
nationalist grandstanding, it has long
been accepted that any measures
adversely affecting the City of London
will inevitably harm the EU as a
whole. The same goes for Paris and
Frankfurt.
“I am more than
happy to compete with
other financial centres
both in Europe and
across the world, so long
as it is on a level playing
field.” Arnaud de Bresson, the manag-
ing director of Paris Europlace said
Europe has already learned from the
mistakes of the financial crisis to cre-
ate a “safe and competitive financial
industry”.
City A.M. was the first newspaper to
campaign against the directive.
country’s huge deficit. Greece is fac-
ing mounting pressure over debt pay-
ments following another credit
rating downgrade.
Striking teachers, hospital doctors
and municipal workers staged sepa-
rate protests, but the country’s
largest labour unions did not partici-
pate in the rallies, which ended
peacefully after several hours.
Municipal workers, waving black
flags, chanted: “We’re not trash.”
 16 News CITYA.M. 18 DECEMBER 2009

Lehman sells the kitchen sink NEWS | IN BRIEF

Arriva is optimistic for 2010
The operator of the CrossCountry rail
£6.4m to £36m in the year to September
30, with pre-tax profits jumping to £1.9m
franchise has said that there had been a from £200,000 previously.
hundreds of items in need of a new before it went bust after losing bil- “substantial improvement” in passenger The overall group returned to the black
▲

BANKING
BY JOHN DUNNE
CONTENTS from the City offices of
collapsed investment bank Lehman
Brothers have been auctioned off –
including the kitchen sink.
The online auction, organised by
PricewaterhouseCoopers, the bank’s
administrator, was packed with items
from the firm’s office in Bank and a
conference facility in Broad Street.
Lehman Brothers went into admin-
istration in September last year help-
ing to trigger the world banking crisis
which sent the global economy into a
tailspin. The downfall has also left
home. As well as a sink for £50 the
auction included £230 for a cutlery
set with 1,000 pieces, a set of flip
chart stands for £25, while a collec-
tion of 125 glasses – including 100
champagne flutes – had a reserve
price of just £70. Other items were a
dishwasher and three fly zappers.
Lehman Brothers wanted to keep
the sale under wraps intending for
the name the company to be left off
the auction details. But advertise-
ments mistakenly named Lehman –
putting the spotlight back on the
firm. The bank employed around
25,000 staff including 5,000 in the UK
lions of dollars in the US sub prime
mortgage market.
A spokesman for PwC said:
“Lehman brothers didn’t want to
publicise the auction because there
are 500 people still working there,
they didn’t want to upset them.
“The company didn’t want the
remaining employees to think their
desks were being sold from under-
neath them because that's not the
case. The items in the auction are sur-
plus office furniture, most of it
comes from the catering facility.”
Auctioneers Marriott & Co presided
over the auction.
revenues in recent weeks. In a trading with an underlying pre-tax profit of
update, Arriva reported a 2.1 per cent £500,000.
rise in CrossCountry revenues for the
year to date, accelerating to a gain of 6.1 blinkx in Express Group web deal
per cent over the past 13 weeks. blinkx, the world's largest video search
Despite the upturn Arriva said the engine, announced a deal to power web
improvement was still insufficient to advertising on Express Group’s newspa-
compensate for declining franchise sup- per and magazine websites. Under the
port payments. terms of the deal, advertisements served
by blinkx are being packaged around
Chrysalis gets Jackson boost video content from ITN, which is shown
Music group Chrysalis has said an "extra- on the websites of the Daily Express,
ordinary surge" of interest in Michael Daily Star, OK! Magazine, new! Magazine
Jackson following the death of the pop and Star Magazine. blinkx has powered
legend will boost business next year. advertising across ITN and its syndica-
Revenues from music publishing rose by tion partner sites since July 2008.

CITY VIEWS: DO YOU THINK THE COPENHAGEN CON-

Hopes of a
Basel group FERENCE WILL MAKE AN IMPACT? Interviews by Alyssa Wolice
ANGUS MACLENNAN | ANGMAC LIMITED deal fade at
calls for “I think that because there are massive issues at
stake in Copenhagen, it’s important that the nations
involved seize the opportunity to accomplish some-
Copenhagen
stricter rules
thing. I fear that because there are so many different
countries in talks, their vested national interests

▲
WORLD ECONOMY
may get in the way of the importance of PRIME Minister Gordon Brown yester-
working towards a greater good for all. day moved to dampen expectations of
the outcome of the Copenhagen cli-
However, I would love to be proven wrong.” mate conference, as China indicated a
investment banking. detailed agreement would be out of
▲

BANKING
BY CHRIS KAY
TOUGHER conditions for banks could
be on the cards after the Basel
Committee of central bankers called
for stricter rules to protect depositors
and shareholders from loss.
The influential global finance reg-
ulatory group said yesterday that
banks would have to store more
funds or look to investors for fresh
capital in as little as three years time
Stefan Walter said
changes should take
effect by the end of
2012 but could face
delays
in order to ward off any repeat of the
global financial crisis triggered last
year.
The committee also demanded
higher requirements for the capital
which banks maintain to shield
depositors and shareholders from
loss
Rym Ayadi, from the Centre for
European Policy, said there were
many areas in finance that were cur-
rently poorly regulated, in particular
"If these new rules are implement-
ed...this would be the end of that,” he
said. “It could change the way banks
work, making them more focused on
financing the real economy," he said.
Though the recommendations are
not set in concrete it will have a pro-
found effect on the European Union
who use them as a reference.
Stefan Walter, the committee’s sec-
retary general, said the changes
should take effect by the end of 2012,
but could be delayed if the global
economy was still weak.
“We are going to do an impact
assessment and finalise the proposals
by the end of next year,” he said. “By
then, we will also make a decision
about the appropriate implementa-
tion time line. That depends on the
economic development.”
However, the Basel Committee did
not report the proposed limits for
higher capital requirements in its
critical report on liberalised banking
practice.
Any changes are expected to be
gradual. Some of the regulation
chances put in place by the commit-
tee in 2004 were soothed in over a 10-
year transition period, allowing time
for adjustment.
the question.
MATT GULCZYNSKI | FIRST STATE INVESTMENT Brown warned world leaders that
future generations would blame
them for risking the survival of the
“I think there will definitely be agreements made human race if they failed to reach an
among the countries involved in the current talks. It accord this week. He said: “It is not
enough for us to do the least we can
might not happen at Copenhagen, but within the next get away with when history asks that
12 months or so. It’s difficult to imagine that we demand the most of ourselves.”
The Prime Minister used his speech
Copenhagen could bring about any real changes to delegates from 192 countries to
so soon because there are so many coun- outline six broad principles, includ-
tries with so many different goals in mind. ing a 2 degree cap on global tempera-
ture increases and the need to cut
However, it is a step in the right direction.” emissions from developed nations by
80 per cent by 2050. However, Brown
admitted a comprehensive plan was
unlikely to be signed off by today and
DAVID CLEMENTS | PHOREST GROUP said a deal should be agreed within a
year rather than the six months he
previously promised.
“I personally think that it would be difficult to expect His stance reflected a darker mood
that developing countries as well as the richer, devel- as the summit draws to a close, with
the Chinese delegation appearing to
oped nations will come to an agreement at back away from a binding agreement.
Copenhagen. They are each hoping for the cheapest A Chinese delegate was reported as
and the greenest proposals to come into play, favouring a “short, political declara-
tion” rather than a detailed plan,
but this poses a challenge as so many nations although officials later chimed in
are expected to find a middle ground, with Brown’s call for a proper agree-
ment by the end of 2010.
despite their different expectations.” The conference closes today.

Hotel owner MWB to raise fresh funds ADAM POLLOCK

MD IN CORPORATE
around six years as a director in the
mid-market corporate finance team.

to prevent breach of banking covenant

Pollock, a managing director in cor-
BROKING AT porate broking at the firm, joined last
PANMURE GORDON year from now-bust property and
financial services group Dawnay Day,
where he was co-chief executive of its
investment banking division. In total,
investors at a meeting on 11 January. with the remainder earmarked for Pollock has spent over 20 years in the
▲

LEISURE
BY VICTORIA BATES
MWB, THE property investment
group which owns the Malmaison
and Hotel du Vin hotel chains, yester-
day announced plans to raise £27.5m
via a share placing to mitigate the
impact of the recession on its empire.
The group said it would issue
91.7m new shares in the placing at a
price of 30p per share – a 32.6 per
cent discount to Wednesday’s close of
44.5p. It will be subject to approval by
MWB, which also owns luxury
department store Liberty’s, warned in
the statement that there was a “mate-
rial risk” of the group breaching one
of its gearing covenants if the placing
were not to succeed. It also said there
was a more remote risk of a funding
shortfall by May next year after the
group to a hit from challenging mar-
ket conditions in the recession.
It said £7.5m of the proceeds would
go towards purchasing for cancella-
tion stock held by Audley Investors,
paying down some of its debt.
Chief executive Richard Balfour-
Lynn, the hotelier tycoon who found-
ed the group in 1982, remained
upbeat about the group’s prospects.
He said the fundraising would pro-
vide MWB with more financial flexi-
bility in the short term and allow it to
expand in the longer term, adding:
“There is plenty of opportunity in the
market at the moment given weak
pricing levels, and we’re looking to
capitalise on that.”
BROKER Panmure Gordon is acting as
sponsor, financial adviser and broker
to MWB on the £27.5m placing, which
it has fully underwritten.
The team advising on the placing
was led by Hugh Morgan and Adam
Pollock, backed up by Giles Stewart
and Callum Stewart.
Investment banker Morgan joined
Panmure – headed by chief executive
Tim Linacre – in 2001 from UBS
Warburg, where he had worked for
broking arena, having also previously
worked for the likes of Deutsche
Bank, Hoare Govett and Lazard.
Giles Stewart has been at Panmure
for four years, having rejoined the
firm – which used to be WestLB
Panmure, before being spun out of its
German parent into Lazard and then
sold off a little over a year later –
after taking time out to do an MBA.
Callum Stewart has worked at the
firm for just over 3 years.
CITYA.M. 18 DECEMBER 2009
ECB to spend €1bn on new HQ Toronto Dominion fined
▲
WORLD ECONOMY
BY HARRY BANKS
THE European Central Bank (ECB) yes-
terday gave itself the go-ahead to
build a new €1bn (£890m), 48-storey
HQ, giving it a permanent home for
the first time and drawing a line
under years of delays and setbacks.
The proposed design in Frankfurt’s
rundown east end has two twisted
interlocking towers built round the
city’s former wholesale fruit and veg-
table market, used by the Nazis as a
collection point for Jewish prisoners
during World War II.
The ECB was forced to put the proj-
M&B opens
door to rebel
appointments
▲
LEISURE
BY HARRY BANKS
PUB and restaurant operator
Mitchells & Butlers has invited the
four candidates put forward to join
its board by rebel shareholder Joe
Lewis to meet with headhunters and
its nomination committee.
The operator of All Bar One and
Harvester yesterday said the meetings
would enable it to formulate its rec-
ommendations as to how sharehold-
ers should vote on the appointments
at its annual meeting on 28 January.
Lewis investment vehicle,
Piedmont, which is M&B’s biggest
shareholder with a 23 per cent stake,
wants former Debenhams chairman
John Lovering, Fitness First founder
Michael Balfour, former Scottish &
Newcastle managing director Jeremy
Blood and Majestic Wines Non-execu-
tive chairman Simon Burke appoint-
ed to the board.
Piedmont’s proposal was the latest
twist in a simmering dispute between
Bahamas-based Lewis and the M&B
board, which will come to a head at
the annual meeting.
Earlier in December, M&B ousted
four directors, including Lewis’ two
representatives and two others, and
Expansion curtailed as profits slump
at restaurant group Clapham House
▲
LEISURE
BY JOHN DUNNE
THE company behind restaurants
Gourmet Burger Kitchen and The
Real Greek has suffered a 13 per cent
slump in profits – scuppering any
major expansion plans next year.
Clapham House Group – whose
Tootsies chain closed in October –
said trading conditions remained
“pretty challenging”. However, the
firm claimed there were signs that
things were picking up after the 13
ect on ice late last year after only one
firm bid to build the giant skyscraper,
and at well over twice the original
budget.
It pushed back the move-in date by
two and a half years to mid-2014 and
opted to start over again with the ten-
der process, slicing the project into 12
separate parts, ranging from building
the steel skeleton to fitting out the
meeting rooms.
ECB executive board member
Lorenzo Bini Smaghi said the finan-
cial crisis and the central bank’s deci-
sion to divide up the work helped put
the project back on track.
“To be frank the general economic
called on the Takeover Panel to rule
whether rebel shareholders were try-
ing to gain control of the group.
M&B has accused Lewis of acting in
concert with racing magnates JP
McManus and John Magnier, who
hold a 17.6 per cent stake in the com-
pany through their Elpida vehicle.
M&B said its “overriding objectives
at the AGM will be to ensure that the
board continues to have a majority of
directors independent of any alle-
giance or favour to any single share-
holder or group of shareholders”.
In a letter to shareholders, the M&B
board urged shareholders to vote in
favour of the re-election to the board
of Simon Laffin, who was appointed
chairman earlier in December, and
independent director Antony Bates.
ANALYSIS l Mitchells & Butlers
p
290 256.10
17 Dec
280
270
260
250
240
230
21 Sep 9 Oct 29 Oct 18 Nov 8 Dec
per cent pre-tax profit slide to £1.3m
in the six months to 27 September.
Revenues rose 13 per cent over the
half-year in which the business was
hit buy the collapse of Tootsies.
Chief executive Paul Campbell said
the GBK and The Real Greek were sur-
viving well in the recession, adding
he was focused on two “robust, grow-
ing and cash generative restaurant
businesses”. The average spend on a
meal at GBK is £10.50 while The Real
Greek figure is £15 – with both fig-
ures holding steady.
situation helped,” he said. “Last time
our tender coincided with the peak of
the (commodity market) bubble. This
time we got the benefits of the burst-
ing of the bubble.”
The ECB had a budget to build the
main structure of the skyscraper of
€500m at 2005 prices. Once land
costs, a six to 20 per cent rise in prices
since 2005, and decorating and fur-
nishing costs are added, the final
costs are expected to top €1bn.
The ECB, which sets interest rates
for the 16 countries that use the euro,
is outgrowing its current quarters as
more countries join the currency bloc
and it takes on new responsibilities.
Travis Perkins sees falling sales ease
11 MONTH TRADING
Total turnover
general merchanting
t 13.6%
Like-for-like turnover
per trading day
t 14.8%
Total turnover
specialist merchanting
12.7%
t t
like-for-like turnover
per trading day
t 13.5%
Clapham chief executive Paul
Campbell said expansion would be
limited to two more in the UK and lit-
tle more internationally. The firm
opened two new UK restaurants in
the first half of the year and none in
the second. Administrators BDO Stoy
Hayward sold 11 of the 21 Tootsies
outlets to fellow restaurant firm
Giraffe, but is still seeking buyers for
the remaining 10 eateries.
Clapham House has 51 GBK outlets
across the UK and 13 under franchise
overseas.
£7m for scrutiny failure
▲
FINANCIAL SERVICES
THE Financial Services Authority
(FSA) yesterday fined Canada’s
Toronto Dominion Bank £7m, the
regulator’s fourth-biggest penalty
ever, for failing to scrutinise the
prices used by its traders.
The FSA, which has handed out a
record £27.8m in penalties for fraud,
market abuse and inadequate con-
trols this year, said the fine reflected
Toronto Dominion’s failure to fix its
procedures after being penalised for a
Picture: NEWSCAST
TURNOVER IN RETAIL
DIVISION
Retail
turnover
▲ 2.6%
Like-for-like sales
per trading day
▲ 2.3%
Core
products
1.4%
Showroom
sales
▲ 23.1%
NEWS | IN BRIEF
FedEx puts out negative forecast
FedEx forecast third-quarter profit below
analysts' expectations yesterday, casting
doubt on the sustainability of its holiday
volume surge, and sending the package
delivery giant's shares down 4.5 per cent.
The company, an economic bellwether,
said it shipped 14.1m packages on
Monday, its busiest day of the year,
which was a million more than it had
forecast. But its third-quarter results will
be hurt by post-holiday seasonal slow-
ness in January and February, chief finan-
cial officer Alan Graf Jr said.
Tiger costs golf industry $220m
Golfing tournament the PGA Tour, TV
networks like CBS and retailers like Nike
could be hit with $220m (£136m) in lost
revenue following Tiger Woods’ multiple
News 17
similar offence in 2007.
“This is one of our largest fines and
it underlines the seriousness with
which the FSA views repeat offences,”
FSA director of enforcement Margaret
Cole said. “When we uncover failings
in a firm we expect them to put it
right immediately and to take special
care to ensure it does not happen
again.”
Toronto Dominion’s fine was
reduced from £10m in recognition of
its early cooperation with the FSA’s
investigation, the regulator said.
Perkins sees
a boost in its
DIY branch
▲
RETAIL
RETAIL group Travis Perkins gave a
glimmer of hope to retailers yester-
day, as it reported a steady improve-
ment in its DIY arm Wickes.
Perkins, which also owns chains
Tile Giant and Toolstation, added
that it was seeing positive moods in
the builders’ merchant market.
The group said earnings for the
full year would be towards the top
end of market expectations, but
warned that consumer and trade
spending pressures meant it was
staying cautious on next year’s
prospects.
Wicks put out strong market share
gains in the nine weeks to the end of
November, with like-for-like turnover
per day boosted by 10.2 per cent. The
figure was 2.3 per cent higher for the
first 48 weeks in the company’s
financial year.
Meanwhile in its merchanting
arm, like-for-like turnover per trad-
ing day slumped 14.3 per cent for the
48 weeks, with the decrease improv-
ing to -5.5 per cent in the last two
months.
Showroom sales were boosted by
the demise of competitor MFI, and
by an advertising drive.
“The decline in volume relative to
peak levels in early 2008 appears to
have reached a plateau, but we have
yet to see any signs of any sustained
improvement,” the company said in
its trading statement.
indiscretions, event organizers said yes-
terday. Crowds at golf events are expect-
ed to be 20 per cent smaller without the
draw of Woods, who announced his
indefinite leave from the sport earlier this
month, while TV advertising around the
sport could drop by 40 per cent, analysts
said.
Embraer downbeat on jet orders
Brazilian planemaker Embraer, the
world's third largest producer of com-
mercial jets, expects aircraft orders to
decline in 2009 as credit dries up
because of the global financial crisis,
chief executive Frederico Curado said
yesterday. The company's order backlog
was also likely to show a slight fall in the
fourth quarter, he said. In November, the
company cut its jet delivery forecast
 18 News
Time for City to dig in and prepare for 2010 battles
CITY COMMENT
BEN GRIFFITHS
A
S THE year draws to a close
thoughts are inevitably turning
to the City’s prospects in 2010, a
year which will feature eco-
nomic uncertainty, new legislation
and taxes and a general election
which could return the nightmare
scenario of a hung parliament.
For the Square Mile the key battle
lines are being drawn as the City looks
to retain its position as the world’s
foremost financial centre. But what
will things look like 12 months
hence? Never mind competition from
developing markets – will the bonus
super-tax, 50p tax rate and other
banker-bashing initiatives leave
Britain’s financial services power-
house in ruins?
Veteran commentator David Buik at
BGC Partners believes the City won’t
be adversely affected in just a year. Yet
he fears that in three years “the nubile
strength of the City will diminish by
as much as 30 per cent”, largely
because he reckons the government
cannot be trusted to leave the bonus
tax as a one-off and may come back
for more.
Now even brokers, intermediaries
and IFAs are staring the super-tax in
the face having been dragged into the
same bracket as the structured deriva-
tives experts who were arguably the
creators of the global credit crunch.
Whatever happens, it seems
inevitable that the 2010 bonus pot
will be considerably less than this
year’s. That’s fuelled anecdotal evi-
dence suggesting prime properties are
already being put up for sale as
bankers test the market ahead of a
possible move to friendlier tax juris-
dictions overseas.
Simon Denham, head of Capital
Spreads, remains upbeat, however.
“The City has survived greater threats
than the one-off bonus hit threatened
by the Chancellor and, for all of the
wringing of hands over retrospective
taxation, the loopholes are so vast
that the really big boys will just side
step the issue,” he says.
From a legal perspective Sir Nigel
Knowles, joint CEO of City law firm
DLA Piper, agrees that London faces a
JJB cautious
on Christmas
as sales drop
▲
RETAIL
BY JOHN DUNNE
JJB SPORTS has reported a 52 per cent
plunge in sales in the 20 weeks to 13
December, with the Christmas season
failing to reverse its fortunes.
The struggling sports retailer has
been trying to stage a fight back after
it came close to going into adminis-
tration earlier in the year.
But the latest gloomy figures have
been partly fuelled by a lack of stock
as some suppliers have snubbed the
firm during its financial problems.
The chain’s like-for-like sales
decline – which takes into account
store closures – was 29 per cent.
A slight rally ended in the first
three weeks of December when sales
tumbled 32 per cent.
JJB made a loss of £42.9m in the
first half of the year with tough com-
petition from JD Sports and Sports
Direct taking its toll.
The company is hoping that its sale
on 26 December will help to fuel a
recovery.
JJB raised £100m from shareholders
in a rights issue earlier this year in a
bid to reduce its huge debt.
Coke hikes view Carphone signs
on 2009 profits Monitise deal
▲
BEVERAGES
COCA-COLA Enterprises raised its
profit outlook for 2009 and said earn-
ings should rise in a high single-digit
percentage rate in 2010 as it works on
drawing consumers to its drinks.
The largest bottler of Coca-Cola bev-
erages said it planned to start repur-
chasing shares during the first
quarter of 2010 and should buy back
about $600m worth of the shares by
the end of next year. It also aims to
increase its dividend annually.
The company, which bottles and
distributes drinks, has seen sales suf-
fer as consumers avoid higher-priced
drinks and cut back on dining out.
CITYA.M. 18 DECEMBER 2009
challenging 2010 when regulation
and tax issues will be crucial in deter-
mining the Square Mile’s standing.
“I am confident in the City main-
taining its pre-eminent position and
in the continued growth of green
shoots,” he explains. “Although the
threats are clear, the opportunities
are definitely there and it is impera-
tive that we remain competitive in the
context of a global economy.”
So for now at least it’s a time to
reflect on a difficult year for financial
services, but more importantly to pre-
pare for the battle ahead to make cer-
tain this great city continues to
prosper. ben.griffiths@cityam.com
The Wigan-based group said that
stock levels had improved but admit-
ted the trading environment “will
remain difficult”. The levels will not
return to where they want them until
the first quarter of 2010.
In the interim management state-
ment, JJB said : “We continue to be
cautious about Christmas and New
Year and expect that trading within
the current environment will remain
difficult.”
Analysts warned tough times
remain ahead. “The market is antici-
pating [profit] upgrades and so per-
formances will need to be
exceptional,” said Shore Capital ana-
lyst Kate Calvert of Christmas trading.
ANALYSIS l JJB
p
26.25
34 17 Dec
32
30
28
26
24
21 Sep 9 Oct 29 Oct 18 Nov 8 Dec
TELECOMS
CARPHONE Warehouse said it has
signed a deal with Monitise to bring
mobile banking to the UK.
With £15.8m in funding raised,
mobile money firm Monitise is plan-
ning to set up a network to extend
banking and payments via mobile
phones to retail customers. The first
services are expected to be available to
customers in early 2010. Carphone
Warehouse will launch the Mobile
Money Network across its 800 stores.
CEO Andrew Harrison said: “We are
entering the era of true mobility,
where people can shop, buy and pay
on the move.”
CITYA.M. 18 DECEMBER 2009
Google in £14m Doubleclick hit Inchcape upbeat on 2009
Moving DoubleClick’s staff into
▲
TECHNOLOGY
Google’s headquarters in Victoria cost
BY OLIVER SHAH a further £4.3m as the lease on the
INTERNET search giant Google old DoubleClick building had to be
absorbed £16m losses on its acquisi- terminated early.
tion of three companies including The news comes as Google
DoubleClick, the online advertising embarks on a huge promotional push
network, City A.M. can reveal. for its Chrome internet browser.
Google’s UK subsidiary took on Chrome will battle with Microsoft’s
£9.8m of liabilities, thought to be out- Internet Explorer and Mozilla’s
standing loans, as part of its $3.1bn Firefox for desktop dominance in
(£1.9bn) purchase of DoubleClick 2010.
Europe in 2008. The California-based The losses added up with other fac-
technology monolith lost another tors to push Google UK £23.6m into
£2.2m on takeovers of two smaller the red for the year ending December
companies, Digital Advertising and 2008, accounts filed with Companies
Marketing and Falk eSolutions. House this week show. Although the
NAB prepares
to kick start
consolidation
Clyne admits the market presents a
▲
FINANCIAL SERVICES
challenge.
BY HEATH ASTON
He told the meeting: “The UK mar-
NATIONAL Australian Bank (NAB) ket remains difficult. However, as
chief executive Cameron Clyne yester- many of you would be aware, there is
day admitted it has received currently a process of consolidation
approaches about using its occurring in the UK banking market.
Clydesdale and Yorkshire operations NAB is regarded by City analysts as
to lead a banking consolidation drive one of the most likely candidates to
in Britain. buy the 318 former Williams & Glyn’s
Speaking to shareholders at the branches and a clutch of NatWest
institution’s annual meeting Clyne branches in Scotland.
said: “We have been approached by a Clydesdale has £8.7bn of assets but
number of players in the UK market it profits slumped from £529m to
£108m in the year to September.
NAB chief executive Meanwhile NAB has elbowed past
Cameron Clyne has bid rival AMP with an audacious
A$13.3bn (£7.3bn) for A$13.3bn (£7.3bn) bid for Axa Asia
rival Asia Pacific Pacific Holdings (AAPH), majority
owned by French insurer Axa.
Holdings The surprise bid by NAB, which
won immediate support from AAPH’s
to see how we could work with them independent directors yesterday, will
to participate in that consolidation.” transform Australia’s third-largest
It is thought Yorkshire and bank into the dominant player in
Clydesdale could form the nucleus of Australia’s superannuation market.
a major new financial services busi- NAB has offered A$6.43 a share,
ness in the UK which could also taking AAPH out of reach of wealth
include branches of Royal Bank of manager AMP which had made a
Scotland and Lloyds Banking Group “best and final” bid at A$6.22.
which are up for sale. The deal depe on AXA buying
Together the two NAB units have AAPH’s units in eight Asian coun-
around 350 branches in the UK but tries.
CITY MOVES | WHO’S SWITCHING JOBS
Aviva
The insurance giant has appointed Gary Price
as marketing director of its UK business.
Price will be responsible for customer
insight, strategy, brand, sponsorship, communi-
cations and corporate responsibility across the
UK’s life and general insurance businesses.
He was most recently responsible for the
reattribution of the inherited estate at Aviva,
having joined the business in 2005 from online
banking group Egg.
KBC Peel Hunt kets, effective from next year.
The corporate broking and advisory One of the City’s leading corporate
firm has appointed Andrew Chapman brokers, Andrew was at ABN Hoare
as managing director and head of cor- Govett between 1992 and 2005, where
porate broking and equity capital mar- he was a managing director in the UK
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
figure was a significant increase on
2007’s post-tax loss of £4m, the search
company’s turnover rose by almost 50
per cent to £149.7m as it carried out
more research and development
work for Google Ireland.
A spokesman said: “Despite a
tougher financial climate owing to
the global downturn, Google UK
remains in strong shape. Google UK
made a small loss in the financial
year to 31 December 2008, principally
owing to costs associated with the
acquisition of DoubleClick.”
Google’s purchase of DoubleClick
two years ago propelled it into the
online display ads market”.
BEST OF THE BROKERS
54
ANALYSIS l Carlsberg
p 53.02
17 Dec
52
50
48
46
44
21 Sep 9 Oct 29 Oct 18 Nov 8 Dec
CARLSBERG
Evolution Securities yesterday said it did
not anticipate any significant change in its
numbers after Carlsberg upped its guid-
ance for 2009 earnings from “at least
DKK9bn” to “at least DKK9.3bn”. It said
the brewer’s increase in beer shipments for
the fourth quarter were effectively being
borrowed from the first quarter of 2010.
ITV deputy chairman joins boss Grade
in heading for exit from broadcaster
▲
MEDIA
ITV’s veteran deputy chairman, Sir
George Russell, will step down after
six years since merging Carlton and
Granada to create ITV.
Russell, 74, was a close ally of out-
going executive chairman, Michael
Grade. Grade said he would leave in
September after pay disagreements
with ex-BSkyB chief executive, Tony
corporate broking business and was a
member of the firm’s management
committee. He then left to join Citi’s
corporate broking franchise.
Bank of America Merrill Lynch
The banking group has promoted David
Jervis to the position of head of Merrill
Lynch Wealth Management for the
Europe, the Middle East and Africa
region.
Jervis joined the firm 16 years ago
and is currently head of BoA Merrill
Lynch’s senior relationship management
group for global banking and markets in
the EMEA region, working with top
money manager and hedge fund clients
across the region.
but cautious on next year
▲
AUTOMOTIVE
CAR dealer Inchcape said yesterday it
expected to end 2009 slightly ahead
of its view, as it benefitted from
strong demand for new cars in the UK
during the second half of the year,
but remained cautious about 2010.
The group, which sells and distrib-
utes cars for manufacturers includ-
ing BMW, Mercedes-Benz, Honda and
Toyota in 26 countries, said it also saw
early signs of an industry recovery in
Hong Kong and Australia.
ANALYSIS l McBride
p 209.10
17 Dec
220
210
200
190
180
21 Sep 9 Oct 29 Oct 18 Nov 8 Dec
MCBRIDE
Numis yesterday said a management
reshuffle at McBride would weigh on its
share price, but that operationally the
group continues to deliver ahead of
expectations. It said it remained positive
on the group, as it continued its cycle of
earnings upgrades with a strong first half
performance.
To appear in Best of the Brokers email your research to notes@cityam.com
Ball, who was at one point in the run-
ning for the CEO position at ITV.
Russell ’s year-end departure comes
ahead of Archie Norman’s takeover as
chairman in the New Year, as ITV
faces its worst financial crisis in its
54-year history. “I had always made it
clear that I wanted to see Michael
Grade through his tenure and now
that has come to an end it is the right
time for me to step down from what
Putnam Investments
The investment management company
has appointed Scott Sipple as head of
strategic relationships, where he will
facilitate relationships with the asset
management research platforms of
major wealth management firms.
Sipple joins the firm from Fidelity
Investments.
HarbourVest Partners
The global private equity firm has made
a number of promotions to its team.
Peter Lipson, Julie Ocko and Mary
Traer have been appointed as managing
directors, with Traer – who originally
joined the firm in 1997 as director of
taxation – also named chief administra-
News 19
Total revenue for the eleven
months to November fell 11.4 per cent
and like-for-like revenue decreased 9.4
per cent.
“We do not expect any global car
industry recovery to start until well
into the second half of 2010 as con-
sumer confidence is still weak and
unemployment continues to rise in
many of our markets,” the company
said. It added its financial position
remained strong and it still expected
to be broadly debt free at the end of
2009.
ANALYSIS l Centrica
p
270
267.50
17 Dec
265
260
255
250
245
240
235
21 Sep 9 Oct 29 Oct 18 Nov 8 Dec
CENTRICA
S&P Equity Research yesterday maintained
its Strong Buy recommendation on
Centrica, saying gas production at
Morecambe had been curtailed in response
to low gas prices, leaving 2009 output
down by over 25 per cent, but manage-
ment expects oil production to rise 35 per
cent, including Venture Production.
has been a fascinating and fulfilling
six years at ITV,” he said
Michael Grade said: “Sir George has
made a huge contribution to ITV
since its inception in 2004.
“He was instrumental in seeing the
merger through, with the full sup-
port of shareholders, and since then
has offered invaluable advice on any
number of regulatory and broader
industry issues.”
Edited by Victoria Bates
tive officer.
Karin Lagerlund, who joined in 2000,
becomes chief financial officer;
Sebastiaan van den Berg has been pro-
moted to the position of principal, and
Bruce Pixler, Catherine Shih and
Abraham Soquar have been named as
vice presidents.
Bank of New York Mellon
The banking group’s wealth manage-
ment division has hired Louis-Albert
Jolivert as a sales director and Sean
Maguire as a senior portfolio manager.
Jolivert formerly worked at JP
Morgan Private Bank, while Maguire
joins from wealth management firm
Lydian Bank & Trust.
 Markets&Investment
20 CITYA.M. 18 DECEMBER 2009

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk
Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low
(p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
3i . . . . . . . . . . . . . . . . . . . . . . . .271.80* –6.20 314.80 108.66 Croda Intl . . . . . . . . . . . . . . . . . .755.00 –4.00 811.00 451.50 .LQJÀVKHU . . . . . . . . . . . . . . . . . .226.50 –6.60 249.10 115.00 Schroders N/V. . . . . . . . . . . . . .1000.00 –9.00 1033.00 533.50
3i Infrastructure . . . . . . . . . . . . .103.20 –1.20 105.80 76.50 CSR . . . . . . . . . . . . . . . . . . . . . .390.00 –7.00 524.00 152.00 Ladbrokes . . . . . . . . . . . . . . . . .137.10 –2.70 213.49 114.60 Scot. & Sthrn Energy. . . . . . . . . 1112.00 –18.00 1279.00 357.50
A.B. Foods . . . . . . . . . . . . . . . . .813.00* –1.00 870.50 603.00 Daily Mail ‘A’ . . . . . . . . . . . . . . . .404.80* –4.50 467.30 205.75 Lancashire Hldgs . . . . . . . . . . . .425.00* +2.00 540.00 390.00 Scottish Inv Tst . . . . . . . . . . . . . .433.00 –2.50 444.90 324.75
Aberdeen Asset Man . . . . . . . . . .132.60* –2.40 155.60 94.25 Dana Petroleum . . . . . . . . . . . . 1171.00 –23.00 1549.00 807.00 Land Securities . . . . . . . . . . . . . .647.00* –4.50 1051.00 323.25 Scottish Mortgage. . . . . . . . . . . .513.00 –2.00 527.00 284.00
Admiral. . . . . . . . . . . . . . . . . . . 1127.00 — 1188.00 793.50 Davis Service . . . . . . . . . . . . . . .389.80 +0.60 438.00 213.75 Legal & General . . . . . . . . . . . . . .77.40 –2.85 94.40 20.90 SEGRO . . . . . . . . . . . . . . . . . . . .332.00 –6.60 403.10 250.00
Aegis . . . . . . . . . . . . . . . . . . . . . 115.40 –1.10 122.90 62.50 De La Rue . . . . . . . . . . . . . . . . . .973.00* –10.50 1080.00 808.50 Liberty International . . . . . . . . . .480.50 –4.50 580.00 278.00
Aggreko . . . . . . . . . . . . . . . . . . .834.50 –6.50 853.50 342.00 Debenhams . . . . . . . . . . . . . . . . .81.75 –2.35 99.50 22.75 Lloyds Banking Gp . . . . . . . . . . . .51.10 –4.48 96.02 21.97 Serco . . . . . . . . . . . . . . . . . . . . .519.50 –5.50 546.50 341.50
Alliance Trust . . . . . . . . . . . . . . .309.50 –3.80 325.20 233.00 Derwent London . . . . . . . . . . . .1243.00 –27.00 1418.00 445.50 Logica . . . . . . . . . . . . . . . . . . . . 114.20 –1.40 136.80 59.00 Severn Trent . . . . . . . . . . . . . . .1062.00* –8.00 1236.00 921.00
AMEC . . . . . . . . . . . . . . . . . . . . .769.50* –5.50 879.50 465.00 Dexion Absolute . . . . . . . . . . . . .132.30 –0.30 136.70 69.00 London Stock Exchange . . . . . . .722.50* –21.50 949.50 355.75 Shaftesbury . . . . . . . . . . . . . . . .369.00 +0.30 426.50 184.32
Amlin . . . . . . . . . . . . . . . . . . . . .361.20 –7.80 400.00 291.00 Diageo . . . . . . . . . . . . . . . . . . .1045.00 –12.00 1079.00 727.00 Lonmin . . . . . . . . . . . . . . . . . . .1797.00 –63.00 1943.00 654.11 Shanks Group . . . . . . . . . . . . . . .131.00* –3.00 136.20 36.15
Anglo American . . . . . . . . . . . .2594.00 –73.00 2766.00 906.00 Dimension Data . . . . . . . . . . . . . .73.30 — 82.80 32.75 Man . . . . . . . . . . . . . . . . . . . . . .304.70* –10.20 373.60 150.40 Shire. . . . . . . . . . . . . . . . . . . . . 1174.00 –19.00 1213.00 764.00
Antofagasta . . . . . . . . . . . . . . . .905.00 –38.50 959.00 367.75 Drax . . . . . . . . . . . . . . . . . . . . . .415.10 –8.00 644.50 393.75 Marks & Spencer. . . . . . . . . . . . .399.10* –2.90 408.30 207.50 SIG . . . . . . . . . . . . . . . . . . . . . . . 111.90 –3.20 230.00 82.25
Aquarius Platinum . . . . . . . . . . .360.10 –9.70 392.20 128.85 DSG Intl . . . . . . . . . . . . . . . . . . . .35.25 –0.18 39.75 10.51 Meggitt . . . . . . . . . . . . . . . . . . . .249.70 +4.80 267.10 110.50 Smith & Nephew . . . . . . . . . . . . .613.50 –8.50 631.00 401.00
ARM Holdings . . . . . . . . . . . . . . .170.40 –2.70 179.00 77.50 Dunelm . . . . . . . . . . . . . . . . . . . .415.00 –5.20 438.40 121.50 Melrose . . . . . . . . . . . . . . . . . . .180.00 +2.30 198.20 58.25 Smiths . . . . . . . . . . . . . . . . . . . .963.00 –18.50 1003.00 646.50
Arriva . . . . . . . . . . . . . . . . . . . . .485.10 +2.90 641.00 361.00 Easyjet . . . . . . . . . . . . . . . . . . . .341.40 –8.60 416.80 246.50 Mercantile IT . . . . . . . . . . . . . . . .847.50 –9.50 964.00 515.50 SOCO Intl . . . . . . . . . . . . . . . . .1318.00 –20.00 1500.00 885.50
Ashmore . . . . . . . . . . . . . . . . . . .266.20 –4.60 311.20 92.75 Edinburgh Inv Tst . . . . . . . . . . . .361.50 –4.60 369.00 283.75 Michael Page Intl. . . . . . . . . . . . .357.90 –19.10 380.30 171.25 Spectris . . . . . . . . . . . . . . . . . . .700.00 –13.50 763.50 376.75
Astrazeneca . . . . . . . . . . . . . . .2818.00 –25.00 2966.00 2126.00 Electrocomponents . . . . . . . . . . .164.00* –2.00 176.00 113.00 Micro Focus . . . . . . . . . . . . . . . .455.00 –6.80 469.80 257.50 Spirax-Sarco Eng . . . . . . . . . . . 1146.00 +23.00 1195.00 741.00
Atkins(Ws) . . . . . . . . . . . . . . . . .603.50* –11.00 747.50 415.00 Eurasian Nat Res . . . . . . . . . . . .874.00 –34.00 965.00 295.00 Millen & Copthorne . . . . . . . . . . .370.00 +1.30 411.90 165.50
Autonomy Corp . . . . . . . . . . . .1504.00 –43.00 1687.00 882.00 Experian . . . . . . . . . . . . . . . . . . .622.50 –0.50 639.00 371.75 Misys . . . . . . . . . . . . . . . . . . . . .209.40 –3.20 238.80 92.00 Spirent Comms . . . . . . . . . . . . . . .97.50 +0.90 100.60 32.00
Aveva . . . . . . . . . . . . . . . . . . . . .993.00 –13.00 1083.00 460.00 F&C Comm Prop . . . . . . . . . . . . . .85.90* +0.90 90.00 73.50 Mitchells & Butlers . . . . . . . . . . .256.10 –3.10 310.60 149.50 Sports Direct Intl . . . . . . . . . . . . . .99.25 +1.50 134.00 36.25
Aviva . . . . . . . . . . . . . . . . . . . . .373.20 –11.10 474.00 160.10 Ferrexpo . . . . . . . . . . . . . . . . . . .190.10* +2.10 228.40 27.00 MITIE . . . . . . . . . . . . . . . . . . . . .224.40* –2.00 281.70 170.25 SSL Intl . . . . . . . . . . . . . . . . . . . .723.00 –11.00 756.50 422.75
Babcock International . . . . . . . . .597.50* +3.50 660.50 381.25 Fidelity European . . . . . . . . . . .1066.00 –26.00 1182.00 753.00 Mondi . . . . . . . . . . . . . . . . . . . . .333.70 –6.00 361.80 118.25 St James’s Place . . . . . . . . . . . . .241.80 –1.30 296.90 142.75
BAE Systems . . . . . . . . . . . . . . .343.50 –1.54 416.00 294.20 FirstGroup . . . . . . . . . . . . . . . . .397.40 –7.60 448.80 192.90 Monks Inv Tst . . . . . . . . . . . . . . .274.50 –4.00 298.60 190.00 Stagecoach. . . . . . . . . . . . . . . . .164.90 –1.10 173.80 102.75
Balfour Beatty . . . . . . . . . . . . . . .248.00 –3.70 346.18 243.40 Foreign & Col Inv Tst. . . . . . . . . .259.20 –5.80 269.20 179.25 Morrison Wm . . . . . . . . . . . . . . .275.50 –3.30 298.40 233.50 Standard Chartered . . . . . . . . . .1535.50 –42.00 1696.00 554.00
Barclays . . . . . . . . . . . . . . . . . . .273.85 –18.15 390.00 47.30 Fresnillo . . . . . . . . . . . . . . . . . . .805.00 –13.00 935.00 167.20 Mothercare . . . . . . . . . . . . . . . . .669.00 +2.00 672.50 325.00 Standard Life . . . . . . . . . . . . . . .206.30 –5.90 275.00 123.50
Barratt Development . . . . . . . . . . 116.50 +0.50 193.31 40.16 G4S . . . . . . . . . . . . . . . . . . . . . .259.60 +1.80 261.20 171.90 Murray Intl Tst . . . . . . . . . . . . . . .755.00 –16.50 800.00 512.00 Talvivaara Mining . . . . . . . . . . . .377.00 +4.90 428.00 102.75
BBA Aviation . . . . . . . . . . . . . . .155.80 –0.90 184.20 41.00 GKN . . . . . . . . . . . . . . . . . . . . . . 114.00 +0.40 131.30 36.45 National Express. . . . . . . . . . . . .185.00 –1.90 294.83 78.45 Tate & Lyle . . . . . . . . . . . . . . . . .427.90* –2.00 481.40 225.75
Beazley. . . . . . . . . . . . . . . . . . . .100.00 –0.30 122.00 86.00 GlaxoSmithKline . . . . . . . . . . . .1297.00* –22.00 1332.50 982.00 National Grid . . . . . . . . . . . . . . .646.00* –7.00 717.00 511.00 Taylor Wimpey . . . . . . . . . . . . . . .34.88 –0.72 54.90 9.67
Bellway. . . . . . . . . . . . . . . . . . . .749.50* +11.00 927.50 515.00 Go-Ahead . . . . . . . . . . . . . . . . .1300.00 +11.00 1577.00 845.00 Next . . . . . . . . . . . . . . . . . . . . .2010.00* –16.00 2079.00 1039.00 Telecity . . . . . . . . . . . . . . . . . . . .384.60 +22.80 390.00 135.00
Berkeley . . . . . . . . . . . . . . . . . . .829.00 +3.50 1071.00 716.50 Great Portland Estates . . . . . . . .274.30* –2.20 298.80 127.11 Northumbrian Water . . . . . . . . . .270.80* –2.80 281.90 203.00 Templeton Emrg Mkts . . . . . . . . .499.00 –10.50 515.00 235.00
BG . . . . . . . . . . . . . . . . . . . . . .1085.50 –22.00 1180.00 836.50 Greene King . . . . . . . . . . . . . . . .421.50 –1.40 547.45 279.35 Old Mutual . . . . . . . . . . . . . . . . .105.50 –2.00 122.30 30.50
BHP Billiton . . . . . . . . . . . . . . .1863.00 –39.50 1969.00 1025.00 Halfords . . . . . . . . . . . . . . . . . . .401.40* –2.60 442.10 216.75 Pace . . . . . . . . . . . . . . . . . . . . . .199.00 +5.40 243.80 39.50 Tesco . . . . . . . . . . . . . . . . . . . . .410.00* –7.00 437.05 301.40
BlackRock Mining . . . . . . . . . . . .533.00 –6.00 565.00 217.00 Halma . . . . . . . . . . . . . . . . . . . . .249.00 +1.20 256.00 140.75 Partygaming . . . . . . . . . . . . . . . .258.60 +6.30 298.50 157.25 Thomas Cook . . . . . . . . . . . . . . .228.20 –6.90 303.50 164.60
BlueBay . . . . . . . . . . . . . . . . . . .318.80 +4.80 393.00 63.00 Hammerson . . . . . . . . . . . . . . . .385.10 –5.40 624.50 212.25 Pearson . . . . . . . . . . . . . . . . . . .863.50 –11.50 877.50 566.50 Tomkins . . . . . . . . . . . . . . . . . . .193.50 –4.40 199.50 99.50
Bovis Homes . . . . . . . . . . . . . . .392.40 +7.40 571.00 341.75 Hargreaves Lansdown . . . . . . . .280.00 –0.80 299.90 157.00 Pennon . . . . . . . . . . . . . . . . . . . .521.50 –2.00 566.50 372.00 Travis Perkins . . . . . . . . . . . . . . .795.00 –19.50 888.00 198.63
BP . . . . . . . . . . . . . . . . . . . . . . .574.30 –4.80 599.30 400.00 Hays . . . . . . . . . . . . . . . . . . . . . . .98.65 –1.55 114.00 67.00 Persimmon . . . . . . . . . . . . . . . . .440.00 +11.30 534.50 224.25 TUI Travel . . . . . . . . . . . . . . . . . .256.00 –6.00 294.75 208.25
Brit Insurance . . . . . . . . . . . . . . .184.40 –5.50 245.00 157.75 Henderson . . . . . . . . . . . . . . . . .120.20 –1.30 142.10 50.00 Petrofac . . . . . . . . . . . . . . . . . . .962.50 –16.00 1078.00 314.75 Tullett Prebon . . . . . . . . . . . . . . .273.00 –10.70 436.20 105.25
British Airways . . . . . . . . . . . . . .192.20 –4.80 243.30 111.30 Heritage Oil. . . . . . . . . . . . . . . . .420.00 –3.50 630.00 161.00 Petropavlovsk . . . . . . . . . . . . . .1055.00 –22.00 1343.00 320.25 Tullow Oil . . . . . . . . . . . . . . . . .1237.00 –23.00 1311.00 570.50
British Amer. Tob . . . . . . . . . . .1926.00 –14.00 2012.00 1481.00 Hikma Pharma . . . . . . . . . . . . . .522.50 +1.50 525.00 292.50 Premier Farnell . . . . . . . . . . . . . .173.90 –1.70 180.90 112.50 UK Commercial Prop. . . . . . . . . . .77.45 –0.55 79.55 50.50
British Empire Tst . . . . . . . . . . . .407.70* –7.30 451.80 304.00 Hiscox . . . . . . . . . . . . . . . . . . . .307.30 +3.00 364.30 272.50 Premier Foods . . . . . . . . . . . . . . .35.00 –0.12 47.00 24.00 Ultra Electronics . . . . . . . . . . . .1337.00 –13.00 1393.00 1010.00
British Land . . . . . . . . . . . . . . . .446.00 –4.50 535.26 295.00 Hochschild Mining . . . . . . . . . . .317.20 –1.00 366.40 87.00 Premier Oil . . . . . . . . . . . . . . . .1073.00 –20.00 1431.00 512.78 Unilever . . . . . . . . . . . . . . . . . .1910.00* –14.00 1926.00 1226.00
Britvic. . . . . . . . . . . . . . . . . . . . .387.00* +5.70 402.00 204.25 Home Retail . . . . . . . . . . . . . . . .283.70* –12.30 336.50 180.40 Provident Financial . . . . . . . . . . .920.00 +5.50 986.00 736.00 United Utilities . . . . . . . . . . . . . .496.00* –6.50 642.00 429.00
Brown(N.) . . . . . . . . . . . . . . . . . .252.30* +1.30 275.80 183.75 Homeserve . . . . . . . . . . . . . . . .1634.00* +20.00 1752.00 849.50 Prudential . . . . . . . . . . . . . . . . . . 611.00 –15.50 665.00 195.40 Utd Business Media . . . . . . . . . .453.00 –2.90 540.00 364.75
BSkyB . . . . . . . . . . . . . . . . . . . .565.00 –4.50 593.00 398.25 HSBC Hldgs . . . . . . . . . . . . . . . .684.10* –24.90 766.80 270.37 PZ Cussons . . . . . . . . . . . . . . . .260.00 — 274.60 139.75
BT . . . . . . . . . . . . . . . . . . . . . . .140.90 –1.80 151.00 70.20 Hunting . . . . . . . . . . . . . . . . . . .497.50 –22.00 578.50 367.00 Qinetiq . . . . . . . . . . . . . . . . . . . .162.00 –2.70 179.10 123.00 Vedanta Resources . . . . . . . . . .2381.00* –49.00 2510.00 492.75
Bunzl . . . . . . . . . . . . . . . . . . . . .652.50* –8.00 679.50 473.00 ICAP . . . . . . . . . . . . . . . . . . . . . .415.80 –12.20 478.30 199.20 Randgold Resources. . . . . . . . .4910.00 –140.00 5450.00 2425.00 Victrex . . . . . . . . . . . . . . . . . . . .788.00 –4.00 840.50 400.75
Burberry . . . . . . . . . . . . . . . . . . .568.00 –9.50 617.00 194.25 IG . . . . . . . . . . . . . . . . . . . . . . . .365.80 –3.10 373.00 159.25 Reckitt Benckiser . . . . . . . . . . .3242.00 –18.00 3321.00 2403.00 Vodafone . . . . . . . . . . . . . . . . . .139.90* –2.10 148.00 111.20
Cable & Wireless. . . . . . . . . . . . .139.20* –1.10 170.00 125.10 Imagination Tech Gp . . . . . . . . . .226.90 –2.40 250.00 36.50 Reed Elsevier . . . . . . . . . . . . . . .490.00 –0.10 570.00 403.75 VT . . . . . . . . . . . . . . . . . . . . . . .518.00* +2.00 606.00 412.75
Cadbury . . . . . . . . . . . . . . . . . . .792.00 +3.50 819.50 484.25 IMI . . . . . . . . . . . . . . . . . . . . . . .508.50 –18.00 552.00 214.00 Regus . . . . . . . . . . . . . . . . . . . . . .88.75 +0.45 120.50 43.00 Weir . . . . . . . . . . . . . . . . . . . . . .694.50 –15.00 771.00 297.00
Cairn Energy. . . . . . . . . . . . . . .3035.00 –72.00 3197.00 1651.00 Imperial Tobacco. . . . . . . . . . . .1880.00 –14.00 1983.00 1412.00 Rentokil Initial . . . . . . . . . . . . . . .106.50 +1.50 119.70 37.25 Wetherspoon(J.D.) . . . . . . . . . . .443.60 –14.70 551.00 270.00
Caledonia Invs . . . . . . . . . . . . .1560.00* +7.00 1759.00 1081.00 Inchcape. . . . . . . . . . . . . . . . . . . .28.35 +0.25 36.74 5.82 Resolution . . . . . . . . . . . . . . . . . .82.95 +0.45 112.00 77.45 WH Smith . . . . . . . . . . . . . . . . . .518.00 –11.50 551.00 306.75
Capita . . . . . . . . . . . . . . . . . . . . .719.50 –6.50 791.00 608.00 Informa . . . . . . . . . . . . . . . . . . . .301.00 –0.20 339.10 216.00 Rexam . . . . . . . . . . . . . . . . . . . .277.50 –5.20 328.55 188.89 Whitbread . . . . . . . . . . . . . . . . .1366.00* –22.00 1425.00 686.50
Carillion . . . . . . . . . . . . . . . . . . .303.40 –4.60 319.60 192.00 Inmarsat . . . . . . . . . . . . . . . . . . .651.00 –13.00 682.00 378.25 Rightmove . . . . . . . . . . . . . . . . .485.10 –1.90 610.50 156.25 William Hill . . . . . . . . . . . . . . . . .187.70 –5.00 243.25 137.86
Carnival . . . . . . . . . . . . . . . . . .2163.00 –31.00 2218.00 1224.00 Intercontl Hotels . . . . . . . . . . . . .880.50 –4.50 926.50 433.75 Rio Tinto . . . . . . . . . . . . . . . . . .3134.00 –53.00 3354.50 1102.02 Witan Inv Tst . . . . . . . . . . . . . . . .420.70 –3.40 433.70 276.50
Carpetright . . . . . . . . . . . . . . . . .929.00 +4.00 970.00 345.00 Intermediate Capital . . . . . . . . . .269.30* –5.70 332.00 79.71 RIT Capital Partners . . . . . . . . . .991.00 +1.50 1030.00 715.00 Wolseley . . . . . . . . . . . . . . . . . .1213.00 –18.00 1570.00 907.03
Carphone Warehouse . . . . . . . . .184.90* –4.00 216.10 84.75 Intertek . . . . . . . . . . . . . . . . . . . 1186.00 –34.00 1368.00 737.50 Rolls Royce . . . . . . . . . . . . . . . .481.40* –8.50 504.50 252.50
Catlin . . . . . . . . . . . . . . . . . . . . .321.00 –5.40 401.79 270.00 Intl Personal Fin . . . . . . . . . . . . .209.50 –0.50 239.80 58.25 Rotork . . . . . . . . . . . . . . . . . . . 1148.00 –1.00 1267.00 667.50 Wood Group (John). . . . . . . . . . .288.10 –10.40 354.90 175.00
Centrica . . . . . . . . . . . . . . . . . . .267.50 –3.50 288.75 212.50 Intl Power . . . . . . . . . . . . . . . . . .296.00 –4.80 308.80 190.60 Royal Bank Of Scot . . . . . . . . . . . .30.74 –1.11 58.25 10.00 WPP . . . . . . . . . . . . . . . . . . . . . .610.00 –4.50 620.00 349.75
Charter Intl . . . . . . . . . . . . . . . . .695.00 –3.50 778.50 305.75 Invensys . . . . . . . . . . . . . . . . . . .283.40 +2.10 314.60 136.00 Royal Dutch Shell A . . . . . . . . .1799.00 –23.50 1944.00 1362.00 Xstrata . . . . . . . . . . . . . . . . . . .1030.00 –57.00 1175.00 288.75
Chemring . . . . . . . . . . . . . . . . .2733.00 +11.00 2917.00 1794.00 Investec . . . . . . . . . . . . . . . . . . .428.80* +6.70 487.20 164.75 Royal Dutch Shell B . . . . . . . . .1729.00 –26.50 1897.00 1315.00 Yell Group. . . . . . . . . . . . . . . . . . .40.93 –0.07 86.00 11.75
Close Bros . . . . . . . . . . . . . . . . .698.00 +2.50 806.50 384.25 ITV . . . . . . . . . . . . . . . . . . . . . . . .53.85 –0.35 58.65 16.50 RSA Insurance . . . . . . . . . . . . . . 117.60 –2.10 152.90 113.10 LONDON TOP 250 BY MARKET CAPITALISATION
Cobham . . . . . . . . . . . . . . . . . . .241.90 –1.90 252.40 163.90 Jardine Lloyd Thompson. . . . . . .459.90 –5.90 514.00 387.75 SABMiller . . . . . . . . . . . . . . . . .1794.00 –15.00 1853.00 906.00
COLT Telecom . . . . . . . . . . . . . .132.50 +0.70 138.00 49.00 Johnson Matthey . . . . . . . . . . .1483.00* –38.00 1641.00 856.50 Sage . . . . . . . . . . . . . . . . . . . . . .225.30 –4.20 239.20 157.70 * Ex-Dividend † Suspended
Compass . . . . . . . . . . . . . . . . . .446.00 –19.00 470.10 275.00 Kazakhmys . . . . . . . . . . . . . . . .1245.00 –47.00 1345.00 187.30 Sainsbury(J) . . . . . . . . . . . . . . . .317.50* –4.40 373.00 284.50
Cookson . . . . . . . . . . . . . . . . . . .401.70 –12.10 481.40 202.75 Kesa Electricals . . . . . . . . . . . . .149.00 –5.50 162.00 79.75 Schroders . . . . . . . . . . . . . . . . .1245.00 –3.00 1274.00 628.00 www.interactivedata.com

Bank jitters and commodity US shares sink as

weakness hits London stocks dollar jumps higher
Chartered, Royal Bank of Scotland value added sales tax rises. claims for jobless benefits in the latest
THELONDON and Lloyds Banking Group fell 3.5 to
8.1 per cent.
Miners and energy stocks were also
weaker as the dollar surged to three- THENEW YORK week illustrated the bumpy road for
the US economic recovery. The jobless

REPORT The banking sector extended losses

after Citigroup got a cool reception
for its stock offering which received a
month highs after the Federal
Reserve comments on the US econo-
my, hitting commodity prices.
REPORT claims offered a sharp contrast to a
report from the Federal Reserve Bank
of Philadelphia, whose index showed
much lower price than expected, Miners were in reverse, having factory activity accelerated rapidly in

J A
ITTERS in the financial sector prompting the US Treasury to delay a notched up good gains on Wednesday MERICAN stocks fell yesterday the US Mid-Atlantic region in
prompted by tough new pro- plan to sell its stock in the bank. as metals prices dropped, with gold as the dollar’s rebound spurred December.
posed regulations sent banks Retailers were hit after British falling three per cent in European a safe-haven trade, cutting The Dow Jones industrial average
sliding yesterday while commod- retail sales fell unexpectedly in trade. Antofagasta, Xstrata, Lonmin demand for riskier assets, while dropped 132.86 points, or 1.27 per
ity stocks also retreated on weaker November. Home improvements Eurasian Natural Resources and a soft profit outlook from economic cent, to end at 10,308.26. The Standard
raw material prices, pulling the FTSE retailer Kingfisher, electricals retail- Kazakhmys were down 3.4 to 5.2 per bellwether FedEx sank transportation & Poor’s 500 Index fell 13.10 points, or
100 down 1.9 per cent by close. ers DSG International and Kesa cent. shares. 1.18 per cent, to 1,096.08. The Nasdaq
The FTSE 100 closed down 102.65 Electricals, and clothing-to-foods Energy stocks fell as crude dipped Financial services stocks took a beat- Composite Index lost 26.86 points, or
points at 5,217.61, having closed 34.49 group Marks & Spencer fell 0.5 to 3.6 1.6 per cent, with BG Group, BP, and ing after influential banking analyst 1.22 per cent, to close at 2,180.05.
points, or 0.7 per cent, higher on per cent. Royal Dutch Shell down 0.2 to 1.5 per Meredith Whitney cut her earnings The market shuddered after FedEx
Wednesday at 5,320.26. Home Retail was down 4.2 per cent, cent. Pharmaceutical stocks were also estimates on Goldman Sachs and forecast third-quarter profit below ana-
However the blue-chip index is still also impacted by a downbeat note lower, with Shire a top blue-chip fall- Morgan Stanley. lysts’ expectations, pushing its stock
up 51 per cent from a six-year low in from Credit Suisse saying that struc- er, off 1.6 per cent, as UBS cut its rat- The US dollar index, which meas- down 6.1 per cent to $84.47. The Dow
March. tural concerns and price falls at its ing on the stock to “neutral” from ures the greenback’s performance Jones Transportation Average lost 1.2
Banks were the biggest drag on the Argos chain could place pressure on “buy”, mainly on valuation grounds. against a basket of major currencies, per cent. Whitney trimmed earnings
index as investors sold the sector on gross profit margins. rose nearly one per cent -- hitting its estimates for Goldman and Morgan for
concerns that new rules proposed by Figures from the Office for ANALYSIS l FTSE100 highest level in more than three 2010 and 2011. Goldman Sachs shares
5,217.61
the Basel Committee on Banking National Statistics showed sales 5,400 17 Dec months. In recent months, stocks have dropped 2.5 per cent to $160.93, while
Supervision will mean big banks will dropped at their fastest pace since risen sharply while the greenback Morgan Stanley shed four per cent to
have to set aside more profits or even May after department stores and 5,300 dropped, as investors took advantage $29.12. The S&P Financial Index slid 1.8
raise capital as protection against clothing retailers failed to repeat of the inexpensive currency to buy per cent, while the NYSE Arca
hard times. October’s strong sales. 5,200 higher-yielding assets. Broker/Dealer Index fell 2 percent.
“It’s right to be cautious on banks A report from the Confederation of “The dollar is starting to spook the Citigroup tumbled 7.3 per cent to
as prospects for their profitability are British Industry added to the gloom. 5,100 market here a little bit,” said Terry $3.20 after the bank’s stock and bond
going to be limited by the increasing It said British retail sales volumes Morris, senior vice president and sen- offering attracted weak demand and
5,000
amount of regulation,” said Peter maintained a steady pace of growth ior equity manager for National Penn priced much lower than expected,
Dixon, economist at Commerzbank. in December, but firms are less opti- 4,900 Investors Trust Company. prompting the US Treasury to delay a
Barclays, HSBC, Standard mistic about the New Year when 21 Sep 9 Oct 29 Oct 18 Nov 8 Dec An unexpected increase in new plan to sell its Citigroup stake.
 Living
21
KEIRA KNIGHTLEY’S
STAGE DEBUT
| Interiors FIRST NIGHT REVIEW,
PAGE 25

?
Q&A: RENTING

Russell Hunt
MANAGING DIRECTOR,
PROPERTY HUNT

3 .We’ve been putting off upscaling

1 2 Q to a bigger family home, but don’t
want to wait much longer. When
should we move?

A
It’s probably a mistake to wait too

Cosy up in your
long and over-predict the market. If
you look back to the first quarter of
4 2009 there were lots of good deals to
be had, and not many people would have pre-
dicted prices going up to the extent that they
have. That’s largely been due to a lack of stock,

house this winter

but many people who were waiting to buy at
the bottom of the market – as I suspect you
have been – missed it. It’s possible that prices
could drop 5-10 per cent after the first quarter
of 2010. But that doesn’t mean you should nec-
essarily hold off until then – there are a lot of
buyers out there and competition is stiff, so if
From snuggly throws to stylish chairs, here’s you see something you like, go for it.
The fact of the matter is that there’s no per-
how to add warmth, writes Zoe Strimpel fect time to move – whenever the time comes
you have to be prepared to adapt to the
moment. In this kind of market when stock is
so short, you have to be prepared to take the
opportunity when it presents itself rather than
5 waiting for the absolute optimum time finan-
cially. That means keeping a beady eye on the
market and being prepared – the Christmas
break is a good time to get your preparation
sorted. Take some time to work out your
finances, what your budget is and what you
can realistically afford. Look on the internet

8 7
and see what’s out there in your price range.
If you’re needing to sell first, you can always
test the water by getting a valuation. Ask an
estate agent to get in a few of their best buy-
ers who have been looking for a while, and see
6 what the feedback is without fully marketing
it. It’s all about gathering information and
being fully prepared so that you can take the
best opportunities when they arise.

.I’ve had my flat on the market for

10 Q some time and finally had an offer

I like, but I’m not ready to move.
What do you suggest?

9 .If you’re keen to accept the offer,

A you’ve got two options – either think

about renting while you house hunt, or
try to convince the buyer to agree to a
delayed completion. A delayed completion is
when you agree with the other party that
you’re not going to exchange within the stan-
dard four or five weeks, but instead arrange
for a longer period, which would give you time
to sort out finding somewhere to move to. I did
this myself this year – I put in an offer on a
11 place in March, but agreed not to exchange
until October to give the vendor more time,
and we were happy to rent in the meantime.
You do this on the understanding that if cir-
cumstances change you can bring that
exchange date forward, so long as both parties
agree to it.
The key to coming to such an arrangement
is trust and understanding between both par-
ties, but it can really play to your advantage if
13 you’re a buyer – by agreeing to hold off on
exchanging we were actually able to get a bet-
12 ter price. In this market you have to be adap-
tive, and one way to be so is to work out what
type of vendor or buyer you’re dealing with.
You need to find out what kind of person they
are and what priorities they have, and make
1 Louis Philippe Day Bed, Grange, from £3,489, 020 7935 7000 2 Stag head candelabra, Joanna
Wood, £94, www.joannawood.co.uk 3 Traditional balls wreath, Quintessentially Flowers, £75,
www.quintessentiallyflowers.com 4 Ravello five arm candelabra, Heal’s, £220, www.heals.co.uk
14 yourself accommodating to those. That gives
you an advantage when it comes to negotia-
tions, and in a competitive market you need all
5 Little red dot teapot, Fairmont and Main, £22, www.johnlewis.com 6 Grey shetland throw, John the edge you can get. It will also lead to a
Lewis, £130, www.johnlewis.com 7 Hot water bottle covers, Joanna Wood, £8.50 each, www.joan- much more pleasant purchase process for both
nawood.co.uk 8 Gold Nugget mirror, Heal’s, £695, www.heals.co.uk 9 Les Roses de Mon Jardin parties.
draught excluder, Lavender & Sage, £19.50, www.lavenderandsage.co.uk 10 Cassia table lamp with
gold leaf base, Armani Casa, £1,360, 020 7079 1930 11 Stag cushion, Anorak, £36, Russell Hunt is managing director of Property
www.mydeco.com 12 Minx faux fur throw, Joanna Wood, £186, www.joannawood.co.uk 13 Compte Hunt, a search agent for London and the Home
chair, Armani Casa, £4,495, 020 7079 1930 14 Lady Chair, Grange, £1,788, 020 7935 7000 Counties. www.property-hunt.co.uk
22 Living | The Knowledge CITYA.M. 18 DECEMBER 2009

FOCUS ON: NOTTING HILL BY JEREMY HAZLEHURST

SHREWSBURY MEWS, W2
Price: £695,000
Located near the junction of Westbourne Park Road and
Chepstowe Road, this 900sq ft traditional mews house has a
first floor reception, two bedrooms, and two bathrooms, one en
suite. It is close to bars and restaurants, and Westbourne Grove
Tube station.
Contact: Hamptons Notting Hill, 020 7034 0404
KENSINGTON PARK ROAD, W11
Price: £4.25m
With access to Ladbroke Square Gardens, this light and spacious
home is spread over 3,500sq ft, including six bedrooms and four
reception rooms which have recently been refurbished.
Contact: Knight Frank, 020 1229 0229

ROYAL CRESCENT, W11

DENBIGH CLOSE, W11 Price: £859,950
Price: £995,000 A ground and lower ground floor maisonette close to Holland
A two-storey mews house in a cobbled cul-de-sac just off the Park, this characterful property has three double bedrooms, two
Portobello Road, planning permission has been granted to add bathrooms (one en suite), a double reception room, a study and
another floor. access to communal gardens.
Contact: John D Wood & Co, 020 7908 1100 Contact: Douglas & Gordon, 020 7792 1881

CURRENT MORTGAGE DEALS BY JESSICA MEAD Source: MoneySupermarket.com

LENDER FIXED/FLEXIBLE RATE UNTIL STANDARD RATE APR MAXIMUM LOAN

(PER CENT) (PER CENT) (PER CENT) TO VALUE (PER CENT)

Newcastle BS Direct Flexible 2.49% Mar 2012 5.99% 5.6% 80%

First Direct Offset Tracker Flexible 2.58% Term 3.69% 2.9% 65%
Nationwide BS Purchase Trackers Flexible 2.64% 2 years 3.99% 3.9% 70%
Woolwich (Barclays) Flexible 2.77% Term 4.99% 2.9% 70%
Cheshire BS Flexible 2.79% 2 years 3.99% 3.9% 70%
First Direct Offset Fixed 3.64% 2 years 3.69% 3.8% 65%
Newcastle BS Direct Fixed 3.65% Mar 2012 5.99% 5.9% 80%
NatWest Purchase Fixed 4.39% Feb 2013 4% 4.3% 75%
Leeds BS (Direct) Tied Fixed 4.75% Feb 2015 5.49% 5.7% 75%
Principality BS Purchase Fixed 5.49% Jan 2020 4.99% 5.6% 65%
 A B a l l y m o re
D eve l o p m e n t

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 24 Living | London
Camden:an urban hotspot with leafystreets
Think nightlife, markets and open
space in one, says Zoe Strimpel
T
HOSE who consider Camden a gritty
choice may want to think again. “Prices
dipped in the credit crunch,” says Ed
Robinson, of the year-old Camden office
of Foxtons. “But they’re already higher than
they were before it, and they’re going to rise
next year. There’s limited stock and a lot of
demand.”
The spring opening of The Henson Building,
a sleek warehouse development in the old Jim
Henson Muppet Factory, will be a welcome
CITYA.M. 18 DECEMBER 2009
addition to supply. Robinson predicts that the 46
flats, starting at half a million pounds each, will
be snapped up.
Upmarket, distinctly hip additions to Camden
have added to its appeal: the relaunched
Roundhouse, which attracts top music and the-
atrical acts; Gilgamesh, the massive, opulent
restaurant and bar; yummy-mummy favourite
Alchemy yoga studio; Gordon Ramsay protegee
Angela Hartnett’s York and Albany restaurant
and the new Blues Kitchen, offering soul food
and jazz to trendy diners.
“The beauty of Camden is that you get a mix-
ture of everything,” says Rob Soning, of
Londonewcastle, the Henson Building developer.
“People used to living centrally but fancy some
trees too are going for it.”
THE HENSON BUILDING, OVAL ROAD, NW1
Price: Flats start at £500,000
The former factory and printing works owned by Jim Henson, creator of The
Muppets, is being renovated into 46 canalside homes and a loft office and includes
4,000sq ft penthouses with roof gardens, and it is seconds from Camden Market,
Primrose Hill and Chalk Farm. The style is overtly warehouse, with exposed brick-
work, timber and pipes, and the location right on Camden Lock is highly desirable.
Go to www.thehenson.co.uk to register interest.
NORTH VILLAS, NW1
Price: £2.25m
Featuring top-of-the-range fixtures and fittings, gorgeous wood floors and designer
bathroom suites, this stunning five-bedroom house also offers ample living space,
private garden and a great location moments from Camden Town. Arranged over
five floors, the property comprises a generously-sized reception room, smart
kitchen with extensive dining space, utility room, superb master bedroom with con-
temporary en suite bathroom, two further stylish en suite bedrooms, two good-
sized bedrooms, trendy bathroom, two guest cloakrooms and a landscaped garden.
Contact: Foxtons on 020 7704 5000, www.foxtons.co.uk
PARKWAY, NW1
Price: £875,000
Moments from Regent’s Park and Primrose Hill, this sleek, stylish two-bedroom
property includes a spacious reception room with smart, well-lit open-plan kitchen,
impressive 2,000sq ft private garden and secure off-street parking. Parkway is
home to a wealth of nifty shops, bars and restaurants, while the open spaces of
Regent's Park and Gordon Ramsay's restaurant York and Albany are nearby.
Contact: Foxtons on 020 7704 5000, www.foxtons.co.uk
 Lifestyle
A true blue sci-fi classic
Titanic director has a
hit on his hands with
an epic tale of eco-
friendly aliens, writes
Timothy Barber
Film
AVATAR
Cert: 12a
hhhhI
IT’S the most expensive and technically
ambitious film ever made, and the most
hyped – and wouldn’t you know it, it’s also
pretty good. Avatar is a compendium of
director James Cameron’s familiar themes
– aliens against soldiers, futuristic technol-
ogy, bone-crunching sci-fi action, corny
romance and an epic pomposity that, as
with Titanic, you just have to weather in
order to enjoy the spectacle.
Far in the future, mankind is trying to
take over a beautiful forested planet
named Pandora, in order to harvest miner-
als. In their way are the Na’avi, 10ft-tall
hunter-gatherers with blue skin, tails and
a talent for flying on the backs of ptero-
dactyl-like birds. A scientific project has
grown Na’avi bodies from human DNA,
which can then be remotely inhabited by
the human volunteers. One of these is Jake
Sully (Sam Worthington), a paraplegic for-
mer soldier whose job is to insinuate him-
self into a tribe and either convince them
WHAT TO ENJOY THIS CHRISTMAS
FILMS, MUSIC, GAMES
FILM
NINE Daniel Day-Lewis leads Chicago director Rob
Marshall’s star-studded tribute to Italian cinema.
NOWHERE BOY Former YBA Sam Taylor-Wood’s
biopic of John Lennon’s early years.
DID YOU HEAR ABOUT THE MORGANS? Hugh
Grant and Sarah Jessica Parker rom com. Nuff said.
| Reviews
to shift from their mineral-rich area or, if
they won’t, feed his insider knowledge
back to the military hard-asses dying to
wipe the Na’avi off the face of Pandora.
But of course, he finds his allegiances
shifting, particularly when he falls for the
chief’s daughter.
That’s the Dances with Wolves-in-space
set up – and yes, it’s hackneyed, facile and
the dialogue clunks horribly. But the real-
isation is simply breathtaking, and at
times preposterously beautiful. It may be
mostly digital – the Na’avi have been ren-
dered via the same (but now more
advanced) technology used for the charac-
ter of Gollum in Lord of the Rings – but it
looks stunningly real, with 3D adding a
mesmerising gloss to every image.
It’s also pretty exciting. Cameron knows
his way around a crunching action
sequence as well as anyone, and there are
plenty of thrills to set the adrenalin rac-
ing. Forget the preachy message and just
sit back and enjoy one of the most daz-
zling rides ever created.
SHERLOCK HOLMES
Cert: 12a
hhhII
FINALLY with a Hollywood budget
behind him, Guy Ritchie breaks
away from his guns’n’geezers
crime flicks – well, not really.
This is, after all, a crime flick
set in London, with guns and
indeed geezers, but it’s a deli-
ciously mucky Victorian
London, in which Tower
Bridge is still being built and
Baker Street is as choked with
DVD
IN THE LOOP Malcolm Tucker takes on the White
House in the best satire in years.
STAR TREK IX The year’s most surprisingly good
blockbuster, about the early years of Kirk, Spock et al.
TRUE BLOOD SEASON 1 The vampire TV show
that’s made Buffy a thing of the distant past.
PANTS FOR MEN
AND WOMEN
SEE FASHION,
PAGE 22
Knightley
shines in
biting satire
Avatar’s digitally-
created aliens seem
stunningly real.
people and filth as the Thames is with
barges and tugs. It looks great. Keira Knightley and
Ritchie’s geezer-in-chief is Mr ‘Olmes
himself, reborn here as a hard-living, hand-
Damian Lewis in the
updated version of
some wreck played by Robert Downey Jr,
with Jude Law as Watson. Downey Jr mum-
Moliere’s classic.
bles away at 90mph with a dodgy English Picture: REX
accent, meaning it’s hard to understand a
word he says. Not that it really matters –
the script is complete hooey. Leave your
copies of Conan Doyle at the door.
Mark Strong plays evil black magic
enthusiast Lord Blackwood, apparently
executed for murder and now wreaking
havoc on London from beyond the grave.
There’s a Masonic organisation involved,
including Hans Matheson’s home secre-
tary and James Fox’s doddery old aristo.
Rachel McAdams is Yanky babe Irene Adler
(a Conan Doyle character adapted into the
film), while Kelly Reilly has to put up with
an insult of a role as Watson’s wife-to-be.
There’s lots of crunchy fisticuffs and the
odd explosion, but the film meanders and
eventually dissolves into silliness. Ritchie
may be technically adept but he still
couldn’t hold a storyline if it was super-
glued to his hands, and annoy-
ing, jittery music doesn’t
make up for a lack of ten-
sion or direction. The
moment someone crawls
into a tunnel in
Westminster and
emerges moments
later on top of
Tower Bridge
is, amazingly,
far from the
dumbest
moment of this
very dumb – but
quite fun – film.
MUSIC
LADY GAGA – THE FAME MONSTER The second
album from the pop sensation of 2010.
FLORENCE AND THE MACHINE – LUNGS Florence
Welch brought us the best indie album of the year.
JAY Z – THE BLUEPRINT 3 The best album yet from
the hip hop colossus.
25
Theatre - First Night
THE MISANTHROPE
Comedy Theatre
Ihhhh
FOR HER theatrical debut, Keira Knightley
plays a Hollywood starlet accused of the
same beauty-over-talent deficiencies with
which Knightley herself is regularly
charged. And boy does she give it back.
Her character, megastar Jennifer, is hap-
pily surrounded by toadying sycophants in
her London hotel. The misanthrope of the
title is her suitor Alceste (Damian Lewis), a
Victor Meldrew-esque playwright who,
despite being so appalled by the flattery
and fakery he encounters that he resolves
to withdraw from society, keeps returning
to demand her singular attention.
Moliere’s 17th century original farce
attacked the foibles of French high society.
Taking celebrity culture as the modern
equivalent, Martin Crimp’s version – writ-
ten in ingenious rhyming verse – takes
swipe after viciously hilarious swipe at
some pretty soft targets, but it’s Knightley’s
symbolic presence at the heart of it that
gives it piquancy. She rises impressively to
the occasion, dishing out acid sarcasm and
honeyed insults with real poise. Lewis is on
terrific form as Alceste, and special men-
tion must also go to Tim McMullan’s deli-
ciously conceited theatre critic, Covington.
The play is so thick in irony, cynicism and
knowingness that it becomes a pretty super-
ficial thing itself, but that’s just one more
in-joke in many. Still, it’s an enjoyably witty
chamber piece, and for Knightley, a satisfy-
ing V-sign to the naysayers. TB
GAMES
CALL OF DUTY: MODERN WARFARE 2 Incredibly
violent, scarily realistic – and terrific fun.
STREET FIGHTER IV Ryu, Ken and co return in the
latest installment of the classic game.
GUITAR HERO V Plough through your favourite gui-
tar solos in the latest version of the game.
 26 Lifestyle | Fashion CITYA.M. 18 DECEMBER 2009

Say pants
Getting
to the BOTTOM to those
of ladies’ dull boxers
underwear Fun patterns and loud colours
mean men shouldn’t have to
settle for boring undies anymore
Buying a partner lingerie for Christmas
can be every man’s nightmare, but a little
help goes a long way, writes Ben Griffiths Paul Smith
Striped boxer shorts
Price: £30
www.paulsmith.com

Y
OU KNOW the feeling. It’s two days styles and colours. Most can be happily
before Christmas and there is a sent home having spent £80 on an
creeping sense of dread threaten- underwear set.
ing to ruin your festive spirit. So far The biggest mistake most men
seasonal cheer has extended to quaffing make, Jimenez explains, is buying
too many glasses of strong lager and try- something they would like to see
ing not to abuse your boss at the office their partner wear, rather than
party. something she would like to
But now there’s no more putting off the wear. The girl who dresses in Ted Baker
dreaded excursion to go Christmas shop- pretty pastel shades and high-
Soball printed trunks
ping and that nightmare pursuit of the sided knickers is unlikely to say
perfect present for your wife or girlfriend. thanks for a present of a bright Price: £18
A straw poll of male friends and col- red corset and suspender belt. www.tedbaker.com
leagues revealed many have bought It is, however, possible to
underwear for their partners at least once find something for every-
– and this has largely been classed as a fail- one, she adds, with the
ure never to be repeated. measure of success being
One even explained how his horrified whether the present is
girlfriend held up the carefully selected immediately returned
sequined thong on yuletide morning only in January.
to ask him loudly in front of the grandpar- Someone can be
ents whether he thought she was “a Las taken through Topman
Vegas hooker”. No wonder so many men the whole
stick to spa vouchers. process of buy- Turquoise bright check trunks
But Sloane Square department store ing lingerie as a Price: £6
Peter Jones has come up with a new con- present in just www.topman.com
cept this year to help men who do want to five to 10 min-
buy lingerie as a present and are deter- utes includ-
mined to get it right. ing gift
Lesley Jimenez is one of the store’s w ra p p i n g ,
“Lingerie Runners” who are briefed to Jimenez
guide the nervous male customer through reckons.
the maze of balconette bras and find the The Lingerie
perfect pair of pants for his beloved. Runner serv-
The store has set up a dedicated men- ice is offered
only area on the edge of the ladies’ under- every day
wear section complete with widescreen at Peter Calvin Klein
TV, Nintendo Wii and stacks of blokey Jones from Botanical Deco print trunk
magazines. The idea is that the nervous now until Price: £18
male shopper can relax while his runner Christmas www.underu.com
brings a selection of delicates for his Eve. Other
approval. branches of
Jimenez says that the best prepared cus- the John
tomers come armed with a list not only of Lewis chain offer
their partner’s sizes – gleaned from a fully trained lingerie
quick rummage in her underwear drawer specialists who can
– but also some notes about favoured assist with purchases.

MEN: IT’S TIME TO SAY younger than you. And then there is the
inevitability of getting fatter. In their 20s, many
men can’t put on weight even if they try. Their
or a “moob tube” as it is being called?
On one hand, this is no different from
women wearing support tights,
Perhaps surprisingly, a quick survey of our
office suggests that moobs are not necessar-
ily unattractive. Being so vain that you

YES TO THOSE MOOBS metabolisms burn their way through pies, Mars
bars and beer without breaking sweat. But
then you hit 30 and, overnight, even whippety
chaps find their trousers becoming mysterious-
Jeremy Hazlehurst ly tight and the tummy starts to swell. And
then there is the ultimate indignity: moobs, or
“man boobs”.
Style Counsel Anxiety about moobs is now widespread.
Women’s magazines rejoice in printing pictures
of mooby men. It is hardly surprising that men
corsets, or even make-up.
They’ve been doing it for cen-
turies. But then again, men
want to conceal your true heft is
more of a turn-off than the flab
itself. In fact, some claim that
have been pomading and they like to snuggle up to a nice
perfuming themselves, curl-
ing their moustaches and
primping their beards for
hairy moob. The general consen-
sus was that if a man wants to
lose his moobs, then he should
just as long. Cavemen
undoubtedly combed mam-
head to the gym, and not Asda.
Even better, some say that
moth grease into their locks in worrying about your moobs is

F
OR MEN, there are sure-fire signs that you
are getting older. You start getting an
urge to ruffle the hair of young boys.
Everybody in the England football team is
are getting paranoid about them, and indeed order to look more attractive to worse than possessing them.
supermarket Asda’s £1 moob vest has become their stone-age mates. Vanity is Confidence in how you look trumps
its fastest ever selling item of clothing. nothing new. lumps and bumps. Men: it’s time to
But should you really resort to a moob vest, But do moobs call for action? embrace your moobs.
CITYA.M. 18 DECEMBER 2009 Lifestyle | TV& Games 27

BBC1 BBC2 ITV1 CHANNEL4 FIVE

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Is Earl 12.30am Scrubs 6am How Does That Work? 6am So You Think You’re Safe? made of whale vomit.

COFFEE BREAK
Copyright Puzzler Media Ltd, www.puzzler.com
14 24 16 4 16 39
1
QUICK CROSSWORD
2 3 4 5 6

SUDOKU KAKURO 13

22
23
23
24
16 7 8
Place the numbers from 1 to 9 in each empty cell so that each 35
9
Fill the grid so that each block 23 11
row, each column and each 3x3 block contains all the numbers
30
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 16 23 10 11 12
above or to the left of it. 11 38 13 7

9 You can only use the digits 1-9

and you must not use the
8 37 13
4 9 8
14 15
7 6 2 same digit twice in a block.
The same digit may occur 39
15
3
6 16 17
3 6 8 4 more than once in a row or
column, but it must be in a 17
7 4
6 18 19
8 3 9 separate block. 12
3 6
6
4
22 6
3 1 7 5 20 3
20 21

9 5 4 ACROSS DOWN
1 Tentpeg hammer (6) 1 ___ du Sautoy, maths
4 7 6 3 n
1 7 2 WORDWHEEL S O
4 Augustus John’s painter
sister (4)
7 Head of certain
professor and TV presenter (6)
2 ___ Twist Again, Chubby
Checker song (4)
Using only the letters in the Wordwheel, you have 3 Mam ___, Derbyshire
9 ten minutes to find as many words as possible, A E universities (6)
8 Merry ___ Everybody,
peak (3)
5 Famous London sports
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and R
N M
Slade song (4)
10 Medieval castle town in
stadium (7)
6 Surname of US humorist
YESTERDAY’S letters can only be used once in every word. There southeast Wales (3) and poet Ogden (4)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
W I 12 Aluminium, copper etc (6) 9 Bus ___, Marilyn Monroe
film (4)
14 Spasm of the
11 Ornamental Japanese
QUICK CROSSWORD 3 8 9 3 4 diaphragm (6) fish (3,4)
ME R S E Y I S L E
6 1 3 7 3 1 2 6 SUDOKU 2 3 5 9 1 7 6 4 8 15 First name of Westworld 12 Of ___ and Men, John
8 7 9 4 1 6 8
U O E K G 9 2 1 3 7 8 9 7
6 7 8 4 5 2 1 9 3 star Mr Brynner (3) Steinbeck novel (4)
R I GH T S W I NG
4 1 2 6 8 9 9 4 1 6 8 3 2 7 5 18 Rocky Mountain state (4) 13 Literary name for ancient
R O M P S
6 1 7 9 6 1 2 4 8 9 3 7 1 5 2 6 Britain or England (6)
A L F G R UMP Y
5 2 6 8 4 9 3 1 7 19 Indian leader assassinated
Y A E C E H 9 7 8 8 9 6 16 The ___, Jeff Bridges’ role in
S CO T C H R A I 8 9 6 3 7 2 1 9 WORDWHEEL 7 1 3 5 2 6 9 8 4 in 1948 (6)
The Big Lebowski (4)
K T S B L 4 2 1 6 7 9 8 3 6 7 1 9 4 8 5 2 20 Surname of In Too Deep
I RON S E RB I A The nine-letter word 17 Be aware of (4)
7 3 1 2 7 1 3 6 8 9 2 7 6 5 4 3 1 star Omar (4)
R R U A R was VIGILANTE 19 Children of a Lesser ___,
KA Y E K I DN E Y 4 2 9 3 8 1 5 4 2 3 8 7 6 9 21 Yukon town (6) 1986 William Hurt film (3)
 Punter
28
RACING TRADER | BILL ESDAILE, OUR RACING EXPERT, HAS IDENTIFIED A NUMBER OF HORSES TO BACK THIS WEEKEND
Save the Big Buck’s for Bellvano
and Dave’s Dream at Ascot today
P
AUL NICHOLLS continued
his extraordinary run of
Saturday big race wins by
landing last weekend’s
Boylesports.com Gold Cup at
Cheltenham and the Champion
trainer will hope that Big Buck’s
can make it a ‘famous five’ tomor-
row.
Kauto Star, Denman, Twist
Magic and Poquelin have all
grabbed the racing headlines on
consecutive Saturdays for Team
Ditcheat and last year’s World
Hurdle winner is just 4/7 with
Boylesports to land tomorrow’s
Long Walk Hurdle.
However, Big Buck’s is taking on
a decent looking field on a right-
handed track and at the prices, I
would far rather be a layer than a
backer on Betdaq. In fact, Big
Buck’s is going right-handed for
the first time on a British race-
course and connections have
already expressed a tiny bit of con-
cern. He is certainly the most like-
IN-RUNNING TRADING HINTS
T
HE MOST fascinating in-run-
ning trading contest of the
weekend looks to be Ascot’s
Long Walk Hurdle run at
2.05pm tomorrow. Big Buck’s is
currently trading at around 1.55 on
Betdaq, but I expect him to trade at
a considerably bigger price in-run-
ning.
Last year’s World Hurdle winner
never came off the bit on his seasonal
WHAT ARE YOU WAITING FOR?
LOG-ON TO BETDAQ AND BET IN-RUNNING AT JUST... 2% COMMISSION*
WWW.BETDAQ.CO.UK 0870 178 1221 *UK AND IRISH RACING ONLY
| Racing
ly winner, but is far too short and
is worth taking on. I’ll be having a
small each-way bet on course spe-
cialist LOUGH DERG to make the
frame at around the 16/1 mark.
The Ladbroke Hurdle looks a
predictably competitive affair, but
I’m still not convinced that the
handicapper has caught up with
HARRY TRICKER. The form of his
Greatwood Hurdle second to
Khyber Kim is looking rock solid
and a repeat of that performance
would be more than enough in
this grade.
Yet, the best betting opportuni-
ties this side of Christmas are to
come at Ascot this afternoon with
two Nicky Henderson trained hot-
pots. Firstly, BELLVANO can land
the Grade Two Novices’ Hurdle at
1.55pm. He went into plenty of
notebooks when bolting up last
time and looks to be one of the ris-
ing stars in the hurdling world.
Next up, the Seven Barrows
team sends out DAVE’S DREAM in
reappearance at Newbury, but I’m
not sure what he had to beat that day.
Tomorrow, he is taken on by a really
decent field that contains plenty of
Grade One Hurdle winners including
Diamond Harry. Nick Williams’ stable
star travels supremely well in his
races and may look to have Big Buck’s
in trouble a long way out.
He looked to be struggling at
both Cheltenham and Aintree last
the Novices’ Chase at 2.30pm and
he can build on his recent
Huntingdon success. He’s always
been held in high regard by his
masterful (and in-form) trainer
and it would be a major shock if
he didn’t go very close here even
in much hotter company.
Looking ahead to the busy
Christmas period and Kauto Star is
a best priced 4/6 to land a fourth
consecutive King George VI Chase
at Kempton on Boxing Day. I think
he’ll win, but I’m more tempted by
the 9/2 on offer about MADISON
DU BERLAIS in the without Kauto
Star market. He hated the ground
at Haydock and can give Kauto the
most to think about.
POINTERS...
BELLVANO 1.55pm Ascot (Today)
DAVE’S DREAM 2.30pm Ascot (Today)
LOUGH DERG e/w 2.05pm Ascot (Tomorrow)
HARRY TRICKER 2.40pm Ascot (Tomorrow)
MADISON DU BERLAIS
w/o KAUTO STAR (King George VI Chase)
season before his stamina kicked-in
and when you also consider the
doubts about him going right-hand-
ed, he may trade at a bigger price
than expected.
Looking ahead to the Welsh
National and if L’Aventure hits an
artificially big price in-running, it
may be worth taking. She will be
staying on at the finish when the
others have cried enough.
CITYA.M. 18 DECEMBER 2009
ASCOT TOMORROW live on Channel 4
GOING: GOOD TO SOFT (Soft in places) supplied by RACING POST
[V] visor [P] cheekpieces [H] 1st-time
2.05 BGC LONG WALK HURDLE GRADE 1 (1) 3m 1f £56,330
1 U1111-1 BIG BUCK’S (21)(D) 6 11-7 R Walsh
P Nicholls The Stewart Family
2 11113-1 DIAMOND HARRY (28)(D) 6 11-7 T J Murphy
N Williams Paul Duffy Diamond Partnership
3 1393-71 FAIR ALONG [P] (49)(D) 7 11-7 R Flint
P Hobbs Alan Peterson
4 21124-2 KARABAK (28)(C)(BF) 6 11-7 A P McCoy
A King John P McManus
5 23460-4 KATCHIT (28) 6 11-7 R Thornton
A King D S J P Syndicate
6 1P2-363 KAYF ARAMIS (8)(D) 7 11-7 P J Brennan
N Twiston-Davies Mrs Isobel Phipps Coltman
7 109-452 LOUGH DERG [V] (21)(CD)(C)(D) 9 11-7 T Scudamore
D Pipe W Frewen
8 0/1108- SENTRY DUTY (245)(C) 7 11-7 B J Geraghty
N Henderson Peter Spiller
9 P/3181- VIPER (F9) 7 11-7 D R Dennis
R Hollinshead Geoff Lloyd
10 /22489- SWEETHEART (F63) 5 11-0 M Batchelor
Jamie Poulton R W Huggins
11 /206-31 WHITEOAK (26)(C)(D) 6 11-0 J M Maguire
D McCain Brendan Richardson
S.P. F’CAST: 4-7 Big Buck’s, 7-2 Diamond Harry, 11 Karabak, 14 Lough Derg, 20 Fair Along, Whiteoak,
25 Sentry Duty, 33 Katchit, 66 Kayf Aramis, 100 Sweetheart, Viper.
BIG BUCK’S (11-8) 2-5 fav always going well in 3rd until tracked leader after 4 out, challenged on bit 2 out and soon slight
lead, pecked slightly last, canter, bt LOUGH DERG (11-8) 16-1 made most but joined until 4 out when ridden into definite
lead, joined by cantering winner 2 out and soon headed, kept on under pressure for clear 2nd but absolutely no chance
with winner, 7l (7 ran) (Newbury 3m1/2f hdle G2(1) £28,639 good to soft).
DIAMOND HARRY (11-12) 9-2 refused to settle, in touch, cruised into lead 3 out, always travelling on bit and in full control,
impressive, bt Burton Port (10-11) 21/2l KAYF ARAMIS (11-5) 12-1 led until jumped slowly 1st, jumped slowly 2nd, chased
leaders after, led after 9th, headed 3 out, soon weakened, 6th (well btn) (Haydock 3m1f hcap hdle(1) £57,010 soft).
FAIR ALONG (11-4) 3-1 tracked leaders, led 9th, drew clear from 2 out, 14 lengths ahead last, stayed on strongly, bt Pettifour
(11-8) 18l LOUGH DERG (11-8) 7-1 led, headed 9th, hard ridden and modest 4th next, soon lost touch, eased last 100yds,
4th (well btn) (Wetherby 3m1f hdle G2(1) £24,514 good).
KARABAK (11-2) 9-4 jt fav held up in rear until headway to track leaders 4 out, driven to chase winner after 3 out, ridden and
not fluent next, kept on run-in but never any chance, btn 6l by Zaynar (11-4) (8 ran) KATCHIT (11-0) 11-2 chased leaders,
blundered 7th, in touch under pressure 3 out, soon weakened, 4th (well btn) LOUGH DERG (11-8) 9-1 led, hit 6th, head-
ed 3 out, rallied soon after, weakened 2 out, 5th (well btn) (Ascot 2m31/2f hdle G2(1) £56,379 good).
KAYF ARAMIS (11-4) 12-1 pressed leaders, led 8th, ridden approaching 2 out, narrowly headed, every chance at last stayed
on same pace run-in, 3rd of 15 (btn 21/2l) to Time For Rupert (11-7) (Cheltenham 3m hcap hdle(2) £12,524 soft).
SENTRY DUTY (11-5) 13-2 midfield, effort before 3 out, close fourth and one pace when blundered last, no extra, 8th of 14
(btn 71/4l) to Noble Alan (10-5) (Ayr 2m hcap hdle G2(1) £45,608 good).
VIPER (11-5) 11-4 fav made all, soon clear, 30 lengths ahead at halfway, eased approaching last, unchallenged, bt Kyber (9-
7) 10l (15 ran) (Musselburgh 2m4f hcap hdle(3) £6,505 good to firm).
WHITEOAK (10-12) 6-4 fav held up in 4th place, headway to lead soon after 2 out, soon ridden clear, went right and mistake
last, eased towards finish, bt Amber Brook (10-12) 7l (5 ran) (Kempton 3m1/2f hdle(1) £23,072 good to soft).
CITYA.M. 18 DECEMBER 2009
SPORTS TRADER | BEN CLEMINSON HAS TEAMED UP WITH BETTORLOGIC
TO BRING YOU THE CITY AM SPORTS TRADER
West Ham boss Gianfranco Zola, left, and his assistant, Steve Clarke, talk to Junior Stanislas.
No festive joy for shaky
Hammers against Blues
WEST HAM
CHELSEA
SUNDAY, 4.00PM SKY SPORTS 1
THE Premier League has been something of
a baptism of fire for Gianfranco Zola and
he has certainly suffered more than his fair
share of bad luck. Financial crises and key
injuries have caused big problems for the
Hammers and the way they capitulated at
Bolton on Tuesday night will be of major
concern to the Italian.
Zola won’t be expecting an easy ride
from his former club, or fellow country-
man Carlo Ancelotti, but will be desperate
to stop his side’s leaky defence. West Ham
have conceded more goals at home this sea-
son than any other team – two or more in
seven of their eight at Upton Park. However,
ARSENAL
HULL CITY
TOMORROW, 5.30PM ESPN
HULL fans will never forget their trip to
the Emirates last season when they humil-
iated the hosts with a 2-1 victory. Those
three points meant they survived in the
end, but although they have only lost one
of their last five league games, another
relegation battle looks a certainty.
Arsene Wenger believed his side were
firmly back in the title race after Sunday’s
win at Liverpool, but suffered a blow
SPREAD BETTING AND CRICKET –THE PERFECT MATCH
I
T’S ALWAYS crucial to keep an eye on
the weather when spread betting on
cricket and with rain forecast at
Centurion, the draw is now the bookies
favourite at stumps on day two. The beauty
of spread betting means we need not focus
on that and can place a bet on England’s first
innings batting performance.
England were 88/1 overnight, with
Andrew Strauss and Jonathan Trott at the
crease; not a bad start following South
Africa’s 418. At the start of play on day three,
Sporting Index’s quote for England first
The Punter | Sports Trader
Chelsea’s normally tight backline have also
been struggling recently – shedding 10
goals in their last five games across all com-
petitions and only winning one of those.
Ancelotti was pleased to get a much
needed win against Portsmouth on
Wednesday, but is obviously worried that
his side conceded two goals from set pieces
against Everton at the weekend. That may
be something Zola will try to exploit, but
there is little doubt that the West
Londoners should have too much firepow-
er at the other end of the field. Only Man
United and Arsenal have scored more goals
on the road than Chelsea this campaign
and they have won all of their last four vis-
its to the Boleyn Ground, scoring 12 goals
in the process.
Sporting Index have understandably
pitched their total goals spread at a high
3-3.2, but they could still be picked off by
the buyers. There have been an average of
4.25 goals per game at Upton Park so far
this season and Chelsea’s last six across all
when only taking a point at Burnley on
Wednesday. He will want to banish the
memory of last season’s defeat against the
Tigers and although Arsenal lost their last
game at the Emirates to Chelsea, they
have won their other six by an average
winning margin of three goals. Crucially,
four of those came against current bot-
tom-half teams.
Only Burnley have a worse away record
than Hull and two points from a possible
24 is a measly return. The loss of Jimmy
Bullard was a big blow to the Tigers last
season and with him now out for another
indefinite spell, they could be in big trou-
ble. Mick McCarthy rested most of his first
XI at Old Trafford in midweek and it
remains to be seen how seriously Phil
Brown takes this one.
innings runs is 428-443 and the Three Lions’
record is strong here – winning once and
drawing twice in three visits. However, it’s
also worth noting that their highest ever
score at this venue was 381, back in 1995,
and that the Proteas have won 11 of their last
13 games here.
England’s batting line-up is decent, but
plenty of stats suggest they won’t eclipse
South Africa’s first innings total. In the past
10 Centurion Tests, the home side’s average
first innings total has been 391, whilst visitors
average just 270. The Proteas have faced the
29
...the home of form
Picture: ACTION IMAGES
competitions have produced 23 goals.
The Blues have had problems during the
festive period in recent seasons but, against
a struggling Hammers side, I can see them
going to town in the second half. They have
won all of their last five away games at bot-
tom-half sides when losing their previous
away game. The half-time / full-time
Chelsea victory at EVS with Boylesports
looks good, as does a buy of goals and
Chelsea’s supremacy with Sporting Index.
Zola’s side have only scored one goal in
their last three games and are struggling
without striker Carlton Cole. They have
also taken just one point from their last
eight home contests against the Big Four
and lost nine of their last 16 home and
away.
POINTERS...
Chelsea HT / FT at EVS with Boylesports
Buy Chelsea supremacy at 1.5 with Sporting Index
Buy total match goals at 3.2 with Sporting Index
I’m of the opinion that Arsenal can go to
town on this bunch, so I’ll be buying their
supremacy at 2.1 with Sporting Index.
It also wouldn’t surprise me to see the
Tigers in serious trouble come the end of
January. Their next six games see them
play Man United twice, Chelsea,
Tottenham and of course, Arsenal. They
are as short as 4/9 with Hills and a best-
priced 4/7 on Betdaq for the drop and I can
see them trading a whole lot shorter than
that in a few weeks.
POINTERS...
Arsenal HT / FT at 4/7 on Betdaq
Buy Arsenal supremacy at 2.1 with Sporting Index
Buy total match goals at 3.4 with Sporting Index
Hull to be relegated at 4/7 on Betdaq
likes of England, Pakistan, West Indies, New
Zealand and Sri Lanka in that sample, so are
clearly a force to be reckoned with here. The
pitch seems to deteriorate after the first
innings and, with early wickets going on both
the first two days, the runs spread could be
much shorter after a few overs.
For those looking at Sporting Index’s win
index market, the logical spread bet at this
stage is to buy South Africa at 12.5. The
draw is a runner, but so is a home win, and
I’d risk a 2.5 point loss for a possible 12.5
point win.
 Sport
30 CITYA.M. 18 DECEMBER 2009

Results
Emanuelson 78
Att: 36,000
UEFA EUROPA LEAGUE GROUP A
Ajax..................................(0) 1 Anderlecht........................(3) 3
Lukaku 13, 22
Legear 44
It’s high fives for Swann as
brave England show fight
Dinamo Zagreb.........(0) 1 FC Timisoara ...................(0) 2
Scutaru 81 (og) Bucur 68
Att: 0 Goga 84
GROUP B
Genoa..............................(0) 1 Valencia...............................(1) 2
Crespo 51 Bruno 45
Att: 25,000 Villa 90
Lille ...................................(2) 3 Slavia Prague..................(0) 1
Cabaye 25, Gervinho 39 Vlcek 56
Graeme Swann
▲

Obraniak 80 Att: 15,358 CRICKET

celebrates the third
GROUP C BY JON COUCH
Hapoel Tel-Aviv.........(1) 1 Hamburg ............................(0) 0 five-wicket haul of
Yeboah 23 Att: 16,000 SEAMER Graham Onions has warned his Test career with
Rapid Vienna..............(3) 3 Celtic......................................(1) 3 his England team-mates there is plen- James Anderson.
Jelavic 1, 8, Salihi 19 Fortune 24, 67 ty of hard work left to do after the
Att: 48,000 McGowan 90 tourists battled back to leave the first Picture: ACTION
P W D L F A GD Pts
Hapoel Tel-Aviv 6 4 0 2 13 8 5 12 Test with South Africa delicately IMAGES
Hamburg 6 3 1 2 7 6 1 10 poised at a sun-drenched Centurion.
Celtic 6 1 3 2 7 7 0 6 The Durham paceman recovered
Rapid Vienna 6 1 2 3 8 14 -6 5 from a calf strain on the opening day
GROUP G to take 3-86 as he and five-wicket hero
Lazio.................................(0) 0 Levski Sofia......................(0) 1 Graeme Swann helped dismiss the
Att: 3,000 Yovov 60 Proteas for 418.
Villarreal.......................(0) 0 SV Red Bull Salzburg..(1) 1 Captain Andrew Strauss then hit an
Att: 6,500 Svento 7
unbeaten 44 to help leave the tourists
GROUP H in good shape at 88-1 at the close.
Fenerbahce..................(1) 1 FC Sheriff...........................(0) 0
Boral 15 Att: 15,000
“As a unit we’ve done some really
Steaua Bucuresti.....(1) 1 FC Twente...........................(1) 1 good things,” Onions said. “Maybe we
Kapetanos 18 Stam 35 didn’t expect it to turn as much so
Att: 500 early but Graeme Swann was bril-
GROUP I liant. There’s a lot of people talking
Benfica............................(1) 2 AEK Athens......................(0) 1 about the draw already and we’re SCORECARD | SOUTH AFRICA (1ST INNS)
Di Maria 45, 73 Blanco 84 only two days down. That’s definitely
Att: 15,000 not in our thoughts. We’ve still got Overnight 262-4
Everton ..........................(0) 0 BATE ......................................(0) 1 J Kallis c Collingwood b Anderson 120
Att: 18,242 Yurevich 75
three hard days to go.
P W D L F A GD Pts “We know that being out there for JP Duminy c Collingwood b Swann 56
Benfica 6 5 0 1 13 3 10 15 two days it’s tough to bowl on but M Boucher c Cook b Swann 49
Everton 6 3 0 3 7 9 -2 9 nice to bat on. There’s still a lot of
BATE 6 2 1 3 7 9 -2 7 hard work to be done.” M Morkel c Prior b Onions 13
AEK Athens 6 1 1 4 5 11 -6 4 Onions was also full of praise for cap- P Harris b Onions 38
CRICKET tain Strauss and No3 Jonathan Trott, F de Wet lbw b Swann 20
FIRST TEST MATCH: (Centurion): South Africa 418 (J H Kallis who batted out an awkward session to
120, J P Duminy 56, G P Swann 5-110) v England88-1 (23.0 M Ntini not out 4
leave England very much in the hunt.
overs).
“That could have quite easily been a Extras (5w 2b 15lb) 22
THIRD TEST MATCH (Perth): Australia 520-7 dec. (S M tricky session,” Onions added. “With TOTAL (all out, 153.2 overs) 418
Katich 99, S R Watson 89, B J Haddin 88, M E K Hussey 82, M
J North 68) v West Indies214-2 (46.0 overs) (C H Gayle 102, T
those overs to face, we could have been Fall: 1, 51, 93, 159, 283, 316, 341, 377, 414, 418
M Dowlin 55). four down – and then you’re thinking Bowling: Anderson 37-9-104-1, Broad 32-8-74-1,
GOLF ‘which way is the game going to go?’
“But we batted really well – and Onions 30-5-86-3, Swann 45.2-10-110-5,
SOUTH AFRICAN OPEN (Pearl Valley Golf Estates, Paarl, Collingwood 7-1-18-0, Trott 2-0-9-0
Western Cape)—1st rnd (Gbr & Irl unless stated, par 72): we’ve got a great opportunity to bat
64 Martin Erlandsson (Swe). 65 Pablo Martin (Spa), Dawie Van the whole day tomorrow.” when Duminy soon fell for 56, feeding Friedel de Wet, who added a vital 20.
der Walt (Rsa). 66 Anders Hansen (Den). 67 Richie Ramsay. England didn’t have to wait long to Collingwood with a fourth catch of Strauss and Cook took the brunt of ENGLAND (1st Inns)
68 Michiel Bothma (Rsa), Richard Finch, Michael Jonzon (Swe) make the crucial early breakthrough – the innings from a Swann off-break, an aggressive opening spell from de
Louis Oosthuizen (Rsa), Edoardo Molinari (Ita). 69 Jacques A Strauss not out 44
ending the 124-run stand between cen- before Boucher also succumbed, find- Wet and Makhaya Ntini – playing in
Blaauw (Rsa), Damien McGrane, Thomas Aiken (Rsa), Ulrich
turion Jacques Kallis and JP Duminy ing Alastair Cook at short-leg just one his 100th Test – before Cook eventual- A Cook c Boucher b de Wet 15
Van Den Berg (Rsa), Adilson Da Silva (Bra), Alan McLean,
Alejandro Canizares (Spa), Gregory Bourdy (Fra), Dylan Frittelli when Kallis edged a James Anderson short of a deserved half-century. ly succumbed, feathering an edge J Trott not out 18
(Rsa). 70 Jamie Elson, Callum Macaulay, Louis Moolman (Rsa), delivery to Paul Collingwood at slip, Onions then added the crucial from de Wet to a grateful Boucher Extras (5nb, 5w, 1b) 11
Soren Hansen (Den), Peter Karmis (Rsa), Doug McGuigan, adding just eight to his overnight 112. wicket of Paul Harris for 38 after behind the stumps.
James Kamte (Rsa), Carlos Rodiles (Spa), Michael Hoey. TOTAL (for 1 wkt, 23 overs) 88
With the 124-run stand at an end, already having seen off Morne But Strauss stepped up the chase
Duminy began to toil, leaving Mark Morkel, leaving Swann to complete with an impressive knock, enjoying Fall: 25
SPORTS EDITOR JON COUCH Boucher to take over the mantle as the third five-for of his fledgling Test an unbeaten 50 stand with Trott Bowling: Ntini 7-1-18-0, de Wet 7-0-46-1,
email sport@cityam.com aggressor. Indeed, it was no surprise career at the expense of debutant (18no) to set up a fascinating third day. M Morkel 4-0-12-0, Harris 5-2-11-0

Walder puts the boot in Wounded Castres are here

to see off French threat
after Frenchman Serge Betsen and
on a Euro revenge mission
BAYONNE 3 George Skivvington both received yel-
low cards. But it mattered little as the Toulon’s 70-point mauling of and we are under no illusions as to
Premiership side still had more than Rovigo means we will probably have the battle that awaits.
WASPS 12 enough to hold off late pressure from
the home side.
to beat Castres again at Vicarage Road
this weekend to qualify from Pool 3 –
Naturally, we have higher expecta-
tions because we are playing at home,
Walder’s performance added fur- and we may have to earn a bonus but the mindset will be exactly the
▲

RUGBY UNION ther uncertainty as to the future of
BY JON COUCH Wasps’ other fly-half, Danny Cipriani,
although coach Tony Hanks is hope-
FLY-HALF Dave Walder kicked all 12 ful the England outcast will stay at
points as Wasps preserved their 100 the club. “My understanding is Danny
per cent European Challenge Cup is happy at Wasps and we’re happy to
record with an efficient, yet unspec- have him,” Hanks said.
point just to make sure. Castres are
not top of the Top 14 for nothing and
the guys were magnificent to beat
KICKING INTO TOUCH WITH them so convincingly last Friday.
To win the second half 20-0 was
BRENDAN VENTER something we were very proud of but
we are well aware that a backlash
same as last week.
Similarly, the squad rotation, as far
as we are concerned, continues with
plenty of changes made from the side
which triumphed last week.
Steve Borthwick is rested as a new-
look front five is introduced, so Hugh

T
tacular, victory over French side “He’s still a young player who we’re HE good news was our perform- may be coming our way this week- Vyvyan takes over the captaincy.
Bayonne. keen to see him fulfil his potential on a ance and result at Castres last end. They wouldn’t have liked being A lot of talk has been centred around
Walder kicked three penalties and long-term basis. weekend has left us on the verge beaten like that last week and will our derby with London Irish just after
a drop goal while the hosts replied “We’ve started to talk to Dan and of qualifying for the quarter- have revenge in mind. Christmas, but first our focus is on
through a Cedric Garica spot-kick. hopefully that won’t be something finals of the Challenge Cup. Squad rotation or not, you can be Castres – we’ll deal with Irish after that!
Wasps were forced to play at least a that’s drawn out,” he said. “I definitely The bad news is we have to do it all assured Castres will arrive at Vicarage Brendan Venter is head coach of Saracens.
quarter of the match with 14 men hope he signs for more than one year.” again tomorrow night. Road with an extremely strong side Call the box office on 01727 792800.
CITYA.M. 18 DECEMBER 2009
Bosses round
on ‘moaning
drain’ Wenger
▲
FOOTBALL
BY JON COUCH
PREMIER League managers last night
rounded on “moaning” Arsenal boss
Arsene Wenger following his latest
outburst on weakened sides and fix-
ture congestion.
Stoke City boss Tony Pulis accused
Wenger of “moaning like a drain”
after the Gunners chief hit out over
Wolves’ decision to field a second-
string side at Manchester United on
Tuesday night.
Then, Hull City manager Phil
Brown – his opponent tomorrow –
said the Frenchman should have no
complaints about having to play
three games in a week given the size
of his squad.
Wenger hit out at Wolves boss Mick
McCarthy for selecting a weakened
side in the 3-0 defeat at Old Trafford
on Tuesday night – a move he
claimed damaged the “international
Reds to face tough Euro tie
▲
EUROPA LEAGUE FOOTBALL
BY JON COUCH
LIVERPOOL face a tough Europa
League tie in the last 32 after Uefa
confirmed they will not be seeded for
today’s knockout stage draw.
Poor goal difference in their
Champions League group means
Rafael Benitez’s men miss out on
being named as one of the top 16
seeds, along with Everton and Fulham.
It means all three English clubs
face the prospect of being paired with
a host of top clubs including Italian
giants Juventus, French side Marseille
SPORT | IN BRIEF
Gayle blows Aussies away
CRICKET: West Indies captain Chris
Gayle smashed the fifth-fastest century
in Test history to lead his side’s recovery
in the third Test with Australia in Perth.
Gayle smashed 102 from just 70 balls
as the Windies closed on 214-2 in
response to Australia’s 520-7 declared.
It capped an incident-packed day
which threatened to boil over when a
clash between Suliemann Benn and
Mitchell Johnson led to a war of words.
Erlandsson leads in South Africa
GOLF: Sweden’s Martin Erlandsson fired
an eight-under-par 64 to take a one shot
lead into the second day of the South
African Open.
Q. How many goals did Arsenal score against Everton
on the first day of the 2009/10 Premier League?
For more remarkable figures, talk to F&C Investments. www.fandc.com
Issued and approved by F&C Fund Management Limited. Authorised and regulated by the Financial Services Authority (FSA). Head Office: Exchange House, Primrose Street, London EC2A 2NY.
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credibility” of the Premier League.
But Pulis insists Wenger is just argu-
ing the case for his club, saying:
“Wenger is moaning like a drain
because it doesn’t suit Arsenal. He isn’t
moaning because it doesn’t suit Stoke.
He is saying it because it doesn’t suit
him and that was what Mick has done.
“I don’t think it was the walk in the
park [for United] that people are sug-
gesting. The players Mick played, most
of them are seasoned professionals –
he hasn’t played the youth team –
who he has spent decent money on.”
Wenger has also been vocal this
week in criticising the Premier
League for the organisation of their
fixture calendar after his Gunners
side were forced to play away games
at Liverpool on Sunday and Burnley
on Wednesday, before hosting Hull at
the Emirates tomorrow.
Hull, in contrast, have enjoyed a
free week, prompting Wenger to
claim that “the guy who organised
and highly-rated German trio Werder
Bremen, Wolfsburg and Hamburg.
A Uefa spokesman confirmed:
“Liverpool will not be one of the seed-
ed teams. The top seeds are the 12
groups winners from the Europa
League and the best four third-placed
sides from the Champions League.
“Among the clubs dropping down
from the Champions League;
Juventus and Unirea Urziceni won
more points than Liverpool, while
Marseille and Wolfsburg had a better
goal difference.”
The competition resumes on 16
February.
Erlandsson fired six birdies and an
eagle to lead Spain’s Pablo Martin and
home favourite Dawie van der Walt,
while Anders Hansen is at six-under.
Gasquet cleared of dope charge
TENNIS: Richard Gasquet last night spoke
of his relief after being cleared of any
wrongdoing by the Court of Arbitration
for Sport over his doping charge.
The Frenchman, 23, was handed a pro-
visional 12-month ban by ITF after test-
ing positive for cocaine, but an ITF panel
were told how the substance got into his
system inadvertently after kissing a
woman in a Miami nightclub.
“I am totally relieved,” he said. “I went
through a nightmare for eight months.”
Wenger has criticised weakened teams and fixture lists this week. Picture: ACTION IMAGES
the fixtures this season must have
come out of a special school because
he is more intelligent than me”.
But Tigers boss Brown insists
Wenger has no case to answer and is
lucky with the squad he has to choose
from. “I have looked at the size of
EUROPA LEAGUE | LAST 32
SEEDED TEAMS - Anderlecht, Valencia,
Hapoel Tel Aviv, Sporting Lisbon, AS Roma,
Galatasaray, Salzburg, Fenerbahce, Benfica,
Shakhtar Donetsk, PSV Eindhoven, Werder
Bremen, Juventus, Unirea Urziceni,
Marseille, Wolfsburg
UNSEEDED TEAMS - Ajax, Lille, Hamburg,
Hertha Berlin, Fulham, Panathinaikos,
Villarreal, FC Twente, Everton, FC Brugge, FC
Copenhagen, Athletic Bilbao, Apoel Nicosia,
Liverpool, Rubin Kazan, Standard Liege
Ferdinand: I’ll be fit for the World Cup
▲
FOOTBALL
BY JON COUCH
INJURY-PLAGUED England centre-
back Rio Ferdinand has moved to dis-
miss claims that he is struggling to be
fit for next summer’s World Cup.
The Manchester United defender,
31, has been out of action since
October with a calf injury, raising
doubts as to whether he regain suffi-
cient match fitness to make Fabio
Capello’s squad for the South Africa
showdown.
Capello has warned he will only
select fully-fit players in his 23-man
squads,” Brown said. “We are probably
trading at around the third or fourth
smallest squad in the Premier League.
But in the top half some of these
teams can boast 50 or 60 players. With
that in mind I can’t see any problem
with two or three games in a week.”
Moyes’ youthful Everton just
fall short in final group game
EVERTON 0 side which drew 3-3 at Chelsea on
BATE 1 for the last 32.
▲
EUROPA LEAGUE FOOTBALL
BY JON COUCH
EVERTON boss David Moyes saw his
young side come up just short against
Belarusian champions BATE Borisov
as the Toffees ended their group stage
campaign with a narrow home defeat.
party, but although the injury is
being linked to a previous back prob-
lem, thus delaying his recovery,
Ferdinand insists he’ll be fighting fit
for South Africa.
“I’m confident I’ll be fit. There’s no
question I’ll be ready for next sum-
mer,” he said. “It’s the worst thing for
a player to be injured and to be just
watching your team, so I’ve been
working hard in the gym to get fit.
“The treatment on my injury is
going well. It’s been quite slowly but
we’re getting there. I can see the light
at the end of the tunnel.
“It’s been a tough and long lay-off
Sport 31
Fabregas injury
is not long-term,
insists Arsene
FOOTBALL
▲
ARSENAL boss Arsenal Wenger has
allayed fears over Cesc Fabregas’ ham-
string injury, insisting the problem is
not long-term.
The Spaniard limped off in the first
half of Arsenal’s 1-1 draw at Burnley
on Wednesday night and was imme-
diately ruled out of tomorrow’s clash
with Hull City at the Emirates.
But Wenger insists Fabregas’ injury
is not as bad as first feared and
expects his captain to be back sooner
rather than later.
“Cesc had a scan [yesterday],” said
Wenger. “We have not had the result
yet.”
“The only thing is sure is that he
will not play on Saturday.
“Beyond that, it all depends on the
scan. Is it a tightness that just pres-
ents a small risk on Saturday or is it a
slight strain – grade one or two? We’ll
know that later.
“If it is a tear it is a small one and
the maximum would be 10 days. So it
is not long-term.”
Fabregas is likely to be replaced in
the Arsenal line-up by Denilson, who
has recovered from a back strain,
although Nicklas Bendtner, Tomas
Rosicky, Gael Clichy and Armand
Traore all miss out.
Moyes made nine changes from the
Saturday in the knowledge his side
had already qualified for today’s draw
Jack Rodwell limped off after just
eight minutes to add to Moyes’ wor-
ries, but Everton stayed on level terms
until the 75th minute when
Alexsandr Yurevich’s 25-yard effort
was deflected in off Shane Duffy.
Moyes fielded midfielder Jake
Bidwell, who, at 16 years and 271
days, became the club’s youngest
player to play at this level.
for me because I have never been
injured before.”
Ferdinand has been joined on the
sidelines at United by fellow defenders
Wes Brown, Jonny Evans, John O’Shea
and Gary Neville, but despite having
to reshuffle the pack, Sir Alex
Ferguson’s men have only conceded
three goals in their absence.
“Michael Carrick’s done a great job
filling in at centre-half, so has Darren
Fletcher at right-back so I’m glad for
them,” Ferdinand added.
“That’s what Manchester United is
all about, it’s all about the team
effort.”
A. 6.
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