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BUSINESS WITH PERSONALITY

RACE TO
MEET HARRIET DENNYS – HIRE TALENT
OUR NEW CAPITALIST STANCHART IN BID
TO POACH TOP
THE CITY’S LIBYAN LANDLORDS P10 BANKERS P6
Issue 1,334 Thursday 3 March 2011 www.cityam.com FREE

MURDOCH IN
DEAL TO BUY
ALL OF BSKYB
MEDIA

proposal out to a two-week public con-


BY DAVID HELLIER l News sultation. Assuming its success News
Corp’s Corp will then need to win the approval
NEWS CORP’S buyout of BSkyB is set to Rebekah of BSkyB’s board for the takeover.
be given the go-ahead this morning Brooks Broking firm Jefferies said it expects
after it agreed to spin off the loss-mak- runs the takeover discussions to begin at 800p
ing Sky News Channel, thereby avoid- UK news- with a deal likely to be done at 850p a
ing a lengthy Competition Commission papers share, a significant uplift on the
investigation. 700p News Corp originally offered last
News Corp is expected to retain its June. Some BSkyB shareholders are said
current 39.1 per cent minority holding l James to be pushing for a price closer to 900p
in Sky News while buying out 100 per Murdoch a share. Steve Jobs made a shock appearance to show off the iPad 2
cent of the rest of BSkyB. Sky News, will runs BSkyB’s senior independent director

Steve Jobs returns to


remain BSkyB’s only 24-hour news News Nicholas Ferguson has made it
provider, but will be run by independ- Corp clear to investors he will be a tough
ent directors and have an independent Europe negotiator.
editorial board. and Asia Yesterday a spokesman for an

unveil the new iPad 2


In what is being dubbed “a dowry” alliance of media companies opposed
News Corp will provide an annual sub- to the takeover, including Associated
sidy of around £30m – the amount the l Jeremy Newspapers and Trinity Mirror, said
channel is believed to lose each year – as Darroch leaving Sky News dependent on News
well as provide an upfront lump sum. is chief Corp for funding was not “true inde-
The concession by News Corp will executive pendence”. “Smoke and mirrors will
enable it to proceed with its bid for the of BSkyB not deal with the plurality concerns It controls 90 per cent of the nas-

TECHNOLOGY
60.9 per cent of shares in BSkyB that it expressed by so many. We will oppose cent tablet market and is showing lit-
does not already own. any unsatisfactory arrangement, and
BY STEVE DINNEEN tle signs of ceding ground to rivals.
Culture secretary Jeremy Hunt is consider all legal avenues available to APPLE surprised critics yesterday Jobs also claimed Apple now has
now expected to put the restructuring us,” he added. when its talismanic leader Steve Jobs more active, credit-card registered
made a surprise appearance to unveil accounts than any other company in
the latest version of its iPad tablet the world – including book and

Northern Foods war heats up


computer. music seller Amazon.
Despite being on medical leave, He said more than 100m iPhones
Jobs took to the stage in San have been sold and said developers
Fransisco, saying: “We’ve been work- have earned $2bn from applications
ing on this product for a while – I sold through the App Store.
didn’t want to miss this one.” Apple has faced criticism from
The new tablet is twice as quick as developers over its policy of charging
hopes of resurrecting its merger plans Greencore declined to comment yes- the previous generation and features a 30 per cent fee for ongoing sub-

M&A
with Northern. terday, but has been considering its front- and rear-facing cameras. scriptions.
BY MARION DAKERS
It is thought that most of the share- options since Boparan moved to break It will be released on 25 March in The firm was rocked in January
CHICKEN tycoon Ranjit Singh Boparan holders who held out are institutional up its planned merger in December. the UK – far ahead of some analyst when Jobs announced he would take
has been forced to extend the deadline investors, who hope that the expected predictions. an open-ended leave of absence on
on his £342m offer for Northern Foods Greencore bid will bolster the final Chicken tycoon Ranjit It will be available in both black medical grounds.
after just 23 per cent of the firm’s price. and white and, at just 8.8mm, it is a The bombshell, dropped on the eve
shareholders other than himself Boparan must gain 75 per cent
Singh Boparan must gain third thinner than its predecessor. of Apple’s trading update, caused
accepted the bid by yesterday’s cut-off. approval for his cash bid before a new 75 per cent approval for Jobs said Apple has sold a stagger- panic among investors who fear the
The delay gives rival Greencore and 16 March deadline. He now has 34.4 his cash bid before a new ing 15m iPads in just nine months, firm could struggle without him at
its adviser Barclays Capital two more per cent approval including his 11.4 16 March deadline generating $9.5bn (£5.8bn) in rev- the helm.
weeks to prepare a counter-offer in the per cent stake. enue for the Cupertino-based firm. iPAD 2 REVIEWED: P4

FTSE 100 ▼ 5,914.89 -20.87 DOW ▲ 12,066.80 +8.78 NASDAQ ▲ 2,748.07 +10.66 £/$ 1.63 unc £/¤ 1.18 unc ¤/$ 1.38 unc Certified Distribution
03/01/11 till 30/01/11 is 97,465
2 News CITYA.M. 3 MARCH 2011

Time to tackle our terrible tax code NEWS | IN BRIEF


FSA salary up 22pc in five years
Salaries at the Financial Services
Authority (FSA) have risen 22 per cent
John Whiting, is about to publish its professionals to start to be able to nav- use the system’s allowances and loop- over the past five years, new figures
report. It has its work cut out: the UK’s igate it properly in its entirety. holes more than others; there is no reveal. Britain’s financial watchdog has
tax code makes War and Peace look Ordinary people and employers don’t equality in front of the law. What is paid the higher wages in order to
like a short story. The complete stand a chance. really required is a completely fresh increase the quality and quantity of its
Tolley’s Tax Guide – the handbook of Tolley’s corporation tax guide alone start and a completely new system, supervisors and enforcers, as pressure
tax legislation – is 11,520 pages long, is now 1,897 pages, 185 per cent longer with an overriding aim of simplicity to adequately supervise the City intensi-
more than double the 4,998 pages than it was in 1999-2000, according to and clarity. A few years ago, in my fies. Data released by the FSA shows the
filled by the 1997 edition. Whether or an analysis from the TaxPayers’ book Flat Tax: Towards a British average salary for the year ending
EDITOR’S LETTER not it is a work of fiction remains to be Alliance. That would take the world’s Model, I advocated a revolutionary March 2010 at the watchdog was
seen; but it is certainly not to be taken fastest speaker 20 straight hours to elimination of all loopholes and £51,232 – up six per cent from a year
ALLISTER HEATH lightly. The UK’s tax code is now the read aloud. The income tax guide is exemptions. The idea was to tax virtu- earlier. Senior management gained an
longest in the world, according to 1,801 pages, 54 per cent longer; the ally all income just once at the same, increase of 14 per cent from £206,391
AMAZINGLY, the world’s fastest talker Lexis Nexis. capital gains tax guide is 1,463 pages low rate to slash compliance costs and in 2005-06 to £236,950 in 2009-10.
can speak 637 words aloud a minute. Reading it out loud – even at record long, 70 per cent longer; the inheri- increase incentives. The trend since
Yes, seriously. The record-holder is a breaking speed – would take over 120 tance tax guide is 958 pages long, 63 then has been the polar opposite: CME chief cool on merger deal
Londoner called Steve Woodmore, hours. Assuming eight hours per day, per cent longer. That would take the greater complexity, an even more CME Group chief executive Craig
who has featured repeatedly in the that’s over fifteen working days or world’s fastest speaker 10 straight graduated tax code, less rationality – Donohue is cool to the idea of buying
Guinness Book of Records. Tolstoy’s three weeks. And that’s just to read it, hours to read aloud; it beggars belief and thus more compliance costs, a sev- a large options exchange like CBOE
War and Peace comes in at a hefty of course, at top speed – not to under- how complicated it has become to ering of the link between effort and Holdings and insisted yesterday that
1,204 pages; it would therefore take 12 stand it. That would take more than a operate what ought to be a simple reward and reduced growth. the exchanges operator remained
and a half hours for our record-holder lifetime, especially given that hun- levy. Yet another good reason to abol- The office for tax simplification’s focused on its existing growth strate-
to read it out loud, assuming 400 dreds (if not thousands) of new pages ish inheritance tax completely. review of 74 tax reliefs is likely to fall gy amid a rash of industry mergers.
words per page. are added every single year. This illus- But the whole code is complete short of real change. We may still be He said: “The option markets are diffi-
I was reminded of these fascinating trates the tax system’s absurdity. madness. It is totally out of control; pleasantly surprised – but don’t bank cult, we generally don't like to get
yet entirely esoteric factoids by the Nobody understands it, not even there is no value placed on the time on anything truly radical. involved in things where we don't
news that George Osborne’s Office of HMRC or any individual accountant. and effort that now goes into attempt- allister.heath@cityam.com think we are going to add something
Tax Simplification, led by accountant You would need a team of dozens of ing to comply. Some people are able to Follow me on twitter: @allisterheath incredibly valuable.”

7th Floor, Centurion House,


24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Saudi danger
pushes oil up
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
WORLD against rebel soldiers in eastern Libya.

Lifestyle Editor Zoe Strimpel


Sports Editor Frank Dalleres BY RICHARD PARTINGTON Clashes between Gaddafi loyalists UBS chief executive Oswald Grubel has warned against harsh new rules.
Art Director Craig Gaymer and rebels lasted into the night in

Bank rules could hit City


Pictures Micha Theiner OIL prices soared again following con- what could be the first developments
tinued unrest in Libya and on fears of a civil war in the country.
Commercial over contagion in Saudia Arabia. Meanwhile, Saudi Arabia’s stock
Sales Director Jeremy Slattery Brent crude futures in London hit index fell a further 3.9 per cent yester-
Commercial Director Harry Owen almost $118 a barrel yesterday before day as a second day of fears over insta-
Head of Distribution Nick Owen falling back a dollar, while WTI in New bility in the region hit trading.
York rose to about $102.41. The oil-rich Arab country could BANKING promote London’s finance centre.

Distribution helpline News of an airstrike in Libya near an become the next nation to be swal- “The government is so quiet about
If you have any comments about the distribution BY RICHARD PARTINGTON
of City A.M. Please ring 0207 015 1230, or email oil terminal spurred worries, causing lowed by pro-democracy protests [the City]. Only behind closed doors
distribution@cityam.com oil prices to approach two-and-a-half- sweeping the Middle East – raising TOUGHER banking rules imposed by do they pay lip service to wanting to
year highs. fears over the stability of investments British and European regulators keep the City. If it is abandoned by
Editorial Statement Trader at MF Global in New York and oil supply. could damage London’s position as the government one day, God help
This newspaper adheres to the system of Andy Lebow said: “It’s hard to say if the an international financial centre, you,” he told the Financial Times.
self-regulation overseen by the Press Complaints Libyan government is trying to target Colonel Gaddafi has hit warned the chief executive of UBS. He added: “Companies like us, who
Commission. The PCC takes complaints about the oil infrastructure in the east or Oswald Grubel said rival Asian and have 7,000 people in the City, have to
editorial content of publications under the Editor’s back at rebel soldiers
Code of Practice, a copy of which can be found at whether they’re just targeting rebel- American centres could become make commitments, not from today
www.pcc.org.uk held areas, but the market’s reacting in eastern Libya raising attractive to banks as a result of strict to tomorrow, we have to make 15-year
Printed by Newsfax International,
to this threat either way.” fears over oil security new rules. He warned the govern- lease commitments. We would like to
Beam Reach 5 Business Park, Embattled leader colonel Gaddafi in the Middle East ment against neglecting the City, crit- know where the City is going in the
Marsh Way, Rainham, Essex, RM13 8RS yesterday launched a counter-offensive icising it for not doing enough to next few years.”

WHAT THE OTHER PAPERS SAY THIS MORNING


LANSLEY U-TURN OVER COMPETITION
Andrew Lansley is to amend his NHS
bill to remove the right of the new
US OIL PRODUCTION REVIVES health regulator to set “maximum” WITTY TAKES £1M PAY CUT EU RAIDS PUBLISHERS IN E-BOOK PROBE TERRORISM SUSPECTED FOR SHOOTING
US oil production last year rose to its prices for NHS care. The move is GlaxoSmithKline’s chief executive European investigators raided several A lone gunman killed two
highest level in almost a decade, intended to defuse a damaging row took a £1 million pay cut last year major publishers on Wednesday as the American servicemen and wound-
thanks to an increase in the use of with health economists, think-tanks as the company failed to meet prof- worldwide probe into allegations of ed at least two others on a U.S. mil-
“unconventional” extraction tech- and the Labour party after they it targets. The annual report price-fixing of ebooks stepped up a itary bus outside Frankfurt Airport
niques. As a result, analysts believe the accused the government of seeking to showed that Andrew Witty was gear. The European Commission said in what officials described as a pos-
US was the largest contributor to the introduce price competition in the paid £7.2 million in salary, bonus its agents had "reason to believe" that sible terrorist attack. The shooting
increase in global oil supplies last year NHS by allowing providers to undercut and shares, about £1 million less several unnamed companies across was the first deadly assault on U.S.
over 2009, and is on track to increase each other on the set price, or so-called than in 2009 after GSK failed to Europe "may have violated EU antitrust military personnel in Europe in
domestic production by 25 per cent by tariff, that covers much of hospital meet profits targets. rules that prohibit cartels and other years. German police apprehended
the second half of the decade. care. restrictive business practices". a suspect at the scene whom
LSE DEAL TO TRAIN LIBYA’S ELITE authorities described as a 21-year-
SHELL CHIEF WARNS ON DODD-FRANK GRAMEEN WILL NOT DISMISS YUNUS The London School of Economics KWIK-FIT SOLD TO JAPAN'S ITOCHU old Kosovo native of Albanian
Greater transparency requirements The bank founded by Muhammad faces fresh scrutiny today over its Kwik-Fit, Britain's biggest tyre descent.
laid down by new US legislation Yunus, the Nobel Prize winning micro- links with Libya as it emerged that retailer, has been sold to Itochu
threaten to destroy the progress that finance pioneer, has defied an order the university secured a £1 million Corporation for £637m. French pri- FED FINDS HIGH COSTS HIT SHOPPERS
oil companies and governments have by Bangladesh’s financial regulator to deal to train hundreds of members of vate equity firm PAI Partners and Many manufacturers are passing
achieved in disclosing money flows remove him from office. Setting the the dictatorship’s future elite. British Itochu, a Japanese conglomerate, along higher input costs to their
between each other, the chief execu- stage for a battle for control of the diplomatic sources say that the pri- are expected to announce the deal customers, a sign that rising prices
tive of Royal Dutch Shell has warned. lender, Grameen Bank said Mr Yunus, vate commercial arrangement was overnight, according to sources. for wheat, cotton, iron, and other
Peter Voser said the US Dodd-Frank 70, remained at the helm after made by Colonel Muammar Itochu is thought to have beaten off commodities could increasingly
Act was a process dictated by one Bangladesh Bank said he had been Gaddafi’s son Saif al-Islam, a student competition from rival Japanese reach consumers in coming
country that infringed national sover- “relieved of his responsibilities as man- at the LSE and one of its most gener- group Marubeni and other private months, according to the Federal
eignty. aging director”. ous benefactors. equity firms to get hold of Kwik-Fit. Reserve's beige book survey.
CITYA.M. 3 MARCH 2011 News 3

The drop in middle-age


savers (45 – 54) Dead-end courses slammed as
Gove plans education shake-up
It says students are not adequately allocated to vocational courses, as well


EDUCATION
BY RICHARD PARTINGTON informed of the importance of their as apprenticeships.
study choices and are ‘tracked’ into Professor Wolf, launching her
HUNDREDS of thousands of teenagers courses that perform well on league report today, will say: “The system is
in Britain study subjects that lead tables. complex, expensive and counterpro-
them towards a “dead end”, according Undertaken by professor Alison ductive.

2009: 2011:
to an influential report released today.
The independent Wolf review, com-
missioned by education secretary
Wolf, the report calls for all students
who fail to achieve a ‘C’ in GCSE
English or Maths to be forced to con-
“The funding and accountability
systems create perverse incentives to
steer students into inferior courses.

75% 60% Michael Gove, claims up to 400,000 16-


19 year olds take courses that do not
lead to higher education or good jobs.
tinue the subjects beyond the age of
16.
It also calls for more funding to be
“We must change course to give
everyone a fair chance of a good educa-
tion and a good job.”

Credit crunch
hits UK saving up to 50% off
habits hard top secret hotels
5* barcelona from £85

ECONOMY 412,000 people in 2001.


BY JULIAN HARRIS Three quarters of middle-aged peo-
ple saved some money in 2009, but
4* amsterdam from £91
MORE than one in three British
adults are failing to save any money
saving has collapsed among this
group since. 5* london from £99
at all, research showed today. Only 60 per cent of people aged 45
The after effects of recession, cred- to 54 are now savers, the survey said.
it crunch and soaring living costs People earning middle incomes
have combined to produce a genera- (£20,000 -- £30,000 per annum) who
tion of lost savers, according to a sur- save money dropped six per cent in
vey by YouGov and Scottish Widows. the last two years, down to 69 per
The proportion of people saving cent. Today’s young people could be
has plummeted from 77 per cent at 44 before they can afford to buy a
the start of 2009, to 64 per cent now, home, the report warned.
they said. Two thirds of those who did not
Around 18m people in the UK are save cited living costs as the main
now “non-savers”, with middle-earn- reason, while a third blamed debts.
ers and the middle-aged hardest hit The report also showed a north-
by falls in saving, the statistics south “savings gap” with the number
revealed. of people failing to save anything in
Coined the “sandwich generation”, the north up by almost 50 per cent
facing financial demands from both since 2009, compared to an increase
children and elderly parents, Britons of just 11 per cent in the south-east
aged 45 to 54 also face longer work- and south-west.
ing lives to make ends meet. The Bank of England faces growing
The number of people working criticism for holding rates at emer-
over the age of 65 more than doubled gency lows, while spiralling inflation
from 2001 to 2010, according to sepa- increasingly squeezes households.
rate research published by the Office Interest rates were dragged down
for National Statistics yesterday. to their historic low of 0.5 per cent in
At the end of last year 870,000 over- 2008 and 2009, where they have been
65s were in work, compared to held for two years this month.

SEC proposes to clamp down on


bonuses and pay at broker firms
aimed at reducing incentives for exec-

US REGULATION
utives and other top employees to
US securities regulators issued a pro- take excessive risks.
posal yesterday to curb bonuses at They require more disclosure of
brokerage and investment advisory pay schemes and in some cases defer-
firms over the objections of ral of bonus money to later years.
Republicans on the panel and even Some SEC members were con-
some doubts expressed by chairman cerned by how the agency’s pay pro-
Mary Schapiro. posal would affect the largest
The Securities and Exchange brokerage firms and financial adviso-
Commission (SEC) voted 3-2 to issue ry companies, which would include
for comment a plan for the wealth units of large banks such as Morgan
management industry that is sub- Stanley and Bank of America.
stantially similar to one proposed by The plan would also likely hit some
the Federal Deposit Insurance Corp advisers of large hedge funds as well,
last month for banks. although the SEC did not elaborate Prices correct at time of going to print, subject to availability and conditions. Based on 2 sharing accommodation in March 2011. Applies to new bookings
The measures, required by last on which particular companies and available at selected hotels only, valid for bookings until 13th March 2011. Please see www.lastminute.com for a full list of terms and conditions.
year’s Dodd-Frank financial law, are might be impacted.
4 News CITYA.M. 3 MARCH 2011

Jaguar Land Rover delivers a


vote of confidence in Britain
jobs, which will be viewed as a vote of Jaguar Land Rover’s new Evoque will

MANUFACTURING
BY RICHARD PARTINGTON confidence in Britain. be the first of a number of new prod-
Prime minister David Cameron said: ucts it will launch in the next five
CAR manufacturer Jaguar Land Rover “This is great news and another exam- years, which could generate billions of
has handed out more than £2bn in ple of the strength of UK manufactur- pounds of investment in the UK the
supply contracts under new plans ing. Jaguar Land Rover’s firm said. Around 1,500 new jobs are
revealed yesterday. announcement today has the poten- being created in order to produce the
Owned by Indian carmaker Tata tial to create thousands of jobs and car, which will be the company’s
Motors, the company has signed deals opportunities around the country and smallest and most fuel efficient Range
with more than 40 British suppliers in is a real boost to the economy.” Rover to date.
order to produce its new Range Rover The deal represents half the value of Jaguar Land Rover chief executive
Evoque vehicle. global components contracts handed Ralf Speth said: “This will mean a high
The move will create thousands of out by the motor giant on Wednesday. level of investment by us in the future.” David Cameron hailed the jobs boost from Jaguar Land Rover Picture: PA

FIRST LOOK AT THE iPAD 2

The iPad 2 is better,


faster, slicker. Rivals
hoping to muscle in may
as well pack up and go
home – if you want a
GEEK SPEAK tablet, nothing comes
STEVE DINNEEN close to this.
AST night I got my hands on one

L of the first iPad 2s in the country.


Steve Jobs, looking positively
healthy for a man already written off
by some papers in the US, promised
2011 will be the year of the iPad 2.
And he’ll probably be right.
The first impression is
just how thin the
iPad 2 is –
it some- sleeve onto the laptop is
how man- incredible, although whether it will
ages to make the first generation seem remain stuck on after a few hours in
boxy, and that’s already a good bit your rucksack is yet to be seen. The
thinner than most other tablets on the cover will cost $39 in the US. Another
market. nice addition is an HDMI cable allow-
At just 8.8mm thick it’s a third ing you to plug the device into your TV.
smaller than its 13.4mm predecessor. Good news for the legion of fans
It’s also noticeably lighter, adding to already registering pre-orders is that
the amount of time you can cradle it the price will stay the same as the pre-
on the tube before your arms fall vious version (which is already being
asleep. The back keeps the brushed discounted), starting at £429.
aluminium of the last iPad and fits In a dig at other firms struggling to
nicely in your hand. keep tablet costs down, Jobs quipped
Its A5 dual-core processor is twice “It’s an unbelievable price, just ask our
as fast and it can run graphics an rivals.”
impressive nine times quicker than the The first iPad created a new catego-
first iPad. ry of machine. As Jobs pointed out,
It also packs in a lot more hardware previous iterations of tablets had
than the first generation. As predicted, crashed and burned – the iPad was
it features both front and rear facing ground zero.
cameras, meaning you can video chat For this reason, the iPad 2 could
with other Apple users using FaceTime never have quite the same wow-factor.
and take pictures directly from the But that isn’t to detract from Apple’s
device. achievement – it’s better, faster, slicker.
It has a three-axis gyroscope and an It has improved on a product that

London to accelerometer, giving the iPad 2 very


precise data on how you are holding it
and how hard you hit the screen.
already controls 90 per cent of the
market. Rivals – such as the Motorola
Xoom, the Samsung Galaxy Tab 10.1,

Copenhagen This comes into play in apps like the


new version of GarageBand, which can
tell if you tap a piano key, or mash it
with your palm. Despite all this, it
the HP TouchPad, and the RIM
BlackBerry PlayBook – which hope to
chip away at that may as well pack up
and go home, if you want a tablet, noth-
weighs just 1.3lb – down from 1.5lb in ing comes close to this.
from
£
29 .99 the previous version – and main-
tains 10 hours of battery life.
One of the most impressive
single innovations is the new “smart
inc. taxes cover” – a folding, magnetic skin
that snaps onto the device to pro-
tect the screen, cleaning away
fingerprints as it goes.
The ease of snap-
ping the

We fly from London Gatwick, London Stansted and Manchester. Price correct on 14 February for travel between
28 February and 17 April 2011. Variable charges for hold baggage apply and some payment methods attract a
handling fee. See website for details. Photo credit: Nicolai Perjesi.
6 Focus on Standard Chartered CITYA.M. 3 MARCH 2011

Fighting a war for talent won’t be cheap


WHEN Peter Sands addressed (not to mention the languages of saw its expenses grow by a similar
investors yesterday, he did so safe StanChart’s other markets ) is high- amount to take the cost to income
in the knowledge that the bank has er than ever, but the supply can’t ratio to 55 per cent in 2010. It
notched up eight consecutive years keep up. expects costs to peak in 2011 before
of growth. That partly explains why the cost falling back to around 52 per cent
It is an accomplishment made all to income ratio jumped from 51.3 of income by the end of 2012.
the more impressive because it was per cent in 2009 to 55.9 per cent, That doesn’t mean Sands should
achieved despite the near implo- although investment in new busi- take out costs for the sake of it.
sion of the banking sector in 2008. ness is also partly responsible. Investors will have to accept that
The only dark spot in an otherwise Management expects the ratio to higher expenses in the medium
robust set of results was costs, stay flat in 2011 but, as the son of a are a price worth paying for
which grew by over $1bn or 13 per naval officer, Sands will know that growth. If StanChart wins the war,
cent, compared to a 5.8 per cent fighting a war is not cheap. We it will be more than worth it.
rise in operating income. think that costs as a proportion of
Sands said the bank was now income will inevitably edge up fur-
engaged in a “war for talent”. The
demand for top flight bankers who
ther in 2011.
Take HSBC, in many ways one of BOTTOMLINE
can speak Cantonese or Mandarin StanChart’s closest rivals, which Analysis by David Crow
Standard Chartered boss Peter Sands warned bank regulation is fragmenting Picture: PA

Profits rise as
bad loans fall
JK8IKK?<HL@<K
I<MFCLK@FE at StanChart
K?<E<N:K)''_
unintended consequences”.

BANKING
K?<NFIC;ËJ=@IJK=LCC?P9I@; BY JULIET SAMUEL He warned that regulators are
descending into “increased fragmen-
CLOLIP:FDG8:K:8I A DROP in loan impairments across tation and unilateral action” and
the board saw Standard Chartered cited the UK’s bank levy as an exam-
K_\C\olj:K)''_`jc\X[`e^Xhl`\ki\mfclk`fe%@kj push its pre-tax profits up 19 per cent ple, saying it will cost the bank
to $6.12bn (£3.75bn), the bank’s full- $180m this year. Chancellor George
jfg_`jk`ZXk\[]lcc_pYi`[jpjk\dZi\Xk\je\Xi$j`c\ekXe[ year results showed yesterday. Osborne unexpectedly sped up the
jlg\iY]l\c\]ÔZ`\eZp%@k[\c`m\ijXkilcpi\nXi[`e^[i`m`e^ Bad loans were down 68 per cent in phase-in of the levy last month in
wholesale banking, which accounts order to bag more money for the
\og\i`\eZ\#n`k_jdffk_XZZ\c\iXk`feXe[X^`c\_Xe[c`e^% for most of the bank’s revenues, and Treasury this year. Figures showed
45 per cent in its consumer business. that Standard Chartered, which did
8e[Xccn`k_k_\XnXi[$n`ee`e^hlXc`kp#Zfd]fikXe[ Standard Chartered bucked the not participate in the government’s
i\Ôe\d\ekk_XkC\olj`ji\efne\[]fi% overall trend for British-based banks, negotiations with banks known as
delivering returns on equity of 14 per Project Merlin, paid $1.7bn in taxes
cent last year at a time when many of globally, equating to a total effective
its rivals with business concentrated tax rate of 27.9 per cent this year.
in Europe are struggling to bring
returns above 10 per cent. ANALYSIS l Standard Chartered
Despite its successful focus on high-
p
growth emerging markets, however,
1,850
the bank warned that the complex 1,688.00
onslaught of regulations planned for 1,800 2 Mar
financial institutions represent “the 1,750
biggest external challenge” it faces. 1,700
Chief executive Peter Sands said
that despite having worthy aims, 1,650
global regulation to make banks safer 1,600
“represents a very considerable chal-
lenge and there is the real risk of 2010 20 Dec 2011 17 Jan 31 Jan 14 Feb 28 Feb

ANALYSIS l Expense growth


US$m c.150 (c.120)
c.40 9,023
c.250
Other
Regulatory & Regulatory
compliance settlemants
c.350
FX

c.400
BAU

C\olj:ifp[fe C\olj<[^nXi\IfX[ C\oljJ`[Zlg 7,952


-'+Glic\pNXp# K_\?p[\# (,)DX`[jkfe\IfX[#
Incremental
:ifp[fe# <[^nXi\IfX[# J`[Zlg# investment
Jlii\p:I'+I= Cfe[feEN0-EN B\ek;8(+,?J
FX = Foreign Exchange
nnn%c\olj%Zf%lb&Zifp[fe nnn%c\olj%Zf%lb&\[^nXi\ifX[ nnn%c\olj%Zf%lb&j`[Zlg
BAU = Business As Usual
'/++,*0(0') '/++,*0(0'( '/++,*0(0'* WB = Wholesale Banking
CB = Consumer Banking

:K)''_]l\cZfejldgk`feXe[:F)Ô^li\j1liYXe-/%0dg^+%(C&(''bd #\okiX$liYXe.'%-dg^+%'C&(''bd # 7,000


2009 2010
ZfdY`e\[-/%0dg^+%(C&(''bd %:F)\d`jj`fejZfdY`e\[0+^&bd
Source: Standard Chartered
CITYA.M. 3 MARCH 2011 News 7

MERKEL APPOINTS NEW DEFENCE CHIEF


Green light given to Hitachi
for £4.5bn train fleet order
which is leading a consortium of man-


TRANSPORT
BY RICHARD PARTINGTON ufacturers known as Agility Trains.
The order forms part of the govern- over-
THE GREEN light has been given for a ment’s delayed Intercity Express head lines
fleet of new high-speed trains to be Programme to replace diesel pow- – will be
built to serve routes to London. ered trains dating back to the 1970s rolled out from
The government yesterday said it and 80s. There had been fears the 2016.
would press ahead with plans to scheme would be scrapped after it Transport secretary
replace Britain’s ageing InterCity fleet was repeatedly put on hold last year. Philip Hammond also
with trains built by Japanese conglom- The first of the 100 new electric and announced a £704m plan to extend
erate Hitachi. It has placed a £4.5bn “bi-mode” trains – vehicles capable of the electrification of the Great Western
order for 500 carriages with the firm, running on either diesel or power from Main Line from Didcot to Cardiff.

Extend your
CHANCELLOR Angela Merkel wasted no time filling the defence ministry post vacated by
Karl-Theodor zu Guttenberg, her loyalist Cabinet member who resigned on Tuesday follow-
ing accusations that he plagiarised his doctoral thesis. Merkel appointed Thomas de Maizière
to the post yesterday. Merkel’s power has been weakened recently by mid-term election losses.
horizons
Lisbon hangs
on in debt sale
Lisbon had been due to go to the

EUROZONE CRISIS
BY JULIET SAMUEL market at a debt auction last month
but postponed the sale following its
PORTUGAL managed to sell off €1bn last attempt to sell long-dated debt,
(£850m) worth of debt at a short-dated which forced the ECB to wade in to the
bond auction yesterday, with one-year market to buy up bonds equal in value
yields rising to 4.06 per cent from 3.99 to a quarter of the bonds on offer.
per cent for similarly dated bonds at Analysts at Barclays Capital have esti-
its last sale. mated that the ECB bought €19.5bn
But with the scale of European worth of Portuguese debt last year, ver-
Central Bank (ECB) intervention sus issuance of €21.7bn (see chart
unclear, markets are still waiting to below).
see a comprehensive solution from Capital Economics analysts said:
Eurozone governments, adopting a “The apparent impasse between the
wait-and-see approach. ECB and Germany over the purchase
The ministry of finance said more of peripheral government bonds not
than half of the debt was bought by only makes it very likely that Portugal
institutional investors. The sale con- will have to accept a bailout but also
sisted of €550m worth of six-month questions the policymakers’ ability to
debt, sold at an average yield of 2.98 prevent the debt crisis from continu-
per cent, and €450m of 12-month debt. ing to escalate.
ANALYSIS l Monthly Flows in Portugese debt (€m) LT = long-term
ST = short-term

14,000 Estimated ECB purchases

12,000 Non residents LT paper ex ECB purchases

10,000 Non residents ST ex ECB purchases

Other residents - ST and LT paper


8,000
Portugese Banks - ST and LT paper
6,000

4,000

2,000

-2,000
Insurance and Asset Management
Boutique recruitment.
-4,000

-6,000
Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10
We are red10.co.uk
Source: Barclays, Bank of Portugal
8 News CITYA.M. 3 MARCH 2011

Amlin in £75m share buyback NATURAL DISASTERS COST SWISS RE $1BN

despite hit from catastrophes


from £509.1m in 2009. underwriting profits respectively, but

INSURANCE
BY ALISON LOCK Chief executive Charles Philipps its Netherlands-based corporate
told City A.M. the losses were “signifi- insurance arm ACI, acquired in 2009,
COMMERCIAL insurer Amlin saw cant” but part of its business. saw a £19.6m underwriting loss as it
earthquake losses cut its 2010 profit “We are a major catastrophe rein- dealt with an underperforming book.
by almost half but cheered the mar- surer. What this shows is how strong Return on equity slipped to 13.9
ket with a dividend hike and £75m the underlying profitability of per cent from 37 per cent in 2009.
share buyback yesterday. Amlin’s core business in London and Amlin, which writes commercial
The Lloyd’s (re)insurer took more Bermuda is,” he said. “We are pretty lines such as marine and fleet motor
than £220m in catastrophe losses confident we will turn through the raised its dividend 15 per cent to 23p.
including £203.6m from earthquakes softer part of the cycle successfully.” Analysts said the results beat fore-
in New Zealand and Chile last year, Amlin’s London and Bermuda divi- casts and were strong given the diffi-
pushing pre-tax profit to £259.2m sions turned £125.6m and £72.5m cult market.

“Recognition for this campaign is marvellous.


We are privileged and it’s splendid to be a
part of City AM’s first awards.”
AVIVA (Business Marketing Campaign of the Year)
REINSURANCE giant Swiss Re faces an estimated $800m (£491m) in claims from the
earthquake that devastated Christchurch, New Zealand, last week, it said yesterday.
When combined with the floods that hit Australia in January the loss is expected to
reach $1.025bn – greater than its allocated budget for catastrophes in 2011. Swiss Re is
likely to see its full-year profits fall as a result of the disasters.

Admiral ups
profits 25pc
tricky. “With a ten per cent market

INSURANCE
BY ALISON LOCK share we don’t see any particular wall
coming towards us,” he said.
PROFITS at motor and home insurer Analysts questioned Admiral’s over-
Admiral jumped almost a quarter in seas strategy after its European brands
2010 but investors shied away yester- performed poorly again. “The reason
day over fears its growth may not be for being involved outside the UK is
sustainable. unclear to us and a strategic error,”
UK growth drove Admiral’s pre-tax said Investec analyst Kevin Ryan.
profit up to £266m from £216m in Profits at its confused.com compar-
2009 in a seventh straight year of ison site fell by half, to £12.1m from
What will you say? growth, while turnover rose 47 per
cent to £1.58bn from £1.08bn in 2009.
£25m, as competition intensified.

Admiral, which manages brands ANALYSIS l Admiral 1,655.00


Enter the City A.M. Awards 2011 and you could be such as Diamond, also raised its divi- 1,750
p 2 Mar
recognised as one of the City’s great personalities dend 18 per cent to 68.1p.
or companies of the year. Chief operating officer David
Stevens said the 32 per cent growth in
Visit our website to see how you can enter: 1,650
vehicles insured in the UK was due to
www.CityAMAwards.com
the shift to buying insurance online.
or for more information, please contact Jo Pead: “We have negotiated the transfor-
020 8267 4043 / jo.pead@cityamawards.com
mation of the market to a price com- 1,550
parison market better than our
competitors,” he said. He dismissed
concerns that further growth may be 2010 20 Dec 2011 17 Jan 31 Jan 14 Feb 28 Feb

NEWS | IN BRIEF

headline sponsor
US government shutdown delayed EU bank stress tests set to begin
champagne reception sponsor
The US Congress has passed a bill European Union banking regulators
extending funding for the federal govern- agreed to begin so-called stress tests on
ment by two weeks, staving off a possi- the region’s banks yesterday but said that
ble government shutdown. It comes as details of how the tests will work are still
official venue partner politicians continue to tussle over being discussed. The results of the tests
Republican plans to cut federal domestic will be published in June, the European
spending by a quarter. The bill contains Banking Authority, the new pan-EU bank-
$4bn (£2.5bn) in agreed cuts, well short ing regulator, said in a statement after a
of the $60bn targeted by Republicans. board meeting. The tests will examine
Federal Reserve chairman Ben Bernanke how well Europe’s banks could withstand
has warned that the cuts plan would cost sharply higher loan losses, falling securi-
the US economy 200,000 jobs. “I would ties prices and other potential results of
like to see job creation,” said Bernanke, a sharp macroeconomic slowdown.
adding that the impact was "not trivial". Details of scenarios and which banks are
US BEIGE BOOK: P16 being tested will be published on 18 March.
CITYA.M. 3 MARCH 2011 News 9

Gartmore’s Meyer walks


away with a £5m payout
dropped dramatically under his lead- “It is not right by any natural jus-

REMUNERATION
ership, from a 220p-per-share flota- tice but it is what the courts uphold,”
BY ALISON LOCK tion price in January 2009 to 92p per people close to another group told
SHAREHOLDER groups yesterday share when sold to rival Henderson in City A.M. “People will ask why have the
criticised Gartmore’s decision to pay January. non-executive directors allowed this
its departing chief executive over Investor groups criticised the pack- to go ahead?”
£5m despite the firm’s share price age as a “payment for failure” but Gartmore’s value has slumped
more than halving during his tenure. said such contractual clauses could since two star fund managers,
Jeffery Meyer will receive a £3.75m not be changed. “There will be some Guillaume Rambourg and Roger Guy,
payoff as well as a £2.033m salary unhappy shareholders, but the horse resigned last year. The firm has haem-
package including a £1.2m bonus. has effectively bolted,” one investor orrhaged funds since, with investors
Gartmore’s shareholder value has representative told City A.M. withdrawing £7.2bn in 2010. Jeffrey Meyer has been Gartmore chief executive since 2005 Picture: REX

Personal lender Irish Life posts


records gains operating loss

FINANCE FINANCE
INTERNATIONAL Personal Finance, IRISH Life and Permanent Group
the emerging markets lender, expects Holdings reported an operating loss
to make further progress this year of €197m (£167m) for 2010, in line
after growth in its main markets pro- with the previous year.
pelled a sharp rise in 2010 profits. The bancassurer said profits in its
International Personal Finance’s life business rose 57 per cent to
pre-tax profit for the year to €160m while its business banking
December rose 49.3 per cent to losses jumped 36 per cent to €364m
£92.1m, compared with a market on the back of larger impairment pro-
forecast of £93.5m. The firm operates visions.
in eastern European countries such as Irish Life said it made total provi-
Poland, Hungary and Czech Republic, sions of €420m in 2010, including
and also has a business in Mexico. €242m in impairment provisions for
“In 2011 we expect positive eco- Irish mortgages.
nomic conditions in our markets and The group said total arrears for the
so aim to grow customers and credit Irish mortgage book were up 49 per
issued at higher levels than 2010 and, cent in the year to end December.
therefore, expect the group will con- It added that consolidation in the
tinue to make good progress,” said Irish banking sector was “inevitable
chief executive John Harnett. and desirable”.

VISION
STRATEGY
OPPORTUNITY

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COURSES STRAIGHT TO
WORK FOR YOU

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5.30pm - 7.30pm, 35 Marylebone Road,
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WWW.WESTMINSTER.AC.UK/WBS
The Capitalist
10 CITYA.M. 3 MARCH 2011
EDITED BY
HARRIET DENNYS
GOT A STORY? EMAIL
thecapitalist@cityam.com

HEADACHE FOR AVIVA INVESTORS


OVER THEIR LIBYAN LANDLORD
INTERESTING times at 14 Cornhill, snapped up the property – the former Both Aviva and James Andrew, the
the commercial property with a HQ of Lloyds TSB – for about £125m. agent that administers the building,
prime location opposite the Bank of All was going swimmingly for the declined to comment. However,
England. Its owner has become LIA’s London property portfolio until Trevor Abrahmsohn, managing direc-
embroiled in a little local difficulty the recent troubles leading to the tor of estate agent Glentree, antici-
involving global asset freezing. freezing of Gaddafi’s assets, which pates all the rent monies received
The Libyan Investment Authority, begs the question: what will happen will have to be kept in a UK account
the sovereign wealth fund that now to the rent paid by the building’s pending a criminal trial.
administers the troubled country’s City tenants, who include Russian “It’s fine as long as the money
oil billions, has owned 14 Cornhill bank OAO VTB Group and Aviva comes in [from the tenants], as long
since December 2009, when it Investors? as nothing goes out,” he said.

The Libyan Investment Authority is the owner of 14 Cornhill opposite the Bank of England

believes the scheme is a winner.


FLEE THE COUNTRY “I recognise the benefits volunteer-
ON the subject of Middle Eastern prop- ing brings to my organisation and the
erty deals, The Capitalist hears that impact only a few hours of giving can
estate agents at the quality end of the have on a local community,” he said.
residential market are experiencing a
rush of calls from wealthy individuals
looking to exit that part of the world
as quickly as possible.
In fact, so eager are these house-
hunters to flee the unrest that they
are willing to pay up to £20,000 per
week to rent a London home for their
families, and are enquiring about lets
of one to two years, rather than the
usual five-week summer stays.
And as the global banking sector
starts to pick up, there is a second
boom in the number of financial serv-
ices workers relocating to London
from Europe and America – apparent- Mahiki: cocktail-fuelled oneupmanship
ly the radius around the prestigious
American School in St John’s Wood is
fast becoming the new Square Mile. VIDEO TOP TRUMPS
MINOR royalty and C-list celebs were
banned from Mahiki on Tuesday night
LUNCHTIME SAMBA to make way for a cocktail-fuelled net-
THERE are only two years to go until working event for 250 young City pro-
the Guildhall School of Music’s new fessionals from firms
concert hall in the Heron develop- including Goldman
ment opens (computer generated Sachs, hedge fund GLG
image of the scheme below), so to and Merrill Lynch.
mark the occasion, a samba band will The event was
perform an open-air “hard hat prom” organised by Alan
on the construction site at 1pm today. Mak, a lawyer at
City workers can watch the per- Clifford Chance, who
formance – which will include invited members of
Olympic Fanfare by John Williams the Cambridge 10 –
and The Great Gate of Kiev by City professionals
Mussorgsky – from a viewing who graduated from
gallery around the con- Cambridge in the
struction site on Silk last 10 years – as well
Street. Hard hats and as their Oxford
overalls not included. counterparts and
City alumni of
Harvard Business
BIG SOCIETY School. Gallons of
THE Capitalist is sure busi- mohitos, pina
ness leaders are agog to coladas and coconut
hear how they can con- grenades were
tribute to prime minister downed as the
David Cameron’s vision of guests “networked
a Big Society. like mad”, with the
Well fret no more, mingling boosted by
because Business in the giving each guest a
Community has piece of a jigsaw puz-
launched Give & Gain zle and told to find
Day: the UK’s biggest the other five people
employee volunteering to complete it.
day on 24 June when, the However, no-one
body hopes, thousands of could trump the
employees will give up a style of the party-
couple of hours during goer from a Russian
their working day to vol- hedge fund, who
unteer in their local com- presented contacts
munities. with a business card
Truett Tate, BITC chair- with an inbuilt video
man of the Employee presenting highlights
Volunteering Leadership about his company. A
Team and group execu- wide-eyed Mak said:
tive director of sponsor “It took bling to a
Lloyds Banking Group, new level.”
Copyright © 2011 United Parcel Service of America, Inc.
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12 News CITYA.M. 3 MARCH 2011

London’s success means the GNOMEO & JULIET BACK AT THE TOP

government is ignoring it
ital. From the streets of Lambeth or makers. There is a strain of thought
Newham, the success of the glitzy cen- that London is strong enough to look
tre can seem hopelessly irrelevant. after itself, that all government help
The government might worry about should be targeted at the North. The
unemployment in Scotland, Wales and government’s tax break for start ups
Northern Ireland, but actually the only applies to entrepreneurs outside
unemployment rate in London is high- London and the South East (despite the
er. Joblessness is higher in Hackney fact that more small companies fail in
VIEW FROM CITY HALL than it is in Liverpool. London’s youth London than elsewhere); there are
ANTHONY BROWNE unemployment, at 23 per cent, is far
higher than the national average of 18
those who believe that London should
be excluded from bids to the Regional
per cent. London has the highest rate of Growth Fund. London businesses are

I
S London too successful for its own severe child poverty in the UK; over half successful, but every single penny of
good?” What a thought! Like the the top twenty boroughs with severe tax they pay – including business rates,
Mayor, I have always believed it pos- poverty in the UK are in London. income tax, national insurance, VAT,
sible to have your cake and eat it. A Relieving poverty and unemploy- corporation tax and stamp duty – goes
report out last week from Citigroup ment drives a lot of what the Mayor to the national government. Only the
proclaimed an ever more successful does, including the campaign for more national government can use that fis-
future for London – predicting that its apprenticeships, work experience, our cal bonanza to help reduce deprivation
economy would grow more than any promotion of the London Living Wage, in the capital. We are confident that
other city in the world over the next 15 and support for concessionary trans- the strengths of London will ensure
years. port fares. It is why we are lobbying gov- that its economy has a bright future.
There are strong reasons to invest ernment to ensure welfare reforms But we have to make sure that all DISNEY’S Gnomeo & Juliet has reclaimed its position at the top of the UK box office
here, but we should not forget about a take account of London issues. Londoners have a stake in that success. chart after taking £2.5m between Friday and Sunday (25 February to 28 February). The
grimmer reality: London is two cities. But the problems of poverty and No Londoner should be left behind. Shakespeare-inspired, garden gnome-infused animation pushed last week’s number one,
We may be the economic capital of unemployment in London should also • Anthony Browne is an adviser to the Paul, down into second place. Simon Pegg and Nick Frost’s alien comedy took £2.1m over
Britain, but we are also the poverty cap- be borne in mind by national policy- Mayor of London the same period.

NEWS | IN BRIEF

@ Fiberweb in £25m rights issue


Nonwoven fabrics manufacturer Fiberweb
yesterday launched a rights issue to raise
£25.4m gross to help it to finance acquisi-
tions. The one-for-three rights issue at
60p a share, a discount of two-fifths to
yesterday’s share price, will raise £23.9m
after expenses. It also revealed 2010 rev-
enues rose to £463.2m – up from
£454.2m – with underlying operating
profits up 25.5 per cent to £29m.
Robert Walters in profit rebound
Recruiter Robert Walters posted a rebound
in 2010 pre-tax profit, fuelled by its Asia-
Pacific arm, and said its outlook for 2011
was broadly positive. The company, which
specialises in placing people in accountan-
cy, engineering and IT, said pretax profit in
2010 was £13.1m, up from £1.3m the year
before. Revenues were 41 per cent higher
at £424.2m. Net fee income from the UK
was up 36 per cent to £45.8m.

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CITYA.M. 3 MARCH 2011 News 13

Yahoo close to
ITV cheers selling its stake
profits surge in Japanese JV

on ad rebound
TECHNOLOGY


YAHOO could soon sell its Japanese
Chief executive Adam Crozier hailed the company’s results joint venture to free up as much as
$8bn (£4.9bn) to fight Google and
ANALYST VIEWS: ARE ITV’S RESULTS AS Facebook in its core markets.
A deal to transfer Yahoo’s 35 per
GOOD AS THEY LOOK? Interviews by Steve Dinneen cent stake in Yahoo Japan to Softbank,

MEDIA convince ITV it can reinstate its divi- which already controls 42 per cent of
BY STEVE DINNEEN dend payment at its interim results in the unit, could come within a few
July. LORNA TILBIAN | NUMIS weeks, people with knowledge of the


ITV chief executive Adam Crozier was Total revenues rose 10 per cent to discussions said.
yesterday riding the crest of the £2.06bn, while ITV’s broadcasting Yahoo is also said to be exploring
advertising wave as his firm trebled and online revenues grew 14.7 per ITV was one of our key picks for 2011 and we retain our ‘buy’ recom- options for its 40 per cent stake in
its pre-tax profits to £321m. cent to £1.77bn. Revenues at its pro- mendation. The first-quarter is up 12 per cent and April is currently 8-12 per cent China’s Alibaba Group, the parent


TV ad revenues buoyed by hit gramme making division fell 12.5 per better, though comparatives get markedly harder through 2011, particularly due company of Alibaba.com, which is also
shows including Simon Cowell’s X- cent to £293m. to the World Cup. We are raising our target price to 115p. partly owned by Softbank.
Factor, soared 16 per cent and the ITV says it has identified an extra Relations between Yahoo and its
firm is on track to beat analyst expec- £15m of “non-personnel” cost savings, Asian partners Softbank and Alibaba
tations for the first-quarter of 2011. after stripping out £40m of expendi- PAUL GOODEN | RBS have soured in recent years with


But behind the well-deserved back- ture last year. Its net debt has reduced Alibaba founder Jack Ma agitating to
slapping at the broadcaster lie signs from £612m to £188m and its pension buy back Yahoo’s stake in his company
of hard work to come. Its share of deficit fell from £436m to £313m. The key questions is where will earnings settle in 2011. Management and Softbank founder and major
commercial impact – the number of is guiding to a 23 per cent tax rate in 2011, and interest costs are expected to shareholder Masayoshi Son openly


eyes watching at any given time – ANALYSIS l ITV be around £65m, so our initial guesstimate is that consensus earnings per share attacking Yahoo’s track record as an
continued its decline, falling from 93.45 innovator and its approach to interna-
90
p 2 Mar for 2011 will be in the 7.5p-8p range.
28.4 per cent in 2009 to 27.3 per cent tional markets.
last year, raising questions about 85 Softbank says it is not in talks with
how well it would fare in a second
80 STEVE LIECHTI | INVESTEC Yahoo.


downturn. It also saw a steep fall in As much as 80 per cent of Yahoo’s
profits at its struggling studio divi- market value is tied up in its Asian
75
sion. Results are as good as we expected with a few extra positives, for assets. Chief executive Carol Bartz is
ITV chief executive Adam Crozier 70 example a lower tax charge. ITV remains a company still clearly in transition with under pressure to turn around the


said: “The comparatives we face are an aggressive new management team driving change. We are unsure if long-term once mighty company, which has lost
becoming increasingly tough.” pressure on TV ad revenues can be offset at this stage, so retain our ‘hold’. traffic to the likes of Google and
The figures were still enough to 2010 20 Dec 2011 17 Jan 31 Jan 14 Feb 28 Feb Facebook.
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of Intel Corporation in the U.S. and other countries. ©2011 IBM Corporation.
CITYA.M. 3 MARCH 2011 Consumer News 15

Whitbread in Rich rewards for Coffee Starbucks


Nation team after sale launches
sales setback CONSUMER After graduation he worked for
new brews


from Premier
BY JOHN DUNNE ice cream company Haagen Dazs,
setting up franchises across


COFFEE Nation’s chief executive Europe. He was then head of busi-
CONSUMER
Scott Martin and his team will be ness development at Grand BY JOHN DUNNE
sharing an estimated £11.9m pot Metropolitan Foods, before moving STARBUCKS is unveiling a range of
after Whitbread yesterday to Unilever where he was head of a new filter coffees in the UK follow-
announced that it had paid £59.5m concepts group. ing the success of its “flat white”.
in cash for the company. He joined The coffee giant’s Starbucks
CONSUMER As well as posting quarterly results The management team bought C o f f e e Reserve is being touted as its

BY JOHN DUNNE the company also announced that it the self service coffee company in Nation as smoothest brew ever.
had bought self service coffee machine 2008 with private equity backing chief execu- It will be available at selected out-
WHITBREAD yesterday reported slow- company Coffee Nation in a £59.5m from Investec and Milestone tive in lets and the Hix Restaurant and
ing sales growth at its Premier Inn deal. The company will be re-branded Capital. 1999. Champagne Bar in Selfridges on
chain and warned over tough times for as Costa Express with new machines to Other Coffee Nation executives Oxford Street. There will be three dif-
consumers. be installed in up to 5,000 petrol sta- in line for a slice of the money are ferent tpes of coffee available under
The group, which also owns tions, hospitals and other sites acrosss chairman Mike Tait and finance the Grand Reserve banner – with
Britain’s biggest coffee shop chain the UK over the next three years. director Simon Vardigans. beans from El Salvador and
Costa, reported sales growth of 5.1 per Harrison said customers’ desire for a Investec provided Nicaragua.
cent at Premier Inn hotels open for quick cup of quality coffee on the £5.25m of the £24m Some of the coffee beans were cul-
more than a year in the quarter to 17 move would ensure the Costa Express paid for Coffee Nation tivated in a volcano crater, while oth-
February, a slowdown from the 8.7 per brand would flourish. in the management ers have been matured for a fuller
cent rise in the previous quarter. Morgan Stanley analyst Jamie Rollo buyout and has dou- flavour. Prices will vary according to
Like-for-like sales at Costa Coffee said: “Whitbread has reported an in- bled its money. their rarity and will cost from £2.10
were up three per cent, below analysts’ line quarter for this trading update, Martin, who grad- to £2.25 for a Tall 12oz cup, and
expectations of around seven per cent. with slower sales growth in hotels (as uated from £10.95 to £12.95 for a 226g bag to
Whitbread has been a consistently expected) and at Costa, but a strong Nottingham Trent take home. The brews are available in
strong performer throughout the eco- restaurants performance and an University in 1991 London, Glasgow, Manchester, Bristol
nomic downturn while some competi- attractive acquisition. with a HND in and Dublin only as stocks are limited
tors in the leisure sector have “Whitbread is one of the fastest- catering and to 5,000 cups on some beans.
struggled, particularly under the bur- growing, property-rich and yet cheap- leisure manage- Anthony Carroll,
den of debt. est hotel stocks.” ment has steered Starbucks chief coffee
Chief executive Andy Harrison, who the company to taster said: “Whilst
joined the group last year having previ- ANALYSIS l Whitbread success using his the Latte and
ously been chief executive of Easyjet,
1,880
p 1,644.00 expertise in Cappuccino will
said: “The rise in VAT is pretty new. The 2 Mar branding. remain the nation’s
rising oil price is beginning to feed 1,840
Sales rose 37 favourite, there is a
through to the forecourt. per cent the growing fascination
“From a consumer perspective 1,800 year after with single-origin fil-
there’s more negative than positive the buy- ter coffee and since
news.” 1,760 o u t Starbucks has been
However he added: “On the whole under selling wholebean
we are very pleased with our figures, 1,720 his strat- coffee since 1971, we
we were up against very tough compar-
atives. “
2010 20 Dec 2011 17 Jan 31 Jan 14 Feb 28 Feb
egy. SCOTT MARTIN are perfectly placed
to meet this trend.”

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blow yesterday when it was told it will sold 60 Gracechurch Street, home of Fenchurch International went into
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sell other services such as bill payments investor KGAL after owning it for just rising cost of cotton and higher labour
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sion by the National Lottery not disclosed the sale price, but it is as the administrator. The administration
Commission confirms its provisional thought to be around £116m. Allianz, puts 40 head office jobs at threat.
ruling issued last July and follows a which moved into the building in 2009 Fenchurch turned over £11m in the 12 &&&#'"!"
period of consultation. The public body when Commerzbank moved its invest- months to 31 April 2010 and achieved a ! #    
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16 News CITYA.M. 3 MARCH 2011

London house prices steady as market recovers


on the market between the southern so much support to prices.” ANALYSIS l Proportion of UK seeing house price rises and falls

HOUSING
regions (8.6 weeks) and northern Yet there were signs of green shoots 60
BY JULIAN HARRIS %
regions (12.1 weeks) reflecting the dif- for the housing market across the Prices rising
LONDON is set to buck the trend of fering supply-demand balance,” it said. country, with demand jumping 14.7 40
Britain’s housing slump, according to Properties in London also took the per cent, the first increase for eight
Hometrack’s latest national housing shortest time to sell, at an average of months. 20
survey, released today. 6.7 weeks, the survey said. In the UK as Meanwhile, agents reported a 25 per
While prices across the country fell a whole, properties stay on the market cent rise in agreed sales over February. 0
by 0.2 per cent in February, they stayed for 10 weeks before sale. The proportion of the UK posting price
level in the capital, the survey said. London also recorded the highest falls has dropped over the last four -20
It was the first time that London’s upward change in the number of months, mirroring signs from other
prices had held strong after seven properties listed on the market, at 9.9 surveys that the market may be close -40
months of decline, Hometrack said. per cent – although the UK as a whole to bottoming out.
“The strongest market conditions saw a 7.5 per cent increase in new list- Lower prices were reported in 26 per -60
were seen in the south of the country,” ed properties. cent of the country in February, down Prices falling
the report said. In its report, Hometrack warned from 37 per cent the previous month, -80
“There is a growing gap in the time that a lack of supply “can only provide and 57 per cent in October 2010. Feb 06 Feb 07 Feb 08 Feb 09 Feb 10 Feb 11

Construction
BERNANKE CALLS FOR FISCAL RESOLUTION
US economy
strengthens
heats up after in 2011
winter freeze


US ECON0MY

US ECONOMIC activity kept slowly


gaining strength as 2011 opened and
manufacturers and retailers were
“Having contracted by 2.5 per cent having some success in pushing their

UK ECONOMY
in the final quarter of last year, the prices up, the Federal Reserve said yes-
BY JULIAN HARRIS
official GDP measure of construction terday.
GROWTH in UK construction hit an output should bounce-back into posi- “Reports from the 12 Federal
eight-month high in February, as the tive territory in this quarter,” said Reserve districts indicated that overall
sector bounced back from a snow- Sarah Ledger of Markit, which con- economic activity continued to
affected winter. duced the survey along with the expand at a modest to moderate pace
However, margins in the industry Chartered Institute of Purchasing and in January and early February,” the
are taking a hammering from soaring Supply. central bank’s Beige Book summary
commodity prices, with input costs ris- Yet despite extremely positive busi- said. It was based on information col-
ing at their fastest rate since August ness surveys since the beginning of the lected in all the regional Fed districts
2008. year, the economy will grow a mere 1.2 on or before 18 February and was
The latest purchasing managers’ per cent in 2011, the Institute of compiled by the Atlanta regional
index, released yesterday, reported a Directors predicted today. bank.
rise to 56.5 in construction activity -- “If the reduction in public spending While the Beige Book indicates a
up from 53.6 in January and 49 in was slowed, it would be more damag- strengthening economy, it was not
snow-hit December. All scores above 50 ing to growth than the current course, spread evenly across the country.
signal growth. owing to the negative impact on finan- “Chicago reported that although
Yet the input prices index jumped cial markets and business confidence,” there was an increase in activity, it
almost six points, to 73, with respon- added IoD economist Graeme Leach. was at a pace not quite as strong as
dents citing inflation concerns for during the previous reporting peri-
below-average business confidence. ANALYSIS l British construction PMI od,” the Fed said. Wage growth was
Nonetheless, February’s continued 90 weak but businesses were trying to
index score
rebound in construction surprised 70 boost prices to make up for higher
observers, with new orders also spik- costs of other items such as raw mate-
ing to an eight-month high. While 60 rials that they needed.
employment is still falling in the sec- Growth
In a further boost for the US econo-
tor, the jobs level is approaching pari- 50 my, American private employers
Decline
ty, moving to 49, from 47.5 in January. 40
FEDERAL Reserve chairman Ben Bernanke urged Congress to “lay out a [fiscal] plan that added 217,000 jobs in February, beat-
All three parts of the industry – will be credible” for the US, yesterday. Bernanke estimated that the Republicans’ preferred ing analysts’ expectations, a report by
housing (57.6), commercial (53.1), civil 30 $60bn spending cuts would knock 0.2 per cent off GDP in its first year, far below other fore- a payrolls processor showed yesterday
Source: Markit
engineering (58.7) – recorded acceler- casts. While not endorsing the Republican plans, he said an unsustainable deficit would The January figure was revised
ated growth. 2006 2007 2008 2009 2010 2011 eventually cause a spike in interest rates, derailing the recovery. Picture: GETTY higher to 189,000 from 187,000.

ening of the zloty down to 3.9706 zlotys


CITY VIEWS: IS THIS THE RIGHT TIME TO START SAVING? NEWS | IN BRIEF to the euro. Polish inflation climbed from
Interviews by Maria Tadeo 3.1 to 3.8 per cent in January amid rising
IN ASSOCIATION WITH food and petrol prices.
Euro rises on inflation concerns
The euro shot up against the dollar yes- Cost of renting exceeds buying
Save or Borrow peer to peer at RateSetter.com terday on the back of producer prices in
the Eurozone rising even higher than
The cost of renting is 10.5 per cent more
on average than buying a house with a
www.RateSetter.com Customer Phoneline: 08442490115 expected, up 1.5 per cent in January, mortgage at five per cent per annum,
compared to December. The increase according to property website
left industrial producer prices up 6.1 per Zoopla.co.uk. Renting is now a more
HARRY DUNNE | WILLIAM LEWIS | JEFFREY WRIGHT | cent on the same time last year, the expensive option than owning in 80 per
INSURANCE BROKER HAMPDEN CAPITAL LLOYD’S Eurostat office announced yesterday. cent of Britain's cities, while the cost dif-
With oil prices trading above $100 ference is currently on the rise, it said.
“There's no point in saving money. “This is not the right moment to “I've never saved a penny and I (£61) a barrel and Eurozone inflation
well above target, investors expect the BarCap downbeat on UK growth
Interest rates are not start saving. Interest think of myself as a European Central Bank to sharpen its Barclays Capital has revised down its
appealing at the rates are bad for spender. Interest rates anti-inflation rhetoric when it announces forecast for UK growth in 2011, it
its latest interest rates decision, today. revealed yesterday. Citing the revised
minute and the best middle-class savers, so are bad and inflation is 0.6 per cent drop in GDP for the final
thing you can do is pay you might as well spend on the rise. There’s no Polish Bank holds interest rates three months of last year, it announced
The National Bank of Poland kept its a gloomier outlook of 1.7 per cent
off your now and point in saving at benchmark 3.75 per cent interest rate growth for 2011, down from its previous
mortgage.” save later.” the moment.” unchanged yesterday, triggering a weak- two per cent projection.
CITYA.M. 3 MARCH 2011 News 17

International Power profits rise NEWS | IN BRIEF


BG Group finds more Brazilian oil
BG Group reported another success in
24 per cent on 2009, with a forward
order book worth £18.2bn. Carillion
Brazil yesterday after its Iara Horst well raised its dividend six per cent to 15.5p
£942.4m. what offsetting a drop in the firm’s struck good quality oil in a thick reservoir but warned that the “economic environ-

ENERGY
Revenues fell 9.2 per cent to core European market. section. The offshore well, 230km off the ment would continue to make trading
BY MARION DAKERS £3.34bn last year. GDF hopes to combine its assets in Rio de Janeiro coast, has found better oil conditions difficult, especially in our UK
INTERNATIONAL Power (IP), the pro- However, the firm has cut its divi- the Middle East, North America and than that struck two-and-a-half years markets”.
ducer majority owned by French util- dend to 10.91p from 12.53p in 2009. Latin America with IP’s as part of its ago in the original discovery well 8km
ity GDF Suez, yesterday posted yearly Analysts at Nomura said the results efforts to create a global producer away. The firm said partner Petrobras, BBA fuels expansion with placing
profit slightly above market expecta- beat their forecasts, largely due to a worth $30bn. IP shares fell 1.7 per which owns a 65 per cent stake, will con- BBA Aviation, which handles refuelling
tions, with growth in the Middle East lower-than-expected effective tax rate cent to 327.5p yesterday. tinue evaluation work this year. and ground handling at airports, is
offsetting slowing sales in the UK and of just 16 per cent. splashing out a total of nearly £45m on
US. Investec said the results “provide a FAST FACTS | INTERNATIONAL POWER Carillion wary of the year ahead two acquisitions, financed via a share
The firm, which was formally fitting swan song for Old IPR, beating Building and support services firm issue, that will take it into new aircraft
taken over by GDF last month, said market expectations and showing ● GDF Suez paid €21.5bn (£18.14bn) to take Carillion reported full-year profit at the markets and expand its geographic pres-
yesterday underlying profit from continued growth from existing capi- over a 70 per cent stake in International Power top end of forecasts, although expecta- ence. BBA, which posted a 22 per cent
operations was down about three per tal expenditure”. last August. tions of tough trading conditions helped rise in pre-tax profit to £95.4m yester-
cent to £995m. Profit from operations in the ● The new company has a 66 gigawatt capaci- send its shares down 4.4 per cent to day, said that JP Morgan and RBS Hoare
That compared to analysts’ average Middle East was up 28 per cent, while ty and expected annual sales of €84bn. 357.4p yesterday. The firm reported a Govett placed shares worth 9.99 per cent
forecast for operating profit of about in Asia it rose nine per cent, some- pre-tax profit of £167.9m for the year, up of the total issued.

PPL to pay
Serco insists
ANALYSIS l Location of mining M&A buyers in 2010

9%
7% African/MiddleEast
Asia/Pasific £3.5bn for
it will grow 14%
Europe
United States and Canada
Latin America and Caribbean
E.ON arm
despite cuts %


49%
ENERGY
US POWER firm PPL is buying

21%
German utility E.ON’s UK power net-
works for £3.5bn in cash to create one
Less than 10% of buyers of the largest electricity distributors
technology firm SRA International, were headquartered in the in the country, the firm announced

SUPPORT SERVICES Asia/Pacific region in 2000.


and told analysts: “We have been an yesterday.
BY MARION DAKERS
organic growth story and we don’t PPL, which beat a rival bid from
OUTSOURCING group Serco posted a plan to change that.” Serco lacks Hong Kong billionaire Li Ka-Shing
21 per cent rise in full-year profit yes- capability in US federal defence and according to people familiar with the
terday, helped by strong revenue business process outsourcing, he said, Source: Capital IQ, PwC analysis matter, also plans to assume £500m
growth in the Americas, as the firm adding that “when we see opportuni- of debt.
insisted that UK government spend- ties that will take us into these areas, The deal, expected to close in early
ing cuts will not damage the firm. that’s what I’m interested in”. April, is set to create the largest net-

China is yet to dent US in


Chief executive Chris Hyman told Robert Morton at Investec said the work of electricity delivery companies
analysts yesterday that “if we’ve got results were good and that interna- in Britain in terms of regulated asset
the skills and capabilities, we will see tional growth should be strong, but value, at a combined $7.8bn (£4.78bn),
the growth” in both the UK and US as added: “[T]he group had a relatively PPL said in a statement.

busy mining M&A market


the governments overhaul public difficult political environment to The E.ON business, called Central
services. contend with in the second half of Networks, is the UK’s second-largest
Serco, which runs London’s bike the year and revenue growth in 2011 electricity distributor and delivers
hire scheme and the Docklands Light will clearly be much less than we are power to over 5m customers. It would
Railway as well as prisons, Ofsted usually accustomed to.” add to PPL’s existing pool of 2.6m cus-
inspections and immigration control, Serco shares closed 4.6 per cent tomers in south west England and
MINING

said yesterday that pre-tax profit rose higher yesterday at 579.5p. Around 49 per cent of all global Wales.
to £214m, while revenues climbed BY MARION DAKERS mining deals in 2010 involved at least E.ON chief executive Johannes
nine per cent to £4.33bn. ANALYSIS l Serco one Canadian or American buyer, Teyssen said: “[A]fter nine years of full
It reported a year-end order book of 600 THE DOMINANCE of the US and PwC said. ownership, the business offers E.ON
p
£16.6bn and said it had identified a 590 579.50 Canada in the mining M&A market is The findings suggest a return to the limited value enhancement opportu-
further £29bn pipeline of opportuni- 580 2 Mar not yet being challenged by Chinese frenetic pace of mining M&A last seen nities and, due to the strict regula-
ties. 570
competitors, according to figures out in 2007, with 1,324 global deals worth tion, there is no possibility to leverage
Serco came under fire last yesterday. $104bn (£63.7bn) this financial year. synergies with other E.ON businesses
560
November for asking suppliers for a Just six per cent of buyers were Escalating commodity prices in the UK.”
550
2.5 per cent rebate to make up for the based in China during 2010, PwC said pushed by a continued lack of supply The sale is an important milestone
UK government’s spending squeeze. 540 in a report, though the number of are being credited for the number of for E.ON, which is selling assets worth
Hyman refused to comment on 530 acquirers from Asia has jumped from acquisitions in 2010, particularly for more than €15bn (£12.7bn) by the end
reports last month that Serco was less than 10 per cent to 21 per cent in gold miners, which made up around a of 2013 in order to pay down its debt
interested in buying security and 2010 20 Dec 2011 17 Jan 31 Jan 14 Feb 28 Feb the last decade. third of all deals. pile.

Unite warns that drop in university Capital & Counties posts


places will mean rent hikes in halls maiden profit after split
growth level as the current year. property portfolio. £132.5m, up from a loss of £150m a

PROPERTY

PROPERTY
BY MARION DAKERS “We have a portfolio that is well Another four projects across the year earlier.
positioned for continued rental country are set to deliver 1,277 beds LONDON-focused developer Capital & Chief executive Ian Hawksworth
STUDENT housing provider Unite growth, a well funded and attractive this summer. Counties issued a cautiously positive said the company’s prospects for the
Group said yesterday cuts to universi- development pipeline that will add Unite reduced its debt in 2010 to outlook for its prospects in 2011 and next two years “remain positive as
ty places will mean tenant growth is significantly to earnings in future £335m, down from £390m, mostly 2012, after posting a rise in net asset Capco continues to target superior
likely to remain flat over the next five years, financial capacity to add to this funded by a £146m sale of assets to value (NAV) in its maiden results. valuation and NAV growth”.
years, forcing the firm to raise rents pipeline and carefully considered USAF, an investment vehicle that is Capco, which was spun out of However, Capco chairman Ian
to drive growth. plans to grow the business further,” 20 per cent owned by the firm. Liberty International last May, said Durant said the “UK macroeconomic
Unite, which swung back into prof- said Unite chairman Phil White. The firm said it plans to reinstate NAV per share for 2010 was 148p, up situation is delicately poised and so
it in 2010 with a pre-tax profit of Unite has a London pipeline of its dividend during this year and con- 17 per cent from the pro-forma fig- the requirement to be conservative
£24.2m, said it expects rental growth 2,800 bed spaces due in 2012 and tinue to sell off non-core properties. ures for 2009. with cash and debt continues”.
of 3.1 per cent during the next aca- 2014, which is expected to add £69m Unite shares closed up 6.8 per cent The owner of Covent Garden Capital & Counties shares closed
demic year – around the same to the net asset value of the firm’s at 209.4p yesterday. reported a full-year pre-tax profit of 3.4 per cent higher at 153.8p.
18 News CITYA.M. 3 MARCH 2011

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys in association with

Kinsey Allen International co-heads of markets. Steffens and Bales AMRO, chief executive of Monument Oil appointed Liz Jones, the frontrunner
Sebastian Piggott has joined Kinsey Allen will retain their current roles as head of and Gas, chairman of Harrison from BBC’s hit TV show The Apprentice,
International (KAI), the global executive search equity capital markets and head of capi- Lovegrove, chairman of Indago as business development director. Jones,
firm, as a consultant. Piggott joins Kinsey Allen tal markets Financial Institution Petroleum and chairman of Nitol Solar. who famously received an apology from
International’s fixed income practice to focus on Group/Public Sector, respectively, along- Lord Sugar following her departure
senior sales and trading hires across credit, side their new responsibilities. Evolution Securities from the show, has worked for UBS
rates and foreign exchange. Piggott started his The investment bank has appointed investment bank and the private wealth
career in 1990 at Yamaichi International, and Cape Alexander Garton as director of corpo- arm of Deustche Bank.
subsequently worked for Natwest Markets, The The oilfields services company has rate broking. Garton, who will start his
Royal Bank of Scotland and a specialist bou- appointed Tim Eggar as non-executive new job on 11 April, was formerly a Traiana
tique. Piggott will report to Fraser Williams, chairman. Eggar had a distinguished director at RBS Hoare Govett and spe- The post-trade solutions firm has
global co-head of KAI’s fixed income practice. parliamentary career from 1979 to cialises in fundraising for and advising appointed Gerard Varjacques as chief
1997, including the position of minister mid-cap corporates. operating officer. Based in New York,
been appointed as global co-heads of for energy from 1992 to 1996. He has Varjacques will be responsible for scal-
Unicredit capital markets at Unicredit, reporting also held the roles of global head of inte- Omni Capital ing Traiana’s operations globally and will
Christian Steffens and Marco Bales have to Mike Hammond and TJ Lim, global grated energy corporate finance at ABN The property finance company has report to chief executive Gil Mandelzis.

To appear in CITYMOVES please email your career


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updates and pictures to citymoves@cityam.com morganmckinley.com

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ANALYSIS l Associated British Foods ANALYSIS l Inmarsat 674.50 ANALYSIS l HMV


1150
p 980.50 720 p 2 Mar 45 p
2 Mar 700 40
1100
680 35
16.00
1025 660 30 2 Mar
640 25
950
620 20

6 Dec 29 Dec 18 Jan 7 Feb 28 Feb 6 Dec 29 Dec 18 Jan 7 Feb 28 Feb 6 Dec 29 Dec 18 Jan 7 Feb 28 Feb

ASSOCIATED BRITISH FOODS INMARSAT HMV


Morgan Stanley rates the retail group “equal-weight” with a target price Citigroup has started covering the satellite communications firm with a UBS rates the struggling retailer “neutral” and has cut its 12-month target
of £11. The broker has trimmed its earnings estimates by 2.5 to three per “buy / medium risk” rating and a 12-month target price of 850p. The bro- price from 17p to 25p. The broker forecasts that HMV’s net debt will
cent over the next three years and cut its target price by 50p following ker sees Inmarsat as a relatively low-risk play on a maritime and civil aero- increase to more than £130m in the first half of 2011, making it likely to
the firm’s recent results. Morgan Stanley believes that UK like-for-like space recovery, given its exposure to emerging markets. Citi adds that breach covenants. UBS thinks that the firm would be in a more stable
sales are now flat, with sustained double-digit growth in Europe, and Inmarsat’s land mobile division is a play on global instability, which it financial position if it issued equity to pay down its debts, given the uncer-
expects margin contraction of around 1.2 percentage points this year. thinks can lift first-half numbers thanks to unrest in the Middle East. tainty around its declining sales.

FTSE slips lower but profits Wall St shrugs off


from StanChart help cheer fresh oil price rise
record start this year as China, India outweighed by fears that this would days when the market falls and

THELONDON and other Asian markets boomed.


The results sparked a rally in banks
choke off demand.
Cairn Energy and Vedanta THENEW YORK lighter on up days.
Economic data was positive, with

REPORT REPORT
with Lloyds Banking Group and Resources added 1.8 and 2.1 per cent the Federal Reserve’s Beige Book
Barclays up 1.6 and 0.4 per cent respectively, on hopes the Indian gov- suggesting economic activity picked
respectively. ernment will soon ratify Cairn's deal up in 2011 and a private survey
Technical factors have prevented to sell its Indian assets to Vedanta. pointing to strong private-sector hir-

R U
ALLYING banks boosted by sharper falls in the short term, but The FTSE 100 volatility index, a S stocks eked out gains yester- ing.
results from Standard point to weakness further ahead, barometer of investor anxiety, is up day despite another rise in oil Stocks have taken their cue from
Chartered helped Britain’s top Nicole Elliott, technical analyst at over 5 per cent so far this week, after prices as investors bet the lat- oil since the start of turmoil in the
share index pare losses yester- Mizuho Corporate Bank said. rising more than 18 per cent last est data signaled the economy Middle East and northern Africa in
day, but the index still closed lower as “There is decent support between week. The higher the index, the lower could absorb expected higher January. The fear was that rising oil
geopolitical concerns continued to 5,800 and 5,850,” she said, adding investors’ appetite for risky assets energy costs. prices could derail the recovery.
dog sentiment. that it had limited the downside such as stocks. Wall Street seesawed as oil fluctu- The Dow Jones industrial average
The FTSE 100 closed down 20.87 since early December. Whitbread fell 5.2 per cent after ated throughout the day. Brent was up 8.78 points, or 0.07 per cent,
points, or 0.4 per cent, at 5,914.89, as "Trouble is I think that since then reporting a slowing rate of sales crude LCOc1 hit a 2 1/2-year high at 12,066.80. The Standard & Poor’s
lingering political concerns in the we have also formed a 'rounded top', growth at its Premier Inn budget above $117 a barrel in the late morn- 500 Index was up 2.11 points, or 0.16
Arab world continued to dent confi- so pressure for a break below here is hotel chain. ing but later slipped. Brent settled per cent, at 1,308.44. The Nasdaq
dence and rising oil prices threatened increasing,” she said. Admiral Group lost 3.1 per cent as up 93 cents at $116.35. Composite Index was up 10.66
to derail the global economic recovery. Wall Street was higher as the UK traders said the British car insurer's “The initial shock waves (from a points, or 0.39 per cent, at 2,748.07.
The index has lost ground in eight market closed after US private sector in-line full-year results encouraged spike in oil prices) are gone... (and) Private employers added more
of the last nine sessions. employers added more jobs than some profit-taking. we are realizing that the world econ- jobs than expected last month, the
“There have been some pretty beat- expected last month in a sign of Serco rose 4.6 per cent after the omy is doing OK, that our economy ADP Employer Services report said,
en up stocks in the last few days and steady improvement in the labour outsourcing firm posted full-year is OK. It's balancing each other out,” before the closely watched and
the early weakness has allowed some market. results. said Joseph Benanti, managing broader US government report on
bargain hunters to tentatively buy “The payrolls were higher than Rio Tinto , RSA Insurance, and director at Rosenblatt Securities in non-farm payrolls due on Friday.
into stocks,” Angus Campbell, head expected, making investors a bit Diageo all went ex-dividend. New York. Texas Instruments gained 3.3 per
of sales at Capital Spreads, said. more optimistic about Friday's non- The day’s rally was broad with cent to $36.14 after JPMorgan
“This indicates there is decent sup- farm payroll number and the overall ANALYSIS l FTSE eight out of 10 S&P 500 sectors end- upgraded the semiconductor sector,
5,914.89
port for the FTSE which continues to state of their economy,” a trader said. p 2 Mar ing higher. Sectors that are sensitive including Texas Instruments, saying
face considerable headwinds from Brent LCOc1 rose to over $117 a 6,100 to energy gained, including indus- an inventory correction was nearing
the unrest in the Middle East which is barrel on Wednesday on reports of trials up 0.4 per cent and materials an end and demand appeared to be
6,000
keeping oil prices inflated.” Libyan government counter-attacks up 0.2 per cent. S&P infotechnology improving. Apple shares boosted the
The FTSE closed off its session low on rebel-held towns in the east of the 5,900 sector rose 0.7 per cent. Nasdaq after chief executive Steve
of 5,865.92 as Standard Chartered, up country, heightening fears of a civil But trading volume was at 7.69 Jobs surprised investors by personal-
4.6 per cent, and some short-term war in the world's 12th-largest oil 5,800 billion shares on the New York Stock ly presenting the new iPad at an
technical support helped limit losses. exporter. Exchange, NYSE Amex and Nasdaq, event in San Francisco. The stock
5,700
Profit at Standard Chartered Energy and mining stocks were the lower than last year’s daily average rose 0.8 per cent at $352.12.
jumped 19 per cent in 2010 and the biggest fallers as the benefits for of 8.47bn. Shares in Yahoo rose 3.3 per cent
Asia-focused bank said it was off to a them of a rise in crude prices were 2010 20 Dec 10 Jan 24 Jan 7 Feb 21 Feb Volume has recently been solid on to $16.63.
Business Features
19

| Careers

Hard work, not


sisterhood, breaks Five tactics for dealing with
the glass ceiling
Schwarzenegger-sized egos
Difficult characters Insecure egos
need some careful often see you
handling, writes as a threat.
JANE RENTON Jeremy Hazlehurst Let them
know that

L Y
ATEST figures show that only 12 per cent OU can’t be successful unless you
of FTSE100 directors are women, or 5.5
per cent if you exclude non-executives.
can persuade people to do what is in
your interests, but often before you
you are also
There has been much talk about a male
conspiracy to keep women from having a seat
can persuade them, you have to
defuse their prickly egos. Chris St. Hilaire
putting your
on the board – and there is some basis to the
assertion; people tend to hire in their own like-
has dealt with some of the trickiest around
– he worked as a communications strate-
reputation
ness. So what should women who want to hang
in there be doing to improve their lot?
gist on Arnold Schwarzenegger’s cam-
paign to become governor of California. In
on the line
Firstly, they should ignore the shrill and enti- his new book 27 Powers of Persuasion, he
tled sisterhood – no-one gets to the top and outlines some tactics to “soothe or side-
stays there without putting in long hours and a step” egos and get one step closer to get-
great deal of focus. Then be realistic about your ting your way. Here are five of his tips.
goals and talents – there is no point in applying
for a finance director role if you cannot count.
Third, find a supportive partner who can take
care of your home life and family while you
1. Use the phrase “from my perspective”.
What you mean when you say this is that
focus on your career – all top career women we can all take a point of view, and every-
such as Indra Nooyi, CEO of PepsiCo and Helena body here is equal. Big egos are often inse-
Morrissey, CEO of fund manager Newton, have cure, but this squashes that insecurity.
made big sacrifices to get where they are and “Perspective is an incredibly useful word
have supportive and understanding husbands. that implies you’re going to take the emo-
Also think twice about quitting your job or tion out of the conversation, and that
taking a career break – women who leave makes everybody relax a little bit,” St.
rarely climb back into the same positions or Hilaire writes.
get back into corporate life, current research
shows. And remember that virtually every suc-
cessful businessman or woman from Elizabeth
I to Lady Thatcher had a mentor – look for a
2. Make sure everybody knows that you
all want the same outcome, even if you’ve
small group of individuals who can form your been brought in from outside. “After we
own little individual executive board to advise have introduced ourselves and before we
you and help you progress. get down to the nitty-gritty of the case,”
Address weaknesses that might be holding
you back through coaching or training – if your
employer won’t provide them, consider paying
says St. Hilaire, he tells people: “I know you
have the toughest job in the room.” Then
he reassures them that “my credibility is
argument that you genuinely agree with
and use it to transition to your idea by say-
ing: “That was a great strategy you just
Even the biggest
personalities can
be tamed
5. If you come up against somebody who
is extremely insecure and intent on estab-
for them yourself (it isn’t always as expensive on the line too…” This makes sure people came up with. Here’s what I liked about lishing dominance, sidestep it. Instead of
as you think). And try to improve working life know you are not a threat. it… and here’s another way to look at it.” Picture: PA confronting them, be the unifier in the
for women by getting the most senior men group. If somebody insists he is the one
involved in reverse mentoring schemes – it will
help kill sexism and foster a more understand-
ing environment about the conflicting chal-
3. Remember, even big egos still need
massaging. “Most people assume CEOs and
4. Look at things from their perspective.
“Everyone has a need, and with a little
who should make a decision, perhaps
because he has most experience, suggest
that new opinions are also important, and
lenges facing many women. other power players already know how bril- research you can usually discover what a combination of experience and new
Jane Renton is the author of The Economist liant they are and don’t need their egos that need is and come prepared with a sug- thinking are best. Don’t fight. “In the end,
guide to Coaching and Mentoring and a former boosted. Not true. I know from experience gestion that will meet it. At the very least the big ego will respect you more for it.”
BBC TV presenter who currently teaches pub- that folks in power are often more inse- you’ll impress the person with the extra 27 Powers of Persuasion by Chris St. Hilaire is
lic speaking and media presentation skills cure than anyone else.” Pick a part of their effort you’ve put in.” out now. Vermilion books, £9.99

ASK THE GURUS


ARE DUVET DAYS ACCEPTABLE?

During the recession the


number of sick days
taken fell, maybe because
people didn’t want to risk
Steve Leeson Naylah Hamour Ceri Roderick
their jobs. Now, however, Operations Director, Financial Services, Morgan McKinley Solicitor at City law firm Howard Kennedy Psychologist at Pearn Kandola
the numbers are back to
If you take unapproved “duvet days”, bear in mind From the employer’s point of view, duvet days are Most large organisations monitor absenteeism as a
pre-downturn levels. The that you run the risk of damaging your reputation. unauthorised leave, disguised as sick leave. Employers way of detecting problems: usually problems with
suspicion is that skiving is Earning the label of “work-shy” or “skiver” can seri-
ously affect how you are viewed by your colleagues
shy away from accusations of fabricated sickness, but
they can take steps to minimise duvet days. Back to
the way people are managed. If you feel you need a
duvet day, you should ask yourself why. There are
back now that people are and may harm your long term career prospects.
There are more effective ways of achieving work/life
work interviews – having to explain your absence to a
manager – may be a disincentive. Or you can change
many potential sources of job dissatisfaction, some
passive – for example, boring repetitive work – and
a little less scared of being balance, such as planning days off in advance and the sick-pay regime: if you have a set number of days some active – for example, a stressful work load or a
maintaining an open dialogue with your manager. per year that can be taken as paid sick days, employ- harassing boss. Everyone I have talked to over the
sacked. So can it really Communicating any stress or workload related ees may view it as an “allowance” to be taken. You can years has with hindsight bitterly regreted tolerating
issues you might be having is important. A support- also track absences on Mondays or Fridays, or use the this kind of work situation. So, analyse your situation,
ever be acceptable to take ive and flexible employer will take action to resolve Bradford factor – a system that analyses the damage draw up a balance sheet of pros and cons and then
a so-called “duvet day”? your issue, so that you won’t have to resort to
absenteeism.
caused by absences. Finally, you can discipline employ-
ees who have unacceptable levels of absence.
consider the factors that you have some control over.
Just living with it will usually be your worst option.
20 CITYA.M. 3 MARCH 2011

Wealth Management | Personal Finance


Make sure you cash
in on competing ISAs
As banks and building societies wage war for our cash,
savers need to shop around for the best offers going, and
transfer old balances for better rates, writes Jennifer Hill

Pick the one that’s right for you Picture: GETTY

T
HIS year’s individual savings THINK ABOUT ACCESS
account (ISA) season is in full Do you need access to the cash? Fixed
swing, as banks and building rate ISAs either don’t allow access or
societies try to lure canny savers. have hefty penalties to access funds
The market for the tax-free savings early. If you might need access, go for a
accounts has been buzzing since the variable rate ISA. Santander’s Flexible
start of February, with 82 new launch- ISA requires no notice for withdrawals
es or rate increases, according to and pays 3.15 per cent on deposits
Moneyfacts.co.uk. from £1, while Halifax’s Direct Reward
Patrick Connolly, at AWD Chase de ISA pays 3 per cent. If you hold your
Vere, the independent financial advis- main bank account with Halifax you’ll
er, says: “Everybody should have at get a 0.2 per cent bonus, taking the
least some cash savings, and using rate to 3.2 per cent.
cash-ISA allowances will ensure that
all interest is received tax-free. TRANSFER BALANCES
“Even with the low interest current- If you have an existing ISA, check what
ly on offer, cash ISAs can boost returns rate you’re receiving. Many providers
both now and into the future as, at cut rates on older accounts to entice
some point, interest rates will rise.” new savers with headline-grabbing
You can stash up to £10,200 into ISAs rates. If you can get a better deal, trans-
in the 2010-11 tax year, which ends on fer. Some ISAs accept transfers in,
5 April, of which half can be saved in while others don’t. For example, the
cash. So, what’s on offer – and what Santander account above doesn’t, but
should you be considering? the Halifax account does. Use the ISA
transfer process. If you take the money
FIX FOR TOP RATES out and move it yourself, it will lose its
The best rates are on five-year fixed tax-free status, warns Slade.
rate ISAs: Northern Rock pays 4.3 per
cent over five years. However, Michelle HANG FIRE
Slade at Moneyfacts says: “What may With almost six weeks to go before 5
seem a competitive rate now may be April, it could pay to hold off.
less so in a few years’ time when the “With many of the major financial
bank base rate has risen. Most savers players yet to reveal their hand, it may
make shorter-term commitments of be worth hanging on a little longer
around one year, so they can regularly before making your final decision,”
review their rates.” Barnsley building says Andrew Hagger, at price compari-
society pays 3.2 per cent on its one-year son website Moneynet.co.uk. “Jostling
fixed online deal, while Nationwide for best-buy positions will get more
pays 3.25 per cent over 18 months. frenzied during the next few weeks.”

BEST BUY | FIXED RATE ISAS


Term Provider Account Rate AER Minimum Transfers in
deposit permitted
1 year Barnsley BS Fixed Rate eISA 3.2% £100 Yes
18 months Nationwide BS Fixed Rate ISA 3.25% £1 Yes
2 years Yorkshire BS Fixed Rate ISA 3.51% £100 Yes
3 years Aldermore 3 Year Fixed Rate ISA 4.01% £1,000 Yes
4 years Principality BS 4 Year Fixed Rate ISA Bond 4.3% £1,000 Yes
5 years Northern Rock Fixed Cash ISA (Issue 155) 4.3% £500 Yes
Source: Moneynet.co.uk 01.03.2011

BEST BUY | VARIABLE RATE ISAS


Provider Account Notice for Rate AER Minimum Transfers in
withdrawals deposit permitted
Santander Flexible ISA issue 3 Instant 3.15% £1 No
Halifax Direct Reward ISA Instant 3% £1 Yes
Nationwide BS e-ISA Instant 2.90%** £1 Yes
West Brom BS Websave Instant 2.88% £1,000 Yes
Principality BS e-ISA 2 Instant 2.80% £1 Yes
Source: Moneynet.co.uk 01.03.2011 ** Existing Nationwide BS customers only
CITYA.M. 3 MARCH 2011 21

Wealth Management | Personal Finance


Some have a beef

Don’t blindly with the consensus of


under-valuation

follow the
herds into the
big cap funds
You shouldn’t be cowed into following
the rest when seeking calm and pleasant
investment pastures, writes Craig Drake

D
ESPITE large-cap funds having an obvious example of this, doing a
underperformed against their large percentage of its business in devel-
small to mid-cap alternatives in oping countries.”
recent years (see chart), figures With what seems to be the consensus
would suggest that this year could see that there is broadly an undervaluation
large-cap funds turn the tables. of the big name equities, it would seem
“We have certainly seen a lot more that large caps are the path to take,
interest in equities, away from bonds however, it pays to dig deeper. Chris
and gilts,” said Andy Simpson at Wyllie, chief investment officer of
Schroders Asset Management, “though Iveagh Wealth, advises that you ought
not as attractive as 18 months ago, they to scratch below the surface “looking at
are attractive nonetheless.” PE (price-earnings ratio), large-caps look
As is typical with almost all things under-valued. However when you take a
financial in current times, the move look at the median, the under-valued
into large-cap funds follows the com- stocks are relatively few in number. It
mon theme of risk aversion. According what this shows is that there is a lot of
to Simon Gergel, manager of Allianz value concentrated in a small number
RCM UK Equity Income Fund: “large- of shares.” He advises that when you
caps do better when people think that look under the surface, “the average
things are going to get worse. With cur- stock is nowhere near as cheap as price-
rent volatility in the market, there will earnings figures would suggest. For the
be flight into the large-cap funds. There retail consumer, a cap index tracker
are a lot of large-caps yielding attractive will avoid the expensive funds that a lot
dividend payments and on the whole of actively managed funds would
are undervalued in the market. With expose you to.”
the likes of Vodafone yielding 5 per cent Richard Hallett, lead manager on the
and GlaxoSmithkline 5.5 per cent, both Marlborough UK Leading Companies
above inflation, they are an attractive fund has also seen more of a sectoral
proposition.” shift, rather than from small-cap to
There is also a trend of people realis- large. “Although there has been an
ing that, away from the exotic climes of increase in people taking up large-cap
the emerging markets, which are begin- funds, that has not necessarily been to
ning to see valuation multiples the detriment of inflows into small-cap
approaching those of developed mar- funds. We have seen more sector specif-
kets, opportunities for healthy returns ic changes. We are overweight in indus-
can be had closer to home. Anthony tries for example.”
Cross is a fund manager who runs the Another reason to beware of retreat-
Special Situations, UK Growth and UK ing to the safety of the large-cap funds is
Smaller Companies fund at Lionfund. the risk of losing out on the upturn, in
He has started to see this move in which large dividend-paying companies
favour of what people see as “safe” equi- will lag behind the stocks of smaller
ties: “with worries about inflation and companies and highly leveraged com-
tightening of interest rates in the panies. As such, investors should be
emerging markets that performed so aware of the value and safety to be
well last year, people are realising that found in large-caps, but should look
there are good businesses listed in beyond the headline price multiples
London that provide exposure to those and avoid over-priced stocks hidden
markets without the risks. Unilever is beneath the surface.

ANALYSIS l S&P100 v Russell 2000 indices


30
%
25 Russell 2000 index
20 S&P100 index

15

10

10

-5

2010 Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Feb
22 Wealth Management | Markets CITYA.M. 3 MARCH 2011

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1780 0.0027 /$ 1.3862 0.0085
5914.89 11543.37 3069.04 12066.80 2748.07 1308.44 /$ 1.6326 0.0060 /£ 0.8490 0.0020
-20.87 -30.75 -10.62 8.78 10.66 2.11 /¥ 133.66 0.5113 /¥ 113.49 0.6550
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
GILTS Yule Catto & Co . . . . .217.0 2.0 240.5 106.1 Brewin Dolphin Ho . .175.0 -4.0 185.4 114.0 Rexam . . . . . . . . . . . .360.5 -5.4 375.4 282.4 Amlin . . . . . . . . . . . . .388.6 1.2 433.0 366.8 BHP Billiton . . . . . . .2431.0 3.5 2616.0 1684.5 Great Portland Es . . .382.8 -0.9 391.3 280.5 Marston's . . . . . . . . . . .97.0 0.2 117.1 89.9
Camellia . . . . . . . . .10050.0 149.010700.0 6900.0 Smiths Group . . . . .1296.0 -34.0 1429.0 1008.0 Beazley . . . . . . . . . . . .126.1 -10.3 139.2 105.4 Centamin Egypt Lt . .124.3 -3.9 197.1 118.5 Hammerson . . . . . . . .461.4 1.1 466.1 336.3 Millennium & Copt . .560.0 -10.5 600.5 386.8
Tsy 9.000 11 . . . . .103.05 -0.02 111.0 103.1 CONSTRUCTION & MATERIALS Charles Taylor Co . . .160.0 0.0 240.0 153.0 Brit Insurance Ho . .1067.0 1.0 1068.0 728.0 Eurasian Natural . . .947.5 -1.0 1266.0 818.0 Land Securities G . . .758.0 -1.5 766.5 545.0 Mitchells & Butle . . . .309.8 -6.6 361.0 274.0
Tsy 3.250 11 . . . . .101.91 0.00 104.0 101.9 GENERAL RETAILERS
Balfour Beatty . . . . . .341.5 -3.9 357.2 229.8 City of London Gr . . . .92.0 -1.0 95.0 65.0 Catlin Group Ltd. . . .366.0 -2.7 399.2 319.9 Fresnillo . . . . . . . . . .1614.0 18.0 1682.0 763.5 SEGRO . . . . . . . . . . . .315.7 -4.9 341.3 250.2 National Express . . .244.1 -1.3 260.3 209.5
Tsy 2.500 11 . . . . .309.13 -0.02 311.1 307.4 Keller Group . . . . . . .611.5 -9.5 784.5 515.0 City of London In . . .415.0 0.0 461.5 266.5 Brown (N.) Group . . .273.4 -2.5 311.2 213.0 CPP Group . . . . . . . . .290.0 9.6 329.0 225.0 Gem Diamonds Ltd. .276.1 1.6 306.0 186.3 Shaftesbury . . . . . . . .475.5 4.5 476.8 349.3 PartyGaming . . . . . . .175.0 2.9 334.5 170.0
Tsy 4.250 11 . . . . .100.00 0.00 103.6 100.0 Kier Group . . . . . . . .1285.0 -50.0 1383.0 886.5 Close Brothers Gr . . .830.0 0.5 888.5 664.0 Carpetright . . . . . . . . .716.5 -2.0 954.5 636.0 Hiscox Ltd. . . . . . . . . .379.9 -1.1 399.0 327.9 Hochschild Mining . .626.0 17.0 658.0 234.0 Punch Taverns . . . . . .66.1 -0.6 101.0 58.0
Tsy 9.000 12 . . . . .111.12 0.00 117.8 109.8 Collins Stewart . . . . . .88.0 -2.8 94.0 67.3 Debenhams . . . . . . . . .60.9 -0.5 79.0 53.0 Jardine Lloyd Tho . . .677.5 2.0 680.0 500.0 Kazakhmys . . . . . . .1437.0 10.0 1671.0 965.0 SOFTWARE & COMPUTER SERV. Rank Group . . . . . . . .129.9 -0.8 138.5 94.8
Tsy 5.250 12 . . . .105.27 -0.03 108.6 105.2 ELECTRICITY Evolution Group . . . . .76.0 -2.5 127.0 67.0 Dignity . . . . . . . . . . . .710.0 18.5 726.5 598.0 Lancashire Holdin . . .603.0 3.5 647.0 442.0 Kenmare Resources . .42.3 -0.5 43.4 9.3 Autonomy Corporat 1674.0 22.0 1975.0 1271.0 Restaurant Group . . .286.5 4.5 310.9 205.0
Tsy 5.000 12 . . . . .104.11 -0.03 107.6 104.1 Drax Group . . . . . . . .399.8 2.6 415.6 326.3 F&C Asset Managem .85.1 -1.2 92.9 47.5 Dixons Retail . . . . . . .18.0 -0.8 36.5 18.0 RSA Insurance Gro . .137.2 -1.4 143.5 114.8 Lonmin . . . . . . . . . . .1843.0 5.0 2113.0 1355.0 Aveva Group . . . . . .1597.0 28.0 1739.0 1044.0 Sportingbet . . . . . . . . .45.7 -0.4 79.9 45.0
Tsy 4.500 13 . . . .106.15 0.01 109.2 105.9 Scottish & Southe . .1212.0 -6.0 1258.0 1010.0 Gartmore Group Lt . .105.6 -0.2 210.0 88.5 Dunelm Group . . . . . .400.1 -0.9 550.0 325.3 Petropavlovsk . . . . .1090.0 2.0 1365.0 903.5 Computacenter . . . . .412.4 3.4 457.5 260.0 Stagecoach Group . .205.8 -2.5 224.0 160.7
Tsy 8.000 13 . . . . .116.53 0.01 121.3 116.3 LIFE INSURANCE
Hargreaves Lansdo .590.0 -9.5 611.5 317.4 Halfords Group . . . . .377.3 -9.3 550.0 375.2 Randgold Resource 4997.0 -13.0 6655.0 4730.0 Fidessa Group . . . . .1628.0 -13.0 1722.0 1269.0 Thomas Cook Group 184.9 -1.5 272.0 171.7
Tsy 2.500 13 . . . .281.43 -0.01 281.7 266.9 ELECTRONIC & ELECTRICAL EQ. Helphire Group . . . . . .15.1 1.4 60.3 11.8 Home Retail Group . .215.7 -0.2 295.1 188.5 Aviva . . . . . . . . . . . . . .449.7 -6.8 470.2 294.2 Rio Tinto . . . . . . . . .4246.5 -47.5 4712.0 2812.0 Invensys . . . . . . . . . . .352.3 -2.8 364.3 230.2 TUI Travel . . . . . . . . . .231.1 -6.0 308.4 190.0
Tsy 5.000 14 . . . .109.87 0.05 114.1 109.2 Domino Printing S . .656.0 14.0 689.0 337.9 Henderson Group . . .160.1 -1.2 166.8 118.1 Inchcape . . . . . . . . . .383.0 0.8 414.0 237.1 Legal & General G . . .118.0 0.2 122.7 72.3 Vedanta Resources 2419.0 50.0 2934.0 1839.0 Logica . . . . . . . . . . . .132.9 -2.1 147.9 101.7 Whitbread . . . . . . . .1644.0 -90.0 1887.0 1266.0
Tsy 8.000 15 . . . .124.68 0.02 131.6 123.7 Halma . . . . . . . . . . . . .338.3 0.3 366.6 239.5 Highway Capital . . . . . .7.0 0.0 8.5 6.0 JD Sports Fashion . .915.0 27.0 933.5 560.5 Old Mutual . . . . . . . . .129.4 -1.4 145.2 102.0 Xstrata . . . . . . . . . . .1399.5 4.0 1535.0 845.8 Micro Focus Inter . . .311.6 27.0 546.5 276.0 William Hill . . . . . . . . .187.3 -1.8 216.5 155.5
Tsy 7.750 15 . . . .107.00 0.91 112.1 76.0 Laird . . . . . . . . . . . . . .159.3 -2.7 179.0 98.8 ICAP . . . . . . . . . . . . . .503.5 -5.5 570.5 341.6 Kesa Electricals . . . .124.5 -1.1 174.0 99.2 Phoenix Group Hol . .660.0 0.0 758.0 580.0 Misys . . . . . . . . . . . . .325.0 0.6 354.8 217.0
Tsy 4.750 15 . . . .109.70 0.05 114.7 108.6 MOBILE TELECOMS AIM 50
Morgan Crucible C . .305.0 1.3 306.4 167.5 IG Group Holdings . .457.1 11.0 553.0 362.4 Kingfisher . . . . . . . . .245.0 2.0 271.3 198.5 Prudential . . . . . . . . .694.5 -1.5 742.0 487.5 Sage Group . . . . . . . .278.3 -1.3 302.0 222.7
Tsy 2.500 16 . . . .317.49 -0.02 318.5 296.9 Renishaw . . . . . . . . .1595.0 21.0 1680.0 602.0 Intermediate Capi . . .311.5 -1.6 360.3 240.4 Marks & Spencer G . .334.8 -5.0 427.5 326.4 Resolution Ltd. . . . . .279.0 -4.2 328.6 211.3 Inmarsat . . . . . . . . . . .674.5 -3.5 821.0 606.5 SDL . . . . . . . . . . . . . . .620.0 -9.5 678.5 421.0 Abcam . . . . . . . . . . . .366.0 1.0 393.0 208.0
Tsy 4.000 16 . . . .106.31 0.03 111.4 103.6 Spectris . . . . . . . . . .1403.0 -9.0 1418.0 740.5 International Per . . . .322.0 -8.0 386.6 183.3 Mothercare . . . . . . . .476.0 -4.0 654.5 471.0 St James's Place . . . .301.2 -5.2 319.0 204.2 Vodafone Group . . . .175.9 1.4 181.7 129.5 Telecity Group . . . . . .471.4 -8.6 532.5 365.0 Albemarle & Bond . .300.0 0.0 334.0 218.0
Tsy 12.000 17 . . .127.50 -0.55 185.9 126.8 International Pub . . . .112.9 -0.1 118.3 110.7 Next . . . . . . . . . . . . .1924.0 -16.0 2344.0 1882.0 Standard Life . . . . . . .232.5 -2.0 243.3 173.0 Amerisur Resource . .23.3 -0.5 27.0 11.5
Tsy 1.250 17 . . . .108.61 -0.03 111.1 104.0 EQUITY INVESTMENT INSTRUM. NONEQUITY INVESTM. COMM. SUPPORT SERVICES
Investec . . . . . . . . . . .469.6 1.2 562.0 429.2 Sports Direct Int . . . .179.8 0.3 186.3 92.3 MEDIA Archipelago Resou . . .63.0 -0.5 64.8 31.3
Tsy 8.750 17 . . . .134.29 0.01 142.2 132.9 Aberforth Smaller . . .661.0 -2.5 697.0 495.0 IP Group . . . . . . . . . . . .44.0 0.0 53.0 28.0 WH Smith . . . . . . . . . .462.8 2.8 523.0 398.2 Genesis Emerging . .498.0 -0.5 568.0 427.0 Aggreko . . . . . . . . . .1463.0 -3.0 1685.0 1040.0 ASOS . . . . . . . . . . . .1830.0 -57.0 1903.0 456.3
Tsy 5.000 18 . . . . .111.24 0.02 117.6 108.2 Alliance Trust . . . . . .357.2 0.2 377.9 293.5 Jupiter Fund Mana . .325.0 -1.3 337.3 180.3 4imprint Group . . . . .255.0 0.5 275.0 140.5 Ashtead Group . . . . .175.5 -2.5 187.6 77.0 Aurelian Oil & Ga . . . .82.0 -1.5 87.0 35.8
Tsy 4.500 19 . . . .107.10 -0.05 113.8 103.5 HEALTH CARE EQUIPMENT & S. OIL & GAS PRODUCERS
Bankers Inv Trust . . .409.1 -6.9 427.7 337.0 LMS Capital . . . . . . . . .56.5 -2.5 59.0 40.0 Aegis Group . . . . . . .139.5 -1.4 148.3 103.6 Atkins (WS) . . . . . . . .698.0 -5.0 792.5 578.0 Avanti Communicat .507.0 5.0 735.0 375.0
Tsy 3.750 19 . . . .101.24 -0.08 107.7 97.0 BH Global Ltd. GB .1073.0 1.0 1178.0 1071.0 London Finance & . . .19.5 0.0 21.5 16.5 Smith & Nephew . . . .703.5 -3.5 742.0 537.5 Bloomsbury Publis . .125.8 4.8 127.0 105.3 Afren . . . . . . . . . . . . . .159.9 -3.1 164.0 79.2 Babcock Internati . . .558.0 -12.0 635.0 492.8 Avocet Mining . . . . . .252.0 19.0 254.0 95.5
Tsy 4.750 20 . . . .108.46 -0.08 115.9 104.7 BH Global Ltd. US . . . .10.8 0.1 11.6 10.7 London Stock Exch .885.0 -11.0 933.0 544.0 Synergy Health . . . . .876.0 11.0 948.0 562.5 British Sky Broad . . .799.0 6.0 799.1 536.5 BG Group . . . . . . . . .1451.0 -1.5 1524.0 984.0 Berendsen . . . . . . . . .487.3 -4.7 497.4 360.2 Blinkx . . . . . . . . . . . . . .90.0 -1.0 102.0 12.3
Tsy 2.500 20 . . . .321.02 -0.12 325.7 296.2 BH Macro Ltd. EUR . . .16.4 -0.0 17.2 15.8 Man Group . . . . . . . . .283.4 0.5 311.0 201.9 Centaur Media . . . . . . .65.0 -1.3 73.0 45.8 BP . . . . . . . . . . . . . . . .484.5 -5.5 655.4 302.9 Bunzl . . . . . . . . . . . . .724.5 -17.5 783.0 658.0 Borders & Souther . . .58.8 -0.8 93.0 45.8
Tsy 8.000 21 . . . .136.06 -0.08 147.1 133.6 HHOLD GDS & HOME CONSTR.
BH Macro Ltd. GBP 1695.0 9.0 1800.0 1630.0 Paragon Group Of . .173.0 -1.5 191.5 114.4 Chime Communicati .247.0 -2.0 281.8 158.0 Cairn Energy . . . . . . .438.4 7.9 493.2 352.2 Capita Group . . . . . . .761.0 -2.0 826.0 635.5 BowLeven . . . . . . . . .337.3 -0.8 398.0 103.0
Tsy 4.000 22 . . . .101.02 -0.16 108.4 96.2 BH Macro Ltd. USD . . .16.5 0.0 17.1 15.8 Provident Financi . . .951.0 -28.5 1033.0 728.5 Barratt Developme . .104.1 -0.7 137.7 70.1 Creston . . . . . . . . . . . .95.0 -4.0 105.0 78.5 EnQuest . . . . . . . . . . .143.8 1.4 150.6 89.3 Carillion . . . . . . . . . . .357.4 -16.6 399.3 286.5 Caledon Resources .103.5 2.8 107.0 23.3
Tsy 1.875 22 . . . . .114.02 -0.28 117.8 108.5 BlackRock World M .771.0 -2.0 815.0 533.0 Rathbone Brothers .1156.0 4.0 1257.0 762.5 Bellway . . . . . . . . . . . .662.0 6.5 809.0 511.0 Daily Mail and Ge . . .557.5 2.0 594.5 433.0 Essar Energy . . . . . .517.0 -8.5 589.5 383.0 De La Rue . . . . . . . . .717.0 -8.0 984.0 549.5 Cape . . . . . . . . . . . . . .466.0 59.0 470.0 190.5
Tsy 2.500 24 . . . .282.71 -0.31 286.9 258.6 BlueCrest AllBlue . . .169.8 0.8 174.5 159.0 Real Estate Credi . . . . .1.1 0.0 2.5 0.9 Exillon Energy . . . . . .454.6 22.0 454.6 166.0 Electrocomponents .271.9 -1.5 279.5 187.2 CareTech Holding . . .201.0 -0.3 422.0 200.8
Tsy 5.000 25 . . . .109.85 -0.22 118.5 104.5 British Assets Tr . . . .133.4 -0.6 140.5 105.0 RSM Tenon Group . . .43.8 -1.3 66.3 38.0 Heritage Oil . . . . . . . .261.7 -11.6 581.0 260.4 Experian . . . . . . . . . . .766.5 -10.5 819.0 572.0 Conygar Investmen .117.0 -3.0 124.3 101.3
Tsy 1.250 27 . . . .107.46
Tsy 4.250 27 . . . .100.14
-0.40
-0.19
111.2
108.8
100.5
95.6
British Empire Se . . .485.5 -0.5 512.0 404.1
Caledonia Investm .1743.0 17.0 1928.0 1532.0
S & U . . . . . . . . . . . . .632.5 0.0 637.5 482.5
Schroders . . . . . . . .1759.0 -15.0 1922.0 1154.0
MAIN CHANGES UK 350 JKX Oil & Gas . . . . . .308.4 -0.6
Premier Oil . . . . . . . .2037.0 -30.0
329.3 223.2
2140.0 1085.0
Filtrona PLC . . . . . . . .313.6 5.8
G4S . . . . . . . . . . . . . . .263.1 -1.5
313.7 193.4
283.5 237.7
Cove Energy . . . . . . . .93.8 -0.5
Daisy Group . . . . . . . .97.4 -0.4
112.8
108.5
37.5
84.5
Tsy 6.000 28 . . . .121.99 -0.18 132.7 117.7 City of London In . . .285.5 0.4 296.0 233.7 Schroders (Non-Vo .1395.0 -6.0 1508.0 950.5 Royal Dutch Shell . .2169.5 -17.5 2267.5 1624.0 Hays . . . . . . . . . . . . . .122.5 -1.4 133.6 88.4 Desire Petroleum . . . .37.0 1.5 168.5 32.3
Tsy 4.125 30 . . . .268.69 -0.37 274.4 246.3 Dexion Absolute L . .150.2 1.7 150.6 131.2 Tullett Prebon . . . . . .411.6 12.9 420.5 290.7
Risers % Fallers %
Royal Dutch Shell . .2138.5 -36.0 2251.0 1554.0 Homeserve . . . . . . . .451.5 -3.2 487.5 329.0 EMIS Group . . . . . . . .465.0 0.0 485.0 303.5
Tsy 4.750 30 . . . .105.31 -0.14 115.0 101.1 Edinburgh Dragon . .226.9 1.5 262.1 197.6 Walker Crips Grou . . .47.5 0.0 50.5 45.0 Helphire Group . . . . . .15.1 10.0 Beazley . . . . . . . . . . .126.1 -7.6 Salamander Energy .313.1 -1.9 317.0 204.9 Howden Joinery Gr . .116.0 0.8 127.5 56.8 Encore Oil . . . . . . . . .119.0 0.0 151.5 15.0
Tsy 4.250 32 . . . . .98.44 -0.16 107.8 94.5 Edinburgh Inv Tru . . .434.6 0.6 467.2 366.0 Micro Focus Intern . .311.6 9.5 Johnston Press . . . . . .12.0 -5.9 Soco Internationa . . .333.4 2.3 484.2 292.0 Intertek Group . . . . .1850.0 -7.0 2000.0 1323.0 Faroe Petroleum . . . .185.3 -4.8 218.3 106.0
Tsy 4.250 36 . . . . .97.63 -0.19 107.4 93.6 Electra Private E . . .1600.0 -12.0 1719.0 1177.0 FIXED LINE TELECOMS Tullow Oil . . . . . . . . .1411.0 3.0 1452.0 991.5 Michael Page Inte . . .512.5 -1.0 565.5 346.4 Gulfsands Petrole . . .310.5 -0.5 401.5 240.0
Tsy 4.750 38 . . . .105.81 -0.25 116.5 101.5 ITV . . . . . . . . . . . . . . . .93.5 9.3 BBA Aviation . . . . . . .206.0 -5.9
F&C Inv Trust . . . . . .308.9 -1.0 316.8 251.4 BT Group . . . . . . . . . .179.5 -1.3 190.8 109.9 Trinity Mirror . . . . . . . .84.3 7.0 Whitbread . . . . . . . .1644.0 -5.2 Mitie Group . . . . . . . .201.4 -1.5 241.1 188.7 GW Pharmaceutical .105.0 -4.0 141.0 83.0
Tsy 4.500 42 . . . .102.46 0.00 112.8 97.8 Fidelity China Sp . . . .109.5 3.2 128.7 92.3 Cable & Wireless . . . .48.0 -0.4 63.7 44.4 OIL EQUIPMENT & SERVICES Premier Farnell . . . . .300.2 -2.6 305.6 186.0 Hamworthy . . . . . . . .470.0 -16.3 502.0 256.8
Unite Group . . . . . . . .209.4 6.8 Carillion . . . . . . . . . . .357.4 -4.4
Fidelity European . .1152.0 4.0 1170.0 916.0 Cable & Wireless . . . .70.9 0.1 100.0 60.5 Amec . . . . . . . . . . . .1129.0 -19.0 1251.0 760.5 Regus . . . . . . . . . . . . .105.5 0.0 120.0 66.1 Hargreaves Servic . .947.0 -21.0 983.0 556.5
AEROSPACE & DEFENCE Fidelity Special . . . . .574.0 -3.0 595.0 503.0 COLT Group SA . . . .153.7 0.7 156.2 109.0 Elementis . . . . . . . . . .142.8 6.6 Cobham . . . . . . . . . . .208.9 -4.4 Hunting . . . . . . . . . . .778.5 -11.5 806.0 439.4 Rentokil Initial . . . . . . .88.3 -2.5 138.5 87.7 Healthcare Locums . .112.5 0.0 112.5 112.5
BAE Systems . . . . . .320.8 -3.2 388.8 294.7 Herald Inv Trust . . . . .510.0 4.0 541.0 349.8 TalkTalk Telecom . . .150.0 0.0 168.3 108.5 Exillon Energy . . . . . .454.6 5.1 Senior . . . . . . . . . . . . .142.4 -4.3 John Wood Group . .650.5 0.0 670.0 293.1 RPS Group . . . . . . . . .200.6 0.5 242.0 169.8 Immunodiagnostic . .815.0 -11.0 975.0 575.0
Chemring Group . . .3264.0 -66.0 3663.0 2598.0 HSBC Infrastructu . . .116.5 -0.1 121.2 112.0 Serco Group . . . . . . .579.5 4.6 LMS Capital . . . . . . . . .56.5 -4.2 Lamprell . . . . . . . . . . .306.7 1.7 390.0 195.3 Serco Group . . . . . . .579.5 25.5 651.0 529.5 James Halstead . . . . .448.0 -2.0 450.0 283.3
FOOD & DRUG RETAILERS
Cobham . . . . . . . . . . .208.9 -9.5 275.9 192.3 Impax Environment .117.6 -0.4 130.5 106.5 Standard Chartered 1688.0 4.3 Heritage Oil . . . . . . . .261.7 -4.2 Petrofac Ltd. . . . . . .1416.0 -32.0 1685.0 990.7 Shanks Group . . . . . .116.4 0.8 126.7 92.0 Kalahari Minerals . . .271.0 9.0 274.0 142.0
Meggitt . . . . . . . . . . . .348.0 -3.7 380.9 261.7 JPMorgan American .865.0 -15.5 909.0 673.0 Booker Group . . . . . . .57.0 0.3 60.6 38.6 Bloomsbury Publish .125.8 3.9 Creston . . . . . . . . . . . .95.0 -4.0 SIG . . . . . . . . . . . . . . .129.0 0.8 153.2 90.7 London Mining . . . . .378.8 2.5 418.8 194.0
QinetiQ Group . . . . . .122.8 -0.2 142.0 96.7 JPMorgan Asian In . .218.4 0.9 250.8 182.5 Greggs . . . . . . . . . . . .492.0 6.2 501.5 413.5 PERSONAL GOODS SThree . . . . . . . . . . . .424.4 -0.9 426.2 231.1 Lonrho . . . . . . . . . . . . .16.8 0.0 19.0 9.4
Rolls-Royce Group . .597.0 -16.0 665.0 535.0 JPMorgan Emerging .559.0 0.5 639.0 479.5 Morrison (Wm) Sup .278.1 0.1 306.3 257.6 Price Chg High Low Price Chg High Low Burberry Group . . . .1161.0 -23.0 1200.0 612.5 Travis Perkins . . . . . .996.0 -2.5 1127.0 669.5 M. P. Evans Group . .440.0 8.0 500.5 317.5
Senior . . . . . . . . . . . . .142.4 -6.4 159.5 89.0 JPMorgan European .858.0 3.5 885.0 606.0 Ocado Group . . . . . . .214.0 0.7 285.0 123.5 PZ Cussons . . . . . . . .351.9 5.8 409.0 260.1 Wolseley . . . . . . . . .2133.0 -17.0 2261.0 1223.0 Majestic Wine . . . . . .405.0 -12.0 430.0 255.0
Ultra Electronics . . .1682.0 -30.0 1895.0 1375.0 JPMorgan Indian I . . .407.8 -2.2 502.0 377.2 Sainsbury (J) . . . . . . .369.5 -1.3 395.0 312.9 Berkeley Group Ho .1012.0 -2.0 1035.0 751.0 Euromoney Institu . .700.0 -8.5 736.0 462.5 Supergroup . . . . . . .1542.0 -57.0 1820.0 535.0 May Gurney Integr . .260.0 3.0 264.0 177.0
JPMorgan Russian .685.0 13.0 755.0 502.0 Tesco . . . . . . . . . . . . .399.2 -1.4 454.4 377.5 Bovis Homes Group .446.9 -5.7 460.0 326.6 Future . . . . . . . . . . . . . .27.5 0.0 30.0 15.8 TECHNOLOGY HARDW. & EQUIP. Monitise . . . . . . . . . . . .23.8 -1.0 27.0 14.3
ALTERNATIVE ENERGY Law Debenture Cor . .345.0 -1.5 362.9 273.3 PHARMACEUTICALS & BIOTECH ARM Holdings . . . . . .596.0 0.0 651.0 218.0 Mulberry Group . . . .1200.0 -15.0 1388.0 176.0
Mcbride . . . . . . . . . . .142.2 -0.9 247.4 114.0 Haynes Publishing . .233.5 1.0 262.5 202.5
Hansen Transmissi . . .42.2 -0.4 108.0 40.0 Mercantile Inv Tr . . .1093.0 8.0 1137.0 840.0 FOOD PRODUCERS Huntsworth . . . . . . . . .76.0 -2.5 87.5 65.0 AstraZeneca . . . . . .2951.5 -29.0 3385.0 2772.0 CSR . . . . . . . . . . . . . .381.0 -2.0 495.0 280.9 Nanoco Group . . . . . . .79.8 1.8 115.8 77.8
Persimmon . . . . . . . .450.6 -1.3 507.5 336.5
Merchants Trust . . . .397.5 -1.5 425.0 320.0 Associated Britis . . .980.5 -12.5 1182.0 918.0 Reckitt Benckiser . .3164.0 22.0 3655.0 3037.0 Informa . . . . . . . . . . . .430.0 -1.7 461.1 342.1 BTG . . . . . . . . . . . . . .212.8 -1.6 263.0 154.2 Imagination Techn . .431.0 8.9 441.7 215.1 Nautical Petroleu . . .431.0 -4.0 547.0 45.0
AUTOMOBILES & PARTS Monks Inv Trust . . . .338.3 -4.4 363.0 275.5 Cranswick . . . . . . . . .840.0 5.0 907.5 784.0 Genus . . . . . . . . . . . . .909.0 28.5 914.5 677.5 Pace . . . . . . . . . . . . . .214.5 3.2 231.8 148.6 Nichols . . . . . . . . . . . .465.0 -14.8 495.0 332.5
Redrow . . . . . . . . . . . .125.7 -1.5 151.9 97.5 ITE Group . . . . . . . . . .242.2 -0.9 252.2 130.6
GKN . . . . . . . . . . . . . .204.6 3.1 237.1 109.3 Murray Income Tru . .626.5 -4.5 649.0 518.0 Dairy Crest Group . . .353.3 4.3 424.9 334.6 Taylor Wimpey . . . . . . .39.0 -0.3 44.0 22.3 ITV . . . . . . . . . . . . . . . . .93.5 8.0 94.1 48.3 GlaxoSmithKline . . .1159.0 -13.0 1318.5 1095.0 Spirent Communica .155.3 -4.7 160.3 102.8 Numis Corporation . .120.5 -0.5 158.5 109.0
Murray Internatio . . .906.0 -6.0 966.0 791.5 Devro . . . . . . . . . . . . .269.0 4.8 275.0 161.0 Johnston Press . . . . . .12.0 -0.8 33.5 9.1 Hikma Pharmaceuti .764.0 0.0 900.0 572.0 Patagonia Gold . . . . . .53.0 3.0 59.3 12.5
BANKS Perpetual Income . . .250.8 0.1 262.0 203.0 Premier Foods . . . . . . .26.9 -0.9 34.5 16.0 INDUSTRIAL ENGINEERING Shire Plc . . . . . . . . . .1719.0 -25.0 1744.0 1321.0 TOBACCO Pursuit Dynamics . . .325.0 -16.8 700.0 180.0
Mecom Group . . . . . .264.0 0.8 288.0 162.0
Barclays . . . . . . . . . . .314.4 1.2 383.2 255.4 Polar Cap Technol . .356.7 -0.1 391.2 259.5 Tate & Lyle . . . . . . . . .542.0 -12.0 599.5 409.1 Bodycote . . . . . . . . . .306.5 -3.1 309.6 179.7 Moneysupermarket. . .89.5 0.5 91.5 61.0 British American . .2451.0 -19.5 2521.0 1959.0 Rockhopper Explor .229.8 -4.0 510.0 37.0
HSBC Holdings . . . . .657.5 -0.5 730.9 596.2 RIT Capital Partn . . .1265.0 17.0 1328.0 1027.0 Unilever . . . . . . . . . .1820.0 -3.0 1997.0 1688.0 Pearson . . . . . . . . . .1040.0 5.0 1066.0 864.0 REAL ESTATE INVEST. & SERV. Imperial Tobacco . .1952.0 9.0 2154.0 1753.0 RWS Holdings . . . . . .354.8 -0.3 370.0 239.0
Charter Internati . . . .741.0 -20.0 853.5 567.0
Lloyds Banking Gr . . .62.7 1.0 77.6 50.5 Schroder Asia Pac . .211.0 -1.0 233.6 177.5 Fenner . . . . . . . . . . . .326.8 -0.5 386.7 183.3 Reed Elsevier . . . . . .541.0 1.5 590.5 460.6 Capital & Countie . . .153.8 5.0 156.9 100.0 Songbird Estates . . .139.0 0.0 180.2 133.8
Scottish Inv Trus . . . .489.3 -6.7 516.5 401.5 FORESTRY & PAPER Daejan Holdings . . .2837.0 27.0 2927.0 2157.0 TRAVEL & LEISURE Sterling Energy . . . . . .69.5 0.8 166.0 51.3
Royal Bank of Sco . . .44.2 -0.1 58.1 37.6 IMI . . . . . . . . . . . . . . . .885.0 -2.0 953.0 578.0 Rightmove . . . . . . . . .934.0 34.0 947.0 596.5
Standard Chartere .1688.0 70.0 1950.0 1514.5 Scottish Mortgage . .697.0 -7.5 742.5 533.0 Mondi . . . . . . . . . . . . .537.5 -12.5 557.5 367.6 Melrose . . . . . . . . . . .303.7 1.0 329.0 182.0 STV Group . . . . . . . . .152.5 2.5 154.0 48.0 F&C Commercial Pr .102.2 0.2 107.0 88.0 Avis Europe . . . . . . . .211.0 0.5 284.7 190.0 Valiant Petroleum . . .626.0 -13.0 761.5 504.0
SVG Capital . . . . . . . .246.7 4.1 250.8 133.6 Rotork . . . . . . . . . . .1709.0 -22.0 1895.0 1254.0 Tarsus Group . . . . . .136.5 -0.3 145.0 106.5 Grainger . . . . . . . . . . .102.6 3.4 145.0 86.3 Betfair Group . . . . . . .871.5 0.5 1550.0 863.5 Vatukoula Gold Mi . . .163.0 1.0 227.0 84.0
BEVERAGES Temple Bar Inv Tr . . .876.5 5.5 913.5 717.0 GAS, WATER & MULTIUTILITIES Helical Bar . . . . . . . . .279.7 7.3 358.8 262.0 Carnival . . . . . . . . . .2604.0 3.0 3153.0 2037.0 Young & Co's Brew . .595.0 -0.3 670.0 495.0
Spirax-Sarco Engi . .1860.0 -10.0 2025.0 1298.0 Trinity Mirror . . . . . . . .84.3 5.5 170.1 64.5
AG Barr . . . . . . . . . .1048.0 4.0 1304.0 843.0 Templeton Emergin .608.0 3.0 689.5 497.0 Centrica . . . . . . . . . . .332.0 -1.5 346.1 264.5 Weir Group . . . . . . .1702.0 -10.0 1861.0 802.5 United Business M . .645.0 -6.0 725.0 455.0 London & Stamford .125.0 -0.5 133.5 110.3 Compass Group . . . .540.5 -9.5 594.0 492.6
Britvic . . . . . . . . . . . . .375.6 3.0 518.0 364.5 TR Property Inv T . . .167.1 0.3 171.2 132.3 International Pow . . .327.5 -5.7 448.6 284.5 Ferrexpo . . . . . . . . . . .417.9 -5.0 447.9 219.0 UTV Media . . . . . . . . .130.0 4.0 151.0 95.0 Savills . . . . . . . . . . . . .380.3 -5.7 399.0 273.1 Domino's Pizza UK . .470.5 6.0 586.0 324.7
Diageo . . . . . . . . . . .1183.0 -29.0 1258.0 1025.0 TR Property Inv T . . . .80.5 -0.2 82.0 59.2 National Grid . . . . . . .567.5 2.5 596.2 484.2 Talvivaara Mining . . .548.0 -4.5 622.0 342.4 Wilmington Group . .162.5 -0.8 183.0 129.0 St. Modwen Proper . .163.5 3.6 201.0 135.4 easyJet . . . . . . . . . . . .351.4 -3.0 496.5 342.8
SABMiller . . . . . . . . .2052.5 -15.5 2306.0 1810.0 Witan Inv Trust . . . . .502.0 -2.0 522.0 409.9 Northumbrian Wate .328.6 5.1 361.5 252.8 WPP . . . . . . . . . . . . . .831.5 1.5 846.5 608.0 UK Commercial Pro . .78.0 0.2 85.0 72.8 Enterprise Inns . . . . . .93.5 0.3 139.3 84.4
Pennon Group . . . . . .625.5 -0.5 650.0 482.9 INDUSTRIAL TRANSPORTATION Unite Group . . . . . . . .209.4 13.3 285.7 163.0 FirstGroup . . . . . . . . .360.7 1.9 412.6 342.8
FINANCIAL SERVICES Yell Group . . . . . . . . . . .6.5 -0.2 59.0 6.3
CHEMICALS Severn Trent . . . . . .1474.0 6.0 1499.0 1086.0 Go-Ahead Group . . .1381.0 -7.0 1490.0 1042.0
BBA Aviation . . . . . . .206.0 -12.8 240.8 161.5 REAL ESTATE INVEST. TRUSTS
AZ Electronic Mat . . .303.0 1.7 320.0 249.0 3i Group . . . . . . . . . . .304.8 -3.2 340.0 251.9 United Utilities . . . . .592.0 5.5 628.5 507.0 MINING Greene King . . . . . . .461.7 5.5 491.4 376.2
Forth Ports . . . . . . . .1439.0 -33.0 1528.0 1080.0
Croda Internation . .1593.0 -12.0 1639.0 900.0 3i Infrastructure . . . . .119.9 0.9 125.2 104.1
GENERAL INDUSTRIALS Stobart Group Ltd . . .146.0 -1.3 163.6 132.0 African Barrick G . . .582.0 0.0 670.0 501.5 Big Yellow Group . . .330.0 1.0 353.3 284.4 InterContinental . . .1310.0 -4.0 1435.0 953.0 http://corporate.webfg.com
Elementis . . . . . . . . . .142.8 8.8 144.1 51.5 Aberdeen Asset Ma .205.1 -1.3 229.5 117.0 Anglo American . . .3268.0 -38.0 3437.0 2254.0 British Land Co . . . . .567.5 -3.0 583.5 418.3 International Con . . .226.2 3.4 305.0 184.2 mailto:
Ashmore Group . . . .331.8 2.1 383.7 235.0 Cookson Group . . . . .673.0 -15.0 694.5 367.4 NON LIFE INSURANCE Capital Shopping . . .385.8 -3.8 424.8 301.0 JD Wetherspoon . . . .432.0 0.1 548.5 386.5
Johnson Matthey . .1865.0 -29.0 2100.0 1460.0 Antofagasta . . . . . . .1409.0 -9.0 1634.0 761.0
Victrex . . . . . . . . . . .1334.0 32.0 1522.0 874.0 Berkeley Technolo . . . .3.2 0.0 9.0 2.2 DS Smith . . . . . . . . . .198.1 2.1 226.0 108.0 Admiral Group . . . . .1655.0 -53.0 1753.0 1210.0 Aquarius Platinum . .399.0 -1.3 458.0 227.1 Derwent London . . .1675.0 0.0 1698.0 1208.0 Ladbrokes . . . . . . . . .133.6 -0.9 162.7 122.7 globaltechsales@webfg.com

EUSHARES USSHARES
Price Chg High Low Price Chg High Low
In association with

Don’t miss breaking


AIR LIQUIDE........................................92.89 -0.39 99.15 73.16 3M ........................................................91.32 0.86 93.65 67.98
ALLIANZ ............................................102.40 -1.10 108.85 75.82 ABBOTT LABS ...................................47.68 0.18 55.55 44.59
ALSTOM ..............................................41.45 -0.92 50.73 30.78 ALCOA ................................................16.18 -0.05 17.68 9.81

news with our new


ANHEUS-BUSCH INBEV ....................40.17 -0.95 46.33 35.06 ALTRIA GROUP ..................................25.05 -0.07 26.22 19.20
ARCELORMITTAL...............................26.30 -0.07 33.68 20.26 AMAZON.COM..................................172.02 2.58 191.60 105.80
AXA......................................................14.71 -0.33 17.60 10.88 AMERICAN EXPRESS........................43.02 -0.13 49.19 37.13
BANCO SANTANDER...........................8.64 -0.14 10.58 7.00 AMGEN INC.........................................51.39 -0.52 61.26 50.32

10:30 AM EMAIL
BASF SE..............................................60.33 0.51 61.88 39.94 APPLE ...............................................352.12 2.81 364.90 199.25
BAYER .................................................55.89 0.20 59.17 43.27 AT&T....................................................28.17 0.09 30.10 23.78
BBVA......................................................8.72 -0.10 10.95 6.87 BANK OF AMERICA ...........................13.83 -0.10 19.86 10.91
BMW ....................................................58.00 -1.67 65.49 29.95 BERKSHIRE HATAW B.......................85.02 -0.23 87.65 68.48
BNP PARIBAS.....................................54.33 -0.79 59.93 40.81 BOEING CO.........................................69.57 -0.55 76.00 59.48
CARREFOUR ......................................33.61
CREDIT AGRICOLE ............................12.15
-1.37
-0.24
41.28
13.78
30.85
7.87
Each day we’ll cover the morning’s breaking news, BRISTOL MYERS SQUI......................25.39
CATERPILLAR..................................100.97
-0.19
1.11
28.00
105.86
22.24
54.89
CRH PLC .............................................15.87
DAIMLER .............................................49.60
-0.45
-1.42
22.00
59.09
11.51
30.74
give you current market analysis and CHEVRON .........................................103.47
CISCO SYSTEMS................................18.50
0.57
-0.06
104.99
27.74
66.83
18.23
DANONE..............................................45.01
DEUTSCHE BANK ..............................45.95
-0.59
0.14
48.50
55.25
39.35
35.93
the most up-to-date financial headlines. COCA-COLA .......................................64.43
COLGATE PALMOLIVE ......................77.30
-0.48
-0.34
65.88
86.15
49.47
73.12
DEUTSCHE BOERSE .........................55.17 0.14 62.48 46.33 COMCAST CLASS A ..........................25.07 -0.21 25.91 16.30
DEUTSCHE TELEKOM .........................9.75 0.05 10.64 8.51 CONOCOPHILLIPS.............................78.25 0.42 79.60 48.06
E.ON.....................................................23.29
ENEL......................................................4.26
-0.11
-0.01
28.93
4.36
20.86
3.42
Sign up now to ensure you DU PONT(EI) DE NMR........................53.06
EMC CORP..........................................26.69
-0.16
0.11
56.19
27.38
33.58
17.10
ENI .......................................................17.45
FRANCE TELECOM............................15.87
-0.03
-0.02
18.66
17.92
14.30
14.01
receive our free email. EXXON MOBIL....................................85.08
GENERAL ELECTRIC.........................20.32
0.28
0.07
88.23
21.65
55.94
13.75
GDF SUEZ ...........................................28.21 -0.54 30.05 22.64 GOLDMAN SACHS GRP ..................161.69 0.38 186.41 129.50

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GENERALI ASS...................................16.13 -0.10 18.25 13.31 In association with GOOGLE A........................................600.79 0.03 642.96 433.63
IBERDROLA ..........................................6.13 -0.10 6.50 4.38 Visit:
HEWLETT PACKARD.........................43.24 0.33 54.75 37.32
ING GROEP CVA...................................8.76 -0.21 9.32 5.34 HOME DEPOT.....................................36.66 -0.10 39.38 26.62
INTESA SANPAOLO .............................2.38 0.00 2.99 1.88 IBM.....................................................160.16 0.19 166.25 116.00
KON.PHILIPS ELECTR .......................23.19 -0.25 27.01 20.58 INTEL CORP .......................................21.49 0.10 24.37 17.60
L'OREAL..............................................83.54 -0.06 90.00 70.90 J.P.MORGAN CHASE .........................45.21 -0.39 48.36 35.16
LVMH..................................................113.15 -2.15 129.05 78.26 WORLD INDICES JOHNSON & JOHNSON.....................60.81 0.11 66.20 56.86
MUNICH RE .......................................118.10 -2.80 126.00 98.38 KRAFT FOODS A................................31.49 -0.06 32.67 27.49
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................6.28 -0.05 11.82 6.14 MC DONALD'S CORP ........................74.69 -0.20 80.94 63.25
FTSE 100 . . . . . . . . . . . . . . 5914.89 -20.87 -0.35 S&P 500 . . . . . . . . . . . . . . . 1308.44 2.11 0.16 CAC 40 . . . . . . . . . . . . . . . . 4034.32 -32.83 -0.81 BOVESPA SAO PAOLO . . 67281.51 1038.88 1.57
REPSOL YPF.......................................24.24 0.21 24.74 15.31 FTSE 250 INDEX. . . . . . . . 11543.37 -30.75 -0.27 NASDAQ COMPOSITE . . . 2748.07 10.66 0.39 SHANGHAI SE INDEX . . . . 2913.81 -5.11 -0.18 ISEQ OVERALL INDEX . . . 2921.66 -37.50 -1.27 MERCK AND CO. NEW ......................32.58 0.12 39.04 30.70
RWE .....................................................47.99 -0.25 68.34 47.65 FTSE UK ALL SHARE . . . . 3069.04 -10.62 -0.34 FTSEUROFIRST 300 . . . . . 1153.73 -8.19 -0.70 HANG SENG. . . . . . . . . . . 23048.66 -347.76 -1.49 STI . . . . . . . . . . . . . . . . . . . . 3027.51 -40.09 -1.31 MICROSOFT........................................26.08 -0.08 31.58 22.73
SAINT-GOBAIN ...................................42.85 0.03 44.85 27.81 FTSE AIM ALL SH . . . . . . . . 926.63 -3.84 -0.41 NIKKEI 225 AVERAGE . . . 10492.38 -261.65 -2.43 S&P/ASX 20 INDEX . . . . . . 2877.50 0.00 0.00 IGBM . . . . . . . . . . . . . . . . . . 1089.84 -12.53 -1.14 OCCID. PETROLEUM.......................100.79 0.57 107.56 72.13
SANOFI-AVENTIS ...............................51.07 0.49 57.45 44.01 DOW JONES INDUS 30 . . 12066.80 8.78 0.07 DAX 30 PERFORMANCE. . 7181.12 -42.18 -0.58 ASX ALL ORDINARIES . . . 4898.30 0.00 0.00 SWISS MARKET INDEX. . . 6592.07 -27.29 -0.41 ORACLE CORP...................................32.12 0.46 33.71 21.24
SAP ......................................................43.67 -0.03 45.05 33.12 PEPSICO .............................................62.94 -0.27 68.11 60.32
SCHNEIDER ELECTRIC ...................118.15
SIEMENS .............................................95.30
-1.95
-1.01
122.95
98.92
73.95
63.56
COMMODITIES CREDIT & RATES PFIZER ................................................19.19
PHILIP MORRIS INTL .........................62.92
0.05
0.65
19.49
63.63
14.00
2.00
SOCIETE GENERALE.........................48.53 -0.66 52.70 29.71 LON GD ONCE FIX AM...........1430.50 16.00 TIN CASH.............................32300.00 40.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.000 0.00 PROCTER AND GAMBLE ..................62.41 -0.33 66.95 39.37
TELECOM ITALIA..................................1.14 0.03 1.16 0.88 SILVER LDN FIX AM ..................34.84 0.53 ZINC CASH ............................2491.00 14.00 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................57.10 -0.94 59.84 31.63
TELEFONICA ......................................18.14 -0.26 19.69 14.67 MAPLE LEAF 1 OZ ....................65.00 -1.50 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................90.99 -0.51 95.64 51.67
BRENT SPOT INDEX ................113.64 1.19 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.00
TOTAL..................................................43.36 -0.11 44.63 35.66 LON PLATINUM AM................1837.00 28.00 TRAVELERS CIES ..............................58.81 -0.41 61.15 47.69
SOYA .....................................1367.50 0.00 BoE IR 6 months ............................0.500 0.00 European repo rate .........................0.495 -0.09
UNIBAIL-RODAMCO SE...................145.30 -0.30 155.95 105.19 LON PALLADIUM AM ...............814.00 10.00 UNITED TECHNOLOGIE ....................82.05 -0.03 85.46 62.88
COCOA ..................................3660.00 0.00 LIBOR Euro - overnight ..................0.461 -0.12 Euro Euribor ....................................0.698 -0.01
UNICREDIT............................................1.83 0.00 2.30 1.46 ALUMINIUM CASH .................2581.00 50.00 LIBOR Euro - 12 months ................1.701 0.01 The vix index ...................................20.33 -0.68 VERIZON COMMS ..............................36.34 0.32 37.70 24.77
UNILEVER CVA...................................21.76 -0.14 24.11 20.68 COPPER CASH ......................9907.00 50.00 COFFEE...................................269.30 0.00 WAL-MART STORES..........................51.97 -0.10 57.90 47.77
LIBOR USD - overnight...................0.223 0.00 The baltic dry index ........................1.262 0.01
VINCI....................................................43.61 0.50 44.98 33.01 LEAD CASH ...........................2568.00 35.00 KRUG.....................................1491.80 16.20 LIBOR USD - 12 months .................0.786 0.00 Markit iBoxx...................................212.25 -0.29 WALT DISNEY CO ..............................43.29 0.30 44.05 30.72
VIVENDI ...............................................20.04 -0.35 22.07 16.18 NICKEL CASH ......................28870.00 40.00 WHEAT ....................................200.25 -2.83 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ....................................99.74 2.46 WELLS FARGO & CO.........................31.55 -0.10 34.25 23.02
Lifestyle ANDREW LLOYD 23
WEBBERS’S
| Books WIZARD OF OZ
REVIEWED TOMORROW

VEXED IN THE CITY


SOLVING YOUR
LOVE-LIFE-WORK
PROBLEMS

He gets all
green-eyed
when I go out
networking

Nora Ephron’s wisdom DEAR VEXED: I have been going to more


and more work functions of late and my
partner is starting to get suspicious/jeal-
ous. What should I do? Dara, 26, solicitor

OH dear. A jealous boyfriend. Jealous of what


exactly, though? Of the prospect of your
spending time out of his sight in the witching
ator Val McDermid. hours following work, and are therefore flirt-
The writer behind When Harry Met Sally stares death Returning to the fictional Scholastika’s ing and probably basking in the attention of a
College, Charlie discovers that the pack- thousand other men? Men that are more suc-
in the face, but wittily of course, says Amy Higgins age was sent by her former university cessful, better looking and more charming
tutor and the mother-in-law of the mur- than him?
dered man Corinna Newsam. Her daugh- Or jealous of what appears to be your bur-
me. After all, if I can’t remember it, who Above: Meg Ryan and ter Magda’s new partner – millionairess geoning success at work?
I REMEMBER NOTHING AND can?” Now aged 70, she makes a list of Billy Crystal in When Jay Stewart – emerges as the chief sus- Between the two of them, there seems to
OTHER REFLECTIONS what she will and won’t miss once dead Harry Met Sally, Nora pect. But as with all the best detective sto- be plenty of grounds (not justified or rational,
BY NORA EPHRON (the latter includes dry skin, small print Ephron’s classic ries, there is more to the mystery than mind you) for his discontent.
Doubleday, £12.99 and taking off makeup every night) and screenplay. Below: first meets the eye. If he’s the jealous type, and you know this,
resolves to make the most of her remain- Ephron herself. Just as Charlie becomes increasingly then I’d caution you to take his reaction to
hhhii ing years: “I try to say to myself, ‘If this is obsessed by the murder, the reader is your life beyond him as a big red flag about his
one of the last days of my life, am I doing tightly gripped by the unfolding tale, cap- suitability as a partner. If he’s getting in a flus-
NORA Ephron, the author of this collec- exactly what I want to be doing? I aim low. tivated by the arcane inscrutability of the ter now, what will be do when you get to a
tion of reminiscences, wry observations My idea of a perfect day is a frozen custard Oxford collegiate bubble. McDermid is a more critical point in your career, requiring
and the occasional recipe, will be familiar at Shake Shack and a walk in the park. former undergraduate of St. Hilda’s, so evenmore hard work? You don’t want him
to most as the creator of THAT scene in (Followed by a Lactaid [which prevents the her evocation is flawless, chilling and adding counter-productive pressure to you
When Harry Met Sally. While I Remember bloating caused by dairy].)” truly un-put-downable. when you need it all to keep afloat at work.
Nothing is unlikely to reach the celebrated Reading this book is the bibliographic Just released in paperback, there’s no If he’s jealous of your professional success,
heights of Meg Ryan’s notorious faked equivalent of knocking back of few sher- excuse not to grab it for your next flight. that’s not good either. But it might be an
orgasm, it is just as funny and almost cer- ries and shooting the breeze with a viva- understandable reaction if he is struggling at
tainly more profound – although Ephron, cious and unusually articulate maiden work. As for what you can do to smooth
whose instinct for self-deprecation rarely aunt, who also happens to boast a wild, FEAR ITSELF things over, be absolutely sure you’re available
fails her, would probably argue to the con- celebrity-filled past. If, like me, you aren’t BY ANDREW ROSENHEIM to listen to him. Do you even know what’s
trary. blessed with such a relation, this book is Random House, £14.99 going on his life that could lead him to resent
She doesn’t get it all right, but with an enjoyable substitute. your nights out networking? If he’s having a
such a rich variety of subject matter, this hhhii tough time at work, or he’s just fallen out with
is hardly surprising. Jumping haphazardly TRICK OF THE DARK his best friends, you need to show you care.
(in a good way – usually) from topic to VAL MCDERMID Listen. Make him feel like even if you’re going
topic, her content ranges widely from the Sphere, £7.99 (paperback) through a busy patch, you’re there for him.
mundane (a pithy treatise on the point- THE scene is 1930s America, tense with Try creating a regular weekend night when
lessness of chicken soup is memorable for hhhii the after-effects of the Depression and the two of you can catch up, out of work’s
the wrong reasons) to the fabulous (well- reluctant to get involved in an emerging reach.
known faces whom she met but can war in Europe, not least because of its Explain to him clearly and compassionately
“remember nothing about” include forty million citizens of German ancestry. why all this networking is positive for your
Eleanor Roosevelt, Cary Grant and Jimmy SUSPENDED from her job as a clinical Jimmy Nessheim, an up-and-coming career and self esteem. You are not going out
Stewart among countless others) to the psychologist and considering an extra- Special Agent in the fledgling FBI, is deter- clubbing with hot men and he’s not invited.
heart-wrenchingly personal (her philan- marital affair, Charlie Flint’s life seems mined to prove his worth when he is In fact, you could suggest he join you at
dering second husband is summarised in to have reached a dead end. When assigned to infiltrate a pro-German organ- some of the events you go to. That would
one acid-short sentence: “he could have she receives an anonymous package isation called the Bund – which is deter- show you have nothing to hide and, when he
sex with a Venetian blind”). of cuttings about the brutal mur- mined to prevent America taking part in predictably turns down your offer, he can
But it is her cool, almost flippant der of a groom, battered to death the war. Circulating in Washington high hardly continue to complain.
approach to the twin themes of ageing hours after his wedding in her old society and moving closer towards the I suspect that at the root of the problem is
and death (subjects of universal signifi- Oxford college, she can’t get it out truth, Jimmy finds his investigations “fomo”, also known as “fear of missing out”. If
cance, yet frequently avoided by writers, or of her head. pointing towards a conspiracy in the his own life was as he wanted it, I don’t think
worse – shrouded in sugary clichés) that These are the intriguing begin- White House itself and a President in dan- there’d be any issues.
makes I Remember Nothing such a nings of Trick Of The Dark – a ger. This is a sharply written, intelligent If he won’t recognise this, and takes it out
refreshing and worthwhile read. “On dark-hearted, multi-layered exploration of the imagined events that on you, I’d start reconsidering. But a bit of
some level” she says, with regard to her thriller by crime novelist extraor- might have kept America out of World love and attention should do the trick.
failing memory, “my life was wasted on dinaire and Wire In The Blood cre- War II. vexed@cityam.com

OUT OF OFFICE
ZOE STRIMPEL
BOOK AHEAD: TERRY GILLIAM’S Goethe’s dramatic poem, it was conceived AS YOU LIKE IT AT KINGSTON’S ROSE As You Like It
FAUST AT THE COLISEUM as first an oratorio, then an opera, and The Rose in Kingston is a real boon for is one of
If you’re looking for a chance to get your finally a “dramatic legend”. Berlioz’s story locals. Sometime, it’s even worth making Shakespeare’s richest
operatic juices flowing, then Terry examines the idea of temptation, and the the trip for those who live outside of the comedies.
Gilliam’s new production of Berlioz’s The lengths a man will go to for love, through leafy suburb. If the unique charm of local-
Damnation of Faust for the ENO should do the always-fascinating tale of Faust’s temp- ly-produced, lowish budget Shakespeare is
it. Co-produced with Antwerp’s De tation by the devilish Mephistopheles. appealing to you, then the Rose’s current
Vlaamse Opera, the show looks to be a Opens 6 May 2011 (10 performances). performance of As You Like It is one such
must-book. Based on a translation of www.eno.org. occasion. www.rosetheatrekingston.org
24 Lifestyle | Restaurant Review CITYA.M. 3 MARCH 2011

The toast of New York brings a FOOD &


BOOZE NEWS
ZOE STRIMPEL

riot of spices to Leicester Square CINNAMON CLUB’S LAVISH TENTH


The Cinnamon Club, stalwart of the
Westminster fine dining scene and easily the
most atmospheric restaurant in the radius of
our governmental seat, has reached the
Zoe Strimpel meets grand old age of ten. So what? Well, the
chance to win, via lottery, a ticket to what
the chef bringing has to be one of the most delectable dinners
of the year. Ravioli of Norwegian king crab,
super-swanky Asian cured salmon with coriander soup; a selec-
tion of Bombay street food (that won’t make
you sick); Tandoori breast of squab pigeon
food to Soho with cloves and poached egg….what’s not to
drool at? Dinner on 21 March. Register at
cinnamonclub.com for your chance to par-

I
N the Friends episode called The One take of a ten-course tasting menu
Where Ross Can’t Flirt (Season Five,
obviously), Chandler divulges to Ross
that he has scored dinner reservations
at Jean Georges to celebrate his ten-month
anniversary with Monica.
Jean Georges is the Manhattan restau-
rant owned by Jean Georges Vongerichten,
an Alsace-born, New York-based celebrity
chef. To have penetrated pop culture to this
degree (Friends!) is clearly a sign of power.
But Vongerichten’s influence is not limited
to soap operas or fad: in terms of sheer vol-
ume (he now has 29 restaurants) and quali-
ty (his Jean Georges flagship in Manhattan
has three Michelin stars and was given an
almost unheard of four stars by the New
York Times on opening in 1998), his power
is inarguable. ZENNA BAR BRINGS SPICE TO
Vongerichten’s style took a different DEAN STREET
direction in New York (he also has restau- The formerly unpreposessing bar below the
rants in Las Vegas, Boston, Atlanta, Doha Indian restaurant Red Fort has relaunched
and Shanghai) with the opening of the Above: the Spice How would you describe the food of today? There are a lot of big Asian hotels opening in with a tip-top cocktail list. If you’re on
Spice Market – South-East Asian food done Market in the W. Food today is very personal. My menu, for Paris. How about a Spice Market there? Dean Street you could do worse than nip-
with glamorous panache and above aver- Below: Jean Georges. example, comes from my dreams, my I don’t know about Paris. The energy in ping in for cocktails in the “spice” range: we
agely attractive waiters. experiences. My voyage. The little lady or London is different. The French are not as think the spiced chocolate orange martini
So the opening of a Spice Market at the guy cooking on the side of the temples I open to other food. Nobody grew up in with cointreau and chocolate sounds good;
new W Hotel, the splashiest hotel to open visited. And in terms of ingredients, glob- France eating Indian food/spicy food – Spice or try the Illiana. Named after the mytho-
in London (Leicester Square, no less) in ages, alisation means that everyone now has Market is too Asian, they’re not used to it. logical Indian golden dragon, it is known as
is a big deal. We catch up with the super- some ginger in their larder. It’s no longer New York and London are much more open. the “world’s hottest cocktail” – so spicy
chef during his short stay in London to exotic. that guests must sign a waiver on ordering
launch the restaurant. Why the W? and it comes with its very own “fire extin-
How did you get from classical French cook- I have a partnership with Starwood, the guisher” accompaniment (Bombay Sapphire
What is your inspiration for the Spice Market? ing to South-East Asian street-food? hotel group that owns the W – I help them with lemon and soda) to quell the flames
I spent five years in Asia before opening in My soul is classically trained, but as you develop restaurants in their hotels. But I after drinking. 77 Dean Street, W1D 3SH.
New York. I was in Bangkok, Singapore, grow, you pick things up on the road. also love the location of the W, right by Tel: 020 7437 2525
Hong Kong and Japan – it was life chang- And when you have an economic crisis, Chinatown. We are just round the corner
ing. The restaurant recreates a blend of people want simple things – farm to from that authentic spice market. NEW GIN-LOVING BAR AT
memories. table. Most restaurants that have opened INTERCONTINENTAL
in New York City since the recession have Are you worried about appearing over-the-top The most recent addition to Park Lane’s
Isn’t pan-Asian food as a category a bit past- been Italian because it’s back to basics. in conscientious times? ever more sleek hotel offerings is the Arch
it? Chicken samosas and black pepper These are different times and you have to be Bar at the Intercontinental. Interestingly,
It’s not pan-Asian. It’s South-East Asian – shrimp can be basics, too. cautious. It’s not like the 90s and early this plush lounge will be gin-focussed, with
the spices and aromas of South-East Asian [naughties]. Appearance-wise, there is sexy 25 largely undiscovered London producers.
street food were my inspiration. The result Why did you choose London as a location lighting; the room is coppery but not too England is the name of the game, and you
is 80 per cent Asian, 20 per cent for a Spice Market? gilded. But it’s also what’s on our menu. We can also expect to find a goodly selection of
American/French. The Asian influence is so integrated only have sustainable fish, for example. We English wine and beer. We’re particularly
into the food scene here. Londoners care about finding small farmers to supply. excited about Gin Hour, running between
What’s your favourite Spice Market dish? have grown up with more Asian influ- Yes, it’s more work. But it’s exciting: it’s the 5.30–6.30pm every day, with such offerings
Black pepper shrimp with oven-dried ence so they understand the appeal. future. We want our children to be eating as Mother’s Ruin with Six O’Clock gin,
pineapple is a great one - based on a Also the ingredients taste stronger – great food on a healthier planet, after all. In champagne and fresh lemon and Gin and
Singaporian dish. The best Asian food you’re getting lemongrass, galangal New York you hear of a lot of Wall Street Ernest Roots, a take on the Hemingway
for me is the stuff you find outside and ginger straight from Asia, not from people who lose their jobs and go become Daquiri. Arch Bar at the Intercontinental,
temples and in markets. Florida and California. farmers. It’s very compelling. Park Lane. www.intercontinental.com

Need to boost office morale? Just set up a bar in the boardroom


A mobile bar set up at mobile bar company that has made a busi- was remarkable. People ran from their
ness of inebriating (or relaxing) office-work- desks, like bees to honey. Within the space
the City A.M. offices ers. An instant hit in Johannesburg, where
the founders are from, their bars have
of five minutes, the office had gone from a
room of serious, tired people to a buzzing
went down a treat, served Nelson Mandela, Jacob Zuma and
Oprah as well as thirsty workers.
hive of conversation, conviviality and enjoy-
ment – I would say that all of the above are
says Zoe Strimpel Now in London, we at City A.M. can vouch
for the genius of the idea. There are a range
conducive to productivity. It’s certainly
good for forming relationships with your
of bars to choose from. You can go for The colleagues: a bit like the Christmas party

I
T’S 6 o’clock and it’s been a long day at Full Spectrum, with all spirits, wine and but in the controlled confines of the work-
work. You’re not quite finished yet – beers. We had the Specialist, “aka the place.
but lord could you do with a drink. Cocktail Bar”. Three types of cocktail were You can customise the colours, ingredi-
Suddenly, your wildest dream repeatedly prepared for us over an hour ents and alcohol content of your bar. We
becomes reality. and a half: we had a passion fruit julep, were impressed by the quietness with
We’re talking about an actual, zippy bar mango mojito, lychee martini. They which they prepared – it takes an hour or
setting up shop in the conference room or weren’t the most exquisite, but then again, so to set up and build the bar with all the
kitchen, with a couple of cute and enthusi- the were made with vim and vigour and, I drinks and glasses – and we didn’t notice.
astic barmen vigorously shaking up fresh can’t stress this enough, served in the con- Until, of course, the cocktails were served.
and fruity cocktails. ference room. Cocktail bars from £695 for ten people. www.liq-
This is the genius of Liquid Chefs, a City A.M. reporters enjoying the temporary boardroom bar. The effect on the employees of City A.M. uidchefs.co.uk, or email AdamS@liquidchefs.co.uk
CITYA.M. 3 MARCH 2011 Lifestyle | TV& Games 25

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK


TERRESTRIAL
6pm BBC News 6pm Eggheads 6pm London Tonight 6pm The Simpsons 6pm Home and Away
6.30pm BBC London News 6.30pm My Life in Books 6.30pm ITV News 6.30pm Hollyoaks 6.25pm OK! TV
7pm The One Show 7pm The Culture Show: 7pm Emmerdale 7pm Channel 4 News 7pm 5 News at 7
7.30pm EastEnders: BBC News Alastair Sooke interviews 7.30pm The Great 7.55pm 4thought.tv 7.30pm CHOICE Monkey Life:
8pm Human Planet reclusive street artist JR. Tax Gap: Tonight 8pm Relocation, Relocation 5 News Update
9pm Comic Relief: Famous, 8pm The Hairy Bikers: Mums 8pm Emmerdale 9pm Love Thy Neighbour 8pm Jaws: The True Story:
Rich and in the Slums Know Best: Recipes for lazy 8.30pm Coronation Street 10pm 10 O’Clock Live A series of shark attacks in
10pm BBC News weekends of cooking. 9pm CHOICE Marchlands 11.05pm Friday Night Dinner 1916; 5 News at 9
10.25pm Regional News 9pm CHOICE The Spice Trail: 10pm ITV News at Ten 11.35pm The Ricky 9pm FILM Pistol Whipped:
10.35pm Question Time Kate Humble learns about the 10.30pm London News Gervais Show Action thriller, starring
11.35pm This Week: history of saffron and vanilla. 10.35pm Benidorm: The 12.05am Music on 4: CTRL MX Steven Seagal. 2008. THE SPICE TRAIL
Skiing Weatherview Last in the series. Garveys discover Madge has 12.40am Music on 4: On Track 11.05pm Steven Seagal v BBC2, 9PM
12.25am Sign Zone: Classroom 10pm Mock the Week sold up and left. 12.55am Music on 4: On Track Justin Lee Collins Kate Humble visits Morocco and Spain
Warriors – Panorama 10.30pm Newsnight: Weather 11.35pm Send in the Dogs 1.05am The People’s Supermarket 12.05am SuperCasino: to uncover the story of saffron, the
12.55am Sign Zone: Countryfile 11.20pm ICC Cricket World 12.30am The Zone; 2am Dispatches: Secret NHS Diaries Live interactive gaming. world’s most expensive spice, and learns
1.55am Antiques Roadshow Cup Highlights ITV News Headlines 2.50am The Incubator 3.15am 4am Your Sport 4.10am Brian about the history of vanilla in Mexico.
2.55am Britain’s Banks: Too Big to 12.20am The Culture Show 2.30am The Jeremy Kyle Show Without a Trace 4am Hill Street Sewell’s Grand Tour 4.55am Rough
Save? 3.55am Rip Off Britain 1.20am BBC News 4am-6am BBC 3.25am The Great Tax Gap: Tonight Blues 4.50am Brothers & Sisters Guide to Islands 5.10am Wildlife
4.25am-6am BBC News Learning Zone 3.50am-5.30am ITV Nightscreen 5.35am-6.20am Countdown SOS 5.35am-6am House Doctor

SKY SPORTS 1 BRITISH EUROSPORT 12.50am CSI: Crime Scene 2.45am Reaper 3.25am The DISCOVERY HOME &
SATELLITE & CABLE

Investigation 2.40am OC 4.10am Running in Heels


7pm Live Premier League 7pm Fight Club 8.45pm
Charmed 4.20am Four 4.50am-6am Switched HEALTH
Darts. Round four from the Strongest Man 9.20pm- 7pm A Baby Story 8pm
Westpoint Arena in Exeter. 12.25am Best Battles Bikes Weddings 5.10am-6am Maury
10.30pm Ringside 11.30pm
HISTORY Hoarding: Buried Alive 9pm
The Rugby Club 12.30am ESPN BBC THREE 7pm Heir Hunters 8pm IRT Paralysed and Pregnant with
Premier League World 1am ICC 7pm Goal! 7.30pm German 7pm Top Gear 8pm Junior Deadliest Roads 10pm Swamp Twins 10pm Help! I’m a MARCHLANDS
Football 8pm NBA 10pm UFC Doctors: Your Life in Their People 11pm IRT Deadliest Hoarder 11pm A&E 12am ITV1, 9PM
Cricket World Cup 3am Premier
League World 3.30am Sky Unleashed 11pm FIS Freestyle Hands 9pm Working Girls. New Roads 1am Swamp People Paralysed and Pregnant In 1968, Paul asks a tearful Ruth to
World Cup Magazine 11.30pm series. Women without a work 2am Cities of the Underworld with Twins 1am Help! I’m a leave Marchlands with him and things
Sports Classics 3.45am-6am
Poker 12.30am ESPN Press ethic are teamed with a 3am The Nostradamus Effect Hoarder 2am A&E 3am come to a head between Robert and
Live ICC Cricket World Cup
Pass 1am UFC Unleashed 2am mentor. 10pm EastEnders 4am Banned from the Bible Hoarding: Buried Alive Evelyn. Last in the series.
SKY SPORTS 2 Ultimate Fighting 10.30pm Lunch Monkeys 11pm 5am-6am Ancient Discoveries 4am Bringing Home Baby
7pm ICC Cricket World Cup Championship 4am-6am Live Family Guy 11.45pm Working 5am-6am A Baby Story
8.55pm Live Spanish Football: NHL Ice Hockey Girls 12.45am How to Live DISCOVERY
Real Madrid v Malaga (Kick-off with Women 1.45am Lunch 8pm How Do They Do It? SKY1
9.00pm). Coverage of the La SKY LIVING Monkeys 2.15am Junior 8.30pm How It’s Made 9pm 8pm Hawaii Five-0 9pm Mad
Liga encounter at the 7pm Ghost Whisperer 8pm Doctors: Your Life in Their Weird or What? 10pm HMS Dogs. Previously unmentioned
Bernabeu. 11pm Netball 1am Criminal Minds 9pm FILM Hands 3.15am Is Oral Sex Ark Royal 11pm Trawler Wars vendettas rise to the surface.
Rugby League 3am Table Strictly Ballroom: A ballroom Safe? 4.10am-5.10am How to 12am Bear Grylls: Born Last in the series. 10pm House
Tennis 4am-5am Ringside dancer, shunned for his Live with Women Survivor 1am Deadliest Catch 11pm NCIS: Los Angeles 12am
unconventional style, tries to 2am Future Weapons 3am Drugs Wars: DEA 1.50am
SKY SPORTS 3 win a championship title with E4 World War Two: The Complete Body Language Secrets MONKEY LIFE
7pm The Rugby Club 8pm Live the aid of an awkward novice. 7pm Hollyoaks 7.30pm Friends History 3.50am Rory 2.40am Glenn Martin, DDS CHANNEL5, 7.30PM
PGA Tour Golf: The Honda Australian comedy, with Paul 9pm Glory Daze 10pm Skins McGrath’s Best of British 3.30am Threshold 4.20am Orang-utan Hsiao-quai refuses to bring
Classic. 11pm Time of Our Lives Mercurio and Tara Morice. 11.10pm Meet the Parents Engineering 4.40am How the Guinness World Records her newborn baby indoors during a
12am Table Tennis 1am-4am 1992. 10.50pm Bedlam 12.10am Scrubs 1.05am Universe Works 5.30am-6am Smashed! 5.10am-6am Sell storm and the world’s oldest woolly
PGA Tour Golf 11.50pm Criminal Minds Skins 2am Samantha Who? How Does That Work? Me the Answer monkey gets a treat. Last in the series.

COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

QUICK CROSSWORD
    

SUDOKU KAKURO
9 35 45 10 24 17 13
21 14 12
18  
22 5
Place the numbers from 1 to 9 in each empty cell so that each 45
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 10 23
4 10 17
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 16 18
  
above or to the left of it.
You can only use the digits 1-9 32 11
 and you must not use the
15
16 4    
same digit twice in a block. 3 33 16 20 12
     The same digit may occur 19 17

    more than once in a row or


column, but it must be in a
7
6
34
  
14 11
  separate block.
15 11 8
13 38
    15 6 8
 

  ACROSS DOWN
1 Choral work (5) 1 Protective secretion of
   
     WORDWHEEL T A
4 Less than the correct
amount (5)
bodily membranes (5)
2 Small insectivorous
bird (3)
Using only the letters in the Wordwheel, you have 7 Cry expressing
 ten minutes to find as many words as possible,
I W disapproval (7) 3 Form of transport that
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters N 8 Took a chair (3)
9 Beauty parlour (5)
runs on a track (5)
4 Cold vegetable dish (5)
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
B D 11 Male duck (5)
5 Satisfy (thirst) (7)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
R S 12 Discontinue (5)
6 Offering of a tenth
part of some personal
QUICK CROSSWORD 7 5 8 9 7 8 9 4
14 Shout of approval (5) income (5)

B E A R A R C H E D
2 1 5 3 2 6 4 1 SUDOKU          16 Male child (3) 10 Trainee (7)
4 9 3 8 9
U I R K L
8 2 9 2 6 3 6
         17 Thankless wretch (7) 12 Prices (5)
C L O D A C I D I C         
O G F D 6 3 8 7 1 4 2 5 9
         19 Bout, period of 13 Deport from a
L I N E N B A S K E T 6 1 9 8 indulgence (5)
         country (5)
I
C
U
O N T
O
R A P T
O
I O
A
N
3 8 2
1 5
4 9
3 8
5
1
1 6 7
7 9
WORDWHEEL          20 Have another go (5) 14 Roll of tobacco (5)
P E A G         
S T R E E T B O N E
1 2 7 2 9 The nine-letter words were 15 Thin-toned (5)
I A I L N 4 1 2 5 6 4 8 9         
9 7 6 8 3 1 4 2
PATRONESS and TRANSPOSE         
S C A R A B E X I T 18 Towards the rear (3)
26 Sport CITYA.M. 3 MARCH 2011

Whose title is
Lampard scored the winner Pic: GETTY
it anyway?
Lampard: Chelsea’s win over Manchester United has opened up the race for the
Premier League. City A.M.’s football columnist sizes up the contenders
Blues still in FRANK LAMPARD’S winner on
Tuesday could prove the turning
the two main con-
tenders.

title battle
point of the season, although I Manchester
fancy there may be a few more City are still on
over the next four weeks. the fringes of
We’re entering the decisive the fight, but I
phase of the campaign for any- think Chelsea’s
one with title aspirations, and revival has come

FOOTBALL every point gained or dropped too late to retain


BY FRANK DALLERES now is vital. Results in other their trophy and
FOOTBALL COMMENT competitions could also have a waning Tottenham are
CHELSEA matchwinner Frank huge bearing on the momen- also too far adrift; their
Lampard insists they could yet salvage TREVOR STEVEN tum and belief of the likes of concern is with finishing in the
their Premier League title defence fol- Manchester United and Arsenal, top four.
lowing Tuesday’s watershed victory
over Manchester United.
Lampard struck the decisive late
penalty as the Blues came from a goal
down to inflict only the league lead-
MANCHESTER UNITED
ers’ second defeat of the campaign.
Carlo Ancelotti’s west Londoners WHY THEY CAN WIN IT RUN-IN
remain 12 points adrift of United, and
with Arsenal and Manchester City They might not have thrilled us like they have in the past, but they have been more consistent 6 Mar Liverpool (A)
also in front of them, but Lampard is than anyone else and deserve to be top. Their greatest strengths this season have been an 19 Mar Bolton (H)
refusing to give up hope. excellent goalkeeper in Edwin van der Sar, a superb defence marshalled by Nemanja Vidic 2 Apr West Ham (A)
“We don’t really care about anyone and a lively attack led by Dimitar Berbatov and Nani. With Wayne Rooney now showing 9 Apr Fulham (H)
else. If we keep winning all our signs of recovering form, that’s enough to see them through. Perhaps most importantly of all, 16 Apr Newcastle (A)
games, we’ll be in with a shout,” said though, they have been in this position before so many times and Sir Alex Ferguson knows 23 Apr Everton (H)
the England midfielder. just what to do to steer them to title No19. 1 May Arsenal (A)
“We usually put a run of wins 7 May Chelsea (H)
together but we haven’t done it so far 14 May Blackburn (A)
this season. It is something we need WHY THEY CAN’T 22 May Blackpool (H)
to do now to give us a chance. TOP FIVE
“It was important to win a big
match again and in the second half
The one aspect of the team that has failed to shine this year has been the midfield. They are
well-stocked and Ferguson has been able to rotate, but perhaps so much that they lack conti-
TREVOR TEAM PLD W D L F A PTS
Man United 28 17 9 2 62 27 60
against United there was a little of nuity. If they win the league it will be despite the midfield, not because of it. Vidic is suspend- STEVEN’S VERDICT Arsenal 27 17 5 5 57 27 56
the old Chelsea in there. ed now and they cannot afford to lose him for any longer with Rio Ferdinand injured, too
“United have enough experience to Sunday’s trip to Liverpool is massive and one they can’t afford to lose; going into the run-in 1st. Experience will see them Man City 28 14 8 6 44 25 50
know it is a marathon and there is a off the back of two defeats would be a seismic blow. through, just Chelsea 27 14 6 7 48 23 48
long way to go.” Spurs 27 13 8 6 38 31 47
Chelsea’s next league match is at
Blackpool on Monday evening.

Team GB in need SPORT | IN BRIEF


Williams’ share price falls

of extra funding
FORMULA ONE: Shares in the Formula
One team Williams, the first such stock
ever to go on offer to private investors,
fell by 3.8 per cent in their first day’s
trading on the Frankfurt stock exchange.

Flintoff to play for local club


OLYMPICS underway in the capital. The BOA CRICKET: Former England all-rounder
Yaya Toure’s City side face Reading in the next round Pic: PA BY JAMES GOLDMAN does not receive any government Andrew Flintoff is to come out of retire-
funding and its provisions for the ment to play for humble club side

City blow away makeshift Villa to BRITISH Olympic chiefs say they do
not have enough money to give the
team full support at the London 2012
Games include the Team GB holding
camp in Loughborough.
“The work we need to do, to make
Penwortham. The 33-year-old retired
due to injury last September, but is keen
to play alongside his brother Chris for

set up Reading quarter final date Games next year.


Board members of the British
Olympic Association were told at an
sure we meet the aspirations of the
British people, is an immense task,”
Hunt added. “We need to make sure
the team based near Preston who com-
pete in the Moore and Smalley Palace
Shield Competition.
emergency meeting last week that we can really do our best to make
ited from Gerard Houllier’s decision they currently have less than half of sure the team can compete on a level Three sent off in Old Firm clash
MANCHESTER CITY 3 to make eight changes for the visitors
and were in front after only four min-
the £5m funding they need.
“We’ve still got a gap to close,” said
field of play. The British public will
judge the success of the Games on
FOOTBALL: Rangers had three players
sent off as they lost an ill-tempered
utes through Yaya Toure. BOA chief executive Andy Hunt. “I’m the success of the team.” Scottish Cup fifth-round replay 1-0
ASTON VILLA 0 Balotelli then finished off a sensa-
tional second before David Silva
absolutely certain we will have a full
team at the Games and the money
Former sports minister Richard
Caborn, meanwhile, suggested the
against Celtic. Steven Whittaker was
the first to go for a second booking,
wrapped up the scoring 20 minutes will not affect that. The level to which BOA needed to take a more rigorous Madjid Bougherra got his second
from time to book a last-eight clash at we can support the team is where the look at its finances. caution for a foul on Kris Commons

FOOTBALL
home to Reading. challenge comes.” He said: “Tens of millions have and El Hadji Diouf's dissent meant a sec-
MANCHSTER CITY striker Mario Defending his selection, Houllier Hunt’s comments will be seen as a been put into the BOA and really they ond caution for the forward after full-
Balotelli scored his 10th goal in 18 said: “I had to do it and I would do it plea for investment from the public have got to be looking at themselves time. Mark Wilson fired Celtic in front
games as his side advanced to the again. I don’t think we could have sector, less than 18 months before the and say ‘why have they got into this early in the second-half at the second
quarter-finals of the FA Cup. City prof- beaten Manchester City today.” world’s biggest sporting event gets situation financially?’” attempt.
CITYA.M. 3 MARCH 2011 Sport 27

ARSENAL
WHY THEY CAN WIN IT
Brainless bowlers face the
United’s defeat at Stamford Bridge will have done
wonders for Arsenal’s belief that they can win this,
and the fixture list also looks to be on their side for
the rest of the run-in, with a number of games in
which Ferguson’s men could drop points. The Gunners
axe after horror show
have been consistent, especially since Christmas – RUN-IN
although I always feel they are capable of a crazy
result – and there is no question they have a squad 5 Mar Sunderland (H)
brimming with talent that can beat any opponent. 19 Mar West Brom (A)
2 Apr Blackburn (H)
10 Apr Blackpool (A)
WHY THEY CAN’T 17 Apr Liverpool (H)
20 Apr Tottenham (A)
Sunday’s Carling Cup final defeat exposed that soft 24 Apr Bolton (A)
underbelly again and raised more doubts about the 1 May Man Utd (H)
strength of the spine of the team. Injuries to Robin 7 May Stoke (A)
van Persie and Theo Walcott, as well as the fragili- 14 May Aston Villa (H) CRICKET COMMENT
ty of Cesc Fabregas, hit them hard; they seem to
be worse affected when they lose players than
22 May Fulham (H)
ANDY LLOYD
their rivals. Winning that trophy would have given

S
them some breathing space; now I’m worried that ADLY the thrilling run chase
the Barcelona return leg next week will prove a
TREVOR against India proved to be a
distraction when they meet Sunderland at the STEVEN’S VERDICT false dawn and defeat against
weekend in a game they simply have to win. Ireland must act as one
Beating Barca could reignite their campaign but I 2nd. Will take it to the last almighty wake-up call for England.
fear losing will devastate them. weekend The first thing to say is that these
sorts of upsets just shouldn’t happen.
Instances of minnows turning over
the heavyweights usually occur when
MANCHESTER CITY the pitch is a minefield, but that was
hardly the case yesterday with both
teams easily passing 300.
WHY THEY CAN WIN IT England need to change and in a
big way. James Anderson and Stuart
Roberto Mancini’s expensively assembled troupe of Broad are poster boys and leaders of
megastars are real outsiders, but could fight their way the attack, but there is no room for
back into the race if they put a winning run together in sentiment here.
the next month. The Italian certainly has the talent at Anderson is woefully out of sorts Broad and
his disposal; that squad is deep enough and possesses and should be dropped in favour of Anderson conced-
sufficient threat to beat anyone below or above them. Ajmal Shahzad, assuming Broad is fit ed 123 runs from
In particular, Carlos Tevez and David Silva are crucial to RUN-IN enough to play against South Africa their 20 overs com-
them, so the more they are involved the better, on Sunday. It’s difficult to believe this bined
although there is top quality cover in every position. 5 Mar Wigan (H) is the same attack that bowled with Pic: GETTY
20 Mar Chelsea (A) such control and discipline to win
3 Apr Sunderland (H) the Ashes in Australia just a few short
WHY THEY CAN’T 11 Apr Liverpool (A) months ago.
I worry about the togetherness of City’s group. 17 Apr Tottenham (H) When someone is smacking you full toss which got the treatment it in stone for ages and I’d hazard a
When Mario Balotelli scored at the weekend no 25 Apr Blackburn (A) around the park you’ve got to use deserved. guess that the next one will be four
one ran to celebrate with him; that’s a bad sign. 1 May West Ham (H) your brain. Yorkers are an essential Andrew Strauss must shoulder years time too.
Team spirit is essential and a hallmark of the 7 May Everton (A) part of a one-day bowler’s armoury, if some of the blame. I’m sure I must Plans should have been formulated
best sides; if City lack that, as it seems, that 14 May Stoke (H) you hit one of those for six good luck sound like a broken record but Paul a long time ago, and if the players
could prove a major hindrance. The flipside of 22 May Bolton (A) to you, but nobody seems capable of Collingwood isn’t being given weren’t capable of executing them,
having a big squad is that there are a lot of producing them when it counts. enough overs. He is using his brain, find some that are.
egos, and they all want to play: this is not The moment that summed up taking pace off the ball and he went Coach Andy Flower has been forced
good for morale. I think they’ve got a top TREVOR England’s incompetence arrived once for just five runs an over against into a situation whereby he’s having
four place pretty sewn up, but a title chal- they’d finally removed the outstand- Ireland. So why didn’t Strauss bowl to act on the hoof and make some
lenge now will require making up ground STEVEN’S VERDICT ing Kevin O’Brien. him out? big, big calls in terms of selection.
quickly. I’m not convinced they can do it, and 4th. Chelsea are coming With a new batsman at the crease It’s inevitable the excuse of tired- Previous regimes may not have had
what’s more, I don’t think they are either. good and will pip them Broad needed to tuck him up and not ness and burnout will be used in the bottle to drop star players, but
give him room to swing. I’m sure defence of these performances. But that’s not the case with Flower. If I
Trent Johnston couldn’t believe his the World Cup hasn’t just been snuck were Anderson or Broad I’d be getting
eyes when he instead received a wide into the calendar. It’s been there, set ready to carry the drinks on Sunday.

Fears for Serena’s career Results


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BY FRANK DALLERES treatment for a hematoma she month, with a view to compet- B`cdXiefZb%%%%%%%%%%%%%%%%%%%%). (( - (' +' ** . *0
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THIRTEEN-TIME grand slam winner suffered as a result of treatment ing at the French Open. Clkfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*( (/ . - -' )- *+ -( Dfk_\in\cc%%%%%%%%%%%%%%%%%%%)/ (( + (* *( *, $+ *.
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emergency surgery last night after a “Last week, Serena suffered foot on broken glass in a =c\\knff[Kfne%%%%%%%%*- (+ () (' +. *+ (* ,+ 8Y\i[\\e%%%%%%%%%%%%%%%%%%%%%%%)/ 0 + (, *' ++ $(+ *(
blood clot was discovered on her from a pulmonary Munich restaurant shotly Pfib%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%** (+ 0 (' +) *0 * ,( ?`Y\ie`Xe%%%%%%%%%%%%%%%%%%%%%%%)/ 0 + (, *' ++ $(+ *(
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Doctors in Los Angeles treated the covered upon her return to Zvonareva in the ?Xd`ckfe%%%%%%%%%%%%%%%%%%%%%%%%%). ) 0 (- (- +- $*' (,
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29-year-old for a haematoma, which L.A. Wimbledon final on 3 >i`djYp%%%%%%%%%%%%%%%%%%%%%%%%%%*) (( () 0 ,( +) 0 +, J:FKK@J?K?@I;;@M@J@FE
her spokesperson said resulted from “She had been in New July last year. >Xk\j_\X[%%%%%%%%%%%%%%%%%%%%%*) () 0 (( +. +* + +, <XjkJk`ic`e^%%%%%%%%%%'  ' 8cY`fe%%%%%%%%%%%%%%%%%%%%%%%%'  '
the blood clot, or pulmonary York for doctor appoint- She underwent sur- 9Xk_:`kp%%%%%%%%%%%%%%%%%%%%%%%%*, (( () () ,( ,, $+ +,  8kk1))-
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first detected last week, it emerged Doctors are continuing to but still has not played :XdYi`[^\%%%%%%%%%%%%%%%%%%%%*, 0 (( (, ++ ,( $. */ 8cY`fe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)+ (( - . *+ )0 , *0
yesterday, and Williams remains monitor her situation competitively since and Jflk_gfik%%%%%%%%%%%%%%%%%%%%%%** 0 / (- +( +, $+ *, 8eeXe8k_c\k`Z%%%%%%%%%%%)* 0 0 , *. *' . *-
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under observation while she recovers. closely to avoid addition- saw her 123-week reign as ?Xp\jP\X[`e^%%%%%%%%*, 0 , )( *, -* $)/ *) <c^`e%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%)+ (' , 0 */ +( $* *,
There are fears the American, who al complications.” world No1 end in 9Xiifn%%%%%%%%%%%%%%%%%%%%%%%%%%%%*) - (( (, *+ ,( $(. )0 9\in`Zb%%%%%%%%%%%%%%%%%%%%%%%%%%)) . 0 - *, *' , *'
has not played since winning As recently as Sunday October when 8cki`eZ_Xd%%%%%%%%%%%%%%%%%%%%** . / (/ *( -/ $*. )0 Dfekifj\%%%%%%%%%%%%%%%%%%%%%%%)* , - () ** +' $. )(
Wimbledon last year because of a foot Williams attended Caroline Wozniacki ?`jkfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+ / / (/ ** ,. $)+ ). <Jk`ic`e^%%%%%%%%%%%%%%%%%%%%%%%%)* - * (+ (/ *+ $(- )(
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injury, may never return to the court Oscars parties thrown took advantage of
if she is forced to extend her already by Elton John and her absence from the
lengthy absence. Her spokesperson Vanity Fair maga- WTA Tour. email sport@cityam.com
Sport
28 CITYA.M. 3 MARCH 2011

FEARS FOR SERENA’S CAREER


MULTIPLE GRAND SLAM CHAMPION
RECOVERING AFTER MAJOR OP: P26

HUMILIATED
ENGLAND’S NEMESIS | KEVIN O’BRIEN

England’s World Cup hopes on a knife edge after


O’Brien’s innings catapults Ireland to stunning win
are to progress to the last

CRICKET
eight, starting with South
BY JAMES GOLDMAN Africa on Sunday.
ENGLAND captain Andrew Strauss admits his Strauss revealed that
side are feeling a sense of bitter disappoint- both Kevin Pietersen
ment after becoming victims of perhaps the and Graeme Swann
biggest act of World Cup giant-killing of all- picked up niggles
time. against Ireland, Who is he?
After their uplifting recovery and subse- but should be fit Students of the county game are fully
quent draw against India on Sunday, England for the week- aware of O’Brien’s prowess as a big hit-
looked certain to follow-up with a command- end’s show- ter. He joined Nottinghamshire in 2009
ing win against Ireland and record a second down in and performed admirably in the 2007
victory of the tournament. Chennai. World Cup, scoring a rapid 48 in victo-
The favourites cantered to what looked an W h i l e ry over Bangladesh. Against the same
insurmountable total of 327 for eight and England will be nation he guided Ireland to a victory in
then reduced Ireland to 111 for five, before contemplating the 2009 Twenty20 Cricket World Cup
Kevin O’Brien took over with a record break- significant changes and was later nominated for the
ing century. for that must-win clash, Associate and Affiliate Player of the
The Nottinghamshire slugger struck the there will be no such soul searching Year.
fastest ever World Cup century from 50 balls. going on in the Irish camp after they com-
He was eventually run out for 113 but Ireland pleted the highest ever run chance in the 36- What’s he achieved?
kept their cool to seal an astonishing victory year history of the competition. By reaching his century off 50 balls,
– they were backed at 399-1 in-running on a Their success was built on a mammoth O’Brien scored the fastest ton in World
popular betting exchange – much to the sixth-wicket stand of 162 between O’Brien Cup history, smashing the previous
astonishment of Strauss. and Alex Cusack, the former hitting 10 fours record held by Matthew Hayden, who
He said: “We thought we had done a rea- and six sixes, the latter contributing 47 from made 100 from 66 balls against South
sonable job with the bat, we got Ireland five 58 balls. Africa in 2007. Furthermore, it was the
down and things looked comfortable. Both were run out in the closing stages, fifth fastest ODI century of all-time.
“Our World Cup dream is not over, but leaving John Mooney and Trent Johnston to
we’ve been hemorrhaging runs too quickly. finish the job. But there was no doubting the What’s next for him?
We’ve got to go away, lick our wounds. I’m at hero of the hour, O’Brien, who could scarcely England have a history of welcoming
a loss to explain it. comprehend what he and his side had accom- Irish players on board who are happy
“I don’t tend to rank my lowest moments – plished. to be repatriated. Ed Joyce opened the
it’s not something I have a habit of doing – “That’s a long way the best innings I’ve ever batting for England at the last World
but it’s been a bitterly disappointing day for played,” he said. “It doesn’t get any better. Cup, while Eoin Morgan has emerged
us.” “I’ll take that – a World Cup 100 off 50 balls as one of the best limited overs bats-
England are now on the brink of elimina- in front of a billion people under lights Strauss must raise his men in the modern game. O’Brien is not
tion having won just one of their opening against England. I don’t think they knew side’s spirits ahead of in that class but there are certain to be
three matches and will in all liklihood need what they were doing with the ball.” Sunday’s clash against a few IPL franchises who noted his
to win their remaining three fixtures if they ANDY LLOYD COMMENT: P27 South Africa ability to clear the ropes.
Pic: GETTY

Bendtner treble books United FA Cup showdown


the absence of Robin van Persie Bendtner’s (left) clinical treble and Bendtner put the game to bed that hammer blow, but could hardly
ARSENAL 5 for two crucial games against
Sunderland and Barcelona.
makes him favourite to lead the
line in the Champions
before half-time with a looping head-
er from a Kieran Gibbs cross and a
be called a response given that most
of those players beaten by
Full-back Gael Clichy even League second leg fine low drive into the far corner Birmingham did not feature here.
LEYTON ORIENT 0 got in on the action as a sec-
ond-string Gunners side put
clash at Camp Nou on
Tuesday, but Wenger
from 20 yards.
The Dane wrapped up his second
Wenger confirmed Van Persie’s
knee injury wil keep him out for three
Sunday’s Carling Cup final is refusing to ponder career hat-trick and took Arsenal’s to four weeks, and said captain Cesc

FOOTBALL defeat behind them and that glamorous clash tally for the season beyond 100 goals Fabregas would undergo a fitness test
BY FRANK DALLERES, EMIRATES STADIUM overwhelmed League One before his team attempt to with a penalty just after the hour, and on Monday as he battles to recover for
Leyton Orient to set up a close to within a point of substitute Clichy lashed in only his the trip to his native Catalonia.
ARSENAL manager Arsene Wenger box office last eight trip to Premier League Manchester second goal in 255 appearances on 75 TITLE ANALYSIS P26 & 27
toasted a timely return to scoring Manchester United. United on Saturday. minutes.
form for Nicklas Bendtner and “We’ve lost Van Persie so “You know what, it puts him Orient, having already secured a THE DRAW | FA CUP QF TIES
Marouane Chamakh as his side for Bendtner and in contention to play against bumper payday for forcing a replay,
restored some much-needed cheer to Chamakh it was very Sunderland. And, frankly, for us not to mention a pre-season trip to Stoke v West Ham
Emirates Stadium by sauntering into important to score in that is a massive game. If we beat Las Vegas for the first-team squad, Man City v Reading
the FA Cup quarter-finals. order to have the level of them we are in a great position, so never came close to upsetting an Birmingham v Bolton
Bendtner plundered a hat-trick and confidence needed to suc- our all focus is on that.” Arsenal team featuring 10 changes Man Utd v Arsenal
Chamakh netted his first goal since ceed in big games. Chamakh opened the scoring in from Sunday’s Wembley defeat. The
November as Wenger’s back-up strik- Bendtner did that very the seventh minute when he con- win was a welcome return to form for
ers auditioned for a leading role in well,” said Wenger. verted Tomas Rosicky’s cut-back the north Londoners so soon after
* Ties to be played on 12 and 13 March

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