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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
▲
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
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
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.”
▲
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.
Credit crunch
hits UK saving up to 50% off
habits hard top secret hotels
5* barcelona from £85
▲
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
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
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
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
c.400
BAU
▲
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
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
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.
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.
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
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
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
The Libyan Investment Authority is the owner of 14 Cornhill opposite the Bank of England
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
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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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CITYA.M. 3 MARCH 2011 Consumer News 15
▲
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.”
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
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.
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
▲
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.
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.
BEST OF THE BROKERS To appear in Best of the Brokers email your research to notes@cityam.com
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
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
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
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.”
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.
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
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
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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
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
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
SKY SPORTS 1 BRITISH EUROSPORT 12.50am CSI: Crime Scene 2.45am Reaper 3.25am The DISCOVERY HOME &
SATELLITE & CABLE
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
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
▲
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.
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
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.
HUMILIATED
ENGLAND’S NEMESIS | KEVIN O’BRIEN
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
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