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And then there were none:
Shell shuts pension scheme
FINAL salary pensions in the private
sector moved closer to extinction yes-
terday, after Royal Dutch Shell
announced plans to close its scheme
to new members.
The oil giant became the final
company in the FTSE 100 to abandon
its final salary pension, after it said
new members would be unable to
join from the first quarter of 2013
onwards.
Shells announcement came as
trade union Unite rejected the gov-
ernments latest offer on pensions
for NHS workers.
Yesterday Shell said its move to a
less generous defined contribution
scheme reflected market trends.
The plan will be designed to ensure
that the reward package in the UK
for new hires remains strongly com-
petitive, it added.
Only 19 per cent of private sector
final salary schemes are now open to
new staff, according to a National
Association of Pension funds survey
published last month. MORE: P2
BY PETER EDWARDS
PENSIONS

WOE in the Eurozone was offset by a

wave of promising economic data
from the UK and the US yesterday.
The UKs biggest sector services
ended last year on a surprisingly
buoyant note, new research said,
while Americas efforts to heal its ail-
ing jobs market showed signs of
progress.
The US private sector added
325,000 new jobs in December
according to an estimate by ADP, a
group that runs outsourced employ-
ment services. Today, official non-
farm payroll figures are released,
with Capital Economics expecting a
more modest 150,000 increase in
employment for December.
Fresh claims for unemployment
benefits fell by 15,000 last week,
according to separate data -- measur-
ing 372,000 initial claims.
Meanwhile back in the UK,
December data from Markits pur-
chasing managers index (PMI)
showed services activity and incom-
ing new businesses at their highest
rates of growth since July 2011. The
service sector PMI rose to 54 from
52.1 in November. Markit also record-
ed the fastest growth since July for
the all sector PMI -- which meas-
ures activity throughout the econo-
my -- rising from 51.2 to 53.2 in
December. ALLISTER HEATH: P2
BY JULIAN HARRIS
ECONOMY

EUROPEAN banks were caught in a

wave of new anxiety yesterday as
doubts over capital-raising plans and
Hungarys solvency caused investors to
drop stock in the continents major
lenders.
Shares in UniCredit, Italys biggest
bank, dropped 17.3 per cent to their
lowest level since 1985 as markets fret
over its heavily discounted rights issue,
which prices the stock at less than a
third of its closing price on Tuesday.
And the debt crisis flared in
Hungary after the sovereign failed to
find enough buyers for 45bn forints
(116m) of its bonds, pushing ten-year
yields to an eye-watering ten per cent.
The euro yesterday plunged to a 15-
month low against the pound.
The news also increased the yield on
Austrias bonds due to the large expo-
sure of Viennas banks to Hungarian
mortgage-holders, who are vulnerable
as the euro strengthens against the
forint, inflating their debts.
Austrias Erste Bank plunged nine
per cent and Raiffeisen Bank lost 6.3
per cent as the forint dropped to a
record low versus the single currency.
The rest of Europes banks received
a battering on the back of new debt
worries, with Deutsche Bank losing 5.6
per cent after being hit by rumours of
a rights issue.
The European Banking Authority
announced last month that EU banks
must raise a total of 115bn (94.9bn)
in new capital in order to make up for
massive write-downs on their sover-
eign debt holdings.
UniCredit is the first to test markets
with a plan to raise 7.5bn at a steep
discount. Although the issue is fully
underwritten by an army of banks
advising on the deal, some sharehold-
ers are reluctant to hold stock at signif-
icant premium to the rights price.
It begs the question where the rest
of the 107bn capital ask for Europes
banks is going to come from... One [or]
two rights issues like UniCredit will
leave underwriters choked! said New
Edges Bill Blain.
British banks were relatively insulat-
ed, as the EBA judged they do not need
to raise any new capital. Barclays, the
largest faller, lost 2.5 per cent.
The squeeze on banks makes it
increasingly difficult for them to soak
up debt from sovereigns. The Institute
of International Finance (IFF), an
industry group, warned yesterday that
banks are being incentivised to ditch
government bonds by the EBAs deci-
sion to write them down in stress tests.
It is likely that EU banks will con-
tinue to reduce their exposure, it said.
It follows the news that regulators are
mulling scrapping the risk-free sta-
tus of sovereign bonds in capital rules.
CREDIT SQUEEZE: P5
BY JULIET SAMUEL
EUROZONE

www.cityam.com Issue 1,543 Friday 6 January 2012

FREE
... but better data from UK
and US provides some cheer
Certified Distribution
31/10/11 till 27/11/11 is 100,007
BUSINESS WITH PERSONALITY
MARGIN CALL
TICKETS TO THE
GLITZY PREMIERE
THE CAPITALIST: P12
DOWNING STREEP
MERYL SIZZLES
AS THE IRON LADY
REVIEWS: P18
EURO WOES RETURN
WITH A VENGEANCE
Protesters in troubled Hungary are angry about changes to the constitution Pic: Getty
ANALYSIS l Yield on Hungarian
10-year bonds soars
%
Aug Sep Oct Nov Dec 2012
11
10
9
8
7
10.40
05 Jan
W
I
N
News
2 CITYA.M. 6 JANUARY 2012
Record audit
fine for PwC
BIG FOUR auditor PwC was fined a
record 1.4m by an industrial tribunal
yesterday for failing to scrutinise
accounting practices at JP Morgan.
PwCs reports to the Financial
Services Authority from 2002 to 2006
did not explain that JP Morgan was
keeping clients cash with its own,
breaching accounting rules.
The bank failed to ring-fence an
average of 5.5bn during each year,
and was fined a record 33m in 2010.
The Accounting and Actuarial
Discipline Board (AADB) took action
against PwCs UK division.
The AADB had been pushing for a
fine of anywhere between 5m and
33m, whilst PwC believed 0.5m to
1m was more appropriate.
As the auditor admitted responsibil-
ity, apologised, immediately ensured
the appropriate training was carried
out and because no bank clients lost
out as a result, the fine was well below
the level the AADB pushed for.
We are pleased that this matter has
now been concluded. We regret that
one aspect of our work on the private
client money report to the FSA fell
beneath our usual high standards,
said PwC.
The previous highest fine came in
1999 when Coopers and Lybrand were
charged 1.2m for their auditing of
Robert Maxwells media group.
BY TIM WALLACE
PROFESSIONAL SERVICES

NEW CLASHES BREW OVER TOBIN TAX

Britain and France are set for another
European clash as Paris attempts to
frame a new Eurozone financial
transaction tax in a way that is likely
to have a significant impact on the
City of London. President Nicolas
Sarkozy of France wants to include
the so-called Tobin tax on the agenda
of a European summit in Brussels on
January 30, putting him at odds with
David Cameron, who is opposed to
the idea.
OFCOM PRESSED TO CURB BBC
News Corp is challenging Ofcom, the
broadcasting regulator, to include the
BBC in any potential move to limit
media ownership. In submissions to
Ofcoms review of media ownership
and plurality published yesterday, the
BBC argued that it should be exclud-
ed from calculations because of its
public service role.
CHINESE NEW YEAR: BUFFET TO SING
Warren Buffett, widely revered in
China for his investment savvy, will
sing and play guitar to celebrate
Chinas upcoming Lunar New Year in
a specially recorded performance to
be aired online by state television.
CNTV, the internet TV arm of CCTV,
the state broadcaster, said the 81-year-
old Mr Buffett had recorded a video
for a special Spring Festival gala per-
formance to be aired online. Mr
Buffetts song choice was not dis-
closed.
CATALONIA REJECTS BUDGET CONTROLS
Catalonia has rejected plans by the
new Spanish government to impose
strict controls on budgets, accusing
Madrid of trying to usurp the powers
of the 17 autonomous regions. We
would consider as a red line anything
looking like previous line-by-line
approval of our budget proposals,
Andreu Mas-Colell, finance minister
in the Catalan government, told the
Financial Times yesterday.
RACE IS ON TO LOWER ENERGY PRICES
British Gas is preparing to end a year
of runaway inflation in household
energy prices by becoming the first
nationwide power company to bring
down its bills from their present
record levels. The Times has learnt
that executives at the supplier are
considering announcing a moderate
cut before its parent company,
Centrica, announces annual results
next month. Insiders believe a cut of
up to 10 per cent would be affordable.
REFERRAL SHADOWS WATER DEAL
The future of mergers between
English water companies is set to be
tested after the Office of Fair Trading
called for a full investigation into the
75 million acquisition of Cambridge
Water. The OFT has referred the
takeover by South Staffordshire
Water to the Competition
Commission.
HAMMOND: DEBT THREAT TO SECURITY
The defence secretary has used his
first major international speech to
link the economic situation to the
ability of Britain, America and their
allies to defend themselves. Speaking
in Washington DC, Philip Hammond
said: Without strong economic and
stable finances it is impossible to
build and sustain in the long term the
military capabilities requires to proj-
ect power and maintain defence.
SHOPPING CENTRES TRACK MOBILES
Equipment to track customers using
their mobiles is being used in more
than 30 major shopping centres
including Lakeside in Essex,
Manchesters Trafford Centre, and
Cabot Circus in Bristol. Its use has led
to privacy fears from groups such as
Big Brother Watch that shoppers are
being spied on while they walk
around shopping centres.
SPAIN TO CRACK DOWN ON TAX FRAUD
Spains new government said it will
accelerate public sector company clo-
sures and launch a new plan to crack
down on tax fraud as part of its effort
to slash a towering budget deficit. The
new measures come after Prime
Minister Mariano Rajoys government
last week said the 2011 budget deficit
will be around eight per cent of gross
domestic product, amply surpassing
its six per cent target.
PEPSICO WEIGHS JOB CUTS
PepsiCo is weighing thousands of job
cuts as part of a broader review of its
beverage and snack businesses,
according to people familiar with the
matter. PepsiCo lowered profit fore-
casts last year as its struggling bever-
age division, which includes its
flagship cola and Tropicana orange
juice, continued to lose market share
to rival Coca-Cola.
WHAT THE OTHER PAPERS SAY THIS MORNING
Welcome to 2012s two-speed world
ON the face of it, it would seem that
nothing changed during the holiday
season. Take some of the news in
todays paper. Hungary is in ever-deep-
er crisis, the euro reached another 15-
month low yesterday and Eurozone
bank shares plunged, led by those of
Italys UniCredit. Important stuff, cer-
tainly, but more of the same. It merely
shows that surprise, surprise conti-
nental Europe remains the worlds
economic and financial basket case
and that its ongoing crisis will remain
one of the central stories of 2012.
Yet there has in fact been an impor-
tant shift to the news flow. For those
parts of the planet that arent saddled
with the useless single currency, the
data is no longer as gloomy. Welcome
to a two-speed world. Global activity in
December was at a nine month high,
according to the JP Morgan/Markit all
industry output index, which is
derived from surveys of 11,000 pur-
chasing managers in 30 countries.
It is obviously too soon to celebrate:
the global trough came as recently as
October 2011, when the index hit a 27-
month low; its rebound in November
and especially in December is not yet
enough to confirm that the trend has
changed. There are huge, potentially
devastating challenges just around the
corner. But it is clear that for all its
continuing and deep-seated structural
woes the all-important US economy
is doing better. Americas manufactur-
ing and services sectors grew at their
fastest rate for nine months in
December, according to the JP Morgan
research; the jobs situation, while still
terrible, appears to be improving at
last. Growth also accelerated in the
UK, India and Brazil, while activity
indices for China and Japan edged
back into slight expansion. Russia con-
tinued to report solid growth, albeit at
a slower rate.
The UK figures are almost encourag-
ing. The services sectors purchasing
managers index rose to 54 in
December, up from 52.1 in November
(numbers above 50 suggest output is
growing). The manufacturing and con-
struction sectors also improved. The
better news over the past couple of
months may not be enough to rescue
GDP in the final quarter of 2011
because of a terrible October. But a UK
double-dip recession now looks far less
likely than it did a few weeks ago, a
development which will come as a
relief to George Osborne.
None of this is any justification for
deluded over-optimism. It is too soon
to judge whether 2012 is off to a gen-
uinely decent start, or whether the
more positive surveys of the past cou-
ple of months end up merely a flash in
the pan. The situation in Hungary is
deteriorating at an alarming rate; the
fallout could devastate Austrias bank-
ing sector, which is highly exposed to
central Europe, and in turn inflict fur-
ther pain on the Eurozone. My
favourite bearish statistic of the year so
far shows that UK manufacturing is
becoming increasingly (and seemingly
permanently and irreversibly) unprof-
itable. The gross return on capital in
manufacturing fell from 7.1 per cent
in the second quarter to just 6.4 per
cent in the third quarter the lowest
since data began in 1989, according to
Citigroup. Its not all bad: the rate of
return for service sector firms rose to
15.9 per cent, the highest since late
2008. But while parts of the economy
are progressing, others remain dire.
The year ahead will be tough for the
UK. Of that there cannot be any doubt.
But maybe, just maybe, 2012 wont be
the catastrophe that many had feared.
We can but hope.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
JUST ONE union has rejected the latest
plan to make NHS pensions more
affordable without consulting their
members, with Unite describing the
plans as pernicious yesterday.
Unite which represents 100,000
health professionals, and around
seven per cent of the NHSs workforce
turned down the changes on the
basis that they make hard working
and dedicated NHS staff pay more,
work longer and get less.
Union boss Len McCluskey called on
the government to start meaningful
negotiations to maintain fair and
equitable pensions.
But an NHS spokesman rejected the
claims, saying the changes make pen-
sions affordable and sustainable.
The government has made clear
this is our final position on the main
elements of scheme design.
Other unions are consulting their
members before making their final
decision.
BY TIMWALLACE
POLITICS

Unite rejects pension plan

Unite boss Len McCluskey sees new pensions arrangements as unfair
NEWS | IN BRIEF
Samsung set for record profits
Samsung this morning said its profits
for the last quarter of 2011 would jump
73 per cent to a life-time high, aided by
record-breaking sales of its smart-
phones. The South Korean firm, which
surged past Apple as the world's top
smartphone maker in the third quarter,
said its quarterly operating profit would
come in at around $4.5bn (2.9bn). In
2012 its smartphone sales are expected
to rise to as high as 170m units, accord-
ing to BNP Paribas and Korea
Investment & Securities. Samsungs
handset division is now its biggest earn-
ings generator, raking in record profits.
Blue Inc to take on D2 shops
Blue Inc, the fashion chain backed by
Sir Stuart Rose and the Reuben broth-
ers, is set to buy up most of the
remaining shops from collapsed retail-
er D2 Jeans. The retailer will take on
around 20 of D2s outlets from admin-
istrator BDO, according to reports. D2,
which was formerly owned by billion-
aire Sir Tom Hunter, was one of sever-
al high street names to collapse into
administration over the Christmas
period.
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
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Art Director Gavin Billenness
Pictures Alice Hepple
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Head of Distribution Nick Owen
EDITORS LETTER
ALLISTER HEATH
Deutsche faces dismissal case
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THI S WEEKEND
DEUTSCHE BANK faces being taken to
an employment tribunal by a former
senior executive in potentially embar-
rassing legal case, City A.M. can reveal.
The executive, Craig Stokeld, is
believed to allege that he is a whistle-
blower in a mis-selling case that
could have left clients open to large
tax liabilities.
The bank denies the claims. A
spokesman told City A.M.: We have
looked into this matter with great
care and found it to be without
merit.
Stokeld is disputing his dismissal
from the bank in an attempt to get
compensation for loss of earnings,
which would likely have included mil-
lions in salary, bonus and benefits
entitlements.
The hearing, which was due to start
yesterday, was postponed while
lawyers on both sides negotiated, but
failed to reach a deal.
Stokeld has worked for Deutsche
since at least 2001, with stints in debt
capital markets including work on
complex financial engineering.
In the past six years he has worked
for a string of Cayman-based business-
es owned by Deutsche Bank, such as
DB Sirius, DB Valiant and DB Jasmine.
He is bringing his case against
Deutsche Bank Services in Jersey,
which has a presence in the Cayman
Islands, Jersey and Mauritius.
It specialises in private wealth man-
agement, trusts and securities and,
among other activities, sells complex
structured finance products to clients
that include hedge funds and ultra-
high net worth individuals.
A spokesman for Mr Stokeld
declined to comment. He is being rep-
resented by Matrix Chambers.
DRAGONS Den star and serial
entrepreneur Peter Jones has
thrown his hat in the ring for
the troubled outdoor
goods retailer Blacks
Leisure, which was put
up for sale last month.
Jones, who is on the
panel of the BBC
reality TV show,
has emerged as one of the four trade
bidders to have tabled an offer for
the company and its assets. He bids
against Sports Direct, controlled by
billionaire football tycoon Mike
Ashley, its rival JD Sports
and an unknown party.
Administrator KPMG
could announce a pre-
ferred bidder for the
debt-laden company
today.
Dragon adds fire to fight
for Blacks Leisure stores
RETAIL

News
3 CITYA.M. 6 JANUARY 2012
UNDER-FIRE Swiss bank governor
Philipp Hildebrand yesterday insisted
he had no plans to step down, and
vowed to fight accusations of insider
trading that have been made against
him with all means.
Speaking at a press conference in
Zurich yesterday afternoon,
Hildebrand gave more details of the
currency transactions made by his
wife that have whipped up a media
storm in Switzerland and led opposi-
tion politicians to call for his head.
The countrys top banker said he
had not breached any of the Swiss
National Banks rules governing per-
sonal trades, and was adamant his
wife an ex-hedge fund trader had
no knowledge of the SNBs plan to
cap the Swiss franc when she bought
US dollars last August.
But Hildebrand admitted the
furore over the trades had thrown a
spotlight onto notoriously secretive
Swiss banking rules, and pledged to
look into introducing tighter controls
and more transparency at the bank.
He said he had waited before
answering questions because it had
only recently become clear how the
allegations against him had arisen,
and that the reason for his silence
was a lack of information.
Hildebrand denied that any short-
term currency speculation had taken
place, and said that the family portfo-
lio the money had been traded from
was for long-term purposes includ-
ing a property purchase that he says
was the reason the second dollar
trade was made.
He also took the opportunity to
attack the Bank Sarasin employee
that had leaked his personal files to a
lawyer representing an opposing
Swiss political party, saying: I regret
that some circles, who for years have
regarded themselves as vehement
champions of Switzerlands bank
secrecy, now have no qualms about
serious violations of that secrecy.
BY ELIZABETH FOURNIER
BANKING

Defiant Swiss
bank boss: I
will not quit

"So long as I have

the confidence of
the government and
the bank council,
stepping down is
not an issue for me."
Neither I, nor my
family have made
unauthorised
transactions. There
was no abuse of
privileged
information.
The most impor-
tant lesson... is
improvement of
transparency in
every financial
transaction of the
board of the SNB.
Swiss central bank
governor Philipp
Hildebrand said
he hadnt done
anything wrong
BY JULIET SAMUEL
EXCLUSIVE

THE ADMINISTRATOR of MF Global

UK plans to start returning to clients
the $1.2bn (774m) of cash and assets
frozen at the collapsed broker as
early as this month, in a move that
will placate customers ahead of their
showdown with KPMG next week.
Richard Heis, KPMGs joint special
administrator of MF Global UK, said:
At the end of December we had
recovered some 82 per cent of client
monies and substantially all of the
client assets. We hope to commence
the return of client assets and an
interim distribution of monies as
early as this month.
The administrator said he is ini-
tially talking with clients over the
return of 30m of assets, in what
would be the first returns to
European customers since the US
futures broker collapsed on 31
October.
The pledge comes as KPMG and MF
Global clients prepare for a meeting
on Monday, which will see the bro-
kers customers taking a vote of con-
fidence on the administrator and
appointing a committee to sign off
KPMGs fee.
BIDDERS for much of the asset man-
agement arm of Deutsche Bank are
set to make initial offers by the end
of this week.
They will make indicative bids
which are not binding giving
Germanys flagship lender a chance
to consider the level of interest and
the cash on the table.
The bank, which declined to com-
ment on speculation, is likely to
make a decision on whether to pro-
ceed with a sale of the businesses in
the next fortnight.
Up to 50 banks, insurers, asset
managers and private equity houses
are believed to have expressed an
interest. Last month sources said
BNY Mellon, Blackrock, JP Morgan,
Goldman were among interested
parties to have been given informa-
tion on the assets.
Deutsche has long been thought
to lack the scale to compete in asset
management and a deal for the non-
core businesses could raise between
1bn (826m) and 3bn.
It began a strategic review of
much of its 516bn asset manage-
ment arm in November, prompted
by changing conditions in the indus-
try, including regulatory reforms.
The review covered Deutsches
institutional investor business, DB
Advisors; its alternative asset busi-
ness RREEF; an insurance asset man-
agement business; and its DWS
Investments mutual fund business
in the Americas.
It excluded, however, private
wealth management and Deutsches
DWS franchises in Germany, Europe
and Asia, which are the most prof-
itable parts of the banks asset man-
agement segment.
Deutsches last results showed a
forecast-beating third quarter pre-
tax profit of 942m.
Bidders eye
up Deutsches
arms for sale
MF Global UK clients set to get
back cash this month KPMG
BY PETER EDWARDS
ASSET MANAGEMENT

FINANCIAL SERVICES

BANKS reaped more in private

equity fees last year than at any
point since 2007, Dealogic figures
revealed yesterday.
The most lucrative client was
Kohlberg Kravis Roberts, which
paid $587m (379m) of the $12.4bn
paid globally up 14 per cent from
the $10.8bn paid in 2010, and
accounting for 18 per cent of total
investment bank revenues. KKR
had been the sixth largest fee-payer
in 2010.
Mergers and acquisitions
accounted for $3.1bn of revenues
the highest level since 2007 and up
nine per cent on those seen in
2010.
Bain Capital Partners came a
close second to KKR, generating
bank revenues of $540m, while
2010s biggest fee-payer the Carlyle
Group dropped to third place with
$536m.
JP Morgan was the biggest recipi-
ent of revenues, taking $1.15bn or
9.3 per cent of the market, with
Bank of America Merrill Lynch in
second place with $1.03bn, or 8.3
per cent.
Goldman Sachs slipped from its
top spot in 2010 to third place, tak-
ing home $1.01bn, or 8.2 per cent,
in 2011.
Private equity fees boomed
to pre-recession levels in 2011
PRIVATE EQUITY

News
4 CITYA.M. 6 JANUARY 2012
KKR headed by
Henry Kravis
paid the most
fees to bankers
Picture: REUTERS
ANALYSIS l Deutsche Bank AG

30Dec 2Jan 3Jan 4Jan 5Jan

30.50
29.50
30.00
29.00
28.50
28.00
27.97
5 Jan
WORSENING wholesale funding con-
ditions are having the biggest impact
on credit conditions for British com-
panies since the end of 2007, accord-
ing to the Bank of Englands latest
survey of the UK credit landscape.
The Bank said that the vast majori-
ty of non-financial corporates sur-
veyed blamed tighter wholesale
funding conditions for a deteriora-
tion in credit availability in the last
three months.
The data showed a net balance of
42.6 per cent of those asked in the
fourth quarter of 2011 said the state
of wholesale markets has had a nega-
tive impact -- a huge upswing from a
net balance of 19 per cent that said so
during the previous quarter.
An even larger balance of respon-
dents 49.4 per cent expect whole-
sale markets to cause credit
conditions to worsen even further
over the next three months.
The Bank said: The...survey showed
the largest net balance of respondents
reporting a negative impact of whole-
sale funding conditions on credit
availability since 2007.
The data show that the squeeze on
bank funding has worked its way
through to affect conditions for large
companies and is undermining their
confidence at an accelerating pace.
In a sign of the growing impact of
the European collateral crunch, a vast
balance of 62.7 per cent also antici-
pate a worsening of credit conditions
due to lenders need to feed cash into
issuances of asset-backed debt and
money market funds. Banks have had
increasing difficult selling unsecured
debt over recent months.
But the scale of the crunch has yet
to feed through to smaller companies.
While a balance of four per cent of
the smallest firms reported a worsen-
ing of conditions, most medium-sized
businesses at a positive balance of
almost 10 per cent said that credit
availability had improved.
Lenders reported that default rates
have slowed among their clients,
although the bankruptcies that do
occur are getting more expensive.
Admittedly, [lenders] still expected
to increase the availability of credit
slightly, said Capital Economics. But
even if this is the case, lenders report-
ed a drop in demand for credit, which
they expect to continue.
Credit crunch
hits British
corporates
FRANCE successfully sold 8bn
(6.6bn) of its debt at a closely-
watched auction yesterday, but its
borrowing costs edged higher and
investor demand for its 10-year debt
dropped sharply.
France, which has been plagued by
fears it could lose its much-coveted
triple-A debt rating, sold 4.02bn of
10-year Oat bonds with yields up to
3.29 per cent, slightly higher than the
3.18 per cent it paid last month.
Demand for the 10-year paper fell
sharply, with the auction drawing
bids worth 1.643 times the amount
on offer compared to 3.046 times at a
similar sale in December.
Frances debt sale followed a simi-
larly uncertain auction of German
bunds on Wednesday, where investors
bought just 4bn of the 5bn on offer.
Marc Ostwald, a strategist at
Monument Securities, said: All in all,
reasonably solid cover. It was always
going to look much better than the
Bund, simply because you are on com-
pletely different yield level.
However, Frances successful debt
auction failed to boost investor senti-
ment, which was dragged lower by
fears that Hungary could default on
its debts and escalating concerns over
Eurozone bank funding.
France sells 8bn of bonds
but investor demand wanes
HEALTH and safety rules are a mon-
ster which damage the economy and
the government must try to kill off
the culture for good, Prime Minister
David Cameron told an audience of
small business owners yesterday.
Cameron also called for large firms
to pay their fair share of tax, joining
the Deputy Prime Minister Nick Clegg
who continued his campaign against
crony capitalism and excessive exec-
utive pay.
The excessive health and safety cul-
ture has become an albatross around
the neck of British businesses, said
the PM, arguing that some rules need
to be scrapped, while others need to be
implemented more reasonably.
A cap will be introduced on the
amount lawyers can charge in no-win
no-fee offers as part of an effort to rid
the UK of the pointless time-wasting
culture of health and safety, he said.
Meanwhile Clegg called for
accountability on unacceptable
excess in executive pay where people
are being paid huge amounts of
money even though they fail to do well
for those companies.
Both hit out at firms and high-earn-
ers who abuse the tax system to pay
as little as possible. Clegg told the BBC
he favoured a general anti-avoidance
rule to clamp down on the practice.
Twin clamp-downs on health and
safety culture and tax avoidance
BY JULIET SAMUEL
ECONOMICS

POLITICS

BY DAVID CROW
EUROZONE

News
5 CITYA.M. 6 JANUARY 2012
Sir Mervyn
Kings Bank of
England is wary
about funding
Picture: PA
BROKER Tullett Prebon yesterday
tried to reassure investors worried
about the effect of global market tur-
moil on the City by unveiling a series
of cuts it carried out late last year.
The interdealer broker said last
years efforts to slash costs thought
to include the loss of about 80 bro-
kers in the US, Asia and Europe
would lead to a 10m charge for the
2011 results. More savings are set to
follow in the first half of this year.
Tulletts decision to break with tra-
dition and make a pre-close state-
ment comes against a gloomy
backdrop for the industry, which has
been hit as banks cut their appetite
for risk.
Yesterday Tullett, which acts as a
middleman in securities deals
between investment banks, said: The
worlds financial markets have
remained unsettled throughout the
year. There have been periods of mar-
ket volatility and heightened activity,
although there have also been peri-
ods of more subdued activity.
Numis analyst James Hamilton said
the cost-cuts reflect the very diffi-
cult operating environment facing
the broker and warned that an eco-
nomic recovery and interest rate rises
remained distant prospects.
The over-the-counter model, howev-
er, remains robust, it added.
Tullett, which was spun out of
stockbroker Collins Stewart in 2006
and is led by Terry Smith, said last
years sales are likely to be in line
with the 908.5m reported for 2010.
Both Tullett and Icap, as well as
rivals BGC Partners and GFI Group,
which match the buyers and sellers of
bonds and swaps, hope regulatory
changes in the US and Europe will
boost their businesses.
Shares in Tullett inched up 0.22 per
cent last night to close at 271.8p. Its
annual results will be published on 6
March.
THE FORMER head of Olympus
returned to Japan yesterday, but
announced that he was no longer
fighting to replace the firms manage-
ment.
Michael Woodford (pictured), who
was fired as chief executive in
October and blew the whistle on a
$1.7bn (1.1bn) accounting scandal,
had faced long odds in his battle with
management.
Despite my having done
the right thing, none of the
major Japanese institutional
shareholders have offered
one word of support to
me, Woodford said in a
statement sent out this
morning.
The decision leaves
foreign shareholders
who want a new slate
of directors, includ-
ing US fund manag-
er Southeastern
Asset Management, without a cham-
pion to lead any proxy battle when
the company convenes an extraordi-
nary shareholders meeting as
early as March.
Olympus lenders were
expected to back existing
managers with a plan to
bring in a new domestic
investor, possibly a rival
such as Fujifilm
Holdings, to pump more
capital into the firm,
according to bankers.
Woodford back in Japan but ex-chief
abandons his bid to win back old job
CHINA Development Bank and
Japans Sumitomo Mitsui Financial
Group are slugging it out in the final
days of an auction for Royal Bank of
Scotlands aircraft leasing business in
a deal that could fetch up to $7.5bn
(4.8bn), a source with direct knowl-
edge of the matter said yesterday.
RBS, 83 per cent-owned by the
British government, is shedding RBS
Aviation Capital as part of efforts to
pay back a 2008 bailout.
The RBS Aviation auction reaches
its final stages as RBS begins a larger
process to pare back the size of the
bank, including scaling back its
investment banking arm.
For the RBS Aviation auction, a
decision on the winner is expected by
early next week, said the source, who
was not authorised to speak to the
media, with a sale price in a range of
$7.3bn to $7.5bn.
A second source said US bank Wells
Fargo was also still involved in the
auction. RBS declined to comment.
Asian banks fight to buy
RBSs 5bn aviation arm
BANKING

RYANAIR suffered a five per cent drop

in passenger numbers in December
compared to last year, after it ground-
ed up to 80 aircraft to offset higher
fuel costs.
But the low-cost carriers annual
traffic has risen 5.1 per cent to 76.4m
in spite of the bigger-than-usual stop-
pages.
Ryanairs load factor, a measure of
how many available seats are paid for
on its flights, slipped one percentage
point to 79 per cent last month.
British Airways parent IAG fared bet-
ter in December, with passenger num-
bers up 10 per cent to 3.88m after a
boom in European and North
American flights, as well as better
weather conditions than last year.
IAG said traffic in 2011 rose 2.1 per
cent overall, with a jump in passengers
across the Americas offsetting a 12.5
per cent tumble in UK and Spanish
domestic flights.
Its cargo division also enjoyed a 6.4
per cent rise in annual revenues.
Ryanair traffic dips after
fuel cost grounds planes
TRANSPORT

KAZAKH miner ENRC has agreed a

$1.25bn (800m) settlement with
Canadas First Quantum Minerals to
end a long-running dispute over own-
ership of the Kolwezi project in the
Democratic Republic of Congo.
The London-listed miner said yes-
terday the deal would enable it to
start developing its operations at the
copper-cobalt Kolwezi Tailings proj-
ect.
ENRC will pay $750m plus a
deferred consideration of $500m as
part of the settlement with First
Quantum, the former owner of
Kolwezi until its licence was revoked
by the DR Congo in 2009.
The dispute had been expected to
go to trial after a court upheld First
Quantums $2bn claim for dam-
ages for the revoked Congo
asset in September.
Shares in FTSE 100-listed
ENRC lifted by around four
per cent after the announce-
ment of the settlement.
The licence was bought
by ENRC from the Israeli
businessman Dan
Gertler (pictured) in
2010.
Throughout, I have said that
there was absolutely nothing dodgy
about the Kolwezi transaction we
conducted the most due diligence I
have ever seen on a transaction and
the noise coming from First
Quantum was intended wholly to
drive up the price of the inevitable
sale of the plant and equipment,
said former ENRC non-executive
director Ken Olisa last night.
Olisa always defended ENRCs
position on the Kolwezi
ownership dispute but he
was voted off the board last
year by the groups control-
ling shareholders.
ENRC settles Congo dispute
BY JOHN DUNNE
MINING

Tullett cuts
80 brokers
amid turmoil
BY PETER EDWARDS
FINANCIAL SERVICES

BY HARRY BANKS
TECHNOLOGY

News
6 CITYA.M. 6 JANUARY 2012
Chief exec Terry Smith moved to reassure investors by announcing cost cuts
NEWS | IN BRIEF
Blockbusters boost Cineworld
Movie giants such as The Kings Speech,
the latest Harry Potter instalment and
Twilight helped UK cinema chain
Cineworld post a revenue increase of 1.5
per cent last year. While suffering sales
of 3D glasses and a fall in screen adver-
tising will bring other income down,
Cineworld is looking at a rise of 2.7 per
cent in its net box office takings largely
in line with industry performance.
Nokia eyes a new chairman
Finnish mobile phone company Nokia is
said to have its eyes on Risto Siilasmaa
to succeed its current chairman Jorma
Ollila. Siilasmaa, who has sat on Nokias
board since 2008, is the founder and
chairman of Finnish software maker
Secure and chairman of telecoms firm
Elisa Oyj. The decision is awaiting confir-
mation from the board and is expected
to be announced alongside Nokias
fourth quarter results on 26 January.
Fiat drives towards Chrysler
Italian car maker Fiat is one step closer
to merging with Chrysler after it raised
its stake in the struggling automotive
group from 53.5 per cent to 58.5 per
cent, paying approximately $2bn
(1.29bn). Chrysler filed for bankruptcy in
2009, leading President Obama to insti-
gate a turnaround plan between the two
companies. Healthcare trust VEBA owns
the other 41.5 per cent.
Tata could move plants to India
Ratan Tata, the retiring head of the Tata
conglomerate, said his firm could move
some of its car production to India or
China. He told a conference that Tata
Motors, which makes Range Rovers and
Jaguars in the UK, could at some stage
shift its manufacturing to capitalise on a
growth spurt in emerging markets. He
also conceded the Nano, lauded as the
worlds cheapest car when launched in
2008, had delivered disappointing sales.
Broker sees trouble ahead as clients
stay on the sidelines during Eurosaga
T
ULLETT Prebon boss Terry
Smith must have seen almost
everything in his 35-plus years
in the City.
Even this veteran must have been
surprised, however, by the gloom
which gripped the City late last
year, perhaps explaining why
Tullett cut around 80 brokers in the
second half equivalent to five per
cent and warned of further
actions to come in 2012.
What it appears to tell us is that
Smith wants to avoid being tarred
with the same brush as global
leader Icap, which seven weeks ago
posted a dip in earnings for the six
months to September.
Market conditions have hardly
improved since Tullett took the axe
to its brokers but yesterday sources
said people had expected things to
be worse [at Tullett] than they are.
Analysts were divided on the
update and the brokers shares
hardly moved, reflecting the fact
that Tullett remains at the mercy of
unsettled markets in the
Eurozone and beyond.
Smith is rarely lost for words but,
for once, this straight-talker will
have to simply sit tight and wait to
see how the interminable Eurosaga
plays out in the City.
BOTTOMLINE
Analysis by Peter Edwards
ANALYSIS l Tullett Prebon PLC
p
29Dec 30Dec3Jan 4Jan 5Jan
280
275
270
265
271.80
5 Jan
A TRIO of top executives at Cove
Energy are in line to share a pot of
tens of millions of dollars after the
company was officially put up for sale
yesterday.
Chief executive John Craven and
executive chairman Michael Blaha
will share most of the payout.
Michael Nolan, Coves finance
director, will pocket the rest. The
price tag on the company is estimated
at up to $1bn (645.2m).
If all their options are exercised,
the management will own five per
cent of the company.
BP, Shell and Exxon Mobil are being
tipped by analysts to take an interest
in the Aim-listed explorer, which
operates in East Africa.
The jewel in Coves crown is its 8.5
per cent interest in the Rovuma Area
1 block off the shore of Mozambique,
part of a project led by Anadarko
Petroleum. Cove also has assets off
the shores of Kenya and Tanzania,
although these are less developed.
The company said in December it
had offered data to parties who had
expressed an interest in acquiring its
8.5 per cent stake in the Rovuma
block.
Rovuma Area 1 represents a sub-
stantial portion of Coves asset value
within the portfolio of focussed and
complementary assets which the
company has built in East Africa,
Cove said in a statement. As such
the directors have unanimously
agreed that a sale of the company
may be appropriate at this time.
Three bosses
at Cove in line
for a windfall
Cove chief exec John Craven is in line for a big payout from any sale Picture: REUTERS
BY JOHN DUNNE
ENERGY

News
8 CITYA.M. 6 JANUARY 2012
ANALYSIS l Cove Energy PLC
p
29Dec 30Dec3Jan 4Jan 5Jan
125
120
115
110
124.75
5 Jan
CENKOS resources expert Joe Nally is
the leading adviser on the Cove sale.
The London School of Economics-
educated executive joined Williams
de Broe in 1976 as an investment
analyst covering property and insur-
ance companies.
He went on to become an institu-
tional salesman, covering a wide
range of institutions in the UK and
Europe. In 1992 he was a founder of
the institutional corporate finance
department at Williams de Broe
where he gained extensive experience
across a broad range of sectors in
IPOs, secondary fund raising and
takeovers and mergers, particularly
in natural resources.
Over the past five years, he has
brought a considerable number of
mining and oil and gas companies to
the market and raised further funds
in the secondary market. In
November 2010 Cove raised 110m
via a placing of 145m new shares at
76p each, with Nally the lead adviser.
His biggest deal to date has been
Walter Energys C$3.3bn (2bn)
merger with Canadian mining group
Western Coal. He has advised Cove
on a number of successful placings
and is a well known City veteran with
a strong track record.
ADVISER: CENKOS SECURITIES
JOE NALLY:
SENIOR
MANAGER
NATURAL
RESOURCES
NEWS | IN BRIEF
Balfour Beatty bags 750m deal
Building group Balfour Beatty yester-
day clinched a five-year contract worth
up to 750m to upgrade Britain's elec-
tricity transmission network. The work
involves maintaining and refurbishing
overhead transmission lines, as well as
designing and implementing National
Grid's network upgrade plans. The com-
pany has an existing contract to carry
out some work for the National Grid.
This week Balfour was also named pre-
ferred bidder for an 800m contract
to run a rubbish and recycling project
in Essex.
Costain ends year on track
Costain said yesterday that it finished
the year strongly and has an order
book worth 2.5bn. The civil engineer-
ing group said it had targeted major
public and private sector customers
and secured significant new contracts
during the year, including the London
Bridge Station redevelopment for
Network Rail and Crossrail Paddington
Station. The company increased its
banking facilities by 30m to 465m
and extended by two years to
September 2015.
Petrofac in Schlumberger tie-up
British energy services firm Petrofac
said yesterday it will team up with
Schlumberger, the worlds largest oil-
field services company, to help it bid
for bigger projects with national oil
companies and other firms. The pair
have signed a co-operation agreement
which will let them work together on
projects to help resource holders such
as national oil companies develop and
enhance production from their oil and
gas fields.
PZ CUSSONS, the company behind
Imperial Leather shower products, is to
add haircare business Fudge to its beau-
ty range in an attempt to cash in on the
growing male grooming market.
The company, which is also responsi-
ble for St Tropez, Sanctuary and Charles
Worthington products, will pay private
equity firm Sabre 25.5m for the
Australian hair styling brand before the
end of the month.
Fudge generated 15.7m of revenue
in the financial year to 30 June 2011,
with sales split evenly between Europe
and Australasia.
SPORTS retailer JJB, which was on the
verge of collapse last year, has battled
its way through the crucial Christmas
period, reporting a five per cent lift in
like-for-like sales in December.
JJBs second-half like-for-like sales
fell by 7.8 per cent while margins fell
by 3.2 per cent, it said yesterday.
But this was still an improvement
compared to a dire first half, when
sales slumped by 17.7 per cent slump
and margins dived by 31.7 per cent.
Chief executive Keith Jones, who
was parachuted in almost two years
ago to turn around the retailer, said:
Our overall trading has improved in
the second half of the financial year
and we achieved a Christmas trading
performance broadly in line with our
expectations in the face of an extreme-
ly challenging consumer environ-
ment.
The Wigan-based firm was rescued
from administration by a deal with its
landlords in March the second in
two years which allowed it to close 43
poorly performing stores and cut rent
payments by as much as 55 per cent
on others.
The company is banking on a num-
ber of critical trading periods, includ-
ing the January sales, European
football championships and London
Olympics, to get back on track.
JJB, which employs 4,600 people and
runs 195 stores across the UK and
Ireland, faces stiff competition from
rivals like Sports Direct, which has
fared better in the current climate.
The groups better-than-expected
sales cheered the market yesterday,
sending shares soaring 37.5 per cent to
7.7p.
JJB enjoys an
uplift in sales
for Christmas
SUPERMARKET Waitrose said yesterday
it had seen Christmas sales jump this
year. The shops, part of the John Lewis
Partnership, saw a 3.5 per cent jump in
like-for-like grocery sales in December.
In the week leading up to New Year,
total sales rose by 9.7 per cent on last
year.
Among the big sellers were items
from celebrity chefs Delia Smith and
Heston Blumenthal, including
Blumenthals Hidden Orange and
Clementine pudding and Smiths
Classic Christmas Cake Ingredients box.
Heston helps to
boost Waitrose
PZ Cussons set
to buy up Fudge
BY KASMIRA JEFFORD
RETAIL

RETAIL

MANY US store chains had to offer

deep discounts to entice shoppers
over the holiday selling season, cut-
ting into profits even as overall
December sales came in slightly
above expectations.
JC Penney yesterday cut its quar-
terly profit forecast, citing higher
markdown activity, and its shares
fell 2.7 per cent. Kohls also cut its
holiday-quarter profit outlook after
a disappointing December and a dis-
astrous sales decline in November.
Privately-owned Toys R Us also
said sales fell over the key holiday
period. The worlds biggest toys spe-
cialist, which is looking to go public
this year, reported a 1.2 per cent rise
in December sales at established US
stores, but total sales dropped.
Turnover at Target and Costco
rose over Christmas, but missed fore-
casts, and Gaps same-store takings
fell four per cent.
But Macys, which expanded its
late-night hours to more stores in
the final days before Christmas and
carried more exclusive goods,
reported a better-than-expected 6.2
per cent rise in December sales and
raised its outlook for the quarter.
The consumer is in the driver's
seat -- they have the power, said
David Bassuk, head of AlixPartners
retail practice. Well still see aggres-
sive promotions in the next six
months.
US retailers slash prices to
lure festive bargain-hunters
RETAIL

News
10 CITYA.M. 6 JANUARY 2012
ANALYSIS l JJB Sports
p
29Dec 30Dec 3Jan 4Jan 5Jan
6.50
6.75
7.00
6.25
6.00
5.75
5.50
5.25
7.70
5 Jan
ANALYST VIEWS: DO JJBS RESULTS SHOW
SIGNS OF IMPROVEMENT? Interviews by Kasmira Jefford

FREDDIE GEORGE | SEYMOUR PIERCE

Although trading improved over Christmas against very easy comparatives,
management, in our view, is running out of time to turn this business around.
It needs to find a clear niche and a format, differentiated from its competitors.

PHILIP DORGAN | PANMURE GORDON

This trading statement probably exceeds market expectations. That said,
despite the fact that we are only marginally changing our forecasts, the dete-
riorating consumer environment suggests that the recovery will be slower.

JAMES DILKS-HOPPER | NUMIS

While the performance to date through the second half is marginally
ahead of our expectations, we maintain our profit before tax forecast
ahead of the January sales and remain neutral.

BY JAMES STEVENSON
RETAIL

CLINTON CARDS brought some cheer

to the market yesterday, after reveal-
ing a rise in Christmas sales, thanks
largely to the strategy of its new chief
executive, the former coffee man
Darcy Willson-Rymer (pictured).
As managing director of Starbucks
UK and Ireland, Willson-Rymer was
credited for steering the coffee
chain through the recession and
reinvigorating its stores.
He now claims to have given
Clintons a similar shot in the
arm, thanks to a single-mind-
ed focus on the customer.
Our Christmas trading
update recognises the positive
impact of this approach, he
said in a statement
yesterday, while con-
ceding there was more
work to be done.
The retailer, which
has ploughed its way
through tough trad-
ing conditions as well as intense com-
petition from supermarkets and the
internet, said sales at stores open over
a year rose 0.4 per cent year-on-year in
the five weeks to 1 January.
That compares with a fall of 2.4 per
cent in the 16 weeks to 20 November,
and meant cumulative like-for-like
sales for the 22 weeks to 1 January
were down 1.4 per cent.
Willson-Rymer, who
is still working on a
strategic review of
the retailer, said:
Despite a tough
retail climate, we
remain in line with
the boards expecta-
tions.
Analysts forecast a
pre-tax loss of 8.8m for
the current finan-
cial year.
C l i n t o n s
shares closed
up 4.5 per cent
at 11.5p last
night.
Clinton Cards
new strategy
raises takings
BY KASMIRA JEFFORD
RETAIL

News
11 CITYA.M. 6 JANUARY 2012
www.RateSetter.com Customer
Phoneline: 08442490115
In association with RateSetter: A better
way to Save and Borrow, Peer to Peer
CITY VIEWS: DO YOU
THINK HIGH STREET
RETAILERS ARE IN FOR
A GOOD 2012?
Interviews by James Stevenson
* These views are those of the individuals below and
not necessarily those of their company
BABAK SHIRAZI
XL INSURANCE
If the retail market reacts so
that you can get cheap deals
in stores there will be an
increase, but otherwise
people will shop online."
DAVID WYATT
AON
"Things will definitely pick up.
People will always spend
regardless of recession. A lot
of people still go online
to compare bargains.
JOHN PARKIN
KAMES CAPITAL
No, a lot of people are being
very cautious. There may
have been sales shopping but
people will keep tightening
their belts.
AMERICAN book retailer Barnes &
Noble (BN) is exploring options for
splitting its Nook e-reader business
from its bookshop core, refusing to
specify whether it would sell the arm.
While sales of all Nook devices in
the last two months of 2011 were up
70 per cent on the previous year, the
Nook Simple Touch experienced slug-
gish sales compared to expectations,
contributing to BNs decision to cut its
forecast for earnings before interest,
tax, depreciation and amortisation
almost 30 per cent to the range of
$150m to $180m (96.8m to 116m).
The Nook, which could soon be sold
overseas, is expected to bring in $1.5bn
of revenue in fiscal 2012. BN chief exec-
utive William Lynch said: We believe
its the right time to investigate our
options to unlock that value.
BN shares plunged over 30 per cent
to $9.35 before closing at $11.24.
Barnes & Noble tanks on
e-reader spin-off plans
The Nook will generate $1.5bn of revenue this year
BY LAUREN DAVIDSON
RETAIL

SEASICK IN
THE CITY AS
BROADGATE
HOLDS SWAY
CITY WORKERS in the Broadgate Tower
dropped everything on Tuesday to look up
the meaning of deflection, after strong
winds made the building sway so dramati-
cally that staff complained of seasickness.
The building may have been designed
by award-winning architects Skidmore,
Owings and Merrill but when you are
stuck in a 165m tower that is rocking on
its foundations, all appreciation for its
stunning views go out of the window.
Cue a hastily composed email to all
staff from facilities, explaining that
deflection is simply when a 30-floor sky-
scraper deviates approximately 30cm
from its theoretical dimensions and posi-
tion due to tolerances in construction.
Of course, developer British Land knew
that all along but the employees of Reed
Smith, Regus, Gill Jennings & Every and
their towermates still needed reassuring.
It is normal to feel a slight sway on
the floors, soothed the circular mes-
sage. Especially due to the extremely
wet and windy conditions we are experi-
encing today. If you require any further
detailed information regarding deflec-
tion, please contact me.
One final instruction: Please report
of a restaurant and down a hidden stair-
case, the West Ends best-kept secret
will have lighting so dim that even if
you did stumble across a recalcitrant
hedge fund manager in the gloom, you
might not recognise him anyway. A case
of seeing and not being seen.
PREMIERE LEAGUE
MARGIN CALL, the tale of an investment
bank on the brink of collapse, is a tale of
desperate people making desperate
choices. But dont let that put you off
The Capitalist has two tickets to give away
to the UK premiere on Monday 9
January.
To be among the first to watch the 109
minutes of action on highly leveraged
mortgage-backed securities, email the
name of the actor who plays the banks
chief executive John Tuld to
karl.white@ar-pr.co.uk. Its either Kevin
Spacey, Jeremy Irons or Demi Moore.
any leaks to the facilities help desk.
Does the above email finding its way to
The Capitalist count?
BURNSIDE NIGHT
AN OPTIMISTIC start to the year for New
Century Media, which wheeled out the
champagne for its clients on Wednesday.
Personally, I find the first week of
January the most depressing week of the
year, chairman David Burnside told The
Capitalist over the strains of a jazz band. So
it is exactly the right time to have a party.
Among the last to leave, however, were
a couple of spinners from a rival financial
PR firm, who finally exited the 6pm to
9pm gathering after midnight.
Burnside has poached the flacks to
come on board his firm this month, you
see, so they were simply getting to
know their new boss over a few drinks
before they start. Cheers!
GOING UNDERGROUND
THE HEDGE fund managers of Mayfair,
famously elusive at the best of times,
may be feeling the need to lie low after
a damaging 2011.
One place you could look if you need to
track down Crispin Odey and the gang,
however, is the aptly named Low (above),
the underground members club near St
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It is normal
to feel a
slight sway
on the floors.
Especially
due to the
extremely
windy
conditions
The Capitalist
12 CITYA.M. 6 JANUARY 2012
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Windswept: the
lobby of British
Lands 165-metre
Broadgate Tower
News
13 CITYA.M. 6 JANUARY 2012
Old Mutual
Old Mutual has appointed Ian Gladman
as group strategy director. Gladman,
who will be a member of the groups
executive committee, previously worked
at UBS Investment Bank where he
spent 16 years, most recently as co-
head of financial institutions, EMEA,
covering a range of UK and European
insurance companies, banks and asset
managers.
Barclays Wealth
The wealth manager has appointed
Paul Fleming as director, head of
strategic partnerships to work across
the UK & Ireland private bank, interna-
tional private bank and the wealth
advisory division, based in London.
Fleming joins Barclays Wealth from
PwC, where he was most recently head
of strategic partnerships.
Lloyds Pharmacy
The pharmacy chain has appointed
Phil Streatfield to the board-level posi-
tion of supply chain and business effi-
ciency director. He joins from Spicers
Europe, where he was European sup-
ply chain and IT director.
MGM Advantage
The retirement income specialist has
appointed Jim Roberts as a non-execu-
tive director and chairman of the
investment committee. Roberts spent
26 years at Skandia Group, including
positions as appointed actuary, finance
director and group investment director.
Bryan, Garnier AM
Bryan, Garnier Asset Management has
appointed Steve Wallace as managing
director responsible for commercial
activities and will be part of the senior
management team and investment
committee, based in London.
Alliance Trust
Karin Forseke has been appointed as
non-executive chairman to succeed
Lesley Knox. Forseke will join the board
of the company on 1 March and will
become chairman on 2 April. Forseke
holds a number of non-executive direc-
torships, including deputy chairman and
senior independent director of the FSA
and a non-executive director of
Wallenius Lines AB. Previous roles
include CEO of D Carnegie & Co AB and
COO of the London International
Financial Futures and Options Exchange.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Banks gain on US
economic optimism
B
ANKS led Wall Street to gains yes-
terday even as Europe struggled
again, a sign investors are bet-
ting a relatively strong US econo-
my will help US stocks outperform
other markets.
Overall gains were small, but banks
advanced for a third day, supported by
better-than-expected economic data.
US financial shares continued to
delink from their European peers as
investors see more potential for
growth in US lending that could off-
set worries about the Eurozone debt
crisis.
The KBW bank index rose 2.2 per
cent, extending the weeks advance to
about six per cent. Bank of America
jumped 8.6 per cent to $6.31.
While you do have the European
issues, the US banks do have some off-
sets, said John Manley, the New York-
based chief equity strategist at Wells
Fargo Funds Management. There are
signs of potential stability in the hous-
ing market and US banks are probably
being helped by that.
Traders initially focused on heavy
losses in European bank shares, led by
UniCredit. Italys largest bank has lost
more than 30 per cent of its value this
week after it priced a share offering
meant to shore up its ravaged balance
sheet. Other European bank shares
fell, and an index of the regions
lenders tumbled 3.24 per cent.
But Manley warned that the prob-
lems with bank stocks still linger. Bank
stocks can do well in the very long
term, they are cheap stocks, but they
are cheap for reasons that will not go
away any time soon, he said.
The Dow Jones industrial average
dipped 2.72 points, 0.02 per cent, to
12,415.70. The S&P 500 Index gained
3.76 points, 0.29 per cent, to 1,281.05.
The Nasdaq Composite added 21.50
points, 0.81 per cent, to 2,669.86.
Data yesterday pointed to a strength-
ening US economy. More than twice
the expected number of private sector
jobs were added in December while
initial jobless claims dropped 15,000 in
the latest week. In addition, the pace
of US services growth quickened more
than expected in December.
The S&P 500 closed above its 200-day
moving average for a third straight
day. It was the first time the index has
been able to hold above the moving
average that long in five months. But
relatively low volumes could under-
mine the upbeat technical picture.
The S&P retail index edged up 0.4
per cent as December same store sales
rose slightly more than expected,
though discounts cut into profits over
the holiday shopping season. Target
fell three per cent to $48.51 while
Macys added 3.9 per cent to $33.92.
B
RITAINS blue-chip share index
closed lower yesterday on
growing fears that Eurozone
countries and banks could
struggle to tap markets this year.
The FTSE 100 dropped 44.19
points, or 0.8 per cent, to close at
5,624.26, in tandem with most
European indexes and the euro cur-
rency, after a French debt auction,
though oversubscribed, failed to
allay fears about the debt crisis on
the continent.
The single currency slumped to its
lowest level against the dollar since
September 2010 on tensions ahead of
Spanish and Italian auctions next
week and signs of weakness in
Eurozone banks, notably Italys
UniCredit, which slumped for a sec-
ond day after announcing a massive
discount on a rights issue on
Wednesday.
The euro is really not helping at
the moment; every time it tries to
rally, its getting a slap, and that is
really putting a damper on equities,
said David Morrison, market strate-
gist at GFT Global.
The FTSE 100 sent a bearish signal
as it closed below the full retrace-
ment of its mid-December fall,
which had been offset by a thin-vol-
ume rally over the Christmas period,
helped by upbeat data from the
United States.
Its risk-on, risk-off trade at the
moment, and the big pop up that we
had at the beginning of the year was
an opportunity for a lot of traders to
go short, and now theyre taking it,
GFTs Morrison said.
Concerns that an escalating debt
crisis in the Eurozone would drag on
the worlds economy pushed
investors out of cyclical stocks.
Vedanta was the top blue-chip fall-
er, dropping 5.2 per cent as miners
tracked a decline in copper prices,
which depend heavily on economic
activity.
At the other end of the FTSE table
was Eurasian Natural Resources
Corp, which rose 4.6 per cent on vol-
ume more than two times its 90-day
average on news it will receive
$1.25bn from Canadas First
Quantum Minerals to end a dispute
over a project in the Democratic
Republic of Congo.
Silver miner Fresnillo was one of
the biggest risers, gaining 3.3 per
cent.
Chip designer ARM Holdings also
outperformed, rising 2.6 per cent as
UBS placed a short-term buy rating
on the group, which it expects to
post estimate-beating fourth-quarter
results thanks to strong sales of
high-end phones.
With solid smartphone/tablet
sales, we expect solid performance
through results vs those exposed to
weaker-end markets, UBS said.
By contrast, heavily subsidised
sales of smart phones in the United
States were set to dent the quarterly
margins of Verizon, a mobile opera-
tor jointly owned by Vodafone Group
and Verizon Wireless, the joint ven-
tures chief executive, Fran Shammo,
said.
Smartphone sales pressure mar-
gins because operators pay higher
subsidies to offer advanced phones
at discounted prices. In exchange,
consumers must sign a two-year con-
tract.
Shares in the UK-listed telecoms
operator Vodafone fell 1.5 per cent,
making them the largest single drag
on the FTSE 100, knocking off 5.2
index points.
Petrofac gained 1.9 per cent after
the oil group unveiled a tie-up with
Schlumberger, the worlds largest
oilfield services company, to bid for
new projects.
Fresh nerves over euro debt
put dampers on FTSE index
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Orascom
38
40
42
36
34
Nov Dec Jan
$
32.86
5Jan
ORASCOM
After the company announced a demerger of its fertiliser and construction
businesses, Morgan Stanley rates the Egyptian construction group as over-
weight with a target price of $49. The demerger will see OCI hold the fer-
tiliser business, while the demerged company will hold the construction
segment. Each shareholder will receive one share in the demerged company,
with the deal expected to complete in the first quarter of this year.
ANALYSIS l ARM Holdings
600
625
575
550
Nov Dec Jan
P
610.00
5Jan
ARM HOLDINGS
UBS introduces a short-term buy on the Cambridge-based chipmaker but
remains neutral in the long-term, to reflect imminent catalysts including
Intel accelerating its roadmap and expected announcements of new prod-
ucts from Samsung and Broadcom. The brokers latest estimates suggest
fourth quarter revenues up to six per cent ahead of consensus, and up to 14
per cent ahead on earnings before interest and tax.
ANALYSIS l BAE Systems
270
280
290
260
250
Nov Dec Jan
p
287.00
5Jan
BAE SYSTEMS
JP Morgan rates the UK defence company as neutral and reduces its tar-
get price from 302p to 297p after a number of announcements last
December and this year that may have a negative impact on 2011 underly-
ing earnings and cash. The broker says the lack of a Saudi signature
announced earlier this week is likely to mean 300m more in debt, and a
miss on earnings before interest, taxes and amortisation of around 80m.
p
28Oct 10Oct 17Nov 7Dec 29Dec
5,800
5,200
5,400
5,000
5,600
ANALYSIS l FTSE
5,624.26
5 Jan
Plethora Solutions Holdings
James Mellon has been appointed as a non-
executive director of the urological products
developer. Mellon started his career with GT
Management, and later became the co-founder
and managing director of Thornton
Management (Asia), based in Hong Kong. He is
also co-founder of Regent Pacific Group and
Charlemagne Capital, chairman of Manx
Financial Group, Speymill and Rivington Street
Holdings, and co-chairman of Regent Pacific
Group and West African Minerals Corporation.
T
HIS isnt a review of The Iron Lady, starring
Meryl Streep as Margaret Thatcher and on
general release in cinemas this week [For
this, see p. 18]. Im sure its a fine film and Ill
see it once I can scrape together the money from
my dwindling pension for a pair of tickets and
some wax earplugs to counter the loud volume
in our local cineplex. Im sure Maggie would
understand.
The advance marketing for the film has been
aggressive, featuring special screenings a couple
of months ago for select commentators who
then had an excuse to vent old spleens about the
Iron Ladys rule. Over 21 years after her depar-
ture, the embers of hate still glow red beneath
accumulated layers of cold ash. Round my local,
theres one old geezer promising the biggest
street party upon her death.
What is it about Thatcher that still polarises
the entire nation into one extreme camp or the
other? For her haters, did she destroy a golden
age of peace, harmony and prosperity? Thats not
how I remember the 1970s. For her acolytes, did
she build a new Jerusalem of limited govern-
ment? At best, she slowed its growth but it was
still bigger than when she started and has grown
ever larger since.
Twenty years from now, will Tony Blair or
Barack Obama still be vilified as devils or wor-
shipped as saints? Interestingly, her contempo-
rary Ronald Reagan at the time was pretty
divisive over similar policies but it didnt take
long after his departure for airports, schools,
highways and aircraft carriers to be named after
him. Maybe he was just a nicer guy.
Streeps portrayal of Thatcher posed a real
problem for her self-professed loathers granted
that sneak preview of the film. They reluctantly
conceded Thatchers struggle as a middle class
female against an entrenched establishment of
privileged old men, but quickly dismissed her
accomplishments in office and reiterated their
rejection of everything she stood for.
Everything? This is where the Thatcher-as-
Satan camp is vulnerable. If it was all so bad why
havent four succeeding prime ministers even
begun to reverse her legacy? Lets take a look at
some of her accomplishments.
The top tax rate was 83 per cent when
Thatcher came in and 40 per cent when she left.
The dying Brown administration did hike it to 50
per cent in a last ditch political ploy that the cur-
rent regime hasnt the courage of its convictions
to rectify. Still, I dont see the Thatcher rejection-
ists clamouring for 83 per cent again, probably
because it would hit them as well and they really
dont want The Rolling Stones decamping to for-
eign climes again.
Thatcher led the world on privatisations from
airlines to gas to oil to telecoms to electricity to
you name it. Yes, the rail network has been rena-
tionalised but that botched privatisation wasnt
one of hers. Again, the rejectionists arent clam-
ouring for more nationalisations. Perhaps,
Northern Rock, Royal Bank of Scotland and
Lloyds are giving pause for more thought on this.
Then there was Thatchers faith in competi-
tion and innovation to deliver better quality and
lower prices. I remember our local Presto super-
market back in the 80s was a grim place with
stodgy fare until Tesco opened up the road. And
how many charming little corners of Europe are
easily accessible now thanks to easyJet and
Ryanair? Indeed, how many Thatcher rejection-
ists have a quaint retreat in Provence or Tuscany
and a local Waitrose stocked with olives, sun
dried tomatoes and decent bread?
Speaking of foreign travel, do we really need
the freedom to buy whatever foreign currency
we want in whatever amount? Lets reimpose
currency controls so our rejectionists can once
again don hanky sunhats while figuring out how
to stretch 100 a week. It would certainly help
distinguish Britons from other pink-skinned
northern Europeans down in the Costas, since
binge drinking will no longer be affordable.
Theres much lamenting the lack of British-
owned manufacturers, yet the car industry in
Britain today is on the verge of producing record
numbers and exports of cars. A bona-fide rejec-
tionist would toss out those evil foreigners at
Toyota, Nissan, BMW, Ford and Tata so we could
get behind the wheel (and under the bonnet) of a
British Leyland clunker once again.
Then theres all that council housing Thatcher
sold off. A true rejectionist would forcibly buy
them back, but at the original selling price, to
teach those aspiring lower classes that there is
such a thing as society in which they have their
allotted place.
And since were coming up to the thirtieth
anniversary of the Falklands war, what better
way to undo a Thatcher triumph then by simply
handing the islands over to Argentina? As addi-
tional compensation, we could toss in a couple of
aircraft carriers were building but have no plans
for.
Finally, lets not forget the coal miners.
Everybody, back down the pits for an early death
from accident or disease or sheer exhaustion.
The air is getting too clean and I miss the pea
soupers of Sherlock Holmes fame, three-day
work weeks and candle-lit shops.
Jan Boucek, a former financial journalist, blogs for
The Adam Smith Institute.
14
The Forum
CITYA.M. 6 JANUARY 2012
Everybody back down the
pits for an early death
Margaret Thatchers legacy
is that no-one tries to scrap
what the Iron Lady achieved
cityam.com/forum
JAN BOUCEK
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
15
Risk management
is more to do with
culture than rules
and ticking boxes
Regulation cant
wipe out the risk
of another Enron
M
OST of us dont need reminding
about the 2001 accounting fraud
that became known as the Enron
scandal $11bn of value wiped out
in what was at the time the largest Chapter 11
bankruptcy ever and which also brought
down Arthur Andersen. On 17 December last
year, Enrons chief financial officer Andrew
Fastow reached the official end of a six-year
sentence for his role in the affair which shook
the worlds financial markets to their core.
In the wake of the scandal, governments
took measures to ensure that such a collapse
would not be repeated. In the US the scandal
helped spawn the Sarbanes-Oxley Act, the key
bill enacted in response to this and other sim-
ilar events of corporate wrongdoing. But more
regulation isnt necessarily the best way to
prevent another Enron.
One effect of knee-jerk regulatory change is
certain: it increases costs and the burden of
work for corporations. The benefits in curtail-
ing bad behaviour among employees are less
clear. The only certainty is the price: both
Basel II rules for banking and Solvency II rules
for the insurance sector have and will contin-
ue to demand significant investment by affect-
ed companies.
Yet despite the cost it remains true that if
someone deliberately wishes to act in a crimi-
nal way, there is little that rules can do to stop
them. Consider the examples of Nick Leeson,
Bernard Madoff and Jerome Kerviel, who
alone managed $4.9bn versus Enrons collec-
tive $11bn.
Worse still, regulation can actually increase
risk, when a culture of compliance creates a
false sense of confidence. Such frameworks
encourage firms to manage risk unconscious-
ly sets of rules provide an automated, tick-
box framework. But the best way for firms to
manage risk is by conscious risk-taking
through informed and responsible employee
behaviour. Its about taking the right types of
risk that support the right types of income
not attempting to drive risk out of the firm.
There is limited value in continuing to
reform in the traditional outside-in way that
has been dominant post-Enron. A better way
forward now would be to focus instead on
driving employee integrity, through new
codes of conduct that help people understand
their wider responsibilities.
Good risk management and employee
behaviour doesnt have to be complicated: it
remains a blend of knowing right from wrong
and common sense. But we all know that com-
mon sense is not so common, and there is still
benefit in helping employees gain a better
understanding of the legal, ethical and risk
issues associated with their jobs and actions,
potentially more than by compliance regimes.
Regulation has not put paid to bad corpo-
rate behaviour. On its own, it cant. Instead,
companies need to bring together a set of
clear, non-negotiable employee behaviour
standards with robust risk management
frameworks and control systems, along with
solid insurance protection. That will provide
better payback than rounds and rounds of
new regulation.
John Davies is a managing director within the Risk
Management Practice at Marsh, the insurance broker
and risk adviser. To contact John please email:
john.h.davies@marsh.com
Shorn in the USA
No other developed country per-
mits such neutering of individual
shareholder rights? [True owners
bear risks and rewards, yesterday]
Try the USA. While there are
many imperfections in the UK sys-
tem, in the USA you can have 75
per cent of shareholders vote
against a director and they can
still go to work the next day, not so
in the UK. This is why the UK sys-
tem is now so broken, bad habits
imported from other markets.
Sarah Wilson, CEO, Manifest
Well-being no fad
I have been following the discus-
sion on well-being in The Forum.
On Monday Professor Dennis
Hayes questioned Nannying
workers and policing them with
tools like attitude surveys and
training of their awareness of
emotional well-being. But there
is a hard-headed business logic to
focusing on employee well-being:
the reduced cost of absences
from work and greater productiv-
ity from employees while at
work. Stress is the number one
cause of absence from work and
addressing this improves the bot-
tom line which is why business-
es are keen to create workplaces
in which employees feel valued.
Retaining staff produces direct
returns. Staff retention is
improved by good policies for
managing employees and creat-
ing a happy and harmonious
workplace. Wellbeing and occu-
pational health are sensible busi-
ness practices, not fads.
Richard Smith, Croner
RAPID RESPONSES
BY MARC SIDWELL
CITYA.M. 6 JANUARY 2012
The Forum
I
N MY brief visit to
last Octobers
Conservative con-
ference, while the
Tory elite partied inside
their secure zone, my
wife and I found our-
selves alone as we made
the brief pilgrimage to a
statue on Albert Square. The small huddle of protes-
tors nearby werent paying the Victorian stone figure
any attention either, nor were the police who looked
askance at their placards from across the square. But
we were in the presence of a hero, a parliamentary
giant, born two hundred years ago last November,
from whose principle and passion Camerons current
crop could learn a great deal: John Bright.
Thanks to the efforts of Bill Cash MP, you dont
have to go to Manchester to commune with Brights
forgotten brilliance. Cashs excellent new biography,
released to celebrate Brights bicentenary, made
stirring Christmas reading, and I recommend it to
anyone looking for a heroic example of achievement
to take into the new year.
Brights star may have dimmed now, but in his
day he was seen as the most likely, in an age with
whole constellations of great men, to be remem-
bered. Journalists owe him a special debt, as he
broke the monopoly owned by the Times as a result
of three taxes on newspapers; he helped to revoke
the taxes and usher in a new flowering of cheap,
regional papers where fresher thoughts could flour-
ish and information could flow more freely. But
Bright is more widely revered for his role in the
repeal of the Corn Laws and the passing of the
Reform Act. He was, in all his campaigns, a devoted
champion of the power of liberty and democracy to
emancipate and raise up the common man and
woman. The finest orator of his day, Bright helped
to stir a nation to the cause of free trade. To put it in
his own words:
The principles of free trade are so simple that
the mind of no unbiased man who hears them will
have any hesitation in receiving them as true We
ask that the world should be our workshop, and the
wide world our market.
A Quaker, Bright knew that his co-religionists
were powerful forces in banking and insurance in
the City, as well as housing and manufacture.
Through their productivity, relying not on cronyism
or special treatment but asking only for a level play-
ing field, the greatness of nineteenth-century Britain
was being established. By breaking down the rules
on trade and later on parliamentary representation,
held in place by a narrow group of the rich and pow-
erful, Bright sought to make life better for all, and
he convinced large swathes of the general popula-
tion to support his battles.
Today, when liberals are too often dismissed as
heartless for wanting goods to cross borders freely,
when parliament is again in need of urgent reform
to restore more direct forms of democracy (the
Direct Democracy campaign has a comprehensive
roadmap as to why and how this could be done),
and politicians sit on the lowest rung of our con-
tempt, we need to remember a man like Bright. He
showed that living by the maxim be just and fear
not is enough for vast achievement without cost to
the soul, even for MPs. He showed too, that rightly
understood the pursuit of liberty is anything but
selfish. It is the common path of humanity.
John Bright: Statesman, Orator, Agitator by Bill
Cash is published by I.B. Tauris.
Marc Sidwell is City A.M.s business features editor
A Victorian star which
should shine Brighter
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
JOHN DAVIES
16
Wealth Management
CITYA.M. 6 JANUARY 2012
LON GD ONCE FIX AM...........1614.50 11.50
SILVER LDN FIX AM ..................29.00 -0.33
MAPLE LEAF 1 OZ ....................31.80 0.11
LON PLATINUM AM................1420.00 -11.00
LON PALLADIUM AM...............647.00 -16.00
ALUMINIUM CASH .................2051.00 45.50
COPPER CASH ......................7651.50 -8.50
LEAD CASH...........................2042.50 48.00
NICKEL CASH......................18700.00 275.00
TIN CASH.............................19650.00 250.00
ZINC CASH ............................1844.00 18.00
BRENT SPOT INDEX................112.56 1.82
SOYA .....................................1221.50 3.25
COCOA..................................2075.00 -40.00
COFFEE...................................226.70 -0.50
KRUG.....................................1663.10 -7.10
WHEAT ....................................150.75 -1.45
AIR LIQUIDE........................................95.15 -1.70 100.65 80.90
ALLIANZ..............................................74.86 -1.26 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.00 0.65 48.35 33.85
ARCELORMITTAL...............................15.02 0.08 28.55 10.47
AXA........................................................9.89 -0.51 16.16 7.88
BANCO SANTANDER...........................5.53 -0.26 9.20 5.05
BASF SE..............................................56.75 0.59 70.22 42.19
BAYER.................................................52.27 0.77 59.44 35.36
BBVA......................................................6.30 -0.33 9.17 4.94
BMW ....................................................56.15 0.28 73.85 43.49
BNP PARIBAS.....................................29.00 -1.65 59.93 22.72
CARREFOUR ......................................16.82 -0.77 31.98 14.66
CRH PLC .............................................15.08 -0.41 17.40 10.28
DAIMLER.............................................36.89 0.53 59.09 29.02
DANONE..............................................48.43 -0.16 53.16 41.92
DEU.BOERSE OFFRE ........................39.47 -1.13 55.75 35.46
DEUTSCHE BANK..............................27.97 -1.66 48.70 20.79
DEUTSCHE TELEKOM.........................8.90 -0.12 11.38 7.88
E.ON.....................................................17.04 -0.17 25.54 12.50
ENEL......................................................3.09 -0.10 4.86 2.78
ENI .......................................................16.25 -0.19 18.66 11.83
FRANCE TELECOM............................11.79 -0.26 16.65 11.12
GDF SUEZ ...........................................20.79 -0.50 30.05 17.65
GENERALI ASS...................................11.70 -0.40 17.05 10.34
IBERDROLA..........................................4.62 -0.11 6.30 4.16
INDITEX ...............................................62.92 -1.18 69.40 50.92
ING GROEP CVA...................................5.50 -0.20 9.50 4.21
INTESA SANPAOLO.............................1.19 -0.09 2.47 0.85
KON.PHILIPS ELECTR.......................15.60 -0.44 25.45 12.01
L'OREAL..............................................81.42 0.09 91.24 68.83
LVMH..................................................109.95 -0.95 132.65 94.16
MUNICH RE.........................................94.57 -1.40 126.00 77.80
NOKIA....................................................4.16 0.27 8.49 3.33
REPSOL YPF.......................................23.40 -0.70 24.90 17.31
RWE.....................................................28.03 -0.38 55.70 21.15
SAINT-GOBAIN...................................29.68 -0.60 47.64 26.07
SANOFI ................................................55.50 -0.71 57.42 42.85
SAP......................................................42.15 0.32 46.15 32.88
SCHNEIDER ELECTRIC.....................42.51 0.43 61.83 35.00
SIEMENS .............................................75.89 -0.51 99.39 62.13
SOCIETE GENERALE.........................16.08 -0.92 52.70 14.32
TELECOM ITALIA..................................0.82 -0.02 1.16 0.70
TELEFONICA ......................................13.12 -0.30 18.75 12.50
TOTAL..................................................39.86 -0.28 44.55 29.40
UNIBAIL-RODAMCO SE...................134.45 -2.15 162.95 123.30
UNICREDIT............................................4.48 -0.94 20.25 4.46
UNILEVER CVA...................................26.98 0.38 27.16 20.90
VINCI ....................................................34.06 -0.49 45.48 28.46
VIVENDI ...............................................16.69 -0.31 22.07 14.10
VOLKSWAGEN VORZ ......................126.20 3.25 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5624.26 -44.19 -0.78
FTSE 250 INDEX . . . . . . . 10144.64 -129.13 -1.26
FTSE UK ALL SHARE . . . . 2882.24 -24.16 -0.83
FTSE AIMALL SH . . . . . . . . 706.85 3.61 0.51
DOWJONES INDUS 30 . . 12415.70 -2.72 -0.02
S&P 500 . . . . . . . . . . . . . . . 1281.06 3.76 0.29
NASDAQ COMPOSITE . . . 2669.86 21.50 0.81
FTSEUROFIRST 300 . . . . . 1013.39 -8.11 -0.79
NIKKEI 225 . . . . . . . . . . . . . 8488.71 -71.40 -0.83
DAX 30 PERFORMANCE. . 6095.99 -15.56 -0.25
CAC 40 . . . . . . . . . . . . . . . . 3144.91 -48.74 -1.53
SHANGHAI SE INDEX . . . . 2148.45 -20.94 -0.97
HANG SENG. . . . . . . . . . . 18813.41 86.10 0.46
S&P/ASX 20 INDEX . . . . . . 2502.30 -27.70 -1.09
ASX ALL ORDINARIES . . . 4196.60 -42.90 -1.01
BOVESPA SAO PAOLO. . 58541.49 -823.46 -1.39
ISEQ OVERALL INDEX . . . 2892.52 -15.60 -0.54
STRAITS TIMES . . . . . . . . . 2713.02 2.00 0.07
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6026.57 -31.51 -0.52
Price Chg %chg
3M........................................................83.80 -0.38 98.19 68.63
ABBOTT LABS ...................................56.37 -0.13 56.84 45.07
ALCOA ..................................................9.36 -0.09 18.47 8.45
ALTRIA GROUP..................................28.83 0.43 30.40 23.20
AMAZON.COM..................................177.61 0.10 246.71 160.59
AMERICAN EXPRESS........................48.80 0.56 53.80 41.30
AMGEN INC.........................................64.41 0.65 65.19 47.66
APPLE...............................................418.03 4.59 426.70 310.50
AT&T....................................................30.40 -0.03 31.94 27.20
BANK OF AMERICA.............................6.31 0.50 15.31 4.92
BERKSHIRE HATAW B.......................76.93 0.13 87.65 65.35
BOEING CO.........................................73.53 -0.80 80.65 56.01
BRISTOL MYERS SQUI ......................34.16 -0.18 35.44 20.05
CATERPILLAR....................................95.52 0.67 116.55 67.54
CHEVRON.........................................109.10 -1.08 110.99 86.68
CISCO SYSTEMS................................18.92 -0.07 22.34 13.30
CITIGROUP.........................................28.51 0.34 51.50 21.40
COCA-COLA.......................................69.37 -0.33 71.77 61.29
COLGATE PALMOLIVE......................90.14 -0.46 94.89 74.86
CONOCOPHILLIPS.............................73.23 -0.59 81.80 58.65
CVS/CAREMARK................................41.75 -0.05 41.85 31.30
DU PONT(EI) DE NMR........................46.70 -0.32 57.00 37.10
EXXON MOBIL....................................85.76 -0.26 88.23 63.47
GENERAL ELECTRIC.........................18.55 -0.01 21.65 14.02
GOOGLE A........................................659.01 -9.27 670.25 473.02
HEWLETT PACKARD.........................26.50 -0.10 49.39 19.92
HOME DEPOT.....................................43.09 0.35 43.20 28.13
IBM.....................................................184.66 -0.88 194.90 146.64
INTEL CORP .......................................25.40 0.29 26.78 19.16
J.P.MORGAN CHASE.........................35.68 0.73 48.36 27.85
JOHNSON & JOHNSON.....................65.40 -0.08 68.05 57.50
KRAFT FOODS A................................37.74 0.35 38.05 24.30
MC DONALD'S CORP ........................99.83 0.44 101.59 72.14
MERCK AND CO. NEW......................38.74 0.40 39.00 29.47
MICROSOFT........................................27.68 0.28 29.46 23.65
OCCID. PETROLEUM.........................96.15 -0.77 117.89 66.36
ORACLE CORP...................................26.59 0.58 36.50 24.72
PEPSICO.............................................66.22 -0.52 71.89 58.50
PFIZER ................................................21.60 -0.17 22.00 16.63
PHILIP MORRIS INTL .........................78.21 -0.24 79.96 55.85
PROCTER AND GAMBLE ..................66.52 -0.28 67.72 56.57
QUALCOMM INC ................................56.06 0.23 59.84 45.98
SCHLUMBERGER ..............................68.07 -1.49 95.64 54.79
TRAVELERS CIES..............................59.33 0.58 64.17 45.97
UNITED TECHNOLOGIE ....................74.33 -0.72 91.83 66.87
UNITEDHEALTH GROUP...................52.59 0.35 53.50 36.83
VERIZON COMMS ..............................38.94 -0.27 40.48 32.28
WAL-MART STORES..........................59.42 -0.29 61.06 48.31
WALT DISNEY CO ..............................39.50 0.65 44.34 28.19
WELLS FARGO & CO.........................29.02 0.46 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.314 -0.02
LIBOR Euro - 12 months ................1.865 -0.01
LIBOR USD - overnight...................0.149 0.00
LIBOR USD - 12 months.................1.130 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.050 0.00
European repo rate.........................0.143 0.00
Euro Euribor ....................................0.584 -0.02
The vix index ...................................22.22 -0.19
The baItic dry index ........................1.552 -0.07
Markit iBoxx...................................241.97 -0.07
Markit iTraxx..................................172.08 1.11
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .287.0 0.4 361.1 248.1
Chemring Group . . . .394.2 -7.4 736.5 368.8
Cobham . . . . . . . . . . .180.3 -3.5 236.5 165.9
Meggitt . . . . . . . . . . . .356.6 -0.3 397.6 304.9
QinetiQ Group . . . . . .130.4 -1.0 137.4 101.5
RoIIs-Royce Group . .754.0 4.0 761.0 557.5
Senior . . . . . . . . . . . . .176.3 0.3 190.6 132.6
UItra EIectronics . . .1434.0 -31.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .190.1 -0.6 245.0 157.0
BarcIays . . . . . . . . . . .183.7 -4.7 333.6 138.9
HSBC HoIdings . . . . .497.6 -2.4 730.9 463.5
LIoyds Banking Gr . . .26.4 -0.3 69.6 21.8
RoyaI Bank of Sco . . .20.3 -0.5 49.0 17.3
Standard Chartere .1435.0 -7.0 1769.0 1169.5
AG Barr . . . . . . . . . .1216.0 -27.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .330.0 -0.1 477.1 289.9
Diageo . . . . . . . . . . .1415.0 3.0 1428.0 1112.0
SABMiIIer . . . . . . . . .2330.5 20.5 2354.5 1979.0
AZ EIectronic Mat . . .250.9 3.4 338.1 206.1
Croda Internation . .1818.0 -7.0 2081.0 1456.0
EIementis . . . . . . . . . .136.0 -0.5 187.4 107.5
Johnson Matthey . .1890.0 -21.0 2119.0 1523.0
Victrex . . . . . . . . . . .1110.0 -14.0 1590.0 1025.0
YuIe Catto & Co . . . . .168.4 -3.8 253.0 148.0
C/$ 1.2794 0.0144
C/ 0.8255 0.0058
C/ 98.728 0.5578
/C 1.2107 0.0040
/$ 1.5492 0.0120
/ 119.55 0.2616
FTSE 100
5624.26
44.19
FTSE 250
10144.64
129.13
FTSE ALLSHARE
2882.24
24.16
DOW
12415.70
2.72
NASDAQ
2669.86
21.50
S&P 500
1281.06
3.76
RPC Group . . . . . . . .367.8 1.8 384.8 231.5
Smiths Group . . . . . .936.5 -2.0 1429.0 869.5
Brown (N.) Group . . .231.4 -2.5 311.2 227.0
Carpetright . . . . . . . . .493.1 -1.8 835.5 375.0
Debenhams . . . . . . . . .57.7 -1.1 74.8 51.2
Dignity . . . . . . . . . . . .810.0 -19.5 854.5 648.5
Dixons RetaiI . . . . . . . .9.6 -0.1 23.7 9.4
DuneImGroup . . . . . .438.5 -7.6 530.0 383.9
HaIfords Group . . . . .288.7 -12.9 440.0 268.6
Home RetaiI Group . . .89.6 -1.4 235.0 72.5
Inchcape . . . . . . . . . .294.5 -5.4 425.4 268.1
JD Sports Fashion . .592.5 -15.5 1030.0 570.0
Kesa EIectricaIs . . . . .66.6 -0.1 164.0 60.2
Kingfisher . . . . . . . . .247.4 -1.4 287.1 217.0
Marks & Spencer G . .306.2 -2.6 402.2 301.8
Next . . . . . . . . . . . . .2614.0 -42.0 2810.0 1868.0
Sports Direct Int . . . .225.0 4.9 266.2 159.0
WH Smith . . . . . . . . . .525.0 7.5 558.0 433.8
Smith & Nephew . . . .606.0 -20.0 742.0 521.0
Synergy HeaIth . . . . .855.5 0.5 981.0 808.0
Barratt DeveIopme . . .90.0 -1.4 119.0 67.5
BeIIway . . . . . . . . . . . .671.5 -25.0 776.5 540.5
BerkeIey Group Ho .1235.0 9.0 1360.0 884.5
BaIfour Beatty . . . . . .272.7 -4.0 357.3 214.6
CRH . . . . . . . . . . . . .1242.0 -43.0 1700.0 1053.0
GaIIiford Try . . . . . . . .463.5 -9.5 530.0 307.5
Kier Group . . . . . . . .1395.0 -14.0 1458.0 1097.0
Drax Group . . . . . . . .551.5 -10.0 581.5 371.9
SSE . . . . . . . . . . . . . .1291.0 -19.0 1423.0 1159.0
Domino Printing S . .530.0 -12.5 705.0 434.3
HaIma . . . . . . . . . . . . .336.4 -2.7 429.6 306.3
Laird . . . . . . . . . . . . . .148.1 -1.9 207.0 127.9
Morgan CrucibIe C . .271.4 -2.4 357.1 224.0
Oxford Instrument . .978.5 -14.5 1010.0 600.5
Renishaw . . . . . . . . .1019.0 -27.0 1886.0 800.0
Spectris . . . . . . . . . .1302.0 -8.0 1679.0 1039.0
Aberforth SmaIIer . . .509.0 -5.0 714.0 494.0
AIIiance Trust . . . . . .345.5 -1.5 392.7 310.2
Bankers Inv Trust . . .383.9 -2.4 428.0 346.5
BH GIobaI Ltd. GB .1185.0 0.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.9 0.0 20.2 15.9
BH Macro Ltd. GBP 2052.0 -3.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.8 -0.1 20.2 15.9
BIackRock WorId M .631.0 -1.0 815.5 574.5
BIueCrest AIIBIue . . .167.4 0.0 176.2 162.4
British Assets Tr . . . .116.1 -1.3 140.5 109.0
British Empire Se . . .418.0 2.6 533.0 404.0
CaIedonia Investm .1395.0 -3.0 1928.0 1337.0
City of London In . . .286.2 -4.1 306.9 257.0
Dexion AbsoIute L . .136.8 -0.3 151.0 130.0
Edinburgh Dragon . .220.1 0.6 262.1 201.4
Edinburgh Inv Tru . . .476.0 -3.0 492.2 414.9
EIectra Private E . . .1430.0 -14.0 1755.0 1287.0
F&C Inv Trust . . . . . .288.8 -1.6 327.9 261.5
FideIity China Sp . . . . .72.5 0.3 120.9 70.0
FideIity European . . .991.0 -12.0 1287.0 912.0
HeraId Inv Trust . . . . .464.1 0.1 545.5 419.0
HICL Infrastructu . . . .118.5 0.1 121.3 112.7
Impax Environment . .95.0 -0.3 130.5 88.5
John Laing Infras . . .109.3 -0.2 109.5 103.4
JPMorgan American .865.0 13.0 916.0 721.5
JPMorgan Asian In . .184.8 -0.8 247.3 170.1
JPMorgan Emerging .514.0 1.0 639.0 480.1
JPMorgan European .649.0 -5.0 983.5 624.0
JPMorgan Indian I . . .322.0 -2.5 485.7 313.1
JPMorgan Russian .483.5 -0.5 755.0 415.1
Law Debenture Cor . .338.0 -3.0 385.0 321.0
MercantiIe Inv Tr . . . .860.0 -13.0 1137.0 823.0
Merchants Trust . . . .369.0 -5.6 431.8 341.5
Monks Inv Trust . . . .307.2 0.5 367.9 298.1
Murray Income Tru . .622.0 -7.0 673.0 568.0
Murray Internatio . . .928.0 6.5 991.5 818.5
PerpetuaI Income . . .254.8 -1.4 276.0 236.5
PersonaI Assets T .33740.0 -50.0 34060.030210.0
PoIar Cap TechnoI . .329.4 0.2 391.2 299.5
RIT CapitaI Partn . . .1201.0 -30.0 1360.0 1173.0
Scottish Inv Trus . . . .456.4 5.4 524.0 417.0
Scottish Mortgage . .592.0 -3.5 781.0 565.0
SVG CapitaI . . . . . . . .209.0 0.0 279.8 165.1
TempIe Bar Inv Tr . . .854.5 -18.0 952.0 791.0
TempIeton Emergin .546.0 -1.0 689.5 497.0
TR Property Inv T . . .138.5 0.5 206.1 136.2
TR Property Inv T . . . .61.4 0.9 94.0 59.8
Witan Inv Trust . . . . .448.6 -5.2 533.0 401.5
3i Group . . . . . . . . . . .176.8 -7.1 340.0 166.9
3i Infrastructure . . . .120.8 -0.3 124.0 113.1
Aberdeen Asset Ma .215.1 -3.3 240.0 167.8
Ashmore Group . . . .330.9 -4.3 420.0 301.5
Brewin DoIphin Ho . .142.0 0.1 185.4 113.7
CameIIia . . . . . . . . . .9787.5 50.010950.0 8800.0
CharIes TayIor Co . . .127.5 0.0 165.0 115.6
City of London Gr . . . .64.0 1.5 93.6 61.3
City of London In . . .335.5 13.0 458.3 304.3
CIose Brothers Gr . . .603.0 -26.5 888.5 590.0
CoIIins Stewart H . . . .90.0 0.0 91.0 48.5
F&C Asset Managem .62.1 -1.8 92.9 56.1
Hargreaves Lansdo .430.0 -4.9 646.5 402.5
HeIphire Group . . . . . . .1.9 -0.0 17.4 1.4
Henderson Group . . .100.9 -2.3 173.1 95.1
Highway CapitaI . . . . .12.5 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .329.1 -15.8 570.5 311.6
IG Group HoIdings . .490.0 -6.7 528.0 393.6
Intermediate Capi . . .231.3 -9.4 360.3 197.9
InternationaI Per . . . .172.0 -8.9 388.8 156.5
InternationaI Pub . . .120.2 -0.7 121.5 108.6
Investec . . . . . . . . . . .335.4 -4.7 538.0 318.4
IP Group . . . . . . . . . . . .78.8 0.0 80.8 30.9
Jupiter Fund Mana . .207.4 -4.2 337.3 184.9
Liontrust Asset M . . . .74.0 0.5 87.5 57.9
LMS CapitaI . . . . . . . . .54.5 -1.3 64.8 47.8
London Finance & . . .23.5 0.0 24.9 19.0
London Stock Exch .784.0 -26.0 1076.0 756.5
Lonrho . . . . . . . . . . . . . .9.7 -0.0 19.8 8.9
Man Group . . . . . . . . .123.0 -4.1 311.0 121.7
Paragon Group Of . .173.5 -8.0 206.1 134.6
Provident Financi . . .915.0 -37.0 1124.0 869.5
Rathbone Brothers .1044.0 -37.0 1257.0 977.0
Record . . . . . . . . . . . . .12.9 -0.1 36.3 12.5
RSM Tenon Group . . . .8.8 -0.1 66.3 8.7
Schroders . . . . . . . .1289.0 -26.0 1922.0 1183.0
Schroders (Non-Vo .1069.0 -15.0 1554.0 970.0
TuIIett Prebon . . . . . .271.8 0.6 428.6 261.2
WaIker Crips Grou . . .45.0 0.0 51.5 43.0
BT Group . . . . . . . . . .194.9 -3.1 204.1 161.0
CabIe & WireIess . . . .35.8 -2.4 51.2 31.3
CabIe & WireIess . . . .17.3 -1.1 76.9 14.2
COLT Group SA . . . . .86.5 -3.6 156.2 83.3
KCOM Group . . . . . . . .67.6 -2.7 84.0 57.5
TaIkTaIk TeIecom . . .135.0 -2.1 165.2 119.8
TeIecomPIus . . . . . . .702.0 -39.0 802.0 433.0
Booker Group . . . . . . .72.5 -0.3 80.0 54.5
Greggs . . . . . . . . . . . .515.5 -3.5 550.5 445.0
Morrison (Wm) Sup .316.0 -5.7 328.0 262.7
Ocado Group . . . . . . . .57.2 -0.7 285.0 52.9
Sainsbury (J) . . . . . . .298.0 -7.5 391.5 263.5
Tesco . . . . . . . . . . . . .393.9 -11.6 436.7 356.3
Associated Britis . . .1113.0 8.0 1150.0 940.0
Cranswick . . . . . . . . .726.5 -19.0 882.0 588.5
Dairy Crest Group . . .330.1 -4.6 410.4 318.8
Devro . . . . . . . . . . . . .251.0 -5.9 296.9 223.5
Tate & LyIe . . . . . . . . .706.0 -3.5 720.5 520.0
UniIever . . . . . . . . . .2170.0 14.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .461.6 -7.7 664.0 413.5
Centrica . . . . . . . . . . .290.8 -6.2 345.8 278.8
InternationaI Pow . . .337.7 -5.3 436.6 279.4
NationaI Grid . . . . . . .613.0 -17.0 649.5 530.0
Pennon Group . . . . . .718.5 -7.5 737.5 584.5
Severn Trent . . . . . .1532.0 -5.0 1600.0 1368.0
United UtiIities . . . . .618.5 -2.0 637.0 543.5
Cookson Group . . . . .532.5 2.0 724.5 395.8
DS Smith . . . . . . . . . .197.3 -5.5 266.2 164.4
Rexam . . . . . . . . . . . .360.6 -4.0 400.0 299.8
Price Chg High Low
Bovis Homes Group .408.5 -16.4 499.6 326.5
Persimmon . . . . . . . .473.0 0.8 518.5 374.0
Reckitt Benckiser . .3274.0 9.0 3578.0 3015.0
Redrow . . . . . . . . . . . .116.5 0.5 137.6 103.5
TayIor Wimpey . . . . . . .36.9 -0.1 43.3 28.7
Bodycote . . . . . . . . . .271.4 -6.5 397.7 225.6
Charter Internati . . . .944.5 4.5 952.5 538.5
Fenner . . . . . . . . . . . .405.2 1.8 422.5 280.0
IMI . . . . . . . . . . . . . . . .790.5 -1.0 1119.0 636.5
MeIrose . . . . . . . . . . .346.9 -5.4 365.4 268.0
Northgate . . . . . . . . . .190.9 -4.5 346.7 190.0
Rotork . . . . . . . . . . .1854.0 -92.0 1979.0 1501.0
Spirax-Sarco Engi . .1858.0 -32.0 2063.0 1649.0
Weir Group . . . . . . .2091.0 -9.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .386.5 -2.9 412.0 315.0
Ferrexpo . . . . . . . . . . .290.5 2.1 499.0 238.7
TaIvivaara Mining . . .257.2 -9.9 622.0 195.2
BBAAviation . . . . . . .175.6 -3.3 240.8 156.0
Stobart Group Ltd . . .119.1 -0.8 163.6 112.0
AdmiraI Group . . . . . .866.0 -11.5 1754.0 787.0
AmIin . . . . . . . . . . . . .314.8 -7.6 427.0 270.6
Huntsworth . . . . . . . . .34.3 -0.3 85.0 33.8
Informa . . . . . . . . . . . .355.8 -8.7 461.1 313.9
ITE Group . . . . . . . . . .201.0 1.0 258.2 157.7
ITV . . . . . . . . . . . . . . . . .69.5 -1.6 93.5 51.7
Johnston Press . . . . . . .6.2 -0.1 12.8 4.1
MecomGroup . . . . . .207.5 -4.5 310.0 134.5
Moneysupermarket. .102.0 -1.1 120.4 75.7
Pearson . . . . . . . . . .1212.0 -17.0 1234.0 983.0
PerformGroup . . . . .210.0 1.1 234.5 150.0
Reed EIsevier . . . . . .510.0 -8.5 590.5 461.3
Rightmove . . . . . . . .1265.0 -23.0 1408.0 770.0
STV Group . . . . . . . . . .82.6 0.0 168.0 79.5
Tarsus Group . . . . . .136.3 4.3 165.0 118.0
Trinity Mirror . . . . . . . .49.0 0.3 93.0 37.5
UBM . . . . . . . . . . . . . .471.4 -17.3 725.0 416.0
UTV Media . . . . . . . . .103.0 -0.3 150.0 92.5
WiImington Group . . .84.5 0.0 183.0 82.5
WPP . . . . . . . . . . . . . .669.0 -10.0 846.5 578.0
YeII Group . . . . . . . . . . .5.1 -0.1 14.8 3.4
African Barrick G . . .442.8 -8.7 616.5 393.5
AIIied GoId Minin . . .150.2 3.8 281.3 34.4
AngIo American . . .2455.0 -16.5 3437.0 2138.5
AngIo Pacific Gro . . .266.2 -3.8 369.3 237.9
Antofagasta . . . . . . .1263.0 -6.0 1586.0 900.5
Aquarius PIatinum . .162.8 -1.6 419.0 149.0
BeazIey . . . . . . . . . . . .131.0 -4.5 139.2 109.6
CatIin Group Ltd. . . .387.3 -11.3 421.4 334.0
Hiscox Ltd. . . . . . . . . .369.3 -11.0 424.7 340.5
Jardine LIoyd Tho . . .670.0 -10.0 764.5 576.0
Lancashire HoIdin . . .690.0 -4.5 774.5 532.5
RSA Insurance Gro . .106.9 -1.3 143.5 99.6
Aviva . . . . . . . . . . . . . .303.5 -5.5 477.9 275.3
LegaI & GeneraI G . . .103.0 -2.3 123.8 89.8
OId MutuaI . . . . . . . . .137.5 -1.6 144.8 98.1
Phoenix Group HoI . .530.0 -13.0 688.0 451.1
PrudentiaI . . . . . . . . .633.5 -10.0 777.0 509.0
ResoIution Ltd. . . . . .254.6 -5.5 316.1 229.5
St James's PIace . . . .320.1 -8.9 376.0 272.5
Standard Life . . . . . . .201.9 -2.9 244.7 172.0
4Imprint Group . . . . .221.5 -1.5 295.0 200.0
Aegis Group . . . . . . .140.0 -1.3 158.5 115.7
BIoomsbury PubIis . . .95.0 -2.8 138.0 91.3
British Sky Broad . . .721.0 -9.0 850.0 618.5
Centaur Media . . . . . . .33.1 0.0 73.0 32.8
Chime Communicati .179.0 3.0 298.5 163.0
Creston . . . . . . . . . . . .66.3 -1.5 121.0 66.3
DaiIy MaiI and Ge . . .392.6 -11.3 594.5 343.4
Euromoney Institu . .645.0 -5.0 736.0 522.5
Future . . . . . . . . . . . . . . .8.5 -0.1 30.0 8.0
Haynes PubIishing . .220.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .1951.0 -24.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . .861.0 0.0 886.5 853.5
Centamin (DI) . . . . . . . .78.5 -3.0 173.1 77.3
Eurasian NaturaI . . .695.0 30.5 1125.0 522.0
FresniIIo . . . . . . . . . .1620.0 51.0 2150.0 1296.0
GemDiamonds Ltd. .187.0 -10.4 306.0 179.8
GIencore Internat . . .394.3 -10.8 531.1 348.0
HochschiId Mining . .392.4 -3.7 680.0 365.9
Kazakhmys . . . . . . . .981.5 -14.5 1671.0 730.0
Kenmare Resources . .45.1 0.5 59.9 29.0
Lonmin . . . . . . . . . . . .975.0 -39.0 1940.0 941.0
New WorId Resourc .459.7 1.8 1060.0 409.4
PetropavIovsk . . . . . .653.5 9.0 1123.0 543.5
PoIymetaI Interna . .1116.0 -8.0 1130.0 877.0
RandgoId Resource 6960.0 25.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3321.0 -21.0 4712.0 2712.5
Vedanta Resources .985.5 -54.5 2518.0 928.0
Xstrata . . . . . . . . . . .1021.5 -11.0 1550.0 764.0
Inmarsat . . . . . . . . . . .416.6 -4.9 719.5 389.3
Vodafone Group . . . .177.3 -2.7 182.8 155.1
Genesis Emerging . .462.5 3.1 568.0 424.0
Afren . . . . . . . . . . . . . .105.4 6.0 171.2 73.6
BG Group . . . . . . . . .1430.5 1.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .474.1 0.6 509.0 363.2
Cairn Energy . . . . . . .262.5 -4.3 469.7 257.8
EnQuest . . . . . . . . . . .101.3 3.0 158.5 85.7
Essar Energy . . . . . .176.2 -5.6 575.0 168.6
ExiIIon Energy . . . . . .272.5 -5.7 469.7 184.2
Heritage OiI . . . . . . . .189.2 -7.5 486.0 160.0
Ophir Energy . . . . . . .318.8 20.3 318.8 184.5
Premier OiI . . . . . . . . .374.9 -2.0 535.0 310.0
RoyaI Dutch SheII . .2350.0 -20.0 2382.0 1883.5
RoyaI Dutch SheII . .2437.0 -30.0 2479.0 1890.5
SaIamander Energy .215.7 0.7 317.6 182.3
Soco Internationa . . .290.9 -7.4 400.0 278.0
TuIIow OiI . . . . . . . . .1393.0 -15.0 1493.0 945.5
Amec . . . . . . . . . . . . .933.5 -0.5 1251.0 740.5
Hunting . . . . . . . . . . .762.5 -3.0 817.0 530.0
Kentz Corporation . .445.3 -4.7 508.0 335.0
LampreII . . . . . . . . . . .285.2 -4.7 395.2 220.7
Petrofac Ltd. . . . . . .1493.0 28.0 1685.0 1108.0
Wood Group (John) .666.0 11.0 715.8 469.9
Burberry Group . . . .1203.0 -16.0 1600.0 1030.0
PZ Cussons . . . . . . . .333.4 -13.6 404.0 308.7
Supergroup . . . . . . . .530.0 -3.5 1820.0 435.2
AstraZeneca . . . . . .3009.5 -25.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .321.9 -9.4 333.2 210.1
Genus . . . . . . . . . . . .1052.0 9.0 1111.0 831.5
GIaxoSmithKIine . . .1482.0 -1.0 1488.0 1127.5
Hikma Pharmaceuti .654.5 -2.5 900.0 555.5
Shire PIc . . . . . . . . . .2152.0 -17.0 2243.0 1561.0
CapitaI & Countie . . .183.8 -2.5 203.7 142.8
Daejan HoIdings . . .2810.0 64.0 2954.0 2282.0
F&C CommerciaI Pr .102.7 0.0 108.0 92.6
Grainger . . . . . . . . . . .103.5 -1.5 133.2 77.3
London & Stamford .107.8 0.1 140.0 103.9
SaviIIs . . . . . . . . . . . . .344.1 -1.4 427.1 256.2
UK CommerciaI Pro . .69.3 0.1 85.5 65.1
Unite Group . . . . . . . .167.6 -4.1 224.1 152.9
Big YeIIow Group . . .262.1 3.3 352.2 218.0
British Land Co . . . . .468.1 3.6 629.5 444.0
CapitaI Shopping . . .308.1 -1.8 420.9 288.7
Derwent London . . .1568.0 17.0 1880.0 1400.0
Great PortIand Es . . .329.0 4.5 445.0 312.9
Hammerson . . . . . . . .359.5 2.5 490.9 345.2
Hansteen HoIdings . . .73.0 -1.6 89.5 68.0
Land Securities G . . .636.5 8.0 885.0 612.0
SEGRO . . . . . . . . . . . .204.1 -4.8 331.3 195.0
Shaftesbury . . . . . . . .465.4 -1.0 539.0 436.4
Aveva Group . . . . . .1450.0 -41.0 1799.0 1298.0
Computacenter . . . . .340.5 -3.2 490.0 324.7
Fidessa Group . . . . .1580.0 16.0 2109.0 1444.0
Invensys . . . . . . . . . . .211.7 -5.8 364.3 180.9
Logica . . . . . . . . . . . . .66.0 -4.4 147.2 59.0
Micro Focus Inter . . .394.3 0.5 426.2 239.4
Misys . . . . . . . . . . . . .239.2 3.0 420.2 214.9
Sage Group . . . . . . . .294.7 1.7 302.0 231.7
SDL . . . . . . . . . . . . . . .643.0 1.0 711.5 586.0
TeIecity Group . . . . . .622.5 -3.5 647.0 430.0
Aggreko . . . . . . . . . .2049.0 23.0 2063.0 1394.5
Ashtead Group . . . . .217.9 -5.4 230.2 99.4
Atkins (WS) . . . . . . . .651.5 -3.5 820.0 490.2
Babcock Internati . . .730.0 1.0 737.0 542.0
Berendsen . . . . . . . . .434.2 -6.0 568.0 402.7
BunzI . . . . . . . . . . . . .882.0 -6.5 894.0 676.5
Cape . . . . . . . . . . . . . .326.2 -4.7 591.5 295.0
Capita . . . . . . . . . . . . .644.0 -1.0 786.5 611.5
CariIIion . . . . . . . . . . .305.0 -4.6 403.2 281.0
De La Rue . . . . . . . . .887.0 -3.5 936.0 667.0
DipIoma . . . . . . . . . . .360.2 1.1 414.3 263.5
EIectrocomponents .202.9 -4.3 294.9 182.2
Experian . . . . . . . . . . .854.0 -12.5 880.0 665.0
FiItrona PLC . . . . . . . .395.0 -4.9 399.9 250.0
G4S . . . . . . . . . . . . . . .271.5 -1.1 291.0 219.9
Hays . . . . . . . . . . . . . . .64.5 -2.3 132.4 58.9
Homeserve . . . . . . . .299.0 -10.4 532.0 218.5
Howden Joinery Gr . .102.4 -1.0 127.5 93.1
Interserve . . . . . . . . . .315.9 -3.4 341.3 231.8
Intertek Group . . . . .2047.0 -16.0 2148.0 1715.0
MichaeI Page Inte . . .342.9 -10.5 567.0 323.0
Mitie Group . . . . . . . .264.1 6.1 264.9 195.9
Premier FarneII . . . . .193.4 0.3 308.8 144.5
Regus . . . . . . . . . . . . . .86.5 -2.6 119.0 64.0
RentokiI InitiaI . . . . . . .63.6 -1.2 104.9 58.2
RPS Group . . . . . . . . .179.6 -0.9 253.0 156.6
Serco Group . . . . . . .488.4 -1.6 618.5 458.0
Shanks Group . . . . . . .96.1 -1.1 130.9 90.8
SIG . . . . . . . . . . . . . . . .85.4 -0.3 153.5 77.0
Travis Perkins . . . . . .794.0 -30.5 1127.0 715.0
WoIseIey . . . . . . . . .2141.0 14.0 2261.0 1404.0
ARM HoIdings . . . . . .610.0 15.5 651.0 459.6
CSR . . . . . . . . . . . . . .187.8 -0.1 447.0 154.1
Imagination Techn . .548.0 -8.0 567.0 296.9
Spirent Communica .115.4 -2.7 160.0 105.8
British American . .3032.5 -32.0 3079.0 2282.5
ImperiaI Tobacco . .2424.0 -19.0 2454.0 1784.0
Betfair Group . . . . . . .803.5 -6.5 1054.0 567.0
Bwin.party Digita . . .170.5 2.5 214.7 100.6
CarnivaI . . . . . . . . . .2145.0 -2.0 3153.0 1742.0
Compass Group . . . .600.5 -12.5 616.5 512.5
Domino's Pizza UK . .440.0 -1.5 586.0 377.0
easyJet . . . . . . . . . . . .383.5 -8.9 474.0 301.0
FirstGroup . . . . . . . . .335.0 -6.9 406.3 301.8
Go-Ahead Group . . .1368.0 -12.0 1598.0 1190.0
Greene King . . . . . . .476.3 -12.6 518.0 410.0
InterContinentaI . . .1160.0 -9.0 1435.0 955.0
InternationaI Con . . .145.5 -3.9 305.0 132.0
JD Wetherspoon . . . .418.4 -5.6 468.3 380.5
Ladbrokes . . . . . . . . .132.5 -2.0 155.3 114.0
Marston's . . . . . . . . . . .90.2 -1.9 112.0 84.6
MiIIennium& Copt . .393.5 -10.2 600.5 371.2
MitcheIIs & ButIe . . . .229.8 -6.5 361.0 215.6
NationaI Express . . .220.4 -5.1 270.2 201.6
Rank Group . . . . . . . .130.0 -1.6 153.7 109.5
Restaurant Group . . .281.7 -6.3 335.0 254.9
Stagecoach Group . .263.8 -5.0 272.4 200.0
TUI TraveI . . . . . . . . . .161.1 -4.7 271.9 136.7
Whitbread . . . . . . . .1566.0 -13.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .202.2 -0.3 244.1 168.6
Abcam . . . . . . . . . . . .378.5 0.0 460.0 307.0
Advanced MedicaI . . .95.0 1.0 96.0 64.8
AIbemarIe & Bond . .331.5 -2.0 400.1 272.0
Amerisur Resource . .16.5 -0.3 29.0 9.5
Andor TechnoIogy . .585.5 -19.5 685.0 387.1
ArchipeIago Resou . . .68.0 1.0 79.0 55.5
ASOS . . . . . . . . . . . .1340.0 20.0 2468.0 1142.0
AureIian OiI & Ga . . . .17.5 -0.3 92.0 16.0
Avanti Communicat .303.0 1.5 646.0 248.5
BIinkx . . . . . . . . . . . . . .69.3 -3.0 158.0 50.5
Borders & Souther . . .67.8 0.3 72.3 43.5
BowLeven . . . . . . . . . .68.8 -0.8 398.0 62.0
Brooks MacdonaId .1120.0 0.0 1372.5 940.0
Cove Energy . . . . . . .124.8 12.3 127.8 61.0
Daisy Group . . . . . . . .97.8 -2.0 127.0 88.0
EMIS Group . . . . . . . .500.0 -2.5 580.0 416.0
Encore OiI . . . . . . . . . .77.0 -0.3 151.5 40.8
Faroe PetroIeum . . . .158.0 2.0 218.3 130.0
GuIfsands PetroIe . . .185.0 2.5 401.5 142.5
GWPharmaceuticaI . .83.9 0.1 130.0 78.5
H&T Group . . . . . . . . .335.0 15.1 395.0 277.0
Hamworthy . . . . . . . .824.0 0.0 833.5 406.3
Hargreaves Servic .1098.0 5.0 1180.0 814.5
HeaIthcare Locums . . . .3.2 0.1 3.4 2.9
Immunodiagnostic . .439.8 4.0 1218.0 425.3
ImpeIIamGroup . . . .265.0 -2.5 387.5 180.5
James HaIstead . . . . .437.5 0.0 495.0 372.5
KaIahari MineraIs . . .241.5 0.0 301.0 198.3
London Mining . . . . .301.8 -1.3 436.5 278.5
Lupus CapitaI . . . . . .114.5 -2.5 150.0 86.0
M. P. Evans Group . .431.0 0.0 499.0 371.0
Majestic Wine . . . . . .329.0 14.0 510.0 315.0
May Gurney Integr . .282.0 1.3 302.0 234.0
Monitise . . . . . . . . . . . .27.0 -1.5 40.0 18.5
MuIberry Group . . . .1524.0 5.0 1920.0 957.5
Nanoco Group . . . . . . .52.3 -1.8 101.5 38.0
NauticaI PetroIeu . . .255.8 -10.3 547.0 223.5
NichoIs . . . . . . . . . . . .537.5 2.5 579.0 410.0
Numis Corporation . . .77.0 0.0 131.0 72.0
Pan African Resou . . .15.0 0.0 17.0 9.5
Patagonia GoId . . . . . .48.3 2.3 70.0 37.3
Prezzo . . . . . . . . . . . . .60.0 3.8 71.5 53.5
Pursuit Dynamics . . . .80.0 -5.0 489.0 67.0
Rockhopper ExpIor .270.5 -0.3 386.0 141.0
RWS HoIdings . . . . . .448.5 2.5 481.6 328.0
Songbird Estates . . . .111.0 -1.3 160.3 104.0
VaIiant PetroIeum . . .434.5 -2.8 672.0 400.0
Young & Co's Brew . .660.0 0.0 712.0 565.0
Ophir Energy . . . . . . .318.8 6.8
Afren . . . . . . . . . . . . .105.4 6.0
Eurasian NaturaI R . .695.0 4.6
FresniIIo . . . . . . . . . .1620.0 3.3
EnQuest . . . . . . . . . . .101.3 3.1
ARM HoIdings . . . . . .610.0 2.6
AIIied GoId Mining . .150.2 2.6
Mitie Group . . . . . . . .264.1 2.4
Daejan HoIdings . . .2810.0 2.3
Sports Direct Inte . . .225.0 2.2
CabIe & WireIess C . . .35.8 -6.2
Logica . . . . . . . . . . . . .66.0 -6.2
CabIe & WireIess W . .17.3 -6.2
Gem Diamonds Ltd. .187.0 -5.3
TeIecom PIus . . . . . . .702.0 -5.3
Vedanta Resources . .985.5 -5.2
InternationaI Pers . . .172.0 -4.9
Rotork . . . . . . . . . . .1854.0 -4.7
ICAP . . . . . . . . . . . . . .329.1 -4.6
Paragon Group Of C .173.5 -4.4
Risers FaIIers
MAIN CHANGES UK 350
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 Price Chg High Low
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
INDUSTRIAL TRANSPORTATION
MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
TECHNOLOGY HARDW. & EQUIP.
TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE
REAL ESTATE INVEST. TRUSTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
AUTOMOBILES & PARTS
BANKS
CHEMICALS
BEVERAGES
GENERAL INDUSTRIALS
MOBILE TELECOMS
OIL & GAS PRODUCERS
OIL EQUIPMENT & SERVICES
MINING
NONEQUITY INVESTM. COMM.
Tsy 9.000 12 . . . .105.01 0.00 112.5 104.0
Tsy 5.000 12 . . . .100.75 -0.05 104.9 100.6
Tsy 5.250 12 . . . .102.03 -0.04 106.2 102.0
Tsy 4.500 13 . . . .104.77 -0.07 107.1 104.8
Tsy 2.500 13 . . . .283.28 -0.03 287.7 279.0
Tsy 8.000 13 . . . . .113.01 -0.08 118.0 113.0
Tsy 5.000 14 . . . . .112.03 -0.08 112.9 109.2
Tsy 4.750 15 . . . . .114.75 -0.05 115.4 108.6
Tsy 8.000 15 . . . .128.04 -0.06 129.2 123.7
Tsy 7.750 15 . . . .100.30 -0.11 107.1 99.8
Tsy 4.000 16 . . . . .113.93 -0.04 114.7 104.9
Tsy 2.500 16 . . . .342.04 0.26 342.7 312.1
Tsy 12.000 17 . . .122.19 0.00 130.3 122.2
Tsy 8.750 17 . . . .140.90 -0.36 141.9 132.9
Tsy 1.250 17 . . . . .115.64 0.29 115.8 106.7
Tsy 5.000 18 . . . .121.66 -0.07 122.4 109.7
Tsy 4.500 19 . . . . .119.94 -0.05 120.6 105.4
Tsy 3.750 19 . . . . .114.79 -0.08 115.5 99.4
Tsy 2.500 20 . . . .363.93 0.25 365.1 314.0
Tsy 4.750 20 . . . .122.64 -0.10 123.5 106.6
Tsy 8.000 21 . . . .152.21 -0.09 153.4 133.8
Tsy 1.875 22 . . . .127.86 0.42 128.3 111.3
Tsy 4.000 22 . . . . .117.14 -0.15 118.2 99.0
Tsy 2.500 24 . . . .331.53 0.41 333.1 275.6
Tsy 5.000 25 . . . .129.35 -0.11 130.6 107.4
Tsy 1.250 27 . . . .125.76 0.67 126.8 104.8
Tsy 4.250 27 . . . .121.36 -0.06 122.6 97.9
Tsy 6.000 28 . . . .146.29 -0.06 147.8 119.5
Tsy 4.750 30 . . . .128.70 -0.01 130.0 103.0
Tsy 4.125 30 . . . .319.68 0.51 321.0 262.1
Tsy 4.250 32 . . . .121.21 -0.04 122.5 96.0
Tsy 4.250 36 . . . .121.68 -0.03 123.2 95.0
Tsy 4.750 38 . . . .131.65 -0.01 133.4 102.8
Tsy 4.500 42 . . . .127.84 0.05 129.6 98.9
% %
CITY MILLS
Price: from 245,000
A collection of apartments, currently under development, a stones throw from
Hoxton. Homes will range from one bedroom city apartments, to three bedroom fami-
ly homes, some with garden access. There will also be penthouse suites with large
roof garden terraces available. Call: 0844 406 9800 or visit www.thecitymills.co.uk
BALTIC PLACE,
N1
Price: 399,950
A two bedroom, two
bathroom property
with two Juliet bal-
conies and views
over the Kingsland
Basin. Comprises a
reception room and
fully fitted kitchen
with integrated
appliences. Master
bedroom comes
with an ensuite
bathroom. Contact
Foxtons: 0800 369
8667 or www.fox-
tons.co.uk
KINGSLAND
WHARVES
Price: 250,000 -
545,000
Kingsland
Wharves is a lux-
ury canalside
development built
on the banks of
the historic
Kingsland Basin
just off Regents
Canal with on site
cafes, shops and
commercial
space.
Contact
Kingsland
Wharves on
0844 406 9299
or visit
www.kingsland-
wharves.co.uk
COMMUTING:
Due to the East London Line extension, new
transport links offer London on your
doorstep. Haggerston overground station
provides direct services to many important
destinations including Canary Wharf and the
West End in less than 30 minutes, London
City Airport and Stratford for the nearby
Olympic Stadium and Village. It also provides
easy access to the south and soon the over-
ground link will complete a loop of London.
EDUCATION:
There is a wide range of local schools,
including community, independent and
voluntary aided. Haggerston School is a
renowned grade II listed building
designed by the modernist architect, Erno
Goldfinger whilst the non-denominational
Bridge Academy has attracted more fami-
lies to the local area with its newly built
sixth form (completion expected in
September 2012).
NEED TO KNOW | AREA INSIGHT
FOCUS ON: HAGGERSTON BY STEVE DINNEEN
Living| Focus on
CITYA.M. 6 JANUARY 2012
LOCAL AREA | PRICES (SOURCE: LAND REGISTRY )
Detached Semi-Detached Terraced Flats
Haggerston 587,229 608,507 469,768 327,693
Q A
&
BUY
Ed Mead
DIRECTOR,
DOUGLAS & GORDON
Q.
Thinking prices would be
going down last year I
signed a one year rental.
Values seem to be going up,
should I buy or stay renting?
A.
Its easy to stay in a rental if
values are falling but if, like
in London, theyre still going
up, its difficult to resist low mort-
gage rates and buy. Much depends
on your age, where you think youll
be working, and whether you have
enough for a deposit. With anyone
much under the average first time
buyers age of 37, the chances of
saving the minimum 25 per cent
deposit are slim.
The average price in London is
320,000, so 80,000 is a lot to
come up with. The single biggest
argument for staying in rented prop-
erty is job uncertainty. Mobility has
suffered heavily with increases in
Stamp Duty, with moving now cost-
ing at least six per cent of your capi-
tal at average London prices. This is a
lot and if your job ambitions take you
away, the flexibility of renting allows
you that latitude.
Since the 80s people have looked
at property as an investment but its
worth remembering that theres little
wrong with thinking about living in a
rental and making your money work
by investing in your own business or
being more entrepreneurial. Perhaps
the fact that where you live is your
home has been forgotten.
There will be many forced to rent
because they cant (or fear not being
able to) get a mortgage, so whatever
you do, you need to be talking to a
mortgage broker before you even
consider taking the plunge. Getting a
mortgage is more difficult than ever
so get all the help you can.
The last part of your question is
whether prices will carry on going up
and as I write this theres little to sug-
gest they wont. However, last year
pundits subscribed to the view that
prices would fall by around five per
cent and theyve gone up over 10 per
cent: this years forecast is flat or a lit-
tle down. But my hunch is that values
will continue to go gently upwards as
supply shows no sign of easing and
demand seems constant.
Also, rental volumes seem to be
dipping, as many current tenants
are thinking that higher rents have
made them consider buying more
attractive.
17
F
rom initial reservations about
the strength of the property
market at the start of the year to
the unexpected uplift in house
prices as the year progressed, 2011
was not an easy year to predict.
Against a continuing environment of
uncertainty, we ask the experts what
they think we have in store this year
and beyond.
Londons property market will con-
tinue to our perform the rest of the
country, with prices falling around
most of the country while the capital
sees only a modest fall, according to
Kay & Co managing director Martin
Bikhit. Central London will buck the
trend with a price rise. Bikhit says the
rental market will continue to see
price increases of three to four per
cent, which could continue for
around five years.
Camilla Dell, managing partner at
Black Brick Property Solutions agrees,
saying prime central London (PCL)
locations including Mayfair,
Knightsbridge and Belgravia will see
price rises, albeit at a slower rate than
last year. She adds that a bad year for
bankers bonuses is likely to soften
prices at domestic buyer hotspots like
Fulham, Putney and Battersea.
Howard Elston, associate director
of Aylesford International says
International buyers will continue
to dominate the high-end market as
political turmoil in other parts of
the world creates a steady supply of
buyers. He says a lack of supply for
high end properties will continue
to drive fierce demand, with most
selling as soon as they come on the
market.
There is almost no limit on price
per square foot, in PCL, according to
Gary Hersham, partner at
Beauchamp Estates, with London
remaining one of the most desirable
locations in the world and economic
woes having little influence at this
end of the market.
The inclement economic condi-
tions mean there are fewer corporate
tenants, says Catherine Cockcroft,
head of rentals at Aylesford
International. However, many poten-
tial first time buyers are continuing
to rent rather than purchase as they
fear for their job security, meaning
there is unlikely to be an easing on
rental prices.
If the economic situation improves
and construction bounces back, the
emphasis will be on bigger flats, says
Giles Underhill, a director at Vision.
He said: More thought put into the
design process as developers increas-
ingly think of the requirements of
the owner-occupier rather than pro-
ducing small flats for the rental
investor. We will also see more dar-
ing and interesting modern architec-
ture as buyers tastes change.
What is in store for 2012?
The property
market for 2012 is
tough to predict.
Steve Dinneen asks
the industry experts
FILM
THE IRON LADY
Cert: 12A
hhhII by Steve Dinneen
O
ne of the defining figures of our gen-
eration; a woman who reached the
top despite the best efforts of the
patriarchy; a divisive personality
who demands the grudging respect of her
detractors. Meryl Streep could teach us all a
thing or two.
And in The Iron Lady a flawed, at times
one dimensional film she has delivered
the performance of her career.
The opening sequence shows a frail
Margaret Thatcher wandering into a corner
shop, where the music is too loud and a
local youth, blissfully unaware of who she
is, shoulders past her. The price of milk
which the grocers daughter could once
quote on demand astonishes her. The film
may be titled the The Iron Lady, but it is the
Old Lady who takes centre stage a woman
lost in the world she helped to create: lone-
ly, confused, plagued by the onset of
dementia and unable to recover from the
death of her husband.
Dennis Thatchers ghost, camped up by
Jim Broadbent, is a recurring character,
keeping the former Prime Minister compa-
ny as she whiles away her days, effectively
under house arrest. His presence is a neat,
if slightly uncomfortable, trick, providing
both light relief and a stark reminder of the
tribulations of old age.
This is where The Iron Lady is at its best
showing a side of Thatcher hitherto unex-
plored on film, struggling to come to terms
with life after power.
The rest of the film,
told through pro-
longed flashbacks
brought on by
current events
(a news
report of a
t e r r o r i s t
attack brings
back harrow-
ing memories
of the IRAs
Brighton bomb-
ing), plays like a
highlights reel of
Thatchers life the
sort of thing you
might expect to
see in an obituary
reel. Her famous
Finchley victory,
The Iron Ladys past
is polished but
Streeps perform-
ance carries the
film
Lifestyle | Reviews
18 CITYA.M. 6 JANUARY 2012
Meryl Streep shines
in this flawed biopic
the miners strikes, the Falklands conflict,
Brighton: these milestones are all skillfully
executed, with painstaking attention to
detail but there is nothing to explain the
psychological impetus or political back-
drop.
The young Thatcher played by
Alexandra Roach, who never quite hits the
highs of Andrea Riseboroughs portrayal in
The Long Walk to Finchley is plucky, ris-
ing to the top despite being shunned by the
boys-club at Westminster; a blue hat in a
sea a black suits. During one Commons
clash she is sneeringly told to calm down,
a knowing nod to modern politics that,
sadly, The Iron Lady strictly rations. But her
rise to power feels toothless she succeeds
entirely through being earnest: the shrewd,
formidable political operator is entirely
ignored.
The grocers daughter cliche is reeled
out so often The Iron Lady feels one
dimensional. Even her heavy-handed treat-
ment of her cabinet is pitted as the strug-
gle of a single-minded woman swimming
against the current, engaged in a ceaseless
war with the spineless, treacherous men
surrounding her.
This is partly down to Streep, who, clear-
ly fond of the woman she is playing,
imbues even Thatchers dark moments
with a sense of dignity. Peel back the fluffy
retelling (which is perhaps not entirely sur-
prising, considering director Phyllida
Lloyds last movie was Mamma Mia!) and
youre left with a flawless performance by
Streep. She captures Thatcher eerily well
the 1000-yard stare, the walk and most of
all the voice. She mimics her unmistakable
tenor like a mynah bird with a blow-dry.
The scenes in Thatchers home, where
her loneliness and mental decline
are laid bare, prompted audible
sniffles from a room full of hard-
nosed political hacks.
The supporting cast
including Richard E Grant as
Michael Heseltine and,
notably, Peep Shows Olivia
Colman as daughter Carol
are solid but pale alongside
their leading lady.
For intellectual vigour
or political cut
and thrust, look
elsewhere. This
is a virtuoso
tour of
Number 10
D o w n i n g
Streep. That
third Oscar
could well be
close.
Ice hockey film is a bloody mess
FILM
GOON
Cert 15
hIIII by Lisa Melvin
H
aving grown up in rural Scotland,
I'm no stranger to random acts of
physical violence. Theres not that
much to do up there beyond sheep
farming and punching each other in the
face until teeth are dislodged and blood
is spurted. According to Goon, ice hock-
ey and rural Scotland have more in
common than youd think. I didnt
see any sheep but I did see enough of
what is referred to as facial menstru-
ation to last me until my next
trip to the Hinterland.
Unappreciated by
his intellectual par-
ents, bouncer Doug
Glatt, played by
Seann William
Scott of American
Pie and Dude
Wheres My
Car?, is supposed
to be a loveable dimwit. Hired by a
Canadian ice hockey team as an
enforcer, or goon, his job is to protect
their star player from the other team.
Apparently, protect in the context
of ice hockey means to beat members of
the other team up and thus we see
countless shots of noses flowing with
blood, busted lips and teeth flying every-
where. Glatt is put forward as a sympa-
thetic character and yet and its hard to
root for someone whose job application
skills consist of battering his team mates
because they laughed at him.
The inevitable love story
feels tacked on, with a
weirdly flat performance
by Alison Pill who, despite
her self-declared love of
beer and violence, weeps in
anguish every time her man
is battered on the ice. With
no previous knowledge of
the role fighting plays
in ice hockey (every-
thing I know about
the sport, I learnt
from Mighty Ducks
2), I was cringing
along with her.
Thatchers relation-
ship with Reagan is
sadly glossed over
T
E
R
R
E
S
T
R
I
A
L
NEWGIRL
CHANNEL 4, 8.30PM
New series. A young woman moves in
with three single men but her new
flatmates have trouble adjusting to
her quirks. Zooey Deschanel stars.
SICILY UNPACKED
BBC2, 9PM
In this new series, Andrew Graham-
Dixon and Giorgio Locatelli introduce
each other to the things they love
about the Mediterranean island.
CORONATION STREET
ITV1, 7.30PM
Beth catches Frank kissing Sally, and
wastes no time telling Kevin. Rita has
a run-in with the police as Kirsty and
Tinas feud escalates.
BBC1
SKY SPORTS 1
7pmSky Sports News at
Seven 7.30pmLive Football
League 10pmTake It Like a
Fan 10.30pmFootball League
Weekend 11.25pm-6amLive
Test Cricket
SKY SPORTS 2
7pmLive Elite League Ice
Hockey 10pmWWE: Late
Night Smackdown 12am
WWE: Late Night Bottom
Line 1amTake It Like a Fan
1.30amFootball League
Weekend 2.30amTrans World
Sport 3.30amTight Lines
4.30amNFL: Total Access
SKY SPORTS 3
7pmTight Lines 8pmPDC
Awards Highlights 8.30pm
European Tour Golf 10.30pm
Live PGA Tour Golf 3am
European Tour Golf 5am
Powerboating 5.30am-6am
Road to London
BRITISH EUROSPORT
6.30pmLive Snooker 9pmSki
Jumping 10pmDakar Rally
10.45pmMotorcycling
11.45pm-12.35amDakar Rally
ESPN
7pmLive Premiership Rugby
Union 10pmFA Cup Preview
Show10.30pmGoal! Special
11pmESPN Kicks: Premier
League 11.15pmESPN Kicks:
Scottish Premier League
11.30pmPress Pass 2012
12amEuroleague Basketball
Show12.30amFIBA
Basketball 1amLive NBA
Basketball 3.30amNBA
Action 4amEuroleague
Basketball Show4.30am
FIBA Basketball 5am-6am
UFC Unleashed
SKY LIVING
9pmCriminal Minds 10pm
CSI: Crime Scene Investigation
11pmBones 12amMaury 1am
CSI: Crime Scene Investigation
2.40amMaury 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmMost Annoying People of
2011 8pmThe Real Hustle:
Best Ever Cons 9pmRussell
Howards Good News 10pm
EastEnders 10.30pmLittle
Britain 11pmFamily Guy
11.45pmAmerican Dad!
12.30amLittle Britain 1am
Lee Nelsons Well Good Show
1.30amRussell Howards Good
News 2.30amThe Real Hustle:
Best Ever Cons 3.30amBeing
Human 4.30am-5.25amMost
Annoying People of 2011
E4
9pmDerren Brown:
Something Wicked This Way
Comes 10.40pmWorlds
Greatest Body Shockers Part
2 11.45pmThe Big Bang
Theory 12.40amHow I Met
Your Mother 1.10amScrubs
2amDerren Brown:
Something Wicked This Way
Comes 3.20amGreek
HISTORY
7pmStorage Wars 7.30pm
Pawn Stars 8pmStorage
Wars 9pmAmerican Pickers
10pmCash Cowboys 11pm
How London Was Built 12am
American Pickers 1amCash
Cowboys 2amHow London
Was Built 3amAmericas
Toughest Jobs 4amAmerica:
The Story of the US 5am-6am
American Pickers
DISCOVERY
7pmMythbusters 8pmBear
Grylls: Born Survivor 9pmOne
Man Army 10pmAmerican
Chopper: Senior Versus Junior
11pmDeadliest Catch 12am
Bear Grylls: Born Survivor 1am
One Man Army 2amAmerican
Chopper: Senior Versus Junior
3amWheeler Dealers 3.50am
Mythbusters 4.40am
Industrial Revelations
DISCOVERY HOME &
HEALTH
9pm19 Kids and Counting
10pmAge 8 and Wanting a
Sex Change 11pmEmergency
12am19 Kids and Counting
1amAge 8 and Wanting a Sex
Change 2amEmergency 3am
19 Kids and Counting 4amA
Baby Story 5am-6amBringing
Home Baby
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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B
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TVPICK
7.30pmA Question of Sport
8pmEastEnders:
8.30pmThe One Lenny Henry:
9pmPublic Enemies:
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show:
11.20pmThe National Lottery
Friday Night Draws:
11.30pmFILMThe Infidel 2010.
1.10amWeatherview1.15amSign
Zone: Natural World: The Woman
Who Swims With Killer Whales
2.15amJames Mays Man Lab
3.15amMasterChef: The
Professionals 4.15am-6am
BBC News
6pmEggheads:
6.30pmGreat British Railway
Journeys:
7pmGreat Barrier Reef:
8pmMastermind:
8.30pmMastermind:
9pmCHOICE Sicily Unpacked:
10pmQI:
10.30pmNewsnight:
11pmWeather
11.05pmFILMFifty Dead Men
Walking: Premiere. Fact-based
thriller. 2008.
12.55amFILMBeaufort:
Premiere. War drama. 2007.
2.55amBBC News 3.35am-6am
Close
6.30pmITV News
7pmEmmerdale:
7.30pmCHOICE Coronation
Street:
8pmSafari Vet School:
8.30pmCoronation Street:
9pmLaw & Order: UK:
10pmITV News at Ten
10.30pmLondon News
10.35pmItll Be Alright on the
Night 2:
11.35pmCelebrity Who Wants
to Be a Millionaire?: New Year
Special:
12.30amThe Zone; ITV News
2.30amFILMDeliverance 1972.
4.20am-5.30amITV Nightscreen
6pmThe Simpsons:
6.30pmHollyoaks:
7pmChannel 4 News
7.25pm4thought.tv:
7.30pmCome Dine with Me:
Celebrity Special:
8.30pmCHOICE New Girl:
9pmThe Bank Job:
10pmRude Tube 2012:
12.05amFILMBig Trouble in
Little China: Comedy. 1986.
1.55amRandom Acts 2amLucky
Escape 2.05amMy Name Is
Earl 2.25amMy Name Is Earl
2.45amHung 3.35amSt
Elsewhere 4.20amHughs Fish
Fight 5.15am-6amBrothers &
Sisters
6pmEddie Stobart: Trucks and
Trailers:
6.55pm5 News
7pmCharley Boormans
Extreme Frontiers: 5 News
8pmWorlds Toughest Trucker:
5 News at 9
9pmCelebrity Big Brother:
10pmCelebrity Wedding
Planner:
11pmCelebrity Big Brothers
Bit on the Side:
12amSuperCasino
4.05amMotorsport Mundial
4.30amMichaelas Wild Challenge
4.55amCounty Secrets
5.10am-5.35amWildlife SOS
1 2 3 4 5 6
7 8 9
10
11 12 13 14
15 16 17 18 19
20
21 22
23 24
13 22
45
16 15
8 13 7
23 11
10 11
12 21
9 3 14
16 10
45
23 7
28
30
18
17
17
6
11
4
25
14
12
16
19
11
7
8
15
5
35
33
10
13
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Turned-back hems at the
ends of sleeves (5)
4 Rubbish (5)
7 Creature (6)
9 Largest and most southerly
island in the Marianas (4)
10 Cofee shop (4)
11 Abrupt (6)
13 Group of musicians (4)
15 Lean-eshed sh,
often farmed (4)
17 Calculating machine (6)
20 Former unit of money
in Italy (4)
21 Amusement or pastime (4)
22 Solidied carbon dioxide, used
mainly as a refrigerant (3,3)
23 Blue ___, ag indicating a
ship is ready to sail (5)
24 Advanced slowly (5)
DOWN
1 Timeless (7)
2 Cooked in oil (5)
3 Empty area (5)
5 Branch of
mathematics (7)
6 Educate in
a skill (5)
8 Cord worn
around the neck
to hold a knife
or whistle (7)
12 Exhaust, use
up (7)
14 Move downward
and lower (7)
16 Plant also known
as the century
plant (5)
18 Canal boat (5)
19 Adhere, stick (5)
R
G
V
E
S O
M
I
N

4
4



4


H A L A N T O N
A T T A I N D E R E
Y T N E G O W
D O U B T N A T A L
N A N A T Y
P E R C A P I T A
B B V A M P
I D L E R T E M P O
S E C U O P I
O S U B A L T E R N
N O S E Y L R T
3 2 1 4 2 8 3 1
9 8 5 8 7 9 6 3
8 7 3 5 9 6 5 2
4 1 5 6 4
1 8 2 6 4 2 1 3
2 9 5 8 1 7 9
4 6 8 7 9 5 2 1
1 2 4 6 9
1 2 6 9 1 7 3 2
5 7 3 9 8 6 1 3
3 4 1 2 7 8 9 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
PERSPIRED
Lifestyle | TV&Games
19 CITYA.M. 6 JANUARY 2012
Punter | Football
20
T
HE city of Manchester dominated
the early rounds in this years
Premier League fight, but its been a
difficult Christmas period for both
clubs. Manchester City only picked up a
point from their two away trips to West
Brom and Sunderland, while Manchester
United have lost their last two against
Blackburn and Newcastle, conceding six
goals.
Sir Alex Ferguson will have been
absolutely fuming after Wednesdays per-
formance at Newcastle where his team
were a shambles. They now have to pick
themselves up for Sundays trip to the
Etihad Stadium and both last years FA Cup
semi-final defeat and the 6-1 pummelling
in October will be fresh in their minds.
United are often at their most danger-
ous on the back of a defeat, but the defence
is going through a torrid time at the
moment. The goalkeeper position is a big
problem, Rio Ferdinand just isnt the play-
er he once was and while Phil Jones is
strong going forward, he makes too many
mistakes at the back. Uniteds squad also
isnt anywhere near as good as that of their
wealthy neighbours.
City finally won the trophy their fans
craved back in May when they beat Stoke
at Wembley and the holders are 13/2 with
Coral to retain the trophy. Roberto
Mancinis main objective this season is
clinching the league title, but he has so
much strength in his squad that he can
rest some key players if he wants and still
field an awesome side.
The league leaders got back on track on
Tuesday night when they beat Liverpool
and they have won all 10 of their home
league games this campaign, scoring 31
goals and conceding just four. Winning a
Manchester derby is never easy, especially
when a wounded United side has lost two
on the bounce, but City are so strong at
home that the 6/5 available with Coral has
to be taken.
Plenty of punters will be expecting
another high scoring thriller between
these two, but Ferguson will be focusing
strongly on shoring up the defence in
training. City havent been as prolific going
forward in recent weeks, either, and they
were lucky to score three in midweek.
Their defending has been excellent,
though, conceding just once in their last
five games and the outstanding Vincent
Kompany is probably the most in-form
player in the league at present.
Sporting Index are quoting goals at 2.7-
2.9 and a sell has to be the call. I also
wouldnt put anyone off backing a City
win to nil at 11/4 with Paddy Power.
Shaky United are going
to struggle against City
FOOTBALL TRADER BEN CLEMINSON, OUR FOOTBALL BETTING EXPERT, TAKES A
LOOK AT THE BEST FA CUP BETS OVER THE WEEKEND
POINTERS...
Manchester City at 5/4 with Coral
Manchester City to win to nil at 11/4 with Paddy
Power
Sell total goals at 2.7 with Sporting Index
SUNDAY 1.00PM ITV1
MANCHESTER UNITED
MANCHESTER CITY
THERES another North-West derby this
weekend when Blackpool travel the short
distance to Fleetwood. The Cod Army are
currently second in the Blue Square Bet
Premier League and they are 6/5 favourites
with the sponsor to clinch the title.
Blue Square are also offering 1000/1 for
any of their clubs to reach the final and
while there is little chance of that happen-
ing, Fleetwood have it in them to upset
their local rivals tomorrow. Micky Mellons
side have lost just three league games this
season, and only one at home. Their last
defeat was way back in early October and
they stuffed Southport 6-0 on New Years
Day.
Fleetwood are the top scorers in the
Blue Square Bet Premier with an impres-
sive 57 goals in their 26 games. Jamie
Vardy and Andrew Mangan have been par-
ticularly impressive this season and they
will cause problems for the Seasiders.
Blackpool have made a decent start to
life back in the Championship, though,
and they are just one point off the play-off
places. A disappointing 3-0 defeat at
Birmingham on New Years Eve was fol-
lowed by a 3-0 home victory over
Middlesbrough on Monday and they will
provide a stern test for their non-league
neighbours tomorrow.
Ian Holloways side are understandably
the favourites for this one at 4/5 with Blue
Square, but they have only won three of
their 13 league games on the road this
term. Promotion is clearly the main aim
for Blackpool and although they will want
to win this local derby, it perhaps isnt a
priority.
Coral offer 7/2 for Fleetwood to land the
spoils and that is worth a speculative bet.
They will be bang up for this one and will
be hoping to get a big Premier League
team in the next round.
Both teams have been involved in high
scoring games this season and I can see
this being an exciting game. Spread bet-
tors should buy goals at 3.0 with Sporting
Index.
TOMORROW 3.00PM
BLACKPOOL
FLEETWOOD
POINTERS...
Fleetwood at 7/2 with Coral
Buy total goals at 3.0 with Sporting Index
FULHAM are on a high after beating
Arsenal and drawing with Chelsea over
Christmas. However, they are still only
14th in the table and inconsistency has
been their main issue.
Charlton are five points clear at the top
of the League One table and even though
they lost at Leyton Orient on New Years
Eve, they bounced back against Brentford
on Monday. Chris Powell has put together
a really decent side and they will surely be
plying their trade in the Championship
next season.
The Cottagers are rightly favourites for
this, but a best-priced 4/9 with Blue
Square is too short in my book. Id be
tempted to lay them at that price on
Betdaq, but a better option could be to
back Charlton draw no bet at 9/2 with
Coral. They are generally 6/1 shots to win,
but the draw no bet offers a handy insur-
ance.
I think it could turn out to be a very
tight contest and it wouldnt surprise me
if the first goal proved to be the winner.
Coral offer a massive 18/1 about a 1-0 away
win and that is worth a small interest,
while I would advise spread bettors to sell
goals at 2.8 with Sporting Index.
TOMORROW 3.00PM
CHARLTON
FULHAM
POINTERS...
Charlton draw no bet at 9/2 with Coral
Charlton 1-0 at 18/1 with Coral
Sell total goals at 2.8 with Sporting Index
21
VISIT BLUESQEVENTS.COM NOW
FOR YOUR CHANCE TO WIN TICKETS!
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RACING TRADER BILL ESDAILE, OUR RACING EXPERT, TAKES A LOOK AT
THE BEST BETS OVER THE WEEKEND
S
ANDOWN Park hosts the
32Red Novices Hurdle
tomorrow afternoon
(2.35pm) and Philip Hobbs
COLOUR SQUADRON looks the one
to be on in the Grade One contest
formerly known as the Tolworth
Hurdle.
Declarations for the two mile
contest arent made until later this
morning, so its unclear how many
of the nine entries will stand their
ground. However, one thing that is
certain is that conditions will be
testing and that will be right up
Colour Squadrons street. The six-
year-old has won two of his three
racecourse starts (incidentally both
on his favoured soft ground) and
his only defeat was behind Its A
Gimme in a warm contest at
Newbury.
He is likely to face stiff opposi-
tion in the shape of Paul Nicholls
Prospect Wells and Charlie
Longsdons Magnifique Etoile, but
I confidently expect him to come
out on top in what could be quite a
tactical affair.
Elsewhere on Sandowns card, a
field of nine have been declared for
the 32Red Handicap Chase at
2.05pm and Im prepared to stick
with RILEYEV. Venetia Williams
has her string in great form and he
is another one wholl appreciate
every drop of rain that falls. He
won a chase at Hereford on heavy
ground last season and was beaten
a neck on his latest start at
Cheltenham last month.
Martin Keighleys All For Free is
another one who may well be still
ahead of the handicapper and will
be tough to beat off his flyweight.
However, even though the ground
will be no problem, this is a better
class of race and hes gone up
another seven pounds.
The best betting race of the day
looks to be the 32Red.com
Handicap Chase at 3.10pm. Once
again, we are slightly feeling in the
dark until the official declarations
are made later this morning. Nicky
Hendersons MASTER OF THE HALL
still looks fairly treated off a mark
of 150 and hed be a strong fancy if
standing his ground. That said, his
trainer may not want him to lug
top weight around if Neptune
Collonges doesnt run and may opt
to sit the contest out.
If Master Of The Hall doesnt
run, Id be tempted to throw a few
quid at ATOUCHBETWEENACARA
from the foot of the weights. The
11-year-old was once thought of as
a potential Cheltenham Gold Cup
contender and has a mark of just
121 to go to war with. He ran a
cracker two starts back behind
Welsh National winner Le Beau Bai
and showed up well last time
behind Cannington Brook. The
more than able Harry Challoner
takes off a useful seven pounds
and he could be dangerous in what
is sure to be a real test.
Looking at todays action and
there isnt much that jumps off
the page. However, Sir Mark
Prescotts APPEAL must have a big
chance in the 5.15pm at
Wolverhampton. Luke Morris takes
the ride and he says in his exclu-
sive Blue Square blog that the four-
year-old filly is his best chance of a
winner this evening. The drop
back from 2m to 1m6f should suit
perfectly.
We will begin our Countdown to
Cheltenham series next week and
hopefully well be able to follow
last years success when we flagged
up RSA Chase winner Bostons
Angel and Jewson Novices Chase
winner Noble Prince at big prices.
Ill be at Sandown tomorrow and
you can follow me on Twitter
@BillEsdaile.
T
HE Blue Square Sprint
Series, the highlight of
the Blue Square Winter
Carnival, returns at
Lingfield Park tomorrow. It is a
six furlong feature held every
Saturday with a Grand Prix style
points system rewarding run-
ners, riders and trainers down
to sixth place. The Series con-
sists of seven rounds of six fur-
long sprints with the Grand
Final, worth a huge 15,000,
taking place on Saturday 25
February.
This weeks first qualifying leg
was so popular that it has been
split into two divisions and both
races look competitive. The first
division (1.45pm) features six
course and distance winners
and it is one of those, Peter
Crates PICANSORT, who is the
selection. The five-year-old
encountered a nightmare pas-
sage over five furlongs at this
track last month and compensa-
tion awaits from the ideal draw
in stall one.
The obvious one in the second
division (2.15pm) is Towy Boy,
who is the only last-time-out
winner in the field.
However, he doesnt win
often and Im going to
stick with two each-way
bets on CHJIMES and
STRICTLY PINK. The for-
mer is now back
below his last
winning mark, while the latter
represents the in-form Alan
Bailey yard and is also well-
handicapped.
Blue Square have signed up
leading all-weather jockey Luke
Morris and ATR all-weather spe-
cialist presenter Simon
Mapletoft for exclusive blogs on
the Blue Square Winter
Carnival. Log-on to
www.bluesq.com for their views
on this weekends action.
LUKE MORRIS RIDE
OF THE WEEKEND
SKETCHY EVIDENCE 3.35 Lingfield
(tomorrow)
Colour Squadron
can be a potent
weapon in Hobbs
novice hurdle team
POINTERS...
APPEAL 5.15pm Wolverhampton
(tonight)
RILEYEV 2.05pm Sandown (tomorrow)
COLOUR SQUADRON 2.35pm Sandown
(tomorrow)
MASTER OF THE HALL 3.10pm Sandown
(tomorrow)
ATOUCHBETWEENACARAe/w
3.10pm Sandown (tomorrow)
Sport
22
LONDON IRISH centre Steven Shingler
has become embroiled in an interna-
tional tug of war just hours after
being named as one of six uncapped
players in Scotland head coach Andy
Robinsons 36-man Six Nations squad
yesterday.
Shingler, who qualifies for Scotland
through his Dumfries-born mother,
played for Wales Under-20s against
France Under-20s in the 2011 Six
Nations, when both nations declared
the age-group squads as their official
second XVs, ostensibly tying the play-
ers involved to those nations.
Swansea-born Shingler joined the
Exiles from Scarlets at the start of the
current domestic season and was a
shock inclusion in Robinsons squad,
having featured in a commercial last
year promoting the opening match of
the 2011 Six Nations between Warren
Gatlands side and England in Cardiff.
And the Welsh Rugby Union (WRU)
appear determined to ensure the 20-
year-old represents them, rather than
Scotland at senior level.
All the U20 players who represent-
ed Wales against France at U20 level
in 2011 were informed that they
would then become Wales qualified
players only at senior level, read a
statement released by the WRU last
night.
Meanwhile, all 28 available players
from last years Scotland World Cup
squad have been selected meaning
veteran 33-year-old fly-half Dan Parks
retains his place.
Wales cry foul after London Irish centre
Shingler receives first Scotland call-up
LONDON 2012 ticketholders will be
provided with the first opportunity
to offload any unwanted purchases
when the official online exchange
opens today.
The portal will allow fans who
hold tickets for events they no
longer wish or cannot afford to
attend the chance to sell them on to
other members of the public at face
value on a first come, first served
basis.
Should any tickets made available
remain unsold in the first phase,
the ticket holder will have them
returned to their account
The site, which can be accessed
via www.tickets.london2012.com,
will be open until 3 February and
there are plans to open a second
resell window in March or April.
London 2012 organisers Locog
have cautiously warned those left
frustrated and empty-handed first
time around not to expect a flood of
tickets to become available.
The final consignment of 1.2m
tickets across all sports is due to go
on sale in April once the final seat-
ing plans within venues have been
finalised.
The resale window opens just 48
hours after Locog was left red-faced,
following an embarrassing, large-
scale administrative error.
Around 3,000 customers were
contacted and asked to return tick-
ets for the synchronised swimming
event, after a human data input
error resulted in London 2012 chiefs
putting an extra 10,000 non-existent
tickets up for sale.
Ready, set, go for London
2012 ticket resale window
OLYMPICS

BY JAMES GOLDMAN
RUGBY UNION

MANCHESTER CITY will be without

Yaya and Kolo Toure for Sundays
mouth-watering FA Cup third round
tie against Manchester United after
Ivory Coast manager Francois Zahoui
rejected the clubs plea to delay their
link-up with the national squad.
Fifa rules dictate players can be
called up two weeks before the start of
the Africa Cup of Nations, which
begins on 21 January in Gabon and
Equatorial Guinea, but City boss
Roberto Mancini had hoped Zahoui
would show leniency.
Zahoui, however, insists all players
will report for duty in Paris on
Saturday before flying out with the
rest of the squad to Abu Dhabi for a
two-week training camp.
Should Ivory Coast make it to the
final, the Toure brothers could miss as
many 10 matches in all competitions.
With the group stages due to end on
30 January the pair will at the very
least miss both legs of the Carling Cup
semi-final against Liverpool and the
Premier League meeting with high-fly-
ing Spurs at Etihad Stadium.
City denied
Toures for
United clash
BY JAMES GOLDMAN
FOOTBALL

Yaya Toure scored against Liverpool in

Tuesdays 3-0 win ACTION IMAGES
France axe former
captain Nallet
EX-CAPTAIN Lionel Nallet, Damien
Traille and Fabrice Estebanez are the
most notable absentees from new
France coach Philippe Saint-Andres
Six Nations squad. The trio of Lionel
Beauxis, Clement Poitrenaud and
Yannick Nyanga, all overlooked for
World Cup selection by former head
coach Marc Lievremont last year,
have been recalled to the 30-man
squad. Les Bleus, who are favourites
for the tournament, begin their cam-
paign against Italy at the Stade de
France on 4 February.
Gerrard can
spark Carroll
renaissance
MISFIRING 35m England striker
Andy Carroll has been backed to
rediscover his goalscoring touch
now that Liverpool captain Steven
Gerrard is fit to resume his role as
the teams inspiration.
Carroll has netted just three in 21
appearances this season, plummet-
ed down the England pecking order
amid criticism of his fitness and
struggled to justify his billing as the
most expensive British player ever.
But the eight-match suspension
of strike partner Luis Suarez means
he looks poised for a lengthy
chance to state his claim,
with tonights FA Cup
third round tie
against League One
Oldham his latest
audition.
Former Anfield
hero Steve
McManaman believes
Carroll will prove his
doubters wrong, and that
the recovery from injury of
Gerrard promises to be the catalyst
for the youngsters improvement.
Gerrard is Liverpools best player,
and arguably Englands best player.
His assists are wonderful ask
Fernando Torres what they were
like, said McManaman (inset), ESPN
football analyst, ahead of the broad-
casters coverage of three FA Cup
matches this weekend.
His delivery, crossing, passing,
his ability to read the game is sec-
ond to none, and it should help
any centre forward, whether it
be Luis Suarez, Fernando
Torres or Andy Carroll.
Its all about quality. I
thought Carroll played well
against Man City [on
Tuesday] but he was up
against a very good defence,
and Vincent Kompany and
Kolo Toure were brilliant the
other day. He wont come up
against defenders like that
every single week.
Against Oldham,
there should be that
extra yard of space on
the pitch, there should
be a central defender
that doesnt read the
game as well as
Kompany.
The most important
thing is that he is playing
well. Id rather he was play-
ing well every game than just
nicking the odd goal and I
think hes been doing that of late.
ESPN football analyst Steve
McManaman was speaking ahead of the
sports media companys live and exclusive
coverage of three FA Cup third round
matches this weekend: Birmingham v
Wolves (12pm tomorrow), Bristol Rovers v
Aston Villa (4.30pm tomorrow) and
Arsenal v Leeds United (7pm Monday).
Liverpool great Steve McManaman tips 35m
striker to flourish alongside fit-again captain
BY FRANK DALLERES
FOOTBALL

ENGLAND should resist the tempta-

tion to tinker with their winning for-
mula if they are to add to their legacy
by winning in the subcontinent this
winter, according to their former skip-
per and greatest ever all-rounder Sir
Ian Botham.
Andrew Strausss world No1 ranked
Test team are certain to encounter
flat, batting-friendly pitches and sti-
fling weather conditions when they
take on upcoming opponents
Pakistan in Dubai, before travelling to
Sri Lanka in March.
Such a demanding schedule has
prompted some observers to suggest
England will need to lighten the load
on their pace attack by sacrificing a
batsman at the expense of another
seamer. But Botham believes it would
be churlish to err from a selection pol-
icy that has consistently reaped
rewards since Strauss assumed the
captaincy back in 2008.
Im sure this is going to be a tough
couple of series, paticularly for the
bowlers, Botham told City A.M.
People have talked about them being
more flexible in terms of their selec-
tion but I cant see any need for
change.
People used to question how the
great West Indies sides would be able
to win Test matches with an attack
comprised solely of quicks. Im not
really sure when the spinner would
have ever got on and I cant recall
them struggling without that option.
With England were not talking
about them only relying one or two
guys either. Andy Flower and
Andrew Strauss have got real options
in that department with Steven
Finn banging on the door and Tim
Bresnan impressing every time he
gets a chance.
Having vanquished all-comers on
home soil and retained the Ashes in
Australia for the first time in 24
years, winning on the subcontinent
represents the last frontier to con-
quer for this crop of players.
Botham believes despite that omis-
sion from Englands collective CV
they are right to be regarded the
worlds premier Test side, but feels
it is essential they defeat Pakistan
and Sri Lanka if they are to
embark on a lengthy period of
global domination.
Im pretty sure all
the other Test sides
out there respect and
concur with the
rankings which
show England are
the best team in the
world right now,
said Botham who is
gearing up for his 14th cross country
charity walk in April in aid of child-
hood blood cancers.
England have got there on merit
but of course they will be desperate to
win at least one of these upcoming
series to tick that particular box.
The whole set-up is in great hands
and if England fulfil their potential
this winter Im really confident itll
give them the platform to dominate
the Test arena in much the same way
the West Indies and Australians have
done in the past.
If you would like to join Sir Ian on the
London leg of his charity walk which takes
place on 21 April visit www.beatingblood-
cancers.org.uk/beefywalk2012
23
Visit www.welbeckgroup.co.uk
Email: marketing@welbeckgroup.com
Speak to one of our expert advisers
call us on 0207 7762135
Bespoke Financial Advice
T
OMORROW we play our first home
game of 2012 against Plymouth Albion
at the Richmond Athletic Ground
(3pm kick off), and it will be great to
get back to the Athletic Ground following a
mixed festive period for the squad. I was
very pleased with our victory away at
Moseley on Boxing Day. Parts of our game
were excellent and we controlled the game
exceptionally, especially in the first half.
However, the satisfaction from that result
was tempered slightly by our last-minute
loss to Leeds on New Years Day. We were cer-
tainly handed tough Christmas fixtures, as
having to travel to Moseley and then Leeds
represented two difficult away games in less
than a week. We were faced with heavy con-
ditions during both matches, and I felt that
the players responded well to the physical
challenge this schedule set them.
The important thing is that we learn the
lessons from Leeds and, although we nar-
rowly missed out on the win, it is critical
that we use the positives gained from that
game to help us pick up victories during the
remainder of the season and the end of sea-
son play-offs. The wonderful thing about
Championship rugby is that the games
come thick and fast, and we get the opportu-
nity to put our disappointment behind us
and concentrate on beating Plymouth today.
IMPRESSIVE BEARD
One of the players who has made a differ-
ence in both games is our new Canadian
international signing Adam Kleeberger.
Adam has been a fantastic addition to the
squad: his physicality, passion and will to
win are tremendous. He has already demon-
strated his international class and is looking
forward to showcasing his talent in front of
the Athletic Ground crowd.
Adam was one of the World Cups most
recognisable players, both for his Man of the
Match display in the Canadas opening victo-
ry over Tonga, but also for the size of his
impressive beard! He took the opportunity to
shave it off following the tournament as
part of the Movember charity initiative, but
it gained him fans from all over the world.
We now have four full internationals play-
ing for the club, which not only represents
the step forward we have taken this season,
but also the quality of the Championship as
a competition.
Simon Amor is Head Coach at London Scottish,
an RFU Championship Rugby Club based in
Richmond. For more information, head to
www.londonscottish.com or
facebook.com/LondonScottishFC
RUGBY UNION COMMENT
SIMON AMOR
SPORT | IN BRIEF
McClaren returns to Twente
FOOTBALL: Former England boss Steve
McClaren has been confirmed as manager
of FC Twente for the second time.
McClaren, who resigned from Nottingham
Forest after just 122 days in October, won
the Dutch title with Twente in 2009-10
before quitting to join Wolfsburg, who
sacked him after less than a season.
England face Norway and Belgium
FOOTBALL: England will play Norway and
Belgium in two final warm-up matches
before Euro 2012. Fabio Capellos men trav-
el to Norway on 26 May and host a promis-
ing Belgian side at Wembley on 2 June.
Buemi named Red Bull reserve
FORMULA ONE: Red Bull have named
Sebastien Buemi as their reserve driver for
next season. Buemi, who was dropped by
Red Bulls feeder team Toro Rosso at the
end of last year, will provide cover for his
former outfit too.
Results
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email sport@cityam.com
Mixed Christmas presents for Scottish
Botham: England should
stick with winning method
Strauss and Flower have masterminded Englands rise to the top of the Test rankings Picture: PA
CARROLLS STRUGGLE | HOW
35M MAN HAS FLOUNDERED
THIS SEASON VS LAST
Comparison of Carrolls start to this
season at Liverpool and his flying
first half of the last campaign at
Newcastle lays bare his poor form.
in his last 20 games for the
Magpies he netted 11 times at a
rate of one every 151 minutes; this
time he has managed just three in
21, or 0.14 goals per game.
CARROLL VS
BA AND
TORRES
Even the man
Carroll replaced,
50m Fernando
Torres, has fared
slightly better than
him this year, while
the man who replaced
Carroll at Newcastle,
Demba Ba, has put both
firmly in the shade with 15
goals in 21 games, or one every
107 minutes, compared to Carrolls
427 minutes.
2011/12 21 1280 3 0.14 427
2010/11* 20 1657 11 0.55 151
STRIKE RATE
SEASON P MIN GL GL/GM M/GL
Ba 21 1607 15 0.71 107
Torres 21 1204 4 0.19 301
Carroll 21 1280 3 0.14 427
COMPARISON
SEASON P MIN GL GL/GM M/GL
Between Carroll goals
this season
427mins
Demba Bas goals-per-game ratio
0.71
*Before January move to Liverpool
BY JAMES GOLDMAN
EXCLUSIVE