Cityam 2012-02-24

FTSE 100 5,937.89 +21.34 DOW 12,984.91 +46.24 NASDAQ 2,956.98 +23.81 /$ 1.57 unc / 1.18 unc /$ 1.
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RBS chief:
cutting pay
is a big risk
RBS chief executive Stephen Hester has
said that his bank is taking a risk by
paying below market rates for its top
investment bankers due to political
pressure.
In an interview with City A.M., he said:
Clearly we are taking risks with that.
We are paying less than some rivals
like Barclays for similar productivity
and thats a calculated risk. The bank
slashed average total pay by 26 per cent
last year and bonuses by 58 per cent.
Recruiters say they expect a wave of
desirable staff to leave the bank this
year for better pay. Though swathes of
bankers are being laid off in the City,
competition for top talent is still fierce.
Hester also admitted that the politi-
cal pressure on RBS to lend, especially
to risky small businesses, means that it
could be making loans that a fully
commercial bank would not make.
We are at the margin doing things
at a volume and level that if we were
another bank we might not be doing,
he said. Its our aim to do it on a com-
mercial basis Its not per se the gov-
ernment target [driving our lending]
but we are very conscious that in our
support for customers we have to go
the extra mile.
He warned that political interfer-
ence risks turning RBS into a modern
British Leyland, the 70s nationalised
carmaker ruined by political meddling.
RBSs natural share of the small
business lending market is 29 per cent,
Hester said, but it is in fact making up
48 per cent of all loans made.
It comes on top of a growing burden
of regulation. Hester revealed that the
decision to dramatically shrink RBSs
investment bank with the loss of 3,500
jobs was made inevitable by the fatal
combination of the EU debt crisis and
the extra burden imposed by the
Independent Commission on Banking.
The ICB ring-fence was another nail
in the coffin, he said.
He added that the ICB had made it
extremely difficult to get RBSs share
price up so that taxpayers can get back
their 45bn of bailout money. All of
the regulation moves most impor-
tantly the ICB make it difficult for
our share price to go above book
value, he said. MORE: P3
BY JULIET SAMUEL
BANKING
Paul Fisher said the economic outlook remains uncertain Pic: Laura Lean / CITY A.M.
ECONOMIC uncertainty could see the
Bank of England boost its quantitative
easing programme even further, its
director for markets has revealed.
In todays exclusive interview with
City A.M., Paul Fisher, a member of the
monetary policy committee, said he
was open-minded on the possibility of
voting for more easing later in the
spring.
The outlook for the economy is
incredibly uncertain, Fisher said. If
anything I feel slightly more comfort-
able about the inflation outlook than
the outlook for growth.
Inflation has been relatively stable,
Fisher argued, while the Bank remains
concerned by economic prospects.
At this moment in time I would
have a completely open mind going
into the next round as to whether we
would want to do more QE or not, he
said. Yet Fisher admitted that the Bank
fears further upward inflationary
shocks from oil prices.
The last thing we need at the
moment is another upward cost shock
coming from oil prices, he said.
Just as we see inflation starting to
fall back towards target its halfway
back from its peak we dont want it
to be blown off course again, upwards,
from a shock like that.
www.cityam.com Issue 1,578 Friday 24 February 2012 FREE
BUSINESS WITH PERSONALITY
UK consumer price inflation has
been above its two per cent target for
26 straight months.
Fisher and his fellow rate-setters
remain committed to their asset buy-
ing scheme to boost the economy.
When we did the programme in
October, I always thought it was more
likely we would do more than not,
Fisher revealed, because the risk at
that time was of the economy slipping
back into a severe recession.
The Bank feared that the slide into
economic contraction predicted for
the end of last year would carry on
into 2012.
That downward slide doesnt seem
to be crystallising that is as good as
you could say at the moment, Fisher
said, but it was still worth doing a bit
Certified Distribution
02/01/12 till 29/01/12 is 92,258
BY JULIAN HARRIS
EXCLUSIVE
more QE. This month the Bank unan-
imously voted for more QE, with
Fisher and six colleagues opting for a
further 50bn, taking the Banks total
planned holding to 325bn.
Minimum tranches of 50bn seem
to be favoured by Fisher. I think
50bn puts us in a better place to have
that free choice when it comes to
make [future decisions], he said. I
mean 25bn is neither here, nor there,
really, in theoperations that were
doing.
Fisher confirmed that interest rates
would not begin to be normalised
while asset-buying was ongoing. He
also ruled out the Bank purchasing
assets other than gilts as a means of
stimulus. People suggest it, but you
never hear a very good reason why we
should do it, he said.
The Banks accommodative policies
have protected the economy from
sharper dips in output, Fisher
claimed.
Its very difficult for people to see it
but the unemployment rate is much
lower than you would have expected
given the fluctuation weve had in
output, Fisher said. More companies
went bust in the early 1990s when the
change in output was only half the
size, so we think monetary policy has
been supportive to help shut off some
of those negative effects.
FISHER INTERVIEW: P14
FULL TRANSCRIPT: CITYAM.COM
BIG Four accountancy giant KPMG
has axed the 1,000 bonus it usual-
ly pays the majority of its second-
year audit trainees, City A.M. has
learned, in a move that will save
the firm around 400,000.
In a sign of significant challenges
at the firms all-important audit
division, KPMG emailed the
trainees earlier this week to inform
them they would not receive the
cash bonus.
There are around 500 second-
year trainees in the KPMG audit
department and those who pass
key exams first time normally
around 80 per cent usually
receive the 1,000 payment.
In an email seen by City A.M., the
accountancy group said it had
taken the difficult decision
because the audit function has
come under significant pressure
from the challenging economic
environment in the UK.
One trainee told City A.M. the
move had been greeted with sur-
prise and anger, after management
sent an email just last month con-
gratulating the trainees who
passed first time on their achieve-
ments.
A KPMG spokesman said: This
change brings us into line with the
majority of our competitors. Most
of our competitors dont pay their
trainees a bonus for exam perform-
ance. MORE: P2
BY LAUREN DAVIDSON
BANK ECONOMIST
OPEN TO MORE QE
EXCLUSIVE KPMG AXES BONUSES FOR TRAINEES
News
2 CITYA.M. 24 FEBRUARY 2012
TRAINEES at KPMG were furious
when they learned the Big Four
accountancy giant would not be pay-
ing them the 1,000 bonus it usually
gives to its highest performers.
Adrian Stone, chief operating offi-
cer of the audit practice, broke the
bad news to trainees via email at
4.15pm on Wednesday afternoon. The
subject header read First Time Pass
Bonus. The message was marked
confidential.
As you may be aware, our trading
performance in the audit function
has come under significant pressure
from the challenging economic situa-
tion we are experiencing in the UK,
Stone wrote.
As a result of this KPMG will be
exercising its discretion under the
training agreement and with immedi-
ate effect a discretionary bonus will
not be paid this year to acknowledge
achievement of first time passes in
professional exams.
In a sign of tough times at the audit
division, Stone said he would only
consider reinstating the bonus if the
group managed to hit its budget con-
tribution for the full year.
Stone continued: I know you will
be disappointed that the firm is not
exercising its discretion to pay a first
time pass bonus.
However, I do hope that you will
understand the balance which we are
attempting to achieve between the
interests of specific groups of team
members and our overall team.
One trainee told City A.M.: Staff in
the UK are furious, with emails flying
across the UK offices. The feeling
amongst staff is that the senior lead-
ership appear increasingly out of
touch from those in the lower grades.
BY LAUREN DAVIDSON
ACCOUNTANCY
LONDON STOCK EXCHANGE DRAWS FIRE

OVER BORSA SYNERGIES
The LSEs takeover of the Milan bourse
five years ago has not fulfilled expec-
tations either in Italy or London in
terms of stimulating cross-border capi-
tal flows or increased investment in
Italian companies, the Italian securi-
ties regulator has claimed.
QUINN CASE THROWS LIGHT ON IRISH
BANKING CRISIS
The family of bankrupt Irish business-
man Sean Quinn Snr won the right on
Thursday in the High Court to chal-
lenge their liability for 1.8bn in loans
advanced by Anglo Irish Bank on the
grounds that the bank issued the
loans to prop up its own share price.
BLUEPRINT FOR CHINA TO OPEN UP
MARKETS
China should accelerate the loosen-
ing of capital controls, its central
bank said in a report outlining the
path to a freely tradeable currency
and more open capital markets.
DEUTSCHE TELEKOM TO INVEST $4BN
IN US ARM
Deutsche Telekom will invest $4bn to
modernise its US networks in an
attempt to stem a dramatic fall in cus-
tomer numbers T-Mobile USA suf-
fered during the German groups
attempt to sell its American division
to AT&T for $39bn. The group was
forced to shoulder an impairment
loss of 2.8bn in the fourth quarter,
mostly owing to the continued
decline in T-Mobile USA.
OSBORNE MOVES ON WEALTHY WHO
DODGE PAYING HOMES TAXES
George Osborne is set to disappoint
Liberal Democrats who are pressing
him to deliver a massive windfall in
the Budget from tighter stamp duty
rules. The chancellor is poised to make
it harder to move properties offshore
and so dodge tax by transferring own-
ership into companies.
FRENCH KEEN TO GET ON TRACK IN
BRITAIN
The French state railway is increasing
its interest in the British network.
SNCF is the 51 per cent partner in a
joint venture with Go-Ahead Group
that hopes to win the Essex Thameside
franchise (c2c) from National Express.
CHARLOTTE CHURCH SETTLES WITH
NEWS OF THE WORLD
Charlotte Church, the singer, has set-
tled her damages claim against the
News of the World for phone hacking,
her solicitor said today. Miss Churchs
total compensation, including legal
fees, is expected to be between
380,000 and 500,000.
DAVID CAMERON'S BACK TO WORK TSAR
EMMA HARRISON QUITS AMID FRAUD
ALLEGATIONS
Emma Harrison has resigned from her
Government post following a series of
fraud allegations surrounding her
training company. A4e is at the centre
of a police investigation following the
arrest of four of its former employees.
JK ROWLING PLOTS A BOOK FOR
GROWN-UPS
Harry Potter author JK Rowling has
left behind the world of magic and
Muggles and written an adult novel.
Publisher Little, Brown startled the
book world on Thursday by saying it
would publish Ms Rowling's first title
aimed at adults.
PUTIN, IN RALLY, CASTS HIMSELF AS
UNIFIER
Confident of a return to the presiden-
cy, Prime Minister Vladimir Putin cast
himself on Thursday as a unifying
leader, appealing to the legions of
Russians who have taken to the
streets against him not to run to the
other side but to join us.
WHAT THE OTHER PAPERS SAY THIS MORNING
Osborne must not tax pensions more
WANT to add some money into your
pension? Youd better hurry up, as
there is intense pressure on the chan-
cellor to slash tax relief on pension
contributions. If Lib Dems gets their
way, 40p and 50p taxpayers will lose
their tax relief, which would fall to
just 20p for everybody. This would be a
further, massive blow to pension sav-
ings: the annual allowance has
already been slashed to 50,000 (from
255,000) and the lifetime allowance
from 1.8m to 1.5m.
There are several reasons why chan-
cellor George Osborne must resist
reducing tax relief on pension contri-
butions, or further slashing the
allowance. I write this with some
reluctance, as I would much rather
have a simple, flat income tax system
without the current very high margin-
al tax rates, with a large zero-taxed
personal allowance and with no tax
reliefs of any kind at all. Imagine a sin-
gle tax rate of 30 per cent, with no tax
payable on the first 10,000, and with
no allowances, exemptions or loop-
holes. It would be much better than
what we have today.
Tragically, such radical tax reform is
not on the cards so the second best
solution is to maintain the existing
reliefs. Abolishing them would be a
massive attack on aspiration and hard
work and would penalise savers.
Within the current system, there is
a good reason for the tax relief: it is to
avoid double-taxation. People pay
income tax on the annuity they pur-
chase with their pension pot on retire-
ment (though they are able to extract
25 per cent as a tax free lump sum).
Without any tax relief, they would be
putting in income that has already
been taxed and then see it taxed
again on the way out.
Tax relief on pensions is a partial
shield from Britains very high mar-
ginal rates for the millions of people
on the top two income tax bands. This
has blunted their negative impact on
incentives and hence on the UKs com-
petitiveness. Abolishing the relief
would be equivalent to a substantial
increase in the tax rate faced by mil-
lions it would cripple the UKs sup-
ply-side at the worst possible time.
It would also devastate the pensions
industry: with just 20 per cent relief, it
would barely be worth it for anybody
to contribute to pensions. After all, the
money is locked away for decades and
even then cannot be used in a flexible
manner; Individual Savings Accounts
(ISAs) would become a far superior tax-
efficient savings vehicle.
Last but not least, stripping pension
contributions of their tax advantage
would be political suicide for George
Osborne: taxpayers in the 40p and 50p
bans who live disproportionately in
London and the south east make up
a very large chunk of the Conservative
Partys core vote. Declaring war on
them anybody who earns 42,476 or
more would be madness (it would
also hurt Boris Johnsons reelection
campaign).
Such voters are unlikely to forgive
the Tories if they succumb to Lib Dem
pressure on this and especially if this
is also accompanied by other anti-
wealth policies, such as introducing
higher rates of council tax for those
with more expensive homes.
If the chancellor wants to increase
the personal allowance to help the
worse-off a good policy which would
increase low earners incentives to
work he needs to find more savings
in his Budget. This shouldnt be too
difficult. But it is absolutely vital that
he resists the urge to increase the tax
burden yet further.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
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ALLISTER HEATH
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KPMG, chaired by John Griffith-Jones, is facing a tough time in the UK audit market
CITY A.M.
WINS PRIZE
FOR FREE
ENTERPRISE
Allister Heath, editor of
City A.M., has been
chosen as the winner of
the annual Institute of
Economic Affairs
National Free Enterprise
Award. The prize,
previously won by
Margaret Thatcher,
Richard Branson and
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to those who contribute
the most to free market
thinking.
KPMG trainees furious after
audit arm axes 1,000 bonus
RBS chief Stephen Hester yesterday said
his bank exists in an Alice in
Wonderland world in which the 2bn
net loss it booked for 2011 is a sign of
growing strength because it shows an
ability to take the costs of clean-up.
The lender, which is 83 per cent gov-
ernment owned, also made a pre-tax
loss of 2.6bn last year, after stripping
out an accounting vagary that reduced
the official number to 766m.
A string of impairments and one-off
losses hit the bottom line, including a
1.1bn write-down on the value of
RBSs Greek bonds, 850m put aside to
compensate customers who were mis-
sold insurance and a 906m fee for
membership of the asset protection
scheme a state insurance scheme the
bank never actually had to use.
Hester said that further write-downs,
which brought total impairment costs
to 7.4bn, showed the bank was gener-
ating enough profits to sell at a loss or
write down the toxic parts of its bal-
ance sheet without going bust.
Referring to the banks 45bn
bailout, he said: It wasnt enough to
pay for the clean-up we have to do
that ourselves from profits... We can
only do one at the pace of the other.
He called those profits 2bn in UK
retail and 1.4bn in its corporate
bank a budget for taking losses.
The losses continue to include large
hits to its Irish portfolio in Ulster Bank,
where impairments rose to 1.4bn, up
from 1.2bn in 2010.
Average pay per employee was down
by over a quarter, while bonuses fell by
58 per cent.
Hester: RBS
loss is sign of
our strength
APPLE could be close to paying a divi-
dend, it was revealed, as chief execu-
tive Tim Cook told investors the board
is thinking about this very deeply.
He dropped the hint during the
companys first annual general meet-
ing since the death of Steve Jobs, who
famously refused to pay a dividend.
Apple is sitting on a $97.6bn cash
pile and has been pressured by
investors to start sharing this out.
The tech giant also said it will grant
shareholders more say in the appoint-
ment of directors to its board.
Dividend soon
on Apple stock
BY JULIET SAMUEL
BANKING
TECHNOLOGY
News
ANALYSIS l Royal Bank of Scotland
p
23Feb 17Feb 20Feb 21 Feb 22Feb
28.00
27.50
28.50
29.00
27.00
28.72
23 Feb
Chasing good returns in Wonderland
C
URIOUSER and curiouser,
says Alice, after eating a cake
that causes her to grow sud-
denly to the height of a giant.
It is no wonder that RBSs belea-
guered boss Stephen Hester is start-
ing to feel like his bank operates in
an Alice in Wonderland world, as
he put it yesterday.
Unlike Alice, he has managed to
magically shrink the banks balance
sheet by a staggering 700bn in the
last three years, but he has received
little but abuse for his troubles.
And unlike the white rabbit, the
balance sheet slashing is well ahead
of schedule. Group assets now total
977bn, well ahead of 2011 1.2 tril-
lion target.
The fast progress is in part,
Hester said, because management
was spooked by the Eurozone cri-
sis into accelerating the shrinkage.
He has put his fear to good use:
BOTTOMLINE
Analysis by Juliet Samuel
non-core assets are even further
ahead, having dropped to 94bn
last year versus the 118bn target
and down by 144bn since 2008.
But Hester has another reason to
feel sore: despite his hyperactivity,
he was forced to downgrade the
banks return on equity target from
15 per cent to 12 per cent, which
only breaks even with its cost of
capital. He put this down to the
Vickers Commissions beefed up
capital requirements, which have
made profitability as elusive as ever.
That might be admirable hon-
esty, but it is also depressing. In
such circumstances, getting a
decent return on our bailout cash is
becoming increasingly like chasing
after a mad white rabbit.
RBS chief executive Stephen Hester feels like hes in Wonderland Picture: GETTY
GOLDMAN Sachs M&A banker Luca
Ferrari, an adviser to mining group
Xstrata on its potential mega-merger
with Glencore, is retiring after 12 years
with the firm, according to a company
memo.
Ferrari is currently responsible for
the northern European mergers and
acquisitions business and became a
partner in 2006.
Prior to Goldman, he spent nine
years in the mergers and acquisitions
business at UBS Warburg, a forerunner
of UBS.
Goldman M&A
stalwart retires
BANKING
PROCTER & Gamble plans to cut about

5,700 non-manufacturing jobs as part
of a new plan to reduce costs by $10bn
by the end of fiscal 2016, chief execu-
tive Bob McDonald said yesterday.
The worlds largest household prod-
ucts company has about 57,000 non-
manufacturing employees among its
total workforce of about 129,000.
P&G also trimmed earnings fore-
casts for the current quarter and fiscal
year because of the new plan to sell its
Pringles snack business to Kellogg.
The job cuts will largely be complet-
ed by the end of fiscal 2013, which
ends in June of that year.
CENTRICA yesterday said that milder
weather in the UK had reduced ener-
gy consumption and dented profits.
But the British Gas owner said its
production and exploration business
was booming with profits up a
third as commodity prices rise.
The companys full-year adjusted
operating profit was up one per cent
year-on-year in 2011 at 2.42bn.
The results include a 30 per cent
fall in operating profits at its resi-
dential energy division, British Gas,
to 522m.
However Centrica is expecting a
stronger 2012 as it invests 1.4bn in
the business half of that in
upstream operations.
Finance director Nick Luff told City
A.M.: Our oil assets in the North Sea
will help us and we have diversified
business which means that we can
offset problems with one part.
The warm weather did not help
in our retail business but our figures
are resilient.
Centrica on Wednesday
announced that it had sealed a deal
for French oil major Totals assets in
the North Sea.
Centrica, already the third largest
producer of gas on the UK continen-
tal shelf, said it plans to increase
upstream UK gas and oil production
by more than 25 per cent this year.
Chief executive Sam Laidlaw
added: We had high gas and oil
prices driven by the Arab spring and
events in Japan.
The other big factor was that we
were going from one of the coldest
years on record in 2010 to one of the
warmest, which has an impact on
consumption.
The company said the number of
UK residential customers dropped by
one per cent, or nearly 100,000, to
15.9m over the year.
Centrica sees
mild weather
dent profits
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BAILED-OUT insurer AIG last night
reported a whopping $19.8bn
(12.6bn) profit for the fourth quar-
ter, nearly double the amount seen
this time last year, after an account-
ing determination let it release the
value of some tax benefits.
And the firms property insurance
unit, Chartis, returned to profitabili-
ty in the quarter. It earned $348m,
despite $368m in catastrophe losses
related to the flooding in Thailand.
The firms shares jumped three per
cent after hours, taking AIG stock
through the break-even level for the
US governments 77 per cent stake.
AIG reports a
$19.8bn profit
P&G set to cut
5,700 positions
BY JOHN DUNNE
ENERGY
CONSUMER
INSURANCE
News
ANALYST VIEWS: HOW DO YOU RATE CENTRICA? By John Dunne
KEITH BOWMAN
HARGREAVES LANSDOWN
The results continue to underline man-
agement's strategy to create a more balanced
business. The expanding upstream business has
effectively compensated for more difficult con-
ditions for its downstream supply operations.
In all, the progressive dividend policy remains
attractive. Its diversified energy play
continues to grow. We say Buy.
ANGELOS ANASTASIOU | INVESTEC

Confidence still needs to be regained in the UK supply market. But we reiterate that we believe that the share
price is already factoring in an unreasonably pessimistic scenario on the supply side. Risks posed to Centrica's business
include political interference, regulatory changes and movements in wholesale energy prices.
GRAHAM SPOONER
THE SHARE CENTRE
The share price has underperformed in
the last 12 months and at this level it looks
more attractive for income seekers. However,
any potential increase could be somewhat limit-
ed. We continue to recommend Centrica as a
"buy" for investors looking for a low-risk income
stock. Investors will be pleased to hear
the company has increased its dividend.
ANALYSIS l Centrica
p
294
292
296
298
290
296.20
23 Feb
Chief executive Sam Laidlaw said warm weather had hit the business
BRITISH insurer and reinsurer
Lancashire reported a better-than-
expected 2011 profit even though nat-
ural disasters drove a 55 per cent
increase in claims. The firm, which
insures ships, oil rigs and aircraft,
said its 2011 pre-tax profit fell 35 per
cent to 139.3m, still ahead of ana-
lysts predictions.
The decline was driven by earth-
quakes in Japan and New Zealand, as
well as a $35m hit from the Costa
Concordia shipwreck. The firm said it
was optimistic insurance prices
would increase in 2012. Shares were
flat at 790p yesterday.
SWISS Re bucked the market trend
and tripled its profit in 2011, despite a
series of natural disasters that severely
damaged the insurance industry.
The firm beat expectations to record
a full-year profit of $2.63bn (1.68bn),
compared with $863m in 2010.
Swiss Re also announced plans to
raise its dividend and said the current
year had started well with a rise in
prices.
The firm, the worlds second-biggest
reinsurer by market capitalisation,
said renewal prices with insurance
company clients had on average risen
four per cent in January, compared
with the two per cent rise reported by
larger rival Munich Re.
Profit was helped by a good invest-
ment result, a low tax rate due to cor-
porate restructuring, a rise of nearly 11
per cent in property and casualty pre-
mium income, and a release of $1.3bn
of reserves.
Asset management saw a 5.1 per
cent return on investments.
The result was exceptional and not
one I would expect asset management
to repeat in 2012, said chief financial
officer George Quinn.
He also said the group would likely
not be able to benefit from the excep-
tionally low 2011 tax rate this year and
would concentrate on its core markets
while looking to exploit growth possi-
bilities in Asia and South America.
The Zurich-based firm recorded nat-
ural catastrophe claims of $3.5bn --
nearly three times what it expected.
The bill from floods in Thailand
reached $680m and the Japanese
earthquake was priced at $1.19bn.
However the firm has minimal
exposure to Greek sovereign debt,
which has hit profits at some of Swiss
Res competitors.
Shares in the firm closed up 2.6 per
cent at SFr54.40 (38.35).
Claims rise as
takings triple
for Swiss Re
RSA Insurance, the firm previously
known as Royal and Sun Alliance, yes-
terday posted a higher than expected
profit for 2011 as cost cuts helped off-
set big catastrophe claims.
But shares in the insurer sunk 4.9
per cent to 107p, the biggest fall in
the FTSE 100, after the firm
announced plans to rein in its divi-
dend payments.
Britains biggest commercial insur-
er announced an operating profit of
884m, up 38 per cent on 2010.
It said it would only raise its divi-
dend by a prudent four per cent
because low interest rates were erod-
ing its investment returns.
Its a reflection of the reality of
the situation, RSA chief executive
Simon Lee told reporters. When the
economic environment changes, we
hope to be in a position to grow the
dividend more quickly.
We have delivered a good result in
difficult conditions given record nat-
ural catastrophe losses, the challeng-
ing economic environment, and
historically low yields.
Investors are worried that natural
disasters and Eurozone debt defaults
may sap insurers ability to pay regu-
lar dividends while maintaining cap-
ital reserves.
RSA earnings soar but plan
to cut dividend sinks shares
GERMAN insurer Allianz saw its prof-
its tumble after a series of disasters
decimated the insurance market dur-
ing 2011.
Net income for the year was 2.8bn,
compared to 5.2bn the year before,
mainly due to a write-down in the
value of Greek debt and record claims
from earthquakes and storms.
Revenue slipped slightly to 103.6bn.
2011 was a tough year. But we
maintained our stability throughout.
That's an extraordinary achieve-
ment, said chief Michael Diekmann.
These results show the true strength
of the Allianz business model.
Tough year for
insurer Allianz
Lancashire looks
upbeat for 2012
BY JAMES WATERSON
INSURANCE
INSURANCE
INSURANCE
BY JAMES WATERSON
INSURANCE
News
Michel M Lis became chief executive of Swiss Re on 1 February Picture: GETTY
ANALYSIS l Swiss Re AG
CHF
55.00
54.50
55.50
54.00
53.50
53.00
54.40
23 Feb
EASYJETs board claimed victory yes-
terday in the airlines long-running
feud with its founder Sir Stelios Haji-
Ioannou after shareholders voted in
favour of a multi-million pound pay
package for its top executives.
Just over 44 per cent of shareholders
voted against the recommended pay-
outs for executives at the annual gen-
eral meeting, including Sir Stelios and
his familys 38 per cent share falling
short of the 50 per cent needed to vote
down the remuneration report.
Stelios did not attend the meeting
at the carriers headquarters in Luton
but his spokesman was greeted with a
frosty reception as chairman Sir
Michael Rake hit back at the allega-
tions made against the board.
Rake condemned the increasingly
personalised attacks on the board and
individual members and said the
company reserved the right to take
legal action for potential defamation
and breaches of brand agreement.
Key shareholder Standard Life also
vouched for the board while
Sanderson Asset Management recog-
nised Stelios entrepreneurship but
urged all shareholders respectfully to
engage the board constructively.
In a statement after the AGM, Sir
Stelios said the board had bought
shareholders votes with its promises
to change the method used to calcu-
late directors pay his key concern.
The board has agreed to review the
best way to measure the return on cap-
ital employed. Stelios said this is great
victory for shareholder activism.
EasyJet wins
vote opposed
by Sir Stelios
THE BOARD of UTV Media, the group
that owns TalkSport Radio, was
thrown into disarray yesterday as three
directors quit over a row about the
chairmans supposed closeness to a
major shareholder.
UTV said a majority of the board's
members no longer considered it
appropriate for John B McGuckian to
continue in his role as chairman. He is
being replaced on a temporary basis by
non-executive director Helen
Kirkpatrick (pictured).
The decision was taken due to
McGuckians links with TVC
Holdings, a Dublin-based investment
company with an 18 per cent stake in
UTV, which some members of the
board felt compromised his independ-
ence.
TVC also announced that Shane
Reihill, executive chairman of TVC,
has resigned as a non-executive direc-
tor of UTV Media
with immediate
effect.
The decision
to remove
McGuckian as
chairman was
b i t t e r l y
opposed by senior
i nd e p e nd e nt
director Kevin
Lagan.
New UTV chair
after bust-up
over investment
BY KASMIRA JEFFORD
TRANSPORT
MEDIA
News
ANALYSIS l Easyjet
p
470
465
475
480
460
455
450
454.30
23 Feb
Sir Michael Rake
Sir Stelios Haji-Ioannou
I am looking forward
to the changes on
bonuses that should
moderate remuneration
in line with the modest
financial returns they
are achieving.
We have advised Stelios
that we have reserved our
rights to take legal action
for potential defamation
and repeated breaches of
the brand agreement.
Standard Life
Sanderson Asset Management
We ... feel very strongly
that easyJet still has
significant potential and we
fully support the board and
the management and their
efforts to unlock it
We welcome the steps that the
board has taken to improve easyJets
financial performance and to support
its strategy. Today, we are voting in
favour of all the resolutions
News
FRENCH bank Credit Agricole post-
ed a record 3.07bn (2.6bn) quar-
terly net loss yesterday, performing
worse than expected due to the
cost of shrinking its balance sheet
and losses on Greek debt.
The semi-cooperative bank,
which is under new management
and trying to return to its low-risk
retail lending roots, was hit by
more than 2bn in quarterly one-
off charges that it had already dis-
closed in December.
The banks revenue fell four per
cent to 4.66bn, higher than aver-
age forecasts of 4.54bn.
Unprecedented cheap funding
by the European Central Bank and
a debt deal on Greece have calmed
financial markets but the outlook
is still uncertain, Credit Agricoles
chief said.
We think 2012 is going to still
be a tense period, Jean-Paul
Chifflet told journalists on a con-
ference call. Were hoping that
our results will be largely better
than in 2011...the months of
January and February, in every-
thing that is [capital] markets, have
been good.
The investment bank, which is
bearing the brunt of Credit
Agricoles asset sales to cut debt,
saw fixed-income and equities rev-
enue fall by around one-third and
one-quarter respectively. Its financ-
ing business barely broke even.
Although Credit Agricole is less
dependent on investment banking
than other big European rivals, it
has been burned by its purchase of
local Greek bank Emporiki and the
cost of shuttering risky activities
after the 2008 financial crisis.
Chifflet said the bank would cut
trader bonuses by 20 per cent.
Credit Agricole in
record 2.6bn loss
BY HARRY BANKS
BANKING
CITIGROUP is set to join the ranks of

financial services companies cash-
ing in on the lucrative Indian mar-
ket by selling its stake the nations
top mortgage lender.
It wants to raise up to $2.1bn
(1.3bn) to shore up its capital base
by selling its 9.9 per cent sharehold-
ing in Indias Housing Development
Finance Corp. The deal will be the
largest share sale in the emerging
market nation this year and comes
after investors such as Carlyle cut
their stakes in Indian companies.
Indians main stock market index
has risen nearly 17 per cent this
year. Jagannadham Thunuguntla,
head of research at SMC Global
Securities, said: The rally since the
beginning of this year has opened a
window of opportunity for investors
to book strong profit on their hold-
ings. Many such exits will happen in
the next couple of months.
Citigroup has launched the
process to sell about 145m shares, or
a 9.9 per cent stake, in HDFC for
between 630 and 703.55 rupees per
share, sources said.
The lower end of sale price range
represents a discount of 10 per cent
to the closing price of HDFC yester-
day.
Citi, which last month posted an
11 per cent decline in fourth quar-
ter profits, has to boost its capital
base to meet new global banking
rules.
Americas third-largest bank was
bailed out by the US government
during the financial crisis but has
since repaid the investments.
It is due to satisfy the last $38bn
of obligations guaranteed by the
Federal Deposit Insurance
Corporation later this year.
Citigroup aims for $2.1bn boost as it
cashes in on stake in Indian lender
BANKING
STRICKEN Franco-Belgian bank Dexia

has warned it could go out of business
after posting a net loss of 11.6bn
(9.8bn) for last year.
The lender has only received com-
mitments for half the 90bn of state
guarantees agreed in October and yes-
terday it said its survival as a going
concern depends on the pledges
from France, Belgium and
Luxembourg, which allow it to bor-
row, and on its ability to pay for the
guarantees. It also needs to win
European Commission approval for
its restructuring plan.
The non-realisation of one or
more of these assumptions could hit
liquidity or solvency, it said, and
admitted its fate was out of its hands.
Shares in Dexia, a lender to thou-
sands of French local authorities,
tumbled 6.5 per cent to 0.29 after say-
ing it was hit by its break-up and
exposure to Greek debt and other
toxic assets.
The bank said it suffered a 4bn
loss due to the disposal of Dexia Bank
Belgium and a further 1bn hit from
the sale of French lending arm Dexia
Municipal Agency.
It also booked a 3.4bn loss on its
holding of Greek sovereign bonds,
while the cost of an accelerated sale
of low-grade US assets, carried out in
the first half of the year, was 2.6bn. It
will not pay a dividend.
Dexia, which is led by Pierre
Mariani, a former aide to Nicolas
Sarkozy, is being broken up following
the nationalisation of its Belgian
banking arm. The rump will become
a bad bank holding little more than
a bond portfolio.
Dexia warns over
survival as it falls
11.6bn into red
BY PETER EDWARDS
BANKING
ANALYSIS l Credit Agricole

5.20
5.10
5.30
5.40
5.00
4.90
4.80
4.81
23 Feb
GERMAN lender Commerzbank has
finally bowed to the inevitable and
announced 1bn (848m) capital-rais-
ing to plug a hole so that it can comply
with EU regulations.
The capital-raising will be achieved
by offering shares in return for chunks
of the banks junior subordinated
debt, which have fallen sharply in
value and now trade at a discount. The
bank will issue 511m shares as part of
the deal, which is being executed by
Goldman Sachs.
Commerzbank also announced its
full-year results, showing a 846m fall
in full-year pre-tax profits to 507m.
Its asset-based finance division
booked a staggering 3.9bn loss,
though its investment bank, the cor-
porates and markets division, made
583m.
Commerzbank set to raise
1bn in bond-share swap
Commerzbanks Martin Blessing has finally admitted it needs more capital Picture GETTY
BY JULIET SAMUEL
BANKING
HSBC yesterday said it will pull out of

the retail banking business in Japan,
including the HSBC Premier service
meant for clients who hold more than
10m yen (79,405) in financial assets.
The latest move by Europes biggest
bank follows its retreat from Japans
top-tier private banking business,
which covers clients who hold more
than 200m yen in assets, selling the
business to Credit Suisse in December.
I am writing to you today to inform
you with regret that we will be discon-
tinuing our HSBC Premier service in
Japan, HSBC said in a release
addressed to the clients of the service.
The decision followed its review of
the companys global business strate-
gy, it said.
Last year the company outlined a
strategy in which chief executive
Stuart Gulliver said he wants to cut
annual costs by $3.5bn and sharpen
the banks focus on Asia by quitting
countries or businesses where it lacks
scale.
HSBC pulls out
of Japanese
retail banking
BANKING
News
BRITISH American Tobacco (BAT) has
defied expectations to boost profits
by 12.4 per cent to 4.9bn, buoyed by
strong growth in its Asian division.
It used the results to announce
plans to buy back 1.25bn of its own
shares and increase its dividend for
the year by 11 per cent.
But the worlds second biggest cig-
arette manufacturer warned of con-
tinued problems with cigarette
smuggling and health campaigners
and regulators attempts to ban dis-
plays and introduce plain packag-
ing.
Faced with a declining domestic
market BAT has concentrated on its
four premium global brands
Kent, Pall Mall, Lucky Strike and
Dunhill and expanded overseas.
This meant that 60 per cent of
profit and 75 per cent of volume
came from emerging markets.
In mature western Europe mar-
kets it managed to increase profits
by 10 per cent, a result of cutting
costs and raising prices.
The economic climate around
the world is far from settled but we
remain confident that our strategy
should continue to generate growth
for our shareholders in the years
ahead, chairman Richard Burrows
said yesterday.
He also praised the roll-out of
product and packaging innovations
designed to add a premium to the
705bn cigarettes BAT sold in 2011.
Shares in the firm remained flat
at 3,133p.
BAT boosted
by growth in
Asian market
MANUFACTURING output expanded
strongly in the US Midwest this
month, and the number of new unem-
ployment claimants stayed at a four-
year low last week, data showed
yesterday.
The Kansas Feds manufacturing
index rose to 13, up from seven in
January. The surveys production index
stayed strong at 20, while the employ-
ment component rose from nine to 11.
Such jobs growth was reflected in
the Labor Departments initial jobless
figures, which came in at 351,000 for
the week, the lowest level since 2008.
Manufacturing
data boosts US
BY JAMES WATERSON
CONSUMER
US ECONOMY
2009 2010 2011
1
4
.
2
b
n
1
4
.
9
b
n
1
5
.
4
b
n
4
.
1
b
n
4
.
3
b
n
4
.
7
b
n
Revenue Profits
ANALYSIS l British American Tobacco
p
3,100
3,075
3,050
3,150
3,125
3,133.00
23 Feb
CIGARETTES
SOLD IN 2011
7
0
5
b
n
BAT will buy up to 1.25bn
of its own shares in 2012 after
purchasing 750m of shares
last year
SHARE
BUYBACK
LABOUR MP for Falkirk, Eric Joyce, has
been charged with three counts of
common assault following his arrest
over an incident at the House of
Commons late on Wednesday.
Joyce, who was suspended from the
Labour party yesterday, was bailed and
is due at Westminster Magistrates
Court on 7 March.
Police were called to the Strangers
Bar in the Commons following an
alleged fight between Joyce and
Conservative MPs.
MP charged
with assault
POLITICS
BRITISH manufacturing output rose

again in February and orders were
at their strongest in six months,
pointing to solid growth in the sec-
tor, according to the Confederation
of British Industrys (CBI) industrial
trends survey, published yesterday.
A net balance of 15 per cent of
respondents reported rising output,
maintaining Januarys healthy
growth level.
Orders strengthened, with a net
balance of minus three per cent
reporting growth, up from minus
16 per cent in January and the high-
est level since August 2011.
Export orders also improved,
with a balance of minus two, up
from minus 26 last month.
A buoyant CBI industrial trends
survey provides further welcome
evidence that the UK economy will
avoid a slide back into recession,
said economist Chris Williamson
from Markit.
Manufacturers enjoyed a much
better kick-off to the year than
almost all had been anticipating.
The data mean that the sectors
output stands a good chance of
returning to growth in the first
quarter, having contracted by a wor-
ryingly steep 0.9 per cent in the
final quarter of last year,
Williamson continued.
A balance of 10 per cent of
respondents reported average
prices rising down slightly from
13 per cent last month and raising
hopes that inflation will keep
falling.
Good factory
stats point to
UK recovery
LME considers bids for bourse
THE board of the London Metal
Exchange (LME) yesterday considered
bids for the worlds biggest industrial
metals marketplace.
But a partial climb-down on a con-
troversial new trading fee it had
planned to charge users could make
it less attractive to suitors and threat-
en a potential sale.
Around 80 per cent of the worlds
metal futures are traded on the 135-
year-old exchange, which has seen its
profits boom as commodity prices
soared, attracting interest from
potential buyers.
CME Group, Hong Kong Exchanges
and Clearing, NYSE Euronext and the
InterContinental Exchange are all
reported to be interested.
But with revenue of only 50m last
year it was thought the introduction
of the new fee was the main driver
behind a potential 1bn valuation.
In a statement the board of LME
said they had considered points
raised by members and would delay
implementation of the new fee until
July, as well as deciding it will not
apply to short-dated carries.
The LME operates on a constrained-
profit model and has so far kept fees
low for the trading houses and banks
that own the exchange and use the
market.
These members would enjoy a
windfall in the event of a sale but
they would also have to surrender
some control over future fees policy.
An exchange spokesman declined
to comment on bids for the firm,
merely saying that the consultation
on the sale is continuing.
BY TIM WALLACE
UK ECONOMY
BY JAMES WATERSON
CAPITAL MARKETS
News
Fingleton steps down
as OFT chief executive
THE head of the Office of Fair
Trading the countrys main
competition and consumer pro-
tection watchdog is to step
down later this year, the OFT said
yesterday.
OFT chief executive John
Fingleton said he had not yet
decided on his next career move
and he did not set a specific date
for his departure.
Fingleton has headed up the
regulator since 2005, when he
joined from the Irish
Competition Authority
where he had been
full-time chairperson
since 2000, overseeing
the implementation
of the countrys
Competition Act in
2002.
As the government
moves closer to a deci-
sion on the
future struc-
ture of the
regime, this
is a good
time for
s o m e o n e
new to take
the helm at the OFT and steer the
competition and consumer
regime into the future, he said
yesterday, adding that he had not
yet decided on his next position.
Fingletons predecessor at the
OFT was Sir John Vickers now
famous in City circles for head-
ing up the Independent
Commission on Banking and
publishing its report into bank-
ing reform.
In his official resignation letter
to business secretary Vince Cable,
Fingleton praised Vickers leader-
ship of the regulator, and said he
was proud of how the body
use[s] our tools flexibly and
innovatively to improve eco-
nomic outcomes by changing
the behaviour of business,
consumers and government.
Fingleton said that he had
wanted to lead the OFT
through considerable uncer-
tainty over its future, but
that he now believed
p l a n n e d
reforms to the
body were sta-
ble enough for
him to hand
over the reins.
BY ELIZABETH FOURNIER
REGULATION
ANALYSIS l Manufacturing shows signs

of recovering
% balance
reporting growth
Volume of output
Total order book
Feb2010 Apr Jun Aug
30
20
10
0
-30
-20
-10
Oct Dec Feb2011
THE London Metal Exchange has
hired Caroline Silver, one of the Citys
leading dealmakers to advise on a
potential sale. Silver is a managing
director of Moelis, the fast-growing
investment bank set up in 2007.
The Durham University graduate
joined the firm in 2009 following a
brief spell at Merrill Lynch and 14
years at Morgan Stanley, where she
became vice chairman of global
investment banking.
Rated as one of the most influen-
tial women in the City, she has spe-
cialised in deals involving financial
institutions, particularly on European
insurance, reinsurance and on global
securities trading and processing.
Silver advised on the merger of
NYSE and Euronext, the sale of
Borsa Italiana to London Stock
Exchange and the merger of Nasdaq
with OMX.
She also assisted with
LCH.Clearnets restructuring and
takeover defence against the Lily
consortium.
MEET THE ADVISERS
CAROLINE
SILVER
MOELIS & CO
SHARES in emerging markets fund
manger Ashmore climbed yesterday
despite a slump in performance fees of
nearly two-thirds.
Analysts responded warmly after
the group managed to beat first-half
expectations at a time when market
swings have hit fund mangers.
Ashmores performance fees fell 61.7
per cent to 23m for the six months to
31 December as an increase in the
number of lower margin accounts run
for large individual investors com-
bined with the slump in the asset
class. Chief executive Mark Coombs
said his strategy had been vindicated.
It has been clearer than ever over
the last six months that emerging
markets are the driver of global GDP
growth, and negative developed world
events are happily having a profound
impact on perceptions of relative risk
globally and prejudices about emerg-
ing markets.
The firm was hit by a drop in assets
under management of $5.4bn (3.4bn),
or eight per cent to $60.4bn, in the
period since 30 June, after taking a hit
on its equity strategies.
Pre-tax profits for its first half rose
two per cent to 129.8m while total
net revenues rose four per cent to
181m. Shares climbed 3.8 per cent to
401.2p.
City upbeat as
turmoil knocks
Ashmore fees
ASSET MANAGEMENT
JOHN FINGLETON
oil producer controlled by Russian
oligarch Vladimir Yevtushenkovs
AFK Sistema, which this week won an
auction for exploration rights in two
provinces in one of Russias most
prospective oil regions.
Bashneft paid 4.51bn roubles
(97m) for the Yangareysk and
Sabriyaginsk blocks in the northern
Nenets region on the border of the
Pechora Sea, which Bashneft geolo-
gists believe contain considerable oil
resources an estimated 28.2
tonnes.
Russian private oil giant OAO
Lukoil, meanwhile, paid 1.84bn rou-
bles (40m) for the third auction
lot, the Verkhneyangareysk field,
leaving outbid rivals
Surgutneftegas and Shells Russian
subsidiary to down vodkas in rather
more subdued fashion.
OPEN FOR BUSINESS
ARE bankers putting in so many late
hours they can only business net-
work on the weekend? Saturday is
the date of the gala dinner at the
Waldorf Hilton hosted by the
Mauritanian governments invest-
ment promotion agency although
to keep things relaxed, guests can
wear lounge suits.
Maurice Lam, chairman of the
Mauritius board of investment, has
requested the pleasure of a number
of City financiers at 18.30hrs, who
will have the opportunity of view-
ing a short presentation on invest-
ment and business opportunities in
Mauritius.
Translation: open for business and
looking for UK cash although Bank
of Mauritius governor Rundheersing
Bheenick (below), will no doubt
phrase it more elegantly than that as
he accepts his award for Central
Banker of the Year 2012 for Africa.
MINING POTENTIAL
FROM shareholder to the boardroom:
Gavin Casey, who holds a stake in VSA
Capital Group, was yesterday named
as executive chairman of the
resources brokerage run
by Blue Ore and Oriel
Securities founder
Andrew Monk.
Monk knows Casey
from the Blue Ore days
Casey was a non-exec-
utive chairman and
the move is part of
Monks ambition to
make VSA the leading
independent resources
investment bank in London.
A few years ago, it
was Amlin, says
Monk as he
searches for 5,000 sq ft in the City to
house his projected 40 staff within 12
months. But in truth, there isnt
much competition.
SHIPPING FORECAST
WHY ARE City traders like trade
winds? Because they are happiest in
the tropics, blow hot and cold, and
then finally close out in North
America, India and Asia.
There is a point to this joke it
was made in honour of last nights
talk at the Deutsche Boerse, when
150 members of the Financial
Traders and Brokers Network and
derivatives platform Eurex breezed
in to hear a shipping forecast on the
turbulent economic climate.
Traders in currencies, equities
and commodities from Morgan
Stanley, Barclays Capital, Merrill
Lynch and Citi came away educated
on the debate surrounding City
bonuses, whether Greece should
make a drachma out of a euro-crisis,
and how the UK can remain a triple
A-rated isle.
FUTURE FOUNDATION
FOR MUCH of the last 2,000 years, the
City of London has been a major mer-
cantile centre it has survived pesti-
lence, fires, bombings, bubbles, Big
Bang and recessions, yet remains a
focus for global trading.
Taking a look at how the Citys
physical fabric has defined its success
is a new exhibition as part of the
London Festival of
Architecture in association
with the City of London
Corporation, which will
look at the growth of the
City since Roman times
while imagining how
the City of London will
look in 2050 (imagined
above).
Designed by architects
Foster and Partners, the
exhibition will run
between 21 June and 9
September at the
Walbrook Building.
DAVID CAMERON PERFORMS BONUS
U-TURN AT TOP BUSINESS SUMMIT
TO THE Roundhouse for a royal visit
from HRH the Prince of Wales and
Prime Minister David Cameron, who
were all there for the Business in the
Community summit.
Cameron used his speech to claim
that big business was a powerful
force for social progress and to
launch a scathing attack on anti-
business snobbery.
But who on earth could the Prime
Minister have meant? Surely not the
politician who last month said the
bonus culture particularly in the
City has got out of control
because that was Cameron himself.
Still, it is almost impossible to work
out what the Prime Minister really
thinks about the Square Mile. In
September 2008, he said he would
not seek cheap headlines by blam-
ing City practices for the crisis. Just a
month later he said: It is very diffi-
cult to defend anyone getting a bonus
if they are going to be in receipt of
taxpayers money.
Next year he will probably use a
speech at the Roundhouse to attack
politicians who flip-flop.
ARCTIC ROLL
VODKAS ALL round at Bashneft, the
Nick Hurd MP with David Cameron and HRH Prince Charles at Mansion House
The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
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CAPITAL Shopping Centres, the UKs
largest shopping mall owner, said last
years Trafford Centre acquisition has
helped drive underlying earnings,
but it saw occupancy drop as retailers
fell victim to tough economic times.
CSC, which owns 10 of Britains top
25 shopping centres including
Metrocentre in Gateshead, said prof-
its excluding one-off items were up 43
per cent to 139m following the
1.6bn purchase of the Trafford
Centre from John Whittakers Peel
Group.
Net rental income jumped to
364m in 2011 as a result, compared
with 277m a year before.
The group said occupancy slipped
one per cent to 96.7 per cent last year
compared with 2010, which it attrib-
uted to retailers accounting for
around one per cent of rental income
collapsing administration in the
fourth quarter.
The group highlighted the chal-
lenge for retailers to keep their busi-
ness moving while faced with
reduced disposable income and
changing consumer behaviour as
they continued to cut back on spend-
ing as shop more online.
Overall, tenants representing three
per cent of CSCs rent roll went into
administration last year, and a fur-
ther two per cent in the first few
weeks of 2012.
Chief executive David Fischel said
the company was well positioned for
growth in a challenging economic
environment.
Mall owner
profits from
Trafford buy
Tesco eyes stake in Hi-Mart
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TESCO may bid for a controlling stake
valued at about 570m in South
Korean electronics retailer Hi-Mart,
two sources with knowledge of the
matter said yesterday, as the British
grocer eyes growth markets to offset
challenging times at home.
Disposable incomes across much of
Europe are being squeezed by rising
prices, muted wage growth and gov-
ernment austerity measures, with con-
sumers also worried about the fallout
from the Eurozone sovereign debt cri-
sis. Those challenges led to Tesco issu-
ing its first profit warning in living
memory last month.
Retailers such as Tesco are looking
to diversify revenue streams into Asia,
where retail spending is considerably
higher due to stronger economic
growth.
Hi-Marts key shareholders, includ-
ing Eugene Corp, have appointed
Citigroup to advise on the sale. The
57.6 per cent combined stake up for
grabs is worth about $900m (571m)
based on Hi-Marts latest share price.
The auction is largely attracting
interest from South Korean domestic
retailers, though some private equity
firms are exploring options. Sources
say private equity may find it hard to
finance the deal.
First-round bids for Hi-Marts stake
are due before the end of this month,
it is understood.
Tesco already has exposure to the
South Korean market through its
fully-owned subsidiary Homeplus,
which has 125 large retail stores and
267 supermarkets. Tesco runs more
than 5,300 stores in 14 countries.
BY KASMIRA JEFFORD
PROPERTY
BY HARRY BANKS
RETAIL
THE NEWLY appointed managing

director of Argos, the catalogue and
shop chain, said he has been given a
free rein to examine all options for the
struggling business, including closing
some of its 750 shops.
John Walden, a 52-year-old
American who started his job at the
Home Retail owned business three
days ago, said yesterday: Theyve cer-
tainly given me really a complete
blank piece of paper and asked me to
bring a new perspective to the busi-
ness without constraints.
In terms of the store franchise I'll
be looking at that with a fresh view as
well. Im open to all options, including
shutting down stores or growing
stores, he added.
The new MD said it was too early to
say when he will present the results of
his review to investors.
New Argos boss handed
free rein to shake-up firm
RETAIL
News
BURBERRY SIGNS LEASE DEAL WITH DERWENT
Burberry is expanding its footprint in London Victoria after signing a pre-let agreement
with property developer Derwent London to take-up its entire proposed 127,000 square feet
development on Page Street. The luxury brand will pay a rent of 5.3m per annum at the
11-floor building, located opposite its existing headquarters, also owned by Derwent.
NEWS | IN BRIEF
Digital carries Centaurs growth
Centaur Media yesterday reported a
three per cent drop in group revenue to
26.6m in the six months to 31
December despite growth in its digital
operations. The business publishing and
events group saw underlying digital rev-
enues rise ten per cent, now accounting
for 32 per cent of income. Underlying
total revenues were up four per cent,
with pre-tax earnings a considerable 39
per cent higher, at 1.6m. Centaur chief
executive Geoff Wilmot said the second
half of the year will see digital move
quite strongly: Digital is absolutely
where the opportunity is.
Redrow's family focus pays off
Housebuilder Redrow said its recovery
looked set to continue after a strong
start to the second half as it reported an
80 per cent jump in first half profit, driv-
en by a focus on higher priced family
houses. The company delivered a pre-tax
profit of 15m in the six months to 31
December on revenue up eight per cent
to 233m, helped by increased private
selling prices.
Sears hopes sell-off will lift firm
US retail giant Sears plans to raise
about $770m (489m) by spinning off
more than 1,250 stores and selling some
real estate, hoping to convince Wall
Street that the struggling chain has
enough assets to tap to pay down debt.
The news boosted shares of the opera-
tor of Sears department stores and the
Kmart discount chain by nearly 22 per
cent, and quelled some concerns about
the financial health of the retailer which
yesterday also posted a $2.4bn quarter-
ly net loss and a 19th straight quarter of
declining sales.
ANALYSIS l Capital Shopping Centres
p
342
340
338
346
344
334
332
336
337.10
23 Feb
News
THE EUROZONE economy will con-
tract by 0.3 per cent this year, accord-
ing to updated forecasts published
yesterday by the European
Commission (EC).
The forecast for a recession repre-
sents a sharp turnaround from the 0.5
per cent growth predicted just four
months ago, as economic data since
November has been much weaker
than expected.
The Greek economy remains the
weakest with GDP set to contract by 4.4
per cent well below the 2.8 per cent
forecast in November, and below the
4.3 per cent drop European leaders
assumed when putting together
Greeces bailout plan earlier this week.
Germany is set to grow by 0.6 per
cent and France by 0.4 per cent, while
the other major economies are set to
contract Italy by 1.3 per cent and
Spain by one per cent.
Under these forecasts the EC expects
unemployment to keep rising, particu-
larly in Greece, Spain and Portugal
which account for 95 per cent of the
rise in joblessness since late 2010.
However, even these revised fore-
casts may prove too optimistic.
If the sovereign debt crisis were to
rebound massively, severe credit
rationing and a collapse of domestic
demand could ensue, the report said.
Such an outcome would most like-
ly trigger a deep and prolonged reces-
sion, not sparing even those countries
which have shown more resilience.
Any recovery in the second half of
this year will be gradual and feeble,
the EC warned.
Recession looms as
EC slashes forecasts
BY TIM WALLACE
EUROZONE
Big Data
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Fromhindsight to foresight
We look at howbig data
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GROWTH in mortgage lending fell to
its slowest pace for eleven years in
January while the amount borrowed
by consumers and businesses also
tumbled, according to figures released
yesterday.
The British Bankers Association
(BBA) said net mortgage lending rose
1.3 per cent in the year to January,
compared with growth of 2.3 per cent
in January 2011 and 10.6 per cent in
the pre-crisis year to January 2007.
Unsecured consumer credit fell 1.6
per cent in the year, continuing the
long deleveraging that began in June
2009. There was a 5.9 per cent fall in
personal loans and overdrafts but cred-
it card debt rose by 4.7 per cent.
The further, and increased, net
repayment in unsecured consumer
credit in January indicates that con-
sumer appetite for taking on new bor-
rowing is very low while there is also a
strong desire of many consumers to
reduce their debt, said IHS Global
Insights Howard Archer.
Consumers desire to get a tight
grip on their finances is clearly the
consequence of still serious concerns
over the outlook for the economy
and jobs.
Lending to businesses fell 4.1 per
cent, as firms cut demand for credit.
Consumers pay off
debts as businesses
reduce borrowing
BY TIM WALLACE
UK ECONOMY
NEWS | IN BRIEF
CIPD: Internship row damaging
Work experience placements are vital in
giving young people work experience
and getting them into employment, the
Chartered Institute for Personnel and
Development (CIPD) said yesterday.
Calling these unpaid internships slav-
ery risks discouraging firms from offer-
ing any opportunities, thus damaging
the career prospects of the young peo-
ple who currently benefit from them, the
CIPD argued.
Benefit errors declining
The Department for Work and Pensions
(DWP) cut overpayments and underpay-
ments of benefits last financial year,
according to data released yesterday.
Fraud and error resulted in 2.1 per cent
of total benefit expenditure, or 3.2bn,
being overpaid in 2010-11. That was
down from 2.2 per cent, or 3.3bn, in
2009-10.
London firms set to expand
Londons entrepreneurs have set them-
selves ambitious growth targets, with
93 per cent looking to expand this year
and one-fifth planning on growing by
over 25 per cent, research from RSM
Tenon showed yesterday. Respondents
remained upbeat on the weak economic
outlook with two-thirds claiming the
challenging environment brings more
opportunities, although under one-third
are looking to expand abroad.
HALDANE: SMES NEED SMALLER BANKS
The structure of the banking industry in the UK is stunting the growth of small- and
medium-sized enterprises (SMEs) according to the Bank of Englands Andrew Haldane.
The Financial Policy Committee (FPC) member told a business conference yesterday that
the UK lacks the medium-sized banks which can provide the financing SMEs need to be
tomorrows growth.
@
@
@
MORE NEWS
ONLINE
www.cityam.com
ANALYSIS l European economies will be
very weak in 2012
%
G
D
P
g
r
o
w
t
h
, 2
0
1
2
f
o
r
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c
a
s
t
U
K

+
0
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I
r
e
l
a
n
d

+
0
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G
e
r
m
a
n
y

+
0
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F
r
a
n
c
e

+
0
.4
E
u
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-
0
.
3
S
p
a
i
n

-
1
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I
t
a
l
y

-
1
.
3
Portugal
-3.3
Greece
-4.4
-1
1
-2
-3
-4
-5
0
ANALYSIS l Business lending fell in the
year to January %change in
lending, yoy
Mortgages
Jan2009 Jan10 Jan11 Jan12
8
0
-8
Unsecured lending Unsecured lending
Personal deposits Personal deposits
Non-financial companies
THE GREEK parliament endorsed a
debt swap with private bondholders
yesterday that forms the core of its
130bn (110.2bn) bailout, despite new
protests against budget cuts demand-
ed in return for the rescue deal.
The swap, in which private investors
exchange their bonds for lower-value
debt, will slice 100bn off Greeces
debt, a vital part of the EU and IMF
plan aimed at cutting Greeces liabili-
ties from 160 per cent of gross domes-
tic product to 120.5 per cent by 2020.
Eurozone finance ministers
approved the bailout on Tuesday,
averting the threat of a messy bank-
ruptcy next month but doing little to
allay doubts about the countrys long-
term financial and social stability.
Doctors began a 24-hour strike yes-
terday over pay cuts the latest of a
torrent of protests against budget cuts.
However, the ruling alliance of
Socialist PASOK and conservative New
Democracy passed the law easily.
By approving this law, parliament
will allow us to start getting out of the
vortex, said finance minister
Evangelos Venizelos.
The swap must be made by 12
March, before 14.5bn of debt repay-
ments are due on 20 March.
Greek MPs approve debt
swap as part of bailout
EUROZONE
GERMAN business confidence rose

again in February according to the
IFO business index published yester-
day, and the official Italian statistics
agency reported consumers became
slightly less pessimistic in the month.
The IFO index rose from 108.3 in
January to 109.6, while the expecta-
tions index increased from 100.9 to
102.3, pointing to modest economic
growth.
Italian consumer confidence came
off Januarys 16-year low, rising from
91.8 to 94.2.
The general outlook for the Italian
economy improved significantly, sta-
tistics body ISTAT said.
German firms
remain upbeat
EUROZONE
No longer just rate-setters: how top

Bank officials are set to take control
News
always some level of risk which would sink the
best financial institution in the world.
The need to avoid taxpayer money bailing out
the financial system is the leading driver for poli-
cy decision throughout the world, Fisher says
yet refuses to blame regulators for failing to
ensure that large, complex financial institutions
would be resolvable in the event of a crisis, and to
produce special bankruptcy and resolution proce-
dures for the sector.
People had thought about it but it was never
top of the priority list to actually fix people were
doing other things, Fisher says.
The FSA, who had come under a lot of criti-
cism, they were being put under huge political
pressure on consumer protection and mis-selling
stuff, or enforcement issues. They werent under
political pressure to improve supervision or reso-
lution regimes, and so we have a chance now.
Fisher also remains calmly optimistic over
prospects for long term economic growth,
despite endorsing billions more pounds in asset
purchases. There is no reason to think that the
trend rate of growth is any different, he adds.
Trend growth depends on productivity and
population growth, and we arent suffering a
slow-down in population growth that some other
countries are ... and theres no real reason to
think that technology growth and multi-factor
productivity growth should have changed.
He isnt too concerned either about the slight
dip in the money supply in the fourth quarter.
All sorts of funny things can happen on a single
quarter; transfers between two particular types of
institution either inside or outside monetary sta-
tistics can affect that, so Im not too worried at
the moment.
If that were to continue for several quarters
then I would start to get very worried but at the
moment its just one quarters fluctuation.
Fisher takes an equally long term view over
measurements of growth, arguing that small
movements in quarterly figures should not be
given too much attention.
We try not to give running com-
mentary on quarter by quarter, he
says. The underlying position seems
to be that the economy is flat to small-
positive at the moment, and we expect
it to stay that way really until the con-
sumer gets going again. A lot of recov-
ery will be dependent on consumption
growth returning.
Yet across the pond Fisher shares
the fears of Federal Reserve chief Ben
Bernanke, who has repeatedly stressed
the dangers of long-term unemploy-
ment. There is still a big debate to be
had about what equilibrium levels of
employment and growth are in the
US, Fisher believes. They thought ini-
tially that they would be able to return
to the same tread-path of growth as
they had pre-recession I think that is
less certain now.
When asked whether the Bank is
now behaving more like the Fed, put-
ting greater emphasis on the second
part of its mandate not to create
undue instability in the economy
while pursuing the inflation target
he replies that the Bank actually
behaves in a remarkably similar way
to other leading central banks. The dif-
ference, he argues, is that the Banks
remit is a better-worded version.
In the long run we know we can
control the inflation rate... [yet] in the
long run monetary policy doesnt
affect output and employment, it only
does in the short run and so to have a
policy which gives them equal weight
and ignores the time dimension is for
me a bit of a muddle, he says.
Like the Fed, Fisher gives a loyal
defence of quantitative easing (QE) as a
means of preventing downward jars in
output which cause long term harm
to the economy.
We know for example that if young
people are out of work for a long time
it makes it difficult for them to get
back into the labour force, Fisher says.
We know that very sharp contrac-
tions can make even quite good busi-
nesses end up going bust so thats
the sort of collateral damage youre
trying to avoid.
However, the Bank is unlikely to
attempt forms of QE other than the
snapping up of UK gilts.
If we buy gilts we will affect the
prices of all our other assets in the
economy, so whats the particular rea-
son for buying other assets? Fisher
asks, while appearing to rule out other
forms of stimulus.
It is amazing how people have, on
one hand complained about the bank
having too much power, and on the
other hand wanted us to take responsi-
bility for things which are clearly out-
side our remit, he complains.
We have had a very precise idea of
where those boundaries lay, and what
point something should pass over
from the government.
The latter will remain a key battle
ground in the coming weeks and
months, with Bank chief Sir Mervyn
King taking on Westminster in an
intriguing power-battle over financial
regulation. The feud seems a million
miles away from Fishers plain office
and measured economists verdicts.
I think its important we stick to
what it is our job to do and do not try
and exceed our powers, he says.
Whether exceeded or not, the estab-
lishment of the FPC will grant Fisher
and his colleagues significantly
greater influence.
I
N an almost austere office, buried in
one of the less glamorous corners of
the Bank of England, Paul Fisher per-
forms his tasks as the Banks executive
director of markets.
The room suits Fisher, a mild mannered
central banker with a PhD in macroeco-
nomic modelling. Yet the modest surround-
ings are not what one expects for a man
about to assume one of the most powerful
positions in the financial world.
As well as sitting on the Banks nine-
strong interest rate setting panel, the
Monetary Policy Committee, Fisher is also a
leading member of its Financial Policy
Committee (FPC) the new decision-making
body set up in the wake of the devastating
credit crunch of 2008, and tasked with pre-
venting any such future crises.
I do not feel daunted, Fisher says, but it
is a big challenge. We are going down a
direction further and faster than other
countries other countries are doing simi-
lar sorts of things, but nobody has quite
gone to the situation of having a committee
like this with statutory powers to make
independent changes, he says. So its a
great challenge to see if we can make it
work.
The FPC meets next month to make a
final decision on which powers it believes it
should hold. Its proposals will go back to
Westminster, where the Bank has recently
faced criticism from MPs calling for greater
oversight and accountability.
The new regulator could also see its pow-
ers limited by European regulations, which
have become increasingly important,
although Fisher remains optimistic the FPC
will have enough leeway. We are getting
reassuring noises that the regulations wont
prevent us from[setting] requirements
over and above the minimum level speci-
fied in the Basel arrangements.
The group will continue to call for the
right to gold-plate new capital require-
ments, he says. But Fisher also admits to
potential limitations in the FPCs plan to
guide the banking system. I think we can
make a bank hold more capital. Can we
make it hold less capital? Its a bit harder.
You can say to the bank your capital
requirements are now two per cent lower
you cant necessarily make them use the
capital up.
Nonetheless, Fisher remains upbeat,
albeit modest: We wont abolish credit
cycles through macro-prudential policy, he
concedes. Maybe we can lean against the
wind a bit, but really what we are trying to
make the system more resilient to shocks
that is the main purpose.
And despite opposition from various cor-
ners of the City, and some economists who
dont believe this approach is the right one,
Fisher strongly defends the new set-up.
Everybodys focusing on the costs of reg-
ulation, the costs of holding more capital,
the costs of holding more liquidity, he said.
And they cant quite see what the benefits
will be once we get to a level where every-
one can perceive that the banking system is
safer, theres less chance of public money
being used to bail people out.
The nature of a business model of a bank
is that you have to take risks, and there is
Allister Heath and
Julian Harris head to
Threadneedle Street
to meet the Bank of
Englands Paul Fisher
Age: 53
Work: Long-standing employee at
the Bank of England, which he
joined in 1990. Worked under the
late Sir Eddie George. In the
decade before joining the Bank,
he specialised in research on
macroeconomic models at
Warwick University.
Education: Graduated from Bristol
in 1980, having studied economics
and statistics. Headed straight to
Warwick for his PhD.
Family: Married, two children.
CV | PAUL FISHER
I do not feel
daunted ... its
a challenge to
see if we can
make it work
... we will try
to make the
system more
resilient to
shocks.
Paul Fisher, the Bank of
Englands director of
markets, has been chosen
to join the new Financial
Policy Committee
Picture: Laura Lean /
CITY A.M.
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A STRING of contract wins and a
buoyant sales market are making
outsourcing giant Capita confident
of better growth prospects this year,
after a six per cent profits rise for
2011 underpinned by acquisitions.
Capita, which runs contact cen-
tres and customer services for cus-
tomers such as BBC TV licensing,
The Pension Services and the
Criminal Records Bureau, said
underlying pre-tax profits for 2011
was 385.2m, helped by a 341m
spend on 21 firms to help support
earnings in tough UK markets.
The firm won contracts totaling a
record 2bn in 2011 but over half
came in the form of less profitable
renewals.
This, coupled with government
budget cuts, contract delays and
increasing competition, saw organic
revenues decline seven per cent.
Group revenue rose seven per cent
to 2.93bn.
The FTSE 100 listed group has
started 2012 in different fashion,
however, seeing off rival Serco as
preferred bidder on a deal to run
recruitment services for the British
Army, and on Wednesday securing a
contract to manage the provision of
training across the Civil Service.
Going forward weve probably
got increased grounds for opti-
mism, Capita chief executive Paul
Pindar said.
In the first seven weeks of the
year we have secured five major con-
tracts with an aggregate value of
620m, so we sit here today already
knowing that we will have a return
to organic growth.
This visibility and the current
buoyant sales environment, under-
pin our confidence in good growth
prospects for 2012 and beyond.
Capita lifted by its
strong order book
BY HARRY BANKS
OUTSOURCING
News
NEWS | IN BRIEF
Avocets takings triple in 2011
Avocet Mining said yesterday full-year
profits more than tripled to $115.1m
(73.2m), boosted by gains from the
sale of its South East Asian assets as the
gold miner turns its focus exclusively to
its West African projects. Excluding
exceptional items the miner still posted a
jump in 2011 profit to $56.4m from
$33.4m a year previously. Core profit rose
over 16 per cent to $100.3m, in line with
analyst expectations.
Iberdrola issues profit warning
Spain's largest power firm Iberdrola
warned on profits yesterday after a weak
set of 2011 results that showed demand
falling in core markets while consumption
remained stifled in fragile economies.
Iberdrola cut its 2010-2012 recurrent net
profit target to under five per cent growth
and its Ebitda growth target to about five
per cent, compared with previous guid-
ance of five to nine per cent average annu-
al growth in both measures.
Bodycote grows earnings 64pc
British engineering firm Bodycote said
yesterday it expects to gain market
share this year on the back of strong sales
in emerging markets and its aerospace
and defence segment. The company,
whose operations include heat treating
jet engine turbine blades, said headline
operating profit grew 64 per cent to
85.5m in 2011.
RAIL and bus group Go-Ahead is hop-
ing the Olympics will boost its tak-
ings, after the firm posted a 13 per
cent fall in half-year profits to 44m
partly due to one-off costs.
Go-Ahead said its focus on more
vibrant urban areas is continuing to
build passenger numbers, shown by
its robust six per cent revenue rise
to 1.2bn in the last six months of
2011.
The Newcastle-based company said
its seven minute Javelin train route
between St Pancras and the Olympic
Park stands to be a money-spinner
during the Games in August.
Passenger numbers rose on Go-
Aheads rail routes at the end of
2011, and the firm predicted yester-
day that from April, its train division
will be a net contributor to the
department for transport meaning
state subsidies would no longer be
required.
Go-Ahead said it will consider bid-
ding for the various rail franchises
up for renewal in the next few years,
to add to its roster of Southeastern,
Southern and London Midland.
The company also cheered the
growing use of smart ticketing such
as Oyster Cards across more routes,
which it says has the potential to
generate more organic growth.
But bus operations fared less well,
with a 1.7m fall in profits from UK
buses during the period. Go-Ahead
blamed roadworks and tougher tar-
gets for a drop in its quality incen-
tive bonus paid out on its regulated
London routes.
The firms shares fell four per cent
to close at 12.74 yesterday.
Go-Ahead banks on
the Olympics for a
boost over summer
BY MARION DAKERS
TRANSPORT
ANALYSIS l Capita
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23 Feb
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What does it mean to you?
What is big data and how
can it help your business?
From hindsight to foresight
We look at how big data
can offer new insight
AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
BIG DATA
No. 1 / Feb. 12
P
H
O
T
O
:
S
H
U
T
T
E
R
S
T
O
C
K
TURN YOUR DATA
INTO INSIGHT
Realise the value: Know how to manage your data,
and what you can gain from it
REPORT
A
SPECIAL
ON MANAGING
YOUR DATA
2 FEBRUARY 2012 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
D
efining Big Data
is easier said than
done!
Firstly, it doesnt
help that there are
multiple defini-
tions emanating
from analysts and solution pro-
viders, keen to catch the wave
of this trend. The name, big data
doesnt do itself any favours, em-
phasising the volume aspect of
data,when other features,such as
the nature of that data, are just as
important. Moreover, the volume
argument is largely subjective;
whats big to one organisation is
not necessarily big to another.
How do you know if you have
big data?
1
Some say that an organisation
has a big data problem when
their data is beyond their ability to
manage. But this denition focus-
es too much on the management
aspect of big data to the detriment
of the more business critical fea-
ture the opportunity to unlock
actionable insight.
So back to the original question,
is it a revolutionary new business
tool for competitive advantage?
Well, the big of big data cer-
tainly isnt new, as enterprises
have long recognised the value of
storing every piece of information.
So what about the analytics? Larg-
er organisations have been using
data mining and business intel-
ligence tools efectively for some
time, but the costs were for many
prohibitive and the focus was of-
ten reactive rather than proactive.
Whats changed?
2
Data evolves from something
you have to cope with, to
something you can compete with.
New tools and technologies have
made it possible to process huge
amounts of information at much
CHALLENGES
Indentifying what big
data means to you
Big data is certainly the topic du jour in the business and technology
media, dividing critics and inspiring contradictory opinions. Dismissed
by some as old hat, and hailed by others as a revolutionary new business
tool for competitive advantage. So whos right?
It is my rm belief
that data is the key to
solving some of the
biggest problems that
we face in business,
across industry and
on our planet
Jacqui Taylor
CEO, Flying Binary
WE RECOMMEND
BIG DATA, 1ST EDITION
FEBRUARY 2012
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Editorial and Production Manager:
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Business Development Manager:
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lower costs. This, combined with
the explosion of information in en-
terprises, is allowing organisations
to analyse and uncover new pat-
terns, and leverage insight in a way
that they couldnt do before.
Dont lose focus on
realising value
3
Debates over denitions are
certainly attention grabbing,
but they must not distract business
leaders from the essential question
for enterprises; how do you realise
the insight from your big data?
More technology initiatives fail
than succeed,so realising that val-
ue will require old school change
management practices and the
following questions may help.
How can you embed insight in-
to your culture so that it is at the
heart of every decision? How can
you create a top-down data cen-
tric organisation? How can you get
the information to the right peo-
ple so they can act on it in a time-
ly fashion? How can business and
IT leaders work together to plan,
manage and realise the value of
big data?
The journey to insight is fraught
with risk. But placing business ob-
jectives at the heart of every deci-
sion will help keep your big data
venture on track,and ensure you re-
alise the value of your big data.
Caroline Boyd
Head of Research and Strategy,
Big Data Insight Group
PAGE 6
The Era of Big Data
We are addicted to, and dependent on, an exponentially
increasing amount of data; everything from internet text,
search indexes, call records, medical records and e-commerce
LransacLions Lo sales and markeLing daLa, 6nancial 6gures,
and more. We need it to make decisions fast, deliver effective
customer service, and satisfy regulators. In short, we cant do
business without it.
A decade ago, managing data was much less of a challenge. It
was more structured, easier to categorise and was often cross-
referenceable. Today, the game has changed, and managing
information in our Big Data world is an increasing challenge.
Now we are assailed by reams of unstructured and semi-
sLrucLured daLa and inLeracLions owing aL unparalleled raLes.
Mobile devices, social networks, logs, emails, tweets, video,
and sensors are all now part of the information ecosystem.
This is having a major impact; not just on volume, but on
variety and velocity of data management.
All the while, the costs of managing, extracting, transforming,
loading, and storing this massive amount of data are eating up
IT budgets at a time when controlling operational expenditure
is paramount.
Big Data Applications
Imagine a world where applications
enable 6nancial services companies
to leverage Big Data to understand
6rm-wide risk as opposed Lo |usL silos
of risk. Healthcare organizations can
achieve better insight into disease
trends and patient treatments. Public
sector agencies can catch fraud and
other threats in real-time. These are
real, global applications being used
today with Big Data. But how did
they get there?
Organisations shouldnt have to compromise on the data
available for business decisions. Applications should be
capable of handling any data, at any volume, in any structure
in real-time. This is at the heart of a Big Data Application.
Big Data Applications address 21st century issues, enabling
organisations to access all their data, structured or
unstructured in real time.
The biggest challenge facing organisations trying to build
these applications lies with the approach. A 21st century
problem requires a 21st century solution.

Traditional relational databases are great solutions for data
LhaL 6Ls well inLo rows and columns, such as human resources
data. However, these technologies struggle with data that is
complex in nature and hitting organisations in high volume in
multiple formats.
This new data paradigm results in the need for new databases
that enable organisations to operationalise their Big Data.
1hese operaLional daLabases deliver Lhe following bene6Ls:
1. The ability to unify data from all sources without forcing
data modeling, transformation, schema normalisation, or
the hassles of data management and integration
2. The functionality to easily add, update and expand
information, change attributes, and continuously improve
the data by capturing record sets and queries
3. The ability to support mission-critical applications with
the highest scalability, performance, government grade
security, back-up, and disaster recovery
4. The power to perform iterative, ad-hoc queries on the
full database in real-time, eliminating the need for pre-
de6ned queries
These capabilities make it easy and cost-effective to both
operationalise Big Data and run core operations on Big Data
Applications.
1he resulL of Lhis uni6caLion of sLrucLured, semi-sLrucLured,
and unstructured data into a single database allows
organisations to turn their ever-growing volumes of data into
a source of value, operaLional dexLeriLy, compliance, 6rsL-
to-market advantage, as well as new revenue streams and
business models.
Mind the Gap in the Your Big Data Strategy
O
rganisations are struggling to cope with the volume, variety, velocity, and complexity of modern
data. Big Data is a big challenge. It is costing more money and demanding more resources, but there
is an opportunity too. Big Data can add incremental revenues and deliver a crucial competitive edge.
Operational DBMS Advantages
Delivers 6rsL-Lo-informaLion advanLage
allowing users to spot trends and understand whats
happening in real-time
Uni6es sLrucLured, semi-sLrucLured, and unsLrucLured
data into a single database
Reduce IT effort by simplifying the process of expanding
and operationalising new data sources and attributes
Makes it easy for organisations to run their core
operations on Big Data
Enables organisations to take advantage and eliminate
the risks of the era of Big Data
Find out why organisations choose MarkLogic to power mission-critical Big Data Applications.
Call +44 203 402 3619 Email sales@marklogic.com Visit www.marklogic.com
MarkLogic UK | One Kingdom Street | Paddington Central | London W2 6DB
Data just keeps on getting bigger
and bigger. In the past, compa-
nies only had what was entered
into their systems and then
stored on their servers.
Then came the internet, which
provided a new channel of infor-
mation to tap into. This gave rise
to social media and millions up-
on millions of concurrent con-
versations. Brands are keen to
utilise these in the hope of un-
covering popular sentiment for
their goods and services.
At the same time, it is not just
people generating data, sensors
are too. They are being placed in
everyday situations, from railway
points to delivery vans, to auto-
matically capture data and trans-
mit it to a company and its em-
ployees,as well as other machines.
It means, for the first time,
companies are not only tasked
with making sense of data cre-
ated by customers and leads but
also objects, explains Steve Pren-
tice, Research Fellow at analyst
firm, Gartner.
Were now entering the era of
the internet of things, he says.
Machines and sensors are
now all connected with com-
puter systems and creating data.
When you add the vast amount
of data of varying velocities and
varying types that are passing
through company systems, you
can see how we have entered the
days of big data.
Businesses know that they can
get a competitive edge from under-
standing the data they have stored
or can get access to. This means
were seeing an increasing number
of organisations using the latest
technology to turn all that data in-
to insights that they can act on and
which nobody else has access to.
Front foot
These new tools are so powerful
that Prentice believes the field
of business intelligence, which
has been a staple practice among
most companies, is moving from
hindsight to foresight. Business-
es want to know more than what
happened in the past, and why.
They want access to what is hap-
pening right now, why it is hap-
pening and have suggestions as
to what can be done to capitalise
on it.
The key to success in making
sense of the growing masses of
data is not to just marvel at the
terabytes a business can now
mine and look for insights, it is
more about the detail.
Businesses have often
thought that the more data you
can crunch in real time, the bet-
ter, but what you really need is
focus, says Prentice.
The really critical factor is you
cant just go through a load of da-
ta and hope some great piece of
inspiration will pop out at you.
The number one priority is to de-
cide what insight or what data
would make a diferent to an or-
ganisation if you had it.Youve got
to know what you want to know.
Prentice believes that compa-
nies realising the value of data
and the insights it can provide, if
interrogated in the right way at
the right speed, means that the
area of big data is not yet a tip-
ping point but is most definitely
at a turning point.
Steve Prentice,
Research Fellow,
Gartner
TURNING DATA
INTO INSIGHT
Question: What is big data
and why is it an issue now?
Answer: With the advent of
social media and the internet
of things, companies now
have far more data moving
at higher speeds which they
need to interrogate to make
the best decisions.
NEWS
SEAN HARGRAVE
info.uk@mediaplanet.com
FEBRUARY 2012 5 AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET
For most companies the question
of what to do about big data is not
a new one,they have been wonder-
ing if there were insights in their
data warehouse for quite some
time. The trouble is, the technolo-
gy has never been available at the
right spec at the right price.
All-in-one data warehousing
and business intelligence sys-
tems used to be the main choice
available to companies. Today
there are specialist providers
whose technology can offer the
quickest retrieval, loading, cap-
ture and analysis of information.
Blending these best of breed
solutions is enabling big data
systems to nally work at the speed
and depth required to make sense
of the vast reservoirs of data sitting
on corporate servers as well as in-
formation speeding through their
systems live,in real time.
Getting an edge
According to Alys Woodward,
Programme Manager for Europe-
an business analytics at IDC, this
has encouraged some early adop-
ters which, in turn, is beginning
to prompt others to investigate
the technology.
The main early adopters are
the big, well known brands, par-
ticularly in America, she says.
Theyre looking to mine their
data warehouses and use tech-
nologies, such as Hadoop, to
make sense of unstructured data
online, such as conversations on
Twitter and Facebook.
As theyve done this, their
competitors are now fearing
theyre falling behind.They know
theres a mass of data they could
be learning from, but its not un-
til a competitor makes the jump
that they do. In fact, sometimes
a competitor may not have made
the leap into big data but a brand
has fallen behind in market
share. It realises getting new in-
sights from the data it has stored
and the vast amount of informa-
tion available online is the best
way to get back its edge.
Competition
drives big data
SEAN HARGRAVE
It is still early days for big
data but experts believe
gaining a competitive
advantage is shaping up to
be a key driver for longer
term adoption.
NEWS
USING BIG DATA
Companies are using
insight obtained from
big data to improve
their business
PHOTO: SHUTTERSTOCK
JACQUI TAYLOR ON BIG DATA
Jacqui Taylor
CEO,
Flying Binary
It is my rm belief that data is
the key to solving some of the
biggest problems that we face in
business, across industry and on
our planet.
In the same way that the in-
troduction of cloud computing
created a similar buzz over the
last couple of years, big data, like
cloud, will prove to be a game
changer for those that ignore the
hype and use the technology to
solve real world problems.
Technology of any kind at its
best is an enabler but it is nev-
er about the technology itself; it
is about what we can achieve by
leveraging the best of what we
build.We now have tools that can
blend diferent data sources from
the silos littered across a com-
pany with data from the social
networks to generate insights in
hours not years. Delivering the
results to individual stakehold-
ers using a self service model,
with mobile capability, will cre-
ate a level of engagement never
before possible.
All this without the huge cost
and months of delay that building
a traditional business intelligence
solution normally demands.
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Alys Woodward,
Programme Manager for European
business analytics, IDC
INSPIRATION
Personalisation:
The goal of big data
In use, big data is turning out
to be the equivalent of diamond
mining, according to EMCs Tech-
nical Evangelist, Mark Sear. You
shift tonnes of soil to find a tiny
gem; and therein lies the para-
dox of big data. The data may be
big but more often than not, the
insight may appear tiny in com-
parison. However, that is the goal
Sear believes early adopters are
already pioneering towards and
which will become the norm in
years to come.
Putting it into practice
The irony of big data is that you
can take terabytes of data and then
come up with a small gem which
makes the technology wonderful
for personalisation, he says.
Were already seeing great ev-
idence of this in healthcare and
this is an area where I think some
of the most interesting break-
throughs will be. Theres already
an online service that will anal-
yse your saliva and then tell you
which conditions your DNA sug-
gests you are most likely to suf-
fer from. It also gives lifestyle ad-
vice on getting out of the at risk
groups. Its using interrogation
of massive databases to give you
a personal insight into your DNA,
and then combining that with
another database on preventa-
tive, healthier lifestyle advice.
While this is already happen-
ing, Sear believes that in the fu-
ture doctors will use similar
techniques to personalise treat-
ments to patients through big
data systems knowing a persons
full medical history which it can
compare against other similar
patients. That way, precise doses
can be established and the im-
pact of one drug on, or over, an-
other can be monitored better.
Forecast planning
While it is early days for big data,
Sear reports that the news event
of Whitney Houstons death was
used by a network entertain-
ment company to predict spikes
in traffic for her content. They
took the buzz around social me-
dia to establish which audio and
video files it should cache at local
nodes around the world to stop
its central network from being
overwhelmed.
Similarly, the producers of The
Inbetweeners movie used big da-
ta technology to measure senti-
ment on social media sites, no-
tably Facebook and Twitter, to
decide whether or not to make a
movie.
They actually picked up sen-
timent and the buzz around the
television show to predict how
many DVDs of the series they
were likely to sell, says Sear.
They then further analysed
sentiment towards seeing a full
length film and estimated how
many DVDs they would sell. The
results were positive enough to
encourage them to make a movie,
which was a huge success.
Whats next?
In the near future, Sear predicts
insurance companies will be us-
ing big data techniques to compet-
itively price policies for individu-
als. This is likely to start through
tracking boxes which can be add-
ed to cars to monitor performance.
Alternatively, the data could also
be used to guide local authorities
to improve traf c management by
analysing traf c ows.
Additionally, information,
such as reports of many vehicles
applying their brakes sharply,
could be used to forewarn of po-
tential accident black spots be-
fore a person is injured.
Question: If big data is
happening now, or is about
to, what insights are being
offered?
Answer: Weve yet
to reach mass adoption
but early indications of
personalisation is the,
perhaps ironic, first
advantage of big data.
SEAN HARGRAVE
CHANGE
The irony of big data
is that you can take
terabytes of data
and then come up
with a small gem
which makes the
technology wonderful
for personalisation Mark Sear
Technical Evangelist, EMC
Big data: A
billion pound
opportunity
Big data has been
simmering away for the
past couple of years but
it could start to come
to the fore this year,
analyst firm Deloitte is
predicting.
As a progression from classic
business intelligence big da-
ta has been on the radar for en-
terprises but now Jolyon Bark-
er, the global lead for the rms
Technology, Media and Tele-
communications Industry divi-
sion, is predicting the technolo-
gy is about to become the norm,
rather than the exception.
So-called big data projects
had a total industry revenue of
only 65 million in 2009, re-
flects Barker.
However, 2012 will see 90
per cent of Fortune 500 com-
panies kick off a data-related
initiative, which will boost the
industrys revenue to between
650 million and 1 billion.
Gaining pace
Acceptance of big data is still
in its infancy, mostly used for
meteorology and physics sim-
ulations, but interest is gain-
ing pace. Nevertheless, as da-
ta warehouses start to over-
flow and as the need for more
relevant and timely analysis
begins to put strain on tradi-
tional analytics tools, the in-
dustry cannot afford to get
carried away with the big
in big data; it needs to main-
tain its focus on extracting
insights that help to improve
decision-making and busi-
ness outcomes.
Key driver
According to Deloittes re-
search, internet companies
have led the way with explor-
ing big data, but the sectors
that are likely to follow include
the public sector, financial ser-
vices, retail, entertainment
and media. This could trigger
a talent shortage with up to
190,000 skilled professionals
needed to cope with demand
in the US alone over the next
five years.
The key driver, the firm
found, has nothing to do with
the technology but solely the
insights and competitive ad-
vantage it can deliver.
SEAN HARGRAVE
NEWS IN BRIEF
3
2
1
BIG DATA, BIG BUSINESS
1. EMCs Mark Sear likens big
data to diamond mining
2. The stars of The
Inbetweeners movie. Producers
used big data technology
when deciding whether to
make the movie or not
3. Big data is becoming more
important in the health sector
PHOTOS: SHUTTERSTOCK
Big Data The Next Frontier in Innovation and Competition
The conference that will bring together the senior
business and technology leaders
who are shaping the future of Big Data.
For sponsorship or delegate enquiries please contact Steve Richardson
on 0161 830 2142 or email on steve.richardson@whitehallmedia.co.uk
www.bigdataanalytics.co.uk www.whitehallmedia.co.uk
HOTEL RUSSELL//LONDON
20 JUNE
BIG DATA
ANALYTICS
2012
Delivering Business Value
from Big Data
DLA Piper
The law firm has expanded its global
insurance and reinsurance sector group
by appointing William Marcoux as a
partner and head of the insurance sec-
tor transactions and regulation practice.
Marcoux arrives from Dewey &
LeBoeuf, where he was co-head of
Deweys insurance sector group and a
member of its executive committee.
Eversheds
Eversheds has appointed corporate
energy lawyer Ramu Ramaswamy as a
counsel in its Paris office. Ramaswamy,
who specialises in covering oil and gas-
related private M&A transactions, has
previously worked with Total,
Freshfields and Norton Rose.
CBRE
The property consultancy has strength-
ened its international residential sales
and marketing capabilities by appoint-
ing Matthew Cobb as associate director,
based in London. Cobb joins from Currell
Residential where he was head of new
homes; prior to that, he spent six years
at St James Group, part of The Berkeley
Group, working in the land and sales
teams.
KPMG
John Leech has been appointed as head
of KPMGs automotive practice. Leech is
a partner with 20 years experience at
KPMG, specialising in advising automo-
tive manufacturers, component suppli-
ers and distributors. He was also
seconded to the Department for
Business Innovation & Skills (BIS) to
advise the government on its automo-
tive policy, as manager of the automo-
tive innovation and growth team.
Barnett Waddingham
Barnett Waddingham Investments has
appointed Neil Dainton as an investment
adviser. Dainton initially worked as a
broker consultant before being
approached by one of his clients to
become an independent financial advi-
sor.
J Peiser Wainwright
Ben Smith has joined the real estate
adviser from Capita Symons as an asso-
ciate to lead the property management
department. In addition, Jessica
Yonwin, who has worked at the firm for
six years, has been promoted to associ-
ate.
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pre-Lehman highs
W
ALL Street stocks rose yes-
terday after data showed
the US labour market
remained on the mend,
but the market stalled as it
approached highs not seen since
before the 2008 collapse of Lehman
Brothers.
In an upbeat note for the econo-
my, new US claims for unemploy-
ment benefits held steady last week
and were at the lowest since the
early days of the 2007-2009 reces-
sion.
Yesterdays gains brought the
benchmark S&P 500 index near
1,370, considered the upper end of a
technical barrier.
The broad index has surged 8.4
per cent this year and more than 20
per cent from October lows, but
many worry the market will soon
run out of steam.
In the past four sessions, the S&P
has hovered around 1,360, closing at
a nine-month high last night.
You have a reluctance to buy
knowing were right up at former
highs, said Todd Salamone, director
of research at Schaeffers
Investment Research.
But the market has also been
reluctant to sell off on bad news.
Some analysts say the main factor
preventing a correction has been the
result of a commonly used investor
protection.
The fact that we're not selling off
sharply on bad news could be relat-
ed to the huge amount of hedging
going on, said Salamone.
The Dow Jones industrial average
gained 46.02 points, or 0.36 per cent,
to 12,984.69. The S&P 500 Index rose
5.80 points, or 0.43 per cent, to
1,363.46. The Nasdaq Composite
added 23.81 points, or 0.81 per cent,
to 2,956.98.
Sears shares soared despite report-
ing a huge quarterly net loss, after
the company reassured investors
about its ability to pay down debt.
Shares of Vivus rose 78 per cent as
investors bet its experimental
weight-loss drug would be approved
by US regulators.
The Nasdaq biotech index rose
two per cent.
Hewlett-Packard tumbled 6.5 per
cent to $27.05 and was the biggest
drag on the Dow. Late Wednesday,
the worlds number one computer
maker posted a sharp decline in
earnings and warned it would take
several years to turn around its
sprawling businesses.
Shares in AIG rose three per cent
after hours as the bailed-out insurer
posted a surprise quarterly profit of
$19.8bn.
B
RITAINS top shares rose yester-
day as investors welcomed
robust corporate earnings
newsflow, with Royal Bank of
Scotland spearheading an advance in
banking stocks after the lender
unveiled in-line full-year results.
The UK benchmark closed up 21.34
points, or 0.4 per cent, at 5,937.89.
RBS, up 5.1 per cent, was the sec-
ond-top blue-chip riser, recovering
after the previous sessions weak-
ness, as the part-state-owned bank
posted an as-expected fourth-quarter
loss of nearly 2bn, hurt by write-
downs on assets and restructuring
costs.
Lloyds Banking Group, also majori-
ty-owned by the British government,
rallied 3.3 per cent ahead of its full-
year results due today.
Solid earnings gave Capita a lift
too, with the outsourcer ahead 4.3
per cent after it unveiled a six per
cent rise in 2011 profits and said
early contract wins and a buoyant
sales market make it confident of
better growth prospects this year.
The upbeat outlook statement also
supported peer Serco Group, up 3.2
per cent.
The mood was brightened by the
key Ifo survey showing business sen-
timent in Germany the strong link
in Europe rose to a seven-month
high.
Further positive newsflow on the
global economy came from the
United States, where new claims for
unemployment insurance held at the
lowest level since the early days of
the 2007-2009 recession.
The upbeat economic figures
helped spur commodities firms to
fresh gains, with silver miner
Fresnillo topping the FTSE 100
leaderboard with a rise of 6.1 per
cent.
Vedanta, meanwhile, rose four per
cent, and Randgold climbed 3.5 per
cent.
Outside the top flight, Bodycote
rose 15.5 per cent after it surprised
investors with strong profit and mar-
gin growth.
And media group UTV jumped
almost 13 per cent after the board
ousted chairman John McGuckian.
Equity markets have got off to a
strong start in 2012, with the FTSE
100 in striking distance of the 6,000
level on better than expected macro-
economic data, particularly in the
United States, and more encouraging
newsflow on the Eurozone.
Yet analysts have wide ranging
views on the sustainability of the
rally, in which the UK blue-chip
index has advanced 6.6 per cent so
far this year.
Nick Nelson, strategist at UBS,
reckons equities could be set for a
pause as it becomes more difficult
for economic numbers to beat expec-
tations which have been lifted over
recent months by analysts encour-
aged by a string of more positive
releases.
The bar has been raised in terms
of the numbers for all sorts of macro
data US payrolls, the ISM, they have
to be even better now, partly because
expectations have risen, Nelson said.
Its also the case that tactically, the
market looks quite stretched in
terms of the move weve seen, he
added.
Steve Larkins, head of sales trading
at Seymour Pierce, argued the mar-
ket is poised for a correction of
between 200 and 300 points.
We are subject to the biggest con-
cerns about growth in Europe, thats
got to be concerning for everybody ...
Reality needs to set in, the market
seems to ignore these things at its
peril.
FTSE inches upwards as US
figures propel commodities
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 Cove Energy
200
125
150
175
100
Dec Jan Feb
p
194.75
23 Feb
COVE
Peel Hunt has downgraded the Mozambique-focused oil & gas explorer
from buy to hold with a target price of 215p, saying that Shells offer of
992.4m earlier this week only values the company at 77.7 per cent of its
implied value. The broker sees the offer as an early, competitive knock-
out offer that may not only be appealing to Cove, but may also make it dif-
ficult to compete with from third parties considering an offer.
ANALYSIS l Laird
170
140
150
160
180
130
Dec Jan Feb
p
170.00
23 Feb
LAIRD
Numis has initiated coverage of the component technology company with a
buy rating and a target price of 230p. The broker says sentiment in the
stock has been supressed from a volatile period when the business was hit by
Nokias fading fortunes, but it is now attractively positioned with around 25
per cent of revenues from smartphones, tablets and notebook PCs. Numis
says this should drive 10 per cent compound annual growth in earnings.
ANALYSIS l Logica
85
70
75
80
65
60
55
Dec Jan Feb
p
82.50
23 Feb
LOGICA
UBS maintains its neutral rating on the stock and ups its target price by
41 per cent from 64p to 90p, after fourth quarter results earlier this week
saw revenue growth of 2.3 per cent and a stronger order book than
expected. The broker was also comforted by finance chief Himanshi Rajas
assertion that their would be no further provisions made for the groups
contract accounting process, which has already been announced at 39m.
p
28Nov 16Dec 10Jan 17Feb 30Jan
6,000
5,200
5,000
5,400
5,600
5,800
ANALYSIS l FTSE
5,937.89
25 Feb
Deloitte
Mike Sobers has been appointed as a partner to
Deloittes enterprise risk service practice, a
1,000-strong team of professionals in the UK
dedicated to helping businesses solve complex
risk and control issues. Sobers joins Deloitte
from Aviva, where he was the audit director
with global responsibility for technology and
project audit. During this time, he was also the
interim audit director for the Aviva UK general
insurance business. Prior to joining Aviva,
Sobers was a partner at KPMG.
News
T
AKE a walk on Park Avenue or Wall Street
and youll see countless posters and ban-
ners profiling the wide variety of cultural
activities on offer in New York. And at the
bottom of each youll see sponsorship from a
large private company usually a bank, and usu-
ally a big one at that. Goldman, Morgan, BNY
Mellon happy and proud to support the devel-
opment of the arts in their cities.
And, if you paid a visit to a large-scale anti-
Aids project in sub-Saharan Africa, the chances
are that at least part of the funding will come
from any number of US charitable foundations,
directly or indirectly linked to major corpora-
tions.
Our own financial crisis, precipitated to a
large extent by reckless spending, will lead to a
large-scale reduction in public sector spending.
The UK is facing an unprecedented shrinking of
the state, with the expectation that right across
society, the private sector will fill the gap.
Why therefore are we not seeing a growth in
UK philanthropy similar to US levels? To under-
stand that, we must consider philanthropys his-
tory. The word originally derives from the Greek
for a love of humanity, but our modern under-
standing of the term doing public good
emerged in the US in the pre- and post-depres-
sion era. John D Rockefeller, Henry Ford and
Andrew Carnegie donated huge sums in an
effort to solve deep-seated social problems.
This modern understanding of philanthropy
emerged in a context of the worlds first large-
scale free market economy. In the USA of the
early 1900s, for the first time in history, monar-
chical wealth was available to anyone, in theory
anyway, who had drive, determination and the
right idea. Meanwhile Britain saw the beginning
of the welfare state under David Lloyd George.
Poverty levels in the USA were similar, but that
countrys distance from the First World War and
relatively short participation in it meant the
support for liberal, welfare state policies in
Britain was never replicated across the Atlantic.
The absence of large-scale government welfare
support in America until Franklin Delano
Roosevelts New Deal saw many corporate enti-
ties taking up the challenge of providing for the
poor. Take a stroll in many UK cities and youll
see libraries built by the Scottish-American
Carnegie. And yes, hes the same Carnegie who
built Carnegie Hall, who started what is now
Carnegie Mellon University and who established
the Carnegie Corporation of New York to pro-
mote the advancement and diffusion of knowl-
edge and understanding, which has funded
many projects over the years including, among
other things, Sesame Street. Carnegie was just
one of a number of individuals who all gave
away most of their wealth during their lifetime.
Arguably, our early commitment to the wel-
fare state is a principal reason why the UK hasnt
and doesnt see philanthropy on the same scale
as the USA. Given that we now face unprecedent-
ed pressure on public finances, and an expected
reduction in social welfare payments following
the Iain Duncan Smith reforms, it would appear
the time has come for large corporate firms here
to increase their support for the improvement of
society.
The generosity of UK citizens is known at
home and abroad. Anyone who has watched
Channel 4s Secret Millionaire cannot fail to be
impressed by the energy and generosity many of
these self-made millionaires bring to small-scale
community projects up and down Britain. The
Princes Trust Million Makers scheme, where
businesses are each given a small amount of sup-
port and asked to raise 10,000 is a firm vote of
confidence in the ingenuity of the private sector.
Yet we still do not see philanthropic support
on an American scale in Britain, and that needs
to change. Future competitiveness globally relies
on trimmed back public expenditure and a com-
mitment to productivity, both in the private sec-
tor and the public sector.
To step into the breach, we need to rethink
philanthropy once again. The models of the past
relied on individual owners able to decide what
they wanted to do with their vast wealth. But
some of the most successful philanthropists in
the world today started their lives at the helm of
listed firms, and we need new models that suit
this reality while respecting a firms duty to its
shareholders. Today, giving can mean donations
of a companys time, expertise and even con-
tacts. And by focusing these donations to specif-
ic outcomes, as a business would in any project
of its own, this can deliver real results
David Cameron has already discussed the
important role that voluntary organisations will
play in tackling poverty and a range of other
issues. He may have given it a new name, the Big
Society, but it still means community and corpo-
rations working handin-hand. The US defined
philanthropy for the twentieth century; it
should be the UK which does the same for the
twenty-first.
Christopher Moran is an entrepreneur. Besides his
business interests, he supports institutions in a wide
range of sectors including arts and national heritage,
health and wellbeing, and faith and international rela-
tions.
26
The Forum
CITYA.M. 24 FEBRUARY 2012
The time has come for large
corporate firms to increase
their philanthropic support
With the state out of money
we have much to learn from
the American way of giving
cityam.com/forum
CHRISTOPHER MORAN
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.
W
HEN Xavier Rolet, chief executive of
London Stock Exchange Group, said
in City A.M. on 9 January that small
and medium enterprises provide the
best hope for reviving the UK economy, I
cheered. Without the growth of fledgling
companies, there will be little meaningful job
creation, he said. How true.
When regulators and politicians talk about
business, no distinction is made between big
and smaller companies. All firms get lumbered
with the same regulations and the little guy
pays the price.
On the London stock market, the needs and
resources at either end of the scale are vastly
different, yet companies with market capitali-
sations ranging from a few million pounds to
over 100bn are often treated the same. Why
does this matter? The listed UK companies out-
side the FTSE 100 are precisely the sort of busi-
nesses that create wealth and employment.
They have their growth years ahead of them.
For now their priorities will be survival, invest-
ment and, if they can, expansion. Typically
these firms, plus those listed on Aim, are in no
position to represent a major risk to the econ-
omy.
The regulatory challenges they face are
more than a nuisance they can threaten the
lives of businesses. Between 2002 and 2010,
small and medium-sized enterprises created
85 per cent of all new jobs across Europe,
according to a European Commission study.
Thats why Michel Barnier, the European com-
missioner for internal markets and services, is
vocal about their potential. But regulators con-
tinue to treat every listed company in the same
way because, they say, investors might get con-
fused otherwise.
Why not promote the largest companies
across Europe to their own mega-market? This
would ring-fence potential systemic risk,
enabling UK and European regulators and law-
makers to make more targeted rules for these
largest companies without dragging the small-
er ones in too.
Smaller quoted companies without the
same collective systemic risk would get a regu-
latory environment fit for them, their
investors and other stakeholders not neces-
sarily reduced, but appropriate.
Politicians could create an asset class across
Europe of smaller, vibrant companies key
local employers that create jobs. Pension funds
and insurance companies could be mandated
to disclose their investment policy towards this
class. Such companies are seen by politicians as
engines for growth lets see how much of our
pension money and premiums go into them.
Government could provide fiscal incentives
to encourage long-term investment like pro-
viding dividend tax credits and cutting capital
gains tax on shares held for over three years.
With raised awareness and the appropriate
regulatory responsibility, small and mid-cap
quoted companies could raise money efficient-
ly. Ten years ago there were just under 1,100 UK
domestic companies on the main market of
the London Stock Exchange at the end of
2011 this had fallen below 600.
Its time to revitalise our primary markets
and jumpstart the engines of growth. We
might see a revival of IPO activity too.
Tim Ward is chief executive of the Quoted
Companies Alliance, the representative body for the
UKs small and mid-sized quoted company sector.
27
But governments
must do more to
understand their
particular needs
Britains growth
will be powered
by smaller firms
Not for sale
[Re: A market solution will save
money and end the dispute over
Falklands sovereignty,
Wednesday]
Steve Hankes article is a classic
example of the American econom-
ics academics mind at work.
Monetise everything. After all, the
world is only about money.
Politically and historically, howev-
er, it doesnt stack up. Hanke sig-
nally ignores the fact that the
islanders have repeatedly, over
nine generations, rejected
Argentine expansionist ambition
in the region. He naively believes
they can be bought off. How high-
handed and disrespectful is that?
His ill-disguised disdain for Britain
and support for his former pay-
masters betrays the sentiments
behind this offensive piece. He
needs to dust up on his history. My
economics tutor always told me
that accurate history provides the
foundation stones of good eco-
nomic theory.
Robert Brooks
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
TIM WARD
BY MARC SIDWELL
CITYA.M. 24 FEBRUARY 2012
The Forum
P
EOPLE say that
Greece used to be
great. Thats not
quite right of
course. They mean
Athens. Ancient Greece
was a jumble of city-
states, some even worse
than the political and
economic disaster of Greece today. Sparta was a
totalitarian state, a role model for the Nazis.
Ancient Athens, however, has a strong claim to
be the birthplace of Western civilisation. A tiny pop-
ulation in the tens of thousands produced more
geniuses in its brief golden age than larger nations
have managed in many centuries. We are the lucky
inheritors of their creative legacy: ideas as diverse
as democracy, formal logic, historical narrative,
tragic drama and lyric poetry.
As bailout follows bailout, as Greece wonders
what hit it and looks for a way forward, its worth
getting this history right. After all, fifth-century
Athens was not populated by supermen. It simply,
like other cities since, provided the conditions for its
citizens to flourish. It could be done again.
What are the conditions? First of all, trade. The
Athenian statesman Pericles said of Athens the
fruits of the whole earth flow in upon us; so that we
enjoy the goods of other countries as freely as our
own. Like Renaissance Venice or early modern
Holland, its openness to trade gave Athens not just
wealth but access to a whole universe of ideas. We
think of togas and beards, although professor
Richard Nisbett, in his book The Geography of
Thought, suggests that ancient Athens would have
been rather like the bar in Star Wars.
This section of City A.M., The Forum, takes its
name from the Roman squares that were centres of
debate as well as commercial centres, but their fore-
runner was the agora of Athens, where Socrates
forced men of consequence to defend the logic of
their views in public and one of the worlds earliest
book markets flourished.
Still, free exchange of goods and ideas was not
enough. Nisbett also points to the Athenian sense of
the individual. Athenian democracy broke with tradi-
tional tribal bonds of loyalty to kin or clan, allowing
every citizen the right to his own opinion, if he could
uphold it. Pericles said although only a few may
originate a policy, we are all able to judge it. We do
not look upon discussion as a stumbling-block in the
way of political action, but as an indispensable pre-
liminary to acting wisely. The philosopher Karl
Popper saw this as the pivot point of all human histo-
ry, the moment when we decisively turned from the
closed world of tradition to the creative possibilities
of the open society, where every citizen is recognised
as capable of original thought.
Greece seems a long way from Athens today, as
Eurocrats limit its democracy and its public spaces
are full of violent protests, not peaceful commerce.
But the Athenian transformation began quite sud-
denly. Around 600BC, the poet and statesman Solon
confronted a failed state, riddled with debt and riven
by factional rivalry. Athens seemed doomed. Solon
responded by cancelling debts, instituting a new
legal code and encouraging foreign trade. Athens
had begun its journey to greatness. Thats not to say
a default is the solution now. History rhymes rather
than repeats. But finding a way to release the cre-
ative power of individual citizens in a free market-
place will always be the civilised solution.
Marc Sidwell is City A.M.s business features
editor.
Greeces history holds
its hope for the future
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
Living| Property
I
N its 1950s heyday, Monaco was a
place of high European glamour
and refinement, reigned over by
Grace Kelly. Very much the rich
and royal mans St Tropez, it is now
known more for its oligarch traffic
jams, Formula One racing, casinos
and cruise ship embarkation point.
But a range of tax breaks has long
made Monaco an attractive place for
the worlds richest to park their cash.
So, despite the loss of its golden age
halo, it remains firmly on the map of
property hotspots and, of course,
gamblers and racing car enthusiasts.
Now, following a serious lull in the
market (Knight Frank reported total
stagnation in 2010), things are pick-
ing up again in Monaco. A new
statute, Law 1381, means
that registration tax is cut
from 7.5 to 4.5 per cent and
investors can rent out prop-
erty without paying tax on
the income, which is a nice
boon (though dont expect
to make it rich as a buy-to-
let supremo due to the
sky-price of purchase).
Fred Schiff, of Knight
Franks international
department, says the
introduction of 1381 at the
end of last year coincides
with a notable uptick in
transactions a relief for
developers and agents try-
ing to shift the luxury
apartments in new developments
such as 23 Boulevard de Belgique,
currently only half sold. The Tour
Odeon, due to be unveiled in 2013,
will be Monacos highest building
and will substantially increase sup-
ply of apartments.
The property market in Monaco
may have been languishing since
After a period of
stagnation,
interest in the
principality is up,
says Zoe Strimpel
The buzz is coming back to Monaco
Lehman went down, but the princi-
pality still boasts the most expensive
square footage in the world: 40,000-
50,000 per square metre in prime
locations. Nevertheless, Schiff insists
that there is property available for
more affordable prices between
two and five million euros for
between one and three bedrooms.
Well-priced property is doing very
well. I just sold a 5m home with
three bedrooms there were a num-
ber of buyers and the person had to
move very quickly. Its a myth that
you cant get anything from under
5m in Monaco.
And for all that the young and hip
may prefer the south of France,
Monaco isnt quite as one property
insider put it the drunken uncle
of European enclaves. For example,
Byblos, one of the worlds most
famous nightclubs, and Alan
Ducasse, the Michelin-starred chef,
have outlets in the principality, mak-
ing it a suitable stomping ground for
Princess Stephanie and her
entourage.
Combined with the year-round
sun, bright blue sea and hordes of
beautiful people, you can see why
owning a pad here would hardly be a
chore. And, with increased stock and
a renewed sense of buzz surround-
ing the city, this could be a good
time to consider it.
Left: Monacos famous
waterfront has long attract-
ed the worlds richest.
Picture: GETTY
From below left: 23
Boulevard de Belgique, with
interior design by Jacques
Garcia, launched last year as
the first new development in
Monaco in years. Prices from
5.35m. 23blvdbelgique.com.
Monte Carlo Star: This pent-
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waterfront and is presented
in beautiful condition. Price:
13.5m. Tel: 020 7629 8171
or knightfrank.com..
Villa Bianca, a 10,763 sq ft
apartment with six bed-
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584 sq m terrace, is on Rue
de Portier, close to the
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Price: 29.5m.
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A modern & spacious 1 bedroom apartment on the 1st foor of this purpose built
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RICHFORD ROAD
Price: 340,000
A four bedroom period conversion spread over four floors with front bay windows
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CASPIAN WHARF
Price: From 340,000
for two bedrooms.
The development, which
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Price: 350,000
A twelfth floor,
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links.
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tons.co.uk
Q.
I want to sell my flat and it has 76 years
left on the lease. Should I extend it first?
A.
Provided you have owned your flat for two
years under Chapter II of Part 1 of The
Leasehold Reform, Housing and Urban
Development Act 1993 (the Act), you have the right not
to extend your existing lease, but to acquire a new lease
in place of the existing lease which is at a peppercorn
(nominal) rent, and for a term expiring 90 years after
the term date of the existing lease. The premium you
pay is subject to a series of calculations and you should
seek a surveyors advice, specialising in leasehold reform
to assist you. I would not always advocate a seller
extending prior to a sale, particularly in your case where
your lease is still relatively long. There is often not a
massive difference in the price that you will get for the
property, particularly in a buoyant market, the benefit
comes with making the property easier to sell. What
you should do, however, is to get a valuation of the likely
premium that you will have to pay from a surveyor. This
report can then be shown to prospective buyers so they
will be aware of what the cost of the extension is likely
to be. Should the buyer wish, as the registered propri-
etor of the property for at least two years, you can
serve what is known as a Section 42 notice to apply
for a new lease under the Act between exchange and
completion. You can then assign the benefit of that
notice to the new owner so that they effectively take
over from you and do not have to wait two years to
purchase the new lease. This way you do not lay out
any additional capital and any risk is down to them.
Q.
I am selling my house for 2m. It is
owned in the name of an offshore compa-
ny and I want to offer the buyer the
option to buy the company so they can save on
stamp duty. Am I able to ask a higher price
because of this?
A.
Currently it is possible to avoid paying the full
rate of Stamp Duty Land Tax (SDLT) if you sell
the shares in a company owning a property
rather than the property itself. At 2m the buyer
would ordinarily have to pay SDLT at a rate of five per
cent on the full amount, so in this case 100,000.
However, were you to sell the shares in the company
they would only be liable to pay at a rate of 0.5 per
cent or 10,000, so a potential saving of 90,000.
Depending on the buyers exact financial position this
can be appealing, particularly when the savings are
large. You might be able to negotiate a deal with the
buyer whereby they purchase the company and you
split the saving. My advice would be to do this after
you agree the price, otherwise you may find that it
muddies negotiations. However, the government is
looking very closely at this loophole and has given
clear indications that it intends to close it in the next
budget, so there is a possibility that it might take
measures to charge the tax on such transactions retro-
spectively.
LONDON OFFICE TAKE-UP POSITIVE
Central London office take-up has seen a positive
start to 2012 despite figures being below
December levels. With some 840,000 sq ft trans-
acted in January, take-up was 38 per cent higher
than the same time last year, according to research
by global property adviser CBRE. Docklands saw
the largest increase, with take-up jumping from
9,300 sq ft to 90,200 sq ft, boosted by the 74,700
sq ft deal by the Financial Ombudsman Service at
191 Marsh Wall. Office availability in Central
London rose marginally in January and now stands
at 16.1m sq ft as more secondhand space came
back onto the market. Space under offer fell to
1.82m sq ft, the lowest level since June 2009, but
active requirements in Central London are well
above the long-term trend at 11.19m sq ft. Emma
Crawford, executive director, CBRE said: Space
under offer has fallen but requirements are still at a
healthy level and we remain optimistic that this will
translate into activity in the market.
SHARD INSPIRATION REPLICA GOES ON DISPLAY
A 30 metre long reproduction of one of Canalettos most
famous River Thames scenes, said to have provided inspira-
tion for the design of the Shard, has just been unveiled at
the newly completed entrance to London Bridge Station.
Shard designer Renzo Piano drew inspiration from the shape
of the sailboat in the painting, called The Thames on Lord
Mayors Day. The original painting will be on loan to the
National Maritime Museum in Greenwich in April.
US SEES HOME RESALES RISE IN POSITIVE SIGN
US home resales rose to a one and a half year high in
January, pushing the supply of properties on the market to
the lowest level in almost seven years in a hopeful sign for
the housing sector. The National Association of Realtors said
existing home sales increased 4.3 per cent to an annual rate
of 4.57m units last month, the fastest pace since May 2010.
Experts say the improvement is the latest sign the housing
market may be coming off the floor.
PROPERTY NEWS
BY STEVE DINNEEN
CURRENT MORTGAGE DEALS Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Chelsea BS Flexible 2.39 March 2014 5.4 70
HSBC Flexible 2.39 Term 2.5 60
Yorkshire BS Flexible 2.49 February 2014 4.7 75
Post Office Flexible 2.49 March 2014 4.3 65
HSBC Fixed 2.24 May 2014 3.8 60
Chelsea BS Fixed 2.64 March 2014 5.5 70
Market Harborough BS Fixed 2.69 February 2014 5.1 75
First Direct Fixed 2.88 3 years 3.7 65
FOCUS ON: STRATFORD, LONDON
Q A
&
SELL
Martin
Bikhit
MANAGING DIRECTOR
OF KAY & CO, CENTRAL
LONDON ESTATE
AGENCY
AZURA
COURT
Price: 350,000
Located on the
seventh floor of
a striking new
building, this
two bedroom
property comes
with access to a
balcony with
unbeatable
views.
Go to www.fox-
tons.co.uk
OPENING
THIS
WEEKEND
THE OLD IS OVER
THE NEW IS UNSTOPPABLE...
WINNER: UK PROPERTY AWARDS 2011
WINNER: THE DAILY TELEGRAPH BRITISH HOMES AWARDS 2011
SHORTLISTED: BUILDING AWARDS 2012
THE LIBRARY BUILDING
CLAPHAM HIGH STREET, SW4
NEW 1&2 BEDROOM APARTMENTS
NO VICTORIAN CONVERSIONS
LAUNCH WEEKEND 25-26 FEBRUARY
MARKETING SUITE OPEN 10AM-6PM
PRICES START FROM 275,000
PHONE +44 (0)845 899 0136
WWW.THENEWCLAPHAM.COM
Leading sustainable developments eading sustainable developments Leading sustainable developments
Last 8 remaining
- Last 8 reuaininq
- Live in one o London's uost desirable districts
- Close to the chic bars and restaurants in 8attersea Square
- Close to Chelsea and 8attersea Park, Clahau Junction
rail station 8 uinutes away by oot
BATTERSEA
The Regent, Gwynne Road,
London SW11 3UW
2 bedroom apartments
from 309,995
Marketing Suite and Show Home
open daily 10am 5pm
0207 223 3381
lindenhomes.co.uk/theregent
QR scan ue now
11iues aroxiuate. Price correct at tiue o qoinq to ress. Photoqrahs show interiors at 1he Reqent.
LON GD ONCE FIX AM...........1776.50 21.75
SILVER LDN FIX AM ..................35.20 1.04
MAPLE LEAF 1 OZ...................809.00 2.50
LON PLATINUM AM................1728.00 35.00
LON PALLADIUM AM...............721.00 10.00
ALUMINIUM CASH .................2211.00 -36.00
COPPER CASH ......................8390.50 66.50
LEAD CASH...........................2069.00 13.00
NICKEL CASH......................20095.00 110.00
TIN CASH.............................23900.00 155.00
ZINC CASH ............................2006.00 0.00
BRENT SPOT INDEX................122.29 1.78
SOYA .....................................1272.25 1.25
COCOA..................................2457.00 1.00
COFFEE...................................200.75 -3.90
KRUG.....................................1845.10 2.00
WHEAT ....................................166.38 -0.55
AIR LIQUIDE........................................97.99 0.52 100.65 80.90
ALLIANZ..............................................90.10 0.28 107.45 56.16
ANHEUS-BUSCH INBEV ....................49.54 -0.07 50.04 33.85
ARCELORMITTAL...............................15.99 -0.20 27.06 10.47
AXA......................................................12.15 -0.12 15.97 7.88
BANCO SANTANDER...........................6.29 -0.08 8.67 4.94
BASF SE..............................................64.58 0.43 70.22 42.19
BAYER.................................................56.02 -0.05 59.44 35.36
BBVA......................................................6.77 -0.12 8.81 4.94
BMW ....................................................69.89 -1.06 73.85 43.49
BNP PARIBAS.....................................36.30 -0.10 57.30 22.72
CARREFOUR ......................................17.83 -0.10 31.44 14.66
CRH PLC .............................................16.08 0.00 17.40 10.28
DAIMLER.............................................46.93 -0.92 53.95 29.02
DANONE..............................................50.70 0.59 53.16 41.92
DEUTSCHE BANK..............................33.34 0.31 47.11 20.79
DEUTSCHE BOERSE .........................50.26 -0.05 57.68 35.65
DEUTSCHE TELEKOM.........................8.70 -0.27 11.38 7.88
E.ON.....................................................16.68 -0.12 24.80 12.50
ENEL......................................................3.03 0.01 4.86 2.78
ENI .......................................................17.43 -0.07 18.18 11.83
FRANCE TELECOM............................11.61 -0.06 16.43 11.09
GDF SUEZ ...........................................19.57 -0.06 29.64 17.65
GENERALI ASS...................................12.31 -0.08 16.67 10.34
IBERDROLA..........................................4.53 -0.13 5.98 4.16
INDITEX ...............................................69.26 0.49 69.85 50.92
ING GROEP CVA...................................6.67 0.05 9.50 4.21
INTESA SANPAOLO.............................1.45 -0.03 2.33 0.85
KON.PHILIPS ELECTR.......................15.85 0.07 24.12 12.01
L'OREAL..............................................85.85 0.79 91.24 68.83
LVMH..................................................127.50 1.40 132.65 94.16
MUNICH RE.......................................108.85 -0.10 123.20 77.80
NOKIA....................................................4.10 -0.08 6.60 3.33
REPSOL YPF.......................................20.46 -0.42 24.90 17.31
RWE.....................................................32.53 -0.30 53.11 21.15
SAINT-GOBAIN...................................35.70 -0.43 47.64 26.07
SANOFI ................................................56.45 0.34 57.42 42.85
SAP......................................................49.57 0.14 49.90 32.88
SCHNEIDER ELECTRIC.....................50.49 -0.21 61.83 35.00
SIEMENS .............................................74.75 -0.09 99.39 62.13
SOCIETE GENERALE.........................23.00 -0.23 51.71 14.32
TELECOM ITALIA..................................0.81 -0.00 1.16 0.70
TELEFONICA ......................................12.88 -0.18 18.58 12.50
TOTAL..................................................41.81 -0.04 44.55 29.40
UNIBAIL-RODAMCO SE...................145.30 2.25 162.95 123.30
UNICREDIT............................................3.81 -0.25 12.45 2.20
UNILEVER CVA...................................25.56 -0.06 27.16 20.90
VINCI ....................................................38.53 0.17 45.48 28.46
VIVENDI ...............................................16.35 0.04 21.37 14.10
VOLKSWAGEN VORZ ......................139.15 -3.30 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5937.89 21.34 0.36
FTSE 250 INDEX. . . . . . . . 11505.74 56.51 0.49
FTSE UK ALL SHARE . . . . 3074.94 11.47 0.37
FTSE AIMALL SH . . . . . . . . 821.12 0.92 0.11
DOWJONES INDUS 30 . . 12984.91 46.24 0.36
S&P 500 . . . . . . . . . . . . . . . 1363.46 5.80 0.43
NASDAQ COMPOSITE . . . 2956.98 23.81 0.81
FTSEUROFIRST 300 . . . . . 1075.32 -1.75 -0.16
NIKKEI 225 . . . . . . . . . . . . . 9595.57 41.57 0.44
DAX 30 PERFORMANCE. . 6809.46 -34.41 -0.50
CAC 40 . . . . . . . . . . . . . . . . 3447.31 -0.06 0.00
SHANGHAI SE INDEX . . . . 2409.55 5.97 0.25
HANG SENG. . . . . . . . . . . 21380.99 -168.29 -0.78
S&P/ASX 20 INDEX . . . . . . 2553.40 0.00 0.00
ASX ALL ORDINARIES . . . 4367.50 0.00 0.00
BOVESPA SAO PAOLO. . 65819.62 -273.15 -0.41
ISEQ OVERALL INDEX . . . 3170.70 3.86 0.12
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 858.03 -12.77 -1.47
SWISS MARKET INDEX. . . 6200.97 8.55 0.14
Price Chg %chg
3M........................................................87.90 0.14 98.19 68.63
ABBOTT LABS ...................................56.29 0.06 56.84 46.29
ALCOA ................................................10.46 0.08 18.47 8.45
ALTRIA GROUP..................................29.70 0.05 30.40 23.20
AMAZON.COM..................................178.89 -1.69 246.71 160.59
AMERICAN EXPRESS........................52.67 -0.12 53.80 41.30
AMGEN INC.........................................67.34 0.55 70.00 47.66
APPLE...............................................516.39 3.35 526.29 310.50
AT&T....................................................30.46 0.18 31.94 27.27
BANK OF AMERICA.............................8.02 0.07 14.70 4.92
BERKSHIRE HATAW B.......................79.37 0.44 87.65 65.35
BOEING CO.........................................75.85 -0.21 80.65 56.01
CATERPILLAR..................................116.20 0.39 116.55 67.54
CHEVRON.........................................108.35 0.85 110.99 86.68
CISCO SYSTEMS................................20.23 0.11 20.49 13.30
CITIGROUP.........................................32.71 0.35 48.40 21.40
COCA-COLA.......................................69.18 -0.07 71.77 61.29
COMCAST CLASS A..........................29.81 0.53 29.83 19.19
CONOCOPHILLIPS.............................74.81 0.68 81.80 58.65
CVS/CAREMARK................................44.04 0.35 45.00 31.30
DU PONT(EI) DE NMR........................51.43 0.15 57.50 37.10
EXXON MOBIL....................................87.02 0.10 88.23 63.47
GENERAL ELECTRIC.........................19.31 -0.08 21.21 14.02
GOOGLE A........................................606.11 -1.83 670.25 473.02
HEWLETT PACKARD.........................27.05 -1.89 48.55 19.92
HOME DEPOT.....................................46.95 0.38 48.07 28.13
IBM.....................................................197.61 3.74 199.23 151.71
INTEL CORP .......................................26.66 -0.07 27.50 19.16
J.P.MORGAN CHASE.........................38.49 0.42 47.80 27.85
JOHNSON & JOHNSON.....................65.10 0.10 68.05 55.76
KRAFT FOODS A................................37.98 -0.01 39.06 24.30
MC DONALD'S CORP ......................100.81 0.15 102.22 72.89
MERCK AND CO. NEW......................38.51 0.29 39.43 29.47
MICROSOFT........................................31.37 0.10 31.68 23.65
OCCID. PETROLEUM.......................104.67 1.41 117.89 66.36
ORACLE CORP...................................28.81 0.26 36.50 24.72
PEPSICO.............................................63.13 0.03 71.89 58.50
PFIZER ................................................21.03 -0.33 22.17 16.63
PHILIP MORRIS INTL .........................82.17 -0.12 82.77 60.45
PROCTER AND GAMBLE ..................66.42 1.98 67.72 56.57
QUALCOMM INC ................................63.51 0.96 63.66 45.98
SCHLUMBERGER ..............................79.59 -0.41 95.64 54.79
TRAVELERS CIES..............................58.96 0.02 64.17 45.97
UNITED TECHNOLOGIE ....................83.49 -0.46 91.83 66.87
UNITEDHEALTH GROUP...................54.94 -0.24 55.64 41.27
VERIZON COMMS ..............................38.13 -0.08 40.48 32.28
VISA CL A..........................................116.48 0.12 117.18 70.45
WAL-MART STORES..........................58.54 -0.06 62.63 48.31
WALT DISNEY CO ..............................41.48 0.21 44.34 28.19
WELLS FARGO & CO.........................30.65 0.06 32.97 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 ..................0.279 0.00
LIBOR Euro - 12 months ................1.622 -0.01
LIBOR USD - overnight...................0.139 0.00
LIBOR USD - 12 months.................1.066 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 .........................3.140 -0.01
European repo rate.........................0.187 0.00
Euro Euribor ....................................0.360 0.00
The vix index ...................................17.46 -0.73
The baItic dry index ........................704.0 -2.00
Markit iBoxx...................................241.23 0.23
Markit iTraxx..................................132.56 0.48
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .319.2 -5.7 340.8 248.1
Chemring Group . . . .435.6 -1.8 736.5 368.8
Cobham . . . . . . . . . . .188.9 -0.5 236.5 165.9
Meggitt . . . . . . . . . . . .391.0 2.8 397.6 304.9
QinetiQ Group . . . . . .153.2 2.8 153.2 101.5
RoIIs-Royce HoIdi . . .806.0 4.5 806.5 557.5
Senior . . . . . . . . . . . . .198.5 10.2 198.9 132.6
UItra EIectronics . . .1710.0 -5.0 1789.0 1305.0
GKN . . . . . . . . . . . . . .228.3 2.1 245.0 157.0
BarcIays . . . . . . . . . . .241.0 1.8 319.9 138.9
HSBC HoIdings . . . . .575.4 -0.2 711.1 463.5
LIoyds Banking Gr . . .36.6 1.2 65.8 21.8
RoyaI Bank of Sco . . .28.7 1.4 47.3 17.3
Standard Chartere .1634.0 5.0 1712.5 1169.5
AG Barr . . . . . . . . . .1240.0 15.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .380.4 -1.5 444.0 289.9
Diageo . . . . . . . . . . .1502.5 2.0 1509.5 1112.0
SABMiIIer . . . . . . . . .2567.0 15.0 2567.6 1979.0
AZ EIectronic Mat . . .313.5 -0.5 338.1 206.1
Croda Internation . .2176.0 30.0 2181.0 1551.0
EIementis . . . . . . . . . .166.5 -0.1 187.4 107.5
Johnson Matthey . .2343.0 24.0 2357.0 1523.0
Victrex . . . . . . . . . . .1350.0 12.0 1590.0 1025.0
YuIe Catto & Co . . . . .221.9 4.9 253.0 148.0
C/$ 1.3243 0.0010
C/ 0.8450 0.0065
C/ 106.32 0.7615
/C 1.1834 0.0093
/$ 1.5675 0.0107
/ 125.83 0.0792
FTSE 100
5937.89
21.34
FTSE 250
11505.74
56.51
FTSE ALLSHARE
3074.94
11.47
DOW
12984.91
46.24
NASDAQ
2956.98
23.81
S&P 500
1363.46
5.80
Smith (DS) . . . . . . . . .173.2 -0.8 183.4 113.3
Smiths Group . . . . .1071.0 5.0 1353.0 869.5
Brown (N.) Group . . .249.7 -3.0 304.5 227.0
Carpetright . . . . . . . . .659.5 20.0 770.5 375.0
Debenhams . . . . . . . . .73.5 0.6 74.8 51.2
Dignity . . . . . . . . . . . .825.0 16.5 854.5 678.0
Dixons RetaiI . . . . . . .14.6 -0.1 20.4 9.4
DuneImGroup . . . . . .514.5 8.0 524.5 383.9
HaIfords Group . . . . .317.9 -1.0 405.9 268.6
Home RetaiI Group . .103.3 -2.4 228.5 72.5
Inchcape . . . . . . . . . .375.1 0.3 425.4 268.1
JD Sports Fashion . .839.0 25.0 1030.0 570.0
Kesa EIectricaIs . . . . .76.5 -4.2 151.4 60.2
Kingfisher . . . . . . . . .280.7 3.9 287.1 217.0
Marks & Spencer G . .352.7 3.6 402.2 301.8
Next . . . . . . . . . . . . .2754.0 26.0 2810.0 1868.0
Sports Direct Int . . . .294.8 4.8 295.7 174.7
WH Smith . . . . . . . . . .543.0 7.0 559.0 433.8
Smith & Nephew . . . .624.0 -5.0 718.5 521.0
Synergy HeaIth . . . . .860.0 4.5 981.0 808.0
Barratt DeveIopme . .142.1 2.3 146.9 67.5
BeIIway . . . . . . . . . . . .806.5 -9.0 820.0 540.5
BerkeIey Group Ho .1387.0 17.0 1387.0 960.0
BaIfour Beatty . . . . . .284.3 -5.1 357.3 214.6
CRH . . . . . . . . . . . . .1370.0 19.0 1687.0 1053.0
GaIIiford Try . . . . . . . .560.0 15.0 564.5 332.8
Kier Group . . . . . . . .1334.0-155.0 1489.0 1097.0
Drax Group . . . . . . . .518.5 10.5 581.5 371.9
SSE . . . . . . . . . . . . . .1287.0 -10.0 1423.0 1184.0
Domino Printing S . .663.5 3.5 705.0 434.3
HaIma . . . . . . . . . . . . .391.4 1.7 429.6 306.3
Laird . . . . . . . . . . . . . .170.0 3.4 207.0 127.9
Morgan CrucibIe C . .358.0 2.6 368.8 224.0
Oxford Instrument .1175.0 23.0 1175.0 600.5
Renishaw . . . . . . . . .1500.0 50.0 1886.0 800.0
Spectris . . . . . . . . . .1731.0 14.0 1739.0 1039.0
Aberforth SmaIIer . . .632.5 4.0 714.0 494.0
AIIiance Trust . . . . . .372.2 1.2 392.7 310.2
Bankers Inv Trust . . .417.2 4.9 428.0 346.5
BH GIobaI Ltd. GB .1196.0 16.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.9 0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.7 -0.0 20.2 16.3
BH Macro Ltd. GBP 2032.0 3.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.7 0.1 20.2 16.2
BIackRock WorId M .725.0 4.0 815.5 574.5
BIueCrest AIIBIue . . .166.3 1.4 176.2 160.6
British Assets Tr . . . .129.4 -0.1 139.4 109.0
British Empire Se . . .454.5 2.3 533.0 404.0
CaIedonia Investm .1560.0 19.0 1800.0 1337.0
City of London In . . .299.9 1.3 306.9 257.0
Dexion AbsoIute L . .139.0 0.0 151.0 130.0
Edinburgh Dragon . .251.0 -2.0 253.0 201.4
Edinburgh Inv Tru . . .496.5 4.5 496.5 414.9
EIectra Private E . . .1636.0 7.0 1755.0 1287.0
F&C Inv Trust . . . . . .312.5 1.5 327.9 261.5
FideIity China Sp . . . . .88.0 0.1 114.3 70.0
FideIity European . .1130.0 5.0 1287.0 912.0
HeraId Inv Trust . . . . .523.0 -2.0 545.5 419.0
HICL Infrastructu . . . .119.4 0.0 121.3 112.7
Impax Environment .104.0 0.0 125.4 88.5
John Laing Infras . . .110.0 0.2 110.6 103.4
JPMorgan American .933.5 -0.5 934.0 721.5
JPMorgan Asian In . .204.4 -0.6 244.0 170.1
JPMorgan Emerging .569.5 -2.5 610.5 480.1
JPMorgan European .743.0 4.0 983.5 624.0
JPMorgan Indian I . . .395.5 -2.5 459.0 313.1
JPMorgan Russian .576.0 2.0 741.0 415.1
Law Debenture Cor . .384.5 2.2 385.0 321.0
MercantiIe Inv Tr . . .1007.0 1.0 1119.0 823.0
Merchants Trust . . . .392.0 1.1 431.8 341.5
Monks Inv Trust . . . .343.4 2.5 367.9 298.1
Murray Income Tru . .673.0 3.0 675.9 568.0
Murray Internatio . . .987.0 2.5 991.5 818.5
PerpetuaI Income . . .270.0 -0.3 276.0 236.5
PersonaI Assets T .34990.0 110.0 35000.030210.0
PoIar Cap TechnoI . .389.2 3.2 390.0 299.5
RIT CapitaI Partn . . .1240.0 2.0 1360.0 1173.0
Scottish Inv Trus . . . .492.8 1.8 524.0 417.0
Scottish Mortgage . .691.0 3.0 781.0 565.0
SVG CapitaI . . . . . . . .271.6 1.6 279.8 165.1
TempIe Bar Inv Tr . . .945.0 18.0 952.0 791.0
TempIeton Emergin .633.5 4.5 684.5 497.0
TR Property Inv T . . .154.4 0.2 206.1 136.2
TR Property Inv T . . . .70.6 -0.1 94.0 59.8
Witan Inv Trust . . . . .495.3 1.7 533.0 401.5
3i Group . . . . . . . . . . .194.6 0.4 312.3 166.9
3i Infrastructure . . . .125.2 1.0 125.2 113.4
Aberdeen Asset Ma .252.9 -1.1 265.8 167.8
Ashmore Group . . . .401.2 14.7 420.0 301.5
Brewin DoIphin Ho . .152.0 1.6 184.7 113.7
CameIIia . . . . . . . . . .9600.0 258.010950.0 8800.0
CharIes TayIor Co . . .142.5 0.0 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .360.0 -9.0 440.0 304.3
CIose Brothers Gr . . .737.0 -7.0 875.0 590.0
CoIIins Stewart H . . . .99.3 0.3 101.0 48.5
F&C Asset Managem .70.6 1.1 88.1 56.1
Hargreaves Lansdo .457.8 -7.2 646.5 402.5
HeIphire Group . . . . . . .2.1 -0.0 17.4 1.4
Henderson Group . . .126.1 0.1 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .390.0 -5.1 541.5 311.6
IG Group HoIdings . .476.1 1.6 502.5 393.6
Intermediate Capi . . .277.5 -1.5 345.0 197.9
InternationaI Per . . . .224.2 0.7 388.8 148.5
InternationaI Pub . . . .118.6 0.3 121.5 108.6
Investec . . . . . . . . . . .403.6 11.0 522.0 318.4
IP Group . . . . . . . . . . .115.5 0.5 118.5 36.0
Jupiter Fund Mana . .253.4 -1.6 331.6 184.9
Liontrust Asset M . . . .89.9 0.0 91.4 57.9
LMS CapitaI . . . . . . . . .55.8 -1.1 64.8 54.0
London Finance & . . .22.5 0.0 23.5 19.0
London Stock Exch .940.5 5.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .10.5 0.0 19.8 8.9
Man Group . . . . . . . . .129.0 -2.7 288.7 104.5
Paragon Group Of . .188.2 1.8 206.1 134.6
Provident Financi . .1085.0 20.0 1124.0 915.0
Rathbone Brothers .1262.0 -14.0 1290.0 977.0
Record . . . . . . . . . . . . .11.5 0.0 35.5 11.1
RSM Tenon Group . . . .5.9 -0.0 45.5 5.5
Schroders . . . . . . . .1580.0 1.0 1906.0 1183.0
Schroders (Non-Vo .1268.0 5.0 1554.0 970.0
TuIIett Prebon . . . . . .332.7 3.5 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 40.0
BT Group . . . . . . . . . .215.5 0.5 216.6 161.0
CabIe & WireIess . . . .34.6 0.1 51.2 31.3
CabIe & WireIess . . . .26.7 0.4 72.6 14.2
COLT Group SA . . . . .99.0 0.2 156.2 84.1
KCOM Group . . . . . . . .70.8 -0.5 84.0 58.5
TaIkTaIk TeIecom . . .142.2 0.1 150.0 118.9
TeIecomPIus . . . . . . .639.5 -1.5 802.0 440.0
Booker Group . . . . . . .75.3 -0.3 80.0 54.5
Greggs . . . . . . . . . . . .552.5 0.5 558.8 445.0
Morrison (Wm) Sup .286.5 -8.8 328.0 268.5
Ocado Group . . . . . . .100.0 -1.4 237.0 52.9
Sainsbury (J) . . . . . . .298.9 -6.0 380.0 263.5
Tesco . . . . . . . . . . . . .314.9 -0.6 420.1 311.1
Associated Britis . .1228.0 6.0 1232.0 940.0
Cranswick . . . . . . . . .812.0 -26.5 862.0 588.5
Dairy Crest Group . . .332.0 0.4 409.7 311.0
Devro . . . . . . . . . . . . .310.0 -2.0 316.9 232.0
Tate & LyIe . . . . . . . . .700.0 4.5 720.5 520.0
UniIever . . . . . . . . . .2090.0 1.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .580.5 4.0 664.0 413.5
Centrica . . . . . . . . . . .296.2 2.7 340.1 278.8
InternationaI Pow . . .339.8 1.3 347.0 279.4
NationaI Grid . . . . . . .647.0 1.0 650.9 543.5
Pennon Group . . . . . .697.0 -3.0 737.5 584.5
Severn Trent . . . . . .1535.0 4.0 1600.0 1375.0
United UtiIities . . . . .601.0 2.0 637.0 551.0
Cookson Group . . . . .670.0 30.0 724.5 395.8
Rexam . . . . . . . . . . . .416.0 3.0 419.1 299.8
RPC Group . . . . . . . .391.4 7.7 393.2 231.5
Price Chg High Low
Bovis Homes Group .510.0 6.5 514.0 326.5
Persimmon . . . . . . . .621.5 9.0 623.5 374.0
Reckitt Benckiser . .3500.0 0.0 3597.0 3015.0
Redrow . . . . . . . . . . . .129.0 -1.0 138.4 103.5
TayIor Wimpey . . . . . . .50.1 0.4 50.4 28.7
Bodycote . . . . . . . . . .389.3 52.3 401.9 225.6
Fenner . . . . . . . . . . . .481.8 14.7 483.6 280.0
IMI . . . . . . . . . . . . . . . .973.5 8.5 1119.0 636.5
MeIrose . . . . . . . . . . .391.0 4.7 391.1 268.0
Northgate . . . . . . . . . .240.0 3.5 346.7 190.9
Rotork . . . . . . . . . . .2099.0 20.0 2109.0 1501.0
Spirax-Sarco Engi . .2101.0 32.0 2105.0 1649.0
Weir Group . . . . . . .2178.0 24.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .397.6 0.6 460.5 315.0
Ferrexpo . . . . . . . . . . .324.7 -1.3 499.0 238.7
TaIvivaara Mining . . .282.0 -2.2 589.0 195.2
BBAAviation . . . . . . .204.3 0.6 225.7 156.0
Stobart Group Ltd . . .125.2 0.2 155.0 112.0
AdmiraI Group . . . . .1050.0 13.0 1754.0 787.0
AmIin . . . . . . . . . . . . .357.6 2.2 427.0 270.6
BeazIey . . . . . . . . . . . .149.0 0.2 150.1 109.6
Informa . . . . . . . . . . . .435.3 18.2 445.3 313.9
ITE Group . . . . . . . . . .240.6 4.1 258.2 157.7
ITV . . . . . . . . . . . . . . . . .77.8 -1.1 93.5 51.7
Johnston Press . . . . . . .7.5 1.0 12.8 4.1
MecomGroup . . . . . .187.5 -2.8 310.0 134.5
Moneysupermarket. .120.5 1.6 123.2 84.8
Pearson . . . . . . . . . .1233.0 16.0 1255.0 1013.0
PerformGroup . . . . .274.4 0.7 279.1 150.0
Reed EIsevier . . . . . .552.0 3.0 578.0 461.3
Rightmove . . . . . . . .1340.0 -8.0 1408.0 857.0
STV Group . . . . . . . . .107.0 -0.5 168.0 76.3
Tarsus Group . . . . . .148.0 0.0 165.0 119.5
Trinity Mirror . . . . . . . .49.0 -0.3 84.3 37.5
UBM . . . . . . . . . . . . . .599.0 8.5 712.5 416.0
UTV Media . . . . . . . . .135.5 15.5 150.0 92.5
WiImington Group . . .86.5 0.0 166.1 78.5
WPP . . . . . . . . . . . . . .808.0 6.0 846.5 578.0
YeII Group . . . . . . . . . . .4.5 0.1 11.0 3.4
African Barrick G . . .467.4 4.4 616.5 393.5
AIIied GoId Minin . . .120.0 1.1 281.3 34.4
AngIo American . . .2693.0 -16.0 3360.5 2138.5
AngIo Pacific Gro . . .328.8 13.8 350.0 237.9
Antofagasta . . . . . . .1344.0 25.0 1491.0 900.5
Aquarius PIatinum . .146.1 3.4 405.5 136.7
BHP BiIIiton . . . . . . .2088.5 1.5 2631.5 1667.0
CatIin Group Ltd. . . .425.2 6.0 449.0 334.0
Hiscox Ltd. . . . . . . . . .404.6 -3.4 424.7 340.5
Jardine LIoyd Tho . . .698.5 8.5 764.5 576.0
Lancashire HoIdin . . .790.0 -0.5 805.0 532.5
RSA Insurance Gro . .107.0 -5.5 141.2 99.6
Aviva . . . . . . . . . . . . . .370.8 -1.3 477.9 275.3
LegaI & GeneraI G . . .121.9 1.4 123.8 89.8
OId MutuaI . . . . . . . . .160.1 3.3 161.0 98.1
Phoenix Group HoI . .575.5 7.5 688.0 451.1
PrudentiaI . . . . . . . . .723.0 11.5 777.0 509.0
ResoIution Ltd. . . . . .263.1 1.8 316.1 229.5
St James's PIace . . . .369.0 0.6 376.0 294.0
Standard Life . . . . . . .233.5 1.4 244.7 172.0
4Imprint Group . . . . .235.0 0.0 295.0 200.0
Aegis Group . . . . . . .170.9 -2.6 175.5 115.7
BIoomsbury PubIis . .121.8 0.0 138.0 91.3
British Sky Broad . . .687.5 -1.0 850.0 618.5
Centaur Media . . . . . . .39.8 -5.3 67.3 32.5
Chime Communicati .223.5 -1.0 298.5 163.0
Creston . . . . . . . . . . . .59.3 -0.3 121.0 47.0
DaiIy MaiI and Ge . . .425.5 -2.5 562.0 343.4
Euromoney Institu . .771.0 26.0 771.0 522.5
Future . . . . . . . . . . . . . .12.5 0.0 27.5 8.3
Haynes PubIishing . .205.0 7.0 257.0 192.0
Huntsworth . . . . . . . . .43.4 -1.4 79.3 32.3
Bumi . . . . . . . . . . . . . .781.5 0.77 796.1 770.0
Centamin (DI) . . . . . . . .94.1 1.7 154.2 78.5
Eurasian NaturaI . . .735.5 13.5 974.0 522.0
FresniIIo . . . . . . . . . .1885.0 108.0 2150.0 1302.0
GemDiamonds Ltd. .254.2 10.6 292.0 179.8
GIencore Internat . . .438.1 -2.3 531.1 348.0
HochschiId Mining . .519.0 14.5 680.0 365.9
Kazakhmys . . . . . . .1163.0 15.0 1493.0 730.0
Kenmare Resources . .58.6 0.4 61.5 31.0
Lonmin . . . . . . . . . . .1065.0 8.0 1880.0 941.0
New WorId Resourc .520.0 6.0 1060.0 409.4
PetropavIovsk . . . . . .749.0 11.5 1090.0 543.5
PoIymetaI Interna . .1049.0 4.0 1175.0 877.0
RandgoId Resource 7500.0 255.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3690.0 27.5 4595.0 2712.5
Vedanta Resources 1435.0 55.0 2518.0 928.0
Xstrata . . . . . . . . . . .1209.5 -5.5 1550.0 764.0
Inmarsat . . . . . . . . . . .483.3 9.0 685.5 389.3
Vodafone Group . . . .173.5 -0.4 182.7 155.1
Genesis Emerging . .520.0 -2.0 548.5 424.0
Afren . . . . . . . . . . . . . .139.7 -0.8 171.2 73.6
BG Group . . . . . . . . .1523.0 15.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .495.4 -1.6 499.3 363.2
Cairn Energy . . . . . . .352.6 5.3 531.8 291.9
EnQuest . . . . . . . . . . .125.0 0.3 158.5 85.7
Essar Energy . . . . . .121.6 -3.6 525.5 120.0
ExiIIon Energy . . . . . .244.5 4.5 469.7 184.2
Heritage OiI . . . . . . . .187.4 2.2 332.2 160.0
Ophir Energy . . . . . . .375.0 -17.0 394.1 184.5
Premier OiI . . . . . . . . .441.9 2.2 521.0 310.0
RoyaI Dutch SheII . .2328.5 19.5 2402.0 1883.5
RoyaI Dutch SheII . .2365.0 19.5 2489.0 1890.5
SaIamander Energy .252.7 5.7 317.6 182.3
Soco Internationa . . .336.1 6.1 400.0 278.0
TuIIow OiI . . . . . . . . .1540.0 9.0 1601.0 945.5
Amec . . . . . . . . . . . .1088.0 -27.0 1207.0 740.5
Hunting . . . . . . . . . . .807.0 2.5 845.0 530.0
Kentz Corporation . .486.0 19.6 508.0 347.0
LampreII . . . . . . . . . . .347.6 13.4 395.2 220.7
Petrofac Ltd. . . . . . .1590.0 -3.0 1611.0 1108.0
Wood Group (John) .724.0 -1.0 741.5 469.9
Burberry Group . . . .1442.0 8.0 1600.0 1092.0
PZ Cussons . . . . . . . .310.0 1.5 387.9 285.0
Supergroup . . . . . . . .562.0 -18.0 1646.0 435.2
AstraZeneca . . . . . .2874.5 36.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .358.7 8.1 361.5 210.1
Genus . . . . . . . . . . . .1255.0 13.0 1255.0 853.5
GIaxoSmithKIine . . .1415.5 6.5 1497.0 1138.5
Hikma Pharmaceuti .745.5 3.5 869.0 555.5
Shire PIc . . . . . . . . . .2231.0 -17.0 2300.0 1671.0
CapitaI & Countie . . .188.2 -2.6 203.7 148.0
Daejan HoIdings . . .2899.0 29.0 3030.0 2282.0
F&C CommerciaI Pr .102.9 -0.1 108.0 92.6
Grainger . . . . . . . . . . .108.8 4.8 133.2 77.3
London & Stamford .114.4 0.9 140.0 103.9
SaviIIs . . . . . . . . . . . . .363.1 3.5 427.1 256.2
UK CommerciaI Pro . .73.4 -0.2 85.5 65.1
Unite Group . . . . . . . .185.0 -0.7 224.1 152.9
Big YeIIow Group . . .300.0 4.4 344.4 218.0
British Land Co . . . . .471.3 -0.7 629.5 444.0
CapitaI Shopping . . .337.1 2.3 408.6 288.7
Derwent London . . .1726.0 2.0 1880.0 1400.0
Great PortIand Es . . .356.0 -1.4 445.0 312.9
Hammerson . . . . . . . .385.7 -2.7 490.9 345.2
Hansteen HoIdings . . .73.0 0.0 89.5 68.0
Land Securities G . . .676.0 3.5 885.0 612.0
SEGRO . . . . . . . . . . . .230.1 -1.7 331.3 195.0
Shaftesbury . . . . . . . .497.2 0.8 539.0 441.2
Aveva Group . . . . . .1722.0 6.0 1799.0 1298.0
Computacenter . . . . .412.5 3.2 490.0 324.7
Fidessa Group . . . . .1689.0 -17.0 2109.0 1444.0
Invensys . . . . . . . . . . .212.9 -0.1 357.3 180.9
Logica . . . . . . . . . . . . .82.5 -4.2 144.8 59.0
Micro Focus Inter . . .450.0 2.3 458.4 242.9
Misys . . . . . . . . . . . . .330.0 -1.0 420.2 214.9
Sage Group . . . . . . . .308.5 2.5 310.5 231.7
SDL . . . . . . . . . . . . . . .668.5 3.5 711.5 586.0
TeIecity Group . . . . . .687.5 6.0 694.5 450.5
Aggreko . . . . . . . . . .2205.0 47.0 2210.0 1394.5
Ashtead Group . . . . .247.5 0.0 252.5 99.4
Atkins (WS) . . . . . . . .771.5 12.0 820.0 490.2
Babcock Internati . . .747.0 10.0 764.5 542.0
Berendsen . . . . . . . . .462.0 -11.0 568.0 402.7
BunzI . . . . . . . . . . . . .926.0 9.0 928.5 676.5
Cape . . . . . . . . . . . . . .442.2 4.5 591.5 295.0
Capita . . . . . . . . . . . . .718.0 29.5 786.5 611.5
CariIIion . . . . . . . . . . .344.0 4.9 403.2 281.0
De La Rue . . . . . . . . .979.5 3.0 1001.0 717.0
DipIoma . . . . . . . . . . .391.5 0.6 425.5 263.5
EIectrocomponents .243.9 0.8 294.9 182.2
Experian . . . . . . . . . . .953.5 4.5 961.0 665.0
FiItrona PLC . . . . . . . .442.8 28.8 446.9 293.0
G4S . . . . . . . . . . . . . . .285.4 5.7 291.0 219.9
Hays . . . . . . . . . . . . . . .87.3 -0.1 130.0 58.9
Homeserve . . . . . . . .224.2 -0.2 532.0 218.5
Howden Joinery Gr . .118.9 1.4 120.9 93.1
Interserve . . . . . . . . . .310.7 -4.2 341.3 239.8
Intertek Group . . . . .2267.0 8.0 2299.0 1738.0
MichaeI Page Inte . . .462.2 10.4 567.0 323.0
Mitie Group . . . . . . . .266.1 0.5 271.0 195.9
PayPoint . . . . . . . . . . .582.0 -1.0 585.0 330.4
Premier FarneII . . . . .219.4 3.6 308.8 144.5
Regus . . . . . . . . . . . . .112.3 0.0 119.0 64.0
RentokiI InitiaI . . . . . . .81.1 1.9 100.9 58.2
RPS Group . . . . . . . . .229.2 -4.7 253.0 156.6
Serco Group . . . . . . .556.0 17.0 618.5 458.0
Shanks Group . . . . . .106.6 -0.3 130.9 90.8
SIG . . . . . . . . . . . . . . .113.2 0.6 153.5 77.0
Travis Perkins . . . . .1071.0 12.0 1090.0 715.0
WoIseIey . . . . . . . . .2422.0 7.0 2465.0 1404.0
ARM HoIdings . . . . . .573.5 -5.0 645.0 464.0
CSR . . . . . . . . . . . . . .248.5 -2.5 391.4 154.1
Imagination Techn . .601.0 1.0 630.5 296.9
Spirent Communica .137.7 1.6 160.0 105.8
British American . .3133.0 0.0 3151.5 2300.0
ImperiaI Tobacco . .2495.0 18.0 2519.0 1878.0
Betfair Group . . . . . . .890.0 6.5 1030.0 567.0
Bwin.party Digita . . .162.0 -3.2 204.0 100.6
CarnivaI . . . . . . . . . .1897.0 -6.0 2766.0 1742.0
Compass Group . . . .635.5 3.5 641.0 512.5
Domino's Pizza UK . .447.0 -13.0 526.0 377.0
easyJet . . . . . . . . . . . .454.3 -4.7 476.1 301.0
FirstGroup . . . . . . . . .295.5 -7.7 371.3 293.2
Go-Ahead Group . . .1274.0 -53.0 1598.0 1190.0
Greene King . . . . . . .506.0 0.5 521.5 410.0
InterContinentaI . . .1407.0 -13.0 1440.0 955.0
InternationaI Con . . .162.6 -2.6 258.7 132.0
JD Wetherspoon . . . .407.0 -1.4 468.3 380.5
Ladbrokes . . . . . . . . .151.4 -2.5 155.3 114.0
Marston's . . . . . . . . . . .98.0 0.0 112.0 84.6
MiIIennium& Copt . .489.3 -2.3 596.0 371.2
MitcheIIs & ButIe . . . .265.0 -7.0 336.8 215.6
NationaI Express . . .219.4 -3.7 270.2 201.6
Rank Group . . . . . . . .141.0 2.6 153.7 109.5
Restaurant Group . . .292.3 0.3 335.0 254.9
Spirit Pub Compan . . .55.8 0.5 57.8 35.3
Stagecoach Group . .269.5 2.7 287.4 200.0
TUI TraveI . . . . . . . . . .200.9 -1.1 250.0 136.7
Whitbread . . . . . . . .1702.0 -2.0 1800.0 1409.0
WiIIiamHiII . . . . . . . . .233.5 -2.2 244.1 176.8
Abcam . . . . . . . . . . . .330.0 5.5 460.0 320.0
Advanced MedicaI . . .91.0 -0.8 96.0 64.8
AIbemarIe & Bond . .353.0 -2.0 400.1 281.0
Amerisur Resource . .26.3 3.3 29.0 9.5
Andor TechnoIogy . .550.5 -7.0 685.0 387.1
ArchipeIago Resou . . .69.8 0.8 79.0 55.5
ASOS . . . . . . . . . . . .1868.0 -40.0 2468.0 1142.0
AureIian OiI & Ga . . . .22.3 1.3 92.0 16.0
Avanti Communicat .262.5 -1.8 545.0 248.5
BIinkx . . . . . . . . . . . . . .81.5 -3.5 158.0 50.5
Borders & Souther . . .77.0 -2.5 80.5 43.5
BowLeven . . . . . . . . .118.5 -4.5 382.3 62.0
Brooks MacdonaId 1280.0 15.0 1372.5 940.0
CIuff GoId . . . . . . . . . .102.3 5.8 125.8 66.5
Cove Energy . . . . . . .194.8 0.8 195.3 61.0
Daisy Group . . . . . . .108.0 -0.5 127.0 88.0
EMIS Group . . . . . . . .430.0 0.0 580.0 397.5
Faroe PetroIeum . . . .174.3 -0.3 190.0 130.0
GuIfsands PetroIe . . .169.5 -5.0 342.0 142.5
GWPharmaceuticaI . .95.5 0.3 130.0 78.5
H&T Group . . . . . . . . .335.5 0.5 395.0 277.0
Hargreaves Servic .1240.0 2.0 1246.0 855.0
HeaIthcare Locums . . . .3.2 0.2 3.4 3.0
Immunodiagnostic . .401.0 -7.0 1218.0 288.8
ImpeIIamGroup . . . .323.5 3.5 387.5 225.0
Iomart Group . . . . . . .147.5 3.0 151.0 85.5
James HaIstead . . . . .511.0 8.5 527.0 410.0
London Mining . . . . .297.0 4.0 436.5 257.5
Lupus CapitaI . . . . . .127.0 2.3 150.0 86.0
M. P. Evans Group . .450.0 4.0 475.0 371.0
Majestic Wine . . . . . .423.5 2.5 510.0 315.0
May Gurney Integr . .295.0 -2.0 302.0 234.0
Monitise . . . . . . . . . . . .38.3 0.8 40.0 20.5
MuIberry Group . . . .1911.0 4.0 1951.0 1199.0
Nanoco Group . . . . . . .67.0 5.0 93.3 38.0
NauticaI PetroIeu . . .353.0 -6.5 452.0 223.5
NichoIs . . . . . . . . . . . .638.0 -4.0 649.0 410.0
Numis Corporation . . .97.0 -3.0 121.0 72.0
Pan African Resou . . .17.8 0.3 18.0 9.5
Patagonia GoId . . . . . .41.0 2.3 70.0 36.8
Prezzo . . . . . . . . . . . . .68.4 2.8 71.5 53.5
Pursuit Dynamics . . . .86.5 -0.5 392.0 67.0
Rockhopper ExpIor .377.8 -8.3 391.8 141.0
RWS HoIdings . . . . . .517.5 -12.5 536.0 350.0
Secure Trust Bank .1047.5 0.0 1070.0 755.0
Songbird Estates . . .109.0 -1.0 160.3 103.0
VaIiant PetroIeum . . .500.0 4.8 645.0 400.0
Young & Co's Brew . .692.5 7.5 712.0 565.0
Bodycote . . . . . . . . . .389.3 15.5
FiItrona PLC . . . . . . .442.8 7.0
FresniIIo . . . . . . . . . .1885.0 6.1
Senior . . . . . . . . . . . . .198.5 5.4
RoyaI Bank of Scot . . .28.7 5.1
Cookson Group . . . . .670.0 4.7
Grainger . . . . . . . . . . .108.8 4.6
AngIo Pacific Grou . .328.8 4.4
Informa . . . . . . . . . . . .435.3 4.4
Gem Diamonds Ltd. .254.2 4.4
Kier Group . . . . . . . .1334.0 -10.4
Kesa EIectricaIs . . . . .76.5 -5.2
RSA Insurance Grou .107.0 -4.9
Logica . . . . . . . . . . . . .82.5 -4.8
Ophir Energy . . . . . . .375.0 -4.3
Go-Ahead Group . . .1274.0 -4.0
Cranswick . . . . . . . . .812.0 -3.2
Supergroup . . . . . . . .562.0 -3.1
Morrison (Wm) Supe .286.5 -3.0
Essar Energy . . . . . .121.6 -2.9
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
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FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
INDUSTRIAL ENGINEERING
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MEDIA
LIFE INSURANCE
PERSONAL GOODS
PHARMACEUTICALS & BIOTECH
REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
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TECHNOLOGY HARDW. & EQUIP.
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MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.15 -0.04 104.2 100.1
Tsy 5.250 12 . . . .101.38 -0.03 105.4 101.3
Tsy 9.000 12 . . . .103.80 -0.29 111.2 102.6
Tsy 2.500 13 . . . .282.79 -0.04 287.7 280.2
Tsy 8.000 13 . . . . .112.01 -0.04 116.9 111.9
Tsy 4.500 13 . . . .104.22 -0.04 106.5 104.1
Tsy 5.000 14 . . . . .111.60 0.03 112.9 109.3
Tsy 8.000 15 . . . .127.66 0.07 129.2 123.8
Tsy 7.750 15 . . . .100.00 0.00 106.1 99.4
Tsy 4.750 15 . . . . .114.60 0.07 115.4 109.1
Tsy 2.500 16 . . . .342.05 0.17 344.2 314.7
Tsy 4.000 16 . . . . .114.01 0.11 114.7 105.6
Tsy 1.250 17 . . . . .115.61 0.20 116.6 107.8
Tsy 12.000 17 . . .120.59 1.01 128.6 119.4
Tsy 8.750 17 . . . .141.48 -0.18 141.9 133.3
Tsy 5.000 18 . . . .122.03 0.16 122.5 110.6
Tsy 4.500 19 . . . .120.22 0.24 120.7 106.5
Tsy 3.750 19 . . . . .115.05 0.27 115.6 100.7
Tsy 2.500 20 . . . .364.49 0.21 367.1 318.6
Tsy 4.750 20 . . . .122.40 0.23 123.5 107.7
Tsy 8.000 21 . . . .151.20 0.26 153.4 134.8
Tsy 4.000 22 . . . . .116.38 0.28 118.2 100.0
Tsy 1.875 22 . . . .126.40 0.26 129.1 113.2
Tsy 2.500 24 . . . .327.53 0.13 334.7 280.6
Tsy 5.000 25 . . . .127.64 0.25 130.6 108.5
Tsy 4.250 27 . . . . .118.76 0.35 122.7 99.1
Tsy 1.250 27 . . . .122.29 0.16 127.0 106.6
Tsy 6.000 28 . . . .143.26 0.37 148.0 120.7
Tsy 4.125 30 . . . .310.94 0.16 322.8 267.2
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Tsy 4.500 42 . . . .123.58 0.55 130.8 101.3
% %
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CITYA.M. 24 FEBRUARY 2012 33
Wealth Management | ISAs
Film
BLACK GOLD
Cert: 12A
hhhII
A
battle has finished and dead bodies
litter the sand, rotting in the unfor-
giving sun. The victor, Sultan Nesib
(Antonio Banderas) demands the
sons of the loser, Sultan Amar (Mark
Strong), as hostages. Amar agrees, as insur-
ance against future war. Finally, both agree
that the wasteland on which they are
standing, known as The Yellow Belt, is to
remain ownerless. Off rides Nesib for
whom Banderas seems to have kept his
Spanish accent with the boys.
Flash forward 15 years. Amars sons have
grown up: Saleh the elder into a warrior-
type who loves flying his hawk and the
younger Auda (Tahar Rahim) into a bookish
sweetie. One day, Texan Oil turns up and
tells Nesib that he is about to become very,
very rich. The bulk of the black gold,
though, lies in a little patch of no-mans
land calledThe Yellow Belt. When the
devoutly religious, honour-bound Amar
refuses to cooperate, insisting on honour-
ing the agreement made 15 years ago, war
becomes inevitable. Auda, now married to
Nesibs beautiful daughter Leila (Freida
Pinto), must pick sides.
Of course, this not just a war between
the sultans, but between mammon and
God, sons and fathers, faith and infidelity.
Old Arabia with tribal loyalties, religiosity
and cholera outbreaks is pitted against
the future, with its Americans, cash and
cars. A lot of blood is shed. Two and a half
hours worth, in fact. French director Jean-
Jacques Annaud has tried to pull off an
epic: a coming of age story about both a
young man and a region. But attempting to
show how the Gulf became awash in oil
money alongside a love story, a father-son
Film
RAMPART
Cert: 15
hhhhI by Steve Dinneen
A would-be epic
gets bogged down
in endless battles,
says Zoe Strimpel
Lifestyle | Reviews
34
Blood, sand and oil in Arabia
Antonio Banderas in Black
Gold (above) and Woody
Harrelson as corrupt cop
David Brown (below)
It all starts to fall apart when he gets
caught in a Rodney King-esque video bru-
talising a suspect. In a bid to hang onto his
job, and pay for his lawyer, he steps up his
criminal enterprises and ends up pulling
the wrath of the entire country down onto
his head. Harrelson looks every inch the
square jawed, bullet headed, thug cop; an
overgrown child, abusing every substance
he can lay his hands on to make the pain of
his life disappear. One scene shows him at
a seedy club, jacked up on prescription
medication (something to keep me up
and make it hard) binging on drink,
women and most strikingly food, until
he vomits his guts into the street.
Despite all this, he can still sleep with
more women that you. Pretty girls fall
over themselves for his boyish charm
and John Wayne swagger.
The whole thing, paradoxically, looks
beautiful. The grainy film stock perfectly
captures the sticky heat of the LA sum-
mer as Brown sweats out his latest binge.
He is no hero. Even anti-hero is overstat-
ing the point. As his daughter tells him,
hes a racist, a bigot, a misanthrope, a
chauvinistic and a homophobe. If it can be
categorised, he hates it. He is beyond
redemption but he still makes for com-
pulsive watching.
T
he big launch this week takes
place on the site of recently closed
Merah on Wells Street, Fitzrovia,
an area getting livelier by the
week. Project aims to offer the consum-
mate VIP experience for House Music afi-
cionados. Following a multi-million pound
refurbishment and with Luca Maggiora
(previously of Luxx) at the helm, this 400
capacity new venue should be a mecca
for discerning House Music fans who pre-
fer the finer things in life.
If you are looking for less of a VIP
experience but still hate to queue, The
Thirsty Bear in Blackfriars might be for
you. Londons first self service pub
allows you to control the beer taps on
every table by iPad. You can control the
jukebox too and it even helps you moni-
tor your consumption electronically if
you feel the need or just surf the net if
youre not feeling sociable. Another
recently opened bar is a thoroughly
British affair. 52 North Bar and Kitchen
is new to Poland Street and the UK bias
does not stop with our line of latitude.
The ground floor bar and lounge is com-
plete with fireplace and big sharing
tables whereas downstairs is more inti-
mate with a speakeasy feel. The menu is
of course all British, sourced from draft
British beers, whiskeys, ciders and even
English wine.
Further west, Gloucester Road institu-
tion letranger has just opened
Meursault at letranger, a bar and dining
room below the original. Inspired by the
main character of the French existential-
ist novel L'Etranger, Meursault is a
younger and more spirited sibling. More
loungy and relaxed, it should be great
for aperitifs or a late night tipple with
molecular cocktails, and sake on offer to
match the extensive wine list. Inspired
by the Belle poque, expect a decadent
and elegant interior. Finally, the
Innerplace Hosted Bar at Sanderson is
popping back up this Thursday with an
arty theme and an onward tour of pri-
vate viewing at Alison Jacques Gallery
and Erarta Galleries London. Tim
Badham is the founder of Innerplace,
Londons leading specialist VIP enter-
tainment Concierge innerplace.co.uk.
Theatre
TIS PITY SHES A WHORE
Barbican
JOHN Fords Jacobean tale of incest and
revenge is dragged kicking and screaming
into the 21st century in this highly stylised
and deliciously sinister production.
The forbidden love between Giovanni and
his sister Annabella is portrayed as a tender
but doomed affair similar in many ways to
another famous pair of star-crossed Italian
lovers. It was hugely controversial at the time
and has lost none of its impact now.
Lydia Wilson, as the object of desire,
strikes a perfect balance between youthful
innocence and sexual awakening, with a
display reminiscent of her take on Cate in
Sarah Kanes Blasted. Laurence Spellman,
though, provides the stand-out perform-
ance as the ambiguous, sadistic Vasquez,
delivering his lines with a hilarious
Cockney flourish.
Tis Pitys plot is, as youd expect of a
Jacobean tragedy, convoluted: condensing it
to two hours inevitably means some parts
notably Giovanni and Annabellas proposed
husband Soranzo feel a little under-devel-
oped. Director Declan Donnellan takes some
brave liberties with the material; characters
insecurities manifest themselves on the com-
pact stage and overlapping scenes swirl into
one another, giving the whole sordid affair a
nightmarish quality. Its dark, gruesome and
very gory and all the better for it.
story and a tale of politics too was possibly a
mistake, and it mostly becomes a film of
noisy, seductively-shot battles. Yes, the land-
scape is compelling filming took place in
the deserts of Tunisia and Qatar during the
Arab spring. But in the end, getting through
Black Gold feels rather like stumbling across
an endless sand dune.
Theatre
A MIDSUMMER NIGHTS DREAM
Hammersmith Lyric
IT HAS been a while since I was a student
but Im pretty sure A Midsummer Nights
Dream didnt start with a stand-up routine.
This Filter production, though, sets out its
stall from the very start: it is not your aver-
age Shakespeare.
The action takes place in what looks like
a subterranean bathroom, complete with
grotty, tiled walls and decked out with a full
band. Shakespeares characters are little
more than a vague inspiration for Filters
grotesque creations: Oberon is reimagined
as a second-rate super-hero, complete with
spandex costume and silver cape; Puck is a
burly, tattooed roadie; Bottom is well... that
would be telling. Suffice to say youll be
pleasantly surprised.
An extra onion-layer is written into the
play-within-a-play, adding to the overall
atmosphere of confusion. The fourth wall
isnt so much broken as bulldozed and set
alight; one improvised moment saw Puck
challenge a member of the audience to
throw a bread-roll at him. Its a slapstick
affair that owes as much to Laurel and
Hardy as it does William Shakespeare: that
the fine thread weaving the whole produc-
tion together remains more or less intact is
worthy of praise in itself.
Anyone with a particular attachment to
the bards words will want to chew through
their tongue before they get half way
through this production. Everyone else
should add it to their calendar.
Jacobean tale of incest is a 21st century triumph
DENZEL Washington and Ryan Reynolds star in this fast paced
thriller. The latter is Matt Weston, a safe house keeper with
dreams of becoming a CIA case officer, and the former, Tobin
Frost, the CIAs most dangerous traitor. When Frost is brought
to Westons safe house to be interrogated, the secret location is
promptly swarmed by gunman out to kill him, forcing Weston
to escape with his guest and deliver him to another designat-
ed house, alive. Its easier said than done.
Safe House is a sort of anti-roadtrip where the passenger
constantly tries to escape and the driver constantly gets
strangled. Set pieces are a whirl of metal-crunching car
chases; spit flecked stand-offs and some seriously painful
looking fight sequences. Reynolds successfully creates that
sought after but rarely achieved holy grail of action movies
a hero you genuinely care about.
Its a neat idea to focus on an often overlooked element of
the genre and, on the whole, the movie's flaws are masked
by a relentless pace, impressive set pieces and a convincing
turn from Reynolds. It's an adrenalin fuelled, smarter-than-
average blockbuster, lumbered with a disappointing final
twenty minutes.
GOING
OUT
TIM BADHAM
Film
SAFE HOUSE
Cert: 15
hhhII by Stevie Martin
T
he LAPD doesnt get the easiest of
rides from its local film studios.
Rarely is there a film espousing its
values as the saviour of the American
people. Rampart, though, takes this to a
whole new level.
Woody Harrelsons David Douglas Brown
is as corrupt as they come, extorting money
and dishing out beatings with reckless aban-
don. He gets away with it by being smarter
than the average grunt: he can reel off dates,
figures and unsurprisingly lawsuits
brought against the LAPD at will (and if he
cant, he has a habit of making them up).
TAKING ON THE
POWDER IN JAPAN
IN MONDAYS
TRAVEL SECTION
T
E
R
R
E
S
T
R
I
A
L
ROOM101
BBC1, 8.30PM
Countdown presenter Nick Hewer
squares off against his new shows
former maths whizz Carol Vorderman
and comedian Rhod Gilbert.
MELVYN BRAGG ON CLASS &
CULTURE BBC2, 9PM
New series. The broadcaster examines
social class and culture, revealing the
impact each has had on the other over
the past century.
BENIDORM
ITV1, 9PM
A new manager arrives at the Solana
determined to make it more upmarket,
but the holiday season proves chaotic
for the staff and guests.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Super League 10pm
Take It Like a Fan 10.30pm
Premier League Preview11pm
Football League Weekend 12am
Take It Like a Fan 12.30am
Premier League Preview1am-6am
Live International One-Day Cricket
SKY SPORTS 2
5pmLive Super Rugby 7.30pm
Live International Rugby Union
10pmWWE: Late Night
Smackdown 12amWWE: Late
Night Bottom Line 1amSuper
League 3amTake It Like a Fan
3.30amPremier League Preview
4am-6amSuper League
SKY SPORTS 3
7pmLive World Golf Championship
11pmLPGA Tour Golf 1amTight
Lines 2amElite League Ice
Hockey 3amKings of the Snow
3.30amRoad to London 4am
Football League Weekend
5amATP Tour Uncovered
5.30am-6amTake It Like a Fan
BRITISH EUROSPORT
7pmBoxing 8pmLive Boxing
10pmStrongest Man 11pm
Intercontinental Rally Challenge
11.30pm-12.40amWorld
Superbikes 4.10amLive World
Superbikes 5.20am-6.10am
Motorcycling
ESPN
7pmLive Premiership Rugby Union
10pmOff the Ball 10.30pmItalian
Football 11pmPremier League
Preview11.30pmESPN Press Pass
12amLive NBA Basketball 2am
Live NBA Basketball 4am
Euroleague Basketball Magazine
4.30amFIBA Basketball 5amFIS
Alpine Ski World Cup Report
5.30am-6amSnowboard FIS
World Cup Magazine
SKY LIVING
7pmCriminal Minds 8pmSteps
Reunion 9pmCriminal Minds
10pmCSI: Crime Scene
Investigation 11pmBones 12am
Criminal Minds 1amCSI: Crime
Scene Investigation 2.40am
Medium3.30amBones 4.20am
Nothing to Declare 5.10am-6am
Jerry Springer
BBC THREE
7pmDoctor Who 8.30pmThe Real
Hustle: Celebrity Chancers 9pm
Russell Howards Good News 10pm
EastEnders 10.30pmWhite Van
Man 11pmSun, Sex and Suspicious
Parents 12amFamily Guy 12.45am
American Dad! 1.30amRussell
Howards Good News 2.30am
White Van Man 3amSun, Sex and
Suspicious Parents 4amThe Real
Hustle: Celebrity Chancers
4.30am-5.25amBeing Human
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmSupernanny US
9pmFILMEpic Movie 2007.
10.50pmWorlds Greatest Body
Shockers 11.50pmPlaying It
Straight 12.55amThe Big Bang
Theory 1.50amScrubs 2.40am
How I Met Your Mother 3.05am
Rules of Engagement 3.25amBalls
of Steel Australia 3.50amGreek
4.30amUgly Betty 5.15am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmIRT Deadliest Roads:
The Andes 9pmMud Men 10pm
Cash Cowboys 11pmHow London
Was Built 12amPawn Stars
12.30amStorage Wars 1amThe
True Story 2amHow London Was
Built 3amOnly in America 4am
The True Story 5am-6amCash
Cowboys
DISCOVERY
7pmBear Grylls: Born Survivor
8pmAircrash Confidential 9pm
Storm Chasers 10pmAmerican
Chopper: Senior Versus Junior
11pmHeist 12amBear Grylls: Born
Survivor 1amStorm Chasers 2am
American Chopper: Senior Versus
Junior 3amWheeler Dealers
3.50amMythbusters 4.40am
Chris Barries Massive Engines
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon and
Kate Plus 8 9pm19 Kids and
Counting 10pmKate Plus 8 11pm
Kids Hospital 12am19 Kids and
Counting 1amKate Plus 8 2am
Kids Hospital 3amSupernanny US
4amA Baby Story 5am-6amBaby
Tales
SKY1
7.30pmThe Middle 8pmModern
Family 8.30pmThe Simpsons 9pm
Stella 10pmAn Idiot Abroad 2
11pmA League of Their Own 12am
Dog the Bounty Hunter 1amSun,
Sea and A&E: South Africa 1.55am
Ross Kemp on Gangs 2.45amRoad
Wars 4.35amBondi Vet
5.05am-6amSafebreakers
BBC2 ITV1 CHANNEL4 CHANNEL5
S
A
T
E
L
L
I
T
E
&
C
A
B
L
E
TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders:
8.30pmCHOICE Room 101
9pmNew Tricks
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show
11.20pmThe National Lottery
Friday Night Draws: 11.30pmFILM
Scary Movie 3: 2003. 12.45am
Weatherview12.50amSign Zone:
Question Time 1.50amGreat
Barrier Reef 2.50amHairy Bikers
Best of British 3.35am-6amBBC
News
6pmEggheads:
6.30pmBritains Heritage
Heroes:
7pmJeremy Deller: Middle
Class Hero A Culture Show
Special:
8pmMastermind:
8.30pmMastermind:
9pmCHOICE Melvyn Bragg on
Class & Culture
10pmQI 10.30pmNewsnight
11pmThe Review Show Oscars
Special 11.45pmWeather 11.50pm
FILMFelicias Journey: 1999.
1.40amJeremy Deller: Middle
Class Hero A Culture Show
Special 2.40amBBC News
3.35am-6amCloe
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmSafari Vet School
8.30pmCoronation Street
9pmCHOICE Benidorm
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMWalking Tall:
Action adventure remake,
starring Dwayne Johnson and
Johnny Knoxville. 2004.
12.05amThe Zone; ITV News
Headlines
2.05amFILMKing Kong: 1976.
4.20am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCome Dine with Me
8.30pmNew Girl
9pmThe Bank Job
10pmThe Mad Bad Ad Show
10.50pmRude Tube: Rude Zoo:
11.55pm10 OClock Live
12.50amFILMWolf Creek
2005.
2.35amRandom Acts 2.40amMy
Name Is Earl 3amMy Name Is Earl
3.25amHung 3.55am90210
4.35amBrothers & Sisters
5.20am-6.05amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmRoyal Navy: Caribbean
Patrol: 5 News Update
8pmWorlds Toughest Trucker:
5 News at 9
9pmThe Mentalist
10pmCastle
10.55pmLaw & Order:
Criminal Intent
11.55pmInside Hollywood:
Magazine show.
12.05amSuperCasino
3.55amMotorsport Mundial
4.20amWildlife SOS 4.45am
Wildlife SOS 5.10amHouseBusters
5.35am-6amHouseBusters
1 2 3 4 5
6 7 8
9
10 11 12 13
14 15 16 17 18
19
20 21
22
9 15 21
34 12
7 30
45
14 13 6
35
8 12 3
45
10 22
15 18
24 10 7
15
16
24
15
17
20
38
37
11
17
16
6
17
39
22
8
33
32
21
7
4
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
2 Ofensive to
the mind (9)
6 Wrath (5)
7 Gyrates (5)
9 Acquired (3)
10 Curt, brusque (5)
12 Abnormally fat (5)
14 Prices (5)
17 Structure taller than
its diameter (5)
19 Make a knot (3)
20 Finnish steam
bath (5)
21 Bicker (5)
22 Lacking avour (9)
DOWN
1 Roman slave who led
an uprising against
Roman legions (9)
2 Jolly ___, pirates ag (5)
3 Rid of impurities (5)
4 Vigorous and enthusiastic
enjoyment (5)
5 Liquorice-avoured
seeds (5)
8 Be the leader of (9)
11 Division of a tennis
match (3)
13 Hoot with derision (3)
15 Moves along quickly (5)
16 Look at intently (5)
17 Tantalise (5)
18 Earnings (5)
R
T
I
C
U P
R
E
S

4

4

4

4
G E Y S E R C F
O T A N Y O N E
R I F E G C E
K L E A S E H O L D
I D Y L L N E
A I N N A
D V U M B R A
P O S T E R I O R H
A L A W A D E
S H A D E S E A
S P P A R K E D
1 8 1 4 2 2 8
5 9 8 2 7 4 1 3 6
2 7 1 9 7 6 8
6 1 5 2 1 3
1 7 5 8 9 4 6 7
2 1 4 3 7 3 4 8
4 3 6 2 1 5 7 9
6 8 9 5 8 9
6 7 9 4 1 2 8
3 4 8 5 2 1 7 6 9
8 9 7 3 4 1 3
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
DETRIMENT
TV&Games
35
E
NGLAND might be on drought
watch at the moment, but one of the
countrys most high profile dry
spells looks set to come to an end
this weekend.
The last time Liverpool won a major tro-
phy, Steve Finnan, Djibril Cisse, Jan
Kromkamp, Djimi Traore and Fernando
Morientes were among those to receive
winners medals as the Reds broke West
Ham hearts with a 2006 FA Cup final
penalty shoot out victory.
Even Sundays opponents, Cardiff City,
have contested a final more recently, but
the 2008 FA Cup runners-up are very
much the underdogs, at 8/1, for this show-
piece.
At a best price of 2/5 with Coral, not
many expect the Reds to make a mess of
their big day. However, they only need to
look back to Birmingham beating Arsenal
in last years final to know that upsets can
happen.
Cardiff acquitted themselves well
against Portsmouth at Wembley in 2008
and only lost 1-0 to a Nwankwo Kanu
strike. Liverpool will be nervous and I can
see them taking a little while to settle.
Thanks to the high stakes, neither side is
likely to come flying out of the blocks.
Furthermore, Liverpool have hardly been
expansive this season with 29 goals in 25
league games, only six teams have scored
fewer so are unlikely to push their luck.
Cardiff are going well in the
Championship, but have fallen off the pace
a little, winning just once in five games
since beating Crystal Palace over two legs
in the semi-final. With the final clouding
their focus, the Bluebirds can be forgiven
that blip, but hitting your worst form of
the season before such a big match is hard-
ly ideal preparation. By contrast, Liverpool
will be full of beans after bashing Brighton
6-1 on Sunday in the FA Cup.
I dont doubt Steven Gerrard will be the
one handed the trophy at the end of this
match, but there are better bets than sim-
ply backing Liverpool to win at odds on.
Its often worth a look at the half-
time/full-time market in these situations.
The Liverpool/Liverpool double result is
favourite at evens, but the half-time
draw/Liverpool win is far more attractive
at 3/1 with Coral. In the last three, and in
four of the previous five, League Cup
finals, the scores have been level at the
interval.
It will be interesting to see how
Liverpool line-up, with Andy Carroll final-
ly beginning to give an indication of why
Dalglish made him the most expensive
Englishman of all time and Luis Suarez
back among the goals following his
enforced lay-off.
But Craig Bellamy is the name fans of
the Welsh outfit will dread seeing most.
The Cardiff fan and former player has
been a star performer since his move to
Anfield and could well return to haunt
his old employers. Corals offer to refund
losing bets if he scores the final goal in
the Carling Cup final will no doubt tempt
Cardiff supporters.
It is not too far fetched to see Bellamy
getting a late winner and Liverpool to win
by a goal, at 12/5 with Coral, has caught
my eye, while selling the Reds supremacy
at 1.3 with Sporting Index is advised.
FOOTBALL TRADER BEN CLEMINSON BRINGS YOU THE BEST
OF THIS WEEKENDS FOOTBALL BETS
POINTERS...
Draw HT/Liverpool FT at 3/1 with Coral
Liverpool to win by a goal at 12/5 with Coral
Sell Liverpools supremacy at 1.3 with Sporting Index
SUNDAY 4.00PM BBC ONE
LIVERPOOL
CARDIFF CITY
CAN Arsenals season get any worse? After
the week theyve just had, with their spine-
less 4-0 defeat in the San Siro followed by
Sunderlands comfortable 2-0 FA Cup win
against the Gunners, the clubs fans will
hardly think so.
However, a third loss in a row at home to
Tottenham in the North London Derby
could have the most lasting repercussions
of all. Arsenal are already 10 points behind
their visitors, who sit third in the table,
and look to be in a four-way tussle with
Chelsea, Newcastle and Liverpool for
fourth place. Taking nothing from this
game will seriously put at risk their
chances of Champions League qualifica-
tion for a 14th straight season.
Having ruled this part of the capital for
so long, Arsenal are under huge pressure
going into the game and Spurs recent
dominance of this fixture only turns that
up a notch.
Harry Redknapps side are unbeaten in
the last four league meetings, during
which time theyve mustered three wins,
including a maiden Emirates victory last
season when a two-goal half-time deficit
was wiped out with three unanswered
strikes after the interval.
The hosts are also handicapped by a
huge injury list, which has decimated their
already dodgy backline, but, despite all
their problems, the hosts are rightly
favourites for this contest, at 6/4 with Coral.
Amidst this seasons traumas their home
form has stood relatively strong, with only
two defeats coming at the Emirates, com-
pared to six on their travels.
Spurs overall away record is good, but
Corals 9/5 shots have stumbled a little of
late, having not won on the road in the top
flight since a Gareth Bale brace earned
them three points at Carrow Road in late
December.
Redknapp hopes to welcome back a
number of key players who missed their
goalless draw at Stevenage, including Luka
Modric, Rafael van der Vaart and
Emmanuel Adebayor, and his team will
carry a huge attacking threat, but I can see
the sides cancelling each other out. Neither
manager would be distraught with a point
and the stalemate looks a decent bet at 9/4
with Coral.
Most draws are low scoring at 0-0 or 1-1
but theres every reason to expect goals in
this contest. There has been an average of
four-per-game in the seven league meet-
ings, since the start of the 2008/09 cam-
paign, so back the draw with betting
concierge service Bet Butler at a best price
of 14/1. Sporting Indexs spread of 2.9-3.1
total goals should, therefore, be bought.
SUNDAY 1.30PM SKY SPORTS
TOTTENHAM
ARSENAL
POINTERS...
Draw at 9/4 with Coral
2-2 correct score at 14/1 with Bet Butler
Buy goals at 3.1 with Sporting Index
MARK Hughes is widely respected as a
manager, but he hasnt made the ideal
start to life back in the Premier League
with QPR. In five league games under his
tutelage, Rangers have picked up just four
points not a great return, especially
when four of those teams are currently in
the bottom six.
QPR began the season reasonably well,
but they dropped off alarmingly in
November and its only the failings of oth-
ers that have kept them just outside the
relegation zone. Hughes will be expecting
to see some more from his players as we
enter the business end of the season, and
a win against his old club Fulham would
be the perfect fillip.
The Cottagers are having a solid if
unspectacular campaign and are current-
ly 12th in the table on 30 points. The
home win against Stoke last weekend was
a big result for Martin Jols side and they
will go into this game with confidence
having beaten the Hoops 6-0 at Craven
Cottage back in October.
QPR have won only two of their 12
home games this term, while Fulham
have managed just the one away success
from 12 road trips. The bookmakers are
finding it hard to split the sides and so am
I. The draw looks the most likely result at
23/10 with Coral and Im also going to
take some of the 6/1 available with Blue
Square about a 1-1 correct score. Spread
bettors are advised to sell total goals at 2.4
with Sporting Index.
TOMORROW 3.00PM
FULHAM
QPR
POINTERS...
Draw at 23/10 with Coral
1-1 correct score at 6/1 with Blue Square
Sell total goals at 2.5 with Sporting Index
Craig Bellamy could cause
problems for his old club Picture: GETTY
Punter | Sport
36
Carling Cup looks to be
Anfield-bound
RUGBY TRADER DAVID WILD SUGGESTS THE BEST BETS FOR ALL THE
SIX NATIONS ACTION THIS WEEKEND
T
HIS is the one many of us have
been waiting for. Wales at
Twickenham always gets the
blood flowing, but there seems to
be more at stake this year.
Its the first real test for Stuart
Lancasters new-look England. The
interim coach can be pleased to have
secured two wins from two against
defensive teams in tricky conditions,
but no one can pretend the rugby has
been spectacular. Wales, aside from
winning the Triple Crown and staying
on course for a Grand Slam, have the
opportunity to prove that they are the
real deal that they can comfortably
carry the tag of favourites and improve
on their record of just two wins in 24
years at HQ.
The Red Dragons are playing some of
the most thrilling rugby of any
Northern Hemisphere side and it is
proving somewhat effective, as their
run to the World Cup semi-finals and
current Six Nations form shows. In
their first two matches, they have
scored 50 points and six tries. Its no
wonder the bookies make them odds-
on to beat an England side that has
shown little more than promise so far.
Strangely, favouritism is also the visi-
tors biggest burden. For all the praise
heaped on coach Warren Gatland, clos-
er scrutiny of results reveals that there
is still a way to go. In their last nine
games Wales have not beaten any team
ranked higher by the IRB.
The venue is a real leveller. Wales
would be a cast-iron certainty in front
of 75,000 in full voice at the
Millennium Stadium, but thats not so
at Twickenham. Englands young play-
ers will get a massive boost playing here
together for the first time and, further-
more, Lancaster has been brave enough
to tinker with the side this time, offer-
ing starts to scrum-half Lee Dickson,
number eight Ben Morgan and return-
ing centre Manu Tuilagi.
Even with these improvements, in
almost every position Wales have more
TOMORROW 4.00PM BBC ONE
WALES
ENGLAND
talented and experienced players;
from the Lions prop duo of Gethin
Jenkins and Adam Jones to Mike
Phillips arguably the best scrum-
half in the world at the moment
and Jamie Roberts in the centre.
These players wont be fazed by the
crowd. Wales may struggle to over-
come their three-point handicap, but
Corals 4/6 for an outright win is a
good price. If they win by 13 points,
Coral will even pay a 20% bonus.
Its going to be mild, with low
winds and glimpses of sun, condi-
tions that should give both sides a
chance to play some attractive,
attacking rugby. The last five meet-
ings at Twickenham have averaged
52 points, with a lowest score of 42,
so its worth buying total points at
that mark with Sporting Index.
DOGGEDNESS is a trait that
Scotland have exhibited in their two
Championship games so far this
year, but they have never really
looked in danger of getting a result. I
dont suppose for a second that they
will find one against France on
Sunday.
Andy Robinsons men did well to
avoid having their behinds handed
to them on a plate at the
Millennium Stadium a fortnight
ago, when they cut short a period of
Welsh dominance early in the sec-
ond half. Scotland were even
unlucky to have a legitimate try
from 19-year-old Stuart Hogg disal-
lowed. Still, they ended up losing by
14 points. Against England, they
defended well but couldnt manage
more than two successful penalty
kicks.
France at their best can be more
threatening in attack than the
Welsh and as solid in defence as the
English. Les Bleus looked very
impressive in their opener against
Italy, winning by an 18-point margin
and scoring four tries, despite the
fact that Italy played fairly well. How
will the Scots even set out to win this
match?
Robinson has made significant
changes in the back line as a result
of injury to Max Evans and I can only
see this further unsettling a squad
that has previously expressed con-
cern about inconsistent selection.
Conversely, France appear as com-
fortable as ever with Philippe Saint-
Andre at the helm.
A six point start doesnt seem quite
generous enough for the Scots who
have beaten France just once in 13
matches in the new millennium.
Scotlands narrowest margin of defeat
in these matches was seven points, in
2005. France must be backed on the
handicap at 10/11 with Coral and I
also like the look of a halftime/full-
time double at 4/5 with Bet Butler.
Scotland did at least break their
run of four matches without a try in
their last game, and could well give
their fans a touchdown to cheer this
time. The French backs were break-
ing lines left, right and centre
against Italy and Id expect them to
do it again. Buy total tries at 3.9 with
Sporting Index.
Jamie Roberts and Leigh Halfpenny wont be fazed at Twickenham Picture: GETTY
37
Red Dragons have edge
in Twickenham thriller
POINTERS...
Wales at 4/6 with Coral
Buy points at 42 with Sporting Index
POINTERS...
France (-6) at 10/11 with Coral
France HT/FT at 4/5 with Bet Butler
Buy total tries at 3.9 with Sporting Index
SUNDAY 3.00PM BBC TWO
FRANCE
SCOTLAND
WHILE the Italians may not expect
to return home from their trip to
Lansdowne Road with a first victory
over the Irish since 1997, they cer-
tainly have the ability to beat the
handicap. The Azzurri came close to
overcoming England in Rome last
time and will have taken a lot of
confidence from that performance,
but also from the way they played at
the Stade de France a week earlier.
The pack is the key. If Ireland are
allowed to win ball easily at the
breakdown and distribute to light-
ning-quick wingers Tommy Bowe
and Andrew Trimble, they will run
away with it. If, however, the Italian
forwards are allowed to flaunt their
physicality, it will frustrate the Boys
in Green and the scores will be kept
close.
Ireland won by a margin of 30
points when the teams met in New
Zealand last October, but in the few
matches under new coach Jacques
Brunel, the visitors seem to have
grown into a more rounded side
and will be unlikely to capitulate so
easily tomorrow. Ireland are also
under a little pressure to end a
three-match losing streak at the
Aviva Stadium so are unlikely to
attack at all costs.
Only once in the past four meet-
ings between the sides in Ireland,
including a meeting in Belfast in
2007, have the hosts won by more
than 16 points, so backing Italy (+16)
at 10/11 with Blue Square is recom-
mended. Bowe is in fantastic form
and he scored one and made a try
for Rory Best against Wales. Its
worth a small bet that he crosses
the try line first at 8/1 with Bet
Butler.
POINTERS...
Italy (+16) at 10/11 with Blue Square
Tommy Bowe to be first tryscorer at 8/1 with
Bet Butler
TOMORROW 1.30PM BBC ONE
ITALY
IRELAND
Punter | Racing
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NOW
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, WITH HIS BEST BETS
Haadeeth and
The Strig look
good in Sprint
Series Final
A
S weve taken a detailed
look at the Blue Square
Sprint Series Grand Final
already, were going to
concentrate on the rest of the
card at Lingfield. The
bluesquare.com Cleves Stakes
(2.50pm) is a Listed contest over
six furlongs and, on paper, it
looks a match between PALACE
MOON and Oasis Dream.
I find it very hard to split
these two as theyve both been
really impressive on their last
couple of outings and have both
won over course and distance.
Palace Moon has a slightly better
draw, which might just tip the
balance in the favour of Willie
Mussons runner, but I dont
expect there to be much
between them at the winning
line.
The Get Your Bet On At
bluesquare.com Winter Derby
Trial Stakes (3.20pm)
is another competi-
tive Listed contest
and Richard
Faheys Our Joe
Mac is likely to
be a warm
order. However,
this is his debut
on the all-weather
and he hasnt
run since
e a r l y
December, so Im happy to take
him on, especially as the yard
isnt firing.
LOYALTY is the highest rated
in the field and this all-weather
specialist has a great chance of
notching another big win for
Derek Shaw. He won here
back in December and
although there is a slight
worry about the step up to
10 furlongs, he should have
too much for this field.
LUKE MORRIS RIDE
OF THE WEEKEND
GOOD TIMIN 6.00PM
WOLVERHAMPTON (TODAY)
T
HE Blue Square Sprint Series has
been a tremendous initiative over
the past two months and tomor-
rows 15,000 Grand Final
(2.15pm) looks a cracking contest. All
the key protagonists from the Series are
lining up and any one of the 12 runners
could quite feasibly land the prize.
What seems certain is that there will
be a tight finish and the sponsors are
refunding bets if your horse is beaten
less than a length.
Sulis Minerva is the 9/2 favourite and
she is undoubtedly the class horse in
the race. However, she is now up to a
career high mark of 80, has to concede
plenty of weight to her rivals and is
drawn out wide in stall 12.
THE STRIG won round two of the
Series and was then second behind Sulis
Minerva in round three. He has a 6lb
pull with that rival for a half-length
defeat and is strongly fancied to reverse
that form. The five-year-old had a recent
pipe-opener over seven furlongs at
Kempton and he has landed a
decent draw in stall three.
William Carson, the Series lead-
ing jockey, is in the plate and The
Strig is worth a decent bet at 8/1
with Blue Square.
David Evans has already won
the top trainer award, making it
back-to-back successes. He has
three entered tomorrow and the
one that interests me most, and
should also be backed each-way, is
HAADEETH at 10/1.
The son of Oasis Dream won on
his first start for Evans a fortnight
ago and he has been rated as highly
as 90 in the past. Theres no doubt
that hes still potentially well-in off
a mark of 76 and Evans son
Richard takes off a valuable 3lb.
Tomorrows highlight over the
jumps is the Racing Plus Chase at
Kempton (3.05pm). NACARAT won
this back in 2009 and I can see
him becoming only the second
horse to win it twice. He finished
a close-up second two years ago
and was then third 12 months
ago. Those two races were both
run on softish ground, though,
and tomorrows quicker condi-
tions will suit much better.
He hasnt run great in either of
his starts this season, but this will
have been the target all year and
hes now 1lb lower than when
winning a Grade One at Aintree
in April. Tom Georges horses are
in top form and Nacarat has to be
backed at a general 7/2.
Looking at todays action and I
was really impressed with Nicky
Hendersons BELLVANO at Ayr last
time. He runs in the 3.35pm at
Sandown this afternoon and is AP
McCoys only ride on the card
his first since last Friday at
Newbury when suffering a horri-
ble fall.
Were just 18 days away from
the start of the Cheltenham
Festival now and our ante-post
portfolio is really beginning to
take shape. For Non Stop and
Montbazon both burst onto the
scene last weekend, while Minsk
is expected to make his belated
hurdling debut tomorrow.
Now, the last race on the open-
ing day has recently changed
names to become the Pulteney
Land Investments Novices
Handicap Chase and Nicky
Henderson saddles an interesting
runner with a name almost as
much as a mouthful. TRIOLO DA-
LENE was making his British-chas-
ing debut when winning at Ascot
last month and overcame some
negative market vibes to win com-
prehensively.
That particular contest was run
over 2m3f and he was well on top
at the line, showing a step up in
trip will only help. The extra cou-
ple of furlongs of his Festival
assignment are bang up his street
and there is every chance he is
still the right side of the handi-
capper off his current mark. He
can currently be backed at 10/1
with Paddy Power and Im sure
hell trade around half that price
come the day.
My other entry to the ante-post
portfolio comes in the Christies
Foxhunters Chase run immedi-
ately after the Gold Cup over the
very same course and distance.
Now, its not often that I have a
view on an amateur riders race,
but on my trip to Ireland last
week I learnt that SALSIFY is
extremely well-fancied.
The seven-year-old won both the
prestigious hunter chases last sea-
son at Fairyhouses Easter meet-
ing and the Punchestown Festival.
The key to this horse is good
ground and it would be a major
surprise if he didnt get his ideal
conditions on Gold Cup day.
Our selection showed his well-
being when running out a com-
prehensive winner of a decent
hunter chase at Leopardstown ear-
lier this month and the 8/1 freely
available looks really decent each-
way value as hell be a lot shorter
on the day.
Finally, Epsom have announced
this week that the Investec
Coronation Cup will be renamed
the Diamond Jubilee Coronation
Cup and will be run on Investec
Derby Day, Saturday 2 June, as
part of the Diamond Jubilee cele-
brations.
You can follow me on Twitter
@BillEsdaile.
POINTERS...
BELLVANO 3.35pm Sandown (today)
THE STRIGe/w 8/1 2.15pm Lingfield
(tomorrow)
HAADEETH e/w 10/1 2.15pm Lingfield
(tomorrow)
NACARAT 3.05pm Kempton (tomorrow)
TRIOLO DALENE 10/1 Pulteney Land
Investments Chase
(Cheltenham)
SALSIFY 8/1 Christies
Foxhunters Chase (Cheltenham)
The Blue Square Sprint Series reaches its climax at Lingfield Park tomorrow
SO FAR, SO GOOD
England coach Stuart Lancaster should be very
happy with his two wins so far because those
opening games were banana skins. One loss
would have been a disaster, no matter how they
had played. Theres been criticism of their style
but its a new team; theyve only had a few weeks
to come together and learn plays. I think hell be
extremely happy but he knows the Six Nations
for England begins tomorrow against Wales.
WARBURTON IS A WORRY
The odds are probably stacked 60/40 against
England but on our day, with Owen Farrell kick-
ing penalties, anything can happen. Wales cap-
tain Sam Warburtons return is a concern. We
will need to concentrate on the breakdown and
delivery of quick ball, because it could be a prob-
lem for us and will be a crucial factor in this
match. If England can have parity in that respect
then they have a chance, otherwise Wales will
play the game they like to play.
SELECTION WILL UNNERVE WALES
I think Lancaster is right to make changes to the
team. You have to keep players on their toes and
hes picking them on form. Hes had a stroke of
luck with Charlie Hodgsons injury; there was no
obvious reason to drop him but even if he had
been fit I think it would have been the right
thing to do. No disrespect to Hodgson, but now
youve got probably the best 10, 12 and 13, as
well as players who can come on and make a dif-
ference, like Toby Flood. Courtney Lawes can
play second row or back row, while Ben Youngs
is a very good impact player. I think Wales will
be nervous after seeing this selection.
England are facing a very good side who
know how to control the tempo. Now we have
got strike power and it will be vital. We need
match-winners and I think, with Manu Tuilagi
back, we have one.
THROW CAUTION TO THE WIND
England have to change to win this game. They
have to throw a bit of caution to the wind, rather
than trying to stop Wales playing and looking for
penalties. In the cold light of day everyone wants
to see a win, but after the last two games unless
we see something from the England attack it will
be a disappointment regardless of the result. We
need to keep hold of the ball more and hurt them
with anything. Thats the way Wales play and
thats what I hope England will do.
Kyran Bracken was speaking courtesy of
GamePlan Solutions: Managing high pro-
file and popular sport stars; speakers,
leaders, motivators, ambassadors
www.gameplansolutions.co.uk
KYRAN BRACKENS
PRE-MATCH
VIEW
ENGLAND Twenty20 captain Stuart
Broad admitted a substandard
fielding performance cost his side
dear as a superb display of death
bowling from Saeed Ajmal and
Umar Gul helped Pakistan take a 1-
0 lead in the three-match series.
Alastair Cooks one-day side set
the standard in the recent 4-0
whitewash over the same opposi-
tion but England dipped below
that benchmark in Dubai last
night, particularly in the field
where Graeme Swann was especial-
ly culpable.
Pakistan made 144-6 having been
installed, with Shoaib Malik (39)
and Misbah-ul-Haq (26 not out) pro-
ducing some lusty blows. Swann
partially atoned for giving Asad
Shafiq an extra life by returning
career-best figures of 3-13 in four
overs.
Englands response got off to a
positive start as Kevin Pietersen car-
ried over his good from the one-day
series with 33 in 21 balls. But
despite contributions of 39 and 22
not out from Ravi Bopara and
Johnny Bairstow, England were
restricted by Gul who took 3-18 and
Ajmal who returned figures of 1-27.
Broad said: Pakistan batted
quite nicely in the first three or
four overs and made it difficult for
us.
Obviously Twenty20 is a very
different game to one-day cricket.
Theres not as much value for hold-
ing length and sticking in there.
Well certainly review the game.
We bowled pretty well and field-
ed not as well as we have done in
the ODIs but were happy to keep
them to 144.
Pakistan take series lead
thanks to Gul and Ajmal
BY JAMES GOLDMAN
CRICKET
Gul recorded impressive figures of 3-18 Picture: GETTY

5 Overs: Pakistan 38-1 with Dernbachs vari-
ety causing problems. Zias opening burst of
18 off 12 balls got the hosts of to a flyer
10 Overs: Pakistan 73-3 with Shafiq and
Hafiz back in the hutch. England and Swann
looking to contain Afridi
15 Overs: Pakistan 99-5 with Afridi having
bitten the dust skipper Misbah and the expe-
rienced Malik look the only real threat
15 Overs: Pakistan finish on 144-6 thanks
largely to Maliks unbeaten 39
5 Overs: England are 40-0 and Pietersen,
ably assisted by Kieswetter, is seeing it like a
water melon
10 Overs: England 65-2 after Pietersen
holes out unluckily to deep square leg.
Morgan and Bopara dont look comfortable
15 Overs: England 110-3 after Morgans sub-
standard tour continues. Bopara, unbeaten
on 39, looks likely to be the key to victory
15 Overs: England end on 136-6 after some
superb death bowling from Gul and Ajmal
FIRST T20 PAKISTAN 144-6 | ENGLAND 136-6
MANCHESTER UNITED defender
Phil Jones admitted his side were
guilty of complacency after they
sneaked into the last 16 of the
Europa League despite losing at
home against Ajax last night.
United looked set for a comfort-
able evening when Javier
Hernandez clinically opened the
scoring after just six minutes, but
Aras Ozbilizs equaliser and Toby
Alderweirelds late header
ensured a nervy finish.
We got off to a great start,
scored and seemed to be in con-
trol of the game, said Jones,
whose side will meet Athletic
Bilbao in the next round. But a
little bit of complacency set in.
The manager said at half-time
weve got to up the tempo and we
didnt do that for whatever rea-
sons. We werent good enough in
the second half, nowhere near.
ARSENAL great Thierry Henry admits
Tottenham have turned the tables on
their rivals ahead of Sundays crunch
north London derby.
Spurs look safe bets to finish in the
top three while the Gunners are in a
desperate four-way scrap to snatch
the last Champions League spot.
Henry said: For years weve been
used to being on top of Tottenham by
a mile, and now its the opposite. But
this is the derby and we need those
three points massively.
United progress after
surviving Ajax scare
FOOTBALL
Spurs better
than Arsenal,
admits Henry
BY JAMES GOLDMAN
FOOTBALL
1
2
MANCHESTER UTD
AJAX
Results
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email sport@cityam.com
SPORT | IN BRIEF
Stoke crash out of Europe
FOOTBALL Stoke City exited the Europa
League at the last 32 stage following a
1-0 defeat in Valencia last night. Jonas
scored the only goal of the game mid-
way through the first half to hand the
Spaniards a 2-0 aggregate victory.
Hook to miss England crunch
RUGBY UNION: Fly-half James Hook is
out of Wales Triple Crown bid against
England on Saturday with chicken pox
Sport
Man United win 3-2 on aggregate
ENGLAND Under-21 boss Stuart
Pearce has told the Football
Association he would like to extend
his temporary stint as manager of
the senior team and lead
them into this summers
European Championship.
Pearce was handed the
reins as an emergency
measure earlier this
month, after Fabio
Capello suddenly
resigned following a dis-
pute with the FA over John
Terrys suitability as captain.
Tottenham manager Harry
Redknapp is the overwhelming
favourite to replace the Italian long-
term, but Pearce has made plain his
eagerness to stay in charge for Euro
2012 should that deal be derailed.
Im available and I have tourna-
ment experience if they need me to
step into the breach in the summer.
They know exactly where I am, said
Pearce (inset), who yesterday named
an experimental squad for
Wednesdays friendly with Holland.
Ive not fluffed around it. Ive not
turned around and said Im not sure
what I want to do. They know exactly
what I want to do. If they need me to
take the squad in the summer Ill do
that with pleasure.
If they need me to coach a manag-
er thats coming through the door, Ill
do that with pleasure as well. Beyond
that I consider myself, after the sum-
mer, as the Team GB manager
and Under-21 manager.
Pearce has left out estab-
lished names such as Frank
Lampard and Rio
Ferdinand for the Holland
match, Englands last
before the end of the sea-
son, on the grounds it is a
final chance to test youngsters.
Sunderland striker Fraizer
Campbells first call-up was the
biggest surprise, while Manchester
United youngster Tom Cleverley and
Manchester City defender Micah
Richards are also included.
Red Rose bank on HQ factor
ENGLAND coach Stuart Lancaster is
banking on the Twickenham roar
compensating for his teams lack of
caps in tomorrows Six Nations show-
down with Wales.
Lancaster has named the most
inexperienced side in the tourna-
ments history for a match that repre-
sents the biggest test of his short
tenure. His most seasoned player,
Charlie Hodgson, is out with a
finger injury, meaning
Saracens youngster Owen
Farrell switches to fly-half
and Manu Tuilagi returns at
centre. But Lancaster said: If you look
at the experience of the two sides,
people would say they have a lot more
consistency in terms of playing
together and their evolution is fur-
ther down the line.
Id like to think were pretty confi-
dent internally and have the confi-
dence of the English public and
certainly the crowd at
Twickenham will be a
huge factor for us.
Were not getting
caught up in who is
favourite, were going
to be concentrating
on ourselves and try-
ing to get the crowd
behind us early in
the game. We
want to play
a brand of
rugby that
excites the
c r o wd .
The return of World Cup star Tuilagi
from injury is not the only change in
crucial areas, with Northampton
scrum-half Lee Dickson preferred to
Leicesters Ben Youngs. Fly-half Toby
Flood and lock Courtney Lawes also
make comebacks but will start on the
bench. Scarlets youthful No8 Ben
Morgan is promoted in place of Phil
Dowson, while Leicester lock Geoff
Parling is set for his first start, with
no place for Tom Palmer in the 22.
KYRAN BRACKENS PREVIEW: P39
CHELSEA manager Andre Villas-Boas
insists he does not feel threatened or
undermined by speculation linking
former Liverpool boss Rafael Benitez
with his job.
Tuesdays 3-1 Champions League
defeat against Napoli represented the
latest in a series of blows to the young
Portugueses authority.
Chelsea entertain Bolton tomorrow
looking to jump ahead of fourth
placed Arsenal, who host Tottenham
on Sunday, and Villas-Boas insists the
increased pressure and scrutiny is not
hindering his judgement.
It [the speculation] doesnt affect
me at all, he said. Last year I was
linked with lots of different clubs
whenever results didnt go [right for
them], it is the same with this club.
Under the circumstances it represent-
ed a gamble, one that subsequently
backfired, to omit Frank Lampard
from his starting line-up in Naples,
and Villas-Boas admitted owner
Roman Abramovich had demanded
an explanation.
I have spoken to the persons near
to him [Abramovich], he added. He
is disappointed and asking questions
about how we set up the team, which
were duly explained.
Ashley Cole, who was introduced as
a 12th minute substitute following an
injury to Jose Bosingwa, was also a
high-profile casualty but Villas-Boas
denied he had fallen out with the
England left-back.
Ashley had two training sessions
before that game. That made an
impact on the selection process,
Villas-Boas said.
FOOTBALL
Villas-Boas unruffled by
Benitez Chelsea rumours
Pearce: Ill
boss England
at Euro 2012
Sport
PAKISTAN WIN FIRST
T20 INTERNATIONAL
ENGLAND LOSE BY
EIGHT RUNS IN DUBAI
BY FRANK DALLERES
FOOTBALL
BY FRANK DALLERES
RUGBY UNION
ENGLAND
WALES
15 Foden, 14 Chris Ashton, 13 Tuilagi,
12 Barritt, 11 Strettle, 10 Farrell,
9 Dickson; 1 Corbisiero, 2 Hartley, 3 Cole,
4 Botha, 5 Parling, 6 Croft, 7 Robshaw
(capt), 8 Morgan.
Replacements: Webber, Stevens, Lawes,
Dowson, Youngs, Flood, Brown
ENGLAND TEAM | TO FACE WALES
GK: Carson, Hart, Green; DF: Cahill, Cole,
Baines, Johnson, Jones, Richards,
Smalling, Walker; MF: Barry, Cleverley,
Downing, Johnson, Gerrard, Milner,
Parker, Young, Walcott; FW: Bent,
Campbell, Sturridge, Rooney, Welbeck
ENGLAND SQUAD | TO FACE HOLLAND
DISAPPOINTMENT FOR DIVERS DALEY AND WATERFIELD
l Caretaker keen to extend time in charge
l Campbell and Cleverley get call-ups
BRITAINS Olympic poster boy Tom Daley and his partner Peter Waterfield disappointed in front of a partisan crowd at the London
Aquatics Centre last night after they finished seventh in the 10m synchronised dive at the Fina World Cup. In the womens 3m individ-
ual springboard competition, Rebecca Gallantree secured Great Britain a place in the event at London 2012 after finishing in ninth posi-
tion, with a score of 317.85, which qualified her for todays semi-finals. Picture: GETTY

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FTSE 100 5,937.89 +21.34 DOW 12,984.91 +46.24 NASDAQ 2,956.98 +23.81 /$ 1.57 unc / 1.18 unc /$ 1.

/ 1.18 unc /$ 1.34 +0.02

LONDON STOCK EXCHANGE DRAWS FIRE

PROCTER & Gamble plans to cut about

ANGELOS ANASTASIOU | INVESTEC

CITIGROUP is set to join the ranks of

STRICKEN Franco-Belgian bank Dexia

ANALYSIS l Credit Agricole

23Feb 17Feb 20Feb 21 Feb 22Feb

HSBC yesterday said it will pull out of

2009 2010 2011

BRITISH manufacturing output rose

ANALYSIS l Manufacturing shows signs

THE NEWLY appointed managing

GERMAN business confidence rose

No longer just rate-setters: how top

Gul recorded impressive figures of 3-18 Picture: GETTY

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