BUSINESS WITH PERSONALITY

Tories refuse
request to
return cash
THE Conservative Party yesterday
said it would only pay back party
donations made by Polly Peck
International if there was proof
the cash donated was stolen by
Asil Nadir, after bankruptcy
administrators said they would
pursue the party for the money.
Trustees handling Nadirs bank-
ruptcy wrote to party officials
yesterday requesting donations
made to the party be given back
to repay creditors.
But the party said there was no
evidence the cash that was given
by Polly Peck International had
been stolen.
A spokesman said: The
Conservative Party has no record
of having received donations
from Asil Nadir.
Kevin Hellard, partner at Grant
Thornton and the man appoint-
ed to handle Nadirs bankruptcy
said: The Conservative Party has
previously stated that it would
repay the funds donated by Mr
Nadir in the event that he is
found guilty and we confirm
that we have requested the repay-
ment of those funds.
Asil Nadir, 71, turned Polly Peck into a global conglomerate between 1985 and 1990 but
the firm collapsed owing millions of pounds. His wife of seven years, Nur, (left) is 28
FORMER fugitive tycoon Asil Nadir was
yesterday convicted of plundering
28.9m from his former company
Polly Peck International in a complex
financial saga dating back more than
20 years.
Nadir, who fled the UK in 1993 after
the collapse of the firm three years
earlier, was convicted of stealing the
money from the company he helped
build into a global conglomerate dur-
ing the 1980s, bringing to a close a
seven-month trial at the Old Bailey.
Jurors yesterday returned a guilty
verdict on seven counts of theft
totalling 23.4m in addition to
guilty verdicts on three other
counts of theft totalling 5.5m
delivered on Monday. Nadir,
71, was found not guilty
on three separate
counts of theft
totalling around 5.8m.
He is set to be sen-
tenced this morning.
He was remanded in
custody on Monday
following the first
batch of verdicts
but supporters
have vowed he will
appeal the convic-
tion.
The Serious Fraud
Office, which investi-
gated and prosecuted
the case, yesterday
called the conviction
a remarkable
achievement.
Director David
Green said: These
cases are high pro-
www.cityam.com FREE
file and carry high risk; they can only
be addressed with clarity, expertise
and resilience.
SFO case manager Clare Whitaker
welcomed the verdicts and said the
organisation was pleased that justice
has at last been done.
She added: The multi million
pound fraud on Polly Peck
International Plc by the defendant
caused the collapse of the company.
Nadirs wife Nur, 28, said he would
appeal the convictions. This unhap-
py affair is certainly not over yet, she
said. He wants justice for himself
and for the tens of thousands of
shareholders and employees.
Creditors are now seeking to
reclaim 374m in assets
from Nadir, with Polly Peck
administrators seeking
262m and other creditors
after 112m.
To date Nadirs bank-
ruptcy has only recov-
ered 2.8m.
The case, which cost
3m to bring to trial,
adds another chapter
to a 22 year saga
which saw the col-
lapse of one of the
stock market stars of
the 1980s. It grew to
a 200 subsidiary
congl omerate
between 1985
and 1990
before collaps-
ing with
550m of
debt. Nadir
returned to
the UK in
2010 for trial.
HARD-RUNNING HORSE CONTINUES PERFECT RECORD
FTSE 100 M5,774.20 -83.32 DOW M13,172.76 -30.82 NASDAQ 3,073.67 +6.41 /$ 1.58 unc / 1.27 unc /$ M1.25 -0.01
BY MICHAEL BOW
FRANKEL FLIES HIGH
IN-TRENDS FOR
THIS AUTUMN
Fashion: See Page 21 See Page 27
Certified Distribution
02/07/12 til 29/07/12 is 131,194
Ex-Polly Peck
chief stole 28.9m
Sentence to be
given this morning
Creditors seek
374m in assets
Triumph for the
Serious Fraud Office
Wife vows he
will appeal verdict
GUILTY TEN TIMES OVER
ISSUE 1,702 THURSDAY 23 AUGUST 2012

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Alistair Brownlee
2012 Olympic Champion
THE US Federal Reserve is likely to
deliver another round of monetary
stimulus fairly soon unless the
economy improves considerably,
according to minutes of its most
recent meeting released yesterday.
Many members judged that
additional monetary
accommodation would likely be
warranted fairly soon unless
incoming information pointed to a
substantial and sustainable
strengthening in the pace of the
economic recovery, the notes said.
The meeting took place on 31 July
and 1 August.
Fed considers
new stimulus
BY JAMES WATERSON
Consumers hit by energy
and mortgage price hikes
CONSUMERS are facing up to an
autumn of painful price rises after
one of the countrys biggest energy
suppliers yesterday hiked its
charges, just hours after Santander
confirmed that it would increase
the interest rate on many of its
mortgages.
SSE, formerly Scottish and
Southern Energy, said a nine per
cent jump in tariffs from mid-
October had become unavoidable
due to rising wholesale prices, the
increased cost of using the National
Grid network and green measures.
Around 8m customers will be
affected by the decision, which will
add around 8.53 a month to the
average dual energy bill and paves
the way for price rises at rival
providers.
We expect other suppliers to fol-
low suit ahead of the peak winter
period, said Tina Cook, an analyst
at Charles Stanley.
Chief executive Ian Marchant said
the cost of government-imposed
environmental measures was large-
ly to blame.
Compared to last year theyve
gone up by over 30 per cent. The
biggest increase has been the money
were spending on energy efficiency
measures where we subsidise loft
insulation and cavity wall insula-
Firms to disclose government fees
Oil and mining groups with US listings will
have to disclose payments to foreign
governments afte US regulators rejected
most of the industrys efforts to water
down new rules intended to combat
corruption. It will affect firms such as
ExxonMobil, BP and Rio Tinto and oblige
manufacturers such as Apple to verify the
source of minerals used in products.
Vestas to cut 1,400 more jobs
Vestas, the struggling Danish wind
turbine manufacturer, warned that next
year could be the toughest yet for the
renewables industry as it cut a further
1,400 jobs in its fight for survival. The
worlds largest wind company by sales
added to the 2,335 job cuts announced
earlier this year as it lifted its cost savings
target by 100m to more than 250m.
Exchanges hit again by trading error
Nasdaq and other US exchanges cancelled
trades in a security yesterday after
erroneous orders triggered a steep rise in
its share price in a matter of seconds.
Shares in Peets Coffee and Tea jumped
nearly five per cent on unusually high
volume just after the exchange opened.
Taxman hit by multinationals reform
The Treasury is facing criticism for its
plans to relax tax rules for multinational
companies. The move (currently going
through parliament) will cost the
Exchequer 1bn in revenue, and is being
done to make Britain more competitive.
Victims of Madoff are called greedy
Victims of Bernard Madoffs Ponzi scheme
were accused of greed over their demand
for interest to be paid on any
compensation as a showdown reached
court.
Schools face axe as GCSE grades stall
Hundreds of schools are facing the threat
of closure following the introduction of
tough new GCSE exam standards. This
year all schools have been forced to ensure
that 40 per cent of pupils gain at least five
good grades. Experts fear that as many as
250 schools will fail to hit the benchmark.
Just one in ten Spotify users pay
Spotify is earning 80 per cent of its
revenue from just eight per cent of its
users. Only 2.6m of its 32.8m users pay
anything to the music streaming service.
Crisis hits Swiss machinery sector
The European Unions economic problems
are taking their toll on the Swiss
machinery industry, which expects sales
and profits to fall heavily this year after
orders from abroad declined close to 13
per cent in the first half.
Delhaize takes chance on Greece
Delhaize has been ramping up
investments in Greece thanks to the
Belgian retailers ability to offer cheap,
local products even as many foreign
companies have fled the country.
SPENDING cuts and jobs losses at
big UK and European banks have
not been enough to stabilise their
positions, and more will be needed
if the economy does not improve
soon, according to a KPMG report
published today.
Major institutions have made
real progress in strengthening
balance sheets and capital
reserves, said the analysis of
results of the five biggest UK banks.
But if the recovery does not
emerge more drastic investment
bank restructuring may be needed.
That could include chopping
units that sell complex products
like bespoke fixed income and
credit derivatives, and instead
selling high volume instruments.
The report also warned neither
banks nor regulators know what
the industry will look like in the
coming years as banks are squeezed
between new rules, demands to
lend more and the weak economy.
Meanwhile across Europe, a
more drastic restructuring could
be due, but has been held up by
measures to alleviate the crisis.
Europe has a lot of banks
relative to GDP compared with the
US, said KPMGs Bill Michael. But
the life-support mechanisms keep
them from folding or being taken
over, by giving them funding
through the back door.
KPMG: Bankers
face job losses
and pay cuts
4
NEWS
BY TIM WALLACE
BY JAMES WATERSON
To contact the newsdesk email news@cityam.com
W
ord that ITV might be
interested in showing live
Premier League matches for
the first time ever is
fascinating. If the unlikely move
occurred, ITV would bring elite
football back to a broader audience
after more than 20 years of having it
shown exclusively live on pay-per-
view television.
Not everybody would be cheering
from their armchairs though. The ter-
restrial channel, which has proved so
adept at broadcasting dramas such as
Downton Abbey in the recent past, as
well as entertainment shows such as
the X Factor, has not always excelled
in the broadcast of live football.
In 2009, ITV managed to miss the
winning goal for Everton in a
Merseyside FA Cup derby by inadver-
tently showing an ad as the game
went into extra-time and a year later
BSkyBs rivals scheme over new live football rights deals
THURSDAY 23 AUGUST 2012
its viewers on an HD channel missed
an England goal for similar reasons.
The last time ITV showed live top
flight league football was in the days
of the late commentator Brian Moore
when it had the rights to live pre-
Premier League football, usually on a
Sunday afternoon.
The combination of free-to-air live
screening (making it easy to watch
from home) and hooliganism on the
terraces (making it scary to watch at
the grounds) combined to produce a
lacklustre formula of often dreary
matches watched by small crowds.
BSkyB came along and revolu-
tionised football, bringing better pro-
duction values, millions of pounds of
investment (some of which went into
up-dating stadia) and its package of
paid for live football managed to
attract viewers to the grounds as well
as their armchairs or to pubs.
Football has not looked back since, so
there may be many in the football
world not exactly jumping for joy
were ITV to return to the table.
The reason it might do so is that BT
Vision, which won the rights to
screen 38 games a season in the latest
bidding round, paid a fortune.
It paid a staggering 738m over
three years for the privilege, a sum
that analysts at Espirito Santo say
could lead to a loss of 240m even if it
manages to wholesale the rights.
hand, needs to strike a balance as to
who it sells its expensively acquired
product on to. Selling the package in
its entirety to Virgin Media makes
sense because those subscribers will
pay for it. Selling to ITV, where view-
ers do not pay a subscription, is a dif-
ferent thing altogether.
Selling a taster package of between
two and half a dozen games might
just work accompanied by marketing
to the fuller BT Vision package. But
more than that would make the BT
package hard to sell if viewers knew
they could get most of the content for
free elsewhere. Taking on BSkyB in
the football game is a risky business
as others have found. Doing it with a
partner might just make sense.
ITV could be a willing buyer of live
Premier League rights at the right
price, although there could be several
licencing rules to overcome first. It
currently broadcasts live FA Cup
matches, Champions League games
and some England games and could
use more prestige football matches to
sell to advertisers aiming at a predom-
inantly male market.
For ITV there are obvious synergies.
Despite its hiccups in the past, the
channel is an experienced sports
broadcaster and could bring its vast
experience and facilities to help out
BT Vision in the production of its new
football-related channel. The two
media groups are already partners in
the YouView venture, the successor to
Freeview, and analysts such as Alex de
Groote at Panmure Gordon were posi-
tive yesterday about the possibility of
an alliance. BT Vision, on the other
tion. Its great for people to do that
but the cost for us has more than dou-
bled in the last twelve months.
SSE has promised not to increase
prices again until the second half of
2013 and said that tariffs would be
reduced if possible.
Meanwhile hundreds of thousands
of people who have mortgages with
Santander found out yesterday that
their interest rate will increase by 0.5
percentage points to 4.74 per cent
from October.
The bank blamed the increased cost
to Santander of raising the money
which we lend to our customers.
Mortgage holders whose loans are
fixed to the standard variable rate will
be affected by the decision, which was
made despite the Bank of England
base rate remaining at 0.5 per cent.
This latest increase in mortgage
interest rates is another blow to strug-
gling households, many of whom are
trapped on standard variable rates,
said Which? chief executive Peter
Vicary-Smith. The banks are profiting
from these mortgage prisoners while
giving better deals to new customers
with low loan to value ratios.
The new jobs website for London professionals
CITYAMCAREERS.com
WHAT THE OTHER PAPERS SAY THIS MORNING
EDITORS
LETTER
DAVID HELLIER
david.hellier@cityam.com
follow me on twitter: @hellierd
nAllister Heath is away
HEWLETT-PACKARD (HP) last night
announced a $8.9bn (5.6bn)
quarterly loss as personal computer
sales continued to fall and it
absorbed a $10.8bn writedown,
mainly relating to the purchase of its
EDS software business.
Net revenue fell by five per cent to
$29.7bn, while income from the
firms services division held up
better than hardware sales.
The computer giant is in the
process of a restructuring and says it
remains on track to shed 11,500 staff
by the end of the 2012 fiscal year.
HP posts loss
on writedown
BY JAMES WATERSON Santander UKs Ana Botin and SSE chief executive Ian Marchant had bad news for customers
THE GOVERNMENT has today
launched a long-awaited review of
the private-rented housing market
that calls for councils to waive
affordable housing requirements on
private rented schemes and for
financial incentives to encourage
investment into the sector.
The review, conducted by 3i
chairman Sir Adrian Montague,
makes five recommendations to the
government for encouraging large
institutions to invest in privately
rented homes to help meet demand.
As well as waiving affordable
housing requirements, these include
making more public sector land
available for private rented schemes
and setting up a task-force of
developers to advise the government
and set standards.
The report also recommends the
government provide equity or debt
funding to share the risk and help
kickstart investment.
Residential landlord Grainger
today described the proposals as a
critical step forward for the faltering
UK housing market.
Harry Downes, the founder of
Fizzy Living, which has raised 30m
to build rented flats in London said:
It is very difficult to get funding for
a development that isnt going to be
sold off. What we need is for banks
to understand that the sector is a
viable investment class.
Montague calls
for changes to
rented sector
BY KASMIRA JEFFORD
JEAN-CLAUDE Juncker, head of the
Eurogroup, warned last night that
Greece faces its last chance to save its
economy and disastrous public
finances, after a day in which markets
sank partly due to fear over the
Eurozone debt crisis.
After meeting with Greek Prime
Minister Antonis Samaras, Juncker
said: The ball is in the Greek court
in fact this is the last chance and
Greek citizens have to know this.
Greece needs to reassure its bailout
providers that it is implementing
structural reforms and austerity
plans, yet the country still faces a
credibility crisis, Juncker said.
Juncker, also the Prime Minister of
Luxembourg, heads the group of
finance ministers from Eurozone
states known as the Eurogroup.
Samaras repeated pleas for his debt-
riddled country to be allowed extra
time to meet austerity targets as it
fights to reverse its shrinking GDP.
All we want is a bit of air to breathe
to get the economy running and to
increase state income. More time does
This is your last
chance, Juncker
warns Greece
BY JULIAN HARRIS
not automatically mean more money,
Samaras said before the meeting. We
stand by our commitments and by ful-
filling all our requirements, the
Greek PM insisted.
But Juncker said that no decision on
the speed of Greeces fiscal measures
would be taken until the troika of
lenders the European Union,
European Central Bank and
International Monetary Fund report
on the governments progress, which
is not expected until mid-September.
His words echoed the sentiments of
German chancellor Angela Merkel,
who earlier in the day had said: we
will wait for the troikas report and
then well take decisions.
And Dutch finance minister Jan Kees
de Jager hit back at the idea of easing
conditions on Greece. If it concerns
delaying reforms and budget cuts,
then it is not a good idea, he said.
Meanwhile the FTSEurofirst 300
index of top European shares ended
1.2 per cent lower, while Spains IBEX
dropped sharply, down 2.7 per cent at
the close of play. Bourses in Italy, the
UK, Germany and France all ended
down. MARKETS: Page 15

THURSDAY 23 AUGUST 2012
5
NEWS
cityam.com
POLITICIANS and not unelected
officials should be responsible for
making key decisions on economic
and financial policies, a former
senior Bank of England official
argues in a report published today.
Far from improving stability in
the markets, former Monetary
Policy Committee member Kate
Barker claims the new Financial
Policy Committee will complicate
macroeconomic management.
The institutional arrangements
for the FPC are flawed, and retain
much of what proved to be a
weakness of the regime introduced
Ex-MPC member Barker blasts
new Bank of England powers
BY TIM WALLACE in 1997; the belief that
responsibilities can be neatly
divided up, she argues in a report
for the CentreForum think-tank.
Although the FPC hopes it can
flexibly react to new developments
in markets, Barker believes this
lack of definition around the
bodys role means it will fail to gain
the confidence of markets.
Instead, she believes the Bank
should advise the chancellor on
major decisions, but still allow
elected politicians to take the call.
Politicians should not too readily
cede powers on the grounds that
they themselves cannot be trusted
with difficult decisions, she said.
Kate Barker fears the FPC has too many powers and too little accountability to the public
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RICHARD Desmonds Health
Lottery won a significant victory
yesterday when the High Court
rejected National Lottery operator
Camelots call for a judicial review
into it.
Camelots chief executive Dianne
Thompson had claimed that
Desmonds network of local
lotteries challenged her companys
special status as the national
operator. She said she would appeal
the legally-flawed decision.
Desmond who owns Channel 5,
the Express and Star papers, and a
host of adult channels called the
judgment a triumph.
Camelot loses
bid to close
Health Lottery
BY JAMES TITCOMB
BT and ITV could face severe
obstacles in cutting a deal to allow
the terrestrial broadcaster to screen
live Premier League games, although
a tie-up is still being considered,
sources said yesterday.
An unprecedented sub-licensing
deal, which would see ITV screen
one or two of BTs matches, would
face considerable difficulty in
complying with regulations. Any
agreement would have to be
approved by the Premier League,
which sold BT the rights to 114
games over three seasons from next
year and is keen to keep its matches
on pay TV to protect their value.
ITV said yesterday that it has not
held talks with BT, although its
production arm ITV Studios could
produce content for BTs sports
channel when it launches next year.
However, City A.M. understands that
ITV executives have been sounded
out about showing one or two
games at the start of the 2013-14
season to promote BTs offering as
an alternative to Skys.
BT did not comment yesterday.
ITV and BT still
mulling tie-up
to screen footie
BY JAMES TITCOMB
STAGECOACH co-founder Sir Brian
Souter is to step down as chief execu-
tive next May after more than 30
years at the helm.
Sir Brian, 58, will remain on the
board as chairman, replacing Sir
George Mathewson who is retiring.
This move comes in spite of the UK
Corporate Governance code, which
frowns upon chief execs becoming
chairmen. The board said it has
appointed Garry Watts as deputy chair-
man in a bid to ensure independence.
The board believes that retaining
the talent and knowledge of Sir Brian
in the role of chairman will be to the
benefit of the company and all of its
shareholders, the firm said.
Long-standing finance chief Martin
Griffiths will become chief executive
Sir Brian takes
a back seat at
Stagecoach
BY MARION DAKERS
when Sir Brian steps down, while com-
pany secretary Ross Paterson will join
the board as finance director.
Stagecoach also revealed yesterday
that its regional bus operations grew
like-for-like revenues by 4.1 per cent in
the 22 weeks to 22 July. This compares
to just 0.6 per cent growth at Virgin
Rail Group.
Stagecoach Group PLC
17Aug 16Aug 20Aug 21 Aug 22Aug
300
296
298
290
292
294
p
293.00
22Aug
DERWENT London yesterday
reported better-than-expected
half year results, buoyed by
strong demand from tech and
media firms queuing to take up
space in the West End.
The developer, which owns
swathes of property across
Victoria, Fitzrovia and
Shoreditch, said it achieved a 4.1
per cent rise in net asset value
to 1,770p per share in the first
half of the year, driven by a
rental growth of 2.8 per cent.
Its vacancy rate remained low
at 1.1 per cent, driven by strong
demand for space, particularly
from the TMT sector.
Chief executive John Burns
said that given strong demand
in central London and limited
Derwent London boosted by
buoyant West End demand
BY KASMIRA JEFFORD
supply, the group was stepping
up its development programme.
The group has seven projects
underway including an office
block in Victoria for Burberry
of which 35 per cent is pre-let.
Derwent has also appointed
former banker Simon Fraser to
join its board as a non-executive
director in September.
Stagecoach founder Sir Brian Souter plans to become chairman in May
THURSDAY 23 AUGUST 2012
7
NEWS
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PROFILE: SIR BRIAN SOUTER
Sir Brian Souter, who started his career as a
bus conductor in Perth, is known as a
transport man through and through in the
industry.
Theres only one Brian Souter. Hes a man
who if you stand close enough, he smells of
petrol, said one analyst yesterday.
After buying two second-hand buses in
1980, Souter and his sister Ann built up
Stagecoach from a regional operator to a
national and then international transport
group, snapping up bus and rail routes
across Britain as the networks were deregu-
lated in the 1980s and 90s.
His acquisitive streak sometimes got the
rm into hot water, for example during the
ill-fated purchase of Asian toll road operator
Road King. However, experts in the sector
admire Sir Brians willingness to radically
restructure or sell out altogether once it
becomes clear a deal hasnt worked.
Despite his no-nonsense business style
Souter is also known for his generosity, from
bankrolling free health check-ups for
employees to spending millions on the
Souter Charitable Trust, founded to further
christian and humanitarian projects.
But his charitable nature caused controversy
in 2000, when he paid for a lobbying effort
in support of Section 28, the controversial
law banning the promotion of homosexu-
ality by public authorities.
Souter is sure to remain a prominent force at
Stagecoach, both through his chairmanship
and his familys 25 per cent holding in the
rm. by Marion Dakers
Although risks to global GDP growth remain, the current rating of the
stock remains attractive and we therefore reiterate our positive recommenda-
tion on the stock, which provides exposure to the themes of urbanisa-
tion and industrialisation across the developing world.
ANALYST VIEWS

In the medium term we expect supportive economic policy and a

broad growth bias, particularly in China, to lead to measured improvement in
the external environment beginning in the first half of the 2013 finan-
cial year. We maintain our view of a fourth-quarter demand uplift.

A solid set of results. BHP is committed to 2013, but no major project

approvals expected, with the first growth projects coming in 2015. The out-
look is positive for the medium and long term with caution to the
short term, where volatility in commodities is expected.

WHAT DO YOU THINK OF

BHP BILLITONS ANNUAL
RESULTS? Interviews by Cathy Adams
JONATHAN JACKSON KILLIK & CO

RICHARD KNIGHTS LIBERUM CAPITAL

CAILEY BARKER NUMIS SECURITIES

THURSDAY 23 AUGUST 2012
9
NEWS
cityam.com
Qualcomm and Snapdragon are trademarks of Qualcomm Incorporated, registered in the United States
and other countries. The Snapdragon logo is a trademark of Qualcomm Incorporated.
Breathe re into your
mobile games.
Learn more at qualcomm.co.uk/snapdragon
Inside the best mobile games beats the heart of a dragon. Snapdragon processors
by Qualcomm give you the most immersive gaming experiences. Better graphics,
faster connectivity and longer playtime.
SHAREHOLDER advisory group ISS
last night recommended investors
vote against the proposed merger of
commodities trader Glencore with
miner Xstrata, the latest threat to an
increasingly troubled deal.
The influential American
research organisation said it could
not back the deal because it had
marginal economic merit and
because Glencores handling of the
merger process has raised several
additional red flags, with
particular reference to the cash
retention packages for executives.
Xstrata shareholders will vote on
the mega-merger on 7 September.
ISS attacks
Xstrata deal
BY JAMES WATERSON
MINER BHP Billiton has shelved
plans for its $30bn (18.9bn) Olympic
Dam expansion, and said that no
major new projects would be
approved until next June.
The delay to the Olympic Dam proj-
ect in southern Australia, which is
the worlds fourth-largest copper
deposit and largest uranium source,
came as BHP reported a 35 per cent
plummet in profits.
BHP cited subdued commodity
prices and higher capital costs for
the delay to Olympic Dam, as the
mining company is targeting signifi-
cant cost savings this year, although
it declined to give an exact figure.
Chief executive Marius Kloppers
said yesterday that BHP needed to
develop a less capital intensive
option to replace the underground
mine at Olympic Dam.
The Jansen project in Canada and
the Outer Harbour project in
Australia are also understood to be
under pressure.
The Anglo-American mining
giants profits slid to $15.4bn, from
BHP postpones
Olympic Dam
copper project
BY CATHY ADAMS
$23.6bn, in the year to 30 June.
Underlying earnings fell by 15 per
cent to $27.2bn, hurt by weakness in
commodity markets and industry-
wide cost pressures.
Around 20 major projects are in exe-
cution at the moment with a budget
of $22.8bn, which BHP class as large-
ly low risk. They will deliver first pro-
duction before the end of the 2015
financial year.
Kloppers announced earlier this
month that he would forgo his
bonus, as declining US gas prices hit
the $3.3bn shale gas write down.
The shares closed down 1.84 per
cent at 1,947p yesterday.
Bhp Billiton PLC
17Aug 16Aug 20Aug 21 Aug 22Aug
2,000
1,980
1,990
1,950
1,940
1,960
1,970
p
1,947.00
22Aug
Profit up at Carillion
despite lost revenue
SUPPORT services firm Carillion
reported a modest rise in first-half
profits yesterday, despite revenues
falling by 12 per cent.
Pre-tax profit rose by one per
cent in the six months to 30 June
to 73.1m, from 72.5m the year
before.
Revenue at Carillion, which
maintains some of the UKs
railways and military bases as well
as construction projects in the
Middle East, was hurt by the
BY CATHY ADAMS
planned reduction in its UK
construction arm and delays to
contracts in the Middle East. It fell
to 2.2m over the first half of 2012.
Middle East construction
revenue was down 21 per cent, but
the firm expects full-year results to
be in line with expectations.
Carillions pipeline of contract
opportunities stood at 35.6bn,
flattered by major UK public sector
projects and private finance
projects in Canada, including the
C$35bn (22.7bn) Infrastructure
Ontario programme.
South African mining
unrest starts to spiral
LABOUR unrest in South Africas plat-
inum belt spread yesterday, raising
concerns that the strike that started at
Lonmins Marikana mine over low
wages could generate fresh violence
after 34 striking miners were shot
dead by police last week.
The worlds top platinum
producer, Anglo American Platinum,
said yesterday it had received a
demand for a pay increase from its
South African workers, while Royal
Bafokeng Platinum said a labour
action by about 500 miners
interrupted work at a shaft at its
Rasimone mine.
The price of platinum leapt 1.5 per
cent to touch $1,524.50 an ounce
its highest since early May, driven by
concern about supply from South
Africa, which holds 80 per cent of the
known reserves of the metal.
Ten people had been killed last
week before police opened fire on
striking miners, shooting dead
another 34 in the worst such
bloodshed since the end of apartheid
white-minority rule in 1994.
BY CITY A.M. REPORTER
IN BRIEF
F&C private equity realises 27m
nF&C Private Equity Trust yesterday
announced a 40 per cent year-on-year
increase in realisations from its
portfolio. The trust, which also
confirmed a new dividend policy after
cancelling its restricted voting shares,
said distributions were 27m for the
half year compared to 13m of total
drawdowns. The trusts principal exit
was from Lifeways, a provider of
community care.
Kenmare bounces back to profit
nMiner Kenmare Resources yesterday
reported a pre-tax profit of $38.8m
(24.6m) for the first half of the year,
up from a loss of $14.2m last year.
Revenues for the ilmenite and zircon
miner were up 95 per cent to $109m
over the first six months of the year to
30 June. Over the period Kenmare
mined 276,000 tonnes of ilmenite,
which is used in titanium dioxide pro-
duction, and 23,600 tonnes of zircon,
which is used in industry.
Goals Soccer Centres takeover fails
nGoals Soccer Centres takeover by
one of Canadas biggest pension funds
fell through yesterday after sharehold-
ers narrowly rejected the offer, sending
the stock down as much as 24 per cent.
Goals Soccer said 71.4 per cent of inde-
pendent shareholders voted in favour
of the 73.1m offer. The deal needed
the support of three-quarters of its
independent shareholders to go
through. Analysts say an offer from a
new bidder is unlikely.
HEINEKEN said weak sales in Europe
had led to it missing profit forecasts
in the first half of the year, underly-
ing the brewers need to complete its
deal for Tiger beer maker Asia Pacific
Breweries (APB).
The Dutch drinks firm the third
biggest in the world said profit after
tax fell four per cent when one-off
sales were stripped out. The amount
of beer Heineken sold in western
Europe where the firm makes over
45 per cent of its turnover fell by 0.8
per cent, although growth in the Asia
Pacific region was 7.6 per cent.
Brewers and pub chains have strug-
gled in the UK and western Europe as
poor weather and economic troubles
have hit beer sales.
Heineken agreed a deal over the
weekend to grab a majority stake in
APB, buying 40 per cent from Fraser
and Neave to add to Heinekens 42
per cent share. The deal now has to
be approved by shareholders, and
could still face competition from
Heineken looks
east for growth
after sales miss
BY JAMES TITCOMB
ThaiBev, which is also looking to
invest in the Singapore-based brewer
of Tiger and several other beers.
Chief executive Jean-Francois van
Boxmeer said the agreement with
Fraser and Neave marks an impor-
tant and exciting milestone in our
acquisition of APB.
Total revenue at Heineken, which
makes Amstel and Strongbow, rose
five per cent to 8.8bn (6.9bn), but
this was less than expected and the
share price fell almost five per cent in
early trading yesterday before recover-
ing slightly.
London Capitals compensation
hike hurts its half-year profits
ONLINE trading firm London Capital
Group posted a plunge in pre-tax
profits yesterday after upping the
amount set aside to cover customer
compensation claims by 1.9m.
In February 2011, the Financial
Ombudsman Service (FOS) ruled
London Capital was liable for cus-
tomer rebating errors on one of its
foreign exchange platforms
The spread betting firm yesterday
increased its compensation provision
for the FOS claims from last years
level of 3.2m to a maximum level of
5.1m to pay the compensation.
This dented pre-tax profits, from
BY MICHAEL BOW
2.69m in the first half of 2011 to
0.15m for the first half of this year.
Chief executive Simon Denham
said: Weve provided the full amount
that we can be found against. The
money might fall lower and obvious-
ly we hope that it will fall lower.
London Capital was left on the hook
to pay compensation to customers
which invested in third party foreign
currency accounts managed on its
platform.
After two years contesting the
claims London Capital said yesterday
that negotiations had seen 25 per
cent of outstanding claimants agree
to a settlement.
The firm also increased divisional
revenue by 12 per cent.
Its been truly dull markets condi-
tions, so were pleased to beat rev-
enues compared to last year, added
Denham.
Chief executive Jean-Francois van Boxmeer hopes high-impact marketing will drive sales
London Capital Group Hldg PLC
17Aug 16Aug 20Aug 21 Aug 22Aug
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65.00
65.50
63.50
63.00
64.00
64.50
p 64.00
22Aug
THURSDAY 23 AUGUST 2012
10
NEWS
cityam.com
Private equity-backed Parabis
to expand using new Tesco Law
INSURANCE specialist Parabis has
become the first private equity-
backed firm to take advantage of
the so-called Tesco Law reforms,
after winning a licence to use the
Alternative Business Structure
(ABS) yesterday.
Parabis is the 20th company to
be granted an ABS licence since
the law market was liberalised
last year.
The company hopes to expand
following the conversion. It
already offers insurance law
advice as well as non-legal
services such as health and safety
BY MARION DAKERS
insurance, risk management and
outsourced claims handling.
In February, Duke Street agreed
to acquire a majority stake in
Parabis, in a deal that valued the
services firm at between 150m
and 200m.
Duke Street said yesterday it
hopes Parabis will be at the
forefront of consolidation within
the legal services industry.
Parabis chief executive Tim
Oliver added: While at times we
have felt frustrated at the time it
has taken to secure our licence, we
are very pleased with the robust-
ness of the application process.
We are very excited by the possi-
bilities now open to us.... It has
been important to secure ABS sta-
tus so that we can compete effec-
tively and retain our innovative
edge.
The Legal Services Act came into
force in October 2011, after
encountering months of delays in
parliament.
The act, dubbed the Big Bang of
the legal sector, aims to open up
English law to non-traditional
players.
The ABS allows law firms to seek
outside investment, and to be
owned by non-lawyers through
investments or even public
offerings.
BRITISH mobile payments firm
Monitise yesterday announced
plans to raise 24m from a share
issue aimed at existing investors.
The company also said it is on
track to become profitable by
September 2013, three months
earlier than expected.
We are in a unique position in
this exciting industry and ensuring
that we have a suitable capital base
is vital if we are to deliver on the
substantial potential of the
business. We are delighted that
our major partners are fully
supportive of our strategy, said
chairman Duncan McIntyre.
Canaccord Genuity will act as
Mobile payments firm Monitise
to raise 24m in AIM placing
BY JAMES WATERSON nominated adviser and sole broker
on the placing.
Monitise provides mobile bank-
ing software to leading UK banks
including RBS, Lloyds and HSBC
and has a long-standing relation-
ship with global card firm Visa.
The AIM-listed company has ben-
efited from the boom in smart-
phone ownership and has helped
banks to develop a range of applica-
tions for mobile devices and last
month announced year-end revenue
growth of 140 per cent to 36m.
At the end of June the firm had
more than 110m of committed
orders and said it hoped to snare
160m of additional revenue from
existing customers over the next
five years.
VIDEO game maker Electronic
Arts (EA) announced yesterday its
social gaming arm PopCap was
cutting staff and looking at closing
its office in Ireland, just a year
after EA spent $1.3bn (823m) on
acquiring it.
PopCap, which makes easy-to-
play games for Facebook and
mobile phones, said 50 people at
its Seattle and Vancouver studios
would be laid off and that it was
launching an exploratory
consultation on the future of the
90-strong Dublin operation.
The move is the latest blow for
developers of Facebook games
after Farmville creator Zynga
recorded a $22.8m loss last month.
EAs Facebook gaming arm cuts
staff as users switch to phones
BY JAMES TITCOMB
The change in consumer tastes
requires us to reorganise our
business and invest in new types of
games on new platforms, said
PopCap co-founder John Vechey
yesterday.
Facebook gaming companies
have suffered as more users access
the social network via mobile
devices rather than computers.
Zynga has also said that changes in
Facebooks algorithms have lured
people away from established
games.
Computer giant Sony also
announced yesterday it was
closing its game development
studio in Liverpool. The studio,
which worked on games including
the Wipeout series, will relocate
some staff to other offices.
Heineken NV
17Aug 16Aug 20Aug 21 Aug 22Aug
45.00
44.00
44.50
42.50
43.00
43.50
44.00
22Aug
Europe cuts down on drink but
well still pay for a decent pint
Y
OU would think the state of
the economy would have
driven us all to drink a bit
more, but Heineken argued
yesterday that this was one of the
factors to blame for its disappointing
revenue from western Europe.
Still, Heineken is shrugging off
its European doldrums, citing wider
economic issues. Instead its
focusing on the big picture of
emerging market growth with its
new agreement to acquire Asia
Pacific Breweries.
Theres danger in a strategy that
blames and rides the broad
economic currents. It may miss
specific opportunities to be found
even in a generally weak market.
For comparison, look at Adnams,
also reporting yesterday. Given its
tiny relative scale, the brewer has to
make the best of current market
conditions at home. And while
Heinekens group beer volume rose
3.3 per cent, Adnams take home
beer business grew volumes 13 per
cent. Customer service and an
excellent pint of Ghost Ship still
counts, as well as the big picture.
BOTTOM
LINE
MARC SIDWELL
JAPAN slipped into a current
account deficit in July, as exports
dwindled and imports swelled,
according to ministry of finance
data released yesterday.
Exports slipped 8.1 per cent over
the year, to hit 5.3 trillion yen
(42.4bn), while imports climbed
2.1 per cent, reaching 5.8 trillion
yen leaving a deficit of 517bn yen.
Japans deficit with top trading
partner China grew 235.2 per cent,
and the Asian giant moved into
deficit with western Europe as its
exports there collapsed 28.4 per
cent over the year.
The fall was driven by diving
sales of electrical machinery,
especially semiconductors while
car sales proved a counterpoint by
increasing slightly.
Europes debt crisis is the first
factor to pull down exports, and
the pace of decline is striking. This
is comparable to the post-Lehman
situation, said Masayuki
Kichikawa, chief Japanese
economist at Merrill Lynch in
Tokyo.
Japans export
industries hit
by deep slump
BY BEN SOUTHWOOD
THE MORTGAGE market has tight-
ened up over the past six months,
but remortgage lending has
bounced back, according to reports.
The number of high loan-to-
value (LTV) mortgages has
plummeted, with a collapse in 90
per cent and 95 per cent
mortgages offered,
MoneySupermarket said yesterday.
Its data shows that 95 per cent
mortgage availability has dropped
by 75 per cent in the past six
months. In that period lenders
including Cambridge, Ipswich,
Nottingham and Skipton Building
Societies have withdrawn such
products from the market.
These developments have
squeezed first-time buyers, who
have a choice of 31 per cent fewer
Fewer deals on
offer for first
time buyers
BY BEN SOUTHWOOD
financial products this year than in
2012, This is despite the funding for
lending scheme (FLS) which aims to
encourage banks to make more
money available to borrowers, which
could fund house purchases.
But those who already have a foot
on the housing ladder are beginning
to be offered more extensive oppor-
tunities, according to property serv-
ices expert LMS.
Gross remortgage lending grew
12.9 per cent in the month to July,
and though it remains 12.5 per cent
down on last July, LMS expects that
the recent tranche of easy money
offers on low LTV mortgages will
reverse this trend.
A number of sub three per cent
ratesled to a real surge in remort-
gage applications in late July that
continued into August, said LMS
boss Andy Knee.
IN BRIEF
RBS in Iran sanctions inquiry
n US authorities are investigating
RBS and Commerzbank over possible
breaches of sanctions in Iran, in a
widening crackdown which has
already cost Standard Chartered a
hefty fine. RBS half-year results said
the bank could face a material
impact from the investigation.
New OTC rules may boost gilts
n Incoming regulations on over-the-
counter (OTC) derivatives requiring
greater capital will drive investment
into government securities, ratings
agency Moodys said yesterday.
However, ultra-low bond yields, and
increased collateral requirements for
transactions may drive bond funds to
put more money into riskier
investments, the report warned.
CLS launches latest retail bond
n In the latest attempt to capitalise
on consumer cash, CLS holdings, the
London property investment firm,
launched a retail bond yesterday.
Investors will be able to put anything
from 2,000 in the instrument, at a
rate of 5.5 per cent. CLS has a portfolio
of properties in London, France,
Germany and Sweden.
Central banks hurt securitisations
n Funding on offer from central banks
has reduced the need for banks to
issue securitised products, Standard
and Poors said yesterday. Investor-
placed securitisation issuance in
Europe came in at 44bn (34.8bn) in
the first seven months of the year,
down 10 per cent on the year.
FORUM: Page 16
n n
THURSDAY 23 AUGUST 2012
12
NEWS
cityam.com
Q2
2007 2008 2009 2010 2011 2012
Q3Q4 Q2 Q1 Q3Q4 Q2 Q1 Q3Q4 Q2 Q1 Q3Q4 Q2 Q1 Q3Q4 Feb Apr Jun
40
35
25
30
20
10
15
5
0
bn
GrossMortgageLending
GrossRemortgageLending
GROSS MORTGAGE LENDING VS GROSS REMORTGAGE LENDING
THE MORTGAGE MARKET HAS TIGHTENED
GrossRemortgageLending
A
136,399
94,981
KEY
Average remortgage
value
Average loan-to-value
ratio of remortgages
98,399
230,674
159,608
115,077
96,740
103,396
139,828
95,468
64%
65%
64%
49%
61%
52%
78%
66%
79%
66%
Total mortgage products
for rst-timers
2011: 1,786
2012: 1,225
HOUSEHOLD incomes shrunk
between May and June, while
debt levels grew quickly,
according to a report released
by Aviva yesterday.
Average monthly family
incomes slumped seven per
cent between May and August
this year, from 2,150 to
2,003. The insurance
company suggests this is likely
to be due to the increased
responsibilities acquired by
parents during school
holidays.
Perhaps as a response to the
loss of income, families were
drawing down savings and
building up debts the typical
household owed 1,249 more
and had 97 less to count on
after the three months passed.
A surge in the number of
adults living with family has
accompanied this drop in
savings and income. Some 73
per cent of respondents
which would extrapolate out
to be 36m people admitted
to calling on their relatives for
help with housing in a time of
need.
Household
incomes slip
BY BEN SOUTHWOOD
SMALL BUSINESSES are sceptical
about how ready school leavers
are for work, according to a
survey released by the Federation
of Small Businesses (FSB)
yesterday.
A full eight out of ten did not
think school leavers were fit for
employment, and that more must
be done to get them into shape.
Fifteen and 16 year olds will
receive their GCSE results today,
but 59 per cent of respondents
who employ workers just above
this age range believe they are
lacking in literacy skills. A
further 55 per cent question their
numeracy skills, while a slightly
larger majority call young
workers communication skills
into question.
The lobby group said that firms
were willing to build employees
skills, but could only tackle youth
employment if potential workers
came equipped with the most
rudimentary skills.
Businesses are more than
ready to invest time and money
training staff in job-related skills,
but expect them to come with at
least the basics, said FSB
chairman John Walker.
Small businesses lament lack
of basic skills in young staff
BY BEN SOUTHWOOD
All schools should be offering
work experience to their pupils
and engaging with local small
businesses to ensure that young
people are getting the work-
related learning that they need,
he claimed.
Michael Goves educational
reform, which aims to do away
with competing exam boards and
implement a two-tier
examination system, has been
suggested as a way to improve
proficiency in fundamental skills.
At least some of these policies
may help achieve the stated aims,
according to a separate report by
the Institute for Fiscal Studies
(IFS), an independent think-tank.
Competition between exam
boards, combined with uniform
league tables, is alleged to
contribute to grade inflation, as
schools choose boards that offer
easier exams. The IFS says that
while the theoretical case for this
tendency is clear, it is hard to
empirically quantify.
The IFS has, however, studied
the effect of the transition to
GCSE-equivalent qualifications.
It found that movement up the
league tables is closely linked to a
focus on these subjects.
Commodore 3 seater recliner. No deposit with 4 years interest free credit. 48 equal monthly payments of 14.56. Or pay nothing until Easter 2013 then 36 equal monthly payments of 19.41. 0% APR. Total 699. Credit subject to acceptance. Credit is provided by external nance
companies as determined by DFS. 4 years interest free credit from date of order. Delivery charges apply. See instore or online for details. Mobile charges may apply when calling 0800 110 5000. DFS is a division of DFS Trading Ltd. Registered in England and Wales No 01735950.
Redhouse Interchange, Doncaster, DN6 7NA.
Visit your nearest store, order direct at www.dfs.co.uk or call free on 0800 110 5000 24 hours a day, 7 days a week
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ID
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O
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A
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AT D
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IG
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S
Its a rather poor show for Brits on
Forbes annual ranking of the most
powerful women with just two
sneaking into the top 100. In Jubilee
year, it seems fitting that Queen
Elizabeth II is ranked 26. At 86, shes
the oldest woman on the list. And
although its not mentioned, the
Capitalist suspects shes also the
woman with the biggest array of
matching hats and coats.
Harry Potter author JK Rowling
sneaks in at 78. With her first foray
into adult fiction not set to hit the
shelves until next month, its still
L
EXICOGRAPHERS of the
internet rejoice: the latest
additions to Oxford Dictionaries
Online are out.
Like its dead-tree counterpart the
Oxford English Dictionary, ODO peri-
odically picks the best new words and
phrases to add to its online library,
skewing the list towards trendy buzz-
words to craftily boost its traffic.
Todays additions include Dunbars
number, the upper limit of social
acquaintances one person can main-
tain (its around 150, apparently), and
mansion tax, the levy on wealthy
homeowners favoured by some
Liberal Democrats.
Yet screeching U-
turn appears
to be sadly
absent from
the list.
But other corporate jar-
gon does make it in, including
managing expectations, user
experience and e-learning.
Vajazzle is also thrown in.
Some of the new entrants are more
baffling. E-cigarettes entered the ver-
nacular before the 2007 smoking ban,
while hosepipe bans have been
around since the last time the soul
patch (also on the list) was fashion-
able.
Then theres the micro pig, the
miniature pets that became a minor
craze several years ago, but are now so
off-trend that even the squares at
DEFRA offer online advice on pig walk-
ing licences and the correct way to ear-
tag housebound swines.
But those canny folk at Oxford
Dictionaries Online know that if the
internet likes one thing, its
pictures of miniature
animals in amusing sit-
uations. Happily, so
does the Capitalist.
THE flames which will light the Paralympic torch were lit on top of the UK's four highest
mountains yesterday. At Scafell Pike (above) war hero Karl Hinett ignited the torch. The
Paralympic Torch Relay will cover 87 miles before it eventually reaches London.
PARALYMPIC TORCH RELAY GETS UNDERWAY
Got A Story? Email
thecapitalist@cityam.com
14
cityam.com
cityam.com/the-capitalist
The bidding for Olympic
memorabilia is heating up in the
Mayors Fund for London auction. In fact,
the bidding for the Capitalists favourite
mascot, the bowler-hat bedecked City
Wenlock, has turned into a positive
frenzy. With just nine days left to go, the
pin-striped Cyclops-like figure is
currently priced at 16,694. Despite his
extravagant price-tag, City Wenlock is
not the most expensive item on offer.
That honour goes to the St. Louis 1904
Bronze Participation Medal, featuring a
nude athlete striding forward. Its
extreme rarity means the highest bid has
already hit 20,000, and theres still
another eight days to go. But if these
austerity-stricken times are leaving you
short on cash, at the other end of the
scale is a signed photo of GB cyclist
Victoria Pendleton currently going for
just a 1. If you can stretch a little
further, then you could nab yourself a
warm-up bib from the womens bronze
medal football match between Canada
and France. Its currently a mere 20,
with bids closing today.
http://memorabilia.london2012.com
THURSDAY 23 AUGUST 2012
the young wizard whos
powering her estimated
$17m earnings.
Two female heads of
UK firms also make the
cut, with Burberry chief
executive Angela
Ahrendts at
number 45, and
Pearson chief
executive Marjorie
Scardino at number 86. Both are
from the US originally, but given
their UK-based roles the Capitalist
reckons we can get away with
counting them as honorary Brits
doubling our representatives to
four.
For the second year in a row
its Angela Merkel at the top.
While the Eurozone crisis
hasnt done a lot for the
world economy, her role as
lead player in the never-
ending negotiations has
boosted her career.
The micro pig makes it
into the dictionary...
and our hearts
THECAPITALIST
Poor show for Brits on Forbes female list
Burberrys Angela Ahrendts
is no 45 on Forbes list
OED endorses
mansion taxes
and micro pigs
15
THURSDAY 23 AUGUST 2012
cityam.com
IN BRIEF
FSA could ban UCIS
investment adverts
A CRACKDOWN on the promotion of
investments in unusual assets like
crops and fine wines could be
widened, the Financial Services
Authority (FSA) warned yesterday,
arguing ordinary retail investors do
not have sufficient protection against
mis-selling.
Unregulated collective investment
schemes (UCIS) can currently be pro-
moted if an adviser assesses its suit-
ability but the FSA believes only 25
per cent of sales to retail customers
properly take into account their
needs and requirements.
Pensioners have been advised to
BY TIM WALLACE invest all of their wealth into a single
illiquid scheme, for example, which it
argues is entirely unsuitable.
However law firm RPC hit out at the
mooted ban, describing it as heavy-
handed.
The FSA needs to find a way to deal
with market problems in a more
nuanced way rather than reaching for
the nuclear option... The problem is
not that the current regime doesnt
work, its that the rules arent
enforced, said RPC partner Jonathan
Davies.
The FSA itself points out that 25 per
cent of current sales are suitable, and
its proposals are likely to outlaw these
legitimate sales completely.
LONDONREPORT
EDM Group
Iain Ferguson has been
appointed non-executive
chairman of the information
management services provider.
He is a previous executive vice-
president of Havas, the French
advertising company. Ferguson
was also formerly chief executive
of Mission Marketing Group, where he led its independent
price offering. In his new role, he will identify and execute
acquisition opportunities for EDM.
Barclays
The banking group has announced appointments to its new
independent asset managers team. Cedric Lizin will become
head of the independent asset managers segment, Asia
Pacific. He has been with Barclays since 2007, when he
joined its wealth and investment division as chief operating
officer for Asia Pacific. Annabelle Chow becomes director
and team head, and Josephine Koh becomes a director.
They both join from Credit Suisse, where they were team
head and deputy team head respectively of its Singapore-
based independent asset management team.
Intech
The mathematical investment firm has appointed John
Brown as senior vice-president, head of global client
development. He joins from Hartford Investment
Management, where he was managing director of its sales,
marketing and product development team. Brown has also
worked for Fortis Investments.
Endsleigh
Grant Stevens has been appointed general manager, letting
services at the let property insurance specialist. He joins
from Leadbay, where he was a managing director. Stevens
has worked in financial services for over 20 years, and has
held a number of senior sales and management roles at
Zurich and Sun Life of Canada.
Olivetree
Charlotte Wall has been appointed managing director and
global head of product sales at the equity brokerage. She
joins from Markit Securities Finance, where she was
managing director and head of sales. Wall has extensive
experience in financial services and previously spent 16
years as managing director at Morgan Stanley, where she
ran its equities finance business in Europe.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
Lacklustre data
and fears over
Greece hurt US
T
HE S&P 500 erased earlier losses
to close flat yesterday after
minutes from the latest Federal
Reserve meeting indicated the
central bank might be ready for
another round of stimulus.
Minutes from the 31 July to 1 August
meeting suggested the Fed is likely to
deliver another round of monetary
stimulus fairly soon unless the econ-
omy improves considerably.
Stocks had spent most of the session
in negative territory after weak export
data from Japan and caution over
Greeces meetings this week with
European Union officials gave
investors reasons to pull back after the
recent rally.
Among the most actively traded US
stocks yesterday was Dell, down 5.4 per
cent at $11.68 a day after the PC maker
warned of a challenging second half
and slashed its full-year earnings out-
look. Following on the heels of Dells
results, Hewlett-Packard slipped 1.1
per cent to $18.99 after the close as the
worlds largest PC maker posted a
third-quarter loss.
The Dow Jones industrial average
dropped 30.82 points, or 0.23 per cent,
to 13,172.76. The Standard & Poors 500
Index added 0.32 of a point, or 0.02 per
cent, to 1,413.49. The Nasdaq
Composite Index gained 6.41 points, or
0.21 per cent, to 3,073.67.
Toll Brothers shares rose to $33.68,
their highest since February 2007,
after the largest US luxury home-
builder reported a higher quarterly
profit and a sharp jump in new orders.
At the close, the stock was up 3.8 per
cent at $33.01.
Volume was light with about 5.45bn
shares traded on the New York Stock
Exchange, NYSE Amex and Nasdaq,
below the daily average of 6.62bn.
Declining stocks outnumbered
advancing ones on the NYSE by a ratio
of 3 to 2.
M
INERS left Britains top share
index nursing sharp losses
yesterday after BHP Billitons
results offered a bleak outlook for
the sector, while other cyclical stocks
were weaker as Greek and European
officials met on the Eurozone debt crisis.
Londons blue chip index was down 83.32
points, or 1.4 per cent, at 5,774.20.
Cyclical stocks such as miners, banks
and oils bore the brunt of the sell-off as
Greek Prime Minister Antonis Samaras
began a round of talks with senior
Eurozone politicians in which he is
expected to broach the idea of giving
Greece more time for budget cuts.
Miners accounted for nearly 20 per cent
of the FTSE 100s decline with growth
concerns a weight on the shares as BHP
Billiton fell 1.7 per cent after announcing
no major projects would be approved up
to June 2013 as it battles rising costs and
an economic slowdown in China.
Some 88 per cent of mining firms
missed second quarter earnings
expectations with earnings shrinking
year-on-year about 47 per cent, Thomson
Reuters Starmine data showed.
Kazakhmys was the top faller, down 4.2
per cent ahead of first-half results today,
and along with Anglo American had its
recommendation cut by JP Morgan to
underweight from neutral. Anglo
American was down 3.7 per cent.
JP Morgan also cut its rating on
drugmaker GlaxoSmithKline on
earnings worries, while Deutsche Bank
cut its rating for Europes biggest DIY
retailer Kingfisher for the same reason.
Glaxo fell 1.6 per cent, while Kingfisher
shed three per cent.
Meanwhile utility firm SSE was up 1.2
per cent as it said it will raise household
gas and electricity prices by nine per
cent.
Miners and Eurozone politicians
take the shine off the FTSE 100
BESTof theBROKERS
FTSE
16Aug 17Aug 20Aug 21Aug 22Aug
5,880
5,860
5,780
5,800
5,820
5,840
5,774.20
22 Aug
DASHBOARD CITY
CITY MOVES
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
NEW YORK
REPORT
YOUR ONE-STOP SHOP FOR JOB MOVES,
BROKER VIEWS AND MARKET REPORTS
in association with
Rightmove PLC
16Aug 17Aug 20Aug 21Aug 22Aug
1,640
1,660
1,680
1,700
1,720
1,629.00
22 Aug
p
RIGHTMOVE
Peel Hunt has a sell rating on
the property search firm with a
target price of 11.80. The broker
believes that Rightmoves bet-
ter-than-expected revenues in
the first half were a one-off, and
that its shares remain funda-
mentally overvalued.
ARM Holdings PLC
16Aug 17Aug 20Aug 21Aug 22Aug
575
580
585
590
600
580.00
22 Aug
p
ARM HOLDINGS
S&P Equity Research rates the
tech group buy and has raised
its target price from 575p to
700p. S&P has also raised its
forecasts for ARMs earnings
margins, to a whopping 61 per
cent by 2020, on annual sales
growth of 10 per cent.
Vodafone Group PLC
16Aug 17Aug 20Aug 21Aug 22Aug
184
185
186
187
188
189
190
183.85
22 Aug
p
VODAFONE
Espirito Santo rates the telecoms
group buy with a fair value of
210p. Vodafone has suffered a
knock after rival Everything
Everywhere won a head-start on
rolling out 4G, but is unlikely to
get the decision overturned, the
broker reckons.
CLAIMS management firms face
tougher rules on how they deal
with customers, the Ministry of
Justice said yesterday.
Firms that help people claim
payment protection insurance
refunds or personal injury
compensation will be required to
give clients written contracts, the
ministry said, and are facing limits
on cold calling and text messages.
Regulators punished more than
400 claims management companies
in the last year for poor practices,
260 of which have been shut down.
We want consumers to be better
protected, said head of claims
management regulation Kevin
Rousell.
Claims groups
face crackdown
BY MARION DAKERS
Primary Health in good shape
n Primary Health Properties, the
healthcare property investment trust,
yesterday reported a 1.2 per cent fall in
net asset value to 314.9p a share in the
first half of the year after raising 19m
of equity at a four per cent discount to
net asset value (NAV) in May. The group
said rental income in the six months to
the end of June came in at 16.21m, an
increase of 6.3 per cent on the previous
year, while operating profit rose 6.5 per
cent to 13.4m. The groups chairman,
Graeme Elliot said that the Health and
Social Care Act passed by parliament
earlier this year, may create more
chances for PHP to invest in health care
facilities to meet demand. The owner of
more than 150 UK medical centres also
recently raised 75m in its debut retail
bond offering, paving the way for more
acquisitions.
Ex-JPM head for Hochschild
n Hochschild Mining has hired former
JP Morgan investment banking chief
Enrico Bombieri as non-executive
director. Bombieri, who had
responsibility for investment banking
over Europe, the Middle East and
Africa, will join Hochschild in
November. He has also worked for
Guinness Mahon and Lehman Brothers.
Hochschild recorded a 43 per cent drop
in profits for the first half yesterday.
Earnings came in at $168m (106m),
compared to $297m over the same
period last year. The company said it
was on track to meet its production
target of 20m silver equivalent ounces
for 2012, adding that its future growth
projects were also progressing in line
with its plans, and that it was
maintaining its interim dividend of
$0.03 per share.
B
EFORE primaries became the
more common mechanism
of selecting party nominees,
the Republican National
Convention served as the
venue for delegates to wage their
famous intra-party battles. Teddy
Roosevelt stormed out in 1912 to
form the Progressive Party, the
moderate Dwight Eisenhower
trumped the conservative Robert Taft
in 1952, an ideological battle that
Barry Goldwater reversed in 1964 by
defeating Nelson Rockefeller.
In the modern day, the convention
serves as nothing more than a
taxpayer-subsidised opportunity for
the party nominees to seek that all-
important polling bounce after
their keynote speech. But its also the
W
HILE youngsters
celebrating exam
successes today should be
applauded for their hard
work, many will be in for a
rude awakening when they go into
the world of work. Unfortunately, they
will find that the traditional link
between academic results and
achievement in the workplace no
longer holds as true as it once did.
Our education system fails to reflect
the importance employers place on
both core curriculum subjects and
basic workplace skills, such as disci-
pline, attitude and communication. At
a time of great economic uncertainty,
now, more than ever, we need urgent
action to realise the full potential of
the workforce and keep Britain com-
petitive on the world stage.
Youth unemployment stubbornly
refuses to budge from the 1m mark,
while businesses say too many young
people emerge from school with poor
literacy, numeracy and general work
skills often despite good grades. I
know of businesses that resort to tex-
ting their young employees to get
Spread betting, CFDs and
Trade today at www.cityindex.co.uk
FACT OF
THE DAY
The last time the Wall Street Index traded as high as
13,330, the Index fell 10.8% in the subsequent month.
cityam.com/forum
The link between
academic results and
workplace achievement
no longer holds true
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

16
THURSDAY 23 AUGUST 2012
PETER SEARLE
Rigour in GCSEs is essential but we
also need students fit for business
them into work on time. And I have
heard from others that are exasperat-
ed at having to retrain supposedly well
educated people to write emails in
intelligible English, rather than text
speak.
Put simply, a secondary education
system so geared towards the attain-
ment of GCSEs and A-levels is failing to
prepare people for the globalised jobs
market. And this lack of work readi-
ness is aggravated by the many voca-
tional subjects taken by students,
which lull them into a false sense of
their own employability.
The secretary of state for education,
Michael Gove, has successfully diag-
nosed the problem of sub-standard
English and Maths: high levels of
numeracy and literacy are of funda-
mental importance to virtually all
employers. Similarly, the commitment
to getting more young people into
STEM (science, technology, engineer-
ing, and mathematics) subjects is to be
welcomed. If we want to drive innova-
tion and entrepreneurship, it is essen-
tial that our young people are
world-beaters in these subjects.
To be clear, the focus on increasing
academic standards and making sub-
jects more rigorous is a positive move.
However, this is not a complete solu-
tion: a new approach is needed to
ensure young people also leave school
with real experience of soft job skills
like time-keeping and teamwork
which employers say are just as impor-
tant as grades.
To create a better balance between
academic standards and work skills,
we are calling for a coordinated, long-
term work skills strategy, starting with
a programme that embeds employa-
bility skills training into the national
curriculum. I believe these three poli-
cies will help young Britons realise
their potential:
1. All school children should have a
minimum level of exposure to a coor-
dinated, meaningful national work
experience programme.
2. Compulsory employment skills
advice delivered directly by employ-
ers should be given to all school chil-
dren, as part of an employability skills
training programme. This should be
embedded into the national curricu-
lum.
3. Trainee teachers should undertake
secondments into business, so they
can see first-hand the skills employers
need.
None of these changes will be easy to
implement on a national scale, and all
require close collaboration between
employers, educators and govern-
ment. But, despite this, I believe they
are realistic goals and I take heart
from recent education reforms, which
have helped prove that business can
play a successful role in education as
sponsors of academies. I am convinced
the private sector can and wants to do
more, which is why we are calling on
businesses to join our Unlocking
Britains Potential campaign.
Forging closer links between employ-
ers and schools can give teachers a bet-
ter understanding of what business is
like. Similarly, giving employers a
greater influence on what is taught
will ensure the workforce of tomorrow
understands what skills will make
them successful in the workplace.
Businesses dont expect schools to
teach customer service, but they do
need people who can work in teams,
have discipline and drive, as well as
excellent communication skills.
Failure to do so puts the UKs future as
a global business leader at risk.
Peter Searle is chief executive of Adecco
Group UK & Ireland. Find out more about
Unlocking Britains Potential
www.unlockingbritainspotential.co.uk
only time the campaigns possess a
near-monopoly on news coverage.
With Republicans set to dominate
the airwaves in the build up to their
convention in Florida next week, the
Democrats objective has always
been to launch a barrage of negative
stories in the hope that one sticks
and undermines Mitt Romneys
seamless coronation. Dealing with
Democratic distractions before a
convention is to be expected.
Spending the last four costly days
distancing yourself from a fellow
Republican is not.
Republican congressman and
Senate candidate Todd Akins claim
that victims of legitimate rape
seldom fall pregnant not only
imperils Republican hopes of taking
back the Senate, but will plague the
remainder of his partys presidential
endeavour. Democrats already see
this as an opportunity to widen their
advantage with women. Obamas
campaign will seek to portray the
Republican convention as a circus of
social conservatives run amok. Any
Republican who has co-sponsored
legislation, served, or merely has an
R by their party affiliation, will
quickly become familiar with attack
advertisements citing the percentage
of votes they have cast with the
disgraced Akin. Romneys running
mate and Akins congressional
colleague, Paul Ryan, will inevitably
bear the brunt of this.
The Akin debacle continues to
dominate the headlines, preventing
Romney from focusing on the
economy. But, all things considered,
he still looks strong heading into the
convention. Polls remain volatile,
but Romney has moved marginally
ahead in Wisconsin and Michigan
two states that Democrats did not
want to divert resources to. These
efforts will certainly be bolstered by
Romneys significant funding haul,
after he outraised Obama by a
massive margin for the third month
in a row. The fact that the President
has already outspent Romney two-to-
one, and continues to haemorrhage
cash, will do little to assuage
Democratic concerns as they head
into the campaigns last two months.
Party conventions may no longer
be the site of backroom deals to pick
the nominee, but they do represent
the one uninterrupted opportunity
the candidate has, before a prime-
time audience, to sell himself to the
people at home. Preparation and
presentation is everything; its one of
the few election events many
Americans feel compelled to watch.
Ewan Watt is a Washington, DC-based
consultant. You can follow him on Twitter
@ewancwatt
THE WHITE
HOUSE RACE
EWAN WATT
Romney risks being thrown off course by his blundering fellow Republican
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17
Football antics
[Re: An Olympian defends football stars
at least off the pitch, yesterday]
My interest in football has declined over the
years, as Ive been forced to watch almost
daily nonsense from overpaid footballers
and their yobbish behaviour. Please dont
make excuses for these bad examples. Its
disgraceful. Team GB demonstrated a
commendable example to the UK, and an
ethical lesson to everyone in football.
Phil Hicks
Yes, footballers are often badly behaved, but
its probably because theyre so young and
overpaid. You can hardly blame a 19 year old
for spending his millions on enjoying himself.
Can anyone truly say they wouldnt?
MarkCarter
Selling the NHS
[Re: Is the government right to seek to raise
revenue by selling NHS services abroad?,
yesterday]
Katherine Murphy makes a strange argu-
ment. She claims to represent the interests of
NHS patients, but seems completely uninter-
ested in any innovative scheme that might
further those interests. Change and innova-
tion shouldnt be a distraction to any large
organisation, it should be at the very heart of
the way it works. Perhaps some of the prob-
lems we have with the NHS are a result of its
unwillingness to try doing things differently.
Rachel Palmer
Its all very well selling the NHS abroad, but
will anyone want to buy from it?
Paul Bonner
Y
ET again, figures from the
Department for Education
show a rise in the number of
young people not in
education, employment or
training (NEETs). But conversely,
new research this week reveals that
the unused digital skills sitting
within the community of over 1m
unemployed young people are
valued at 6.7bn by UK businesses.
The same research also found that
UK businesses are expecting a fifth
of their growth over the next three
years to come through digital
channels.
We know that economic growth
depends on the digital economy. We
also know that todays youth has
grown up in a digital world, with no
knowledge of an age before the
internet. Young people have in abun-
dance the native skills we need to
help pull us out of recession, yet
they are at risk of becoming a lost
generation.
Todays school leavers have a set of
skills that large swathes of workers
dont a third of young people are
confident in at least one digital skill,
including web design, coding and
social media expertise. So its worry-
ing that were not doing more to
nurture these latent digital skills,
and encourage young people to
make the most of the fact that they
have grown up in a digital world,
confident in the value of their skills
to prospective employers.
At the same time businesses also
need to do more. Over three-quarters
(77 per cent) of businesses acknowl-
edge that young people have digital
skills in abundance. But fewer than
one quarter (24 per cent) are plan-
ning to offer a first-time job, or an
on-the-job training role, to a young
person in the coming months.
Over 20 per cent of our workforce
is under the age of 25, so were privi-
TOP TWEETS
UK government borrowing is up. Of course,
its not George Osbornes fault. Its too
many holidays, or too much rain, or Labour.
@DavidBeeson2
So hows that deficit is under control argu-
ment working out? I guess the maths is win-
ning against politicians rhetoric.
@DouglasCarswell
Eurozone leaders will take the opportunity to
delay any firm decision on Greece until
September. And then theres Christmas.
@spygun
Memo to the Greek Prime Minister: If you
need room to breathe, clamber out the
euro corset.
@DanHannanMEP
After the UK government deficit rose in July,
do we need to make further spending cuts?
YES
The government has behaved recklessly. Assuming a strong
recovery, with high growth and rising tax revenues, it gambled that
relatively modest spending cuts would be enough to fulfil the deficit
reduction plan. The latest borrowing figures betray the magnitude of
this miscalculation. It seems likely that the deficit will remain
dangerously high, and there is a real risk of the UK losing credibility
on the bond markets. A combination of substantial spending cuts
and radical deregulation is the only realistic option for the chancellor.
The former would reduce the deficit directly, while the latter would
translate rapidly into higher growth. By contrast, a stimulus
programme would only increase the risks facing the economy.
Additional borrowing would put the deficit further into the danger
zone and an even larger state would suffocate private-sector activity.
Dr Richard Wellings is deputy editorial director at the Institute of
Economic Affairs.
Richard Wellings
NO
Tony Dolphin
Borrowing figures for the first four months of 2012-13 are far higher
than the governments target because output growth has
disappointed. More spending cuts would risk making matters worse.
Output growth is weak because businesses are fearful about future
levels of demand and so reluctant to invest. More cuts will reduce
confidence further, and delay the recovery. This will make it even
more likely that borrowing continues to overshoot. The UKs main
economic problem is a lack of demand. The government should take
advantage of its low borrowing rate to implement a package of
policies, including an increase in infrastructure spending, designed to
boost demand. This will increase borrowing in the short term but, by
stimulating growth, it will also make it more likely that borrowing will
fall in the medium term.
Tony Dolphin is senior economist and associate director for economic
policy at the Institute for Public Policy Research.
RAPIDresponses
Companies must
work with the UKs
tech-savvy NEETs
leged to see first-hand the benefits
that young people bring to our busi-
ness. We are also more than dou-
bling the number of apprenticeship
and graduate positions we offer in
the UK.
All businesses, big and small, need
to take some responsibility for get-
ting young people into work. But
this is more than just a numbers
game. Rather, its about providing
quality work experience, mentoring
opportunities, internships or
apprenticeships. We can all play our
part. Undoubtedly, those businesses
that do the legwork now will win
out in the future. And that means
looking to young people for whom
digital literacy is in their DNA.
Overlook or undervalue this genera-
tion at your peril.
Todays youth has an important
role to play in making Britain truly
digital. But at the moment not
enough is being done to harness this
latent digital talent. We need to see
more businesses giving young peo-
ple the opportunity to grow their
confidence and capitalise on their
skills and knowledge. Only then will
we see young people, business and
the British economy thrive as it
should.
Ronan Dunne is chief executive of O2.
O2 is putting 3,000 young people
through bite size sessions where they can
try their hand at digital technology activi-
ties. It is also hosting Campus Party in
Berlin this week where young people are
being invited to write a plan for Europe's
digital future.
THURSDAY 23 AUGUST 2012
RONAN DUNNE
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The Forum is open for you to take part. Got a sharp comment on
one of todays columns? Do you have another subject you want
to share your opinion on? We want to hear your views.
Email theforum@cityam.com or comment at cityam.com/forum
You dont need to be there to learn how their business models work
L
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18
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Think twice before taking your
Asian-based business schools still have a long way to go to match
their European and North American competitors, says Tom Welsh
E
MERGING markets in Asia are
churning out MBA graduates in
record numbers, and theyre as
qualified as they are numerous.
TopMBA.com, which measures how
companies perceive business schools,
saw employer demand for graduates
from Indian schools increase by 24 per
cent in 2011.
It isnt an isolated trend emerging
market professionals are taking MBAs
because their growing economies
need more better-qualified executives.
According to TopMBA.com, local firms
are currently sucking up much of this
supply. But things are changing. Local
knowledge is essential for large multi-
nationals to break into new markets,
and an elite cadre of Asian-based
schools are gradually challenging
European and North American rivals
in their ability to supply this expertise.
But, these well-documented trends
are not a good enough reason for
Western professionals to abandon
their jobs to catch a flight eastwards.
And they certainly dont represent a
declining demand for Western-educat-
ed professionals, or the lessening qual-
ity of Western-based schools.
ASIA CAN COME TO YOU
The key question students should be
asking of business schools is how their
MBA will improve their employability.
To some extent, which markets are up
and which are down is irrelevant the
future rise of certain economies on
the back of historical trends is
inevitably uncertain, and an MBA
physically taken in Asia may not be the
best preparation for a career in a
multinational.
Steve Seymour, director of MBA pro-
grammes at Ashridge Business School
argues that the location of an MBA
provider is less important than what
and how students learn. Location can,
however, have a bearing on the charac-
ter of your fellow students. According
to Seymour the more diverse the stu-
dent cohort, the richer the learning
for all. Schools across the world are
desperate to encourage international
diversity among their students. Its
seen as a means of teaching of dis-
seminating cultural quirks, of build-
ing networks, and of encouraging
more disparate thought about how
business can be conducted in different
parts of the world.
And a lot of Asia-based schools arent
particularly good at encouraging this
diversity among their students. The
top-ranked Indian school, the Institute
of Management in Ahmedebad, had
only 1 per cent non-Indian students in
2011-12. Somewhat better was the
China Europe International Business
School, with 40 per cent international
students. But compared to the Oxford-
based Said Business School, which had
a full 93 per cent international cohort
in 2011-12, it becomes apparent that
many Asian schools are behind the
curve when it comes to linking their
students with a truly international
network.
19
cityam.com
THURSDAY 23 AUGUST 2012
The Oxford MBA
For further information about the
Oxford MBA, please contact Raquel
Lison at raquel.lison@sbs.ox.ac.uk or
on 01865 288 849
A top ranked one-year full-time
programme comprising an intensive
series of stimulating lectures,
energetic seminars and small group
work, which can take students
anywhere in the world.
Find out more about the Oxford MBA
programme by visiting the School at
an open day. Our next open day will
take place on 14 September 2012.
The day will consist of:
A programme presentation
An admissions session
A careers presentation
A sample MBA lecture
A student panel session
Meeting with current students,
staff and faculty at lunch
A tour of the School.
/

::
:: _
c
)

::
Scan the code using your tablet or mobile
device to register for our open day.
Alternatively visit www.sbs.oxford.edu/mba
to register online.
FEED YOUR
AMBITION
ENHANCE
YOUR CAREER.
MBAs and Exec MBAs with fexible
study options at Greenwich School of
Management starting this October.
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Exec HBA Hedia Hanagement
And many more
Limited places available... apply today!
020 8516 7883
greenwich-college.ac.uk/cityam
Stanford Graduate
School of Business
Harvard
Business School
University of
Pennsylvania
London
Business School
Columbia
Business School
2012 GLOBAL MBA RANKINGS
1
2
3
4
5
Insead
France
MIT:
Sloan
IE Business
School
Iese
Business School
Hong Kong UST
Business School
6
7
8
9
10
Hong Kong UST
Business School
Indian Institute of
Management
Indian School of
Business
National University
of Singapore
Ceibs
China
1
2
3
4
5
CUHK
Business School
Nanyang
Business School
University of
Hong Kong
Australian School
of Business
Peking
University
6
7
8
9
10
TOP 10 MBA PROGRAMMES IN THE WORLD TOP 10 MBA PROGRAMMES IN ASIA PACIFIC
MBA in Asia
EMERGING PARTNERSHIPS
Its not clear what physical relocation
to Asia gives a student in terms of culti-
vating a specific ability to succeed in
the regions expanding economy.
Richard Burns, editor of
TopMBA.com, suggests that its more
worthwhile to consider European
schools with close relations with
institutions in emerging markets.
Pariss Insead, has another campus in
Singapore. Cass Business School runs
an executive MBA course from its
Dubai offshoot.
The point of this outward pollination
by Western schools is to give students a
better understanding of what
Seymour calls the full political, cul-
tural and technological dimensions of
business. Their importance, therefore,
is not about asking MBA students to
rote-learn the precise cultural business
practices of Vietnam, for example.
Rather, schools want to enable stu-
dents to apply the broader knowledge
and skills theyve learned in the
classroom to real-life situations
anywhere.
In fact, Professor Zeger
Degraeve, dean of
Melbourne Business
School in Australia,
explains that the emerg-
ing market familiarity
his school provides isnt
possible without its gen-
eral educational back-
drop. Graduates can
expect to be quite mobile
in their careers, he says,
and an excellent command
of general management skills is a prereq-
uisite for any global engagement. Given
this typical post-MBA mobility, theres lit-
tle sense in pre-deciding where youll be
working in the future before youve even
started your course.
FOLLOWING THE MONEY
Leaving aside future expectations, cur-
rent evidence shows that current MBA
graduates can earn far more in developed
economies. TopMBA.coms Jobs and
Salary Trends report suggests that, in
2011, MBA salaries in Asia averaged only
$59,600 (37,690) per annum compared to
a Western European average of $93,400.
Developed economies are still the best
places for MBAs to work.
Even so, one of the major benefits of
pursuing an MBA is that it provides busi-
ness students with the education and
skills to widen their career prospects
(into different sectors, markets,
and job roles), alongside a chance
to reassess their career priorities.
It isnt sensible to pre-decide
what you want to do after your
MBA before youve even start-
ed. Asian-based business
schools in emerging mar-
ket economies have their
benefits and are coming
on in leaps and bounds.
But their Western-based
rivals havent stood still
either. Its not yet time to
take the first flight East.
Mukhtar Kent: a Turk who took
his MBA in London, and is now
chief executive of Coca-Cola
S
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LIFE&STYLE
THURSDAY 23 AUGUST 2012
21
cityam.com
FASHION
AGENT PROVOCATEUR | ARTI SAN FI NE ART | BACHET | BOODLES | BULGARI | CHURCH S
CROCKETT & JONES | DE BEERS | GUCCI | GRAND CAF | HARRYS OF LONDON | HERMS
JO MALONE LONDON | KIEHLS SINCE 1851 | KOJIS | LOEWE | LORO PIANA | LULU GUINNESS
LOCCITANE | MOLTON BROWN | MONTBLANC | OMEGA | PAUL A. YOUNG FINE CHOCOLATES
PAUL SMI TH | PENHALI GON S | PRETTY BALLERI NAS | ROYAL EXCHANGE JEWELLERS
SAGE BROWN FINE LEATHER | SEARLE & CO | SAUTERELLE RESTAURANT | SMOKERS PARADISE
SMYTHSON | TATEOSSIAN | THEO FENNELL | TIFFANY & CO | VILEBREQUIN | WATCHES OF SWITZERLAND
ROYAL E XCHANGE , BANK, CI TY OF LONDON, E C3 V 3 L R
STORE TRADING HOURS 10AM - 6PM RESTAURANTS & BARS 8AM - 11PM
FOR FURTHER INFORMATION VISIT THEROYALEXCHANGE. COM
AW12: Get the looks
GOTHIC ROMANCE
The predominant trend this season
is gothic romance. Think sinister
fairy tales as leathers, lace and
textured detailing are mixed
together to bring an air of
sultriness and mystery. High-
octane glamour is key with luxe
fabrics and hand-crafted touches
giving a classiness to this lustrous
look. This black ethereal look is
epitomised in Guccis AW12 show,
as floor length tulle dresses with
sparkling floral embroidery are
worn with blood red lips.
What is she wearing?
Black tulle gown; 9000; gucci.com
Where to buy it?
gucci.com/uk
Gucci, 18 Sloane Street, SW1X 9NE
MILITARY
The military trend takes
centre stage again this
season. Long overcoats
with braided and
buttoned detailing cast
a strong silhouette for
women this autumn.
Burberry Prorsum shows
how it should be worn
with wool and cotton
military jackets fastened
with a feminine bow.
The traditional Burberry
trench coat took a twist
as epaulettes were
added and lapels
lengthened giving it an
undeniable officers feel.
Whats she wearing?
Cotton tweed trench coat;
1795; burberry.com
Where to buy it?
uk.burberry.com/store
Burberry, 21-23 New Bond
Street, W1S 2RE
FULL LEATHER
The full leather look brings a sleek sexiness to this autumn season.
Hakaan shows us how to wear it with a peplum tailored burgundy
waistcoat being layered over an elegant leather pencil skirt. Zips,
laser-cut and chiffon detailing add extra interest, whilst khaki and
maroon tones move away from the traditional biker image. For a more
wearable, modern look ensure that accessories are kept to a minimum.
What is she wearing?
Leather peplum vest; 1705.33; shopbop.com
Leather zip front pencil skirt; 1812.16; shopbop.com
Where to buy it?
Net-a-porter, net-a-porter.com
Shopbop, www.shopbop.com
Hakaan, houseofhakaan.com
PURPLE
Christopher Kane brings us this
seasons colour: purple. Warm and
cool tones of purple and mauve
graced the catwalks, with
designers Alexander Wang, Lanvin
and Louis Vuitton all pushing this
trend. Traditionally regal, the
colour purple brings richness and
a sense of sophistication; perfect
for the modern day woman.
Playing with a variety of tones and
layering of patterns, Kane creates
a striking look for the autumn
ahead.
Whats she wearing?
Christopher Cane leopard skirt; 1650; net-
a-porter.com
Where to buy it?
Matches, matchesfashion.com
Net-a-porter, net-a-porter.com
Harvey Nichols, harveynichols.com
BAROQUE
This season sumptuous gilded detailing is all the rage. Designers look back to the
17th Century Baroque period, where excessive embellishment and decoration
was at its most celebrated. The trend for over the top adornment is personified in
the flamboyant designers Dolce & Gabbanas new collection. Beautifully gold
embroidered coats with white lace trim were worn with bejewelled headbands
and elaborate jewellery, showing this season it is all about making a statement.
Where to buy it?
dolcegabbana.com
Dolce & Gabanna, 6-8 Old Bond Street, W1S 4PH
THURSDAY 23 AUGUST 2012
cityam.com
22
L
ast night I dreamt the tablet
was dead. Microsoft had
abandoned the Surface (its
tablet, rather than the face of
the planet, although some would
welcome this) and its boss Steve
Ballmer was dousing his factories in
petrol, howling at the moon as the
flames danced around him, which I
imagine is exactly the kind of thing
he would enjoy. Meanwhile, Apple
and Samsung were mawkishly
shaking hands, muttering vague
platitudes and wondering what all
the fuss had been about.
The entire tablet industry the
jobs, the billions of dollars spent on
R&D, the network of subsidiary
industries that suckle from its teat
like a litter of helpless electronic
piglets was rendered instantly,
completely, hopelessly obsolete.
The vision was, of course, inspired
by my mother. She has a new iPad.
And she can make it work. Its
terrifying, like watching one of the
chimpanzees from 2001: A Space
Odyssey pick up a bone for the first
time, feel the weight of it in its
simian fingers, and regard its
brothers head with a new sense of
purpose.
The last time I tried to get her to
use my iPad, she reacted like I had
passed her a motion-sensitive
atomic bomb that would wipe out
northern England if she tilted it in
the wrong direction. Even when it
was safely resting in its dock, she
would eye it with suspicion, like it
was a wise but fundamentally
malevolent Rumpelstiltskin figure,
teasing her with riddles she
couldnt possibly hope to
comprehend.
Now she demonstrates what is, if
not a mastery, then at least a level of
competence that, only weeks ago,
seemed about as plausible as a
liquorice alsatian declaring itself
king of the moon. Her friends are at
it too. They all own iPads. In less
than three years, Apple has made
technology friendly, and safe, and
inclusive. Which means, for this
generation, its over.
Technology isnt supposed to be
an inclusive club. It moves at a
blistering pace, accelerating away
from anyone whose brain has been
sufficiently filled with the detritus
accumulated through the very act
of being alive for a significant
period of time. Its a young mans
game. My mother comes from a
generation which is supposed to be
terrified of technology. Now me and
her are in the same club. We even
had a conversation over Skype, each
of us barking into our iPads, while a
new generation of young people
were busy injecting information
directly into their eyeballs. Probably.
I have no idea, Im too old.
My young nephew (my young,
fictional, nephew, who doesnt
exist except as a handy prop to
represent the next generations),
probably looks at people like me,
inconceivably old, stumbling
towards our inevitable deaths (a
concept his young, fictional mind is
yet to fully grasp), in the same way
Id look at a Victorian child chasing
a wooden hoop down a pier at a
thriving seaside town; a relic of the
past, a sad poignant reminder of
how things used to be.
This isnt even really about
technology, you might say. Its
just a spurious event in your life,
filling up space on the page. You
may be right. But while you were
busy feeling angry and confused
about the time youve spent
reading this, youve become
obsolete too. Humans 2.0 are in
charge now. And you can bet they
dont want to listen to your
whining.
Why tablets, like me, are finished
Let the games commence!
Game developers
are preparing to
roll out their big
guns. Here is our
guide to five of
the best, by
Steve Dinneen
1. FIFA 13
Release date: 28 September
Platform: PS3, Xbox 360, Wii U
EA knows what it is doing with Fifa.
Its gone from being sluggish and
cartoony to a bafflingly complex,
photo-realistic football sim. Post a
screenshot from the latest version
online and youd have to look closely
to distinguish it from real life.
Realism is also the order of the day
in terms of gameplay, with EA
upping the element of unpredictabil-
ity. Long passes will see the ball fly
through the air more like its real-life
counterpart and some players will
have trouble controlling it: after all,
not everyone has a touch like Dennis
Bergkamp.
3. HALO 4
Release date: 6 November
Platform: Xbox 360
Probably the most hotly anticipated
game of the year, Halo 4 is going to
be massive. You will reprise your role
as the Master Chief, once again jet-
ting off to save the universe from
some unspeakably awful catastro-
phe. Halo 4s combination of lush
visuals, easy to master control sys-
tem and finely-tuned combat
dynamic ensures everyone with an
Xbox will invest in it. Developer 343
Industries also promises the multi-
player aspect will take the game in
directions we have never seen before.
This space opera is one that youre
not going to want to miss out on.
4. FAR CRY 3
Release date: 29 November
Platform: PS3, Xbox 360, PC
The Far Cry franchise is the thinking
mans sandbox game, although this
installment shares only its name
with its predecessors. Your character
is stranded on an island, which turns
out to be peopled by some particular-
ly unfriendly locals. The emphasis is
on your ability to dictate the
progress of the game through your
decisions, which can have far-reach-
ing implications. The developers
have also tried to inject an element
of morality into the game, beyond
working out the mathematics of
whether youll get more loot if a cer-
tain character is dead or alive.
5. CALL OF DUTY: BLACK OPS 2
Release date: 13 November
Platform: PS3, Xbox 360, Wii U, PC
The Call of Duty franchise has proved,
incontrovertibly, that millions of peo-
ple have a hankering for blowing stuff
up. Not just stuff: other people, too.
Lots and lots of other people. Black
Ops 2 will satisfy your craving with as
much polish and gloss as a virtual
urban jungle can muster. The game
mechanics have been honed over
almost a decade so expect pinpoint
precision and a vast multi-player
experience. To shake up the single-
player game, developers have inter-
twined two overlapping stories, one
taking place in the 70s and 80s and
the other in the year 2025.
2. DISHONORED
Release date: 26 February
Platform: PS3, Xbox 360, Wii U, PC
This stealth-based, first-person sand-
box looks set to become a cult classic.
You play the part of the Empresss
bodyguard, framed for her murder
and forced to escape into the steam-
punk streets of a city called Dunwall,
which looks very similar to Victorian
London. The skills that help you sur-
vive in this sinister world include the
ability to possess living things around
you, although youll have to work
your way up from goldfish and the
like before youll be able to possess a
fellow human. The glorious visuals
and offbeat narrative are sure to
make this a hit.
1
2
3
4
5
LIFE&STYLE TECHNOLOGY
GEEK
SPEAK
STEVE DINNEEN
1
TBR Report "IBM System x

x86 servers: Meeting the demands of todays enterprises by combining value and support," January 2012.
2
Source: Intel

Performance comparison using SPECfp*_rate_base2006 benchmark. Baseline score of 267 on prior generation 2S Intel

Xeon

processor X5690 (3.46GHz, 6-core, 12MB L3, 6.4 GT/s, 130W)

based platform published at www.spec.org as of 6 Sept 2011. Estimated new score of 486 on 2S Intel

Xeon

processor E5-2690 (2.90GHz, 8-core, 20MB L3, 8.0 GT/s, 135W) is based on Intel

internal
measured estimates as of 6 Sept 2011 using two Intel

Xeon

processor E5-2690, Turbo Enabled, EIST Enabled, Hyper-Threading Enabled, 64GB memory (8x8GB DDR3-1600), Red Hat

Enterprise Linux Server

6.1 beta for x86_6, Intel

Compiler 12.1.
3
x3500 M4 supports up to 768GB of memory using 32GB LRDIMMs in its 24 memory slots. Previous generation x3500 M3 supports up to 192GB of memory.
4
Ships with 4 1Gb Ethernet ports standard and supports integrated slot-less 10Gb Ethernet with Virtual Fabric. Previous generation server includes two 1Gb Ethernet slots and requires use of a PCI Express slot
to support 10Gb Ethernet.
5
x3500 M4 supports up to 32 internal 2.5" HDD. Previous generation x3500 M3 supports up to twenty four 2.5" HDD.
6
Quarterly price quoted is based on IBMs 0% System x Solution Finance offering (FMV lease). Terms & Conditions Apply: Offering availability subject to credit approval; for more details and full Terms and
Conditions please visit: http://www.ibm.com/financing/uk/lifecycle/acquire/xsolutionfinancing.html.
Rates and offerings are subject to change, extension or withdrawal without notice. Prices include VAT at a rate of 20%.
IBM hardware products are manufactured from new parts or new and serviceable used parts. Regardless, our warranty terms apply. For a copy of applicable product warranties, visit
http://www.ibm.com/servers/support/machine_warranties. IBM makes no representation or warranty regarding third-party products or services. IBM, the IBM logo, System Storage and System x are registered
trademarks of International Business Machines Corporation registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. For a current list of IBM
trademarks, see www.ibm.com/legal/copytrade.shtml. Intel, the Intel logo, Xeon and Xeon Inside are trademarks of Intel Corporation in the U.S. and other countries. All prices and savings estimates are subject
to change without notice, may vary according to configuration, are based upon IBMs estimated retail selling prices as of 01/04/2012 and may not include storage, hard drive, operating system or other features.
Reseller prices and savings to end users may vary. Products are subject to availability. This document was developed for offerings in the United Kingdom. IBM may not offer the products, features, or services
discussed in this document in other countries. Contact your IBM representative or IBM Business Partner for the most current pricing in your geographic area. 2012 IBM Corporation. All rights reserved.
Read the white paper
See what leading IT industry analysts
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Powerful. Reliable. Scalable.
Introducing the new IBM System x3500 M4 Express server.
Succeeding in today's competitive environment takes substantial amounts of innovation and growth.
The new IBM System x3500 M4 Express server with the latest Intel

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helps you achieve both. It features up to 80% more processing power
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for your infrastructure solutions.
Furthermore, with industry-leading reliability
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Intel

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External disk storage with 6Gb/s Serial Attach SCSI (SAS)
interface technology
Scalable up to 48TB with 500GB NL-SAS 2.5" drives
Support for 96 drives with combination of EXP3512 or
EXP3524 expansion enclosures
Field upgradeable with FC or ISCSI host interface cards
Self encrypting drive options available for secure data at rest
DS3512 also available with 3.5" drive support

24
THURSDAY 23 AUGUST 2012
cityam.com
TV LISTINGS
T
E
R
R
E
S
T
R
I
A
L
WATERLOO ROAD
BBC1, 8PM
New series. The school reopens as an
independent establishment in
Greenock, Scotland. Drama, with
Laurie Brett and Daniela Denby-Ashe.
WHATEVER HAPPENED TO HARRY
HILL? CHANNEL4, 9PM
Spoof documentary in which the
comedian looks back at his Channel 4
sketch show and catches up with
some of his former co-stars.
THE OKLAHOMA CITY BOMBER
TAPES CHANNEL5, 8PM
Martin Bashir tells the story of the
April 1995 terrorist attack, the most
destructive on American soil prior to
September 11.
BBC1
SKY SPORTS 1
4.30pmLive ECB 40 League
Cricket 10pmThe Footballers
Football Show11.30pmRingside
12.30amPremier League World
1amThe Footballers Football
Show2.30amRingside 3.30am
Premier League World 4amThe
Footballers Football Show
5.30am-6amIAAF Athletix
SKY SPORTS 2
6.55pmIAAF Athletix 7.25pm
Premier League World 7.55pm
Ringside 8.55pmIAAF Athletix
9.25pmLive Spanish Football
11.30pmWWE: Raw1.30am
WWE: NXT 2.30amNRL Fulltime
3amSuper Leagues Supermen
3.55am-6amSpanish Football
SKY SPORTS 3
7pmLive PGA Tour Golf 11pm
European Tour Golf 1amPGA Tour
Golf 4amIAAF Athletix 4.30am
Thrillseekers 4.55am-6amLive
Test Cricket
BRITISH EUROSPORT
6pmLive WTA Tennis 9.45pm
MotoGP 10.45pmBritish
Superbikes 11.45pm-12.50am
World Superbikes
ESPN
7pmFrench Ligue 1 Preview
7.30pmGerman Football 8pm
Goal! Special Season Preview
8.30pmSerie A 10pmDream On
Wembley FC 11pmFrench Ligue
1 Review11.30pmESPN FC Press
Pass 12amGoal! Bundesliga
Preview12.30amLive American
Football 3.30am30 for 30
4.30amFIBA Basketball 5am
ESPN FC Press Pass 5.30am-6am
French Ligue 1 Review
SKY LIVING
7pmSing Date 8pmTeen Wolf
9pmFour Weddings US 10pm
Styled to Rock 11pmGreys
Anatomy 12amCriminal Minds
1amBones 1.50am Supernatural
2.40amMedium3.30amBones
4.20amCriminal Minds
5.10am-6amAmericas
Next Top Model
BBC THREE
7pmLive Athletics: Athletissima
9pmLive at the Apollo 10pm
Wilfred 10.20pmGreat Movie
Mistakes 2011: Not in 3D
10.30pmEastEnders 11pmFamily
Guy 11.45pmAmerican Dad!
12.30amRussell Brand: From
Addiction to Recovery 1.30am
Wilfred 1.50am The Revolution
Will Be Televised 2.20amBad
Education 2.50am Live at the
Apollo 3.50amDont Tell the Bride
4.50am-5.20am The Revolution
Will Be Televised
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmThe Big Bang
Theory 8.30pmHow I Met Your
Mother 9pm2 Broke Girls
9.30pmNew Girl 10pmFranklin
& Bash 11pmBeaver Falls
12amThe Big Bang Theory 1am
Scrubs 1.30amHow I Met Your
Mother 2amRules of Engagement
2.20amDesperate Housewives
3.05am90210 3.45amGreek
4.30am-6amSwitched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmAx Men 11pmStorage
Wars 11.30pmPawn Stars 12am
American Pickers 1amAx Men
3amSwamp People 4amThe Last
Days of World War Two 5am
Pawn Stars 5.30am-6am
American Restoration
DISCOVERY
7pmBear Grylls 8pmGold Rush
9pmHow the Universe Works
10pmReporters at War 11pm
Gold Divers 12amHow the
Universe Works 1amReporters at
War 2amAuction Kings 3am
American Chopper: Senior Versus
Junior 3.50amWheeler Dealers
4.40amBorn Survivor
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmBirth Days 8pmI Didnt
Know I Was Pregnant 9pm
Untold Stories of the ER 10pm
Embarrassing Bodies 11pm
Hoarding: Buried Alive 12am
Untold Stories of the ER 1am
Embarrassing Bodies 2am
Hoarding: Buried Alive 3amDr G:
Medical Examiner 4amLabour
and Delivery 5am-6amA Baby
Story
SKY1
7pmThe Simpsons 8pmSinbad
9pmAn Idiot Abroad 10pmRoad
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10.35pmNeighbourhood Watched
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THURSDAY 23 AUGUST 2012
25
GAMES
cityam.com
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
digits1-9 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
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.
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.
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
SUDOKU
SUDOKU
QUICK CROSSWORD
WORDWHEEL
1 2 3 4 5
6 7
8
9
10 11 12
13 14 15
16 17 18 19
20
21
22
23
26 27
45
9 9
12 10 9
39 14
14 29
11 22
4 4 4
24 3
45
10 28
39
8
42
12
16
16
12
3
11
21
30
13
7
12
11
18
15
5
14
41
9
43
ACROSS
1 Decoration consisting of
a ball of tufted wool (6)
6 Nocturnal lemur of
Madagascar (3-3)
8 Feeling of righteous
anger (7)
9 Madman (6)
10 Cocktail made of
orange liqueur, lemon
juice and brandy (7)
13 Umberto ___,
author of The Name
of the Rose (3)
14 Moldovan monetary
unit (3)
17 Tomboys (7)
20 Shrub mainly used for
garden hedging (6)
21 Stick fruit (7)
22 Starter course
of a meal (6)
23 Contrite (6)
DOWN
1 Goads (5)
2 Astronomical unit
of distance (6)
3 Molten rock
in the Earths
crust (5)
4 Tiredness (7)
5 Area of sand
sloping down to
the water (5)
7 Annually,
every twelve
months (6)
11 Swerve (7)
12 Stick or hold
together (6)
15 Comestible (6)
16 Higher in
position (5)
18 Alternative (5)
19 Roman
prophetess (5)
N
E
Y
O
A T
B
C
R
4

H A V A N A T O G A
B I U R W
O C A R T H O R S E
M O A S U I
B O R D E R B A L D
D I D E A L I
A L M S P I E R C E
E S R I A N
A S P E R S I O N D
W N L S O
L U S T W Y V E R N
7 1 2 6 1 3 1
8 6 4 5 9 3 1 7 2
4 2 1 5 9 8
9 8 7 6 7 2 8
1 2 6 3 4 7
1 3 7 2 5 8 4 6 9
5 7 6 3 8 9
2 9 4 4 2 3 1
2 1 3 9 8 6
5 4 8 1 7 9 3 6 2
9 5 4 9 8 9 4
4
4
4
4
4
4
4
4
4
The nine-letter word was
SPRINKLED
IN BRIEF
South Koreans bans reduced
nBADMINGTON: The four South
Korean womens doubles players,
from South Korea, kicked out of
London 2012 for deliberately trying to
lose, have had their bans reduced
from two years to six months.
Degenkolb edges sprint finish
nCYCLING: Germanys John
Degenkolb yesterday won his second
Vuelta a Espana stage in five days.
Italys Daniele Bennati was second.
Klitschko to fight Wach
n BOXING: World heavyweight
champion Wladimir Klitschko is to
fight Polands Mariusz Wach on 10
November.
QPR manager Mark Hughes has
stepped up attempts to bolster a
defence that shipped five goals
on Saturday by agreeing a loan
deal with Real Madrid for
former Chelsea centre-back
Ricardo Carvalho.
Hughes has already struck a 9m
fee with Tottenham for Englands
Michael Dawson, and hopes to
agree terms with both him and
Portuguese veteran Carvalho, 34,
before the weekend.
If the pair join it would take
QPRs summer recruitment into
double figures, following a drastic
close season overhaul of a squad
that has also seen 13 fringe players
depart Loftus Road.
Carvalho, who has made 41
appearances for Real since moving
from Chelsea two years ago, would
be the second former Blues star
to arrive at their west London
rivals this month, after full-back
Jose Bosingwa.
Dawson, 28, has been told he will
not be first choice under new
Tottenham manager Andre Villas-
Boas and would cost QPR around
7.5m up front, with a further
1.5m depending on performance.
QPR suffered a damaging 5-0
home defeat to Swansea, who have
been widely tipped for relegation, in
their first game of the new Premier
League season at the weekend.
Tottenham, who sold another
centre-back in Sebastien Bassong to
Norwich on Tuesday, have also
shorn midfielder Tom Huddlestone
from their squad, sending him on a
season-long loan to Stoke.
Carvalho loan
set to be 10th
QPR signing
CHELSEA manager Roberto Di
Matteo brushed off a row over an off-
side Fernando Torres goal as his side
came from behind to edge a wildly
entertaining ding-dong with Premier
League newcomers Reading.
Goals from Pavel Pogrebnyak and
Danny Guthrie stunned the
European champions, after Frank
Lampards penalty had put Chelsea
in front, before Gary Cahills long-
range shot drew the Blues level and
set up a frantic climax.
Torres then tapped the home side
ahead in controversial circum-
stances, and Branislav Ivanovic
capped a second win from two
games with a breakaway fourth,
to leave Reading manager
Brian McDermott fuming at the
assistant referee.
Im gutted the linesman has
got that decision wrong for the
third goal, he said. Its not
been a good night for him
and therefore it hasnt been a
good night for us.
Di Matteo responded: I
havent seen it yet. I looked
straight away at the lines-
man and he didnt seem
to be in any doubt.
The Italians side,
which was unrecog-
nisable from the grinding, sto-
ical wall that shut out Barcelona
and Bayern Munich, instead
attacked and, more worry-
ingly, defended with the
reckless abandon of Brazil.
Its going to be para-
mount, keeping a good bal-
ance in our team, Di
Matteo added.
Its all great and every-
one wants to see a lot of
flair play and attacking play, but to
win games you have to have a good
McDermott maddened by offside
unlucky Royals suffer at hands of
balance and thats going to be
the challenge.
Chelseas first home game since
winning the Champions League in
May was billed as a glorious home-
coming, every player introduced as
European champion, and began in
suitably one-sided fashion.
Hazard dragged a left-foot shot
wide and Ramires saw an effort
tipped away by Adam Federici before
the former, their marquee 32m
summer signing, lured Chris Gunter
into a clumsy challenge and earned a
17th-minute penalty.
Lampard duly drilled home low
and left, and Stamford Bridge sensed
a rout, but within 11 minutes
Reading turned the match on its
head and historians started checking
when the Royals had last beaten
Chelsea in the league: March 1930.
First former Fulham striker
Pogrebnyak beat Cahill to Garath
McClearys early right-wing cross and
glanced an exquisite header into the
far corner; then Blues goalkeeper
Petr Cech inexplicably fumbled
Guthries skimming free-kick into his
own net.
We are top of the league, sang
the visiting support and Reading
stayed in front until the 69th
minute, despite Di Matteo supple-
menting his attack with
Oscar and Daniel
Sturridge, when
Cahills swerving
drive eluded
Federici a
touch too
easily.
McDermott responded by
bringing on a second
forward, but Chelsea had
found a swagger and regained
the lead nine minutes from
time when Torres finished a
sweeping move by tapping in
Ashley Coles low cross from
the left.
The Blues then showed no mercy
deep into added time when, with the
Reading goal vacant as Federici came
up for a corner, Torres fed Hazard to
scamper away and square unselfishly
his fourth assist in two games for
Ivanovic to finish. Fernando Torres (above) controversially scored, unlike Readings Pavel Pogrebnyak (left)
REAL Madrid manager Jose
Mourinho has revealed he wants
midfielder Nuri Sahin to move to a
Premier League club, even though
he has no preference about which
one it is.
Liverpool, Arsenal and Tottenham
are all highly interested in the
talented Turkey midfielder but amid
suggestions that Mourinho would
prefer him to move to Liverpool to
develop under his friend Brendan
Rodgers, the decorated Portuguese is
adamant that only experience of the
Premier League is the priority.
The Premier League is a good
Mourinho signals for Sahin to
sign up for English education
place for players to pick up certain
characteristics which he does not
have, Mourinho said. It is all the
same to me, though, which club he
goes to.
I just hope that it happens soon
for him, as it is best for him.
Liverpool, Arsenal or Spurs I have
no preference.
Though a promising individual,
Mourinhos preference to persist
with the greater experience of
Xabi Alonso and Sami Khedira
has stalled Sahins development
at the Bernabeu, and the anticipated
imminent arrival of Tottenhams
Luka Modric would considerably
worsen that.
THURSDAY 23 AUGUST 2012
26
SPORT
cityam.com/sport
BY FRANK DALLERES
BY DECLAN WARRINGTON
WEST Ham have increased their
offer to a potential 10m as they
accelerate their efforts to secure
the signing of Wolves winger
Matt Jarvis.
Three earlier bids have already
been rejected by the Championship
side who have been exceptionally
forceful during negotiations in this
summers transfer window, and the
latest includes 7m up front, in
addition to a further 3m in add-
ons, for the 26-year-old, one-cap
England international.
Should Wolves accept West
Hams offer for one of manager
West Ham up Jarvis offer with
Wolves ready to sell key duo
Sam Allardyces long-term targets,
he could be the second significant
player to leave the club in a week.
Sunderland have agreed an
initial 12m to sign striker Steven
Fletcher, and the Scotland
international is today expected to
agree personal terms and undergo
a medical to finalise the transfer.
A series of performance-related
add-ons could increase the fee to
14m, but 15% of any potential
profit will be due to the strikers
former club Burnley, who were
paid 7m when he signed for
Wolves in 2010.
Fletcher last season scored 12
goals in 26 Premier League fixtures.
BY DECLAN WARRINGTON
CHELSEA ....................................4
READING....................................2
BY FRANK DALLERES
PREMIER LEAGUE
@cityam_sport
AT STAMFORD BRIDGE
SHOPPING SPREE
QPRs summer signings
nJose Bosingwa (free)
nRicardo Carvalho (R Madrid, loan)*
nMichael Dawson (Tottenham, 9m)*
nSamba Diakite (Nancy, 5m)
nFabio da Silva (Man Utd, loan)
nRobert Green (West Ham, free)
nJunior Hoilett (Blackburn, tribunal)
nAndrew Johnson (Fulham, free)
nRyan Nelsen (Tottenham, free)
nJi-Sung Park (Man Utd, 2m)
*to be completed
27
goal as
Chelsea
GOLF
COMMENT
SAM TORRANCE
Race horse Frankel (left), ridden by Tom Queally, won its owner Prince Khalid Abdullah 725,00 with yesterdays impressive victory
I am not worried about world records right now
I am just trying to get through the season
Olympic champion Usain Bolt on competing in the 200m in this evenings Diamond League meeting

cityam.com
THURSDAY 23 AUGUST 2012
ENGLAND batsman Ravi Bopara
yesterday experienced the
embarrassment of securing just
three runs en route to getting out
when playing for Gloucestershire
against South Africa.
Boparas county side Essex were
without a fixture this week so
following a request from
England national selector Geoff
Miller, the batsman (right)
represented Gloucestershire in
an attempt to gain match
practice before Englands
one-day series against the
Proteas but instead
Bopara bottles practice run as
South Africa continue to win
underperformed as the tourists won
by three wickets.
South Africa retained only Hashim
Amla and Imran Tahir from the
team which defeated England in the
third and final Test of the series on
Monday, but they regardless
restricted Gloucestershire to
261 runs in the 50-over
match at Bristol.
The day was
elsewhere a greater
success for former
England international
Marcus Trescothick, of
Somerset, who hit the
50th first-class century of
his career against Sussex.
BY DECLAN WARRINGTON
FRANKELS connections will
reconsider sending the celebrated
colt to next months Prix de lArc de
Triomphe after he extended his
flawless record with an emphatic
victory in the Juddmonte Stakes at
York yesterday.
The Sir Henry Cecil-trained four-
year-old, widely regarded as one of
the greatest horses in racing
history, bulldozed doubts
over his ability to step up
to 10 furlongs with a
13th win from 13 races.
Frankel was slowest
out of the gate and
then mired in the
middle of the field, but
kicked on with
breathtaking power when
asked by jockey Tom Queally
two furlongs from home and won
by seven lengths.
Victory in the showpiece race of
the Ebor Festival, with Farhh second
and St Nicholas Abbey third, earned
Frankels owner Prince Khalid
Abdullah 725,000 and prompted
renewed talk of the wonder-horses
next challenge. Ascots Champions
Day next month has been mooted as
the likely setting for his final
competitive outing, but Prince
Abdullahs racing manager Teddy
Grimthorpe left the door open for
the Prix de lArc de Triomphe.
There will be a discussion and
well have to see, he said. The plan
was always Ascot but well have to
see how he comes out of the race.
Prince Abdullah added: I will
discuss things with Henry
and it depends on what he
wants to do. I didnt think
a mile and a quarter was
a problem, but further
than that, Im not sure.
Cecil ventured to York,
despite a six-year battle
with bowel cancer, to
witness his star pupil eclipse
Rock Of Gibraltars record of
seven consecutive Group One wins.
The 69-year-old said the
performance had made him feel 20
years better, adding: That was
great, wasnt it? Its fantastic. Its
great for Yorkshire, they are very
supportive of racing and they
deserve to see him.
Doubts had been raised about
Frankels ability to stay beyond a
mile, but Queally said his ride had
been certainly as good over the
extra quarter of a mile.
He added: It panned out nicely. I
gave them enough of a lead for the
pace we were going and he won ever
so well.
BY FRANK DALLERES
Harrington and Poulter would be my wildcards
Superb Frankel raises bar again
to revive talk of Prix de lArc tilt
which Im also obviously pleased
about. His inclusion is a great thing
for Scotland, particularly as it will
be the first time in 13 years that
hell have made the team.
I know what its like to be Europes
Ryder Cup captain, and if I were Jose
Maria Olazabal this years captain
and had to pick two to take
the wildcard places, they would
be Padraig Harrington and Ian
Poulter, even above the Belgian
Nicolas Colsaerts and Spains Miguel
Angel Jimenez.
With Harrington, its simply a case
of him being a three-time Major
winner; that sort of experience will
always be key.
For Poulter, its both because he
has an impressive record at the
Ryder Cup, and because of the good
form that hes been producing lately.
Sam Torrance OBE is a multiple Ryder
Cup-winning golfer and media
commentator. He has won 21 European
Tour titles in a 40-year career and
famously sank the putt that clinched
victory for Europe in the 1985 Ryder Cup.
A player on the team on eight occasions,
winning four times, he also captained the
side to victory in 2002. Since 2004 he has
competed on the European Senior Tour,
winning the Order of Merit in 2005, 2006
and 2009.
Results
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SPANISH defender Cesar Azpilicueta
is expected to complete a 7m move
from Marseille to Chelsea before the
weekend after he was left out of the
French sides squad for tonights
Europa League match against
Sheriff Tiraspol.
Azpilicueta is a long-standing
Blues target and would provide
competition at right-back for
Branislav Ivanovic and Paulo
Ferreira, following the departure
of Jose Bosingwa on a free transfer
this summer.
If my departure can help
Marseilles finances, then it is a
good deal for everyone concerned,
he said on Tuesday. I thank the
clubs fans for their standing
ovation. They have always been
good to me, even when things
havent gone well.
The 22-year-old has been trailed
by Chelsea since before he departed
Osasuna, in his native Pamplona,
two years ago, and his arrival would
take Chelseas summer spending
past 70m.
His time in Ligue 1 was initially
disrupted by a serious knee injury,
which kept him out for six months,
but he recovered to help Marseille
win the French League Cup two
seasons in succession.
Azpilicueta has been capped by
Spain at every age level from
Under-16 to Under-23, and featured
in their ill-fated London 2012
Olympics campaign, which ended
at the first hurdle. He is yet to win
a cap for the all-conquering senior
side.
Blues close in
on 7m move
for Azpilicueta
BY FRANK DALLERES
10
0
Percentage of
races Frankel has
won
FRANKELS RUN TO 13
nAugust 2010, European Breeders
Fund Maiden Stakes
nSep 2010, Frank Whittle Partnership
Condition Stakes
nSep 2010, Juddmonte Royal Lodge
Stakes
nOct 2010, Dubai Dewhurst Stakes
nApril 2011, Greenham Stakes
nApril 2011, 2000 Guineass
nJune 2011, St Jamess Palace Stakes
nJuly 2011, Sussex Stakes
nOct 2011, Queen Elizabeth II Stakes
nMay 2012, JLT Lockinge Stakes
nJune 2012, Queen Anne Stakes
nAug 2012, Sussex Stakes
nAug 2012, Juddmonte Int. Stakes,
S
ERGIO Garcia won the
Wyndham Championship in
North Carolina at the
weekend, and Im delighted for
him. I couldnt be more delighted.
Ive known him since he was 14
years of age. Hes a dear friend and
an absolute gentleman, and Im
delighted that that also now means
hes going to make the European
Ryder Cup team.
Considering he hadnt won on
the PGA Tour for four years, to play
the way he did in the last round
was absolutely magnificent and,
of course, the four birdies he
secured in five holes was
particularly impressive. He
thoroughly deserves what will be
his sixth Ryder Cup cap.
Another who is set to feature is
my fellow Scotsman Paul Lawrie,