BUSINESS WITH PERSONALITY
SARACENS BOSS LIFTS
Issue 1,047 Friday 8 January 2010
UK CRACKS
UP IN THE
BIG FREEZE
WEATHER
▲
BY NATASHA SAINI
ARCTIC conditions intensified yester-
day as the UK faced its coldest night
of the winter so far with the temper-
ature dropping as low as –5C in cen-
tral London as the worst cold snap to
hit the country for thirty years con-
tinued.
More travel chaos for commuters
was predicted amid the freezing
temperatures, with the Met Office
issuing UK-wide severe weather
warnings of ice for today, and fore-
casting the freeze would continue
for another two weeks.
The warnings come after record
gas demand forced the National Grid
yesterday to cut the supply to 94
companies in the North West and
East Midlands shortly after issuing
its second warning in three days
that the system was running out of
gas. The National Grid estimated
usage would reach 455.3m cubic
metres, over a third more than nor-
mal seasonal demand, and trounc-
ing the current record of 449m cubic
metres, set on 7 January 2003.
The cut prompted immediate criti-
cism of the UK’s dependency on
imports, which has intensified due
to its dwindling North Sea gas fields,
forcing the government to import
fuel from as far afield as Qatar to
keep out the chill.
Energy analyst, David Hunter, at
McKinnon and Clarke said this latest
warning put the spotlight on the
UK’s precarious energy position. “If
the UK had sufficient storage, these
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FESTIVE
CHEER
LID ON REFEREE ROW SAINSBURY’S
SEES CHRISTMAS
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supply issues wouldn’t cause such
shockwaves, but the government’s
failure to secure supply means that
homes and businesses will be justifi-
ably apprehensive about the coun-
try’s ability to meet its gas needs as
temperatures plummet. The govern-
ment must learn lessons from this
and drag our infrastructure into the
21st century – and fast,” he said.
The situation was intensified by a
“technical glitch” forcing Norway’s
largest gas producer, Statoil ASA, one
of the UK’s largest suppliers, to halt
output at its offshore Troll gas fields The extent of snow coverage in the UK is vividly shown in this NASA satellite image, taken
and consequently supplies to the UK yesterday, as temperatures continued to plummet Pictures: PA
via the Langeled pipeline.
And the weather yesterday contin- Analysis | Current and planned gas storage capacity in Europe
ued to affect roads, rail services and
airports. Hundreds of flights were
cancelled, including more than 130 Germany
at Gatwick. Delays were expected to 150 Planned 52.9
continue today due to the bad Current 122
weather. Spain
Meanwhile, Eurostar, which sus- France
pended services for three days before Planned 89.9
130
Italy Planned 16.9 Current 65.5
Christmas, said it would run only a
limited service today after a Eurostar UK Planned 37.6 Current 99
Planned 46.3 Netherlands
Number of days storage
train broke down in the Channel Current 62.7
tunnel. 90
Current 15 Planned 36.7
And the government was yester- Current 47.6
day forced to draw up rationing
plans as councils ran out of supplies
to grit roads. The Salt Union warned 60
it had just a few days’ supply of sur-
face salt left.
Elsewhere, power supply disrup-
tions continued, with an estimated 30
970 homes without electricity in
East Finchley, north London. EDF
blamed a fault with an underground
cable. 0
NASDAQ ▼12,300.05 -1.04 £/$ 1.59 ▼-0.01 £/¤ 1.11 unc ¤/$ ▼1.43 -0.01 Certified Distribution
02/11/09 – 29/11/09 is 102,194
 2 News
Asian nations laugh at our incompetence
EDITOR’S LETTER
ALLISTER HEATH
IT’S all rather sad. While we count the
laughably high costs of a little snow,
obsess about minor policy differences
in Westminster and argue over
whether our economic performance
in 2010 will be poor or very poor, our
real rivals are bouncing back, growing
at full speed and creating jobs by the
millions.
I’m referring, of course, to the
emerging markets. For them, the
crash of 2008-09 has turned out to be
little more than a scare; 2010 will be
the year they show the rest of us who
is really in the driving seat. The mas-
2nd Floor
14-16 Dowgate Hill
London EC4R 2SU
Tel: 020 7015 1200 Fax: 020 7248 1729
Email: city@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor Ben Griffiths
Night Editor Katie Hope
Political Editor David Crow
Features Editor Jeremy Hazlehurst
Art Director Darren Soulsby
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Deputy Sales Director Harry Owen
Head of Distribution Nick Owen
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WHAT THE OTHER PAPERS SAY THIS MORNING
SPAIN AIMS TO BRING EU STATES
INTO LINE
The European Union should apply
“corrective measures” against mem-
ber states that fail to meet their obli-
gations under a new 10-year plan to
improve the bloc’s competitiveness,
José Luis Rodríguez Zapatero, Spain’s
premier, said. In a proposal likely to
stir controversy among other EU gov-
ernments, Mr Zapatero said the
European Commission should be
granted powers to police compliance
with the plan, which is expected to be
adopted in March and is known as
the “2020 strategy”.
SONY’S PS3 ENJOYS LATE JUMP IN
SALES
A hefty price cut and a new model
PlayStation3 appeared to have paid
off for Sony, as the company revealed
that it had sold 3.8m of the games
consoles worldwide in the final five
sive, historic power shift from east to
west is back on track.
HSBC’s chief economist Stephen
King tells me he expects the world
economy to grow 2.9 per cent this year
– but while rich nations will expand by
1.9 per cent, emerging nations will
jump 6.2 per cent and China 9.5 per
cent. HSBC’s excellent emerging mar-
kets index rose to 56.1 in the fourth
quarter from 55.3 in the third quarter,
signaling the strongest quarterly
increase in emerging market manufac-
turing and services since late 2007 (a
reading above 50 means growth).
There was much talk of decoupling
during the bubble days: many thought
the world would continue to grow
even if the US fell into recession. This
turned out to be nonsense: the credit
crunch led to an unprecedented col-
lapse in world trade (which relies on
trade finance) with devastating effects
on all economies, rich or poor. But the
rebound in Asia suggests that we are
now seeing a more realistic form of
decoupling: the global economy has
No frillers win fight of skies
AVIATION
s
BY STEVE DINNEEN
RYANAIR blew away the competition
over Christmas, flying nearly five mil-
lion passengers in December – 12 per
cent more than last year.
And total passengers for 2009
reached the dizzy heights of 65m, jet-
ting past the 58m recorded the previ-
ous year.
The budget airline’s biggest rival
EasyJet notched up a 9.3 per cent year-
on-year rise in passenger traffic to
3.4m in December.
Both airlines benefited from the
strike threats that dominated
Christmas for British Airways and the
problems that plagued the Channel
Tunnel.
BA passenger traffic fell by 4.4 per
cent in December to just 2.4m. First
class and business travel fell by only
0.7 per cent but economy passenger
numbers plummeted 4.6 per cent.
A Ryanair spokesman said the firm
had targeted 76m customers for the
next financial year and aimed to
reach 90m passengers each year
weeks of 2009. This is a 76 per cent
increase on last year and the best hol-
iday sales the PS3 has had. The com-
pany said that its PlayStation
Network, the online gaming service
that can be accessed from the PS3,
PlayStation Portable or by personal
computer, now has 38m registered
accounts. The announcement comes
a day after rival Nintendo said that it
had sold more than 3m Wii consoles
in the US in December, a 40 per cent
increase on the previous year.
CABINET PRESSURE MOUNTS
ON BROWN
Gordon Brown has been told by two
of his most senior ministers to change
his leadership style, clarify Labour’s
election strategy and abandon “class
war” rhetoric if he wants to rebuild
cabinet unity after Wednesday’s
failed leadership coup. Harriet
Harman, deputy Labour leader, and
Jack Straw, justice secretary, sought
assurances he would include them in
a wider circle of advisers.
become more China-centric. Growth in
the emerging world is no longer driv-
en solely or even primarily by US and
European consumers. One reason for
China’s emergence as the world’s top
exporter in 2009, overtaking Germany,
is the growth of trade between emerg-
ing nations – goods now flow south-
south as well as south-north.
Even with the modest recovery of
recent months, the rise in commodity
prices is not being driven by the West,
other than via the impact of ultra-
loose, bubble-blowing monetary poli-
cy. Rather, the increase is primarily
being fuelled by a shift in the source of
global growth away from the West and
towards China. By bolstering commod-
ity prices, China’s success is also insu-
lating other emerging nations – the
main exporters of raw materials –
from the West’s troubles. Higher com-
modity prices, in turn, make a Western
recovery more difficult by eating away
at spending power in commodity-
importing nations. Part of China’s
recovery was caused by government-
before numbers start to plateau.
It maintained ambitious expansion
plans despite the collapse of a deal
with Boeing for 200 new jets.
It is understood to have reached an
agreement of $25m to $30m a plane
but pulled the plug after Boeing
changed the terms of delivery.
Some analysts suggested that
Ryanair had misread the market and
Ryanair, led by colourful
chief executive Michael
O’Leary, expects its
annual passenger
count to rise to 90m
pulled out of the deal because it
realised it risked over-expanding.
The Irish-based carrier plans to take
delivery of 112 new 737-800s over the
next three years but will now stop
deliveries after 2013.
The firm says this will slash annual
capital expenditure from £1.2bn to as
little as £90m.
It plans to return the extra cash to
shareholders via a series of special
LLOYDS FACES £200M LOSS AS
PROPERTY COMPANY WITHERS
INTO RECEIVERSHIP
Lloyds Banking Group is facing a loss
of at least £200m after Kilmartin, an
HBOS-backed property company,
went into receivership. Directors of
Kilmartin Holdings, a Scottish group
founded by Iain Wotherspoon, the
property entrepreneur, handed over
the company to
PricewaterhouseCoopers (PwC), the
accountant, yesterday.
NATIONAL EXPRESS LAUNCHES BOND
ISSUE ON JOURNEY BACK TO
FINANCIAL STABILITY
National Express, the troubled bus
and train operator, launched a
£350m corporate bond issue yester-
day. The group said that it would use
the money to repay €270m (£242m) of
bond debt, which was fast approach-
ing maturity.
sponsored cheap credit and infrastruc-
ture spending – but in the main it is
sustainable and due to low costs and
increasing productivity.
All of this has serious consequences
for London. Labour and the Tories keep
talking as if our only competitors were
the US, France or Germany. That is
absurd. Our real rivals – and greatest
potential customers – are the emerg-
ing markets. Rather than saddling our-
selves with suicidial regulatory costs
and vindictive super-taxes, we should
be seeking to be as lean and competi-
tive as possible. We need to cut red
tape; we need a much smaller and
cheaper government. Barriers to
employing people and setting up busi-
nesses need to be torn down. We must
sort out our infrastructure, which is
unable to cope at the best of times, let
alone when it snows. We need a better
education and training system.
One thing is clear: if London wants
to remain a preeminent global trading
metropolis, we will have to try much,
much harder. allister.heath@cityam.com
Analysis | Budget vs BA
RYANAIR
EASYJET
s s
12% 9.3%
dividends. A spokesman said these
would not be annual and were “the
best use of extra cash”.
The company played down sugges-
tions it is preparing a third bid for
AMAZON KINDLE UNDER THREAT FROM
“UNBREAKABLE, LIGHT-AS-PAPER” QUE
E-READER
Plastic Logic unveiled a new e-reader
with a screen made of plastic, rather
than glass, that has the potential to
reinvigorate newspaper and maga-
zine publishing. Henning
Sirringhaus, one of the Cambridge
dons who founded the company,
which was spun out of the university's
Cavendish Laboratory in 2000, said
the 10in screen on the Que reader is
“unbreakable”.
TIM GEITHNER’S NY FED TOLD AIG TO
KEEP QUIET ABOUT $105BN PAID TO
BANKS.
The New York Fed, under Mr
Geithner’s leadership until he was
appointed US Treasury Secretary in
January 2009, instructed the troubled
insurer to withhold details of the pay-
ments from the public.
CITYA.M. 8 JANUARY 2010
Aberdeen set
to snap up RBS
funds for £85m
s
BANKING
ABERDEEN asset management is
expected to announce today that it
will spend some £85m to acquire
around half of the asset management
arm of ailing Royal Bank of Scotland.
Aberdeen will buy a £13bn portfo-
lio of funds of funds and hedge funds
and is expected to finance the move
with a share placing.
Meanwhile, RBS has received three
offers worth around $4bn (£2.5bn) for
its joint venture with US group
Sempra Energy. Deutsche Bank,
JPMorgan Chase and Australian bank
Macquarie submitted their bids for
commodities trading business RBS
Sempra before Wednesday’s deadline,
a source said.
RBS is being forced by European
competition authorities to slim down
after accepting state aid in the crisis.
BA
t
4.4%
the Irish flag carrier Aer Lingus,
claiming it would be “futile” while
the Irish government continues to
hang on to its 25 per cent stake in the
airline.
SEVERAL RETAILERS BOOST
THEIR FORECASTS
A number of retailers raised earnings
forecasts after reporting stronger
than expected December sales, per-
haps signaling a slow return to
health for America’s chain stores.
Sales for the five-week period ending
in early January rose 2.9 per cent
compared to the prior year, nearly
one percentage point greater than
Wall Street anticipated.
AMERICAN AIRLINES RAISES JAL OFFER
American Airlines raised its offer to
invest in Japan Airlines by $300m to
$1.4bn, according to people familiar
with the situation, intensifying
American’s battle with rival Delta Air
Lines to forge a partnership with the
cash-strapped Japanese carrier.
American met with JAL executives
yesterday morning and sweetened its
offer.
CITYA.M. 8 JANUARY 2010
Cheyne partners share £4m
▲
EXCLUSIVE
BY OLIVER SHAH
CHEYNE Capital Management, one of
the first London hedge funds to
become a victim of the US sub-prime
crisis in 2007, saw profits continue to
fall last year.
Revenues at the Pall Mall-based
group tumbled 52 per cent between
2007/8 and 2008/9. The remuneration
package shared between four direc-
tors – including co-founders Jonathan
Lourie and Stuart Fiertz – has steadily
declined from £14.2m in 2007 to
Cadbury dips
below Kraft
offer price
CONSUMER
▲
BY VICTORIA BATES
CADBURY shares breached the psy-
chologically-important level of Kraft’s
hostile bid price for the first time yes-
terday, as pressure for the US food
giant to increase its offer substantial-
ly starts to wane.
Cadbury’s stock dipped to an intra-
day low of 767.5p on the London Stock
Exchange yesterday, well below the
771p at which Kraft’s cash-and-shares
bid was valued at the same time.
Cadbury shares recovered to close
marginally up at 776.5p, though the
blip caused analysts to question how
much Kraft would sweeten its offer.
“The proximity of the Cadbury
share price to the Kraft offer price
leaves the position nicely in the bal-
ance with everything to play for over
the next couple of weeks,” said
Charles Stanley analyst Jeremy
Batstone-Carr.
However, he, like other analysts
including Investec’s Martin Deboo,
believes Cadbury shareholders
* E xcl us ion s a pp ly, s e e in s tore for d e t a il s.
£4.1m in the most recent accounts.
Cheyne runs a suite of hedge funds
with strategies ranging from special
situations to long/short corporate
credit. Started in 1999 by two ex-
Morgan Stanley traders, the firm
became one of the fastest-growing
hedge funds in the UK, building its
assets under management to £7.5bn
before the financial crisis struck.
In summer 2007, its affiliated
investment vehicle Cheyne Finance
collapsed after suffering severe losses.
Since then, net outflows have
brought funds under management
remain unwilling to accept an offer
priced at less than 800p per share.
Cadbury’s share price has tanked by
3.5 per cent after billionaire investor
Warren Buffett, a 9.4 per cent Kraft
shareholder, on Tuesday said he was
unhappy with the amount of stock
being used to fund the bid. Kraft has
until 19 January to launch a better
offer, under Takeover Panel rules.
Cadbury is also said to be in talks
with US chocolatier Hershey over a
potential rival bid, though the com-
pany has been quick to deny it is
“looking for a white knight”.
ANALYSIS l Cadbury
p 7 Sept
Kraft announces its
850
original £10.2bn bid
800
750
21 Sept
700
Cadbury asks Takeover Panel for a
650 “put up or shut up” deadline for Kraft
600
550
500
450 Sep
down to around £3.5bn.
Last year’s accounts are distorted
because they cover a nine-month peri-
od rather than the 12-month period
▲
covered in 2007/8. But it is under-
stood that negative returns from
funds impacted on performance fees,
while investors pulling cash out
resulted in lower management fees.
A spokesperson said: “[These fig-
ures] correspond exactly to the nine-
month period of the credit crunch, so
it’s an unfortunate comparison
because it was the worst nine months
for markets for at least 70 years.”
Investors were concerned as Cadbury’s shares fell below the bid price
21 Oct
Cadbury raises 2009 sales and profit
targets in an upbeat Q3 trading statement
23 Nov
Cadbury shares hit all-time high of 819.5p
amid speculation of a takeover battle
Nov
News 3
Lenders seize control of
Foxtons after debt deal
the market.
PROPERTY
But yesterday the private equity
ESTATE agent Foxtons was taken over house handed lenders led by Bank of
by its lenders yesterday, after its pri- America and Mizuho a majority stake
vate equity owner agreed to a refi- in the business. BC Partners will
nancing deal that saw its stake in the retain the largest minority stake and
firm massively diluted. has pumped less than £50m of new
BC Partners bought the chain that equity into the estate agents.
was synonymous with the London Under the deal, Foxton’s debt has
property boom for around £360m in been cut from £300m to £120m. Most
2007 from founder Jon Hunt, who of the debt was from £260m of bank
offloaded the business at the top of loans to fund BC Partners’ buyout.
NEWS | IN BRIEF
Deutch exits Citigroup board
John Deutch yesterday said he would
not stand for re-election at Citigroup’s
20 April annual meeting. Ex-CIA direc-
tor Deutch has been a Citigroup director
for 12 years. His exit follows the depar-
ture of several directors since the gov-
ernment took a more active role in the
bank’s affairs last year following two
multibillion-dollar bailouts. Among those
who have left the board are Robert E.
Rubin, former treasury secretary, and
Winfried Bischoff, Citigroup’s former
chairman.
Paul Smith cautious on 2010
Paul Smith, the upmarket fashion brand,
has warned that the coming six months
will be “challenging” for retailers around
the world. The firm, known for its dis-
tinctive stripes and sharp suits, reported
a 2 per cent slip in pre-tax profits to
£21.7m for the year to June as stockists
cut down their orders. Founder Sir Paul
Smith is thought to have pocketed £4m
in earnings during the year and also
enjoyed the majority of a £1m dividend
paid by the company. His comments fol-
low a similar note of caution from M&S.
Picture: REUTERS Ex-Dowgate execs launch Nomad
A new firm set up by four former
5 Jan Dowgate Capital executives is today set
Kraft sells pizza business to Nestlé and to gain FSA approval as a nominated
ups cash component of its offer; Warren Buffett adviser (Nomad) for companies listed on
claims the bid undervalues Kraft shares
London’s Aim market. Cairn Financial
Advisers, founded by ex-Dowgate chair-
man Tony Rawlinson and former col-
leagues James Caithie, Liam Murray and
Simon Sacerdoti, will also provide
advice to quoted and unquoted compa-
nies in the small cap sector. Dowgate
was acquired by broker Astaire
Jan 10 Securities last year.
THE
HARVEY NICHOLS
SA L E
FURTHER REDUCTIONS
D O N’T L E AV E I T TO O L AT E
UP TO 60% OFF*
KNIGHTSBRIDGE • LONDON
CITYA.M. 8 JANUARY 2010
New Look hails strong Xmas
▲
RETAIL
BY EMMA ROWLEY
BUDGET fashion chain New Look yes-
terday said it was undecided on a
return to the stock market as it
reported strong Christmas trading.
Like-for-like sales in the UK grew
5.9 per cent in the 14 weeks to 2
January, while total turnover includ-
ing overseas operations was up 14.4
per cent.
The “disposable fashion” group,
backed by private equity firms Apax
and Permira, is expected to float on
the London Stock Exchange this year,
after being taken private in 2004 for
Sainsbury’s in
festive feast
as sales rise
▲
RETAIL
BY JOHN DUNNE
J SAINSBURY was given a festive boost
with sales rising by 3.8 per cent as
shoppers snapped up food and drink
for Christmas.
The like-for-like sales figures at
Britain’s third largest supermarket
chain, revealed yesterday, beat the
forecasts of City analysts who had pre-
dicted a 3.5 per cent gain.
Sainsbury’s slashed prices on its
beer, wine and spirits in a bid to bring
more customers through the door.
The data for the 12 weeks to Boxing
Day also show that excluding fuel
and the change in VAT, like-for-like
sales climbed 4.2 per cent.
Shares in the chain jumped two per
cent after the announcement.
Chief executive Justin King said
Sainsbury’s had delivered a “record
performance”.
He added: “While food price infla-
tion eased in the quarter as expected,
a winning combination of more cus-
tomers, enjoying even better products
and prices through more stores deliv-
ered total sales growth of 6.2 per
cent.”
Nectar customer card data cus-
tomer revealed that 14 per cent more
Summer blockbusters and rise of 3D AstraZeneca rises as top
movies boost revenues for Cineworld drug stays safe until 2014
▲
LEISURE
BY STEVE DINNEEN
CINEWORLD revenues were up more
than 11 per cent last year after receiv-
ing a welcome boost from the rise in
popularity of 3D movies.
Box office takings were up by near-
ly 17 per cent and food sales were up
by almost 10 per cent. These rises
were enough to overshadow a drop in
advertising revenue of 29 per cent.
Ticket sales were well above the
market increase of 11 per cent.
£699m. Asked about the possibility of
an initial public offering (IPO), chief
executive Carl McPhail said: “We’ve
said before that we’d consider our
options and that’s what we will con-
tinue to do. The board has made no
decision.”
He added: “We have had another
successful Christmas, growing sales
and profitability in the face of diffi-
cult market conditions.
“Looking ahead, while we remain
cautious about consumer spending
and expect sentiment to remain sub-
dued, we are well placed to continue
growth and build upon our success.”
New Look said it had kept margins
customers bought their turkey and
trimmings from Sainsbury’s than last
year. On the year ahead he said: “The
business continues to perform well in
what remains a challenging con-
sumer environment.
“Our universal customer appeal
together with our accelerated growth
plans means we are well placed to
make continued good progress in
2010.”
Data from research firm Nielsen
suggested the supermarket had
increased its market share by two per-
centage points to 14.7 per cent with
the Christmas sales hike.
Waitrose reported a 16.1 per cent
sales rise earlier this week while
Marks & Spencer’s figures saw only a
marginal improvement.
ANALYSIS l J Sainsbury
p
328.20
345
7 Jan
340
335
330
325
320
315
310
305
12 Oct 30 Oct 19 Nov 9 Dec 31 Dec
Blockbusters including Slumdog
Millionaire, The Twilight Saga: New
Moon, Transformers: Revenge of the
Fallen and Harry Potter and the Half
Blood Prince pulled in big crowds but
the bumper box-office receipts are
thought to be in part down to the
sudden rush for 3D films.
James Cameron’s much anticipat-
ed Avatar was a hit and Up, Bolt and
Monsters vs Aliens all performed well.
Expansion of its digital facilities is
thought to be behind a growth in
market share in the UK and Ireland to
steady and grown market share to
become the UK’s second biggest
womenswear retailer in terms of
value, enjoying a 5.6 per cent slice of
clothing, accessories and footwear.
The company trades from 1,012
stores, 603 of which are in the UK. Its
26,000-square-foot flagship store will
open on Oxford Street next month.
“We think in the longer term
we’ve got the opportunity to grow
our space and potentially double it,”
said McPhail.
“The brand is about fashion, value
and newness and we’re in the sweet
spot of what we think is a growing
sector,” he added.
Chief executive Justin King hailed “record performance” Picture:Micha Theiner/CITY A.M.
ANALYSIS l Third quarter sales
Total sales
(3rd quarter)
▲ 6.2%
(6.3% excluding fuel)
Like-for-like sales
(3rd quarter)
▲ 3.8%
(3.7% excluding fuel)
24 per cent.
A company spokesman said: “The
number and success of films released
in 3D has raised the profile of this for-
mat, which in turn has had a
favourable effect on cinema admis-
sions.
“While cost pressures have contin-
ued, overall profit performance is
expected to be in line with market
expectations.”
The group’s estate is now 790
screens at 77 locations with more
developments planned.
Sarkozy proposes Google
tax to help French artists
▲
RETAIL
FRANCE could start taxing internet
advertising revenue from online com-
panies such as Google, using the
funds to support creative industries
that have been hit by the digital revo-
lution.
The proposal, put forward in a gov-
ernment-commissioned survey, is
France’s latest challenge to Google
and its online rivals.
Google said that it does not believe
an additional tax on internet adver-
Like-for-like sales
(3rd quarter)
▲ 4.2%
excluding fuel and VAT
Weekly transactions
▲ 1m
year on year
▲
PHARMACEUTICALS
ASTRAZENECA settled a US patent
row with Israeli drug maker Teva yes-
terday, protecting its top-selling
heartburn drug Nexium for almost
four more years.
The deal will allow Teva, the
world’s biggest manufacturer of
generic pharmaceuticals, to start sell-
ing a cheaper copy of Nexium when
the first patent expires in 2014.
However, under a previous arrange-
ment, Indian firm Ranbaxy will be
News 5
tising is the way forward.
France has caused controversy in
the past by introducing some of the
world’s harshest laws against online
piracy.
The tax, which would also apply to
other operators such as MSN and
Yahoo, would put an end to “enrich-
ment without any limit or compensa-
tion,” the report’s authors said. .
It would apply even if the operator
had its offices outside France, as long
as the internet users who click on ads
or sponsored links are in France.
JD Sports
on track as
sales surge
▲
RETAIL
JD SPORTS Fashion said yesterday it
was on track to beat the City’s profit
expectations for the year after enjoy-
ing a festive boost.
Like-for-like sales rose 6.6 per cent in
the five weeks to 6 January, driven by
the performance of its fashion-focused
chains Bank and Scotts, where trading
rose 9.7 per cent. The group said it was
set to “significantly exceed” full-year
pre-tax profit estimates from analysts –
which have hovered around £56m –
but warned the snow posed a threat.
“The extent to which this occurs is
still dependent on the impact of the
prevailing severe weather conditions
in the UK,” the company said.
The Christmas trading helped like-
for-like sales for the 48 weeks to 2
January grow 2.7 per cent, while profit
margins improved “marginally”.
Executive chairman Peter Cowgill
said: “This has been the result of our
strong product proposition and a lot of
hard work from employees through-
out the business.”
The group – which had 343 sports-
wear stores and 95 fashion outlets as of
August – has seen its “athletic-
inspired” fashion offerings pay off dur-
ing the recession, as it has fared better
than rivals more dependent on kit
sales.
Singer Capital Markets analyst Mark
Photiades said the growth seen in fash-
ion was “very encouraging....one of the
main growth drivers for the group.”
able to sell a generic version exclusive-
ly for 180 days before Teva begins.
Nexium is AstraZeneca’s highest-
selling drug, with sales of £1.3bn in
the nine months to September.
A spokesperson said: “This settle-
ment strikes an appropriate balance
between protecting the value of our
shareholders’ investment in Nexium,
mitigating uncertainties and address-
ing the many other costs associated
with patent litigation.”
AstraZeneca shares closed 1.3 per
cent up at £29.11.
 6 Economic News
Interest rate
kept on hold
again by Bank
▲
ECONOMY
BY JOHN DUNNE
THE BANK of England’s Monetary
Policy Committee (MPC) yesterday
froze the interest rate at 0.5 per cent
while persevering with quantitative
easing until next month.
The interest rate has remained
unchanged since March after the
MPC took drastic action to tackle the
global economic crisis.
Quantitative easing, aimed at
pumping cash into the financial sys-
tem, will be maintained at £200bn
until the economy is deemed to be
back on its feet.
UK economist at BNP Paribas Alan
Clarke said: “Everything pointed to
this decision. The labour market is
doing better than expected and GDP
and inflation are also okay.
“The decision is not a surprise.
However, I am worried that the gov-
ernment’s bond gilts are rising quite
sharply.
“I have argued in favour of quanti-
tative easing and think there should
be more of it. There is a debate over
whether to stop it soon but I think
ceasing it too early could threaten
our tentative recovery.”
Howard Archer of Global Insight
said: “The latest economic data and
surveys have been more upbeat over-
all and tentative signs are emerging
that money supply growth and bank
lending could be picking up.”
Britain is believed to have returned
to economic growth in the final few
months of 2009.
Philip Shaw, chief economist at
Investec said: “The environment for
the MPC now becomes much more
challenging. It has to decide whether
to provide more quantitative easing
next month. It is possible, but we
doubt that it will.”
Bank of England
governor Mervyn King
is trying to steer the
UK out of choppy
economic waters
CITYA.M. 8 JANUARY 2010
ANALYSIS l How house prices have fared over the past year
Jobless claims
2
0
-16.2 -17.2 -17.7 -17.5 -17.7 -16.3 -15.0 -12.1 -10.1 -7.4 -4.7 -1.6
1.1 in US rise less
Quarterly year-on-year change in price (%)
-2
-4
-6
-8
than expected
WORLD ECONOMY
▲
-10
THE DOLLAR enjoyed a slight boost
yesterday after the number of
-12
Americans making first-time claims
for unemployment benefits rose less
-14
than expected.
-16
The US government said initial job-
less claims increased by just 1,000 to
-18
434,000 in the week ending 2 January,
Dec ‘08 Jan ‘09 Feb ‘09 Mar ‘09 Apr ‘09 May ‘09 Jun ‘09 Jul ‘09 Aug ‘09 Sep ‘09 Oct ‘09 Nov ‘09 Dec ‘09 supporting hopes that the struggling
job market is bottoming out. The sea-
House prices continue to
sonally adjusted figure represented an
improvement on analysts’ expecta-
tions of an 8,000 gain and followed
two consecutive weeks of decline, dur-
strengthen in December
ing which claims fell to their lowest
level since July 2008.
The four-week moving average, a less
volatile measure than the weekly data,
was at its lowest since September 2008,
falling 10,250 to 450,250 from the pre-
ECONOMICS year basis, the first increase on this vious week’s revised average.
▲
BY VICTORIA BATES measure since March 2008. The figures indicated the improving
Halifax’s housing economist economic outlook is discouraging
HOUSE prices in the UK recorded Martin Ellis said low interest rates companies from the brutal rate of job
their sixth consecutive monthly rise and the recent improvement in the cuts experienced during the worst of
in December, data from the Halifax labour market had both contributed the recession. Meanwhile the number
showed yesterday, though the mort- to stronger housing demand. of Americans receiving continuing
gage lender expects prices to plateau However, he said prices are likely to claims in the week ending December
over the rest of 2010. remain flat in 2010, adding: “The 26 – the most recent data available –
Prices rallied one per cent between prospects for the market this year will was down to just over 4.8m from
November and December, bringing depend on how the UK economy almost 5m the week before.
the cost of the average UK home to evolves and whether there is a signifi- But all eyes were waiting for today’s
£169,042. December also saw house cant increase in the supply of proper- monthly figures which will reveal the
prices rise by 1.1 per cent on a year-on- ties for sale.” unemployment rate for December.
 News 7

Forward home sales are 40 per cent ahead of this time last year Picture: REUTERS

Cautious gain
at Persimmon
continued confidence in the long
▲

HOUSEBUILDING
BY RHIAN NICHOLSON
INTERACTIVE INVESTOR
HOUSEBUILDER Persimmon yester-
day remained cautious over the
health of the housing market despite
a stronger performance in the second
half of 2009.
The FTSE 250 group said it complet-
ed the sale of 8,796 new homes during
2009, which generated a turnover of
around £1.4bn. Almost 5000 of these
properties were sold in the second
half – up on the 4006 recorded during
the first six months of the year.
However, this is still down 12 per cent
on 2008 when the housebuilder com-
pleted 10,202 sales with a turnover of
£1.75bn.
Persimmon, which is the first in the
sector to update the market, said that
while there are signs of improvement,
credit conditions remain tight.
“Whilst we will remain cautious
until mortgage availability and the
general economy improves, we have
term future of the UK housing mar-
ket,” the group said.
However, forward sales have picked
up and stand 40 per cent ahead of last
year at around £640m and above the
£500m reported in November. “This
gives us a good start to the year,
although as usual we await the
Spring selling season with keen inter-
est,” Persimmon said in a trading
update.
Meanwhile, net debt at the end of
2009 stood at £270m, down from
£599m at the end of the previous year
and a peak of £1.2bn in April 2008.
Analysts at Panmure Gordon said:
“Persimmon’s trading update looks
pretty much in line with our fore-
casts although the group’s perform-
ance on cash is ahead of what we
would have expected at this stage.”
Persimmon added that its partici-
pation in the government’s HomeBuy
Direct scheme is going well and it still
has about £45m available to assist
with the sale of about 2,500 homes.

WHAT DO YOU MAKE OF PERSIMMON’S

FULL-YEAR TRADING UPDATE? Interviews by Steve Dinneen
IMRAN AKRAM | COLLINS STEWART

“ Persimmon is the first housebuilder to report a solid trading update.

Volumes were 12 per cent lower year-on-year but picked up in the second half of

”
last year. Net debt was better than expected. Bovis and TaylorWimpey are our
top picks but we continue to see upside to our target price of 520p.

CHRIS MILLINGTON | NUMIS SECURITIES

“ The group has comfortably beaten our net debt forecast and forward
orders give a strong platform for the Spring selling season. We continue to

”
regard Persimmon as one of the best housebuilders, but its premium valuation to
Bellway is too large. Bellway has more financial flexibility to buy land.

JONATHAN JACKSON | KILLIK & CO.

“ The major news was the progress in debt reduction, which ended the
year at £270m, well below the £475m as at 30 June 2009. While management

”
remains cautious over mortgage availability it has continued confidence in the
long-term future of the UK housing market.
 The Capitalist
8 CITYA.M. 8 JANUARY 2010
DOOMSAYING ECONOMIST ENJOYS
HIS NEWFOUND CELEBRITY STATUS
MY, HOW the world has changed.
While most of us have been going
around assuming that brainy econo-
mists are dismissed by the popular,
hedonistic masses as nothing more
than dreary nerds, it appears the best
of them have been snagging invites to
the most glamorous parties in town.
Actually, town doesn’t begin to
cover it – we’re talking the exclusive
Caribbean island of St Barts, where
none other than Chelsea FC tycoon
Roman Abramovich was hosting his
New Year’s Eve party last week.
And who should be invited to this
elite bash, but notorious bear econo-
mist Nouriel Roubini (otherwise
known as Dr Doom in the States for
his gloomy economic forecasts).
After partying with the likes of
Gwen Stefani, Beyoncé, actor Jason
Statham and a bevy of unnamed
EDITED BY
VICTORIA BATES
GOT A STORY? EMAIL
thecapitalist@cityam.com
beauties, Roubini recently uploaded
to his Facebook page a haul of photos
from the night, which subsequently
found their way onto the Gawker US
blog site. (“Do any of these young and
attractive women actually know who
Roubini is?” questions one reader
incredulously.)
But before The Capitalist hails a shift
in the world order, a quick check on
the experience of Roubini’s fellow
Roubini, inset, has been partying with the likes of singer Gwen Stefani Pictures: REUTERS
nerds – and who better to ask than his
fellow über-bear, SocGen’s Albert
Edwards?
“I don’t tend to mix in those circles,
I’m just a humble footsoldier,” says
Edwards, a smile twitching at the cor-
ner of his lips. “I lead a quiet life – my
New Year’s Eve was staying in with my
wife in front of the telly.”
No need to rewrite the history
books just yet, then.
WINTER WONDER
It was probably only to be expected,
but who else was spotted flying into
work by bicycle yesterday despite the
snow, but our own London Mayor
Boris is still cycling in spite of the snow
Boris Johnson.
Johnson, who was virtually
unrecognisable to many, having
tucked his flaxen locks into a woolly
grey ski cap underneath his helmet,
didn’t seem at all put off by the lack
of grit on the roads.
“Ah, cycling’s the only way,” he
shouted, happily. “The roads are clear,
the weather’s, er, fine…”
Noone ever did do spin quite like
the politicians.
GOOD WIDDANCE
Yesterday saw the end of an era as
love-him-or-hate-him presenter
Jonathan Ross quit his monstrous
£18m-a-year contract at
the BBC.
Ross may have spent
13 years bantering out
of our screens during
his time at Auntie,
but it’s unlikely he’ll
be missed too sore-
ly, given the recent
uproar over that
banker-esque
salary and the
Sachsgate affair.
As one Daily
Mail reader so suc-
cinctly said yester-
day of the paper’s
favourite bête noire:
“Good widdance to bad
wubbish.”
APRES SKI
You’d have thought the Stock
Exchange Ski Club would have been
delighted to use the recent snowfalls
as an excuse to get out onto the
hillocks of Southern England and
practise for the upcoming
Interbourse ski trip, wouldn’t you?
But no, I hear London’s team are far
too laid back to practise for the event,
one of the biggest organised winter
sporting dates in the financial servic-
es calendar.
“Too many of the Swiss and
German teams take it far too seriously
these days,” the club’s secretary tells
me. “We’re far more relaxed about it –
our teams are usually made up of the
last people left standing in the bar at
the end of the night before…”
They certainly do seem to have
grasped the importance of the most
essential ingredient of any skiing trip,
at the very least.
OPTIMIST FERVOUR
ITV’s new chairman Archie Norman
is certainly doing his level best to
ingratiate himself with the broadcast-
er’s beleaguered employees.
Just a few days into the job,
Norman sent a mass email to his new
minions to “say ‘hello’” and outline
his strategy to turn around the ailing
company.
Apparently, the new boss will do
his level best to be approachable, hav-
ing ensconced himself in an open
plan office on the 17th floor of ITV
HQ.
“I am keen to get to know you all
better and to hear your thoughts on
how we are doing and what we can do
better,” the infectious optimist writes.
“I look forward to hearing from you!
Happy New Year!”
Talk about starting the new
year with a bang.
CALL A BLUFF
Still on the subject of win-
try precipitation, and it
appears most snowed-in
workers are busy whiling
away their time playing
online poker, of all
things.
Gambling firm
Betfair reports that
this week has seen
volumes up by any-
thing between 20 per
cent and 73 per cent
on its various gam-
ing sites – presum-
ably driven by City
traders itching to get
back for a bit of action
on the wheeler-dealing front.
CITYA.M. 8 JANUARY 2010
Hays sees fees fall by a third
▲
RECRUITMENT
BY STEVE DINNEEN
HAYS, the UK’s largest recruitment firm,
yesterday reported a 30 per cent fall in
net fees in its second fiscal quarter last
year.
But it was optimistic that stability is
returning to all its major jobs markets,
including banking, and saw modest
quarter-on-quarter growth in the UK
private sector.
Based on the figures Charles Stanley
maintained its “buy” stance on the
company, believing momentum in the
global economy will stimulate further
recruitment activity in 2010.
Market rally
is a positive
for Rathbone
▲
FUND MANAGEMENT
BY OLIVER SHAH
RATHBONE Brothers yesterday
reported a 25 per cent increase in
funds under management for 2009 as
buoyant equity markets repaired the
damage done in the depths of the
recession.
Total assets under management
climbed to £13.1bn in December, up
from £10.5bn a year earlier in the
wake of the Lehman Brothers col-
lapse. The 268-year-old firm will rec-
ommend paying a second interim
dividend in March in place of a final
dividend in May.
Rathbone shares closed 5.5 per cent
up at 868.5p after brokers reacted pos-
itively to the day’s news. Numis main-
tained its “buy” rating after the firm
said 2009 results would be in line
with expectations.
The announcement on fund flows
came as Rathbone named Mike Webb
as the new chief executive of its strug-
gling unit trust business. Rathbone
Unit Trust Management was one area
where funds slipped, falling from
£1bn to £940m due to net redemp-
tions of £234m.
Group CEO Andy Pomfret told City
A.M. the firm was taking a defensive
CITY VIEWS: WHAT IS THE WEATHER’S ECONOMIC IMPACT?
DANIELLE FOSTER |
GFI
“On Wednesday there were quite a
few people off, a lot more made the
effort to come in [yesterday]. It’s
easy for me to get in
to work – other
parts of the coun-
try find it harder, so
maybe they
have been
more
badly
hurt.”
The UK now only constitutes 45 per
cent of Hays’ fee income and global
markets look set to thaw more quickly
than domestic ones.
The Asia-Pacific region, Australia in
particular, looked especially promis-
ing, with banking and financial sec-
tors performing well. Net fees in the
UK permanent sector were down 39
per cent, like-for-like, while the temps
sector fared better at 22 per cent down.
There is expected to be a continued
modest reduction in the public sector,
which accounts for 39 per cent of Hays’
UK business, due to the ongoing pay-
freeze.
Hays’ management of debt has been
stance for the year ahead given the
political risk of a hung Parliament.
He added: “We are fairly cautious on
where markets are going, but that
doesn’t mean there aren’t some sec-
tors that will do relatively well.”
Rathbone said plans to migrate dis-
cretionary private client portfolios
from Lloyds Banking Group were at
an advanced stage following a deal
last October to buy some of Lloyds’
private banking business. Around 60
per cent of clients have already been
transferred.
Several non-executive directors will
retire along with outgoing unit trust
CEO Peter Pearson Lund, who leaves
in March. James Barclay and Mark
Robertshaw have been replaced by
Kate Avery and Kathryn Matthews.
ANALYSIS l Rathbone Brothers
p
1,000 868.50
7 Jan
950
900
850
800
750
12 Oct 30 Oct 19 Nov 9 Dec
FEMI OWOYEMI |
STATE BANK OF INDIA
“People’s movements are really
restricted and they can’t get to
work. It’s not very good for busi-
ness activity.
For these few days
it will have an
impact. It’s going
to be a
temporary
thing, not
too long.”
seen as positive, with the company a
total of £40m in the red.
Chief executive Alistair Cox said:
“Although specialist recruitment mar-
kets continue to be very challenging,
candidate and client sentiment have
improved over recent months and this
is encouraging.”
FAST FACTS | HAYS
● Hays is the UK’s biggest recruitment firm.
● Only 45 per cent of its revenue is from
domestic recruitment fees.
● It is a massive provider of permanent and
temporary staff to the UK public sector.
President Grimsson refused to sign a bill authorising the repayment
Iceland says it has UK
assurance on EU bid plan
▲
WORLD ECONOMY
ICELAND’S foreign minister yesterday
said he had been assured by British
foreign secretary David Miliband that
a presidential rejection of the so-
called Icesave bill would not torpedo
Iceland’s EU bid.
The president’s refusal to sign a bill
to repay Britain and the Netherlands
more than $5bn (£3.1bn) their savers
lost when Icelandic banks collapsed,
forces a referendum on the issue and
31 Dec threatens vital economic aid as well
TIM LEWIS |
Interviews by Emma Rowley
CURRENCIES DIRECT
“The suggested cost of £690m a
day is a bit over the top. I'm think-
ing around half that. Lots of our
clients are based
around the country
and they can’t get
into work – but peo-
ple are working
from
home so
deals go
through”
Arbuthnot set to beat full
year profit expectations
▲
BANKING
BANKING group Arbuthnot delivered
welcome good news to investors yes-
terday as it said annual pre-tax profit
is expected to come in ahead of mar-
ket expectations.
After falling into the red in 2008,
Arbuthnot said its investment bank-
ing arm would post a profit for the
second half of 2009 despite the divi-
sion continuing to suffer over the
first half of the year from depressed
levels of corporate finance activity.
Picture: REUTERS
as Iceland’s application to join the
European Union.
“I have spoken to foreign secretary
Miliband and I have his permission to
state officially that this will not affect
the EU application,” said Icelandic
foreign minister Ossur
Skarphedinsson.
The minister said the coalition gov-
ernment was making every effort to
limit any potential fallout from
President Olafur Grimsson’s move
and stressed Iceland’s need for sup-
port from its Nordic neighbours.
Japan’s finance minister
calls for a weaker yen
▲
WORLD ECONOMY
JAPAN’S new finance minister yester-
day called for a weaker yen and said he
would work with the Bank of Japan to
achieve an appropriate level, prompt-
ing a sharp slide in the currency
against the dollar.
In his first press conference as
finance minister, Naoto Kan also sig-
nalled he would maintain pressure on
the central bank to do more to lift the
frail economy, which the government
fears could slip back into recession as
News 11
Arbuthnot’s retail banking divi-
sion, Secure Trust Bank, is expected
to have performed strongly over the
year due to the acquisition of two
books of instalment loans.
But the group warned that full-year
performance at Arbuthnot Latham,
its private banking arm, would be
affected by the start-up costs associat-
ed with Gilliat Financial Solutions,
the new structured products distribu-
tion venture it launched in August
last year. Arbuthnot is due to release
preliminary results on 11 March.
UniCredit
prices €4bn
rights issue
▲
BANKING
ITALY’S biggest bank UniCredit yester-
day priced its €4bn (£3.6bn) rights
issue at €1.589 a share, a 29 per cent
discount, in a move to shore up lag-
ging capital ratios.
UniCredit, the Italian bank most
pummelled by the credit crunch, is
carrying out its second capital
increase in a year, the latest in a raft
of crisis-hit lenders raising capital.
UniCredit will issue three ordinary
shares for every 20 ordinary and/or
saving shares held, it said in a state-
ment after a board meeting set
details for the capital increase.
The capital increase will run from
11 to 29 January in Italy and Germany
and from 14 to 29 January in Poland.
UniCredit, the biggest bank in east-
ern and central Europe, has said the
capital increase will boost its Core
Tier 1 ratio, a standard of capital held
against risky assets, to 8.39 per cent.
The figure was 7.55 per cent at the
end of September, at the low end
among European banks. “The
risk/reward ratio for UniCredit is def-
initely more positive now. It’s a huge
difference from a year ago,” said
Santander analyst Carlos Garcia.
The discount of about 29 per cent
to the theoretical ex-rights market
price is in line with the roughly 27
per cent discount given by French
banks Societe Generale and BNP
Paribas when they raised capital to
pay back state support last autumn.
deflation hurts demand.
He also lived up to expectations that
he would not be as fiscally restrained
as his predecessor by saying he would
be open to spending more in the
future if the economy weakens. He
had not felt bound by fiscal austerity
when the cabinet last month agreed
on a budget for 2010/11, he said.
Kan saved his most direct remarks
for the foreign exchange market, call-
ing for a weaker yen and stirring spec-
ulation the government may be more
inclined to stem a sharp yen rise.
 12 News
Bus firms facing investigation
▲
TRANSPORT
BY PHILIP WALLER
BRITAIN’S big five bus firms are fac-
ing a probe over concerns that limit-
ed competition is driving up fares.
The Office of Fair Trading (OFT) is
asking the Competition Commission
to investigate the industry after find-
ing that a distorted market was caus-
ing higher prices and poorer services.
The probe is likely to hit firms such
as Arriva, FirstGroup, Stagecoach, Go-
Ahead and National Express.
The investigation will not affect
London buses, where Transport for
London sets fares and routes.
Car sales to
fall as scrap
scheme ends
▲
AUTOMOTIVE
BY ROGER BAIRD
SALES of new cars in the UK reached
almost two million last year, which
was the lowest level since 1995, the
Society of Motor Manufacturers and
Traders (SMMT) said yesterday.
Full-year sales fell 6.4 per cent
from 2008’s total to 1,994,999 vehi-
cles, despite the boost provided by
the government’s £2,000 scrappage
trade in scheme on cars over ten
years old introduced last May.
The scrappage scheme has
accounted for more than a fifth of
all new car registrations, the SMMT
said.
In the first six months of the year,
new car sales fell by 25.9 per cent. In
the second half of the year, they rose
by 21 per cent.
The Ford Fiesta was the best-selling
model of the year, followed by the
Ford Focus.
SMMT chief executive Paul Everitt
said sales for 2009 were “significantly
above early expectations”.
New registrations in December
rose by 38.9 per cent, the sixth consec-
utive monthly rise, helped by con-
sumers looking to beat the VAT
increase, the SMMT said.
NEWS | IN BRIEF
Hunt for Chinese ponzi schemer
Police in Canada have issued an arrest
warrant for the self-proclaimed "Chinese
Warren Buffett" accused of mastermind-
ing a million-dollar Ponzi scheme.
Weizhen Tang, 51, of Toronto, is alleged
to have defrauded more than 100 victims
of nearly £19m through an online trading
scheme. He is currently thought to be in
Hong Kong.
Delay for Ticketmaster merger
The US Justice Department wants to see
more concessions before deciding
whether to approve the merger of ticket-
ing giant Ticketmaster and Live Nation,
the world's largest concert promoter,
according to sources. If no agreement is
reached, a team of lawyers is ready
oppose the music industry deal, seen as
The OFT found that a small num-
ber of large companies were running
most local bus services.
In particular, it highlighted the
potential for market exploitation in
areas dominated by a single company.
A OFT spokeswoman said the study
found several issues that could pre-
vent, restrict or distort competition.
“One of the concerns we think the
Competition Commission should
look at is the tendency for local areas
to become dominated by a single
operator,” she said.
The Conservatives controversially
privatised and de-regulated the UK’s
bus services outside London in 1986.
However, there is now concern in
the industry that sales will retreat
once the scrappage scheme comes to
an end in February.
The SMMT estimates that 2010
sales will fall back to below 1.8m.
Everitt said: “Another tough year
awaits the UK motor industry in 2010,
with new car registrations expected
to be below 2009 levels and only limit-
ed recovery in the van and heavy com-
SMMT chief executive
Paul Everitt said he
expects 2010 to be
“another tough year”
for the industry
mercial vehicle markets.”
Howard Archer, economist at IHS
Global Insight, also thinks this year
will be a tough one for the car indus-
try.
He added: “The upside for con-
sumer spending is likely to be limited
for some time to come by high and
still rising unemployment, low earn-
ings growth, and consumers’
need/desire to improve their balance
sheets in the face of high debt levels
and a still worrying economic situa-
tion.”
the Obama administration's best chance
yet to prove it is serious about getting
tougher on mergers.
Horizon recruits ex-Goldman man
US private investment firm Horizon Asset
Management yesterday named former
Goldman Sachs partner Douglas Kramer
as chief executive. The move is part of
the New York firm’s strategy to lure
money from institutional investors to add
to its existing client base of high-net-
worth individuals.
European flotations start to rise
The number of company flotations in
Europe rose significantly in the final quar-
ter of 2009, a study shows. There were
61 initial public offerings (IPOs) worth
€4.99bn in the last quarter of the year,
Ministers said it would bring bet-
ter services and lower fares, but crit-
ics say companies have axed rural,
evening and weekend services and
targeted the most profitable routes.
Arriva said there was lively compe-
tition between firms. “Our biggest
rival is the car,” a spokesman said.
FAST FACTS | OFT BUS PROBE
● At least £1.2bn of public money goes
towards supporting local bus services each year.
● In a quarter of cases, there is just one bidder
when local authorities put taxpayer-funded bus
services out to tender, the watchdog found.
ANALYSIS l UK car sales
Source: Society of Motor
Manufacturers and Traders (SMMT)
Analysts said 2010 would be tough for car firms
compared with 44 listings that raised
€1.37bn in the third quarter, according to
the IPO Watch Europe survey from busi-
ness services group
PriceWaterhouseCoopers.
Music sales hit by piracy
Album sales in the UK fell for the fifth
year in a row in 2009, highlighting the
threat posed to record labels by online
pirates and video games, industry figures
showed.  Sales fell 3.5 per cent to 128.9m
in 2009, according to  figures from the
BPI music industry group.
Ireland confident of bad bank plan
Ireland is confident of European Union
(EU) approval for its "bad bank" scheme
by February, resulting in a slight delay to
its launch, officials said yesterday.
GM says death of Saab
is a foregone conclusion
▲
AUTOMOTIVE
GENERAL MOTORS joint chief execu-
tive Ed Whitacre said yesterday he is
not hopeful a deal can be reached to
sell Saab and said the American car-
maker will start to wind-down the
Swedish brand.
GM is dropping its Pontiac, Saturn
and Saab brands and selling Hummer
as it restructures to return to prof-
itability after emerging from its US
government-funded bankruptcy in
July.
Picture: REUTERS
Costain cheers as order
book hits £2.6bn mark
▲
CONSTRUCTION
CONSTRUCTION group Costain is cel-
ebrating a 30 per cent rise in forward
orders to £2.6bn thanks to transport,
utility and local authority work.
Costain said 2010 prospects were
uncertain, but its order book includ-
ed more than £850m of work this
year, better than at this time last year.
The group is winning utility,
nuclear, road and waste deals from
the likes of the Highways Agency and
water firms Severn Trent and United
CITYA.M. 8 JANUARY 2010
He said none of the potential bid-
ders for Saab have come forward with
the financing needed to restructure
the money-losing automaker.
“I think we’ve done everything
humanly possible,” Whitacre said,
adding GM will start closing down
Saab plants later this week.
The small Dutch luxury carmaker
Spyker Cars is among possible bidders
for Saab, but analysts have said the
question of how to fund an acquisi-
tion of the brand is a major hurdle to
a deal.
Microsoft
unveils new
tablet PC
▲
TECHNOLOGY
MICROSOFT chief executive Steve
Ballmer unveiled a new Hewlett-
Packard tablet computer yesterday,
beating Apple’s hotly anticipated
move into the market.
But analysts were sceptical that
Microsoft and HP could generate as
much consumer excitement as
Apple’s new device, widely expected
to be unveiled on 27 January, though
the company has not said anything
about it publicly.
Ballmer showed off the new device
at the end of his keynote speech at
the CES technology show in Las
Vegas.
“This great little PC -- which will be
available later this year -- I think
many customers are going to be very
excited about,” said Ballmer, using
finger touches to flip through a book
on the screen using Amazon.com’s
Kindle software.
“Everyone's fired up about this
type of device,” said Kim Caughey,
senior analyst at fund manager Fort
Pitt Capital Group. Microsoft has “a
lot of the pieces in place” to make
such a device work, she said, but it’s
not clear that it can claim significant
market share.
“How do you make them usable
and at a price point people will pay,
which I suggest is sub-$500?” asked
Caughey.
Ballmer did not detail pricing or
when the device will hit stores.
Utilities.
It was preferred bidder on projects
worth more than £400m and had
more than £100m in cash.
Costain said final quarter trading
and in 2009 as a whole met hopes.
Chief executive Andrew Wyllie said
it expected customers to continue
major investment schemes despite
tough economic conditions.
“We have a significantly increased
order book, a strong cash position
and an ongoing rigorous manage-
ment of costs,” he said.
CITYA.M. 8 JANUARY 2010
Forget Microsoft, it’s all about Google vs Apple
firm tried to thwart Google in the
noughties, it was trounced.
It was a defeat that Microsoft is
unlikely to recover from. The next ten
years will be dominated by a battle
between Google and Apple, erstwhile
friends that are on course to become
bitter foes.
Until recently, the businesses of
TECHNOLOGY FILE Apple and Google have been largely
DAVID CROW complementary. But when Google
launched its Chrome web browser and
operating system, which competes
I
N recent decades, the technology with Apple’s Safari and Mac OS X, as
sector has been defined by a clash well as its Android mobile phone soft-
of titans. In the 1980s Microsoft ware, it was clear the friendship would
took on Apple and ended up wip- soon end.
ing the floor with it, a feat it repeated Last August, Google boss Eric
with IBM in the 1990s. But Bill Gates Schmidt quit as an Apple director
couldn’t make it a hat trick; when the because he had to keep on excusing
Brown lays
out new plan
for growth
▲
POLITICS
public services if the economy
BY HARRY BANKS rebounds faster than expected, lead-
THE Labour government’s efforts to ing to talk of a split with chancellor
engineer an economic recovery are Alistair Darling who wants to try to
compatible with tackling the record cut debt quicker if growth is surpris-
budget deficit, British Prime Minister ingly strong.
Gordon Brown said yesterday. The Conservatives, tipped to win an
With the country emerging from election due by June, want to slash
its worst recession in decades, policy- the deficit faster than Labour, fearing
makers are trying to support the a downgrade to Britain’s top credit
recovery while also reassuring scepti- rating.
cal financial markets that plans to Government officials have damp-
halve the deficit over four years are ened down talk of a big difference in
watertight. policy approach between Brown and
Labour politicians argue that get- Darling but many economists doubt
ting the economy going again after a the sincerity of Labour’s deficit
year and a half of recession is the best reduction plans. “You could have
way to bring down borrowing in the slightly better growth and mechani-
long run, but critics say failing to deal cally that makes the public finances
with the debt quickly will drive up better, but I think they are missing
interest rates. the point ... it’s going to take more
“Our strategy for growth is not at than good growth to reverse,” said
the expense of our deficit reduction Alan Clarke, an economist at BNP
plan,” Brown said in a speech setting Paribas.
out government plans to rebuild the Brown was speaking at his first
economy after the deepest recession major public appearance since two
in more than 50 years. former cabinet ministers called for a
Brown said last weekend there ballot on his leadership before a gen-
might be scope to boost support for eral election due by June.
CITY MOVES | WHO’S SWITCHING JOBS
Rathbone Brothers
The fund management group has appointed
Mike Webb as chief executive of its unit trust
business, Rathbone Unit Trust Management.
Webb has over 25 years of experience in the
retail funds world and joins from Hermes Fund
Managers, where he was head of business
development. He has also previously held roles
as chief executive of Invesco Perpetual and
managing director of the retail division of GT
Global Asset Management.
Investments, where he was most
SWIP recently executive director for distribu-
Scottish Widows Investment tion and client services.
Partnership has hired Mark Connolly as In his new role, he will report directly
its new director of fixed income. to Dean Buckley, managing director of
Connolly joins from Standard Life SWIP.
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
himself from the board-
room; there were simply
too many areas where
the pair were competing.
Google’s biggest threat
to Apple so far is its smart-
phone, the Nexus One,
which was launched with
much fanfare earlier this
week. The unveiling of the
device mightn’t have generat-
ed the same amount of hype
as a new iPod or iPhone, but it
came close.
Early indications suggest
that the Nexus (pictured) is the
most serious contender to the
iPhone yet, especially as it will work
seamlessly with Google’s suite of excel-
lent mobile applications.
BEST OF THE BROKERS
ANALYSIS l Sage Group
p
235
229.60
7 Jan
230
225
220
215
210
12 Oct 30 Oct 19 Nov 9 Dec 31 Dec
SAGE
UBS has switched its rating to “buy” from
“netural”, pointing out it is trading at a 23
per cent discount to its FTSE peer group. It
believes the current share price ignores the
sustainability of Sage’s 2009 cost savings
programme. Anticipates a “solid” trading
update later this month, and says “patient”
buyers will be rewarded.
£50m payday for Paulson Europe team
▲
HEDGE FUNDS
PAULSON Europe, the UK arm of the
hedge fund that made £400m betting
against British banks during the
financial crisis, boosted its revenues
by 42 per cent last year.
Four directors shared more than
£50m for the 12 months to March as
profits soared, according to the latest
accounts. The highest-paid director,
thought to be billionaire owner John
Threadneedle
The asset manager has appointed
Simon Brazier, Richard Colwell and
James Thorne to its UK equity team.
Brazier joins from Schroders as co-
head of UK equities; Colwell joins the
UK equity income team from Aviva;
while Thorne will be a fund manager on
the UK smaller companies team and
was previously at Barings.
First Reserve Corporation
The energy industry investment firm
has promoted Anastasia Deulina to the
position of director.
Deulina originally joined the firm in
2007, and her responsibilities range
from deal origination and structuring to
due diligence, execution and monitoring,
The web giant is also hoping that
the phone will help establish the
Google brand as the first port-of-call
for smartphone users, allowing it to
dominate a potentially lucrative
mobile advertising market.
Apple is responding to Google’s
offensive with a counterattack, and
has started pitching its tents on
ground previously occupied by its
new rival. Earlier this week it
spent $250m (£157m) on Quattro
Wireless, a mobile advertising
network that competes with
AdMob, which was in turn
bought by Google for $750m at
the end of last year.
Quattro is hardly a massive acquisi-
tion, but it is notable because it is such
a huge departure for Apple. It too
ANALYSIS l Autonomy
p
1,600
1,592.00
7 Jan
1,500
1,400
1,300
12 Oct 30 Oct 19 Nov 9 Dec 31 Dec
AUTONOMY
Killik & Co reiterates its “buy” rating citing
Autonomy’s recent inline trading update,
and yesterday’s license agreement with
BAE Systems. It says the license win elimi-
nates recent concern over a lack of major
contract wins, and that long term
prospects look good. “A market leader with
strong growth potential,” it adds.
To appear in Best of the Brokers email your research to notes@cityam.com
Paulson, received £28.6m. The three
London-based partners – Nikolai
Petchenikov, Harry St John Cooper
and Mina Gerowin – shared the
remaining £22.2m between them.
In 2008, US parent Paulson & Co
netted paper gains of £394m after it
shorted stock in Barclays, Lloyds,
HBOS and RBS. The firm was allowed
to hold its positions throughout the
ban on short-selling because it put
them in place before the moratorium
with particular focus on the reserve
sectors of the energy industry.
Prior to that, she was a vice presi-
dent at Goldman Sachs and Merrill
Lynch and also worked at the World
Bank Moscow Resident Mission.
Worldwide Natural Resources
Philip Rand has joined the natural
resources investment company as non-
executive chairman.
Rand, the former chief executive and
chief financial officer of Aim-listed oil
and gas explorer Equator Exploration, is
also currently a director of Victoria Oil
and Gas.
Horizon Asset Management
The US private investment firm has
News 13
thinks that advertising on the mobile
phone is an untapped goldmine, and
that its huge influence in the mobile
apps space is the perfect platform to
exploit it.
Analysts are obsessed with which
stock will outperform the other in the
near future, especially as both have
similar market caps of around $190bn.
But it’s probably worth picking both,
as the increased rivalry is sure to spur
them on. As Microsoft has proved, too
long without a credible competitor
can leave you unprepared for the fight
when it does come along.
The real losers will be the likes of
Nokia, Yahoo and Microsoft, has-beens
from a decade past whose demise will
be a sideshow to the main event:
Google vs Apple. david.crow@cityam.com
ANALYSIS l JD Sports
650
p 615.00
7 Jan
600
550
500
450
40 0
12 Oct 30 Oct 19 Nov 9 Dec 31 Dec
JD SPORTS
Singer says “buy” JD Sports citing the
“strong performance” revealed in yester-
day’s trading update. It is encouraged by
the growth seen in Fashion, and expects
this to become one of the main growth
drivers for the group. “There is consider-
able scope for profits to improve if they
continue to enhance the product,” it says.
was announced.
It is thought Paulson’s success con-
tinued into 2009 as he effectively
called the bottom of the market by
switching into long positions in state-
backed banks.
The latest payout is an increase on
the £37m pot shared by the four part-
ners in 2007/8. It comes as the boards
of state-backed institutions, notably
RBS, struggle to negotiate bonus
packages with the government.
Edited by Victoria Bates
named Douglas Kramer, a former part-
ner at Goldman Sachs, as its new chief
executive.
Kramer, who left New York-based
private equity firm Quadrangle Capital
Partners last year, will join former
Goldman colleague Hugh Ross, who
was hired as Horizon’s chief operating
officer in April 2009.
Santander
Barrie Kilfeather is to join Santander’s
corporate banking division as a director
for trade finance, covering Anglia,
Midlands, the South West and Wales.
Kilfeather joins from RBS and has 30
years of banking experience, mainly in
providing trade financing solutions to
businesses.
 Markets&Investment
14 CITYA.M. 8 JANUARY 2010

LONDON’S TOP 250 Trade these shares from £1.50 with Interactive Investor - www.iii.co.uk
Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low Company Name Closing Price Price Change 52wk High 52wk low
(p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p) (p)
3i . . . . . . . . . . . . . . . . . . . . . . . .288.40* +3.80 314.80 108.66 Croda Intl . . . . . . . . . . . . . . . . . .835.00 +11.00 843.50 451.50 Kazakhmys . . . . . . . . . . . . . . . .1463.00 +27.00 1481.00 187.30 Sainsbury(J) . . . . . . . . . . . . . . . .328.20* +10.20 373.00 284.50
3i Infrastructure . . . . . . . . . . . . .103.40 +0.40 105.80 76.50 CSR . . . . . . . . . . . . . . . . . . . . . .441.70 +3.30 524.00 152.00 Kesa Electricals . . . . . . . . . . . . .145.90 –5.00 162.00 83.50 Schroders . . . . . . . . . . . . . . . . .1324.00 +14.00 1361.00 628.00
A.B. Foods . . . . . . . . . . . . . . . . .838.50* +18.50 870.50 603.00 Daily Mail ‘A’ . . . . . . . . . . . . . . . .423.50* +0.60 467.30 205.75 Kingfisher . . . . . . . . . . . . . . . . . .229.80 –0.20 249.10 115.00 Schroders N/V. . . . . . . . . . . . . .1062.00 +6.00 1094.00 533.50
Aberdeen Asset Man . . . . . . . . . .138.60* –0.30 155.60 113.00 Dana Petroleum . . . . . . . . . . . .1279.00 +45.00 1549.00 807.00 Ladbrokes . . . . . . . . . . . . . . . . .140.70 –3.20 213.49 114.60 Scot. & Sthrn Energy. . . . . . . . .1159.00 –17.00 1254.00 357.50
Admiral. . . . . . . . . . . . . . . . . . . 1154.00 –9.00 1190.00 793.50 Davis Service . . . . . . . . . . . . . . .406.00 +3.90 438.00 213.75 Lancashire Hldgs . . . . . . . . . . . .448.00* –9.00 540.00 411.00 Scottish Inv Tst . . . . . . . . . . . . . .461.50 +0.50 464.80 324.75
Aegis . . . . . . . . . . . . . . . . . . . . . 117.30 –0.90 122.90 66.75 De La Rue . . . . . . . . . . . . . . . . . .995.50* +2.00 1080.00 808.50 Land Securities . . . . . . . . . . . . . .663.50* +1.50 1051.00 323.25
Aggreko . . . . . . . . . . . . . . . . . . .940.50 +8.00 946.50 342.00 Debenhams . . . . . . . . . . . . . . . . .78.00 –0.45 99.50 24.25 Legal & General . . . . . . . . . . . . . .81.80 +1.70 94.40 20.90 Scottish Mortgage. . . . . . . . . . . .553.00 +3.00 556.50 284.00
Alliance Trust . . . . . . . . . . . . . . .333.80* –1.30 336.50 233.00 Derwent London . . . . . . . . . . . .1315.00 –5.00 1418.00 445.50 Liberty International . . . . . . . . . .501.00 –5.50 580.00 278.00 SEGRO . . . . . . . . . . . . . . . . . . . .343.50 +0.10 403.10 250.00
AMEC . . . . . . . . . . . . . . . . . . . . .819.00 +5.50 879.50 484.25 Dexion Absolute . . . . . . . . . . . . .141.00 +1.40 141.00 82.00 Lloyds Banking Gp . . . . . . . . . . . .56.93 +2.34 96.02 21.97 Serco . . . . . . . . . . . . . . . . . . . . .518.50 –9.00 546.50 341.50
Amlin . . . . . . . . . . . . . . . . . . . . .362.50 –7.60 400.00 291.00 Diageo . . . . . . . . . . . . . . . . . . .1067.00 +7.00 1098.00 727.00 Logica . . . . . . . . . . . . . . . . . . . .122.20 +3.80 136.80 59.25 Severn Trent . . . . . . . . . . . . . . .1072.00* –11.00 1235.00 921.00
Anglo American . . . . . . . . . . . .2844.00 –19.50 2874.00 906.00 Dimension Data . . . . . . . . . . . . . .78.00 +1.10 82.80 32.75 London Stock Exchange . . . . . . .723.50 +7.00 949.50 355.75 Shaftesbury . . . . . . . . . . . . . . . .393.90 +6.90 426.50 184.32
Antofagasta . . . . . . . . . . . . . . .1023.00 –15.00 1045.00 371.00 Drax . . . . . . . . . . . . . . . . . . . . . .435.10 –3.20 631.50 393.75 Lonmin . . . . . . . . . . . . . . . . . . .2101.00 +11.00 2110.00 729.97 Shire. . . . . . . . . . . . . . . . . . . . .1232.00 +4.00 1244.00 764.00
Aquarius Platinum . . . . . . . . . . .433.70 –12.00 445.70 128.85 DSG Intl . . . . . . . . . . . . . . . . . . . .36.72 –0.28 39.75 13.10 Man . . . . . . . . . . . . . . . . . . . . . .327.40 +6.40 373.60 150.40 SIG . . . . . . . . . . . . . . . . . . . . . . .122.60 +3.20 230.00 82.25
ARM Holdings . . . . . . . . . . . . . . .195.70 +6.30 197.10 77.50 Dunelm . . . . . . . . . . . . . . . . . . . .400.00 –6.00 438.40 137.50 Marks & Spencer. . . . . . . . . . . . .371.00* –6.40 412.70 214.75 Smith & Nephew . . . . . . . . . . . . .631.50 +0.50 654.50 412.00
Arriva . . . . . . . . . . . . . . . . . . . . .505.00 –1.50 641.00 361.00 Easyjet . . . . . . . . . . . . . . . . . . . .354.60 –8.80 416.80 246.50 Meggitt . . . . . . . . . . . . . . . . . . . .276.50 –2.40 281.40 110.50 Smiths . . . . . . . . . . . . . . . . . . .1002.00 –20.00 1073.00 646.50
Ashmore . . . . . . . . . . . . . . . . . . .270.00 –3.80 311.20 92.75 Edinburgh Inv Tst . . . . . . . . . . . .379.70 –2.40 383.30 283.75 Melrose . . . . . . . . . . . . . . . . . . .186.00 –0.60 198.20 58.25 SOCO Intl . . . . . . . . . . . . . . . . .1399.00 +12.00 1500.00 885.50
Astrazeneca . . . . . . . . . . . . . . .2910.50 +35.50 2966.00 2126.00 Electrocomponents . . . . . . . . . . .166.80* +1.90 176.00 113.00 Mercantile IT . . . . . . . . . . . . . . . .893.50* +9.50 964.00 515.50 Spectris . . . . . . . . . . . . . . . . . . .760.00 –2.50 772.50 376.75
Atkins(Ws) . . . . . . . . . . . . . . . . .636.50* +4.50 731.50 415.00 Eurasian Nat Res . . . . . . . . . . . .983.00 +4.00 988.50 295.00 Michael Page Intl. . . . . . . . . . . . .421.90 +11.60 423.50 171.25
Autonomy Corp . . . . . . . . . . . .1592.00 +32.00 1687.00 924.00 Experian . . . . . . . . . . . . . . . . . . .601.00* –4.00 639.00 371.75 Micro Focus . . . . . . . . . . . . . . . .481.30* –0.70 491.40 257.50 Spirax-Sarco Eng . . . . . . . . . . .1235.00 –15.00 1317.00 741.00
Aveva . . . . . . . . . . . . . . . . . . . . 1100.00* +24.00 1106.00 460.00 F&C Comm Prop . . . . . . . . . . . . . .96.80 +0.85 96.80 73.50 Millen & Copthorne . . . . . . . . . . .378.30 +5.30 411.90 165.50 Spirent Comms . . . . . . . . . . . . . .108.00 +1.30 108.90 32.00
Aviva . . . . . . . . . . . . . . . . . . . . .403.00 –6.80 474.00 160.10 Ferrexpo . . . . . . . . . . . . . . . . . . .230.10 +3.80 230.10 32.75 Misys . . . . . . . . . . . . . . . . . . . . .219.50 — 238.80 98.00 SSL Intl . . . . . . . . . . . . . . . . . . . .775.00 –1.00 785.00 422.75
Babcock International . . . . . . . . .599.00* — 660.50 381.25 Fidelity European . . . . . . . . . . .1156.00 –4.00 1182.00 753.00 Mitchells & Butlers . . . . . . . . . . .252.30 +2.60 310.60 150.00 St James’s Place . . . . . . . . . . . . .253.50 –5.30 296.90 142.75
BAE Systems . . . . . . . . . . . . . . .371.50 +0.10 416.00 294.20 FirstGroup . . . . . . . . . . . . . . . . .409.30* –1.80 448.80 192.90 MITIE . . . . . . . . . . . . . . . . . . . . .240.90* +5.70 281.70 170.25 Stagecoach. . . . . . . . . . . . . . . . .178.10 –0.90 180.00 102.75
Balfour Beatty . . . . . . . . . . . . . . .280.00 +5.00 346.18 243.40 Foreign & Col Inv Tst. . . . . . . . . .280.10 +1.10 280.40 179.25 Mondi . . . . . . . . . . . . . . . . . . . . .361.60 +4.20 364.50 118.25 Standard Chartered . . . . . . . . . .1604.50 –15.00 1696.00 554.00
Barclays . . . . . . . . . . . . . . . . . . .315.50 +8.50 390.00 47.30 Fresnillo . . . . . . . . . . . . . . . . . . .853.00 +13.50 935.00 217.75 Monks Inv Tst . . . . . . . . . . . . . . .303.00* +0.70 303.00 190.00 Standard Life . . . . . . . . . . . . . . .210.50 –5.50 237.00 123.50
Barratt Development . . . . . . . . . .138.40 +6.40 193.31 40.82 G4S . . . . . . . . . . . . . . . . . . . . . .266.90 –1.00 269.40 171.90 Morrison Wm . . . . . . . . . . . . . . .282.20 +5.80 298.40 233.50 Talvivaara Mining . . . . . . . . . . . .391.30 –3.00 428.00 124.00
BBA Aviation . . . . . . . . . . . . . . .174.90 +2.60 184.20 58.25 Genesis Emerging Mkts Fd . . . . .450.00 — 452.40 370.00 Mothercare . . . . . . . . . . . . . . . . .678.50* –6.50 694.00 356.00 Tate & Lyle . . . . . . . . . . . . . . . . .418.70* –28.80 481.40 225.75
Bellway. . . . . . . . . . . . . . . . . . . .814.00* +22.50 927.50 515.00 GKN . . . . . . . . . . . . . . . . . . . . . .124.30 +0.30 131.30 36.45 Murray Intl Tst . . . . . . . . . . . . . . .801.00* +19.00 802.00 512.00 Taylor Wimpey . . . . . . . . . . . . . . .41.51 +1.92 54.90 12.25
Berkeley . . . . . . . . . . . . . . . . . . .860.50 +25.00 1071.00 716.50 GlaxoSmithKline . . . . . . . . . . . .1293.50* –2.00 1347.00 982.00 National Express. . . . . . . . . . . . .194.00 –2.30 294.83 78.45 Telecity . . . . . . . . . . . . . . . . . . . .383.50 +3.50 407.90 155.00
BG . . . . . . . . . . . . . . . . . . . . . . 1191.50 +28.50 1198.50 836.50 Go-Ahead . . . . . . . . . . . . . . . . .1325.00 –24.00 1577.00 845.00 National Grid . . . . . . . . . . . . . . .652.50* –15.00 714.50 511.00 Templeton Emrg Mkts . . . . . . . . .555.00 –2.00 557.00 235.00
BHP Billiton . . . . . . . . . . . . . . .2091.00 –9.00 2104.00 1025.00 Grainger . . . . . . . . . . . . . . . . . . .137.90* –0.60 194.62 39.93 Next . . . . . . . . . . . . . . . . . . . . .2059.00 –42.00 2139.00 1039.00
BlackRock Mining . . . . . . . . . . . .580.00 –5.00 585.00 233.00 Great Portland Estates . . . . . . . .291.60 –2.30 301.00 127.11 Northumbrian Water . . . . . . . . . .270.80* –1.80 281.90 203.00 Tesco . . . . . . . . . . . . . . . . . . . . .412.00 –0.05 437.05 301.40
BlueBay . . . . . . . . . . . . . . . . . . .327.60 +2.60 393.00 63.00 Greene King . . . . . . . . . . . . . . . .427.70* +6.70 547.45 279.35 Old Mutual . . . . . . . . . . . . . . . . . 112.90 –0.90 122.30 30.50 Thomas Cook . . . . . . . . . . . . . . .240.20 +0.40 303.50 165.40
Booker . . . . . . . . . . . . . . . . . . . . .46.01 +0.22 49.50 20.50 Halfords . . . . . . . . . . . . . . . . . . . 411.50* –3.70 442.10 216.75 Pace . . . . . . . . . . . . . . . . . . . . . .203.40 –6.60 243.80 39.50 Tomkins . . . . . . . . . . . . . . . . . . .206.40 +0.70 207.20 99.50
Bovis Homes . . . . . . . . . . . . . . .434.80 +17.60 571.00 341.75 Halma . . . . . . . . . . . . . . . . . . . . .247.00* –0.90 256.00 140.75 Partygaming . . . . . . . . . . . . . . . .271.00 –5.00 298.50 157.25 Travis Perkins . . . . . . . . . . . . . . .849.00 +20.50 888.00 198.63
BP . . . . . . . . . . . . . . . . . . . . . . .623.30 +3.90 626.20 400.00 Hammerson . . . . . . . . . . . . . . . .400.00 –7.20 624.50 212.25 Pearson . . . . . . . . . . . . . . . . . . .869.50 –3.50 897.50 566.50 TUI Travel . . . . . . . . . . . . . . . . . .262.20 +0.60 294.75 208.25
Brit Insurance . . . . . . . . . . . . . . .196.20 –5.50 207.90 185.20 Hargreaves Lansdown . . . . . . . .308.00 –4.00 314.30 158.50 Pennon . . . . . . . . . . . . . . . . . . . .537.00 –1.50 566.50 372.00 Tullett Prebon . . . . . . . . . . . . . . .295.40 +2.10 436.20 105.25
British Airways . . . . . . . . . . . . . .198.70 –1.20 243.30 111.30 Hays . . . . . . . . . . . . . . . . . . . . . .108.60 –0.90 114.00 67.25 Persimmon . . . . . . . . . . . . . . . . .500.00 +31.00 534.50 247.25 Tullow Oil . . . . . . . . . . . . . . . . .1338.00 +6.00 1346.00 570.50
British Amer. Tob . . . . . . . . . . .2044.50 +12.50 2055.50 1481.00 Henderson . . . . . . . . . . . . . . . . .131.10 +0.60 142.10 50.00 Petrofac . . . . . . . . . . . . . . . . . . .995.00 –10.00 1078.00 320.75 UK Commercial Prop. . . . . . . . . . .81.20 +2.40 81.50 50.50
British Empire Tst . . . . . . . . . . . .427.00* +1.80 451.80 304.00 Heritage Oil. . . . . . . . . . . . . . . . .495.30 +22.80 630.00 161.00 Petropavlovsk . . . . . . . . . . . . . . 1171.00 +13.00 1343.00 345.00 Ultra Electronics . . . . . . . . . . . .1395.00 –4.00 1410.00 1010.00
British Land . . . . . . . . . . . . . . . .458.70 +0.80 535.26 295.00 Hikma Pharma . . . . . . . . . . . . . .516.00 +2.00 530.00 308.50 Premier Farnell . . . . . . . . . . . . . .174.50 +1.20 180.90 112.50 Unilever . . . . . . . . . . . . . . . . . .1931.00 –24.00 2024.00 1226.00
Britvic. . . . . . . . . . . . . . . . . . . . .403.00* –2.40 411.30 204.25 Hiscox . . . . . . . . . . . . . . . . . . . .320.70 –4.00 364.30 272.50 Premier Foods . . . . . . . . . . . . . . .36.58 +0.26 47.00 24.00 United Utilities . . . . . . . . . . . . . .489.10* –7.40 620.50 429.00
Brown(N.) . . . . . . . . . . . . . . . . . .259.50* –3.80 275.80 183.75 Hochschild Mining . . . . . . . . . . .353.80 +4.40 366.40 101.00 Premier Oil . . . . . . . . . . . . . . . .1255.00 +36.00 1431.00 512.78 Utd Business Media . . . . . . . . . .467.00 –3.00 520.50 364.75
BSkyB . . . . . . . . . . . . . . . . . . . .568.50 –2.00 593.00 398.25 Home Retail . . . . . . . . . . . . . . . .280.20* –3.30 336.50 180.40 Provident Financial . . . . . . . . . . .935.00 +1.00 986.00 736.00
BT . . . . . . . . . . . . . . . . . . . . . . .142.80* –1.80 151.00 70.20 Homeserve . . . . . . . . . . . . . . . .1729.00 +19.00 1752.00 849.50 Prudential . . . . . . . . . . . . . . . . . .628.50 –17.00 665.00 195.40 Vedanta Resources . . . . . . . . . .2835.00* +5.00 2865.00 492.75
Bunzl . . . . . . . . . . . . . . . . . . . . .663.00 +3.00 679.50 473.00 HSBC Hldgs . . . . . . . . . . . . . . . .736.50* –3.90 766.80 270.37 PZ Cussons . . . . . . . . . . . . . . . .262.00 +0.90 274.60 144.25 Victrex . . . . . . . . . . . . . . . . . . . .831.50 +4.00 840.50 400.75
Burberry . . . . . . . . . . . . . . . . . . .600.00* +3.50 617.00 194.25 Hunting . . . . . . . . . . . . . . . . . . .593.50 +7.00 615.50 367.00 Qinetiq . . . . . . . . . . . . . . . . . . . .166.00 –1.00 179.10 123.00 Vodafone . . . . . . . . . . . . . . . . . .138.80* –3.70 146.60 111.20
Cable & Wireless. . . . . . . . . . . . .147.10* +0.40 170.00 125.10 ICAP . . . . . . . . . . . . . . . . . . . . . .445.20* +9.10 478.30 199.20 Randgold Resources. . . . . . . . .5270.00 –55.00 5450.00 2425.00 VT . . . . . . . . . . . . . . . . . . . . . . .520.50* –4.50 606.00 412.75
Cadbury . . . . . . . . . . . . . . . . . . .776.50 +4.50 819.50 484.25 IG . . . . . . . . . . . . . . . . . . . . . . . .384.00 +2.00 392.30 159.25 Reckitt Benckiser . . . . . . . . . . .3270.00 +10.00 3390.00 2403.00 Weir . . . . . . . . . . . . . . . . . . . . . .805.50 +29.50 814.50 302.00
Cairn Energy. . . . . . . . . . . . . . . .355.20 +8.70 358.90 319.50 Imagination Tech Gp . . . . . . . . . .266.10 +12.10 270.00 55.50 Reed Elsevier . . . . . . . . . . . . . . .502.50 –5.50 570.00 403.75 Wetherspoon(J.D.) . . . . . . . . . . .441.00 +11.00 551.00 270.00
Caledonia Invs . . . . . . . . . . . . .1644.00* +15.00 1759.00 1081.00 IMI . . . . . . . . . . . . . . . . . . . . . . .560.50 +8.50 564.00 214.00 Regus . . . . . . . . . . . . . . . . . . . . . .92.00 –0.20 120.50 43.00 WH Smith . . . . . . . . . . . . . . . . . .493.00* –2.90 551.00 306.75
Capita . . . . . . . . . . . . . . . . . . . . .730.00 –12.00 791.00 608.00 Imperial Tobacco. . . . . . . . . . . .1950.00 +15.00 1988.00 1412.00 Rentokil Initial . . . . . . . . . . . . . . . 115.10 +0.10 119.70 37.25 Whitbread . . . . . . . . . . . . . . . . .1396.00 +1.00 1425.00 686.50
Carillion . . . . . . . . . . . . . . . . . . .306.50 +0.60 319.60 192.00 Inchcape. . . . . . . . . . . . . . . . . . . .28.90 –1.02 36.74 5.82 Resolution . . . . . . . . . . . . . . . . . .89.50 +0.25 112.00 77.45 William Hill . . . . . . . . . . . . . . . . .188.20 –4.30 243.25 141.04
Carnival . . . . . . . . . . . . . . . . . .2150.00 –11.00 2218.00 1224.00 Informa . . . . . . . . . . . . . . . . . . . .323.60 +3.10 339.10 216.00 Rexam . . . . . . . . . . . . . . . . . . . .285.50 +0.10 323.64 188.89 Witan Inv Tst . . . . . . . . . . . . . . . .450.50 +1.00 451.00 276.50
Carpetright . . . . . . . . . . . . . . . . .947.00 –18.50 999.00 346.00 Inmarsat . . . . . . . . . . . . . . . . . . .686.50 –15.00 717.50 378.25 Rightmove . . . . . . . . . . . . . . . . .517.00 +9.50 610.50 156.25 Wolseley . . . . . . . . . . . . . . . . . .1410.00 +49.00 1570.00 907.03
Carphone Warehouse . . . . . . . . .195.70* +7.10 216.10 88.25 Intercontl Hotels . . . . . . . . . . . . .903.50 +5.00 926.50 433.75 Rio Tinto . . . . . . . . . . . . . . . . . .3637.50 +4.00 3667.00 1111.93
Catlin . . . . . . . . . . . . . . . . . . . . .336.00 –7.00 401.79 270.00 Intermediate Capital . . . . . . . . . .295.80 +2.60 332.00 79.71 RIT Capital Partners . . . . . . . . .1027.00 –11.00 1052.00 715.00 Wood Group (John). . . . . . . . . . .330.30 +5.80 354.90 175.75
Centrica . . . . . . . . . . . . . . . . . . .274.80 –4.10 288.75 212.50 Intertek . . . . . . . . . . . . . . . . . . .1237.00 –13.00 1368.00 753.50 Rolls Royce . . . . . . . . . . . . . . . .499.10 –4.90 505.50 252.50 WPP . . . . . . . . . . . . . . . . . . . . . .615.50 +4.00 620.00 349.75
Charter Intl . . . . . . . . . . . . . . . . .778.50 +0.50 782.00 305.75 Intl Personal Fin . . . . . . . . . . . . .232.40 +12.60 239.80 58.25 Rotork . . . . . . . . . . . . . . . . . . .1229.00 +11.00 1267.00 667.50 Xstrata . . . . . . . . . . . . . . . . . . .1218.50 –10.50 1247.00 288.75
Chemring . . . . . . . . . . . . . . . . .2980.00 +14.00 2993.00 1794.00 Intl Power . . . . . . . . . . . . . . . . . . 311.20 –4.20 318.40 190.60 Royal Bank Of Scot . . . . . . . . . . . .35.87 –0.81 58.25 10.00 Yell Group. . . . . . . . . . . . . . . . . . .38.79 –0.81 86.00 11.75
Close Bros . . . . . . . . . . . . . . . . . 711.00 +4.50 806.50 384.25 Invensys . . . . . . . . . . . . . . . . . . .316.60 +5.80 320.90 136.00 Royal Dutch Shell A . . . . . . . . .1926.50 –4.00 1951.50 1362.00 LONDON TOP 250 BY MARKET CAPITALISATION
Cobham . . . . . . . . . . . . . . . . . . .252.00 +1.10 254.10 163.90 Investec . . . . . . . . . . . . . . . . . . .460.10 +9.50 487.20 164.75 Royal Dutch Shell B . . . . . . . . .1855.00 –4.00 1897.00 1315.00
COLT Telecom . . . . . . . . . . . . . .142.60 +0.80 144.20 72.25 ITV . . . . . . . . . . . . . . . . . . . . . . . .57.35 +0.55 59.65 16.50 RSA Insurance . . . . . . . . . . . . . .126.70 +0.70 150.20 113.10 * Ex-Dividend † Suspended
Compass . . . . . . . . . . . . . . . . . .456.50 –7.30 470.10 275.00 Jardine Lloyd Thompson. . . . . . .482.30 –2.70 514.00 387.75 SABMiller . . . . . . . . . . . . . . . . .1841.00 +14.00 1858.00 906.00
Cookson . . . . . . . . . . . . . . . . . . .463.00 +0.60 481.40 202.75 Johnson Matthey . . . . . . . . . . .1602.00* –4.00 1641.00 856.50 Sage . . . . . . . . . . . . . . . . . . . . . .229.60 +3.60 239.20 158.90 www.interactivedata.com

Strong energy stocks fail to Wall St inches up

offset poor day for Vodafone ahead of jobs data
the previous session, with sentiment Among pharmaceutical stocks, 2.1 per cent after Credit Suisse
THELONDON helped by strong figures from J
Sainsbury.
AstraZeneca rose 1.2 per cent after
the firm settled a US patent row over THENEW YORK upgraded Bank of America to “outper-
form.” The stock, a Dow component,

REPORT The supermarket group delivered a

better-than-expected third-quarter
trading update, helping its shares
Nexium with Israel’s
Pharmaceuticals, protecting the
Teva

Anglo-Swedish drugmaker’s top-sell-

REPORT climbed 3.3 per cent to $16.93, while
the KBW Banks index shot up 4.1 per
cent.
climb 3.2 per cent. ing heartburn drug from immediate The Dow Jones industrial average

B T
RITAIN’S top share index “Sainsbury’s is doing well, and generic competition. Peer Shire rose HE DOW and the S&P 500 rose gained 33.18 points, or 0.31 per cent,
inched lower by the close yester- that's helped maintain positive senti- 0.3 per cent. yesterday after Bank of America to end at 10,606.86. The Standard &
day, as weakness in heavy- ment, but all eyes are on payrolls Tobacco companies were higher, and General Electric rallied on Poor’s 500 Index added 4.55 points, or
weight Vodafone offset modest today,” said James Hughes, strategist with British American Tobacco up 0.6 positive broker comments, but 0.40 per cent, to 1,141.69. But the
gains from energy stocks. at CMC Markets. per cent, buoyed by a JPMorgan target investors were cautious a day before Nasdaq Composite Index slipped 1.04
Investors shrugged off a decision The keenly awaited US non-farm price hike, and an upgrade to "buy" the release of key monthly non-farm points, or 0.05 per cent, to 2,300.05.
from the Bank of England which left payrolls data, due at 1.30pm today, is from Nomura on Wednesday. payrolls data. The CBOE Volatility Index hit a new
interest rates on hold at 0.5 per cent forecast to show a loss of 8,000 jobs in Imperial Tobacco also put on 0.8 per US stocks have rallied over the past 16-month intraday low at 18.70,
and kept the scale of its asset pur- December after a surprisingly small cent. month as investors have become before paring back around the clos-
chase programme unchanged at total of 11,000 job losses in November. Drinks firms were also in demand, more optimistic about the economy. ing bell at about 18.98, a drop of 1 per
£200bn. Energy stocks were the biggest with Diageo and SABMiller up 0.6 Job growth would bolster that view cent. The move down may suggest a
The FTSE 100 index ended down prop for the index, supported as and 0.7 per cent. while a weak report could disappoint. lack of bearish hedging bets ahead of
3.32 points, or 0.1 per cent, at crude stayed close to $83 per barrel. Plumbing supplies group Wolseley “I don’t think there is going to be a today’s jobs report. The index closed
5,526.72, retreating slightly after clos- BG Group, BP Royal Dutch Shell and added 3.6 per cent, extending number that is too good,” said Jack at 19.06, down 0.5 per cent.
ing at a fresh 16-month high on Tullow Oil gained between 0.5 and Wednesday's advance. Ablin, chief investment officer at GE shares rose 5.2 per cent to
Wednesday. 2.5 per cent. Harris Private Bank. “Investors will be $16.25 after JP Morgan raised its price
Vodafone was the heaviest drag on But miners were under pressure, ANALYSIS l FTSE100 willing to look past the potential for target on the stock to $22 from $20,
the blue-chip index, off 2.2 per cent, retreating after gains on Wednesday, 5,600 5,526.72 higher interest rates.” saying investors underappreciate
with downbeat comments from its with copper prices falling back after 7 Jan But Ablin said investors may be set- potential earnings recovery at the GE
US mobiles business partner Verizon touching a 16-month peak as 5,500 ting themselves up for a fall by taking Capital finance unit.
Communications one factor hitting investors fretted over possible tighter 5,400 too rosy a view of today’s number. A majority of retailers reported bet-
the mobile phone giant. monetary policy in China, the world's Yesterday’s small move higher ter-than-expected December sales
Verizon chief executive Ivan top metals consumer. 5,300 pushed the Dow industrials and the sending the S&P retail index up 0.8
Seidenberg said on Wednesday Xstrata, Antofagasta, Anglo 5,200
S&P 500 to new 15-month highs, con- per cent.
Verizon’s profit fell more than ana- American and BHP Billiton dropped tinuing the equity market’s slow Still, Abercrombie & Fitch sank 9.8
lysts expected in 2009. 0.4 to 1.5 per cent. 5,100 upward trend of recent weeks. per cent to $32.67 after December
But the blue-chip index clung close Defensive stocks gained, helping to 5,000 The top performer among S&P sec- sales fell 19 per cent, and American
to its high since September 2008 set limit the FTSE 100’s losses. 2 Oct 30 Oct 19 Nov 9 Dec 31 Dec tors was the financials, which gained Eagle Outfitters slid 3.1 per cent.
Lifestyle THE JOY OF 15
PALM SPRINGS
| Reviews IN MONDAY’S
TRAVEL SECTION

Love triumphs on the road to hell

What has to be the bleakest
road movie ever sets a deeply
gloomy tone for the new year
Alec Baldwin and
Film Meryl Streep star
as divorcees having
THE ROAD an affair.
Cert: 18
hhhII
IT’S hard to imagine a less happy future
than the one conjured up by this adapta-
tion of Cormac McCarthy’s Pulitzer Prize-
winning novel. In last month’s disaster
flick 2012, we had the ultimate
Hollywood apocalypse, in all its vapid, dig-
itally-created stupidity. Now we have the
serious, literary version of the end of his-
tory, as the final, bedraggled remnants of
humanity shuffle around a blasted land-
scape following some unnamed extinc-
tion event. The earth is on fire, the sky is
clogged, plant and animal life has ceased
to exist along with any form of civilisa-
tion, and survivors are reduced to canni-
balism. It’s not exactly full of jokes.
Amid all this devastation are Viggo
Mortensen’s wretched, nameless traveller
and his young son, played by newcomer offers. It is, at times, painfully moving – to but endearing architect. ach and a permanent tan. Turns out,
Kodi McPhee. Refusing to surrender to the the point where you start to wonder if your Streep’s character will speak to women though, young and beautiful women aren’t
feral, kill-or-be-killed existence of the rest, emotions aren’t being exploited as much of all ages because she is that terrifying a bundle of joy either and after an unex-
they alone seem still to be in possession of as your nightmares. figure so rarely dealt with in Hollywood: pected night of sex at their son’s gradua-
some kind of moral compass, and it Charlize Theron appears in flashback as an older single woman wondering if love tion in New York, Jane and Jake embark on
points south. Starving but for the odd sal- Mortensen’s wife, and Robert Duvall will ever come her way again. Younger an affair that does not have the outcome
vaged bit of tinned food or crunchy makes an eye-catching cameo as a grizzled, women will regard her example anxious- you might expect. After teetering on the
insect, they travel down America in the haunted fellow traveller. But the real star is ly, while older ladies will feel – at last – brink, the film decouples from the typical
desperate hope of finding deliverance. McCarthy and his brutal, bitter vision of represented positively on screen. romantic pattern, leaving us with some-
Director John Hillcoat, who made humanity’s downfall. Fans of his writing Indeed, Jane Adler is far from a total thing closer to reality – but still rosy
2005’s exceedingly tough Australian west- should be satisfied with this faithful ren- female pity case: she has three healthy, enough for Hollywood, naturally.
ern The Proposition, has certainly cap- dering; for the rest of us, it is possibly too happy children and she owns a successful Zoe Strimpel
tured the shattering bleakness of much misery to take. restaurant and bakery in Santa
McCarthy’s book. This is a film that looks Timothy Barber Barbara. There are lots of
astonishing, with epic, ruined landscapes food porn shots with her SIX OF THE BEST
and an atmosphere of unbearable loss IT’S COMPLICATED cooking and eating that
FILMS, MUSIC, GAMES
and futility. It must be the most horrific, Cert: 12a humorously echo
hopeless vision of our future ever com- Streep’s role in last
mitted to film. So why would you want to hhhhI year’s hit Julie and Julia. THEATRE – Red actor and father-to-be of Wood’s
watch it? And she’s really quite Alfred Molina stars as expres- baby, Aaron Johnson.
Well, at it’s core is the tender tale of LAST year, Emma Thomson and attractive – for any age. sionist painter Mark Rothko in
love between father and son, played with Dustin Hoffman tackled the inse- But all this doesn’t John Logan’s two-hander at the ART – Claude
awesome conviction by Mortensen and curities and perils of middle stop her feeling Donmar Warehouse. Monet
McPhee – Mortensen will get a lot of age romance in Last Chance glum about a Mayfair gallery Helly
attention come awards season. As the Harvey. Now it’s Meryl long-standing sex FILM – Tokyo Story Nahmad shows its not
man who will sacrifice anything for his Streep as mom-of-three drought while her Japan’s Yasujiro Ozu is thought by just publically-funded
son’s survival, even when death seems Jane Adler caught ex-husband has some to be cinema’s greatest direc- institutions that put
more humane, his nameless protagonist is between ex husband gone off and mar- tor, and his masterpiece is showing on great
motored by an instinct even more primal Jake (Alec Baldwin) ried a twenty- at the BFI and Curzon Mayfair Impressionist
than the savagery of those he’s escaping – and Adam (Steve something with a exhibitions.
that is the one kernel of hope the film Martin), her shy washboard stom- MUSICAL – Blood Brothers
Former Sporty Spice Melanie SHOW –
Chisholm has won critical acclaim The Pitmen
and brought new life to the West Painters
ALSO OUT THIS WEEKEND End’s longest-running musical. Lee Hall’s entertaining
story of 1930s miners
TIMOTHY BARBER FILM – Nowhere Boy who became darlings
Artist Sam Taylor Wood’s biopic of of the art world has
John Lennon’s early years of rock- returned for a second
’n’rolling, starring 19-year-old run at the National.

Chas Cole for CMP Entertainment presents

in association with Alan Wood

FILM
SEX AND DRUGS AND ROCK & ROLL Andy
Serkis puts in a sterling performance in this
biopic of Blockhead-in-chief Ian Dury.
DAYBREAKERS Willem Dafoe and Ethan
Hawke – no, come back – battle world-domi-
nating vampires with crossbows. Okay, don’t.
IT MIGHT GET LOUD Documentary on the
electric guitar, with axe-wielders Jimmy
Page, the Edge and Jack White.
JUST 4 TONITE
DVD MUSIC
HAMLET Film of the RSC’s stage produc- NICK CAVE AND WARREN ELLIS Cave and PAUL
tion starring David “No longer Doctor Who”
Tennant.
Ellis provide a haunting soundtrack to this
week’s bleak, post-apocalypse film, The Road.
CARRACK
IN CONCERT
COLIN Entertaining Brit zombie flick that LAWRENCE ARABIA New Zealand’s indie
garnered attention and acclaim last year, songwriter delivers an album of orchestral, WEDNESDAY 13 JANUARY
having been made for about £2.50. psychedelic pop, titled Chant Darling.
LONDON BARBICAN
020 7638 8891
THE COVE Deeply (pun intended) moving ELVIS He would’ve been 75 today, hence a
www.carrack-uk.com
underwater eco-documentary about 75th anniversary collection of many of The
www.cmplive.com
dolphins. King’s most celebrated hits.
 16 Lifestyle | TV& Games CITYA.M. 8 JANUARY 2010

BBC1 BBC2 ITV1 CHANNEL4 FIVE

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
7pm A Question of Sport – The
40th Anniversary
7.30pm The Impressions Show
with Culshaw and Stephenson;
BBC News Regional News
8pm CHOICE EastEnders
8.30pm QI
9pm Silent Witness
10pm BBC News
10.25pm Regional News
10.35pm The National Lottery
EuroMillions Draw 10.45pm FILM
Blades of Glory. Premiere. Comedy,
with Will Ferrell. 2007; Weatherview
12.25am Sign Zone: School of
Saatchi 1.25am Sign Zone: School
of Saatchi 2.25am Sign Zone: Ugly
Beauty 3.25am-6am BBC News
6pm Eggheads
6.30pm Great British Railway
Journeys
7pm Live Darts: BDO World
Championships: The two
remaining quarter-finals at the
Lakeside Country Club.
8.00pm Mastermind
8.30pm An Island Parish
9pm History of Now – The
Story of the Noughties
10pm Nurse Jackie
10.30pm Newsnight; Weather
11.05pm Three Men Go to
Ireland
12.05am Darts: BDO World
Championships
12.55am Darts Extra
2.55am BBC News
6pm London Tonight
6.30pm ITV News
7pm Emmerdale
7.30pm Coronation Street
8pm Countrywise
8.30pm Coronation Street
9pm CHOICE Dancing on Ice
10pm ITV News at Ten
10.30pm London News
10.35pm FILM Something’s
Gotta Give: Romantic comedy,
starring Jack Nicholson and
Diane Keaton. 2003.
12.50am Ladette to Lady; ITV
News Headlines
1.45am FILM Anything Else:
Woody Allen’s romantic comedy,
with Jason Biggs. 2003. 3.35am-
5.30am ITV Nightscreen
6pm The Simpsons
6.30pm Hollyoaks
6pm Michaela’s Zoo Babies
6.25pm Live from Studio Five:
TV PICK
7pm Channel 4 News Topical reports.
7.30pm CHOICE My Daughter 7.30pm Chris Barrie’s Massive
Amy Speed: The history of aerial
8pm River Cottage Spring combat; Five News Update
Collection 8pm Knight Rider: The team
9pm Celebrity Big Brother: Live searches for a murderer in its
10pm 8 Out of 10 Cats own ranks; Five News at 9
10.35pm Celebrity Big Brother: 9pm FILM Murder at 1600:
Live Political thriller, starring MY DAUGHTER AMY
11.05pm David Blaine: Vertigo Wesley Snipes. 1997. CHANNEL 4, 7.30PM
Mitch Winehouse discusses his daughter
12.05am 4Music: Mercury 11.10pm Police Interceptors:
Prize Sessions Officers chase the drivers of a Amy’s superstardom, and explains how
12.25am 4Music: 4Play: Mumford & stolen BMW X5. the family deals with tabloid scrutiny
Sons 12.40am Celebrity Big Brother: 12.10am SuperCasino and issues surrounding addiction.
Live 3.50am Beach Volleyball 4am The FBI Files 4.55am Rough
4.45am St Elsewhere 5.35am Sali Guide to Islands 5.10am Neighbours
Mali 5.45am-6.10am The Hoobs 5.35am-6am Nick’s Quest

SKY SPORTS 1 World 5am Spirit of Yachting 9pm Criminal Minds 10pm CSI: USA 11pm Big Brother’s Big DISCOVERY HOME &
SATELLITE & CABLE

7pm Premier League Preview
7.30pm Live Football League
10pm Premier League Preview
10.30pm Football League
Weekend 11.30pm PDC Awards
12am Football League 1.30am
Premier League Preview 2am
Football League Weekend 3am
Premier League Preview
3.30am Football League 5am-
6am Football League Weekend
SKY SPORTS 2
7pm European Tour Golf 9pm
USPGA Tour Golf 11pm Live
USPGA Tour Golf 3.30am NFL:
Total Access 4.30am PDC
Awards 5am Powder
Adventures 5.30am-6am
World Sport
SKY SPORTS 3
7pm Tennis 10pm WWE: Late
Night – Smackdown 12am
WWE: Late Night – Bottom Line
1am Elite League Ice Hockey
3am Tight Lines 4am Race
5.30am-6am Tracking Eero
BRITISH EUROSPORT
6.20pm WTA Tennis 7.20pm
Dakar Rally 7.30pm Eurogoals
Flash 7.40pm Freeride Spirit
Show 7.55pm African Cup of
Nations Preview 8.10pm
Strongest Man 9.10pm Ski
Jumping 10pm Dakar Rally
10.45pm Poker 11.45pm-
12.30am Dakar Rally
ESPN
7pm ESPN Kicks 7.15pm French
Rugby 7.45pm Live French
Rugby 9.30pm Total Italian
Football 10pm UFC Unleashed
11pm UFC All Access 11.30pm
MMA Live 12am Total Italian
Football 12.30am NBA Action
1am Live NBA Basketball
3.30am UFC Unleashed
4.30am-5am MMA Live
LIVING
7pm Ghost Whisperer 8pm Paul
McKenna: I Can Make You Thin
Crime Scene Investigation 12am
Supernatural 1am Criminal
Minds 2am Paul McKenna: I Can
Make You Thin 3am Charmed
4.40am 60 Minute Makeover
5.30am-6am Home Shopping
BBC THREE
7pm Top Gear Bolivia Special
8.15pm FILM War of the
Worlds 2005. 10.05pm
EastEnders 10.35pm Kill It,
Cook It, Eat It – Fast Food
11.35pm Family Guy 12.20am
Russell Howard’s Good News
12.50am Almost Famous 3
1.50am Sun, Sex & Holiday
Madness 2.45am Kill It,
Cook It, Eat It – Fast Food
3.45am Almost Famous 3
4.45am Russell Howard’s
Good News 5.15am-5.30am
Greek Uncovered
E4
7pm Hollyoaks 7.30pm My
Name Is Earl 8pm Friends 9pm
Supernanny 10pm Wife Swap
Mouth 12.10am Celebrity Big
Brother: Live 5.05am-6am HEALTH
7pm The Baby Lab 8pm Jon
Switched
and Kate Plus 8 9pm Raising 10
HISTORY Kids: The Hayes Way 10pm Joy
7pm Cities of the Underworld of Sextuplets: Harris Family
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8pm Tuva Gold 9pm Deep Sea 11pm Mystery Diagnosis 12am BBC1, 8PM
Detectives 10pm The Lost Raising 10 Kids: The Hayes Way
1am Joy of Sextuplets: Harris Glenda’s arrival goes down badly with
Pyramid 12am Tuva Gold
Family 2am Mystery Diagnosis Ronnie and Roxy as they try to
1am Cities of the Underworld
2am Ax Men 3am-5am 3am Jon and Kate Plus 8 4am understand why their mother failed to
Mega Movers Bringing Home Baby 5am-6am contact them sooner.
Baby Tales
DISCOVERY
7pm Mythbusters 8pm How Do SKY1
They Do It? 8.30pm How It’s 7pm The Simpsons 8pm Got to
Made 9pm Wartime London Dance 9pm Ross Kemp Middle
with Harry Harris 10.30pm East: Gaza: Part one of two. The
Destroyed in Seconds 11pm actor examines the Israeli-
Extreme Engineering 12am Palestinian conflict. 10pm Road
Wartime London with Harry Wars 11pm Football’s Next Star
Harris 1.30am Destroyed in 12am Road Wars 1am Miami
Seconds 2am Extreme SWAT 1.50am Road Wars DANCING ON ICE
Engineering 3am First World 2.40am Don’t Forget the Lyrics ITV1, 9PM
War 3.50am Industrial 3.30am Nothing But the Truth Preview of the return of the pro-
Revelations 4.40am Kings of 4.20am Battlestar Galactica celebrity contest and a look back on
Construction 5.30am-6am How 5.10am-6am Are You Smarter the stars of previous series. Ray Quinn
Does That Work? Than a 10 Year Old? performs a duet with Maria Filippov.

COFFEE BREAK
Copyright Puzzler Media Ltd, www.puzzler.com
3 6 3 6 34 11
1
QUICK CROSSWORD
2 3 4 5 6

SUDOKU KAKURO 3

4
3

4 11
24
16
7 8
Place the numbers from 1 to 9 in each empty cell so that each 24 37
9
Fill the grid so that each block 10 28
row, each column and each 3x3 block contains all the numbers 37
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 17 10 10 11 12
above or to the left of it. 7 34 7 7
You can only use the digits 1-9 32 7
7 and you must not use the 8 20 4
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14 15
1 5 same digit twice in a block.
The same digit may occur 4 23
6

24 16 17
5 4 6 2 more than once in a row or
column, but it must be in a 13
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6 4 separate block. 23
4
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20 21

4 5 7 2 ACROSS DOWN

7 3 6 8 n 1 Named or telephoned (6) 1 Hottasting pod (6)

8 1 4 WORDWHEEL N G
4 Right Said ___, 1990s pop
group (4)
7 Day of ___, attack on Pearl
2 Tragic Shakespearean
king (4)
3 Home improvement (without
Using only the letters in the Wordwheel, you have Harbor (6) help!) (inits)(3)
4 9 2 7 1 ten minutes to find as many words as possible, M A 8 You ___ I’m No Good, Amy 5 French vehicle maker (7)
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 N
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10 Prefix before Alamos and
6 ___ French, Lark Rise to
Candleford actress (4)
07/01/10 letters can only be used once in every word. There
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12 Language spoken in
9 ___ People, 1992 Shirley
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
L T northern Spain (6)
MacLaine film (4)
11 Small clipon Apple iPod
14 (Of metal) turned a device (7)
QUICK CROSSWORD 8 6 6 9 8 2 5
reddishbrown colour (6)
9 7 8 7 9 3 1 SUDOKU 2 6 5 7 9 1 4 8 3 15 19th letter of the Greek
12 ___ Ditto, lead singer of
CO NN I E I GO R 4 1 2 6 4 1 Gossip (4)
R O A E I 8 1 4 6 3 2 5 9 7
3 9 7 9 7 3 alphabet (3) 13 Romeo and ___,
I N T E N T GR I T
1 8 4 2 6 8 4 1 7 9 3 4 8 5 6 1 2
M L E M Z 6 8 9 3 7 4 2 5 1 18 Yarn woven across the Shakespeare play (6)
EO S K E N Y AN 2 1 9 7
3 5 7 2 1 8 9 6 4 width of the fabric (4) 16 One of a pair of identical
9 2 5 3 8 5 9 7
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K
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N 7 1 3 2 8 1 WORDWHEEL 4 2 1 9 5 6 3 7 8 19 Spiced sausage (6) children (4)
H R P G O 6 9 7 6 1 3 5 4 8 1 2 9 7 3 6 20 All You ___ Is Love, Beatles
I D L E T A I P E I The nine-letter word 17 Mountain range where the
2 4 6 9 8 6 8 1 7 2 5 6 3 8 4 9 song (4) River Po rises (4)
C E I G N
1 3 8 7 9 7 9 was FLAUNTING 9 3 6 8 4 7 1 2 5
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 Punter
17

| Racing

RACING TRADER | BILL ESDAILE, OUR RACING EXPERT, TAKES AN EARLY LOOK AT THE CHELTENHAM FESTIVAL

13/2 Go Native and 16/1 Weapon’s

Amnesty look likely Festival types
O
VER the next nine or so weeks
between now and the start of this
year’s Cheltenham Festival, we will
continue to add to our ante-post
portfolio that already contains Somersby
for the Arkle at 20/1 (now as short as 13/2
with Boylesports). With heavy snow deci-
mating this weekend’s racing action, I
have picked out a couple more Festival
fancies…
First up, I cannot understand why GO
NATIVE is still available at 13/2 for the
Champion Hurdle after proving his
Fighting Fifth triumph was no fluke by
Cheltenham Festival
rently heads the betting for the RSA
Chase at a best-priced 9/2 after his scintil- Noel Meade’s Go
lating chasing debut at Newbury last Native Trading Strategy
month. However, he missed his intended Picture: ACTION
IMAGES In association with
engagement at Cheltenham over New
Year and those odds are pretty skinny
about a horse who has only run once over
fences.
The really interesting thing about the
current market for the RSA Chase is that
plenty of the leading contenders are far
from guaranteed runners. Long Run hails
from the same stable as Punchestowns
and connections have already not ruled

landing the Christmas Hurdle at
Kempton. Noel Meade’s seven-year-old has
now won three Grade One hurdles and in
my book should be clear favourite for the
hurdling crown. He arrived at the front
too soon at Kempton and would have
been a far more convincing winner if his
cards had been played later.
The guaranteed strong pace in the
Champion Hurdle will play to his
strengths and I would be hugely surprised
if he doesn’t arrive at the last cantering.
Don’t forget that he won last year’s
Supreme Novices’ Hurdle, so the chal-
lenges of winning at the Festival hold no
fears. I expect him to be produced late
after the last and more importantly, I
expect him to win. He wouldn’t want the
ground any softer than Good to Soft – if
you ignore his latest two runs on soft
ground, he has won all of his five other
starts.
Nicky Henderson’s Punchestowns cur-
out a tilt at the Arkle. Mikael D’Haguenet
has had a host of problems and has yet to
make his debut over fences – he could eas-
ily be aimed over hurdles instead – while
Diamond Harry is another currently in
the top five in the betting who has yet to
jump a fence in public.
I’m therefore very interested in Irish
raider WEAPON’S AMNESTY who is a pre-
vious Festival winner (last year’s Albert
Bartlett) and has already had four runs
over fences. He relishes cut in the ground
and a strongly run three miles and he
should get his ideal conditions at
Prestbury Park in March. Admittedly, he
has been a bit clumsy over his fences and
has even ended up on the floor, but to my
eye, his jumping improves as the pace
quickens.
There is a danger that connections
may opt to switch back to hurdles, but I
think they’ll go for the RSA Chase and the
general 16/1 is simply too big.
I
got food poisoning over Christmas because
my mother got her timings muddled up
when it came to cooking the stuffing. Funnily
enough, I got my timings muddled up a few
days later by not locking in a profit on Double
Dizzy as it jumped the last at Cheltenham with a
clear lead and then treaded water up the hill.
Over the coming weeks, this column will flag
up a number of trading opportunities at this
year’s festival. We will look to back one at a
decent price and then look to lock-in a profit in-
running come March.
The first trading opportunity is Noel Meade’s
Go Native in the Champion Hurdle. Last year’s
Supreme Novices’ winner looks cracking value at
7.5 on Betdaq for all the reasons highlighted
opposite. However, the sensible trade will be to
lay back our stakes and more in-running as our
POINTERS... selection arrives at the last full of running. The
key is to make a profit and not have to find out
GO NATIVE 13/2 Champion Hurdle whether our selection will actually go through
WEAPON’S AMNESTY16/1 RSA Chase with his effort and win the race.
I expect Go Native to trade at possibly as
short as even money approaching the last flight,

INSIDER
which is exactly the time to hit the escape but-
the

ton. If you have 10pts to win on Go Native now,

you should aim to try and lay back 40pts at
evens in-running. That means if he wins the race
you would make a 35 point profit and if he loses,

T
he chances of racing this week-
end at any racecourse in the UK
must be slim. However, if they
do go ahead at Lingfield tomor-
row, the most appropriate winner will
be Melt in the 3pm. Unfortunately
Melt’s running ability must be called
in to question and RUBENSTAR could
be the horse to have a few pounds on
to warm the cockles.
Even though a field of only five
runners has been declared for the
2.40pm contest, it looks very com-
petitive. Four of those have tended to
perform best from the front so a
fierce pace is likely - opening the door
for AEROPLANE to pick up the
pieces and break his duck over a mile.
Looking ahead to the 1000
Guineas, Special Duty has all the
form, but I’m after a bit of value and
the horse I fancy to give us that is
FIELD DAY at 33/1. The 2000
Guineas market centres on St
Nicholas Abbey and possibly rightly
so. However, the value lies with
ARCANO on the exchanges where he
is priced at around 16/1.
you would still make 30 points.
If you are interested in profiting from trading on the
sports exchanges, why not book onto one of Centaur
Academy’s courses based in the City. More details
can be found at www.centauracademy.com
or by calling 020 7877 5050

WHEN YOU OPEN AN ACCOUNT*

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 18 Punter | Football
FOOTBALL TRADER | BEN CLEMINSON HAS TEAMED UP WITH BETTORLOGIC
TO BRING YOU THE CITY AM FOOTBALL TRADER
Liverpool to begin their
climb back up the table
LIVERPOOL
TOTTENHAM
SUNDAY – 4.00PM SKY SPORTS
LIVERPOOL put in another lacklustre dis-
play when they were outplayed by strug-
gling Reading in the FA Cup last weekend
and things are still not right at Anfield.
However, they notched back-to-back
Premier League successes for the first
time since September when they won at
Villa Park over Christmas which will give
their fans hope that the tide is beginning
to turn.
Harry Redknapp’s Tottenham are hav-
ing an excellent season and are currently
four points clear of Liverpool. They are on
a decent run with 10 points from their
last 12 and they beat the Reds at White
Hart Lane in August, but you have to go
back to 1993 for the last time they won at
Anfield. In fact, Spurs’ record away at the
Big Four is nothing short of atrocious.
That victory at Anfield was their last
three points at the Big Four and their win-
less streak now stretches to 65 games.
Since 2006/07, the North London side’s
record at Big Four teams in the league is
W0-D3-L11 with seven of those defeats
coming by at least two goals. They also
haven’t done particularly well at current
top-half sides this season, losing two and
drawing two of their four games. It
should be pointed out that Liverpool’s
record at Anfield against current top half-
sides isn’t much better – going W1-D1-L2,
but they generally do well here against
Spurs.
Reds supremacy buyers at 0.6 with
Sporting Index should be aware that 12 of
Liverpool’s last 13 home wins have come
by at least a two-goal margin, which may
well interest goal buyers as well. Anfield
HULL
CHELSEA
TOMORROW – 12.45PM SKY SPORTS
HULL have had a few tough games recent-
ly and it doesn’t look like getting any eas-
ier with Chelsea and Tottenham next.
They were comprehensively beaten by
Wigan in the FA Cup last weekend and
although that may prove a blessing in dis-
guise, they look doomed to me. We
backed them to be relegated at 4/7 on
Betdaq pre-Christmas and they are now as
short as 2/5 which will surely get even
MANCHESTER CITY
BLACKBURN
MONDAY – 8.00PM ESPN
IT has to be debatable whether this
match, along with a number of other
weekend fixtures, will even get the go-
ahead, but if it does Roberto Mancini will
be confident he can continue his 100 per
cent start with Manchester City. His side
are playing with the confidence they had
Liverpool’s last 13 home wins have been by at least two goals.
has been the place to be for high scoring
games this season with eight of the 10
games featuring a minimum of three
goals. The both teams to score market is
as short as 4/6 with Hills which may be
due to Liverpool finding the net in all 10
and conceding in eight.
There has been an average of 3.7 goals
per game at Anfield this season with no
game seeing less than two and goals buy-
ers will also be pleased to hear that seven
of Spurs’ 10 away games have produced at
least three.
For those of you looking for some
shorter in the next few weeks.
Chelsea haven’t exactly been firing on
all cylinders recently and have drawn
three of their last five league games, but
they are traditionally very strong against
bottom six sides. Prior to this season they
had won all of their last 19 away at such
opposition and although they have lost at
Wigan and drawn at West Ham, they
should be much too good for Phil Brown’s
men.
The Tigers have lost all five home
games against the Big Four since they
were promoted, all of them by the HT / FT
result and four by at least two goals. They
have also lost 59 per cent of their 27
games home and away since April 2009,
13 by the HT / FT result and 10 by two or
more goals. In the past four games across
at the beginning of the season and are
unbeaten in their nine games at
Eastlands, winning six and five of those
coming by the HT / FT result.
Since the start of last season City have
an excellent record at home against bot-
tom-half sides winning 11 of 14 and 10 of
those coming by the HT / FT result. They
have won their last three home league
games and top-half teams with the same
three-game record have won 24 of 41
home contests against bottom-half sides
(W24-D12-L5) since 2004/05.
Blackburn haven’t won in their last
eight Premier League encounters and
have lost seven of their 10 away games this
CITYA.M. 8 JANUARY 2010
...the home of form
Picture: ACTION IMAGES
extra top quality betting analysis make
sure you log-on to the recently launched
thebettingchannel.tv from 9-11am
Monday-Saturday. Former Sky Sports pre-
senter Alan Bentley and co-host Simone
Thomas discuss the daily betting oppor-
tunities with panelists such as Mark
‘Couch’ Winstanley, Perry Groves and
Alan Brazil.
POINTERS...
Liverpool to win at 10/11 with Boylesports
Buy total match goals at 2.8 with Sporting Index
all competitions, Hull have shed 12 goals,
while Chelsea have scored seven goals
and conceded none in their two trips to
the KC Stadium since 2007.
Carlo Ancelotti will have highlighted
the next few weeks as absolutely vital in
his team’s quest for the Premier League
title and will be eager to make a positive
start. They have two home games after
this one and a comfortable win here will
give them the momentum to kick on.
Sporting Index quote Chelsea supremacy
at 1.7-1.9 and I’d be happy to buy at that
figure.
POINTERS...
Chelsea HT / FT at EVS on Betdaq
Buy Chelsea supremacy at 1.9 with Sporting Index
season. They have also lost 10 of their last
11 trips to top-half sides and seven by the
HT / FT result in their last eight such meet-
ings.
Rovers have drawn five of their last
seven in the league so it won’t be a sur-
prise to see Sam Allardyce set out a defen-
sive formation to try to frustrate City. I
can’t really see this one being a thriller,
but Mancini’s side should have too much
strength for a Rovers side who look des-
tined for an almighty relegation scrap.
POINTER...
Man City HT / FT at 11/10 on Betdaq
CITYA.M. 8 JANUARY 2009
Fixture chaos
as big freeze
hits weekend
▲
WEATHER
BY FRANK DALLERES
UNCERTAINTY hangs over what
remains of the weekend’s sporting
schedule after heavy snow and sub-
zero temperatures claimed more fix-
tures yesterday.
Four of tomorrow’s Championship
football matches have already been
called off, the League One and League
Two programmes have been decimat-
ed, and all 10 Scottish Cup games
have been postponed. Rugby union’s
Premiership and Magners League
have also been badly hit, while several
horse racing meetings have fallen vic-
tim to the weather.
With more blizzards forecast
throughout Britain, further cancella-
tions are expected today. All 10 of the
weekend’s top-flight football fixtures
are slated to go ahead, but Premier
League sides will anxiously monitor
conditions over the next 24 hours.
Midweek games at Blackburn,
Manchester City and Arsenal were all
postponed. Clubs will be mindful of
having to refund travelling fans in
the event of a postponement and will
look to make early decisions today.
Ballack criticises Blues policy
▲
FOOTBALL
BY FRANK DALLERES
CHELSEA midfielder Michael Ballack
admits the club’s quest for glory has
been hampered by its ruthlessness
towards managers – but is confident
current boss Carlo Ancelotti will steer
them to silverware.
Blues owner Roman Abramovich
has dispensed with four managers
since Ballack arrived at Stamford
Bridge three-and-a-half years ago – in
which time they have failed to recap-
Pacquiao-Mayweather clash off
BOXING
▲
MANNY PACQUIAO’S promoter insists
the prospective super-fight with Floyd
Mayweather is off after mediation
failed to resolve differences between
the pair.
Pacquiao pulled out of the pro-
posed 13 March bout after
Mayweather’s camp insisted on ran-
dom drug tests in the build-up.
Former judge Daniel Weinstein was
brought in to act as an impartial
negotiator, but after nine hours’
Q. What is the total number of miles for a round trip
between Portsmouth and Sunderland football clubs?
For more remarkable figures, talk to F&C Investments. www.fandc.com
Issued and approved by F&C Fund Management Limited. Authorised and regulated by the Financial Services Authority (FSA). Head Office: Exchange House, Primrose Street, London EC2A 2NY.
Registered in England No. 2170242. A registered company limited by shares.
Championship games at Reading,
Sheffield Wednesday, Preston and
Watford are off, as are all but three
matches in Leagues One and Two.
In rugby the fixtures at Sale, Bath,
Harlequins and Gloucester have been
postponed. Tonight’s Magners League
games at Ulster and Connaught have
also been called off.
GAME OFF | WHICH FIXTURES HAVE BEEN POSTPONED
FOOTBALL 12. Raith v Airdrie Utd
Championship 13. Ross County v Inverurie
(all Saturday): Loco Works
1. Sheff Wed v Peterborough 14. Livingston v Dundee
2. Preston v Doncaster RUGBY UNION
3. Watford v Sheff Utd Premiership:
4. Reading v Newcastle Utd 15. Bath v Northampton (Sat)
Scottish Cup 16. Harlequins v Leeds (Sat)
(all Sat): 17. Sale v Saracens (Sat)
5. Albion v Stirling 18. Newcastle v Gloucester (Sun)
6. Ayr v Brechin HORSE RACING:
7. Edinburgh City v Montrose 19. Fontwell (today)
8. Forfar v St Johnstone 20. Wincanton (Sat)
9. Inverness CT v Motherwell 21. Ffos Las (Sat)
10. Kilmarnock v Falkirk 22. Sedgefield (Sat)
11. Morton v Celtic 23. Hereford (Sun)
ture the Premier League title. But
Ancelotti has guided them to the top
of the table since joining from AC
Milan in the summer, and Germany
star Ballack believes the Italian will
last longer than his predecessors –
and prove more successful.
“I’m part of a team that is ready to
start winning the big prizes again
and it feels like we now have a manag-
er who will bring stability to the
club,” said Ballack, whose side visit
Hull tomorrow. “We have had too
many coaches during my time at
mediation on Tuesday and
Wednesday he was still unable to bro-
ker a compromise.
“There’s no chance ever of sal-
vaging it,” Pacquiao’s promoter Bob
Arum said. “I knew this was going to
happen. There is no chance for it ever
to happen.”
Arum blames the row on
Mayweather himself. He added: “I’ve
been saying this for years: He’s a psy-
chological coward who doesn’t want
to fight anybody with a chance of
beating him.”
13
9
12
11 5 M Prior c de Villiers b Duminy ..................................................................4
14
10
6 Total (9 wkts., 141 overs) ..........................................................296
21
Chelsea and that is not a good idea if
you want success. Jose Mourinho,
Avram Grant and Luiz Felipe Scolari
all came and went before Guus
Hiddink had some time with us last
season, but it feels like Carlo is here to
stay and that has to be good news.
“This team has connected with
Ancelotti and all the players believe
he is a man who can work for us,
which is a tribute to him because he
has come into a dressing room full of
highly experienced players who all
have their own opinions and beliefs.”
SPORT | IN BRIEF
Murray and Robson eye history
TENNIS: Andy Murray and Laura Robson
will be aiming to secure Great Britain’s
first Hopman Cup final appearance when
they face Russia today in Perth.
World No4 Murray and 15-year-old
Robson have struck up something of a
rapport, winning both of their Group B
games against Kazakhstan and Germany.
“We haven’t played that much together
and it takes a bit of time,” said Murray.
“But I think we’ve done pretty well.”
Spain have already qualified for the
final by winning Group A.
8 (Overnight 132-3)
7 S Broad c de Villiers b Harris ....................................................................0
18
22
2
1 EUROPEAN TOUR AFRICAN OPEN (East London Golf Club,
17
23
3
4 Coca-Cola Championship
15 16
20
19
Portsmouth deny player fire sale
FOOTBALL
▲
PORTSMOUTH chief executive Peter
Storrie insists there will be no mass
exodus of players in the January
transfer window despite the club’s
financial problems.
The troubled Fratton Park outfit
face a winding-up order from Her
Majesty’s Revenue and Customs and
are also subject to a transfer embargo
for unpaid player fees.
The club paid its players late yester-
day for the third time this season,
fuelling speculation that a host of
Avram Grant’s stars are desperate to
McLeish coy on £11m Jones bid
FOOTBALL: Birmingham boss Alex
McLeish is staying tight-lipped about his
interest in Sunderland striker Kenwyne
Jones.
McLeish has admitted having bids
rejected for Celtic’s Aiden McGeady and
Liverpool’s Ryan Babel, but is coy about a
reported £11m offer for Jones.
“We have made enquiries about a lot
of people,” said McLeish. “I don’t want to
confirm or deny a bid has gone in.”
Birmingham are poised to clinch a deal
for Sporting Gijon midfielder Michel.
A. 672 miles.
Sport 19
Results
CRICKET
THIRD TEST MATCH
South Africa v England
CAPE TOWN: South Africa drew with England
SOUTH AFRICA: First Innings 291 (Kallis 108, Boucher 51, Anderson
5-63)
ENGLAND: First Innings 273 (Prior 76, Cook 65, Morkel 5-75, Steyn 4-
74)
SOUTH AFRICA: Second Innings 447-7 dec. (Smith 183, Amla 95)
ENGLAND: Second Innings
I Trott b Steyn................................................................................................42
J Anderson c Prince b Harris ....................................................................9
P Collingwood c Kallis b Duminy ..........................................................40
I Bell c Smith b Morkel ..............................................................................78
G Swann not out............................................................................................10
G Onions not out ..............................................................................................0
B1 lb4 w1 nb1 ........................................................................................7
Fall: 101, 107, 129, 153, 160, 272, 278, 286, 290.
Bowling: Morkel 28-9-51-1, Steyn 35-11-74-2, de Wet 12-5-23-
1, Harris 40-14-85-3, Kallis 14-4-28-0, Duminy 12-3-30-2.
Umpires: D Harper & A Hill.
TRIANGULAR TOURNAMENT: Bangladesh v India (Dhaka);
Bangladesh 296-6 (Imrul Kayes 70, Mohammad
Mahmudullah 60no, Tamim Iqbal 60) v India 297-4 (M S
Dhoni 101no, V Kohli 91, S K Raina 51no). I ndia (2pts) beat
Bangladesh by 6 wickets.
GOLF
East London, Eastern Cape, South Africa)—11st rnd (Gbr &
Irl unless stated, par 73): 66 Titch Moore (Rsa), Patrik
Sjoland (Swe), Mark f Haastrup (Den), Trevor Fisher Jnr
(Rsa), Richard Sterne (Rsa). 67 Tjaart Van Der Walt (Rsa),
Thomas Aiken (Rsa), Charl Schwartzel (Rsa), Keith Horne
(Rsa).
TENNIS
ATP QATAR EXXONMOBIL OPEN (Doha)—QQtr-final: (5)
Viktor Troicki (Ser) bt Lukasz Kubot (Pol) 4-6 6-4 7-6 (7-1),
(2) Rafael Nadal (Spa) bt Steve Darcis (Bel) 6-1 2-0 ret, (1)
Roger Federer (Swi) bt Ernests Gulbis (Lat) 6-2 4-6 6-4.
TODAY’S DIARY
West Brom v Nottm Forest (7.45) ........................................................................
CRICKET
Triangular Tournament: Bangladesh v Sri Lanka (Dhaka).
RUGBY UNION
The Magners League (7.05):: Leinster v Glasgow (8pm).
SPORTS EDITOR JON COUCH
email sport@cityam.com
leave the Premier League’s bottom
team. England goalkeeper David
James, Younes Kaboul and Kevin-
Prince Boateng are all tipped to leave
but Storrie insists only “one or two”
players could exit – and only at the
discretion of club owner Ali Al-Faraj.
“That’s something the owner of the
club will decide, whether financing
will come into the banks or through
his own funds or if we have to sell one
or two players then he will make that
decision,” Storrie said. “One or two
people think because of the press cov-
erage that there’s some kind of fire
sale on – that’s not the case.”
Man dies at Lakeside darts
DARTS: A man who went to Lakeside to
watch the BDO world championship was
yesterday found dead under the frozen
lake at the tournament’s venue.
“It’s a tragedy,” said Robert Holmes of
the British Darts Organisation. “A body
was taken from the lake and it was
someone who had been here to watch
the darts. The weather has played a
major part in this.”
The water at the centre of the com-
plex, which has frozen over, has now been
fenced off.
 Sport
20
Onions makes
South Africa
weep again as
England draw
Battling tourists hold on to 1-0 series lead but skipper
Strauss hits out at hosts’ ball-tampering allegations
▲
CRICKET
BY JON COUCH
ENGLAND captain Andrew Strauss
last night slammed South Africa’s
“malicious” actions in the ball-tam-
pering row after his side battled to a
hard-earned draw in the third Test in
Cape Town.
Tail-ender Graham Onions saw off
a fierce Proteas bowling onslaught for
the second time in the series to help
the tourists protect their 1-0 lead
going into the final Test in
Johannesburg next week.
But it was the simmering tamper-
ing row which dominated the post-
match reaction after the hosts
confirmed they had “raised con-
cerns” to the match referee after
Stuart Broad was caught trapping the
ball with his studded boot on day
two. The South Africans opted not to
make a formal complaint, yet Strauss
still expressed his anger, insisting
they were wrong to go public with
their concerns.
“I do think to a certain extent that
the South Africans announcing it to
the media – without being totally
clear in their minds what they were
going to do, whether they were going
to put in a formal complaint – is a lit-
tle bit malicious,” he said.
“Ball-tampering is a very sensitive
Venter: I did not mean to say ref was dishonest
▲
RUGBY UNION EXCLUSIVE
BY JON COUCH
SARACENS director of rugby Brendan
Venter last night told City A.M. he
never intended to question the
integrity of referee David Rose, after
landing himself in hot water with
post-match remarks at last weekend’s
Premiership defeat to Leicester.
Venter has been summoned to
appear before a Rugby Football Union
disciplinary panel on 19 January after
being charged with misconduct for
his comments on Premiership offi-
cials and various law interpretations.
subject and if you’re going to make
allegations, you’ve got to be very clear
or confident that is exactly what the
other team were doing.
“I’m very comfortable with our
actions. It’s always a bit of a shame
when these things rear their head,
and we’ll be making sure that some-
thing like this doesn’t happen again.”
Strauss was full of praise for his
batsmen for surviving some hostile
South African bowling to cling on for
a draw on the final day. Ian Bell (78)
and Paul Collingwood (40) looked like
steering England home after battling
through a session and a half before
four wickets in the space of 64 balls
set up a dramatic finale.
But after Graeme Swann had seen
off six balls from the dangerous Dale
Steyn, No11 Onions heroically sur-
vived Morne Morkel’s final over to
match his efforts in the first Test in
Centurion and lead England to safety.
Strauss added: “It wasn’t fun the
first time [at Centurion] and the sec-
ond was a lot worse. We started today
outsiders to get the draw and we
knew it would take something spe-
cial. Paul Collingwood and Ian Bell
played two exceptional innings.
“Graham Onions – he’s a legend
isn’t he? We keep asking our No11 to
do the job for us and he’s done it
twice for us.”
The South African is accused of
implying Rose was influenced at half-
time after saying he became a “differ-
ent referee” in the second period as
Saracens let slip a lead to suffer back-
to-back Premiership defeats.
But City A.M. columnist Venter,
right, has exclusively revealed his
comments towards the referee were
taken out of context and intends to
discuss a way to rectify any misunder-
standing with rugby chiefs.
“I had never intended to say the ref-
eree was dishonest in any way,”
Venter said. “We were winning the
game at the time of the complaint. It
CITYA.M. 8 JANUARY 2010
BIG FREEZE HITS
WEEKEND FIXTURES
FIND OUT WHAT’S ALREADY
BEEN POSTPONED: P19
I’ll prove I’m
still a great
at Man City,
says Vieira
▲
FOOTBALL
BY FRANK DALLERES
FRANCE legend Patrick Vieira has
vowed to show he is still one of the
best midfielders in the world by play-
ing a starring role for Manchester
City.
The Inter Milan enforcer, 33, flew
to England yesterday to undergo a
medical and put the finishing touch-
es to a deal set to be for an initial six
months.
City boss Roberto Mancini, who
signed Vieira for Inter in his last job,
is hoping the former Arsenal captain
will help push the ambitious
Eastlands outfit into the top four.
Vieira, meanwhile, is eager to repay
Mancini’s faith and find the form
needed to earn a recall to the France
squad for this summer’s World Cup
in South Africa.
“I want to go to the World Cup and
I need playing time,” said Vieira, who
fell down the pecking order at Inter
after Jose Mourinho replaced Mancini
as manager.
“It’s over, after a year in Turin [with
Juventus] and three-and-a-half years
in Milan. I have objectives and I can’t
achieve them by staying at Inter
where I am not part of the coach’s
choice.
“What is important for me is to go
to Manchester City, to show the coach
that I am the same as I was during
the period when he was at Inter. All
this will help me get into the France
team.”
Vieira’s signing is expected to be
confirmed today and is likely to mark
the start of another busy spell in the
transfer market for super-rich City,
who are owned by Abu Dhabi’s
Sheikh Mansour. Argentina left-back
Cristian Ansaldi, currently of Russia’s
Rubin Kazan, is tipped to be the next
Graham Onions survived a late barrage to preserve England’s series lead. Picture: GETTY arrival for around £4m.
was not one particular incident, going to be at Saracens for a long debate. The laws relating to the break-
the comments were part of an time so we need to have an under- down are inconsistently interpreted.
on-going process. standing.” “It is a problem across the country,
“What that process is and Premiership leaders Saracens at 12 Premiership clubs and even at
how English rugby can bene- have thrown their weight behind the RFU where Rob Andrew was say-
fit as a result is a matter for us Venter with chief executive ing after the autumn internationals
and the Rugby Football Edward Griffiths adding: “I think that there were problems at the
Union to discuss at the what Brendan did at the week- breakdown.”
hearing, but at least we end was raise an issue that is Meanwhile, Saracens have offered a
have made our views very live in the game. unique money-back guarantee to fans
known. “He has received who purchase a half-season ticket at
“Hopefully we quite a lot of support Vicarage Road for the remainder of
can try to work since then and so I the campaign. Sarries have a mini-
with the RFU to think he has started mum of six home games left, includ-
try and resolve an open, honest ing two at Wembley, and will give a
these issues. I’m and healthy full refund if they lose any of them.