A SUPERB
RANGE OF
Issue 1,381 Friday 13 May 2011
COMMODITY ROUT
SHAKES GLENCORE
COMMODITIES
▲
BY RICHARD PARTINGTON
A THIRD day of vicious turbulence in
commodity trading saw investors sell
out of energy and metals yesterday,
causing market turmoil and even put-
ting pressure on Glencore’s giant flota-
tion plans.
Signs that demand for raw materials
is slowing in the world’s biggest indus-
trial economies spooked investors,
pushing Brent crude down three per
cent to $112.33 (£68.50) per barrel.
The sell-off was worst in smaller
markets such as silver, which fell 17
per cent amid high volatility.
A bearish prognosis from the
International Energy Agency (IEA) also
added to downward pressure yesterday.
The IEA lowered it forecasts for global
oil demand growth in 2011 for the first
time, to 1.29m barrels per day (bpd) this
year, from 1.43m bpd previously.
The FTSE 100’s mining giants were
hit hard in the turbulence, with many
closing more than two per cent lower.
Fresnillo, the world’s largest silver pro-
ducer, lost 7.6 per cent of its market
value, while oilfield services supplier
Wood Group fell by 3.3 per cent.
The rout provoked City speculation
that commodities colossus Glencore
would be forced to re-price or even pull
its $11bn blockbuster flotation in
London and Hong Kong.
Such fears were brushed aside by
chief executive Ivan Glasenberg, who,
questioned about the recent price fall
FTSE 100 ▼5,944.96 -31.04 DOW ▲12,695.92 +65.89 NASDAQ ▲2,863.04 +17.98
BUSINESS WITH PERSONALITY
ALIEN INVADERS ARE
NO MATCH FOR HOODIES
SEE FILM REVIEWS P21
Glencore chief executive Ivan Glasenberg insisted the company’s $11bn flotation would go ahead
in commodities at an investor confer-
ence in Hong Kong, said it was simply
“due to some froth” in the market.
One of those involved closely with
the flotation plans said: “There’s no
chance of this deal collapsing. It’s been
oversubscribed at every level.
“Glencore is determined to keep a
healthy aftermarket, though, so where
the price ends up will be its own deci-
sion next week.”
Manoj Ladwa, senior trader at ETX
www.cityam.com
A BAD DAY IN THE MARKET
Company
Fresnillo
Antofagasta
Wood Group (John)
Vedanta Resources
Kazakhmys
Eurasian Natural
Resources Corporation
Petrofac
Capital, said: “Anyone looking at
Glencore to invest in wouldn’t be just
looking at commodity prices for the
next few days or so. They’ll be looking
at a five or ten year period.”
Despite the jitters, Glencore pressed
ahead with pricing the Hong Kong
portion of its listing.
It said it would sell 31.25m shares at
a range between HK$61.24 (£4.80) and
HK$79.18. The offer, which represents
2.5 per cent of the total sale, would net
£/$ ▼1.63 -0.01
FOR THE MOST SOUGHT AFTER SOCIAL EVENT IN
THE CAPITAL HEAD TO HURLINGHAM CLUB FOR
3 DAYS OF HI-OCTANE POLO ACTION AND A
SUPERB RANGE OF VIP PACKAGES
T: +44(0)20 7 936 5284 • E: Rachel@cityevents.uk.com
mintpolointhepark.com
VIP PACKAGES
AVAILABLE
T: 0207 936 5824
mintpolointhepark.com
FACEBOOK IN
PR BLUNDER
CONFESSES TO
SMEAR CAMPAIGN
ON RIVAL P3
FREE
City: Laws
should make
a comeback
▲
POLITICS
BY DAVID CROW
DAVID Laws, the former cabinet minis-
ter who was yesterday suspended from
the Commons for breaking expenses
rules, should still be allowed to return
to government, according to members
of the City A.M./PoliticsHome Voice of
the City Panel.
Price (p) Change (%) Thirty-nine per cent of panellists,
who have been recruited from
1304.00 -7.58 London’s business and financial com-
1142.00 -3.95 munity, said they would like to see
Laws make a return to the cabinet,
653.00 -3.26 against 34 per cent who said they
would not. Twenty-seven per cent said
2095.00 -3.23 they did not know. All 356 panellists
were interviewed yesterday, as news
1229.00 -2.85 of Laws’ seven-day suspension broke.
As chief secretary to the Treasury,
840.00 -2.55 Laws became the public face of the
coalition’s spending cuts and earned
plaudits in the City for taking a no-
1449.00 -2.36 holds-barred approach to reducing
government expenditure.
But he was forced to resign just 17
days after the formation of the coali-
tion, after it emerged he had paid
rent to his gay partner without
declaring the relationship to the par-
the trading giant up to HK$2.47bn. liamentary authorities. He has always
“The demand for commodities across said he was acting to keep his sexuali-
Asia has played a key role in the ty secret and not for financial gain.
growth of Glencore,” said Glasenberg. Despite the views of our panellists,
“A secondary listing in Hong Kong Laws’ suspension effectively ends his
will enable us to build long-term chances of making a quick ministeri-
mutually beneficial relationships with al comeback. Yesterday, an aide to
Hong Kong investors, as we have with deputy Prime Minister Nick Clegg
customers, suppliers and capital said: “He’s not going to be back
providers worldwide over the years.” tomorrow or any time soon.”
Additional reporting by Alison Lock and • Apply to join the Voice of the City Panel at
Marion Dakers www.cityam.com/panel
£/¤ 1.14 unc ¤/$ 1.42 unc Certified Distribution
28/02/11 - 03/04/11 is 105,180
 2 News
Here’s to some green shoots in M&A
EDITOR’S LETTER
DAVID HELLIER
N
ow I’m not one to want to fol-
low inadvertently in the foot-
steps of Shriti Vadera, who
famously said she had noticed
the green shoots of recovery shortly
after the banking crisis had reared its
head in 2009.
Vadera, who was then business
minister to the Brown government,
was roundly criticised for calling the
recovery a touch too early when thou-
sands of people were losing their jobs.
But I’m tempted to voice a similar
opinion about the UK’s mergers and
acquisitions (M&A) market.
7th Floor, Centurion House,
24 Monument Street, London, EC3R 8AJ
Tel: 020 7015 1200 Fax: 020 7283 5334
Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
Distribution helpline
If you have any comments about the distribution
of City A.M. Please ring 0207 015 1230, or email
distribution@cityam.com
Editorial Statement
This newspaper adheres to the system of
self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editor’s
Code of Practice, a copy of which can be found at
www.pcc.org.uk
Printed by Newsfax International,
Beam Reach 5 Business Park,
Marsh Way, Rainham, Essex, RM13 8RS
WHAT THE OTHER PAPERS SAY THIS MORNING
LLOYDS’ BISCHOFF COUNTERS CALLS
FOR CHANGE
The chairman of Lloyds Banking
Group has countered suggestions
from some investors that he should
step down ahead of the bank’s repri-
vatisation. “In one or two years I sus-
pect I’ll still be here,” Sir Win Bischoff
told the Financial Times. The govern-
ment is expected to begin selling
down its 41 per cent stake in Lloyds as
early as the first half of next year.
BIG BANKS TO TAKE HIT ON CAPITAL
SURCHARGE
The world’s biggest banks are likely to
be hit by capital surcharges that
increase progressively based on a
lender’s size, how connected it is to
other banks and how easily it could be
replaced in a crisis, global regulators
have told the Financial Times. The pro-
posals would be good news for the
huge, but domestically focused
For the first part of this year, the
M&A market has been deathly quiet,
leaving bankers to focus on flotations
(not exactly going swimmingly,
either, with many pulled), or advising
companies like National Express or
Kesa Electricals, working on strate-
gies to deal with dissident investors
such as Elliott Advisors or Knight
Vinke respectively.
The past few weeks have borne wit-
ness to some revival in M&A. Not on
the scale of last year’s epic bid for
Cadbury by Kraft or even the ulti-
mately unsuccessful bid for bank-note
printer De La Rue.
Peel Holdings recently came knock-
ing on the door for besieged
Pinewood Shepperton, whose show-
business chairman Michael Grade
had been the subject of criticism
from unhappy investors.
Rank has had an offer from its
largest Malaysian shareholder, which
recently took its stake from under 30
per cent to 40 per cent.
There’s also a £260m bid on the
Lambert quits
regulator role
REGULATION
▲
BY RICHARD PARTINGTON
SIR RICHARD Lambert, the former
director-general of the Confederation
of British Industry, has walked away
from his new role with Britain’s top
financial policy unit – before he’s
even had his first meeting.
Sir Richard quit the new Financial
Policy Committee of the Bank of
England yesterday.
He had been viewed as a key high-
profile member of the panel and his
departure could prove to be a stum-
bling block for chancellor George
Osborne’s flagship financial regula-
tion reforms.
“I have decided, with great regret,
that I do not wish to take up my posi-
tion,” Sir Richard said. “I wish to
devote my time to a wider range of
aspects of public policy. And member-
Chinese and Japanese banks and for
second-tier European and US banks.
VINE LIFE FOR MOËT AS IT BRANCHES
INTO CHINA
Champagne production is confined
to 80,000 acres of French terroir
about 100 miles east of Paris, but
Moët Hennessy will soon be produc-
ing upmarket bubbly from a new win-
ery in north-west China. Moët, which
owns historic champagne brands
Dom Pérignon, Veuve Cliquot and
Krug, has joined forces with a
Chinese state-owned agricultural
group to develop a sparkling wine in
the remote Ningxia Hui region.
LAFARGE ADVANCES TOWARDS
DIVESTMENT TARGET
Lafarge has agreed to sell a number of
its US cement and concrete assets to
Colombian cement maker Cementos
Argos for $760m. The deal is an
important step in meeting the divest-
ment targets the heavily indebted
French group set this year.
table for car dealer Lookers from a
consortium led by the veteran proper-
ty investor Jack Petchey. And yester-
day a French group confirmed a
takeover bid for DTZ, one of the UK’s
most famous property brands.
All this is putting a bit of a spring
in the step of bankers who feel that
the M&A activity they so thrive on is
back on the agenda again. As one
banker said to me: “Private equity is
looking at things again; there are
some smaller companies out there
struggling and are ripe for takeover
and there’s definitely something bub-
bling away.”
Not every takeover delivers results
in terms of shareholder value and
there are casualties along the way,
either in the boardroom or on the
shop floor. Last year’s bid for Cadbury
provoked a long look at takeover rules
in the aftermath of the bid.
But M&A is at the heart of City life
and any sign of a revival will bring a
host of stories, dramas and, with luck,
some economic benefits too.
ship of the committee could place
constraints on my ability to do so.”
Sir Richard, also a former member
of the Bank’s rate-setting monetary
policy committee, was one of four
external members of the committee
named in February.
“It’s a real shame to lose someone
of Richard’s talent and expertise,” a
Treasury source said.
“He wants a wide rein. If he’s on
the policy committee, there are rela-
tively strict constraints. He can’t keep
up with his media commentariat aca-
demic role,” the source added.
Former CBI director
Sir Richard Lambert
has quit his role on the
new Financial Policy
Committee
RENAULT FAMILY REOPENS OLD WAR
WOUNDS TO BURY NAZI SLUR
Renault is once again facing unwant-
ed scrutiny over its wartime record
after the founder’s grandchildren
began legal proceedings against the
French state to restore his reputation,
which they claim was tarnished by
allegations that he collaborated with
the Nazis. Louis Renault’s heirs are
suing the government over what they
say was the illegal nationalisation of
the company in November 1944.
NIGHTCLUB GETS EXTRA TIME IN LAST
DITCH FIGHT FOR RECOVERY
Britain’s biggest nightclub operator
has been forced to seek a relaxation of
its banking covenants for the second
time in two months as it fights a des-
perate battle to return to growth.
Luminar has been given until the end
of August by its banks to find a longer-
term solution to its debt burden.
STUFF OF SCHOOLBOY DREAMS
The last time Stoke City reached a
football final at Wembley, I was there
as a schoolboy supporting their oppo-
nents Chelsea. It was my first
Wembley final (a League Cup one)
and I remember well having my
dreams shattered by a 2-1 Stoke win.
Thirty-nine years later Stoke are
back, this time in an FA Cup Final
against Manchester City, in a competi-
tion that has seen its importance
diminished by a series of crass deci-
sions by the football authorities.
FA Cup finals used to have the
Saturday football programme to
themselves, unimpeded by league
matches taking place beforehand.
Earlier rounds used to kick off at the
same time. And the list goes on.
The world has moved on but the
dreams of thousands of fans, some of
them schoolboys or girls, from both
sides remain the same. Have a great
weekend.
MORE ON THE CUP FINAL: P34-35
david.hellier@cityam.com
Chancellor George Osborne aims to wipe out the UK budget deficit in this parliament
Dicks queries deficit plan
UK ECONOMY
▲
BY ALISON LOCK
A FORMER member of George
Osborne’s independent economic
agency warned that the UK was likely
to miss targets for cutting the public
budget deficit yesterday.
Geoff Dicks, an economist at bro-
kerage Novus Capital Markets and an
initial committee member at the
Office of Budget Responsibility, said
weaker-than-anticipated growth in
UK productivity meant GDP growth
ENRC OUTPUT UP, WARNS ON COSTS
Output at Eurasian Natural Resources
Corporation grew substantially in the
first quarter, but the FTSE 100 Kazakh
company warned that costs are rising.
Aluminium production rose 38pc, fer-
rochrome was ahead by 4.2pc and
iron ore pellet rose by 2.6pc, while
copper and cobalt also grew. The com-
pany said it benefited from “strong
production and sales volumes and a
positive pricing environment, partial-
ly offset by higher costs”.
IFS: FAMILIES HAVE LOST £500 OVER
LAST 12 MONTHS
Households have suffered the most
significant drop in their income in
the past year since 1981, the Institute
for Fiscal Studies has suggested. A
combination of stagnant wage
increases and high inflation means
the typical family will have lost more
than £500 over the past 12 months.
CITYA.M. 13 MAY 2011
NEWS | IN BRIEF
Vivendi beats earnings forecasts
French telecoms group Vivendi said
growing sales of video games boosted
its first-quarter results yesterday, as it
reported a 7.2 per cent increase in earn-
ings before interest and taxes to €1.7bn
(£1.5bn). Revenues rose 3.8 per cent in
the quarter compared with the same
period in 2010 to €7.2bn, Vivendi said.
Both results beat analyst forecasts.
However, its telecommunication busi-
ness SFR saw revenues slip 0.9 per cent
to €3.1bn as it faced a price war with its
major competitors.
US banks launch renminbi funds
Goldman Sachs and Morgan Stanley are
to launch rival private equity funds
denominated in China’s currency the
renminbi to gain greater access to the
market. Goldman chief executive Lloyd
Blankfein visited Beijing yesterday to
sign the fund’s launch agreement with
its partner, the Beijing municipal govern-
ment’s Capital Operation and
Management Centre. Morgan Stanley
will launch its fund in partnership with
the Hangzhou Industrial & Commercial
Trust. Both will raise funds from domes-
tic investors in the Chinese market.
targets were likely to be missed, and
would leave the deficit larger than
expected. Dicks calculated that UK
productivity growth, or output per
hour worked, was currently about 1.5
per cent, below the OBR’s forecast for
two per cent underlying growth.
“The weakness of productivity
growth in the recovery so far is telling
us not just that productivity has been
lost but that its rate of growth from
here on could also be below the two
per cent that we take as ‘constant’,”
he told the Financial Times.
ENEL NET PROFIT RISES 14 PER CENT
Enel SpA Thursday said first-quarter
net profit rose 14 per cent, above
expectations, due to lower financial
charges on a reduced debt pile and a
smaller tax bill. The Rome-based util-
ity said net profit was €1.20 billion
($1.70 billion), up from €1.05 billion
in the January-March period of 2010.
Revenue increased to €19.54 billion,
up 7.8 per cent from a year earlier.
OIL EXECUTIVES DEFEND TAX BREAKS
Big Oil and its taxes became foils
Thursday in the running argument
between Democrats and Republicans
over how to narrow the US federal
deficit. Top executives of five of the
biggest oil companies operating in the
US sat at a witness table for more than
3½ hours as Democratic members of
the Senate Finance Committee chal-
lenged them to give up tax breaks as
part of the effort to cut the deficit.
CITYA.M. 13 MAY 2011 News 3

Facebook is red faced after

hiring PR firm to hit Google
him to place the article in national on Google.”

▲
TECHNOLOGY
BY STEVE DINNEEN
FACEBOOK has been caught hiring a
PR firm to place negative stories in
the press about its bitter rival Google.
WPP-owned firm Burson-Marsteller
admitted it “undertook an assign-
ment” for Facebook that involved urg-
ing a respected US blogger to
investigate Google’s privacy policy.
Burson-Marsteller said it would help
news outlets in exchange. But
Facebook’s plan was shot when the
blogger went public with the story,
posting a series of emails online.
City A.M. contacted Burson-
Marsteller’s US office for a comment.
However, in a second embarrassing
PR gaffe, the firm mistakenly sent
our reporter a link to the Twitter feed
of an amateur blogger reading:
“Facebook Busted in Clumsy Smear
An official statement for the firm
said: “This was not at all standard
operating procedure and is against
our policies, and the assignment on
those terms should have been
declined.”
The move underlines the growing
antipathy between the two firms and
Facebook’s increasing threat to
Google’s dominance of online adver-
tising.

New BA boss Keith Williams (right) took a different approach to predecessor Willie Walsh

BA dispute is
resolved after
change at top
and introduce less favourable terms
▲

AVIATION
BY DAVID CROW
THE TRADE union representing
British Airways cabin crew yesterday
voted almost unanimously to back a
deal that is all but certain to end an
acrimonious and lengthy dispute that
has cost the airline hundreds of mil-
lions of pounds.
Sources close to the Unite union
said a change of management at the
airline had helped end the impasse,
which lasted more than 18 months. In
total, 6,900 crew participated in 22
days of strikes, crippling the airline
and costing it over £150m.
A union official told City A.M. that
recently-installed chief executive Keith
Williams had brought a “new philoso-
phy to the negotiating table” that con-
trasted with predecessor Willie
Walsh’s “intransigence”. Walsh now
runs IAG, the holding company that
owns BA and Iberia since the two air-
lines merged.
It is just as likely that the recent
arrival of Len McCluskey as Unite boss
injected a fresh impetus into the talks.
The dispute originated over Walsh’s
bid to reduce staffing on board aircraft
and conditions for new crew. The
union failed in its attempts to stop
him and the reforms have been enact-
ed as planned.
However, the standoff soon turned
into a battle over travel perks, which
were stripped from staff who took part
in strike action. The union and airline
also disagreed over disciplinary action
taken against some union members.
Under the terms of yesterday’s deal,
BA cabin crew will receive a two-year
pay deal worth four per cent this year,
1.1 per cent of which is dependent on
productivity savings, and 3.5 per cent
the year after, with 0.5 depending on
savings. Staff who had their travel
perks withdrawn will see them
restored.
Unite’s 10,000 members will now be
balloted on the deal, which was
backed almost unanimously by a show
of hands at a union meeting yesterday.
Union sources are confident that their
members will vote for the agreement.
Analysts at RBS said: “This should be
a positive catalyst for the stock and
open the path to rebuilding staff
morale and getting on the front foot
in... customer service.”

Bernanke warns on J&J may face $1bn

US debt bargaining fine for mis-selling
▲

PHARMACEUTICALS
▲

US ECONOMY
FEDERAL Reserve chairman Ben
Bernanke warned US lawmakers yes-
terday that using the country’s
national debt limit as a political tool
risks a fresh financial crisis.
Republicans have threatened to
oppose lifting the $14.3 trillion (£8.8
trillion) ceiling on US sovereign debt.
“It is a risky approach. The worst out-
come would be one in which the
financial system was destabilised as
we saw following Lehman,” he said.
HEALTHCARE giant Johnson & Johnson
(J&J) faces a fine of about $1bn (£609m)
to settle a US probe into whether it ille-
gally marketed its high-selling antipsy-
chotic drug Risperdal.
Such a fine would be one of the
biggest penalties imposed on a phar-
maceutical company for marketing
drugs for non-approved uses. The US
government has been investigating J&J
since 2004 over Risperdal sales, the
Wall Street Journal reported.
CITYA.M. 13 MAY 2011 News 5

BT profits up Livingston questions Fujitsu plans

BT chief executive Ian
Livingston said he would
welcome another player to
“shoulder the burden” of
Ofcom will probably be
forced to intervene, with BT
and its rivals unlikely to
agree a price for use of its

as pension broadband rollout to rural

areas but encouraged
investors to “go away and
do the sums” to see
whether Fujitsu’s ambitious
plans will work.
duct and pole infrastruc-
ture. He said: “We have
been very open on pricing,
based on regulatory princi-
ples... I’m sure Ofcom will
look at the issue on a factu-

deficit dives Fujitsu says it will bid for

government funds to help
subsidise a £2bn project to
provide superfast broad-
band to 5m rural homes. It
also says BT must cut the
wholesale prices it charges
al basis. Our prices are
based on costs.”
He also revealed he
learned about the plans
from the press, with Fujitsu
releasing a statement
before contacting BT,
TELECOMS including 91,000 from other firms to access its infrastructure. despite the plans relying on
▲

BY STEVE DINNEEN piggy-backing on its network. Livingston admitted its infrastructure.

BT saw its full-year profits surge as
bumper broadband additions helped
push pre-tax profits up an eye-water-
ing 71 per cent yesterday.
Revenues fell four per cent to
£20.1bn as chief executive Ian
Livingston continues to spin the
wheel of the telecoms super-tanker,
with sales growth expected in 2013.
Adjusted pre tax profits for the
year rose 20 per cent to £2bn, buoyed
by savings of £1.1bn.
The firm received a pensions
boost, with its deficit falling to
£1.4bn thanks to a £1.7bn apprecia-
tion of its assets and a steep drop in
liabilities.
Pension trustees, who value the
fund using a different metric, calcu-
lated the deficit at £3.2bn in
December, while a separate BT “medi-
an” estimate for the pot is now
£3.2bn in surplus.
BT stormed ahead of Sky in terms
of broadband additions in the last
quarter, adding 252,000 customers,
Its retail division, which accounts
for around 25 per cent of the busi-
ness, saw full-year revenues fall five
per cent year-on-year, while operat-
ing profit remained broadly flat at
£1.3bn. It added 30,000 new cus-
tomers to its BT Vision TV service,
taking its total to almost 600,000.
Its rejuvenated global services divi-
sion reported a 10 per cent increase
in orders. Its revenues declined five
per cent over the year to £8bn, with
an operating loss of £141m, in line
with forecasts.
ANALYSIS l BT
205 199.00
p 12 May
195
185
175
14 Feb 4 Mar 24 Mar 13 Apr 9 May
BT chief executive Ian Livingston steered the firm to profit growth
Great cost cutting – but show me the growth
IAN Livingston is incredibly good at
cost cutting, which is just as well. The
no-nonsense Scot has removed some
£2.8bn of costs in the last two years
alone. That is exactly what the firm
needed after former chief executive
Ben Verwaayen, who won a huge
amount of business at the expense of
margins and profits.
Livingston’s relentless focus on the
bottom line has been good for BT’s
investors, about that there is no
doubt. But some shareholders are
starting to ask for more detail on how
BT expects to grow its top line in the
future. Yesterday, the shares lost 1.4
per cent after its fourth-quarter rev-
enue of £5.06bn missed consensus.
BT blamed the miss on lower “tran-
sit” revenues, telecoms-speak for the
income it gets from other carriers
who piggy back on its network. BT
claims that this kind of revenue is low
margin, and so can be lost without
much cause for concern. Similarly, its
IT services arm is focused on winning
fewer contracts with higher prof-
itability.
But analysts at Investec expect rev-
enue to fall next year, from £20.9bn in
2010 to £20.1bn, and again in 2012 to
£19.9bn. On Investec’s top line num-
bers, which are under review after
yesterday’s miss, shareholders will
have to wait until 2013 before revenue
starts picking up, to £19.9bn.
So where’s the growth? Some argue
that there is none, that BT is essential-
ly a utility company facing a protract-
ed but terminal decline.
Such an argument is probably too
malthusian, because the future for
fixed line operators is starting to
brighten. The huge explosion in data
usage will benefit the likes of BT,
which is investing billions in its super-
fast fibre-optic network. Eventually, it
could charge the likes of Google and
the BBC a fee to distribute their con-
tent using its infrastructure.
That is why we think yesterday’s
sell-off was likely overdone, providing
a buying opportunity for those who
think Livingston can do more than
cut costs.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow

Takeda in $14bn Nycomed bid

PHARMACEUTICALS
▲

BY KATIE HOPE
JAPAN’S largest drugmaker Takeda
Pharmaceuticals was last night
locked in talks with Swiss rival
Nycomed as it tried to secure a $14bn
(£8.6bn) deal in a desperate bid to
diversify its revenues.
The deal, the second-largest ever
foreign acquisition by a Japanese
company, could be secured as soon as
next week, according to sources close
the negotiations, and would broaden
its exposure to eastern Europe and pro-
vide access to Nycomed’s western
European speciality pharmaceuticals
distribution network.
Analysts expect the final price for
privately-held Nycomed to reflect its
growth potential in emerging markets.
Nycomed had earnings before interest,
tax, depreciation and amortisation last
year of €774m or around $1.1bn, mak-
ing a $14bn deal roughly 14 times its
enterprise value to Ebitda.
“The suggested price looks high, but
in the sector M&A is starting to happen
and there are not enough companies
to buy” Kepler Capital Market analyst
Tero Weckroth said.
The deal, which comes just two
months after an earthquake and tsuna-
mi devastated the country, demon- Takeda president
strates the buying power of the yen, Yasuchika
which continues to hover at around 80 Hasegawa
yen against the dollar and 114.5 yen
against the euro, making foreign acqui- Pic: BLOOMBERG
sitions relatively cheap.
 6 News CITYA.M. 13 MAY 2011

UK warned
IMF says euro
ANALYSIS l European growth rates

IRELAND
of headwinds
crisis could from early cuts
2009: -7.6%
2010: -1%
2011: 0.5%
2012: 1.9%

UK
spead to core
ECONOMICS

▲
2009: -4.9% THE INTERNATIONAL Monetary Fund
2010: 1.3% (IMF) yesterday praised George
SPAIN 2011: 1.7%
2012: 2.3%
Osborne’s plan to reduce the bulk of
the UK deficit by 2015 but warned of
2009: -3.7%
2010: -0.1% “stronger headwinds” for the econo-
my due to front-loaded spending cuts.
2011: 0.8%
GERMANY
▲

ECONOMICS
BY HARRY BANKS
DESPITE bailouts for Greece, Ireland
and Portugal, Europe’s debt crisis
may yet spread to core Eurozone
countries and emerging eastern
Europe, the International Monetary
Fund (IMF) said yesterday.
The warning came as government
sources in Athens said international
inspectors checking on Greece’s
compliance with its EU/IMF rescue
package had found problems and
were pressing for deeper spending
cuts to cover a likely revenue short-
fall.
The IMF said it stood ready to pro-
vide more aid to Greece if requested,
though the country that triggered
Europe’s sovereign debt crisis in
2009 still had plenty of untapped
potential to raise extra cash itself
though privatisations.
“Contagion to the core euro area,
and then onwards to emerging
Europe, remains a tangible down-
side risk,” the global lender’s latest
economic report on Europe said. 2012: 1.6% “Despite some support from the
Finance ministers of the 17-nation 2009: -4.7% depreciated pound and a rapid
single currency area are set to 2010: 3.5% unfreezing of past investment deci-
approve a €78bn (£68bn) rescue plan 2011: 2.5% sions, stronger headwinds from a
for Portugal next Monday after
Finland’s Prime Minister-in-waiting
PORTUGAL 2012: 2.1% front-loaded fiscal strategy and high-
er household debt levels will restrain
2009: -2.5%
clinched a deal to ensure parliamen- growth somewhat in the United
tary approval of the package. 2010: 1.4% Kingdom, to 1.7 per cent in 2011 and
The semi-annual IMF report said 2011: -1.5% 2.3 per cent in 2012,” the IMF said in
peripheral members of the 2012: -0.5% its half-yearly report on Europe.
Eurozone needed to make “unre- However it singled the UK out for
lenting” reform efforts to overcome praise as an example of a country that
the debt crisis and prevent it spread-
ing further. GREECE has “already elaborated specific con-
solidation plans beyond this year”
Meanwhile, in Ireland, public 2009: -2% and called on others in the European
expenditure minister Brendan 2010: -4.5% Union to follow suit.
Howlin said yesterday the country FRANCE 2011: -3% The IMF also suggested the UK
wants to reschedule debt issued 2009: -2.5% 2012: 1.1% refrain from raising interest rates due
under its rescue package and will 2010: 1.5% to the anaemic nature of its recovery,
not accept less favourable treatment
than other bailed out countries.
2011: 1.6%
2012: 1.8%
ITALY even though it recognised that infla-
tion had been exacerbated by higher
2009: -5.2%
“Long-term rescheduling of debt VAT and the “lagged effects of the cur-
2010: 1.3%
is something that would be desir- rency depreciation”.
able,” said Howling in an interview. 2011: 1.1% “In the United Kingdom, where the
Under the terms of its EU/IMF 2012: 1.3% recovery is currently more tepid and
agreement, Ireland plans to return Source: IMF Note: 2011 and 2012 are IMF estimates fiscal tightening stronger, policy rate
to debt markets at the end of next normalisation may need to proceed
year. more slowly,” the IMF said.

ANALYSIS l European growth rates

IRELAND
2009: -7.6%
2010: -1%
2011: 0.5%
2012: 1.9%

UK
2009: -4.9%
2010: 1.3%
SPAIN 2011: 1.7%
2009: -3.7% 2012: 2.3%
2010: -0.1%
2011: 0.8%
2012: 1.6% GERMANY
2009: -4.7%
2010: 3.5%
2011: 2.5%
PORTUGAL 2012: 2.1%
2009: -2.5%
2010: 1.4%
2011: -1.5%
2012: -0.5%

GREECE
2009: -2%
2010: -4.5%
FRANCE 2011: -3%
2009: -2.5% 2012: 1.1%
2010: 1.5%
2011: 1.6%
2012: 1.8%
ITALY
2009: -5.2%
2010: 1.3%
2011: 1.1%
2012: 1.3%
Source: IMF Note: 2011 and 2012 are IMF estimates
CITYA.M. 13 MAY 2011
Dixons vows
cost cuts as
sales fall off
RETAIL
▲
BY JOHN DUNNE
DIXONS Retail, owner of Currys and
PC World, yesterday said the group’s
annual sales had fallen but predicted
that its £50m cuts programme would
help to turn the business around.
Sales for the year to 30 April fell
two per cent as the tough consumer
environment took its toll. Like-for-
like sales for the group’s UK and
Ireland businesses fell three per cent
for the year.
Dixons has made £50m of cuts this
year across all parts of the business,
but emphasised that no significant
job cuts had been made. Chief execu-
tive John Browett said that the UK
market was under pressure as cus-
tomers reined in their spending . “It’s
all about people feeling confident
SuperGroup suffers growth
slowdown on stocking delays
▲
RETAIL
SUPERGROUP, the British company
behind the rapidly-expanding
Superdry fashion brand, has reported
a slowdown in its phenomenal sales
growth, prompting a substantial drop
in its share price.
Shares in SuperGroup slumped by
22 per cent after it said total sales
had increased by 61 per cent to £66m
in the three months to 1 May.
That represented a sharp drop
from growth of 87 per cent in its
third quarter. Chief executive Julian
Dunkerton said the slowdown was a
that they will have a job. By the end of
the year and into next year things
should improve,” he said.
“Our businesses have improved
their market positions, particularly
in the UK, Nordics, Greece and Italy.”
Underlying group pre-tax profit is
expected to be approximately £85m,
in line with previous guidance.
ANALYSIS l Dixon
24
p was indicated at the time of the last profit warning at the end of March, but the
20
15.99
12 May
16
12
14 Feb 4 Mar 24 Mar 13 Apr 9 May
blip, attributing it to the phasing of
store openings and not getting its full
range of summer stock out to stores
quickly enough to benefit from the
UK’s unseasonably warm spring
weather. “We had too many hoods
and jackets out and not enough flip
flops and espadrilles,” he said
Dunkerton said SuperGroup would
meet current market expectations for
2010-11 profit, and that he was still
pleased with underlying growth
trends and did not think sales of the
firm’s trademark T-shirts, hoodies,
check shirts and jogging bottoms
News 7
RECOVERY HINGES ON IPAD 2
DIXONS Retail is pinning its hopes for
a revival in fortunes on iPad 2 sales.
The company issued a profit warn-
ing a month ago, saying trading had
Dixons’ boss John Browett said the firm’s UK market was under pressure
ANALYST VIEWS: IS DIXONS ABLE TO TURN
been weak since January.
But Dixons has opened 60 new
megastores, and sales of the iPad 2
have been soaring according to chief
executive John Browett.
He yesterday enthused about the
THE CORNER IN THIS MARKET? Interviews by John Dunne
MATTHEW MCEACHRAN | SINGER
impact of the “must-have” device,
which has been flying off his shelves.
“Last Friday 3,000 were delivered
to our stores and by the end of the
weekend they had nearly all been
sold. It’s incredible – the iPad 2 is
“
looking like it will sell more than iPad
1,” he said.
They have retained their guidance for £85m profits before tax for the
full year. This should come as a relief. They remain cautious on the outlook, Browett made it clear that the
”
though, especially given tough comparatives from World Cup and iPad exclusivity. bestseller was the company’s launch-
High net debt, and a pension deficit, means the rating looks too high. pad for a return to healthier figures.
Retail sales bounced back across
the UK in April according to official
NICK BUBB | ARDEN figures, with at least some of the
“
boost attributed
to Apple’s
We expected that a weak April in the UK would have knocked the year upgraded tablet.
to April adjusted profit before tax outcome for Dixons a bit below the £85m that Browett said
”
a deal to stock
news is reassuring. the iPad 2
exclusively last
year had lifted
JONATHAN PRITCHARD | ORIEL sales and cre-
“
ated difficult
compara-
Having released a major profits warning just a month ago, it is difficult tives this
to get carried away with a statement that is no worse than expected after just year.
”
four weeks. This remains a gloomy situation we remain concerned about Dixons'
ability to trade out of its current difficulties.
NEWS | IN BRIEF
Clinton turns to the web The company, which operates the Oceana
Clinton Cards is to unveil its new website and Liquid clubs, reported a pre-tax loss
next week in a bid to reverse falling sales, of £1.1m for the year to 26 February, in
the struggling retailer said yesterday. line with expectations, compared with a
Customers will be able to personalise profit of £5.5m the year before. Luminar,
cards with their own pictures and mes- which has issued a succession of profit
sages on the new site, while a smart warnings over the last two years, said its
phone application is expected to follow lending banks were continuing to be sup-
were being dented by the UK’s tough soon after. Same-store sales across the portive and had granted a covenant
economic outlook. group declined three per cent in the 40 waiver in respect of tests due at the end
weeks to 8 May, compared to 2.7 per of May.
ANALYSIS l Supergroup cent decline in the first 26 weeks of its
1,800
p 1,219.00 year, but Clinton said early trading at the Lookers warns on confidence
12 May first four redesigned Clinton Cards stores New and used car dealer, Lookers, said
1,600 featuring a new layout, colour scheme trading in the first quarter was ahead of
and signs had been encouraging. budget but poor consumer confidence
was hitting business. It warned new car
1,400 Luminar backed despite loss sales were well down on last year, when
Struggling British nightclub operator the scrappage scheme was in its last
Luminar reported a full-year loss yester- month. Lookers said the UK new car
1,200
day as sales continued to decline, and retail market was down by 18 per cent
said its lenders had agreed to waive a compared to the previous year but the
14 Feb 4 Mar 24 Mar 13 Apr 9 May
key test of its banking covenants. firm continued to gain market share.
CITYA.M. 13 MAY 2011 News 9

Inflation-tied
bond is back
for investors 4.5%
bonds offer

plus 2% in gift vouchers

5.2%
bonds offer index - linked bonds offer

5.8%
0.5% above RPI
*

rate of inflation
▲

INVESTMENT governor Mervyn King (pictured) to hike *RPI currently at 5.3%

BY RICHARD PARTINGTON the base rate.
The Bank’s monetary policy commit-
INDEX-LINKED bonds are being tee opted to keep rates at the record 0.5
brought back, giving investors the
chance to capitalise on the soaring rate
per cent low last week for the twenty-
fifth month in a row.
CITY VIEWS: ARE YOU LOOKING AT DIFFERENT WAYS TO SAVE MONEY?
of inflation. Head of banking at Interviews by Richard Partington
National Savings and Investments Moneysupermarket.com Kevin
(NS&I) has reintroduced a bond linked Mountford said:
to the retail price index (RPI) rate of “Locking away money CHARLOTTE PEMBER | STANFORD RESOURCING BARRY LUBBERDINK | WILDNET
inflation. can be a great way for
The five-year product allows savers to savers to generate “Yes, I invest in shares instead of with high “Yes. I have looked at ISAs, they
invest up to £15,000 tax free, with an some extra bang for
interest rate of 0.5 per cent above Retail their buck, but the street banks. With the rates you get with the offer a better rate of return. I would-
Price Inflation (RPI). At today’s inflation decision shouldn’t be banks there is hardly any return on the money n’t use a bond, I prefer lower risk
rate it would offer a 5.8 per cent return. taken lightly and you’re looking at. There are other ways to investments. Rates need to go up to
Chancellor George Osborne has there could be alterna- get a better return, such as with a fund help savers.”
increased the net financing target for tives depending on
NS&I by £2bn, paving the way for it to their financial cir-
manager.”
reintroduce its RPI-linked bond. cumstances and
NS&I’s previous index-linked bond commitments,
was taken off the market in July 2010 so consumers DAN TURNER | LLOYD’S OF LONDON
due to high demand. should shop
Low interest rates have hit Britons around for the “Yes. People have diversified, perhaps played the bond markets. A bond linked to inflation sounds like a good thing,
wanting to stockpile cash, and inflation best product
has hit consumer spending power, to suit their I can’t see inflation going down any time soon. People should save more. My generation don’t realise that
heaping pressure on Bank of England needs.” when they finish work the state pension won’t be enough.”

7KHFORVHVWWKLQJWRWUDI¿FZDVSXOOLQJRYHUP\ELNH
IRUDIDPLO\RIGHHU
Banff National Park, Alberta 243 ratings
Post your comment 6HQG

Hank53
Posted 4:13pm (Aug 12, 2010)
After that, anything would feel claustrophobic.

Melissa_55
Posted 5:37pm (July 5, 2010)
Is that the Rockies? Looks amazing.

Like 32 Tweet 56 + Share

0:00 / 2:32

Explore more of Canada.

Visit www.canada.travel/BanffRockies
to start planning your trip.

The Capitalist
10
BIG FOUR
HIT BACK AT
APPRENTICE
PUT-DOWN
EDWARD Hunter, the only City repre-
sentative on this year’s series of The
Apprentice, must be regretting his bold
claim that he is “more than just an
accountant”.
Hunter trained at PwC in Reading
before taking a job in the accountancy
division of Scottish & Southern Energy,
but quit his job this time last year to pur-
sue his dream of becoming an entrepre-
neur. “I’m the wheeler dealer who
accidentally became a finance profession-
al and wants to get out,” he told judges.
However, not only did his failure to
apply the basic principles of accounting
to the show’s first task lead to the dread-
ed: “You’re fired”, but he has also offend-
ed accountants nationwide.
“There’s no shame in being an account-
ant,” said an outraged Gavin Aspden,
director of qualifications at the Institute
of Chartered Accountants for England
and Wales, which accredited Hunter. “We
remain the most popular breeding
ground for future chief executives, with
14 of the current FTSE 100 CEOs qualify-
ing with ICAEW, up from 11 last year.”
Just a shame Hunter won’t be among
them – as Lord Sugar noted at the launch
Edward (centre) fights for survival on The Apprentice with Leon (left) and Gavin Winstanley
event for the show: “Edward reminds me
of a very slow internet line.”
IN IT TO WIN IT
TO ADD insult to injury, winner of the 2008
show Lee McQueen (pictured right), who
went on to found Raw Talent Academy, told
The Capitalist: “Edward may well be looking
for a job, but – based on that performance –
he won’t be getting one with me.”
Instead, he predicts Hunter’s rival
Gavin Winstanley, who founded his own
online opticians Glasses123, will emerge
as this year’s winner. “He’s already got his
own successful business,” said McQueen.
“That’s what Lord Sugar is looking for.”
McQueen (right) was speaking to The
Capitalist ahead of a poker night at the Fox
EDITED BY
CITYA.M. 13 MAY 2011
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
Apprentice
Edward
Hunter
claimed he is
“more than
just an
accountant”,
Birthday boy: Finsbury boss Roland Rudd
wounding Big
Osborne, which falls on the same day. No,
Four feelings Wigley is otherwise engaged at a party for
an old university friend, also to be held at
an opulent country pile.
However, he did let on that Rudd’s
event is a two-day affair, with guests invit-
ed back for a barbeque lunch by the pool
the following day.
Poker Club for former Apprentice contest- No doubt the heavyweight City guests
ants including Dan Harris and Chris Bates will make quite a splash.
from last year’s show. “I am the only
series winner in the game though,”
said a confident McQueen. “So I am MUSICAL CHAIRS
going to take all their money.” MEANWHILE, Boris Johnson last night
hosted a reception for some of the City’s
biggest philanthropists to launch The
POOL PARTY Mayor’s Fund for Young Musicians.
BOB Wigley, chairman of Yell.com, Spotted at the launch were music-lov-
won’t be attending the much-dis- ing trustees Sir John Tusa, whose son
cussed fiftieth birthday party on Andrew, a managing director at Merrill
18 June for Roland Rudd, the Lynch, is a former opera singer, and
boss of PR firm Finsbury, at his Jonathan Moulds, who combines run-
country home in Somerset. ning Bank of America Merrill Lynch in
Not because he hasn’t been EMEA and Asia with chairing the London
invited – or even because he is Symphony Orchestra. Some wealthy
attending the fortieth birthday bankers collect Ferraris; Moulds prefers to
celebration for chancellor George spend his cash on Stradivarius violins.
CITYA.M. 13 MAY 2011 News 11

Shell fires up Arctic drill plan

ous drilling plans in the area. view of the safeguards we have put in

▲
ENERGY
BY HARRY BANKS
ROYAL DUTCH SHELL yesterday sub-
mitted plans to explore for oil in
Alaska’s Chukchi Sea, as it continues
its long-delayed bid to tap vast oil and
gas resources in Arctic waters.
Shell’s proposal calls for up to
three wells off the Northwestern
coast of Alaska in 2012 and up to
three more in 2013, a Shell spokes-
woman said.
Shell has been trying to revive its
Arctic exploration programme after
strong opposition from local and
Shell has submitted plans to revive its exploration of the Arctic Picture: Reuters environmental groups stymied previ-
A plan to drill at least one Beaufort
Sea well this year was scuppered by
the revocation of a key air-quality per-
mit.
Last year’s Gulf of Mexico oil spill
also hindered Shell’s Arctic push,
with the Obama administration
delaying drilling activity and imple-
menting a raft of new requirements
for oil explorers.
Shell said it hopes to break through
the regulatory impasse this time
around.
“We believe the conversations we
are having with regulators and gov-
ernment officials are more positive in
place,” company spokeswoman Kelly
op de Weegh said in a statement.
“As a result, we are cautiously opti-
mistic, and we see there is agreement
in the importance of this domestic
resource and in the absolute necessi-
ty that development must be done
right,” she said.
US authorities will have 30 days to
decide whether to approve Shell’s
plans.
Environmental groups have raised
concerns about Shell’s ability to pro-
tect the environment and respond
effectively to an oil spill in the harsh
conditions of the Arctic.

MacKenzie
makes online MOVE
THINGS

sports move via PCs, smartphones and tablet AND

▲

MEDIA devices, although MacKenzie is open

BY HARRIET DENNYS to potential carriage deals with
internet TV providers such as BT
TALKSPORT founder Kelvin Vision and Virgin Media.
MacKenzie is preparing to go head to The channel will be funded by
head with the commercial radio busi- advertising, sponsorship and prod-
ness he sold to UTV Media for £92m uct placement and will broadcast
in 2005 by launching an online sports from studios in central London.
TV channel, Sports Tonight.
MacKenzie (pictured), who pitches
MacKenzie has so far signed one
presenter and is keen to secure addi- MIGHT
the web TV channel as “Sky Sports tional hosts with “strong opinions YOU
News meets TalkSport”, is soft- they are not afraid to voice”.
launching the venture with an esti- “We want to nurture talent that
mated £5m to coincide with the people will want to follow,” he said.
start of the Premiership season on 13 Former TalkSport presenter Mike
August, before a full consumer Parry, who resigned shortly before
launch in early to mid-September. the station signed disgraced Sky
The sports channel will broadcast Sports presenters Andy Gray and
three to four live shows between Richard Keys, is understood to be a
7pm and 11pm every day, with talk-
based sports programming mixed
potential frontman.
“I wanted to do this when I was at
MOVE
with live video footage. TalkSport, but we didn’t have the
“Football is the driver, but money and the distribution wasn’t Balance. It’s central to
any time there is a big dis- there,” MacKenzie said. the Civic. A Honda of
cussion about sport, we “Today, people are using smart- equal parts. Innovation
want to be the place to go,” phones and tablets more and and exhilaration.
former Sun editor more, and internet-connected
MacKenzie told City A.M. TVs will turn the TV in your But how do you get there?
However, he ruled living room into a static You can tweak and tinker.
out paying for sports iPad, so you will be
rights. “We won’t be able to watch web BETTER
TTER Or change things completely.
So when we designed the
going down the shows in glori- Civic, we moved the fuel tank
Setanta route of ous HD.” from the back. To the middle
competing with He added: “I of the chassis. It’s something
Sky to see how hope the new
you’ll see in racing cars.
quickly they online distribu-
The result? Extra stability
can bankrupt tion system
for a sportier drive.
our business. where there is
That model no gateway [to That’s the power of dreams.
could never rights] will
work.” ensure the chan-
Sports nel’s success. It
Tonight will will be a fabu-
initially be lous, exciting Get a handy 3 years servicing
distributed journey.” plus
6.4% APR Representative
HOW HE SEES IT | KELVIN’S BEST LINES
“We won’t be going
down the Setanta On Janet Street Porter: “Shergar was Janet
Street Porter’s last living relative.” Fuel consumption figures for the Civic 5 door petrol range in mpg (l/100km): Urban 28.2 - 40.9 (10.0 - 6.9),
route of trying to On sacking The Sun’s astrologer: “As you will
have no doubt foreseen… you’re fired.”
Extra Urban 48.7 - 56.5 (5.8 - 5.0), Combined 38.7 - 49.6 (7.3 - 5.7). CO2 emissions: 169 - 132 g/km.
Model and specification shown is Civic 1.4 SE 5 door Manual in Polished Metal Metallic, at £14,435 price including 1 year’s road fund licence, based on
2011/12 Government VED rates. Offers are valid on Civic Petrol range (excluding Civic Ti) registered from 1 April to 29  June 2011. Offers applicable at
compete with Sky to On the bailout of Northern Rock: “I don't wish
to appear Northernist. But would my money
participating Dealers and are at the Promoter’s absolute discretion. Subject to model, colour and stock availability. Honda Aspirations (PCP): Indemnities
may be required in certain circumstances. Finance is only available to persons aged 18 or over, subject to status. All figures are correct at time of publication

see how quickly we have been made available if the Worthing

but may be subject to change. Promoter is Honda UK, 470 London Road, Slough, Berkshire SL3 8QY. You do not have to pay the Final Payment if you
return the car at the end of the agreement, you have paid all other amounts due, the vehicle is in good condition and has been serviced in accordance with
Building Society had got into trouble?” the Honda service book and the maximum permitted mileage of 10,000 per annum has not been exceeded. Servicing: 3 years complimentary servicing or
can become bankrupt” On Hull: “It’s a shocker, an absolute shocker.” 37,500 miles, whichever comes first, and includes a maximum of 3 services. Complimentary servicing covers the manufacturer’s scheduled servicing only.
 12 News
Old Mutual sees
fund outflows
▲
INSURANCE
OLD Mutual shares fell 3.3 per cent
yesterday after it reported £2.6bn net
client fund outflows in the first-
quarter as US investors exited its
products.
The Anglo-South African insurer
said assets under management rose
one per cent to £303bn compared
with the same quarter in 2010.
Life sales of £369m were below
analyst expectations of £381m, due
to a weaker performance in Italy. But
sales of unit trusts rose 20 per cent
on the year to £2.7bn, beating the
analyst consensus of £2.6bn.
RSA limits losses
and boosts income
▲
INSURANCE
HOME insurer Royal and Sun Alliance
(RSA) reassured investors yesterday
with solid quarterly numbers that
moved on from heavy winter losses in
the UK and Europe.
RSA’s net written premiums rose
eight per cent to £2.1bn in the three
months to March from 2010 as rates
rose and it felt the benefit of takeovers
in Canada and Ireland.
A deal with Tesco Pet Insurance also
added £36m of net premium income
in the quarter, it said in its interim
management statement.
Chief executive Andy Haste said it
was “a strong start to the year”.
UK premium income rose a better-
than-anticipated nine per cent to
£760m, while emerging markets
income was up 15 per cent.
RSA took a lower-than-expected
£25m loss from worldwide catastro-
phes in the quarter and said it was on
track to meet 2011 targets.
Amlin remains bullish despite
catastrophes as rates increase
▲
INSURANCE
JAPANESE earthquake and tsunami
losses are likely to be at the high end
of Amlin’s estimates, the catastrophe
insurer said yesterday.
The Lloyd’s insurer has reserved
£260m against losses from the New
Zealand and Japanese earthquakes
alone and said Japan losses “will be
towards the top end of our previously
published range”.
Earthquakes in Japan (above) and New Zealand hit Allianz profits
Allianz latest
to feel effect
of disasters
▲
INSURANCE
BY ALISON LOCK
NATURAL disasters in Japan and
New Zealand caused a 43 per cent
profit slump at Europe’s biggest
insurer Allianz in the first-quarter of
2011, it said yesterday.
The German insurance giant saw
net profit slump to €915m (£800m)
from €1.6bn in the first-quarter of
2010 and pre-tax profit fell 25 per
cent to €1.5bn, as it bore heavy losses
from the Japanese earthquake and
tsunami.
The fall came despite revenues
sticking at record levels, down just
two per cent to €29.9bn from its all
time high of €30.6bn in the previous
quarter. Allianz stuck to its target of
€8bn operating profit this year, plus
or minus €500m. Analysts expect
€8.3bn operating profit.
“The past quarter took one of the
hardest hits from natural catastro-
phes of any quarter in the last two
decades,” chief financial officer
Oliver Bäte said in the interim man-
agement statement.
Allianz said it would take a €737m
loss from catastrophes in the quar-
ter, of which €320m was from Japan.
CITYA.M. 13 MAY 2011
Gross premium income grew 14
per cent to £1.1bn in the four months
to April from £964m in the same peri-
od in 2010, largely thanks to its
newly-launched Europe reinsurance
business, which accounted for £79m
of the increase. Its London market
business saw premium income rise
five per cent, to £512m in the quarter.
Catastrophe and reinsurance rates
are now improving, Amlin said, echo-
ing comments by its peers.
Picture: Getty
Operating profit in its property
and casualty division fell 6.9 per cent
on 2010, to €663m in the quarter.
Espirito Santo analyst Joy
Ferneyhough said its two per cent
premium rate rise was lower than
peers due to its “heavy weighting to
disappointing markets such as
Germany and Switzerland.”
Life and health insurance was hit
by low investment returns and the
strength of the euro, Allianz said,
pushing operating profit down by 16
per cent to €702m.
But its asset management arm saw
fee and commission income grow 15
per cent to €1.26bn, and operating
profit rise 13 per cent. Allianz’s shares
fell 1.4 per cent to €100.2 yesterday.
ANALYSIS l Allianz 100.20
108 € 12 May
104
100
96
92
2011 28 Feb 14 Mar 4 Apr 18 Apr 9 May
CITYA.M. 13 MAY 2011 News 13

Trinity Mirror sees ad decline

▲
MEDIA
BY STEVE DINNEEN
TRINITY MIRROR limped through a
difficult start to a year, with advertis-
ing sales in the first four months
falling 10 per cent.
The newspaper publisher said the
fall was partly down to the govern-
ment cutting its advertising spend.
Ad revenue comprises more than
half of the company’s total sales, with
a little over 10 per cent exposed to the
public sector, according to Panmure
Gordon analyst Alex DeGroote.
Trinity Mirror’s shares, which have
shed about 39 per cent since the com-
pany issued a gloomy outlook in
March, fell 3.4 per cent yesterday. undergoing a series of cost cuts, tre-
DeGroote said he expects the tough bled its savings target for the year to
market conditions to continue £15m. In March, Trinity Mirror
through the second-quarter, adding reported a 17 per cent rise in full-year
rising newsprint costs had also operating profit.
weighed on overall performance.
The announcement echoed that of ANALYSIS l Trinity Mirror
rival publisher Johnston Press, which 65 p
on Tuesday said its ad sales fell 11 per 60
cent due to government spending 75
cuts, and that it would reduce costs
further to meet full-year targets. 70 50.00
65 12 May
The relapse in the UK advertising
market also hampered ITV, which on 60
Wednesday said its key advertising 55
sales were set to fall for the first time 50
since 2009. 45
14 Feb 4 Mar 24 Mar 13 Apr 9 May
Trinity Mirror, which has been

Lady Gaga is the second most downloaded artist in the UK Picture: Rex Features

UK hits £1bn
in downloads
more than 100,000 times.
▲

MEDIA
BY STEVE DINNEEN
UK Digital music sales finally broke
through the £1bn mark yesterday, giv-
ing the industry a glimpse of light at
the end of the tunnel.
The milestone was reached after a
surge in sales last year, with nearly a
third of the total amount spent on
music in 2010, according to figures
released by industry body the BPI.
Digital music sales, which account
for one in six albums sold in the UK,
grew by 20 per cent last year.
Adele entered the record books,
with her album 21 becoming the
most popular download in UK histo-
ry. Lady Gaga (above) was second with
her album The Fame.
Six out of the top ten most down-
loaded records were British acts. Just
34 albums have been downloaded
While overcoming the symbolic
barrier is a welcome boost to the flag-
ging industry, the fact that it has
taken seven years of legal download-
ing to reach it also serves as a stark
reminder of the problems that face
the industry.
Overall revenue in the UK record
industry plunged 11 per cent to
£850m, precipitated by a 19.2 per cent
fall in CD sales to £565m.
The UK fell behind Germany to
become the fourth biggest music
market, with the US, Japan and
Germany now ranking above the UK.
Sales in the two biggest music mar-
kets, the US and Japan, fell by 10 per
cent and 8.3 per cent respectively.
The global collapse in CD sales and
the continuing blight of online piracy
dragged global recorded music sales
down by £900m.

NEWS | IN BRIEF
William Hill hit by revolt
A third of shareholders voting at book-
maker William Hill's annual meeting
either opposed last year's pay awards or
withheld their votes. About 12 per cent
failed to back the reappointment and
remuneration of the firm’s auditors. Chief
executive Ralph Topping received £1.65m
in pay, benefits and bonuses last year, an
increase of 56 per cent on 2009.
Informa confident for full year
Business media group Informa is confi-
dent of meeting full-year expectations
after first-quarter revenues grew 4.6 per
cent organically and profit margins
improved. The company said events sales
had grown 6.7 per cent, helped by popular
Middle East trade shows, and that its
training businesses, apart from those serv-
ing the US government, had recovered.

Aegis sees organic growth Nvidia trumps analyst forecasts

Marketing group Aegis yesterday posted
organic revenue growth of 9.1 per cent
for the first-quarter, helped by strong
performances in Asia Pacific and North
America, and said the recovery in ad
spending would continue. Aegis con-
firmed its 2011 target of growing organ-
ic revenue by at least the 5.8 per cent
seen in 2010.
Nvidia Corp yesterday forecast quarterly
revenue above expectations, lifted by sales
of its mobile chips as it fights off growing
competition in the personal computer
graphics chip market. The firm reported
net earnings of $135.2m, or 22 cents a
share, for the quarter ending 1 May, com-
pared with a net profit of $137.6m, or 23
cents a share, in the year-ago period.
 14 Economics
BRITS’ TRIPS BOUNCE BACK AFTER DECEMBER’S WINTER
FREEZE CLOSED AIRPORTS…
Number of Brits
travelling overseas
UP 4 per cent to
13.5m
… BUT TOURISTS ARE
▲
TIGHTENING THEIR
PURSE STRINGS
Spending by
Spending by Brits abroad
tourists in UK DOWN 2 per cent No. of tourists
DOWN 5 per cent to
visting the UK
£4.2bn £7.3bn DOWN 1 per cent to
7.5m
FIGURES ARE FOR JANUARY TO MARCH 2011, SOURCE: OFFICE FOR
COMPARED TO THE FINAL THREE MONTHS OF 2010 NATIONAL STATISTICS
THE estimated number of trips abroad by UK residents, seasonally adjusted, was up four per cent to 13.5m compared to the previous
three months, according to the latest transport, travel and tourism bulletin from the Office of National Statistics. But despite keeping
up holidays, Brits spent less – £7.3bn in the period – a two per cent fall on the previous quarter.
Weak industry data
fuels recovery fears
UK ECONOMY
▲
BY JULIAN HARRIS
OFFICIAL data published yesterday
revealed slower than expected
industrial growth in the UK, with
the 0.3 per cent growth for March
significantly below the 0.8 per
cent expected by economists.
The figures chimed with the
gloomy estimate of 0.5 per cent
first-quarter growth for the econo-
my as a whole, fueling fears that
the economic recovery could be
flagging. Industrial production
grew just 0.2 per cent in the first-
quarter.
“The most likely reason the
market got it wrong was that the
oil and gas component failed to
bounce back as maintenance shut-
NEWS | IN BRIEF
Fewer UK mortgages in arrears
The number of mortgages in arrears has
continued to fall this year, the Council of
Mortgage Lenders (CML) revealed yes-
terday. At the end of March 166,000
mortgages showed arrears of more than
2.5 per cent of the outstanding balance,
down from 170,000 at the end of last
year. While there has been a slight
upturn in properties taken by reposses-
sion, the change is negligible.
NIESR pares its growth figures
The UK recovery is being weighed down
by sluggish growth, expanding by just
0.3 per cent in the last three months,
according to the National Institute for
Economic and Social Research. The
three-monthly rate of growth was down
from 0.5 per cent for the first-quarter of
the year, as activity pared some losses
from the heavy winter freeze at the end
Real effect of the
recession is yet to
hit take-home pay
UK ECONOMY
BY ELIZABETH FOURNIER
LIVING standards in the UK are yet to
feel the full brunt of the recession,
with the biggest hit to take-home
income likely to come over the next
year as gains are eroded by higher
inflation.
New figures from the Institute for
Fiscal Studies (IFS) show that average
take-home pay actually went up in
both 2008-9 and 2009-10, even taking
into account inflation and an
increase in unemployment.
Median salaries are shown to have
risen during the recession, climbing
one per cent in 2009-10 to continue
the pattern of slow growth seen
before 2008, said the IFS.
But the increase is likely to be
reversed soon, as inflation rises and
the temporary effect of uprating ben-
downs in the fields continued
longer than expected,” explained
ING’s James Knightley.
Oil and gas extraction slightly
recovered from its February dip,
up 0.6 per cent, after the previous
month’s 7.4 per cent fall.
Manufacturing grew just 0.2 per
cent, after official data showed a
shock stagnation in the factory
sector for February.
“Wednesday’s trade figures
revealed that goods exports grew
very strongly in the first-quarter,
so today’s weak figure for manu-
facturing suggests that domestic
demand was exceptionally weak,”
said Nida Ali of the Ernst and
Young Item Club yesterday.
“This is a genuine cause for con-
cern and adds to the uncertainty
of 2010. NIESR previously predicted 1.4
per cent growth for 2011.
China tightens monetary stance Jobless claims in the States fall
China’s central bank yesterday said that
it would raise lenders’ required reserves
by 0.5 per cent, the fifth rise this year
and the eighth since October. The move
increases the required reserve ratio for
the country’s biggest banks to a record
21 per cent in the government’s cam-
paign to control inflation. Wednesday’s
high inflation figure stoked expectations
of further monetary tightening.
US high street hit by oil prices
Sales at US retailers posted their small-
est gain in nine months in April as high
food and gasoline prices drew spending
away from other areas. Total retail sales
increased 0.5 per cent, and March sales
were revised up to a 0.9 per cent
CITYA.M. 13 MAY 2011
efits and tax credits wears off, the IFS
warns.
Rates on most benefits and tax
credits rose above inflation during
the recession, when retail price index
figures were just 0.5 per cent.
But according to the IFS, real-term
incomes have fallen 3.8 per cent in
the first eleven months of 2010-11,
and average forecasts indicate that a
drop of three per cent in take-home
pay could be felt by the end of the
year. This would constitute the
largest drop in median incomes since
1981, leaving pay levels close to their
2004-5 rates.
The latest research also shows that
levels of poverty in the UK have fallen
for the second year running – drop-
ping by 500,000 to 10.4m in 2009-10 –
with poverty among children and
pensioners at the lowest level since
the 1980s.
regarding the outlook.”
Compared to the previous year,
however, manufacturing was still
up by 2.7 per cent. The factory sec-
tor has now recorded 14 straight
annualised increases in produc-
tion. However, the month-to-
month slowdown has some
economists fearing that the man-
ufacturing boom may not prove to
be long lasting.
The pound dropped by over half
a percentage point, from above
$1.635 to touch $1.625 in morning
trading, after the publication of
the data.
The downbeat announcement
was echoed across the channel in
the Eurozone, where industrial
production actually shrank in
March, down by 0.2 per cent.
increase from a previously estimated 0.4
per cent rise.
Unemployment benefit claims in the US
fell sharply last week after a surprisingly
big rise the prior week, a government
report showed. Initial jobless claims fell
44,000 to a seasonally adjusted
434,000 in the week ended 7 May, the
Labour Department said.
Japan regains some confidence
Japan’s service sector sentiment index
improved to 28.3 in April, the official
“economy watchers” survey revealed
yesterday. The report recovered from a
record fall to 27.7 posted the previous
month, helped by efforts to repair supply
chains, prevent power shortages and
contain a nuclear crisis caused by the
March earthquake and tsunami.
CITYA.M. 13 MAY 2011 News 15

French family-run firm

emerges as DTZ bidder
SGP also revealed it is in talks with £162m.
▲

PROPERTY
BY RICHARD PARTINGTON
FRENCH family-run property group
Saint George Participations (SGP) has
emerged as a potential bidder for
British property consultant DTZ.
SGP, which already owns about 55
per cent of DTZ, said yesterday that it
was in “preliminary discussions” to
buy the remainder of the London-
listed company.
BNP Paribas’ real estate arm.
The firm is believed to be looking
to take DTZ private before selling it
on to the French bank.
BNP Paribas could then merge
DTZ with its existing real estate busi-
ness before spinning it off to sell it in
a Paris stock market float.
SGP is thought to be considering a
60p per share bid for DTZ, which
would value the firm at about
Led by Paul Idzik, global property
consultancy DTZ employs around
4,500 workers and is developing a
bigger presence in the fast-growing
Asian market.
The firm suffered at the hands of
the financial crisis, and had to con-
duct a £37.1m emergency rights
issue to stay afloat.
SGP played a key part in the res-
cue, buying £26.9m worth of shares. DTZ chief Paul Idzik is in deal talks with French firm SGP

MEET THE ADVISERS: HAWKPOINT

leading the advisory team. He is joined

PAUL BAINES
HAWKPOINT
HAWKPOINT is the lead corporate
adviser to Saint George Participations
(SGP) on its potential bid for DTZ.
Executive chairman Paul Baines is
by William Bain from the specialist
financial adviser.
Bain previously headed up
“It’s a privilege to be nominated by a
Charterhouse Bank’s corporate finance
business. He has also worked at HSBC range of other asset managers and
and Freshfields.
Hawkpoint recently advised engi-
neering group Costain on its purchase
professionals in the city”
of ClerkMaxwell. Richard Swann, Inflexion (Alternative Manager of the Year)
Oriel Securities is advising DTZ.

What will you say?

Feel at Home in Your New Language Enter the City A.M. Awards 2011 and you could be
Speak French confidently, with the NEW Rosetta Stone TOTALe™ language-learning solution. recognised as one of the City’s great personalities
or companies of the year.
In Rosetta Course™, you LEARN naturally. You’re immersed in your new language as if you were in Visit our website to see how you can enter:
the country. In Rosetta Studio™, you PRACTISE online with tutors who are native speakers, and in www.CityAMAwards.com
Rosetta World™, it’s time to PLAY games and have fun in your new language. or for more information, please contact Jo Pead:
With Rosetta Stone TOTALeTM, you learn naturally and speak confidently in French, or in over 20 020 8267 4043 / jo.pead@cityamawards.com
other languages.

Learn Naturally. Speak Confidently.

Visit RosettaStone.co.uk
headline sponsor champagne reception sponsor

official venue partner sponsors

©2011 Rosetta Stone Ltd. All rights reserved. Patent rights pending.
 16 News
Irish finance minister Michael Noonan said bondholders were getting a “reasonable deal”
RWE beats
forecasts as
it cuts costs
▲
ENERGY
BY HARRY BANKS
RWE, Europe’s fifth-largest utility beat
profit forecasts in the first quarter by
gaining market share in Germany and
cutting costs in the UK.
Operating earnings in the three
months through March were €2.8bn
(£2.4bn), the Essen-based company said
yesterday, compared with the €2.6bn
average of 15 estimates from analysts.
Power prices in Germany, Europe’s
largest electricity market, are down a
quarter from their height in 2008,
while RWE has been losing customers
in the UK for three years in a row.
However, RWE said it had reduced
customer bad debts in the UK during
the period and increased power sales
to industrial customers in Germany by
13 per cent in the quarter.
RWE reiterated that it expects oper-
ating profit to drop 20 per cent and
recurrent net income to slump 30 per
cent this year.
One of the biggest questions hang-
ing over RWE is the future of its
nuclear plants. German chancellor
Angela Merkel reversed a decision to
extend the life of nuclear plants after
the massive earthquake and tsunami
of 11 March hit Japanese nuclear sta-
tions. “Pending political decisions will
reveal whether we will have to face
additional burdens in 2011 and if
so, to what extent,” the company
said in a statement.
ANALYSIS l Rwe AG
54
€
52
50
43.24
48 12 May
46
44
42
2011 28 Feb 14 Mar 4 Apr 18 Apr 9 May
Disasters take toll as Keller sees profits fall Upbeat outlook at Hikma
▲
CONSTRUCTION
BY HARRY BANKS
BRITISH construction group Keller
yesterday warned operating profit
would fall 10 per cent this year as
fierce competition in the US, flood-
ing in Australia and unrest in the
Middle East and North Africa all
take their toll.
The company’s April order book
was nine per cent ahead of last year,
Keller said in a statement yesterday.
It cautioned, however, that the
lack of any meaningful recovery in
those construction markets hit
hardest by the global recession
meant over capacity remained a sig-
nificant problem, particularly in
the US.
“Lower margins in the US, com-
bined with the Australian floods
and geopolitical issues in the
Middle East and North Africa, mean
Allied Irish investors hit
▲
BANKING
BY HARRY BANKS
IRELAND offered junior bondholders
in Allied Irish Banks 10 to 25 per cent
of the value of their investment, in
the first of a series of moves to force
investors to share the burden of bail-
ing out local banks.
The government is pushing on
with a plan to generate around €5bn
that the board now expects that the
group’s earnings before interest and
tax for the year as a whole will be
around 10 per cent below that in
2010, with the second half being
broadly in line with last year,” Keller
said.
Keller said its UK business had a
difficult start to the year but pre-
dicted a better second half as trans-
port infrastructure projects get
underway.
(£4.4bn) by imposing losses on subor-
dinated bondholders in Irish banks
despite a legal challenge by investors
in state-owned Allied Irish Banks.
If the Allied Irish Banks offer were
fully subscribed it would generate
around €2bn, the bank said.
Finance minister Michael Noonan
said holders of the Allied Irish securi-
ties, which have a nominal value of
€2.6bn, were getting a reasonable
PHARMA
HIKMA Pharmaceuticals has stuck to
its guidance of seven per cent revenue
growth in 2011, around half 2010’s
level, as it manages the impact of
political turmoil in its North Africa
and Middle East markets.
The Jordan-based company said its
businesses in Egypt, Tunisia and
Bahrain were back to normal after
disruption at the start of the year.
CITYA.M. 13 MAY 2011
deal.
Allied Irish has also said it will not
pay any interest on the securities. If
bondholders do not accept the offer
they will get one cent for every €1,000
of debt they hold. The High Court will
hear a challenge to the government’s
moves against Allied Irish’s junior
bondholders on 2 June by two
investors who hold three of the 18 lia-
bilities covered by the state’s order.
More stable
supply chain
helps Nissan
▲
AUTOMOTIVE
BY HARRY BANKS
NISSAN Motors reported a 7.2 per cent
rise in quarterly operating profit yes-
terday and said global production dis-
rupted by Japan’s 11 March
earthquake will return to normal at
least a month earlier than predicted
by bigger home rival, Toyota Motors.
Like its peers, Nissan, Japan’s sec-
ond-largest automaker offered no out-
look for the business year to March
2012, citing some remaining uncer-
tainties over the pace recovery lower
down in the supply chain.
“I think the picture of our own
plants now is stabilised, but the pic-
ture coming from the suppliers is still
being worked on,” Nissan chief execu-
tive Carlos Ghosn said. He said the
availability of electricity from nuclear
power plants was also a concern.
“If we have no cars, there’s no way
you’re (not) going to lose market
share,” he said.
Nissan plans to provide its forecasts
for the current business year to
March 2012 before its annual share-
holders meeting, usually at the end of
June. January to March operating
profit at Nissan was 88.6bn yen
(£672m), better than an average ana-
lyst forecast of 78.9bn yen.
Nissan, unlike Toyota and Honda
Motors, reports under Japanese
accounting rules and its profits from
China are included at the operating
level.
ANALYSIS l Nissan
900 ¥
795
850 12 May
800
750
700
650
Mar Apr May
It also confirmed its forecast for
gross margin of about 47 per cent.
“Demand is strong across most of
our other Middle East and North
Africa markets, although sales activi-
ties in Libya and Yemen remain limit-
ed,” the London-listed firm said
yesterday.
Hikma sells branded drugs across
17 markets in the region, led by Saudi
Arabia and Algeria. Libya accounts for
only around two per cent of sales.
CITYA.M. 13 MAY 2011
Jean-Laurent Bonnafe is taking over as CEO
Stryker deal
to fund Saab
falls through
▲
AUTOMOTIVE
BY HARRY BANKS
A RESCUE deal for Swedish carmak-
er Saab involving China’s Hawtai
Motor Group collapsed yesterday,
leaving owner Spyker chasing new
funding as it attempts to restart pro-
duction at the firm.
Hawtai and Dutch-listed Spyker
agreed a deal last week to pump
€150m (£131m) into the loss-making
brand and produce a new model in
China. But this was spoiled by a fail-
ure to get necessary approvals.
Spyker said it was continuing talks
with Hawtai, while another Chinese
company, sports utility vehicle
maker Great Wall Motor, was also
talking to the Dutch company about
a possible tie-up.
Other possible investors include
Vladimir Antonov, who is still inter-
ested in the troubled brand, a
spokesman for the Russian business-
man and former Spyker shareholder
said.
Tiny supercar maker Spyker has
struggled to turn Saab around in the
year since it bailed out the former
General Motors unit. GM retains an
interest in Saab through preference
shares.
Loss-making Saab has run out of
cash to pay its bills and several sup-
pliers have stopped delivering parts,
halting production at Saab’s
Trollhatten plant for most of last
month.
All of Saab’s employees, including
those who are not working due to
the production shutdown, are being
paid, a spokesman said yesterday.
Spyker’s chief executive Victor
Muller declined to comment on the
next steps for Saab, but said: “I’m
always optimistic, and this is no
exception.”
Spyker’s Amsterdam-listed shares
closed 14.5 per cent down at €3.59
yesterday.
Yule Catto beats forecasts with high sales Cookson upbeat for 2011
▲
INDUSTRIAL
BY HARRY BANKS
BRITISH chemicals maker Yule Catto
said yesterday that first-quarter earn-
ings were well ahead of the same
period last year, excluding acquisi-
tions, on strong demand for its poly-
mer products.
The company, whose chemicals
are used by the adhesive, textile,
paper and pharma businesses, also
BNP Paribas picks new chief exec
▲
BANKING
BY HARRY BANKS
BNP PARIBAS, France’s biggest listed
bank, has unveiled a well-flagged
handover to new chief executive Jean-
Laurent Bonnafe in a move that
promises a smooth transition.
Bonnafe, a trusted insider and long
seen as the natural heir to current
chief executive Baudouin Prot, will
reiterated its expectations for the
2011.
In March, Yule Catto said it made a
solid start to the year, adding it was
confident about its prospects.
The company said profit from its
polymer business was flat year-on-
year in the first-quarter despite high-
er volumes and turnover.
“Whilst Europe lagged the prior
year, Asia was ahead, despite, as
expected, profits being temporarily
take the reins on 1 December. Prot
will take the chairmanship from 69-
year-old Michel Pebereau, whose
retirement had been widely expected.
“Our new management will be able
to offer BNP ... all the development
plans it deserves,” said Bonnafe.
Bonnafe will inherit a bank that
has emerged as a winner from the cri-
sis but which is overwhelmingly
exposed to mature Western markets
constrained by capacity during the
quarter,” the company said in a state-
ment.
However, Yule Catto, whose net
debt at the end of the quarter stood
at £235m, said it expected this to be
resolved in the second-quarter.
Shares in FTSE 250-listed Yule
Catto, which have gained almost
three-quarters of their value in the
last year, closed down 0.5 per cent at
210.5p yesterday.
and which faces tougher rules that
will make banking a less profitable
business.
There is little to suggest he will
rock the boat and some analysts warn
growth will be more challenging in
future.
“Looking past 2011, we see very lim-
ited levers to grow earnings per share
and wonder how BNP will deliver,”
RBS analyst Jorge Mayo said.
INDUSTRIAL
INDUSTRIAL materials group
Cookson said yesterday that trad-
ing remained strong in the first
four months of this year and that it
expects results for 2011 to be well
ahead of last year.
The company, whose products
are used in the glass and solar
industries as well as by steelmakers
and foundries, said revenue grew
News 17
ANALYSIS l BNP Paribas
60 ¤
54.14
58
12 May
56
54
52
50
48
14 Feb 4 Mar 24 Mar 13 Apr 9 May
NEWS | IN BRIEF
Strong Asian sales for Inchcape
Car retailer Inchcape said global
demand for cars remains patchy, though
turnover since the start of the year has
been slightly ahead of expectations at
£1.56bn. Chief executive André Lacroix
said that while sales for new cars have
been weak in some markets, strong
growth in Asia Pacific and emerging
markets have helped drive turnover. The
FTSE 250-listed firm also held its annual
meeting yesterday, in which 16 per cent
of investors rejected or withheld votes
from its remuneration report.
Melrose ahead of expectations
Manufacturing buyout firm Melrose
reported yesterday that current trading
was marginally ahead of its expectations
and it expected to make further
progress in 2011, helped by a strong
order intake. Melrose said sales so far
this year were up eight per cent at con-
stant exchange rates, excluding the
three businesses sold for £20.5m in
February.
Parkmead and DEO team up
Parkmead Group and DEO Petroleum
have teamed up to hunt for oil in the
North Sea, the firms announced yester-
day. The 50-50 joint venture will focus
on three areas in the central North Sea,
ahead of the next UK continental shelf
licencing round, as well as looking for
joint acquisition opportunities. The col-
laboration agreement is set to last until
at least December 2013, and was
described by Parkmead chief executive
Tom Cross as a “win-win”.
Shoes and bags boost Tod’s
Italian luxury goods maker Tod’s said
yesterday that its operating profit rose
36 per cent in the first-quarter, with
particular growth in China bolstering its
bottom line. The firm, which makes
shoes, bags and other leather goods,
said earnings before interest and taxes
hit €55.9m (£48.9m) during the quarter,
on sales 17 per cent higher.
Bowleven clarification
Yesterday we reported that oil explorer
Bowleven had found more oil at its
Sapele-1 well off the coast of Cameroon.
Bowleven in fact found oil at Sapele-1 in
January, and yesterday announced a find
of 35m of hydrocarbons at its nearby
Sapele-2 well, which is being prepared
for further testing.
significantly in the first four
months of the year on strong
demand, while profit was in line
with its expectations.
“For 2011, we continue to expect
mid-single digit growth in global
steel production, slightly higher
growth in electronic equipment
production, and double digit
growth rates in our foundry cast-
ings and fused silica end-markets,”
Cookson said.
 18 News CITYA.M. 13 MAY 2011

Tullow Oil to up
Assets rise at production at
3i despite cut key Africa wells

to Enterprise
ENERGY

▲
UK OIL major Tullow Oil has issued
an upbeat production update so far
this year, and said it is targeting fur-
ther growth and increased output in
Tullett is pursuing BGC, whose president is Shaun Lynn (above), over employee defections Picture: REX Ghana.
The company’s drive to bring four

Revenues down at Tullett

▲

PRIVATE EQUITY In April, 3i had said earnings extra production wells online at its
BY HARRY BANKS growth at Northern European busi- Jubilee field in Ghana was on track,
nesses was being offset by weakness it said yesterday, with planned pro-
PRIVATE equity firm 3i Group was at British companies. duction of 120,000 barrels of oil per

as BGC lawsuit drags on

the highest climber on the FTSE 100
yesterday, after writing off the value
of its fourth-largest company,
Enterprise Group, and laying out
new targets to promise investors
higher and more stable returns.
Despite the Enterprise Group
write-off, 3i’s net asset value was six
per cent higher at 351p at the end of
March than six months earlier.
Shares in the group bounced as 3i
dismissed fears, raised at the begin-
ning of last month, that more
British businesses in its portfolio
were suffering from the contraction
in public spending and weak con-
sumer demand.
“These results were above expecta-
tions, although these had been
reduced following the pre-close on 1
April, after which we brought our
numbers down by four per cent,”
research analysts at JPMorgan
Cazenove said in note.
3i said it was cutting the value of day expected to be hit by July.
British public sector outsourcer It also said significant progress
Enterprise to nil to reflect the tough had been made at its Ugandan devel-
economic outlook, making a £198m opment at the Lake Albert Rift Basin,
impairment against the investment. after signing an agreement with the
▲
The group made a total return of FINANCIAL SERVICES The broker, which settled its high- country’s government in mid-March
£324m for the year, a 10.6 per cent profile poaching court case against to resolve outstanding tax issues.
increase on opening shareholders’ INTERDEALER broker Tullett Prebon BGC last month without disclosing “The completion of the Uganda
funds. said “unsettled” markets and office the value of the settlement, said it transaction will enable Tullow to
Share in 3i rose 18.2p, a rise of 6.7 closures pulled revenue down for the was pushing ahead with similar legal accelerate the basin development
per cent, to close at 289.9p. first four months of the year, adding action in New York, Hong Kong and plan with CNOOC and Total, and
that it was pushing ahead with legal Singapore. begin to realise the significant
ANALYSIS l 3I action against rival BGC Partners. Last March the High Court found potential of the region,” the firm
320 p London-based Tullett said yesterday BGC guilty of unlawfully inducing 10 said.
289.90 that trading this year to April was flat London-based brokers to breach their “Jubilee production revenues,
12 May
on last year, leading to a three per employment contracts, which led to together with the Uganda farm-
300 cent fall in revenue to £304m for the the damages trial that was resolved in down proceeds, mean that the
period, while trading last month April. group will have a very healthy bal-
“slowed somewhat”. Tullett and BGC agreed they would ance sheet to fund significant explo-
280 The firm said underlying revenue make no statement on the settlement ration and development
for the four-month period, taking out of the UK case but further hostilities programmes and deliver future
the effect of office closures in the US, are imminent if Tullett can bring sim- growth.”
260 was two per cent higher than last ilar charges for additional broker Capital expenditure for the year is
2011 28 Feb 14 Mar 4 Apr 18 Apr 9 May year. defections in the US and Asia. expected to be around £920m.

JOIN
N GFT AND CIT
CITY
Y AM FFOR
OR A FREE
CFD
D AND FOREX
FOREX WORKSHOP
WORKSHOP
19 MAY
AY 20
2011
11 A
ATT 8 AM

RE
REGISTER
GISTER A
ATT GFTUK.
GFTUK.COM/CITYAM
COM/CITYA
AM TTO
OAATTEND
TTTEND
A
Actionable
ctionable FX SStrategies
trategies ffor
or the Individual TTrader
rader
pr
presented
esented bbyy Boris Schlos
Schlossberg
sberg
CFDs and Investment
Investment Themes for 2011
Themes for 2011
pr
presented
esented bbyy Da
David
vid Morrison

Open an account
account on-sit
on-sitee and take
take advantage
advantage of our exclusive account
exclusive account
oopening
pening offer.*
offer.* W hen tr
When ading CFDs, spot fforex,
trading orex, or spread be
spread ts, yyou
bets, ou can
lose mor
moree than yyour
our initial deposit. R egister today
Register today at
at gftuk. com//cit
c yam.
gftuk.com/cityam.

D
DATE
ATE 19 May
May 2011
2011
TIME 8 AM
PLA
PLACE
CE TThe
he Gr
Grange auls, 10 Godilman SStreet
ange SStt PPauls, treet LLondon
ondon
David Morrison
David Morrison Boris Schlossberg
Scchlosssberrg
Markket SStrategist,
CFD Market ttrrategist, GFT BREAKF
BREAKFAST
AST WILL BE PRO
PROVIDED
VIDED Director ooff CCurrency
Director uurrreenccy Research, GFT
Research,

*T
*Terms
erms and cconditions apply..
onditions apply

SPREAD BETS
BETS | CFDs | FOREX
FOREX / gftuk.com
gftuk.com / free
free phone 0800 358
358 0864
GFT Global Markets
Markets UK LLtd.
td. is authorised and rregulated
egulated bbyy the Financial Servic
Services
es A
Authority.
uthority. CD0
CD03UK.157.050211
3UK.157.050211
CITYA.M. 13 MAY 2011 News 19

CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys

Stock Exchanges. KBC Financial Products and a partner product engineering.

KPMG International
Michael Andrew has been elected chairman of
KPMG International to lead the firm’s global
network for a four-year term, effective from 1
October. He succeeds Timothy P Flynn, who will
retire at the end of September after 32 years
with the company. Andrew, who will be based
in Hong Kong, is currently chairman of KPMG
Asia Pacific and KPMG Australia. He was elect-
ed to his new role unanimously by KPMG
International’s Global Board and Council.
Akin Gump 2003, most recently as a US partner
Varun Gupta has joined Akin Gump at Allen & Overy LLP, where he has
Strauss Hauer & Feld as a US partner developed the Russian equity capital
and head of the Russian capital mar- markets through a number of IPOs,
kets practice, based in Moscow. Gupta including listings of Russian compa-
has been based in Moscow since nies on the London and New York
Punch Taverns
The board of Punch Taverns has
appointed Roddy Murray as finance
director designate for its Spirit busi-
ness, which the group is proposing to
demerge later this year. Murray, who
will join Punch from BSS Group on 23
May, will take a seat on the board
alongside his role as finance director on
completion of the demerger.
MF Global
Nicholas Tanner has joined MF Global
as head of Asian sales in London.
Most recently, he worked in portfolio
management at Boyer Allan; prior to
that, he was an executive director at
at Cazenove & Co.
Liberum Capital
Paul Rostas will join the independent
investment bank on 1 June as head of
alternative investments and property.
Rostas joins from ICAP, where he led
the property derivatives team for the
past five years. Prior to that, he was
head of European equity sales at JP
Morgan Securities.
Millennium Global
The global currency manager has
appointed Monica Fan as head of busi-
ness development. Fan will join on 16
May from State Street Global Advisors,
where she is global head of currency
Kingston Smith
The accountant has promoted Anjali
Kothari and Jon Dawson to partner,
based in the firm’s City office. Kothari
specialises in the schools and charities
sectors and Dawson specialises in
advising law firms, media businesses
and financial services firms.
Grant Thornton
Martin Lambert, formerly of Ernst &
Young, has joined as tax partner in the
corporate and international group of
Grant Thornton. Lambert has worked
with clients in sectors including manu-
facturing, real estate, construction and
hospitality.

To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com

BEST OF THE BROKERS To appear in Best of the Brokers email your research to notes@cityam.com

ANALYSIS l ITV ANALYSIS l AstraZeneca 3,186.05 ANALYSIS l Tate & Lyle 628.50
95 p 3,200 p 12 May 640 p 12 May
71.50 600
85
12 May 3,000
560

75 2,800
520

14 Feb 4 Mar 24 Mar 13 Apr 9 May 14 Feb 4 Mar 24 Mar 13 Apr 9 May 14 Feb 4 Mar 24 Mar 13 Apr 9 May

ITV ASTRAZENECA TATE & LYLE

Morgan Stanley has cut the broadcaster from “overweight” to “equal-
weight” and has lowered its target price by 25p to 75p following results on
Wednesday. The broker has reduced its advertising forecasts for 2011 from
three per cent growth to 1.1 per cent contraction, and warns that all rev-
enue drops will filter through to ITV’s bottom line, given its high opera-
tional gearing.
UBS has upgraded the pharmaceutical group to “buy” with a new target
price of £38, up from £32.50 previously. The firm has replaced rival
GlaxoSmithKline on the broker’s key call list, ahead of a regulatory decision
in July on AstraZeneca’s heart drug Brilinta. If the drug is given the green
light, sales outside of the US could generate $4bn a year by 2015, making
up 10 to 15 per cent of earnings per share, UBS estimates.
Citigroup rates the food group “hold / medium risk” and has raised its tar-
get by 25p to 625p ahead of full-year results on 27 May. The broker fore-
casts an operating profit of £315m and a 23.6p dividend. Citi has also
raised its earnings forecasts for 2012 following the recent rally in corn
prices leading to higher by-product prices, but notes that this windfall prof-
it could disappear if the soft commodity market turns.

FTSE rattled again by falling US investors turn

commodities and China stats to defensive stocks
THELONDON heavily weighted towards commodity
stocks, closed down 31.04 points or
0.5 per cent at 5,944.46, compound-
6.7 per cent on relief that its write-
down of the value of its fourth-largest
company, Enterprise Group, was les
THENEW YORK and reduced its target price to $120
from $163, citing litigation worries.
Goldman shares slumped 3.5 per cent

REPORT ing a 0.7 per cent fall on Wednesday

to 5,976.00.
SuperGroup, the British company
than feared.
Travel firms were also a feature on
the upside as they benefited from a
REPORT to $142.75 and volume topped the 50-
day moving average.
Cisco Systems fell 4.8 per cent to
behind the rapidly-expanding weaker oil price, with cruise operator $16.93 after it warned late on

T D
HE FTSE 100 was rattled yester-
day as global growth concerns
triggered a fall in commodity-
linked stocks and boosted
appetite for defensive assets. Miners
and oil stocks retreated as commodi-
ties continued their worst rout since
2008, after China surprised analysts
by lifting bank reserve requirements
by 50 basis points yesterday, a day
after data showed China’s factory out-
put growth in April eased much more
than expected.
London’s blue chip index, which is
Superdry fashion brand, plunged 22.5
per cent after reporting a slowdown
in its phenomenal sales growth.
Interdealer broker ICAP shed 2.1
per cent as peer Tullett Prebon
knocked sentimnt after posting
shrinking revenue growth in the first
four months of 2011.
Anglo-South African insurer Old
Mutual joined the hit parade, down
3.3 per cent and disappointing
investors with weaker than expected
first-quarter life insurance sales.
Private equity firm 3i Group rallied
Carnival up two per cent. EFENSIVE shares led a rebound Wednesday it would fare worse this
in US stocks yesterday as quarter than Wall Street forecast.
ANALYSIS l FTSE 5,944.96 investors weighed mixed eco- Defensive stocks like consumer sta-
6,100 12 May nomic signals and commodities ples have predictable revenues that
volatility. make them attractive in volatile mar-
6,000
The Dow industrials fell nearly 100 kets. Shares of Merck rose 1.6 per cent,
5,900 points in the morning but recovered while Tyson Foods rose 4.6 per cent.
later after a lacklustre auction of 30- The Dow Jones industrial average
5,800 year US bonds and reports suggesting was up 65.89 points, or 0.52 per cent,
5,700 negotiations to raise the US debt ceil- at 12,695.92. The S&P 500 Index was
ing had intensified. up 6.57 points, or 0.49 per cent, at
5,600 Financial shares fell after Rochdale 1,348.65. The Nasdaq Composite
5,500
Securities banking analyst Dick Bove Index was up 17.98 points, or 0.63 per
14 Feb 4 Mar 24 Mar 13 Apr 9 May put a “sell” rating on Goldman Sachs cent, at 2,863.04.

%$
#3*5"*/µ4
#*((&45
%":
065
%$

Investec Derby Festival – 3rd & 4th June 2011

Featuring the world’s greatest flat race Book now: 0844 848 3256 epsomdowns.co.uk
 CITYA.M. 13 MAY 2011

Wealth Management | Markets

20

('  ('  ('  L'& #+ "'% '$ 

K     K

    
            

     K
I    
           
J     K
J    
$@713 65 756 =E $@713 65 756 =E $@713 65 756 =E $@713 65 756 =E $@713 65 756 =E $@713 65 756 =E $@713 65 756 =E $@713 65 756 =E
 (' #"'(&)(#"  !(& ' /;3::7/        ';7B6A @=C>            3/H:3G        3<B/;7< 5G>B B         /;;3@A=<          +3B63@A>==<      
6/@:3A (/G:=@ =         /B:7< @=C> B2         C@/A7/< "/BC@/:         /<AB33< =:27<5A         /20@=93A       
(AG            /:4=C@ 3/BBG         7BG =4 =<2=< @         "& &( &' $$ @=C>            @3A<7::=        /<2 '31C@7B73A          !/@AB=<A        
(AG            3::3@ @=C>         7BG =4 =<2=< <         @=E< "  @=C>       7A1=F B2         3; 7/;=<2A B2         '&#        !7::3<<7C;  =>B        
(AG           73@ @=C>         :=A3 @=B63@A @         /@>3B@756B         /@27<3 :=G2 (6=          =16A167:2 !7<7<5         '6/4B3A0C@G          !7B163::A  CB:3        
(AG            =::7<A 'B3E/@B         303<6/;A        /<1/A67@3 =:27<          /H/96;GA          "/B7=</: F>@3AA      
(AG             (&(- '#(+&  #!$)(& '&*
D=:CB7=< @=C>         75<7BG          &' <AC@/<13 @=        3<;/@3 &3A=C@13A         $C<16 (/D3@<A        
(AG            @/F @=C>           AA3B !/</53;         7F=<A &3B/7:         =<;7<           CB=<=;G =@>=@/B          &/<9 @=C>        
(AG           '1=BB7A6  '=CB63         /@5@3/D3A /<A2=         C<3:; @=C>           "')&" $3B@=>/D:=DA9         D3D/ @=C>         &3AB/C@/<B @=C>       
(AG           3:>67@3 @=C>         /:4=@2A @=C>        D7D/        &/<25=:2 &3A=C@13          =;>CB/13<B3@         'B/531=/16 @=C>       
(AG              (&#"   (& %
3<23@A=< @=C>         =;3 &3B/7: @=C>         35/:  3<3@/:           &7= (7<B=         723AA/ @=C>           (6=;/A ==9 @=C>       
(AG           =;7<= $@7<B7<5 '         756E/G />7B/:         <161/>3         #:2 !CBC/:        *32/<B/ &3A=C@13A         <D3<AGA         () (@/D3:        
(AG           /:;/         $          '>=@BA /A67=<         $6=3<7F @=C> =:        ,AB@/B/         =4/F         +67B0@3/2         
(AG              /7@2          @=C> =:27<5A         3A/ :31B@71/:A        $@C23<B7/:        =571/        +7::7/; 7::        
(AG            !=@5/< @C170:3           <B3@;327/B3 />7          7<547A63@        &3A=:CB7=< B2         !#  ( #!' !71@= =1CA <B3@        
(AG            &3<7A6/E         <B3@</B7=</: $3@         !/@9A  '>3<13@           'B /;3AA $:/13        <;/@A/B          !7AGA         ! 
(AG            '>31B@7A          <B3@</B7=</: $C0         !=B63@1/@3           'B/<2/@2 743         *=2/4=<3 @=C>          '/53 @=C>        01/;       
(AG            <D3AB31         "3FB          '          :03;/@:3  =<2        
(AG           %)(- "*'(!"( "'(&)! ! "#"%)(- "*'(! #!!
$ @=C>         '>=@BA 7@31B <B         (3:317BG @=C>          ;3@7AC@ &3A=C@13        
(AG              03@4=@B6 ';/::3@         C>7B3@ C<2 !/</         + ';7B6         7;>@7<B @=C>         3<3A7A ;3@57<5          @167>3:/5= &3A=C        
(AG            ::7/<13 (@CAB         !' />7B/:         357A @=C>         ')$$#&( '&*' '#'        
(AG            /<93@A <D (@CAB           ( & %)$!"(  ' #  ' $&#)&'
=<2=< 7</<13          :==;A0C@G $C0:7A         55@39=         C@3:7/< #7:  /        
(AG             :=0/: B2          =<2=< 'B=19 F16         ';7B6  "3>63E         @7B7A6 '9G @=/2         4@3<       A6B3/2 @=C>         D/<B7 =;;C<71/B         
(AG             :=0/: B2 )'         !/< @=C>         'G<3@5G 3/:B6         3<B/C@ !327/          @=C>          B97<A +'         D=13B !7<7<5        
(AG            !/1@= B2 )&        $/@/5=< @=C> #4         67;3 =;;C<71/B7         $         /01=19 <B3@</B7         :7<9F        
(AG             !/1@= B2 $         $@=D723<B 7</<17          #  '  #! #"'(& @3AB=<         /7@< <3@5G        3@3<2A3<        =@23@A  '=CB63@        
(AG            !/1@= B2 )'         &/B60=<3 @=B63@A          /@@/BB 3D3:=>;3         /7:G !/7: /<2 3         <%C3AB         C<H:         =E 3D3<        
(AG           :/19&=19 +=@:2 !         &3/: AB/B3 @327        3::E/G         C@=;=<3G <AB7BC         AA/@ <3@5G          />7B/ @=C>         /:32=< &3A=C@13A        
(AG           :C3@3AB :::C3       &'! (3<=< @=C>       3@93:3G @=C> =         CBC@3         F7::=< <3@5G        /@7::7=<       />3        
(AG            @7B7A6 AA3BA (@         '  )         3@7B/53 #7:         3 / &C3         =<G5/@ <D3AB;3<         
(AG           @7B7A6 ;>7@3 '3          '16@=23@A          , #7:  /A        :31B@=1=;>=<3<BA        =D3 <3@5G        
(AG     
(AG      
 
 
 
 
 
 
/:32=<7/ <D3AB;  
7BG =4 =<2=< <  
 
 
    
  
'16@=23@A "=<*=        
(C::3BB $@30=<          
!" "' )  $@3;73@ #7:    
&=G/: CB16 '63::    
   
     
F>3@7/<        
7:B@=</ $        
/7AG @=C>    
3A7@3 $3B@=:3C;    
 
 
 
 
(AG            3F7=< 0A=:CB3        +/:93@ @7>A @=C         &=G/: CB16 '63::          '       !' @=C>        
(AG            27<0C@56 @/5=<         &7A3@A  /::3@A 
'/:/;/<23@ <3@5G         /GA         <1=@3 #7:        
(AG            27<0C@56 <D (@C        , " ( #!' 7 @=C>     'C>3@5@=C>      '=1= <B3@</B7=</        =;3A3@D3          /@=3 $3B@=:3C;        
(AG            :31B@/ $@7D/B3          ( @=C>        &3AB/C@/<B @=C>    3::3@ @=C>       (C::=E #7:         =E23< =7<3@G @          C:4A/<2A $3B@=:3        
(AG             <D (@CAB        /0:3  +7@3:3AA         <B3@B39 @=C>         + $6/@;/13CB71/:        
(AG            "/B7=</: F>@3AA    @3A<7::=    
723:7BG 67</ '>          /0:3  +7@3:3AA        # %)$!"(  '&*' !716/3: $/53 <B3        /;E=@B6G        
723:7BG C@=>3/<          
@/F @=C>    (C::3BB $@30=<    
# ( @=C> '        <4=@;/    E7< >/@BG 757B/:     ;31           !7B73 @=C>        /@5@3/D3A '3@D71        
723:7BG '>317/:         (/:9(/:9 (3:31=;         C<B7<5          $@3;73@ /@<3::         3/:B61/@3 =1C;A        
3@/:2 <D (@CAB         7@AB@=C>    $3B@=>/D:=DA9     =6< +==2 @=C>         &35CA         ;;C<=27/5<=AB71        
 <4@/AB@C1BC          ##  &) &( &' '>7@3<B =;;C<71/B    <B=4/5/AB/     /;>@3::         &3<B=97: <7B7/:          ;>3::/; @=C>         
&#'$  "
;>/F <D7@=<;3<B          ==93@ @=C>        (/B3  G:3    $/13     $3B@=4/1 B2         &$' @=C>        /;3A /:AB3/2        
 'GAB3;A         $!=@5/< ;3@71/<         @355A           3<B@71/   <B3@>@7A3 <<A     '3@1= @=C>          /:/6/@7 !7<3@/:A       
63;@7<5 @=C>         $!=@5/< A7/< <         !=@@7A=< +; 'C>       $&'#" ##' '6/<9A @=C>          =<2=< !7<7<5        
/@<7D/:    3; 7/;=<2A B2    
=06/;         $!=@5/< ;3@57<5         #1/2= @=C>         C@03@@G @=C>         '        C>CA />7B/:        
!3557BB         $!=@5/< C@=>3/<         '/7<A0C@G          $. CAA=<A          '(6@33          ! $ D/<A @=C>        
%7<3B7% @=C>         $!=@5/< <27/<         $@713 65 756 =E $@713 65 756 =E
(3A1=          'C>3@5@=C>          (@/D7A $3@97<A          !/83AB71 +7<3         
&=::A&=G13 @=C>         $!=@5/< &CAA7/<         =D7A =;3A @=C>          /G<3A $C0:7A67<5         +=:A3:3G          !/G C@<3G <B35@        
'3<7=@         /E 303<BC@3 =@         ## $&#)&' $&!)( '  #( !=<7B7A3        
$3@A7;;=<         C<BAE=@B6         ("# #- &+  %)$
):B@/ :31B@=<71A         !3@1/<B7:3 <D (@         AA=17/B32 @7B7A          &3197BB 3<197A3@         <4=@;/        AB@/.3<31/         !C:03@@G @=C>        
)(#!# '  $&(' !3@16/<BA (@CAB            @/<AE719         &32@=E          ( @=C>        (        &! =:27<5A         "/<=1= @=C>        
!=<9A <D (@CAB         /7@G @3AB @=C>          (/G:=@ +7;>3G        (*         3<CA         '&         "/CB71/: $3B@=:3C        
"         !C@@/G <1=;3 (@C         3D@=         =6<AB=< $@3AA         :/F=';7B6:7<3         ;/57</B7=< (316<         "716=:A         
!C@@/G <B3@</B7=         $@3;73@ ==2A         ")'(& ""&" !31=; @=C>         79;/ $6/@;/13CB7          $/13         "C;7A =@>=@/B7=<        
"'
$3@>3BC/: <1=;3         (/B3  G:3          =2G1=B3        !=<3GAC>3@;/@93B       '67@3 $:1          '>7@3<B =;;C<71/         $/B/5=<7/ =:2        
/@1:/GA         $=:/@ /> (316<=:       )<7:3D3@         6/@B3@ <B3@</B7         $3/@A=<         $C@AC7B G</;71A        
' =:27<5A        &( />7B/: $/@B<           & '(( "*'(  '&* (##
3<<3@         &332 :A3D73@         &=196=>>3@ F>:=@        
:=G2A /<97<5 @         '16@=23@ A7/ $/1         #&'(&-  $$&
!         &756B;=D3         />7B/:  =C<B73         @7B7A6 ;3@71/<         &+' =:27<5A        
&=G/: /<9 =4 '1=         '1=BB7A6 <D (@CA         !=<27         !3:@=A3         '(* @=C>         /38/< =:27<5A         ;>3@7/: (=0/11=         '=<507@2 AB/B3A        
'B/<2/@2 6/@B3@3          '1=BB7A6 !=@B5/53         "=@B65/B3        (/@ACA @=C>          =;;3@17/: $@         'B3@:7<5 <3@5G        
'* />7B/:         ' +(&  !) ()( (' (&*  ')&
*&' &=B=@9           (@7<7BG !7@@=@         @/7<53@         */:7/<B $3B@=:3C;         
(3;>:3 /@ <D (@         3<B@71/        '>7@/F'/@1= <57         )<7B32 CA7<3AA !          3:71/: /@        D7A C@=>3         */BC9=C:/ =:2 !7        
 /@@        (3;>:3B=< ;3@57<         <B3@</B7=</: $=E         +37@ @=C>         )(* !327/         =<2=<  'B/;4=@2          3B4/7@ @=C>          -=C<5  =A @3E        
@7BD71         (& $@=>3@BG <D (         "/B7=</: @72          3@@3F>=         +7:;7<5B=< @=C>         '/D7::A         E7< >/@BG 757B/        
7/53=            (& $@=>3@BG <D (        "=@B6C;0@7/< +/B3       (/:D7D//@/ !7<7<5         +$$         'B !=2E3< $@=>3@         /@<7D/:        
'!7::3@          +7B/< <D (@CAB          $3<<=< @=C>         -3:: @=C>         ) =;;3@17/: $@=         =;>/AA @=C>        
'3D3@< (@3<B          ")'(& (&"'$#&((#" )<7B3 @=C>         =;7<=A $7HH/ )         
! ' "" '&*' !""
)<7B32 )B7:7B73A            D7/B7=<         3/AG3B       
. :31B@=<71 !/B          7 @=C>        & '(( "*'( (&)'('
"& ")'(& ' =@B6 $=@BA          4@71/< /@@719          <B3@>@7A3 <<A        
@=2/ <B3@</B7=<          7 <4@/AB@C1BC@3         'B=0/@B @=C> B2          <5:= ;3@71/<         75 -3::=E @=C>         7@AB@=C>        
:3;3<B7A         03@233< AA3B !/          ==9A=< @=C>           <5:= $/17471 @=         @7B7A6 /<2 =         =63/2 @=C>        


  
=6<A=< !/BB63G         A6;=@3 @=C>        ' ';7B6         "#"  "')&" <B=4/5/AB/         />7B/: '6=>>7<5          @33<3 7<5       
*71B@3F           3@93:3G (316<=:=       
&3F/;        2;7@/: @=C>          ?C/@7CA $:/B7<C;         3@E3<B =<2=<           <B3@=<B7<3<B/:         
-C:3 /BB=  =         @3E7< =:>67< =         &$ @=C>         ;:7<          $ 7::7B=<         @3/B $=@B:/<2 A          <B3@</B7=</: =<       
 

)L'&' )'L'&'
In association with

Don’t miss breaking

$@713 65 756 =E $@713 65 756 =E
& %)         !        
 ".         #(( '        
 '(#!          #        
")')' "*  
& #&!((  
,  
 
 
 
 
 
 
 
 
 
news with our new  (& &#)$  
!.#" #!  
!&" ,$&''  
 
 
 
 
 
 
 
 
 

10:30 AM EMAIL
"# '"("&         !" "        
' '        $$         
-&         ((        
*         " # !&        
!+         &'& (+         
"$ $&'         #" #        
&&#)&  
&( &#   
 
 
 
 
 
 
Each day we’ll cover the morning’s breaking news, &'(# !-&' '%)  
(&$ &  
 
 
 
 

 
& $          *&#"        
! &         give you current market analysis and '# '-'(!'        
"#"         ##         
)(' "         the most up-to-date financial headlines. # ( $ !# *       
)(' #&'         #"##$ $'        
)(' ( #!         ) $#"(  "!&        
 #"         ! #&$        
"  
"  
 
 
 
 
 
 
Sign up now to ensure you ,,#" !#  
"&  (&  
 
 
 
 
 
 
&" ( #!  
 ').  
 
 
 
 
 

receive our free email. # !" '' &$  
##    
 
 
 
 
  
 
"&  ''        + (( $&        

www.CityAM.com/newsletter
&&#          #! $#(        
In association with
" &#$ *         !        
"(' '"$# #       Visit: "( #&$        
#" $ $'  (&          $ !#&" '        
#&         #"'#"  #"'#"        
*!           +#&  "' &( ##'         
!)" &          ! #" ' #&$        
$@713 65 165 $@713 65 165 $@713 65 165 $@713 65 165
"#         !& " # "+        
('        '$                 #*'$ '# $# #      
&$'# -$        !&#'#(       
('  ",       "'% #!$#'(       '" ' ",       '% #*& ",       
&+         # $(&# )!        
(' )  '&       (')&#&'(        " '"        '(      
'"(#"         #&  #&$        
(' !  '       "  *&       '$
',  ",       !      
'"#         $$'#        
#+ #"' ")'         ,  $&#&!"       ',  #&"&'       '+'' !&( ",      
'$         $.&        
'"&  (&  
'!"'  
 

  
 
 
 
#!!#(' &(  &(' $ $ !#&&' "(  
$&#(& " !   
 
 
 
 
 
 
'#( "&          #"  #" , !     (" '     = & #D3@<756B     C@= /A3 &/B3     %) #!! "        
( #! (          ' *& " , !     ." '     = &  2/GA     7</<13 6=CA3 0/A3 @/B3     ' )!&&        
( #"         !$    #.    = &  ;=<B6     )' 32 4C<2A     (&* &' '        
&"( '$#( ",     = &  ;=<B6A     )' :=<5 0=<2 G73:2     
(#(         #" $ (")! !     )"( ("# #        
'#-     = &  ;=<B6A     C@=>3/< @3>= @/B3    
)" &#!# '         #" $ )! !      )"( ( &#)$        
##      #& C@=  =D3@<756B     C@= C@70=@    
)"&(         )!")! '     #& C@=   ;=<B6A    (63 D7F 7<23F     *&.#" #!!'        
)" *& *         #$$& '     #     + !&( '(#&'        
#& )'  =D3@<756B     (63 0/:B71 2@G 7<23F    
*"          '      &)     #& )'   ;=<B6A     !/@97B 7=FF     + ( '"- #        
**"        " '     +(     /:74/F ;=@B5/53 @/B3     !/@97B 7(@/FF     + ' &#  #        
 Lifestyle ULTRA-LUXURY 21
IN THAILAND
| Reviews IN MONDAY’S
TRAVEL SECTION

Aliens hit South London

Joshua Maguire (left) as Hamlet at Shakespeare’s Globe

Sci-fi meets the inner
city with entertaining
consequences, says
Timothy Barber
Film
ATTACK THE BLOCK
Cert: 12A
hhhII
LATER this year we have the promising
prospect of a Daniel Craig and Harrison
Ford fighting off marauding extraterres-
trials with six-shooters in Cowboys &
Aliens; in the meantime, Attack the Block
brings interplanetary nasties up against a
more familiar (to Londoners, anyway)
adversary – this is Hoodies & Aliens, and
it’s a lot of fun.
On a scary South London council estate,
a gang of teenage tearaways get distracted
from their work mugging nice people like
Jodie Whittaker’s nurse when they
encounter an overgrown gremlin that’s
The gang of hoodies
who fight aliens in
Attack the Block
crash-landed in their ‘hood’. Naturally, the
alien beastie comes off second best, but as
a hoard of his toothsome mates descends
on the estate to get their own back, it’s up
to the gang – led by the charismatic young
actor John Boyega – to defend their turf.
What follows is a cracking mix of
action, horror suspense and nicely-
pitched humour. The latter element you’d
expect from writer/director Joe Cornish,
one half of the Adam & Joe duo who have
spent over a decade mining contemporary
pop culture for all the comedy value they
can. But this being Cornish’s debut film,
the deftness with which he handles the
breakneck action and the fluid pacing are
a pleasant surprise. The film isn’t perfect –
it gradually loses its focus, and the alien
monsters aren’t great – but it’s perfectly
entertaining and suggests good things to
come from both Cornish and his young
cast, particularly Boyega.
RED HILL
Cert: 18
hhhII
PART psychological thriller, part suspense-
ful action film, this gritty Aussie chamber
piece is in fact a Western all over – right
True Blood’s Ryan
Kwanten
down to the point when the sheriff of a
dusty nowheresville town says to his
assembled deputies: “If Jimmy Conway
rides into this town, he’ll be brining hell
with him.”
Into the town Jimmy Conway rides, and
sure enough he isn’t bringing flowers and
goodwill. He’s a grizzled murderer who’s
escaped from prison and is hell-bent on
revenge and his ire is directed at the local
cops, which is bad news for Shane Cooper
(Ryan Kwanten), a junior law officer on
his first day in the tiny outback town of
Red Hill.
He’s come here with his pregnant wife
looking for a quieter life (he was shot on
duty in the city), and if hard-ass police
chief Old Bill (Steve Bisley) isn’t exactly his
cup of tea, Conway’s another thing all
together.
Director Patrick Hughes ekes every drop
of drama from the hard-worn landscape,
though the arresting cinematography
isn’t always matched by the dialogue,
which can be clunky, or the plot, which
makes nice use of trad Western tropes but
unravels when grasping beyond that.
It’s a dark, intriguing movie neverthe-
less, and Kwanten – otherwise known as
Vinnie from Home & Away and Jason
Stackhouse from True Blood – is highly
watchable in the lead role.
This spring’s
must-see shows
O
NE of the more niche ben-
efits of an unusually
warm spring is the fact
that it makes venturing
to Shakespeare’s Globe less of a
trial of endurance against the
elements. The start of this year’s
al fresco shows at the Globe –
opening with All’s Well that
Ends Well and Hamlet, no less
– opens what should be a strong
season in London theatre.
London’s other major open
air venue, the always-charming
Regent’s Park theatre, gets
underway next week with an
ambitious project to stage
William Golding’s famous book
Lord of the Flies (19 May).
Back at the Globe, lighter fare
will be had with a couple of
Shakespeare’s best-loved
comedies, As You Like It (17
May) and Much Ado about
Nothing (21 May). The latter
will make an interesting com-
parison with another produc-
tion opening at the Wyndams
Theatre (1 June) and sure to be
a hit with David Tennant and
Catherine Tate leading the cast.
Before that, equally showy
casting comes with a new pro-
duction of George Bernard
Shaw’s Pygmalion (Garrick
Theatre, from 25 May) –
Rupert Everett plays Henry
Higgins, Kara Tointon is Eliza
Doolittle, while Diana Rigg is
Mrs Higgins.
That’ll be a popular hit, no
doubt, but if we’re talking
unmissable, look no further
than The Cherry Orchard at
the National. Director Howard
Davies has been creating
extraordinary shows based on
lesser-known Russian plays for
the past few seasons – his pro-
duction of Bulgakkov’s the
White Guard last year was riv-
eting stuff, and that play’s
adaptor Andrew Upton is here
the adaptor of Chekhov’s clas-
sic too, while Zoe Wanamaker
leads the cast as Ranyevskaya.
Kristin Scott Thomas and
Douglas Henshall will star in
Harold Pinter’s dark classic
Betrayal (Comedy Theatre,
from 16 June), while the Wire’s
Dominic West leads in a revival
of the cruel comedy Butley
(Duchess Theatre, from 6 June)
by Pinter’s late friend Simon
Gray. Timothy Barber

ALSO OUT THIS WEEKEND

FILMS, MUSIC, GAMES

FILM DVD MUSIC GAMES

THE WAY Father-and-son team Martin Sheen and THE KING’S SPEECH Colin Firth heads to Oscar HUGH LAURIE Stephen Fry’s US-conquering mate BRINK (PC, PS3, X360) Two factions, Resistance
Emilio Estevez star in this intense drama. glory as the stuttering monarch, George VI. turns blues musician, with his album Let Them Talk. and Security, do battle. Sounds like the Apprentice.

TAXI DRIVER A re-release for Martin Scorcese and THE WAY BACK Colin Farrell and Ed Harris star in this THE WILD BEASTS Album number three for the indie STAR RAIDERS (PS NETWORK, XBOX LIVE, PC) New
Robert De Niro’s 1970s classic. epic about Russian convicts escaping from the gulag. rockers, titled Smother. version of the classic Atari 800 game.

TAKE ME HOME TONIGHT Lame-brained frat comedy BLUE VALENTINE Harrowing romantic drama with MILES KANE The former Rascals frontman gets in SBK 11 (X360) Latest instalment of the annually-
set in the 1980s. Ryan Gosling and Michelle Williams. touch with his louche side on Colour of the Trap. updated superbiking game.

%$
5)&
)*()
45",&4

0'
(-".063
%$

Investec Ladies’ Day – Friday 3rd June 2011

Enter our Style on The Downs competition on the day to win fantastic prizes Book now: 0844 848 3256 epsomdowns.co.uk
 22 Lifestyle | TV& Games CITYA.M. 13 MAY 2011

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News 6.30pm BBC
London News 7pm The One Show:
BBC News 8pm EastEnders
8.30pm The Comedy Genius of
John Sullivan 9pm Have I Got
News for You: With co-hosts John
Torode and Gregg Wallace. 9.30pm
Outnumbered 10pm BBC News
10.25pm Regional News 10.35pm
CHOICE The Graham Norton Show
11.20pm The National Lottery
Friday Night Draws 11.30pm The
One Show 12.30am FILM The Best
Man. 2005; Weatherview
2.05am Sign Zone: The Hairy
Bikers: Mums Know Best 3.05am
The Boat That Guy Built 3.35am
Great British Railway Journeys
4.05am-6am BBC News
6pm Eggheads
6.30pm Great British Menu
7pm Windfarm Wars
8pm Gardeners’ World
8.30pm FILM An Education:
Premiere. Drama, starring
Carey Mulligan. 2009.
10pm Later with Jools Holland
10.30pm Newsnight
11pm The Review
Show: Weather
11.50pm CHOICE
Later with Jools Holland
12.55am FILM Sugarhouse:
Crime thriller. 2007.
2.25am BBC News 4.05am-
6am Close
6pm London Tonight 6pm Simpsons 6.30pm Hollyoaks 6pm Home and Away
6.30pm ITV News 7pm News 7.25pm Unreported 6.25pm OK! TV
7pm Emmerdale World 7.55pm 4thought.tv 8pm
7pm 5 News at 7
A Place in the Sun: Home or Away
7.30pm Coronation Street 7.30pm Fifth Gear:
9pm The Million Pound Drop Live
8pm Baboons with Bill Bailey 10.25pm That Peter Kay Thing 5 News Update
8.30pm Coronation Street 10.55pm CHOICE PhoneShop 8pm Ice Road Truckers: The
9pm Paul O’Grady Live: With 11.30pm Ricky Gervais Show 12am season draws to a close.
Paddy McGuinness and music Mercury Prize Sessions 12.20am Last in the series; 5 News at 9
by Black Eyed Peas. Album Chart Show Introduces – 9pm The Mentalist
10pm ITV News at Ten Miles Kane 12.35am My Name Is THE GRAHAM NORTON SHOW
10pm Law & Order
10.30pm London News Earl 1.30am Supersize vs BBC1, 10.35PM
Superskinny Kids 2.25am Enough 10.55pm The Walking Dead The host is joined by singer-songwriter
10.35pm The Cube 2.30am Whatever Turns You On 11.55pm Cops in Crisis Lady Gaga, who performs Judas and
11.35pm Take Me Out 2.35am Night Walking 2.40am 12.15am SuperCasino Born This Way, actress Gwyneth
12.30am The Zone; Laid Off 2.55am Ugly Betty 4.05am Motorsport Mundial Paltrow and actor Geoffrey Rush.
ITV News Headlines 3.40am Hill Street Blues 4.30am 4.30am Fifth Gear 4.55am County
2.35am In Plain Sight Perfect Recall 5am Countdown Secrets 5.10am Wildlife SOS
3.20am-5.30am ITV Nightscreen 5.45am-6.10am Yo Gabba Gabba! 5.35am-6am House Doctor

SKY SPORTS 1 BRITISH EUROSPORT 4.20am Nothing to Declare 3am Ugly Betty 3.40am Heartland DISCOVERY HOME &
SATELLITE & CABLE

7pm Sky Sports News 7.30pm Live
Football League 10pm Live Friday
Fight Night 12am Football League
1.30am Super League 3am
Premier League Preview 3.30am
Football League 5am Take It Like a
Fan 5.30am-6am Premier League
Preview
SKY SPORTS 2
6pm Live PGA Tour Golf 12am
European Tour Golf 2am Friday
Fight Night 4am-6am European
Tour Golf
SKY SPORTS 3
6.30pm Tight Lines 7.30pm Live
Super League 10pm Take It Like a
Fan 10.30pm Premier League
Preview 11pm Road to London
11.30pm Take It Like a Fan 12am
Tight Lines 1am NFL: Total Access
2am Trans World Sport 3am Road
to London 3.30am Kings Of The
Extreme 4am Super League
5.30am-6am Road to London
6.30pm Live WTA Tennis 8.15pm
WTA Tennis 9.15pm Tennis: Mats
Point 9.45pm Cycling: Giro d’Italia
10.50pm-12.50am MotoGP
ESPN
7pm WRC: Access All Areas 8pm
Live French Top 14 Rugby Union
10pm ESPN MMA Live 10.45pm
Premier League Preview 11.15pm
French Cup – Road to the Final
12.15am FA Cup Preview Show
12.45am ESPN Kicks: Scottish
Premier League 1am The Ultimate
Fighter 2am Live NBA Basketball
4.30am This Week in Baseball
5am ESPN MMA Live
5.45am-6am ESPN Kicks: Extra
SKY LIVING
7pm CSI: Crime Scene
Investigation 8pm Bones 9pm
Criminal Minds 10pm CSI: Miami
11pm Criminal Minds 12am CSI:
Crime Scene Investigation 1.50am
Ghost Whisperer 2.40am Charmed
5.10am-6am Maury
BBC THREE
7pm Doctor Who 7.45pm Doctor
Who Confidential 8pm
Misbehaving Mums-to-Be 9pm
Two Pints of Lager and a Packet of
Crisps 9.30pm Russell Howard’s
Good News 10pm EastEnders
10.30pm Young, Rich and
Househunting 11pm Family Guy
11.50pm Two Pints of Lager and a
Packet of Crisps 12.20am Russell
Howard’s Good News 12.50am
Family Guy 4.05am Doctor Who
Confidential 4.20am Young, Rich
and Househunting
4.50am-5.20am Bizarre ER
E4
7pm Hollyoaks 7.30pm Friends
9pm Supersize vs Superskinny
10pm Embarrassing Teenage
Bodies 11.10pm Made in Chelsea
12.15am My Name Is Earl 1.10am
Supersize vs Superskinny 2.05am
Embarrassing Teenage Bodies
4.25am The Class 4.45am-6am
Switched
HISTORY
7pm Heir Hunters 8pm Storage
Wars 9pm American Pickers 10pm
Ancient Aliens 11pm The True
Story 1am How London Was Built
2am How Britain Was Built 3am
Heir Hunters 4am The Universe
5am-6am Ice Road Truckers
DISCOVERY
8pm Britain’s Toughest Cops: A
team in Lincolnshire searches for a
missing doctor. 9pm Whale Wars
10pm Deadliest Catch 11pm
Through the Wormhole with
Morgan Freeman 12am Bear Grylls:
Born Survivor 1am Deadliest Catch
2am Frontline Battle Machines
with Mike Brewer 3am Hitler’s
Henchmen 3.50am World War
Two: The Complete History
4.40am Raging Planet
5.30am-6am Destroyed in
Seconds
HEALTH
7pm Bringing Home Baby 8pm 10
Years Younger: The Challenge
9pm 19 Kids and Counting 10pm
My Unique Family 11pm I Didn’t LATER WITH JOOLS HOLLAND
Know I Was Pregnant 12am BBC2, 11.50PM
19 Kids and Counting 1am My Extended edition of tonight’s 10pm
Unique Family 2am I Didn’t Know I
show, featuring additional songs by
Was Pregnant 3am 10 Years
Younger: The Challenge 4am
Randy Newman, Arctic Monkeys and
Brian Wilson.
Labour and Delivery 5am-6am
Bringing Home Baby
SKY1
7.30pm The Middle 8pm The
Simpsons 8.30pm Modern Family
9pm Raising Hope 9.30pm A
League of Their Own 10.30pm
Spartacus: Blood and Sand
11.45pm Ross Kemp on Gangs
1.35am UK Border Force 2.25am PHONESHOP
Cold Case 3.10am A Town Called CHANNEL4, 10.55PM
Eureka 3.55am Secret Life of New series. Comedy following the lives
Suburbia 4.45am Zoo Vet at of salespeople at a high-street mobile-
Large 5.10am-6am Don’t phone retailer. New recruit
Forget the Lyrics Christopher joins the team.

COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

QUICK CROSSWORD
    

SUDOKU KAKURO
37 8 13 11 13 24
8 10
19 12  
26 29
Place the numbers from 1 to 9 in each empty cell so that each 31 
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 3 16 17
14
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 15 20
   
above or to the left of it. 7 30 36 17
You can only use the digits 1-9 17 9
   and you must not use the
6 7
45     
same digit twice in a block.
    The same digit may occur 14 22 
28 6
   more than once in a row or
column, but it must be in a 10 9
14
21
9
 
23 13 5
   separate block.
4 8
11 27
    11 7


  ACROSS DOWN
1 Concise and full 1 Artificially arrange so
 
  WORDWHEEL A T
of meaning (11)
7 Minute particles
of matter (5)
as to have a particular
effect (5-6)
2 Loop formed in a
Using only the letters in the Wordwheel, you have cord or rope (5)
     ten minutes to find as many words as possible,
E N 8 Anxious (5)
3 Literary composition (5)
9 Reverence (3)
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters E 10 Mineral used as 4 Carved pole associated
with native North
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
O M an abrasive (5)
12 Device used to
Americans (5)

SOLUTIONS KAKURO is at least one nine-letter word in the wheel.

T N connect computers
by a telephone
5 Possessed (5)
6 Type of railway
QUICK CROSSWORD 2 1 8 9 6 2 9
line (5) locomotive (5,6)

S I M I A N D O
7 2 9 1 5 4 6 3 8 SUDOKU         
14 In the centre of (5) 11 Directed or controlled (3)
P C A P P E N D
3 6 2 1 2 1
         17 Lucifer (5) 13 Reproductive cells (3)
3 4 4 7 9 4 5
A M M O Z A D
9 7 8 8 5 9 6 7
         19 Irritate (3) 15 Further from the centre (5)
S A N T I P O D E S
        
M A N I A R D 9 7 2 1 20 Thespian (5) 16 Band around a
WORDWHEEL
D C U B I T E         
1 3 5 2 4 2 3 1 21 Boredom (5) horse’s belly (5)
Z P C O U N T         
6 4 1 9 4 8 3
S E N S E L E S S R          22 Pottery made of 17 Coil of knitting wool (5)
O E O S A M E
1 5 7 8 5 9 The nine-letter word was
S H A D E S E A 4 2 9 3 8 6 1 7 5          porous clay fired 18 Kingdom in the
O R E L D E S T 9 8 2 6 2 6 1
FORETASTE          at low heat (11) South Pacific (5)
Polo
23

Supplement Written by Craig Drake

MINT
Polo in
the park
The thunder of
polo ponies
returns to
Hurlingham

chestertonhumberts.com
 24 | Polo
June 3, 4 and 5 will once again see
polo return to its British home for
MINT Polo in the Park, writes Craig Drake
I
T’S here again. This year’s eagerly
anticipated MINT Polo in the Park
tournament is soon to kick off,
and it’s already promising to be a
corker. Teams include MINT London,
IG Markets Sydney, City A.M. New York,
Otkritie Moscow, Gaucho Buenos
Aires and Abu Dhabi. They will be
playing every day of the 3 day tourna-
ment, held at the historic
Hurlingham Park grounds.
World Polo signed an exclusive deal
in 2008 to reinstate the grounds at
Hurlingham Park bringing polo back
to its British roots.
Hurlingham Park has a long history
of polo. The game was first played at
Hurlingham Park in 1874, and for 65
years the club was the polo headquar-
ters for Britain and her empire. But
with the outbreak of the second world
war, the grounds were requisitioned
by the government and converted
into allotments, bringing an end to
polo at the club. That was until 2008
when World Polo signed an exclusive
deal to reinstate the grounds at
Hurlingham Park and bring polo back
to its British home.
Much like every professional polo
team has its patron, Polo in the Park
has its title sponsor. MINT is a leading
independent agency trading house
for clients wanting wholesale broker-
age services and trading support in
financial centres around the world.
The agency is committed to long-term
sponsorship of the event. Richard
Barnett and Tim Bullman, MINT’s co-
Bravery of the wounded
Polo event raises
cash for injured
soldiers’ charity,
says Lucie Greene
W
ALKING with the Wounded is
MINT Polo In the Park’s official
charity this year and the com-
pany is excited to raise funds for
the deserving cause, which gives much-
needed help to re-train and re-skill wound-
ed servicemen and women from the British
Armed Forces.
MINT Polo in the Park’s Organisers
are hoping to raise £25,000 for the mili-
HORSE
CEOs, said “MINT partners is proud to
be the long-term title sponsor of the
World Polo Series at MINT polo in the
park. At MINT we strive to deliver a
superior service to our clients, so we
feel it is appropriate to sponsor such a
premier sporting event. Furthermore,
polo is a good fit for MINT as it reflects
the skill, tenacity and teamwork
required to be successful in our busi-
ness.”
With the revival of polo at
Hurlingham, World Polo also brought
in new rules for the tournament, mak-
ing the games faster and more accessi-
ble for spectators new to the sport.
These new rules follow in the foot-
steps of the Twenty20 format that
has been so successful in cricket.
Though at first the arch tradi-
tionalists showed some resistance
to the new format of polo rules,
Daniel Fox-Davies, the chairman of
World Polo, says that it was a big hit
with the players from the off:
“Players say that they love it.
There isn’t the constant stop-
ping and starting to change
ends and we can keep a much
more fast game. The City A.M. New
York team with Jack, Jamie and Henry
have managed to do well in the past
through their experience of arena
polo – knowing how to play off the
boards and how to play in the smaller
team – but the competition will be
fierce this year.”
The organisers of the event invite
the top players from around the
tary charity with a silent auction at the
event and donations from ticket sales at
the Kids’ Zone play area where £1 will be
given for every entrant.
Walking with the Wounded was found-
ed by Ed Parker and Simon Daglish – both
ex-servicemen – in 2010 and continues to
go from strength to strength.
More recently it hit the headlines for its
ground-breaking expedition in April which
saw four wounded serviceman walk to the
North Pole unsupported, with HRH Prince
Harry of Wales (pictured, right) for compa-
ny, who is a patron of the charity.
“What an amazing experience,” said the
prince after completing four days of the
trip, adding of the group: “I’m very pleased
to be back but all the credit goes to the
lads who have weeks more of trekking to
get to the North Pole. Their strength, moti-
Joddie Kidd is a brand
ambassador for MINT
Polo in the Park
vation and stamina is out of this world.”
Indeed. The challenge was an arduous
task and saw the team – which totalled
seven – trek 200 miles at 90 degrees north
in temperatures of minus 38 degrees cel-
sius. Winds, meanwhile, hit an average of
50 miles per hour. They also had to avoid
polar bears along the way, but despite all
this, made it back safe.
The troop was guided by Polar expert
Inge Solheim and guide Henry Cookson. It
included four servicemen: Captain Guy
Disney whose right leg below the knee was
amputated after being ambushed in an
operation; Sergeant Steve Young, who
fractured his vertebrae severely in
Afghanistan; Private Jaco Van Gass, a sol-
dier who suffered an amputated left arm
after a grenade explosion, and Sergeant
Martin Hewitt, whose right arm was paral-
CITYA.M. 13 MAY 2011
world, but according to Louisa all of whom are new-
Crofton, the polo manager for this comers to the tourna-
year’s MINT Polo in the Park, those ment. “They all have strong
with arena polo experience often have outside and indoor polo handicaps
the edge in the fast-moving format and are well established as a team.” A
created for the tournament: dark horse (or pony) could be the IG
“Obviously all eyes will be on the City Index team, says Louisa Crofton “A
A.M. New York team as defending player who is well worth looking out
champions, but the MINT London for is Zac Hagdoorn of the IG Index –
team are worth keeping an eye on.” Sydney team. He has the lowest hand-
The team is made up of Ryan Pemble, icap in the tournament, but is a very
Sebastian Dawnay and James Harper, versatile player and will do well.”
With Hurlingham Park a two
BUY TICKETS minute walk from Putney Bridge tube
station on the District Line, you don’t
MINT POLO IN THE PARK need to arrive by helicopter to attend
a thrilling polo game. Just come along
TICKETS FROM: £20 adults, £10 child for what will be
another thrilling
FAMILY TICKET FROM: £60 and glamorous
PHONE: 0844 847 2282 weekend of
high-octane
www.mintpolointhepark.com games with the
sport of kings.
ysed after a shooting.
Those curious to see equip-
ment from the expedition will
be in for an treat, as some of
the team will be on hand at
the Polo to demonstrate kit
that was used, and maybe,
even, sign the odd autograph.
(Expect queues, so turn up early.)
Hewitt’s message after the trip summed
up the mood of the charity:
“Some say there is a good reason why
no disabled person has ever walked to the
North Pole unsupported,” he said. “I don’t
like being told something can’t be done.
I instantly thought, that’s it, the challenge
is on.”
For further information on Walking with
the Wounded, see:
http://walkingwiththewounded.org.uk/
CITYA.M. 13 MAY 2011
Playing the
sport of kings
Craig Drake headed to Ascot Park to see
how newcomers can get a taste of polo
A
LONGSIDE MINT Polo in the
Park bringing the game of
polo to a new and ever
expanding audience, clubs
like Ascot Park polo club are bringing
the sport of kings to the masses. In
partnership with the MINT polo tour-
nament, Ascot Park has given more
than 300 school children a taste of
the game over three days on the
fields where the professional elite
players will be playing in three weeks
time.
Victoria Grace, director of the
Ascot Park club, has seen a surge of
interest from those wanting to try
and emulate Jack Kidd, the Talamoni
brothers et al having seen them play
at the MINT Polo in the Park tourna-
ment. “Ascot Park Polo Club is
delighted to work with Polo in the
Park to bring polo to more people,
allowing them to experience this
great sport either by watching or get-
ting on a pony and having a go. Ascot
Park is home of the largest training
centre in the world teaching over
2,500 people each year how to
play with about 70 per cent being
non-riders.”
Opening the game up to all is noth-
ing new to Ascot Park. They have
been welcoming new players for 35
years, a record that Victoria Grace is
Where to buy your polo kit
L
A Martina, clothing sponsors of
MINT Polo in the Park, will have a
stand at the tournament. It will be
divided into two halves: one side
will be clothing, including replicas of the
shirts worn by the players, and the
other will offer technical equipment for
riders such as boots, helmets and sad-
dles including the new La Martina
range of hi-tech polo equipment being
produced by the company. The range
includes features such as anatomically
designed rubber inserts in their boots
and pads (see right) to provide extra
protection on the polo field.
La Martina has a store at the Guard’s
Polo Club, which is based at Smiths
Lawn, in Windsor Great Park. It also
25
Centre, a polo tactics class with expert Robert Burke.
Right, practice with Mia Randall-Coath
Left, stick and ball with Carlos Gadea.
Pictures: Micha Theiner
very proud of: “Polo is a great sport
for both men and women alike and
for all ages – our Junior Academy has
some youngsters picking up a polo
mallet at four years old and our more
senior participants are in their seven-
ties. Ascot Park is also home of the
International Woman’s Polo
Association which was established to
encourage and promote more
women into polo.”
Young and old, men and women,
Ascot Park welcomes all. Even slightly
overweight journalists. Catching the
train from Waterloo to Woking and
then taking a short taxi ride to the
grounds took less than an hour and
the club couldn’t have been more
friendly. After half an hour of stick
and ball with Carlos Gadea, the club
coach and two goal handicap player,
club secretary Mia Randall-Coath
took me on a tour of the set up at
Ascot, where beginners start by learn-
ing the basic shots whilst stood on a
crate, before sitting on a polo pony
for the first time and having a taster
of the sport with an instructional
chukka on the arena.
So if you want to try and follow in
the hoof prints of the stars at the
MINT Polo in the Park, you should
hop on a train down to Ascot Park.
Further details see www.polo.co.uk
has a boutique with-
in Harrod’s –
though this only
sells clothing – and
has plans in the
pipeline to open a
store in central
London.
The company’s
website offers
online shopping for
the full La Martina
range and also offers
customers the option
of ordering custom
boots to fit.
Find it at
www.lamartina.com
 26 Polo CITYA.M. 13 MAY 2011

Eat, drink, enjoy

Polo in the Park isn’t just about MAHIKI MINGLING VIVA VEUVE
Cocktails and glamour at the polo Nothing says polo decadence bet-
sport. Take in the entertainment come courtesy of Mahiki this year. ter than champagne and this year
and food, says Lucie Greene The nightclub – a famed haunt for
celebrities from Kate Winslet to
Veuve Cliquot – a regular at the
MINT Polo in the Park – is set to
Prince Harry and Cat Deeley – is outdo itself with the biggest
opening a special Tiki themed gar- champagne garden to date. We

A
LL that Polo watching can be
thirsty work, but thankfully den featuring a 25m bamboo recommend quaffing a glass or
there’s a wealth of treats and cocktail bar. Aloha! two in the sunshine with friends.
champers on offer. City A.M. Bliss!
checked out the best on offer. TOUCH OF CLASS
The Hurlingham Club is offering a
variety of packages from picnics,
to high tea and decadent lunches.
Prices start at £135.
CHILD’S PLAY
See: mintpolointhepark.com The event will have a dedicated
Kids’ Zone featuring Circus
PUB LIFE Activity Run, Bouncy Castles, Soft
Guy Ritchie’s Mayfair boozer The Punchbowl is a Play Centre, Fussball Table and
haunt for just about every celebrity going. For the Face Painting. Consider your
HARRODS HAVEN weekend it’s set to create a pop-up version of the babysitting done. £1 for every
Fans of Harrod’s fine food section will find a home original complete with hop bines, oak barrels ticket purchased will also be
away from home this year. The iconic store is hanging baskets, garden furniture and a selection donated to Walking with the
opening its first ever pop-up food court. It’s also of wines and beer. How civilised. Wounded.
offering limited-edition luxury picnics for two. See: mintpolointhepark.com

MEET: TEAM CITY A.M. NEW YORK EVENT SCHEDULE

FRIDAY 3RD JUNE, 2011 16:30 POLO MATCH
City A.M. is proud to once again sponsor the New York 12:00PM HURLINGHAM PARK 18:30 POLO MATCH
team at MINT Polo in the Park. Victorious in last year’s played for England at the age of 21, continuing to do so
OPENS 20:00 GROUNDS CLOSE
event after a thrilling final against IG Index – Paris, for a decade. Brett plays at the club that he set up,
Brett Polo, and keeps 45 ponies. His career highlights 14:45 IG INDEX, TEAM
team captain Jack Kidd will be hoping that he can lead
it to victory again this year. include winning the Gold Cup and playing in the SYDNEY V OTKRITIE, SUNDAY 5TH JUNE, 2011
Camara Argentina tournament. During the winter he TEAM MOSCOW 12:00PM HURLINGHAM PARK
NAME : Jack Kidd plays in Argentina and Australia, but names South 16:30 CITY AM, TEAM NEW OPENS
POSITION : 1 (captain) Africa as the best location that he has played in. YORK V TEAM ABU 14:45 MINT POLO IN THE
BIO : Jack Kidd, nicknamed “Wacko” on the polo field, DHABI PARK PLATE FINAL
is the captain of the City A.M. New York team. Kidd 18:30 MINT, TEAM LONDON V 16:30 MINT POLO IN THE
NAME: Jamie Morrison
plays with a handicap of 4 at his local club, Fifield, and POSITION: 3 GAUCHO, TEAM PARK FINAL
keeps 12 ponies, one of which is his favourite, Dorado. BIO : Jamie Morrison holds a handicap of 4. Morrison BUENOS AIRES 19:00 GROUNDS CLOSE
During winter Kidd plays in Barbados, which he names plays at his local club, the Royal County Berkshire, and 21:00 GROUNDS CLOSE
as the best location that he has played in. keeps 11 ponies, including his favourite, Tota Negra. His
career highlights include the Prince of Wales High Goal SATURDAY 4TH JUNE, 2011
NAME : Henry Brett tournament and winning the Gold Cup. ALL TEAMS TO PLAY
POSITION : 2 During winter, Morrison plays in Berkshire and names 12:00PM HURLINGHAM PARK
BIO: Henry Brett has played form the age of 13 and Brazil Campinas Polomo as the best location that he OPENS
now holds a handicap of 6. He turned professional at 17, has played in. 14:45 POLO MATCH

A SLICE OF ARGENTINE LIFE

SUNSET POLO — FRIDAY 1ST JULY 2011
HAM POLO CLUB, RICHMOND, SURREY
Gaucho brings you a spectacular Sunset Polo event to rival last year’s tightly
fought match that saw Team Gaucho, captained by Adolfo Cambiaso, battle
against Camino Real’s ‘Rest of the World’ team. This year’s event will see
Team Gaucho Veuve Clicquot compete in a round robin tournament attempting
to retain their crown.

Join us for an evening of spectacular sun-kissed polo and a fabulous after-party.

Or make the day even more luxurious with our hospitality experience that
includes lunch at Gaucho Richmond, transfer by golf buggy, champagne and
Freggo ice cream.

For all enquiries please contact matt.ford@gauchorestaurants.com

Otkritie is delighted to support Team Moscow
Otkritie is a leading Russian commercial and investment bank
providing access to capital markets for investors across Russia
and CIS countries. Otkritie offers trading, sales and research in
equities, currencies and commodities, including Direct Market
Access to the Russian exchanges.

12th Floor, 88 Wood Street, London, EC2V 7RS

Phone: +44 (0)20 7826 8200 Fax: +44 (0)20 7826 8201

www.otkritie.com
Otkritie Securities Limited is authorised and regulated by the Financial Services Authority.
H2011 Otkritie Securities Limited. All rights reserved.
 Living
28
Oh, we do like to be beside the seaside...
Especially when its quintessentially
English, ultra stylish and packed full of
fantastic places to eat, says Donata Huggins
D
ON’T let the weather-beaten face of
John Fowles’ French Lieutenant’s
woman staring out from the Cobb
in Lyme Regis colour your percep-
tion of this seaside town. The area’s bou-
tiques, deli food shops and sandy beaches
make it as quaint as British seaside towns
come. It is the sort of place that you actual-
ly want to have an annual family holiday.
Indeed, many people do. The average
property price in Lyme Regis is on the up,
overtaking other chic seaside towns like
Whitstable, and gaining on the super-
expensive prices sported by hotspots like
Sandbanks and Salcombe. Buying in Lyme
Regis is clearly fashionable. Richard
Addison, Savills’ expert in the area, says he
has definitely noticed the City drift down
south: “A lot of people fall in love with the
place after a holiday and decide that they
want to buy a property to bring their kids
to every summer.”
FOODY MECCA
Interest in Lyme Regis has widened beyond
families in recent years. “It’s become a bit
of a foody Mecca,” says Addison. “Hugh
Fearnley Whittingstall’s farm isn’t far
away. I think he’s brought the deli culture
down with him.”
The town centre reflects this. Anyone
who has recently been to Lyme Regis will
rave about The Town Mill Bakery. It cooks
up loaves of fresh bread then gets cus-
tomers to muck in and eat up, sharing but-
ter and condiments from a buffet table.
Town Mill Cheesemonger is equally
famous for its West Country produce and
local interesting varieties. The mongers hit
the headlines for serving up pro and anti –
Royal wedding cheeses earlier this month.
Just remember that they close for an hour
at lunchtime and don’t open on Mondays.
While the absolutely no-frills oyster
depot the Crab House Cafe in Wyke Regis is
locally renowned and definitely worth a
visit, there is no better place to get your
posh seafood fix than at Hix Oyster & Fish
House overlooking the harbour. Its menu
changes daily so even if it is your third trip
this year, you will experience something
Photography of Faraday House. *All journey times and routes are based on Transport for London information - updated Jan 2010
CITYA.M. 13 MAY 2011
| Second Homes
totally different.
GEEKS WELCOME
Lyme Regis is the also the perfect habitat
for geeks of all shapes and sizes. Lying on
the Jurassic coast line, fossil hunting is big
in this part of the world. Lovers of litera-
ture can join literary walks around the set-
tings of John Fowles’ French Lieutenant’s
Woman, The Mayor of Casterbridge, Tess of
the D’Urbervilles and Jude the Obscure, all
by Thomas Hardy. Note, these books are
obligatory reading for those who buy a
house there, second or otherwise.
Richard Waters, the director of County
Homesearch Dorset, thinks that the town
has evolved in this way because it is just far
away enough from London to keep day The sea front at Lyme Regis Picture: GETTY
trippers away, but near enough to be a
viable option for Londoners to buy a sec-
ond home they can visit regularly.
The properties up for grabs in Lyme
Regis are as charming as the town. The
three bedroomed house on Broad Street
(pictured right) has a sea view – something
Addison says adds 40 per cent to the value
of a home in the area – and has regency
lamp posts and palm trees outside.
Farmhouses complete with outbuildings,
like Yawl Hill Lane pictured right, make
the most of the area’s plentiful country-
side by offering a substantial chunk of
land. Others like St Marys, pictured right,
get the best of both worlds providing half
an acre of mature gardens and a sea view.
But if these are a little out of your price Yawl Hill Lane, £895,000, www.chestertonandhumberts.com St Marys Lane, £450,000, Chesterton and Humberts
range, Seaton, a nearby town with the
same natural gifts, is significantly cheaper. MUST VISIT
Addison, however, cautions delicately that
it is “a bit grotty,” lacking Lyme Regis’ style. l The Town Mill Bakery and Town Mill
Failing that you can, of course, always get a Cheesemonger. Deli-style food delivered
beach hut.
with small town sweetness.
GETTING THERE l Crab House Café. A no-fills oyster
Getting to Lyme Regis can be tricky if you depot. Highly rated by professional foodies.
don’t drive. There isn’t a direct rail service l Hix Oyster & Fish House. Mark Hix’s
from London, let alone a railway station in
the town. The nearest station is Axminster, coastal offering. Broad Street,
a 10 minute cab ride away. Travelling by l Mill Tea & Dining Room. Family run and £420,000
car, however, isn’t too difficult. It takes just fabulously English. Contact: As above
over three hours from central London.
KITCHENER & FARADAY HOUSE
A UNIQUE RANGE OF 21ST CENTURY
LIVING SPACES AT THE ACADEMY
SPACIOUS 2 BEDROOM APARTMENTS
FROM £260,000
Woolwich Arsenal City Airport Greenwich Canary Wharf London Bridge
DLR & Mainline 6 mins 12 mins 17 mins 19 mins
WWW.THEACADEMY-WOOLWICH.COM
THEACADEMY@DURKAN.CO.UK
LONDON SE18 4JJ
ENQUIRIES
020 8856 0034
 The Height of Shoreditch Living
Located on Bethnal Green Road just 75m from the new Shoreditch High Street
Station and moments from Bishopsgate and The City.

LONDON LAUNCH 19 - 21 MAY TH ST

at RICHMIX PENTHOUSE SUITE, 35 - 47 BETHNAL GREEN ROAD E1

Call or see website for details.

• An entrance foyer to rival the very best boutique hotel

• Uniquely Shoreditch interior styling & comfort cooling to all apartments
• 24 hour concierge & private residents’ gymnasium
• “Free Spirit Garden”, landscaped squares and private residents’ roof terrace

Selling Agents:
www.avantgardetower.com
0800 883 8953
CGI of Avant-garde exterior (left), the entrance foyer (centre) and selected apartment interior (above right).
30 Living | Focus On CITYA.M. 13 MAY 2011

NEED TO KNOW | AREA INSIGHT

GREENWICH, LONDON BY DONATA HUGGINS
Commuting: Greenwich is a fantastic spot for
manageable commuting times. The overland
RATHMORE ROAD WEST GROVE railway station, Greenwich Rail Station, reach-
Price: £217,500 Price: £635,000 es Cannon Street in just 13 minutes. The DLR
This Victorian conver- This three bedroomed arrives at Bank station in 20 minutes, while
sion first floor flat has second floor flat is in North Greenwich underground station on the
good condition with Jubilee Line can take you to London Bridge in
a large living room with newly renovated inte- 10. The area’s Thames side location also
twin windows and a riors. It has period fea- allows residents to consider commuting on
charming feature fire- tures including the the water using Greenwich Pier to catch the
place. It has a fitted property’s original boat.
kitchen, two double wood flooring and fire-
bedrooms and a con- places. The flat has a Education: The area’s proximity to central
temporary white bath- spacious master bed- London allows Greenwich residents to consid-
room with shower. room with fitted er all of central London’s top notch independ-
Contact: Conran wardrobes and an en ent schools for their children. The local
Estates on 020 8293 suite bathroom.
primary schools, Halstow and Brooklands,
0454 or go to Contact: Foxtons on
also score highly.
www.conranestates. 020 7133 7777 or go
co.uk Leisure: Famed for exporting Greenwich
to www.foxtons.co.uk Mean Time to the world, the area has a rich
history that gives the area a sizeable offering
SELL of museums. It is home to the Maritime
Museum and the Royal Observatory among
others. The Meantime Brewery is a popular
local feature. Pints can be enjoyed in its lovely
Martin Bikhit
MANAGING DIRECTOR OF
CENTRAL LONDON ESTATE
AGENCY, KAY & CO,
ers who are extremely active at the top
end of the market. The research figures
quoted by international agents in respect
of overseas buyers in London rely on just
their own in-house data and these are always
Q&A restaurant and bar.

PRICE WATCH | GREENWICH

AVERAGE HOUSE PRICE
SPECIALISING IN
MARYLEBONE, REGENT’S PARK, going to show a bias towards this market since they
HYDE PARK AND FITZROVIA. often don’t have a local physical office in an area. This GREENWICH (SE10): £523,621
means that they don’t have access to local buyers to
the same degree as a local agent. The bottom line is LONDON AVERAGE: £476,985
ADAGIO POINT I hear that international buyers are purchas- that a good local agent has as much chance of selling
Price: £560,000
This three bedroomed penthouse apart-
ment has an open plan kitchen-dining-
Q. ing the most expensive homes in London.
Should I instruct an international agent?
your home to a foreign buyer as an international
agent – the internet takes care of this. And don’t for-
get, local agents with a physical office also have bet-
10 YEAR PRICE GROWTH

GREENWICH (SE10): 105 PER CENT

living room, balcony and decked roof
garden, pictured above.
Contact: Robinson-Jackson on 020
8297 8777 or go to www.robinson-jack-
son.com
A.
While international buyers have increased ter access to a the local market since people can
significantly over the last few years they are physically walk into an office or look in a window. LONDON AVERAGE: 114 PER CENT
by no means the only people buying expen- When all is said and done you may find that the dif-
sive homes. Our recent experiences demonstrate ference between the two types of agent is just smoke
Source: Savills Research
that there are still a large number of local cash buy- and mirrors.

www.apdinteriors.com

No need to move, improve

Is your home looking tired?
In need of a makeover?
Need to entertain in a beautiful
new kitchen or lounge?

Then make the most of our special offer and have the home you
want this year without breaking the bank.
We can deliver a complete home renovation, extensions or loft/
basement conversions, interior design or the redesign of a single
room, without disrupting your busy life.
Increase the value of your home by up to 22%* by investing in any
one of our services. For a free consultation and to make the most of
our offer, quote APDCAM

Tel. 020 7687 6288 Twitter. @andrewdunning

Email. info@apdinteriors.com Web. www.apdinteriors.com
*Nationwide Building Society.
 For London life.
For park views.
KV
CityPoint
Kidbrooke Village London SE9

The first phase of homes at Kidbrooke Village has launched.

Reserve now at City Point.
NEWHAM
CITY OF
LONDON ALDGATE
MAYFAIR
WATERLOO
VICTORIA CANARY
WHARF
LAMBETH
CHELSEA
PECKHAM
VAUXHALL GREENWICH
CAMBERWELL
CLAPHAM
BROCKLEY BLACKHEATH

DULWICH
KV
KidbrookeVillage
London Borough of Greenwich

Choose from a range of contemporary apartments overlooking Sutcliffe Park, Prices and details correct at time of going to press.
Photography depicts City Point at Kidbrooke Village,
with a concierge service and residents’ gym to make the most of that precious Showhome interior and lifestyle.
time at home. All this with direct train journeys to Victoria, Charing Cross, *Journey times are approximate only. www.tfl.gov.uk.
Map not to scale.
Waterloo East and London Bridge in as little as 15 minutes*.

1, 2 and 3 bedroom apartments from £207,500

Sales & Marketing Suite and Showhome open daily 10am to 6pm (Thursdays until 8pm)
Call 020 8150 5151

Kidbrooke Village. For London. For everyone.

www.kidbrookevillage.co.uk
Delivered in proud partnership with: Appointed Agents:
 SPECTACULAR VIEWS...
from the rooftop gardens at GREENWICHCREEKSIDE

SALES CENTRE AND SHOW APARTMENTS

OPEN MONDAY - SATURDAY 10AM - 6PM

An inspirational development of high specification 1, 2 & 3 bedroom

apartments with incredible views across London, just eight minutes
to Canary Wharf and 20 minutes to Bank.†

READY FOR IMMEDIATE OCCUPATION!

A development by:

Selling Agents: 0800 883 8627 or (out-of-hours) 0800 032 0077

greenwichcreekside.co.uk creekside.sales@telfordhomes.plc.uk
Sales Centre: 133 Creek Road, Greenwich SE8 3BU
Photograph of the roof terrace and view of Adagio Point. External image of Adagio Point. †Transfer time from Cutty Sark DLR station.
 Punter
33

SPORT TRADER BEN CLEMINSON AND BILL ESDAILE TEAM UP TO BRING

YOU THIS WEEK’S BEST FOOTBALL AND RACING BETS

Goals could be hard to

come by in FA Cup final
MANCHESTER CITY

STOKE CITY

TOMORROW – 3.00PM ITV 1

THE Manchester City players and fans
were celebrating as if they had won the FA
Cup when they defeated arch rivals
Manchester United at Wembley last
month. They showed a steely determina-
tion that day and their agonising 35-year
wait for a trophy could be about to come
to an end against Stoke tomorrow after-
noon.
Roberto Mancini’s men are now assured
of a Champions League spot for next sea-
son, so the pressure is off to a certain
extent. However, there has to be a danger
that they could underestimate a Stoke
side that is bang in form at the moment
and has comfortably beaten Arsenal,
Bolton and Wolves in recent weeks.
Tony Pulis has done an incredible job at
the Britannia Stadium and after three sea-
sons in the top flight, the Potters look like
they are here to stay. They are difficult to
break down at the back, with Robert Huth
and Ryan Shawcross both excellent in the
centre of defence. Rory Delap’s bullet
throw-ins are a lethal weapon and the defences hold the key and one mistake can level after 90 minutes. The draw is available at
speed of Jermaine Pennant and Matthew prove very costly. Just ask Michael Carrick 13/5 on Betdaq and I’ll be backing the 1-1
Etherington, combined with the strength after his howler gifted City the win in the scoreline at 6/1 with William Hill. That has
of Kenwyne Jones, means they are no semi-final. been the result in three of the last four meet-
mugs going forward either. The main There is no doubt that City are the most like- ings between the sides.
worry for Stoke is that they have some fit- ly winners, but I don’t think they are value at Sporting Index quote goals at 2.4-2.6 and
ness doubts. 10/11 with Victor Chandler. Since the turn of that is a definite sell to me. There have been
Recent FA Cup final history shows us the year, they have played 13 games away just five scored in 90 minutes in the last four
that these games tend not to be flowing, from Eastlands across all competitions, draw- finals.
high scoring games. In the last 16 years, ing five, losing six and winning just two. The
only four finals have produced three or
more goals and even champions Chelsea
players will undoubtedly be nervous with
expectations high and Mancini isn’t the most
POINTERS...
only managed to beat relegated gung-ho of managers. Draw at 13/5 on Betdaq
Portsmouth 1-0 last season. There is so It would be no surprise to see the game go to 1-1 correct scoreline at 6/1 with William Hill
much at stake for both teams that extra-time and three of the last six finals were Sell total match goals at 2.4 with Sporting Index

Dick Turpin can make fitness edge count

RICHARD Hannon had a remarkable season
in 2010 and the two main highlights were
surely Canford Cliffs and DICK TURPIN. The
stablemates locked horns in the Greenham,
the 2,000 Guineas and the St James’s Palace
and the score currently stands at 2-1 to Dick
Turpin.
It may seem strange then that Paddy Power
have Dick Turpin at 4/1 and Canford Cliffs at
4/5 for tomorrow’s Group 1 Lockinge Stakes
(3.45pm), especially as the former already has
the benefit of a run this campaign. That was
a hugely impressive reappearance at
Sandown when he dismissed Cityscape,
Dream Eater and Music Show with consum-
mate ease.
The stable certainly seem to think that
Canford Cliffs just has the edge, but this
could be the time to oppose him. He will
come on for the run and it’s worth bearing in
mind that he was beaten both times he raced
on a straight course last season. Needing a
bend may be a red herring, but I’d favour his
stablemate on this occasion.
Twice Over has been a fantastic servant for
Henry Cecil, but this trip is surely going to be
on the short side. Cityscape would definitely
come into it if the rain arrived, but the oth-
ers look like they are playing for places. Dick
Turpin is an each-way bet to nothing at 4/1
with Paddy Power and I actually think he can
win.
The same connections could be in high spir-
its this afternoon when TRUMPET MAJOR
lines up in the first at Newbury (1.40pm). He
is quite literally the spitting image of Dick
Turpin, as he has the same owner, trainer
and father, and he is well regarded at home.
Over at York, John Gosden’s DUNCAN
should take all the beating in the Group 2
Yorkshire Cup (2.30pm). He had a decent
campaign last year, winning the Group 2 Prix
Foy at Longchamp in September which set
up a crack at the Prix de l’Arc de Triomphe.
That was aiming slightly too high, but he has
been gelded this winter, has been working
really well at home and has always looked
like he’d love this 1m6f trip.
It’s interesting that Ed Dunlop is sending
RED CADEAUX on the long trek from
Newmarket to Hamilton this evening. He
runs in the Listed William Hill Braveheart
Stakes over 1m4f (6.55pm) and will appreci-
ate the drop back in trip. He’s not the easiest
to win with, but he was a well backed
favourite in last week’s Chester Cup and the
forecast rain is a bonus.
The best trade of the weekend has to be a
back to lay of AKMAL on Betdaq at Newbury
tomorrow (2.00pm). He is more than capable
of winning a race like this judged by his
Henry II win at Sandown last year. However,
he is certain to trade short in running with
Richard Hills sending him off in front and it
may be worth pressing the escape button
rounding the home turn.
With the Investec Derby Festival just three
weeks away, Epsom have announced the
launch of the Jockey Club’s first racecourse
iPhone App. This is an absolute must for any-
one attending the Festival and you will be
able to view racecards, latest odds, results
and video footage, along with photo galleries
and historical information about the race-
course.
You can follow me on Twitter @BillEsdaile.
POINTERS...
TRUMPET MAJOR 1.40pm Newbury (today)
DUNCAN 2.30pm York (today)
RED CADEAUX e/w 6.55pm Hamilton (today)
AKMAL back-to-lay 2.00pm Newbury (tomorrow)
DICK TURPIN e/w 3.45pm Newbury (tomorrow)
 Sport
34

+ FA CUP FINAL +++ FA CUP FINAL +++ FA CUP FINAL +++ FA CUP FINAL +++ FA CUP

Stoke are our

Adebayor looks likely to leave Manchester
biggest test,
says Mancini
City in the summer Pic: ACTION IMAGES

Adebayor: Fan
slurs don’t put City have already turned the tables
on Tottenham, pipping them to the

me off Spurs MANCHESTER CITY Champions League qualifying spot

they missed out on last season with a
1-0 win over Harry Redknapp’s side at
STOKE CITY Eastlands on Tuesday.
▲

FOOTBALL
BY FRANK DALLERES And Mancini believes it is vital that
City add something tangible to the
▲

FORMER Arsenal striker Emmanuel
Adebayor insists he would have no
problem signing for the club’s bitter
rivals Tottenham in the summer,
even though their fans have singled
him out for abuse.
Adebayor, on loan at Real Madrid,
looks likely to leave Manchester City
in a permanent deal this summer,
having fallen out of favour with man-
ager Roberto Mancini, and Spurs
have shown interest.
Their supporters derided the Togo
star with a song he regards as racist
when his goals helped knock them
out of the Champions League this
season, but that has not deterred him
from a transfer to White Hart Lane.
“I heard about the chants and I felt
so bad because before joining Real
Madrid, my first choice was
Tottenham,” said Adebayor, who
almost joined Harry Redknapp’s side
in January.
“When I heard the songs I didn’t
take it seriously. I would go there and
sign for them. Maybe those fans were
furious because Adebayor was taking
them out of the Champions League
and ending their dream of getting to
the final.”
Redknapp is tipped to be in the
market for a forward in the summer,
although he says he does not know
how much money chairman Daniel
Levy will give him to spend.
FOOTBALL
BY JAMES GOLDMAN
MANCHESTER CITY manager Roberto
Mancini believes Stoke will represent
an even greater threat to his side’s
hopes of ending their 35-year trophy
drought in tomrrow’s FA Cup final
than vanquished semi-final oppo-
nents Manchester United.
City stand on the cusp of helping
to return the north west to its tradi-
tional status as the powerbase of
English football with the FA Cup set
for a rare trip up the M6 and local
rivals United placed to wrestle the
Premier League trophy from Chelsea.
Barring City’s way are a Stoke side
who destroyed Bolton at Wembley
last month and put Arsenal to the
sword at the Britannia Stadium last
weekend, and Mancini realises Tony
Pulis’ outfit are a more complete
team than many give them credit for.
“Tomorrow will be harder than
United,” he said. “Stoke are a strong
team and a very difficult team.
“If we want to win we need to play
very well. We should pay attention in
every situation. We cannot concede
anything.
“To think Stoke are an easy team
would be a mistake.”
The FA Cup has resided in the
south for the last four years and has
only been north of the Watford Gap
in four of the last 14 years.
prospect of dining at Europe’s top
table for the first time come August if
they are to continue their progress.
“We have achieved one piece of his-
tory by going into the Champions
League,” he said. “Now it is time we
won a title. It is important we start to
do this as quickly as we can.”
Meanwhile, Mancini revealed he
will give Carlos Tevez right up until
the last moment to prove his fitness.
The City captain made a 10 minute
appearance as a substitute on
Monday after a month out with a
hamstring injury.
Whelan hopes for
Wembley reward
STOKE midfielder Glenn Whelan is
hoping to repay the club who gave him
his break in English football by extend-
ing their run without a major trophy to
36 years. The 27-year-old played in
City's youth team with the likes of
Shaun Wright-Phillips. Mancini is aware of the
He said: “I don’t want to look back strength in Pulis’ side.
and say I’d change anything. I’m glad
where I am now. We enjoy going into Picture: ACTION IMAGES
games where we're the underdogs, it
gives us extra incentive.”

Injury woe strikes again Derbyshire coach Morris sacked during

as Tiger quits Sawgrass county match as players stage a revolt
▲

GOLF
▲

Maryland, but admits his recovery CRICKET down the barrel of another defeat

FORMER world No1 Tiger Woods is a

doubt for next month’s US Open after
renewed injury problems forced him
to abandon his first round at the
lucrative Players Championship.
The American, who hurt his knee
and Achilles tendon at the Masters
last month, quit after just nine holes
of the game’s richest event, worth
£5.8m, yesterday at Sawgrass.
Woods, who has slipped to eighth
in the rankings after a turbulent 18
months, was already six over par by
that point, after shooting a triple
bogey at the fourth.
The 14-time Major winner has less
than six weeks to prepare for the US
Open at Congressional Country Club,
may be back at square one.
“I don’t know. Give me a few days
to see what the docs say. I’m having a
hard time walking. It felt fine during
the warm-up and then as I played it
progressively got worse,” said Woods.
“I’m surprised. The treatment’s
been good and it’s been getting bet-
ter. It just wasn’t enough. The knee
acted up and then the Achilles fol-
lowed after that and then the calf
started cramping up. Everything
started getting tight, so it’s just a
whole chain reaction.”
Woods sprained knee ligaments
and strained his Achilles while hit-
ting out of pine straw at the Masters,
in which he finished fourth. He only
resumed training on Monday.
BY JAMES GOLDMAN
FORMER England batsman John
Morris was relieved of his position as
Derbyshire’s head coach after he was
undermined by a player revolt.
Morris was informed of the deci-
sion to sack him in a meeting with
chairman Chris Grant at close of play
on the second day of the current
championship match against Essex at
Derby.
Grant, a wealthy retired former
City financier, joined the players on
the side’s pre-season tour to Barbados
and has since conducted a series of
meetings with players and coaching
staff.
Meanwhile, Derbyshire are staring
after Ravi Bopara gave the England
selectors another indication of his
Test potential.
The Essex batsman, due to face-off
against fellow international hopefuls
Eoin Morgan and James Hildreth in
next week’s Lions tour match against
Sri Lanka, made 119 as the visitors
closed day three on 282-6, 173 ahead.
Ajmal Shahzad, one of England’s
finds of the winter, took four wickets
as Hampshire ended the second day
still needing 17 runs to avoid the fol-
low-on after Shahzad’s international
team-mate Tim Bresnan made 87 in a
Yorkshire total of 355 all out.
Finally, Kevin Pietersen reached 22
not out at the close of play in Surrey’s
match against Cambridge University.
Pakistan U-turn for
outcast Haider
PAKISTAN wicketkeeper Zulqarnain
Haider has reversed his decision to
retire from international cricket. He
fled Pakistan's team hotel in Dubai and
came to England in November after
claiming he had received death threats
for not taking part in match fixing.
Haider applied for political asylum but
changed his mind and returned to his
home country in April. “I have decided
to take back my retirement decision in
the national interest,” he said.
 35

FINAL +++ FA CUP FINAL +++ FA CUP FINAL

Dalglish promises a busy
Drastic change needed
to restore FA Cup’s aura summer in store at Anfield
King Kenny outlines
clinching the Premier League title intention to spend
just 30 minutes before the final
kicks off. There are also three other again after being
top-flight games diverting attention
from Wembley, as well as a League confirmed as Reds’
One play-off semi-final.
Much is made of the cup’s great permanent boss
reputation abroad and how it’s the
FOOTBALL COMMENT most famous competition of its type
▲
in the world. We’re probably at the FOOTBALL
TREVOR STEVEN stage now where it is appreciated
more by those in far-flung lands
BY JAMES GOLDMAN

T
OMORROW tens of thousands than in its heartland.
of football fans will probably The problem is that it’s been
miss out on watching the FA smothered by the Premier League.
Cup final, or at least some of it, Clubs’ priorities have changed
because they are busy filing out of because the consequences of top-
matches involving their own teams. flight success or failure – a top four
That’s a far cry from the way it place or avoiding relegation – are so
used to be and a terribly sad reflec- much greater than those of winning
tion of just how much sheen has the cup.
been taken off a competition so rich That issue has to be addressed if it
in our history and traditions. is to be restored to former glories.
I played in four FA Cup finals and And the only solution I can see is to
I remember the first one being the give the FA Cup winners a place in
biggest day of my life. Television cov- the Champions League. It would
erage ran from dawn til dusk, creat- make teams take it more seriously,
ing an incredible atmosphere for the competition would be more
the game itself. competitive and as a result you
It has always been the climax to would be more likely to get bigger
the season, a match that stands teams in the final. Whether it will
alone without other distractions. be done is another matter, but we
This season it is likely to be over- should all be fighting to restore the
shadowed by Manchester United famous trophy’s damaged aura.
HOPE FOR STOKE? | GREAT FA CUP FINAL UPSETS
1973: Sunderland boss Bob 1988: Lawrie Sanchez is 1990: Supersub Ian Wright
Stokoe streams onto pitch the hero as Wimbledon’s saves Crystal Palace from
after his Division Two side Crazy Gang stunned all- defeat and gives Man Utd a
humble mighty Leeds 1-0 conquering Liverpool 1-0 scare in a riotous 3-3 draw
LIVERPOOL boss Kenny Dalglish has
vowed to freshen up his squad in the
summer with a smattering of new
signings after yesterday finally sign-
ing a three-year contract confirm-
ing him as the club’s permanent
manager.
The 60-year-old, who swapped an
ambassadorial role for a return to the
Anfield dugout after a 20-year
absence in January, has led Liverpool
from 12th place in the Premier
League to the brink of Europa League
qualification, largely on the back of
the transfer window dealings which
saw Fernando Torres depart for
Chelsea and replaced by Luis Suarez
and Andy Carroll.
And Dalglish admits Liverpool’s
hopes of challenging Manchester
United’s supremacy next season
could well hinge on how well he
spends the funds that will be at his
disposal in the summer.
“For ourselves, like every other foot-
ball club, there will be movement in
and out and I am sure there will be
plenty of speculation.
“There will be movement in and
out, it’s part and parcel of pre-season
and football clubs, and we’ll be doing
business. But the better we do busi-
ness, the more successful we’ll be.”
“Whether it (spending) is massively
or whether it’s cheaply doesn’t make
any difference as long as you spend
well. Budgets are all very well and
good, but they are never a guarantee
of attaining success on the field.
Dalglish has signed a three-year contract Picture: PA
Dalglish, whose assistant Steve
Clarke also signed a permanent con- SEASON OF TWO HALVES | ROY V KENNY
tract while Damien Comolli was pro-
moted to director of football, played Hodgson’s record: Played 20; Won 7;
down suggestions the club’s new Drawn 4; Lost 9; Points 25; Goals for
American owners had dithered over 24; Goals against 27.
an appointment many felt could have Dalglish’s record: Played 16; Won 10;
been rubber stamped several months
ago. Drawn 3; Lost 3; Points 33; Goals for 35;
He said: “There might have been Goals against 14.
some people saying three or four
weeks ago, ‘Why hasn't it happened?’ DALGLISH EFFECT | FIVE KEY CHANGES
but we knew we were still going
about our jobs anyway and do them l Given the club’s academy players
as well as we possibly could. such as Jay Spearing a chance
“There has been nothing wrong
with any of the timing, no problems l Shrewd in the transfer market, losing
with any of the discussions, it’s just Torres and gaining Suarez and Carroll
the way it was done. l Tactically flexible – switching
“It suited everybody to get it done
and dusted – but only if it was right
between three and four at the back
for everybody and when it was the l Built a side no longer dependant on
right time. the presence of club captain Gerrard
“There was never a need for any- l Reignited the passion of the Kop unit-
body to dive in and make any rash
decisions, the club or ourselves.” ing the fans behind the team

SPORT | IN BRIEF Results

Queen’s horse becomes Derby favourite
HORSE RACING: The Queen’s Carlton House is the
new favourite for next month’s Investec Derby
after winning trial race the Dante Stakes at York
yesterday. Jockey Ryan Moore brought Sir Michael
Stoute’s colt home a length-and-a-half ahead of
favourite Seville. Carlton House, who was last night
quoted at 5-2 by bookmakers William Hill, is set to
be the Queen’s first entry in the Epsom Classic for
30 years, when Church Parade was fifth.
Man in court over Lennon attack
FOOTBALL: A man appeared in court yesterday
over the attack on Celtic manager Neil Lennon
during Wednesday night’s match at Hearts. The
man made no plea or declaration and was remand-
ed in custody over charges of religiously motivated
breach of the peace and assault. It comes as two
men were held by police probing parcel bombs
sent to Lennon earlier this season. Another sus-
pect package was found at Celtic Park yesterday.
=FFK98CC
EGFN<I:?8DG@FEJ?@G
GC8P$F==J<D@$=@E8C=@IJKC<>
Efkkd=fi\jk%%%%%%'  ' JnXej\X%%%%%%%%%%'  '
8kk).#//(
:I@:B<K
CM:FLEKP:?J?@G$;@MFE<1<[^YXjkfe 2
NXin`Zbj*/)DPfljl]('0#;>Ni`^_k,$/* m
NfiZj))/$0.'%*fm\ij %?\X[`e^c\p:Xie\^`\ 2
Pfibj_`i\*,,KK9i\jeXe/.#AD9X`ijkfn/*#;
>:fib,$., m?Xdgj_`i\(/0$--*%'fm\ij 8
J_X_qX[+$+/ %?fm\ 2Jljj\o*'+:;EXj_0* Xe[
(/.$(<:AfpZ\//ef#:;EXj_,. mEfkkj(+,A<
8epfe+$,) Xe[*+)%Jljj\o))gkj Y\XkEfkkj
*gkj Yp0n`Zb\kj%<d`iXk\j;li_Xd@:> 2Jfd\ij\k
-('$-[\Z%EI;:fdgkfe),+ef#D<Ki\jZfk_`Zb
(++#G;Ki\^f0/ m;li_Xd)*.DA;`M\elkf/-#>
?ljjX`e+$+0 Xe[)).$*.0%'fm\ij DA;`M\elkf
(() %:CP;<J;8C<98EB+'$>IFLG81JXccXe[
:: 2?fccXe[('+mD`[[c\j\o(',$*D`[[c\j\o
)gkj Y\Xk?fccXe[Yp.n`Zb\kj%
K<EE@J
8KG@EK<IE8Q@FE8C@9EC;Ë@K8C@8Ifd\#
@kXcp ÇJ\c\Zk\[D\ejIe[*18DliiXp>Yi YkG
JkXiXZ\@kX -$)-$*#IEX[XcJgX Yk=Cfg\q
JgX -$+-$)#I>Xjhl\k=iX YkI=\[\i\iJn` 
+$-.$-.$-%
KFE@>?K
egfn\i:_Xdg`fej_`gGcXp$F]]
J\d`$=`eXc=`ijkC\^
I\X[`e^m:Xi[`]].%+, %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
email sport@cityam.com

%$
&7&3:0/&µ4
"
8*//&3
%$

Investec Derby Festival – 3rd & 4th June 2011

Featuring the world’s greatest flat race Book now: 0844 848 3256 epsomdowns.co.uk
SUMMER SUNSHINE PARTY WEEKEND

FOR THE MOST SOUGHT AFTER SOCIAL EVENT IN THE CAPITAL

HEAD FOR HURLINGHAM PARK ON THE FIRST WEEKEND IN JUNE
WITH 3 DAYS OF POLO ACTION AND THE FABULOUS
‘VEUVE CLICQUOT AT HURLINGHAM’ PARTY

Start the weekend early on City Friday, enjoy the charms of Ladies Day on Saturday and see it
through to Finals Day and the Veuve Clicquot at Hurlingham Party on Sunday. If polo isn’t
enough visit our Harrods Food Court, Shopping Village, Mahiki Bar or the Punchbowl Pub –
altogether making MINT Polo in the Park the best event in town!
Contact us now for more information on our range
of hospitality packages to suit any budget
BOOK
T: +44(0)20 7 936 5284 • E: Rachel@cityevents.uk.com NOW
mintpolointhepark.com VIP PACKAGES
SELLING
FAST