FEATURING THE
HIT SONGS
Issue 1,391 Friday 27 May 2011
OSBORNE HIT BY
DATA LEAK ROW
POLITICS
▲
BY JULIAN HARRIS
SENSITIVE data leaked by the Treasury
could have fallen into “the wrong
hands” and been used to profit off the
markets, the head of the UK’s statistics
office said yesterday in a scathing let-
ter to the chancellor George Osborne.
The Treasury has sent confidential
inflation data to around 400 recipients
prior to its official release twice this
year already, provoking the criticism of
Osborne from statistics chief Sir
Michael Scholar.
An investigation had to be held on a
third occasion, after suspicious market
movements were noticed before
March’s surprisingly modest inflation
figure. “There is a risk of market
manipulation if key economic data
falls into the wrong hands before pub-
lication,” Scholar wrote yesterday.
“And there is an inevitable percep-
tion among some people outside gov-
ernment that, with such widespread
privileged access, there is opportunity
for political manipulation of the statis-
tical outputs.”
Osborne has performed a spectacu-
lar U-turn since coming to office last
year, according to the letter. In opposi-
tion the Conservatives were against
the dissemination of sensitive data
within Whitehall prior to release, yet
since coming into power have stuck
with the system for the last year.
“Why do 50 or more people need to
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Facebook
boss: don’t
regulate us
▲
REGULATION
BY ALISON LOCK
FACEBOOK founder Mark Zuckerberg
defended the internet’s freedom of
26 May 2011
speech to world leaders at the Group of
Eight summit in France yesterday.
Smart-suited Zuckerberg (below) and
Google chief executive Eric Schmidt
both hit back at plans by French
President Nicolas Sarkozy to regulate
the world wide web, arguing that it
aided democracy and free expression.
The G8 has proposed that the inter-
net is policed more stringently, arguing
that intellectual property and privacy
a serious lapse in the need to be protected.
I am writing to you about
asu ry’s han dlin g of offi cial statistics… But the two internet moguls said reg-
Tre e
was the seco nd tim e in two months that ther ulation would hinder innovation.
…This of the CPI….
with the pre- release At a meeting at the Deauville sum-
has been a problem
eption among some mit on the issue, Zuckerberg described
… there is an inevitable perc
that with such widespread
, the web as “really a powerful force for
people outside government
acc ess, ther e is opp ortunity for political giving people a voice.”
privileged
the statistic al outputs. So trust in official “You can’t isolate some things you
manipulation of
like about the internet, and control
statistics diminishes…”
other things you don’t,”
he said. Schmidt
said: “The indus-
try as a whole is
concerned that
Chancellor Osborne was accused of breaking his promise to tighten controls over sensitive economic data Picture: REUTERS premature reg-
ulation...can
have the CPI a day ahead of the The Treasury looked to play down While the investigation into alleged shut off whole
Opposition, Parliament, the public, the incident last night. market manipulation last month new industries,
and media?” Scholar asked Osborne. “This was an accidental breach by failed to find evidence of a leak, “there whole new oppor-
There is “no good reason” Scholar the official side of the Treasury, no min- can never be positive proof that the sus- tunities.”
said, yet accused successive govern- isters were involved and no-one made picions were unfounded”, Scholar G8: PAGE 4
ments of wanting “political advan- personal or political profit from this wrote. “So the damage to public confi-
tage” so that they have “time to spin.” mistake,” a spokesperson said. dence in these most important eco-
“The risks of the present pre-release “The Treasury has put in place strin- nomic statistics remained,” he said,
arrangements are considerable,” gent measures to make it less likely this urging the chancellor to amend the
Scholar said. mistake will happen in the future.” rules over the dissemination of data.
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 2 News
Halting our debt binge will be painful
EDITOR’S LETTER
ALLISTER HEATH
WELCOME to the new normal. For
years, the UK economy has been
fuelled by the unsustainable accumu-
lation of debt, public as well as private.
Now that the cheap money bubble has
burst, and consumers, firms and the
government can no longer go on bor-
rowing as if there were no tomorrow,
Britain will have to learn to live within
its means.
That will mean a much lower long-
term rate of growth that reflects the
UK’s reduced competitiveness, sys-
temic skills and attitude problems,
and our high-tax, high cost and highly
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WHAT THE OTHER PAPERS SAY THIS MORNING
HSBC EMBROILED IN INTERNSHIP ROW
HSBC has been accused of nepotism
after its legal department implied it
offered work experience only to the
sons and daughters of its own execu-
tives. Richard Bennett, group general
counsel, sent a letter rejecting a
young woman who had sought
unpaid work in his department.
“HSBC does not have a structured
work experience programme
although, occasionally, arrangements
are made for sons and daughters of
HSBC executives, particularly if they
work in the legal or compliance
departments, to gain such experi-
ence,” he wrote.
GOOGLE REVEALS MOBILE PAYMENT
PLAN
Google and a group of partners
including Sprint Nextel, Citibank and
MasterCard plan to jump-start the
mobile payments market in the US
regulated economy, factors that were
camouflaged during the bubble years.
That doesn’t mean zero growth or a
Japanese-style stagnation; and it cer-
tainly doesn’t mean a double-dip
recession. But it means that even a
good year won’t feel that great.
Tim Morgan of Tullett Prebon goes
one step further than I do in a fasci-
nating paper that destroys the Labour
party’s record yet also predicts that
the coalition will fail to eliminate the
deficit. He estimates that compound
growth of 2.8 per cent between 2000
and 2008 would have been less than
1.4 per cent in the absence of what he
calls “Brown bubble borrowing” –
more than half of the “growth” we
saw was artificial and unsustainable,
he calculates. Morgan, who unlike
most City economists doesn’t mince
his words, has even launched his very
own Armageddon Project – it seeks to
predict what will happen if the coali-
tion is right about the terrible dangers
of a spiralling national debt while its
opponents are also right that the
Loophole for
banks in Basel
REGULATION
▲
BY ALISON LOCK
BANKS with large insurance arms
could sidestep the toughest elements
of the new Basel III capital require-
ments, according to not-yet-released
draft European Union legislation.
The draft plans to roll Basel III out
across the EU could let banks count
more capital held within their insur-
ance arms towards the quota they
must hold, than institutions outside
the bloc are allowed to.
That would benefits banks such as
Lloyds Banking Group, which has a
large insurance arm, or French banks
such as BNP Paribas and Société
Générale, the Financial Times report-
ed yesterday.
The EU draft of the rules would also
allow banks to continue issuing
hybrid capital such as preference
with a system based on a free ‘Google
Wallet’ app and a technology called
NFC (Near Field Communications.)
“Today, we’ve joined with leaders in
the industry to build the next genera-
tion of mobile commerce,” said
Stephanie Tilenius, Google’s vice-pres-
ident for commerce and payments.
TIFFANY UPBEAT ON RECOVERY OF
JAPAN BUSINESS
Tiffany, the US-based luxury jewellery
retailer, raised its full-year earnings
outlook after first-quarter sales and
profits beat expectations. The compa-
ny also said that its Japanese business
had begun to recover earlier than
expected. The results lifted Tiffany
shares by 8.6 per cent to $76.05 on
Thursday in New York, their biggest
intraday rise in a year, and the compa-
ny called them “nothing short of out-
standing”. Net income rose 26 per
cent to $81.1m, or 63 cents a share, in
the first quarter from $64.4m, or 50
cents a share, in the same period a
year ago.
deficit reduction plan will be under-
mined by low growth.
Borrowing has become a way of life
in the UK. During 1996-2002, total
public and private borrowing aver-
aged 4.9 per cent of GDP. Between
2003-2010, however, this had jumped
to 11.2 per cent and, with the excep-
tion of 2008-09 when this fell to 7.8 per
cent, triggering a collapse in output,
annual borrowing never fell below
10.4 per cent. The result was fake pros-
perity. Over the past decade, borrow-
ing drove output in financial services
(+123 per cent), construction (+27 per
cent) and real estate (+26 per cent),
while lavish state spending (predicat-
ed on a tax base that never really exist-
ed) propelled health (+35 per cent),
education (+27 per cent) and public
administration (+22 per cent). Output
in all other sectors is now five per cent
lower than it was 10 years ago.
Six of the eight largest sectors of the
UK economy are dependent on private
or public borrowing: 58 per cent of the
economy is thus unlikely to grow. If
shares or co-co bonds for longer than
currently anticipated.
Basel III bans banks from counting
any hybrid debt instruments issued
after its new standards were pub-
lished in 2010 – whereas the EU draft
would allow them to include any
hybrid debt issued up until its draft
becomes formal, which is thought to
be in July. That would aid banks such
as Credit Suisse that have continued
to issue co-co bonds despite the rule.
Basel III rules, though set by its
committee, can be tailored by individ-
ual regulators.
Lloyds Banking Group
chief exec António
Horta-Osório may be
able to exploit a loop-
hole in Basel III
NOW ROTHSCHILD TURNS HIS
ATTENTION TO OIL
The financier Nathaniel Rothschild
and former BP boss Tony Hayward
will launch a new investment vehicle
in the next couple of weeks as they
look to raise £1 billion for acquisi-
tions in the oil sector. The fund,
called Vallares, is expected to publish
its prospectus early next month and
has recruited several respected busi-
nessmen to sit on its board.
CHINA ADMITS TRAINING
CYBERWARFARE ELITE UNIT
China today admitted for the first
time the existence of a super-elite unit
of cyberwarriors – a team supposedly
trained to protect the People’s
Liberation Army from outside assault
on its networks. The revelation of the
30-strong crack unit, known as the
“Blue Army”, will confirm the worst
fears of governments across the globe.
retail is added to this, the ex-growth
proportion of the economy hits 70 per
cent. To Morgan, meaningful growth
is thus mathematically implausible,
as is the chancellor’s hope of slashing
the budget deficit.
I’m slightly more optimistic. Not all
the borrowing of the past decade was
bad or unsustainable; some of it was
caused by the expansion of financial
balance sheets, not all of which was
pernicious. A booming global econo-
my ought to allow more growth than
Morgan seems to allow for. But it is
clear that the growth rates being pre-
dicted in two years’ time are too opti-
mistic. Giving up and attempting to
turn the debt tap back on would be
suicide. Instead, we must grow by lib-
erating Britain’s supply-side: cut regu-
lation, eliminate punitive tax rates,
shake-up planning rules, stop bashing
the City and make employing people
more profitable. Armageddon can still
be avoided – but time is running out.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Shoppers surprised the economists with a return to the high street in May
High street morale surges
UK ECONOMY
▲
BY JULIAN HARRIS
MORALE on the British high street
took a huge leap in May, recording
the second sharpest rise of all time,
the GfK NOP consumer confidence
index revealed today.
People reported a boost to their
confidence over personal finances
and the general economic outlook.
The last time the headline index
accelerated this fast was in May 1993.
“But before the businesses cele-
GERMANS ATTACK BP, SHELL FOR
OVER-CHARGING FOR PETROL
Five big oil companies, including BP
and Shell, are in trouble with the
German regulator for over-charging
drivers at petrol stations. The German
cartel regulator accused BP,
ExxonMobil, Shell, ConocoPhillips
and Total of running an "oligopoly"
with a stranglehold on 65pc of the
market.
EUROTUNNEL TO CARRY ELECTRICITY
FROM FRANCE TO UK
Electricity will flow between Britain
and France alongside Eurostar trains,
after the operator of the Channel
Tunnel unveiled a €250m (£217m) plan
to run a cable under the sea.
Eurotunnel has proposed an intercon-
nector cable with France to help
smooth volatility in energy supplies.
The 500 megawatt cable will connect
to Britain’s power system in Kent.
CITYA.M. 27 MAY 2011
NEWS | IN BRIEF
Fed balance sheet hits new high
The US Federal Reserve’s balance sheet
soared to a new record of almost $2.8
trillion (£1.7 trillion) in the past week as
it pushed ahead with its QE2 bond-buy-
ing programme, its data showed yester-
day. The balance sheet data, a sign of
the level of its lending to the financial
system, was up from $2.74 trillion the
week previously. Overnight loans to
banks jumped to $11m per day in the
week to Wednesday, up from just $3m
per day the prior week. The Fed expects
to continue the quantitative easing until
June to shore up the US economy.
Deutsche silent on succession
Deutsche Bank’s board batted away
shareholder questions about who it was
lining up to succeed chief executive
Josef Ackermann at its annual meeting
yesterday. Angry investors told the bank
to end speculation over the lack of a
successor, which is increasingly seen as
a risk to the bank. Ackermann renewed
his contract two years ago when the
bank failed to find a replacement, but is
expected to step down before it ends in
2013. He also pledged to deal with a
spate of lawsuits to hit the bank.
brate, it should be pointed out that
we are improving from a rock bot-
tom position and consumer confi-
dence is still deeply in the negative,”
warned Nick Moon of GfK NOP Social
Research.
The headline index jumped 10
points to a score of -21, yet remains
lower than at the same time last year,
when it measured -18 points.
The sub-index for sentiment in the
general economic outlook spiked
upwards, to -15 from -30 in March.
ECONOMICS: P16-17
EX-NASDAQ MANAGING DIRECTOR
PLEADS GUILTY TO INSIDER TRADING
A former executive at the Nasdaq
Stock Market admitted to using his
position at the stock exchange to
obtain nonpublic information, which
he used to commit insider trading,
prosecutors said. At a hearing in feder-
al court in Virgina, Donald Johnson,
56 years old, said he purchased and
sold the stocks of Nasdaq-listed com-
panies based on inside information.
HOUSE VOTES TO BAN GROUND TROOPS
FOR LIBYA
The House on Thursday overwhelm-
ingly voted to prohibit ground troops
from being sent to Libya and only nar-
rowly defeated a measure to force
President Barack Obama to lay out
plans to end the Afghanistan war, in
moves that show the limits of congres-
sional support for military involve-
ment in overseas conflicts.
CITYA.M. 27 MAY 2011 News 3

Juncker: IMF SERBIAN FORCES ARREST RATKO MLADIC

Tote bidders
must wait
could turn off for decision
aid to Athens

▲
BANKING
BY ALISON LOCK
MINISTERS failed to reach an agree-
ment on the winner of the auction of
state-owned betting group the Tote
EUROZONE and take upon themselves the IMF’s following final talks yesterday.
▲

BY JULIET SAMUEL
PANICKING investors dropped the
euro yesterday after comments by
Eurogroup chairman Jean-Claude
Juncker sparked a bout of anxiety
over the fate of the single currency.
Juncker raised the alarm by warn-
ing that the IMF might not be able to
pay out its next instalment of aid to
Greece if the sovereign does not have
funding in place for the next year.
“The IMF can only be active when
there is a refinancing guarantee for
12 months,” he said, adding that such
a guarantee is unlikely: “I don’t think
that the troika (the EU, IMF and ECB)
will come to this result.”
He further stoked fears by saying
that should the IMF refuse to con-
tribute its third to Greece’s rescue
funds, it would be politically difficult
for the EU to plug the gap. “The
expectation of the IMF is that the
Europeans would step in for the IMF
portion of the financing… That won’t
work, because in certain parliaments
– Germany, Finland and the
Netherlands and others too – there is
no preparedness to do so.”
In response, the euro dropped 12
cents against the dollar, 8p against
sterling and five cents against the
Swiss franc.
Analysts speculated that Juncker
could be attempting to scare Greece
into taking its deficit seriously by
indirectly raising the prospect of a
default. The IMF is due to dispense its
share of another €12bn (£10.4bn) in
aid to Greece on 29 June as part of its
€110bn bailout package.
But the funds are subject to strict
conditions, with the IMF, ECB and EU
currently in Athens to examine its fis-
cal situation. The EU admitted recent-
ly that a “soft restructuring” of
Athens’ debt is likely, which ratings
agencies have said would effectively
constitute a default.
The department of culture, media
and sport was due to announce the
winner of the auction yesterday but
talks were apparently derailed after
chancellor George Osborne was
pulled out to take calls with
International Monetary Fund leader-
ship candidates.
However, the lack of a decision also
indicates that the two final bidders –
BA chairman Sir Martin Broughton
and the bookmakers Betfred – may be
neck and neck.
Sir Martin’s investment vehicle,
Sports Investment Partners, improved
its offer slightly, raising its cash pay-
ment to the Treasury to £77m from
£75m and its annual payment to the
racing industry to £11.5m from £11m.
City A.M. understands that Betfred
RATKO Mladic, the Bosnian Serb general allegedly responsible for the Srebrenica massacre believes it offers a £40m higher pay-
of 8,000 Muslims during the Balkan war of 1992-1995, was yesterday arrested by Serbian ment to the government and has
troops after 15 years on the run. Self-dubbed “the Serbian God”, he is accused of leading higher estimates of the Tote’s com-
forces in the 43-month siege of Sarajevo while carrying out a programme of ethnic cleans- mercial revenues. A decision is expect-
ing against all non-Serbs in Bosnia. He was found in a village near the Romanian border. ed today or early next week.

@
NEWS | IN BRIEF
BAA chair robbed at knifepoint
Sir Nigel Rudd and his wife Lesley were
said to be shaken but recovering yester-
day after being held up in their Belgravia
home by men armed with knives who
stole valuables. The men, wearing stock-
ings over their heads, held up the Rudds
when they returned to their £7m home
at about midnight on Monday after a
night out. They forced their way in as
the couple were closing the door, threat-

@
ened them with knives and forced Sir
Nigel to open his safe before taking
£50,000 of jewellery and a designer

It’s
It’s all
all about
about s
style
tyle
watch.

LSE’s Rolet criticises hostile bid

London Stock Exchange chief executive
Xavier Rolet poured scorn on Canada’s KLM b
business
usiness cla
class
ss
Maple Group yesterday after it said it
would pursue a hostile bid for the
Toronto Montreal Exchange (TMX).
Rolet dismissed the revised offer as Du
Dubai
bai from
from £
1,391
almost identical to what the TMX board
rejected last week and warned that any
Mumbai
Mumbai from
from £
1,572

@
deal would leave the Canadian exchange
among the most leveraged in the world.
If the banks pursue the further takeover
of TMX rival exchange Alpha and clear- Shanghai
Shanghai from
from £
1,821
ing group CDS, funded by share capital,
the banks could gain more than 50 per
cent ownership of the final exchange he
Bangkok
Bangkok from
from £
1,886
said. Rolet also warned that hostile bids
had proved difficult to execute. Cape Town
Cape Town from
from £
1,927
Terra Firma debt talks go slow
Guy Hands’ private equity firm Terra
Firma is making slow progress on refi-
Lima
Lima from
from £
2,244
nancing a complex €5.1bn (£4.4bn) Re
Return
turn ffares
ares fr
from
om H
Heathrow,
eathrow, incl
incl ttaxes
axes
securitised loan in its German property
group Deutsche Annington, as details
of the bondholders’ voting rights More offers on KLM.com
emerge, City A.M. learned yesterday.
www.cityam.com

Terra Firma has started the process of

refinancing the debt despite it matur-
ing only in 18 months. The loan docu- Fares quoted are for return business class flights from Heathrow via Amsterdam, including taxes and charges, and are
mentation requires an unusual level of subject to change. Please check for correct fare at klm.com at time of booking. Book by 16/06/11. Travel periods vary.
approval, up to 100 per cent, rather Fares are subject to availability. Credit card surcharge will apply. Specific booking conditions and the General Conditions
of Transportation of KLM and AIR FRANCE apply. Prices correct at 11/05/11.
than the 75 per cent more often
accepted, which is slowing down the
process. Terra Firma is talking to bond-
holders and has hired Blackstone to
advise it. It has owned Deutsche
Annington for 11 years.
 4 News CITYA.M. 27 MAY 2011

G8 countries to warn Greece CITY VIEWS: ARE YOU OPTIMISTIC ABOUT THE G8
SOLVING THE GREEK CRISIS? By Shiba Babamiri and Scarlett Archer
LUKE WILDS | PICKTHORN
over its massive debt burden “Well, Greece needs a stronger economic
policy and the solution needs to come
from within the country. As they are
work with the IMF to solve its debt mit in a summit statement from the
in the EU we’re obliged to help them
▲

WORLD ECONOMY
BY HARRY BANKS
THE G8 leaders raised the alarm yes-
terday about government debts
weighing down the world economy
but pledged at a meeting in France to
find funds to help new Arab democra-
cies.
Japan’s deputy chief cabinet secre-
tary, Tetsuro Fukuyama, told
reporters the G8 agreed Greece must
do more to sort out its finances and
crisis.
The Greek government has called
emergency talks with the opposition
for today as repayment deadlines
loom and European officials have
warned that aid could be withheld
for a country where millions face
many years of austerity at best.
EU sources said European
members of the G8 – Germany,
France, Britain and Italy -- as well as
European Union officials would com-
resort of Deauville to continue efforts
to rein in the Eurozone debt crisis. but we can’t keep bailing them out.”
As another Arab state, Yemen,
appeared headed for civil war last
night, leaders of the G8 -- the seven
Western powers, plus Russia -- called MARCUS RICCOBONI | RSA
on its president to join those of Egypt
and Tunisia in stepping down.
A draft of today’s final summit “No, I think we should leave them alone as
communique also contained strong
censure of the Syrian and Libyan lead-
we can’t continue to bail them out. We
ers. tried once and it didn’t work. Their
economy is too weak to be in Europe.”

RICHARD PIPE | SOVAG INSURANCE

“I’m not optimistic at all because Greece is

in too much deficit, but as EU members I
think everyone should pull together
and help.”

UBS rebuffs
a Swiss exit
changes will in part be aimed at miti-
▲

BANKING
BY JULIET SAMUEL
UBS has no plans to move its head-
quarters out of Switzerland, chief
executive Oswald Gruebel said yester-
day in response to a flurry of reports
that the bank could re-domicile under
pressure from Swiss regulators.
But he did not deny reports that
UBS is looking into a way of hiving off
its investment bank or other parts of
the bank to allay Swiss concerns
about being the lead regulator to a
bank with international operations
too large for the country to bail out
again.
The bank said in its first-quarter
results statement that it is
“evaluating potential changes to our
booking model and corporate struc-
ture in view of developing regulatory
concerns and requirements, not only
in Switzerland but also in the UK, US
and elsewhere”. Any structural
gating the impact of Switzerland’s 19
per cent core tier one capital require-
ments, which are the highest any reg-
ulator has so far adopted.
Analysts at broker Credit Agricole
Cheuvreux suggested that this could
mean ring-fencing the investment
bank and moving its headquarters to
the domicile that hosts most of its
business, most likely London or New
York.
“Foreign regulators will increasing-
ly demand capital to be located where
the business is as they realise that
only systemically important
functions will be saved in the event of
a crisis,” Cheuvreux analysts said in a
note.
But any ring-fencing would still
probably not allow a subsidiary to
duck Switzerland’s capital require-
ments altogether, due to Swiss bank-
ruptcy law that demands “enforced
solidarity” within a group.

Support for Conservatives dips

as optimism for economy fades
Conservatives, the coalition govern-
▲

POLITICS
UK SUPPORT for the Conservative
Party has fallen slightly but most peo-
ple do not believe the Labour opposi-
tion is ready to govern, blaming it for
We fly from Gatwick, Luton and Stansted. *Price correct as at 19 May 2011. Available to book now for travel between the country’s economic woes, an
19 May and 29 October 2011. **Price shown is for five nights from 12 June 2011 from Gatwick airport. Price is per person opinion poll showed yesterday.
based on two people sharing 3* room only accommodation. Variable charges for hold baggage apply and some payment The May Reuters/Ipsos Mori
methods may attract a handling fee. easyJet Holidays comprises flights by easyJet, accommodation arranged Political Monitor showed Labour up
by Lowcostbeds and other services provided by third party suppliers. See website for details. two points since last month on 42 per
cent, while support for the
ment’s senior partners, fell five
points to 35 per cent of those who
plan to vote.
Backing for the Liberal Democrats
rose one point to 10 per cent, far
below the roughly 24 per cent who
voted for them a year ago.
Economic optimism was down
slightly, with just 29 per cent of
Britons expecting the economy will
improve in the next year.
CITYA.M. 27 MAY 2011
Minerva gets
£194m cash
takeover bid
▲
PROPERTY
BY STEVE DINNEEN
TROUBLED property developer
Minerva yesterday confirmed it has
received a preliminary cash offer valu-
ing it at £194m.
The bid for the Walbrook developer
is from a consortium of firms led by
Jamie Ritblat’s Delancey Real Estate
Asset Management.
One Minerva investor told City A.M.
the bid is “an interesting offer”, say-
ing: “Something has to happen soon,
it has to either sell or launch a rights
issue. There have been all sorts of
rumours about a counter bid but this
is the only thing on the table.”
Minerva, which is saddled with
debts of almost £860m, says the offer
is a 21.4 per cent premium to its pre-
announcement closing price of 99.25p
and a 53.5 per cent premium to its
price before it informed the market it
was involved in takeover talks.
Minerva has agreed to pay almost
£2m to the group if it backs out of the
deal or its board votes it down.
The market was yesterday waiting
for a possible counter bid. Rebel
shareholder KiFin, the firm led by the
South African property investor
Nathan Kirsh who launched a failed
bid and later a boardroom coup at
Minerva last year, is seen as a possible
rival. Others include Dubai-based
investor Limitless and Iranian proper-
ty entrepreneur David Shamoon.
However, shares in Minerva closed
up 14.6 per cent to 113.75p yesterday,
below the proposed cash bid of
120.5p – suggesting the market did
not expect a counter bid.
A London-based analyst, who
declined to be named, said the share
price reflected uncertainty over how
long the offer process would take and
whether the bidder would get conces-
sions from Minerva’s banks on its
debt facilities.
Minerva’s debt pile relates to two
large office developments, the
Walbrook and St Botolphs – both of
which have struggled to find tenants
large enough to satisfy the conditions
laid down by Minerva’s banks.
Property tycoons John (left) and Jamie Ritblat. Jamie is fronting a bid for Minerva.
The property dynasty
PROPERTY
▲
BY STEVE DINNEEN
JAMIE Ritblat has long emerged
from the strong shadow of his prop-
erty tycoon father John. He became
a well-known name in the City in
his own right after his successful
management buyout of the pub-
licly owned Delancey Real Estate
Asset Management firm in 2001.
He has since been behind a string
of high profile property deals
Focus on Minerva bid
including snapping up Bovey Castle
hotel and golf resort for £26.4m.
He received a leg-up from his
father, who was formerly chairman
and chief executive of British Land.
Jamie began working for the firm
and moved onto the board in 1993.
He left two years later to set up his
own venture, with the backing of
his father. John is renowned as a
master businessman who made
British Land one of the most suc-
cessful property firms in the UK.
5
ADVISER: WHO’S ON
THE MINERVA TEAM?
BRIAN CASSIN
GREENHILL
GREENHILL is financial adviser to
Minerva. Heading up the team is
co-head of European corporate
advisory Brian Cassin.
Cassin joined Greenhill in 1998
after working for six years with
Baring Brothers International in
London and New York and four
years with the London Stock
Exchange. Cassin has long been
involved with Minerva, advising it
on its long-running negotiations
with KiFin. This included advising
on KiFin’s offer for the company,
which the board rejected.
He also advised Emerson on its
bid for UK power protection group
Chloride and was involved in media
group DMGT’s agreement to sell
Study Group International to funds
advised by CHAMP private equity.
Joint corporate brokers are Citi
and Peel Hunt, where Capel Irwin
is heading up the team. Irwin last
year led the charge in the corpo-
rate broking team for Hansteen
Holdings acquisition of a German
industrial property portfolio for
£330m.
Rothschild is financial adviser on
the other side of the bid, with Alex
Midgen and Richard Blackwell
working on the deal.
 6 News CITYA.M. 27 MAY 2011

Clegg in U-turn on
Deputy Prime
Minister Nick
Clegg yesterday
insisted that
change to the NHS

NHS reform plans

would not happen
“overnight”, mak-
ing it clear that
controversial
reforms would be
significantly
of the differences between his party – slowed down and
▲

POLITICS
Deputy Prime Minister Nick Clegg yes-
terday chose the NHS as a coalition bat-
tleground as he insisted that the
service would not “change for change’s
sake”.
In his first major speech on the
health service since first signalling his
concerns over the NHS reforms, Clegg
stressed that there were no arbitrary
deadlines for reform.
And in a bid to remind the electorate
the Liberal Democrats – and the more private sector
Conservatives, Clegg said change competition intro-
would not happen “overnight”, and duced only with
made it clear that GPs would not have great care
to take over from Primary Care Trusts
if they were not ready to do so.
He suggested the NHS reform bill
may need to go back to a committee of
MPs for further scrutiny, and reiterated
his opposition, first voiced last month,
to promoting competition in the sec-
tor at the sacrifice of collaboration.

Promotions
up a third at
UK law firms
▲
LEGAL SERVICES
BY ELIZABETH FOURNIER
PARTNER promotions at the UK’s top
50 law firms have risen by almost a
third compared to last year, according
to research by Legal Week magazine.
The figures show an upturn in con-
fidence throughout the Magic Circle
firms and beyond, with recent finan-
cial results supporting the return to
form.
Across the top 10 UK firms by rev-
enue (see below), there have been a
total of 226 partner promotions this
year, compared to 184 in 2010.
The latest numbers are a stark con-
trast to those released during the
recession, with promotions to law
firm partnerships falling by a third
between 2008 and 2009.
Among the 50 firms listed, 39 per
cent of promotions were in London,
with 191 partners promoted in the
City offices of UK firms.
Of the top ten, Fleet Street-based
Freshfields Bruckhaus Deringer made
the most London promotions, with
nine of its 20 new partners based in
the City.
DLA Piper – the largest law firm in
the world by number of lawyers –
advanced 53 to its partnership world-
wide, though just five are London-
based.
But the promotion of female
lawyers to partner stayed at a similar
level to last year, with just two firms
in the top 10 – Clifford Chance and
Eversheds – making up more than 30
per cent of their partner round with
female candidates.
Promotions in the Asian offices of
UK firms were particularly numer-
ous, as firms continue to grow their
presence in financial centres such as
Hong Kong and Singapore.
Clifford Chance for example, the
UK’s biggest law firm by revenue,
made more than 50 per cent of its
promotions in its Asia offices.
Just six firms in the top 50 – and
none in the top 10 – made fewer pro-
motions than last year.

TOP 50 PARTNER PROMOTION 2011 promotions

2011 (2010)
promotions
2011 (2010)

promotions
promotions
partner

London

Female
Female
Global
Rank

Firm

2011

1 Clifford Chance 23 (22) 4 7 (1) 30.4%

2 Linklaters 18 (14) 6 5 (4) 27.8%

3 Freshfields Bruckhaus Deringer 20 (18) 9 2 (3) 10%

4 Allen & Overy 21 (18) 6 2 (3) 9.5%

5 DLA Piper* 53 (41) 5 11 (15) 20.8%

6 Hogan Lovells 36 (21) 7 10 (4) 27.8%

7 Herbert Smith 13 (18) 6 3 (6) 23.1%

8 Slaughter and May 5 (2) 5 0 (1) 0%

9 Eversheds 22 (19) 4 7 (6) 31.8%

10 Norton Rose 15 (11) 4 7 (1) 46.7%

* Includes at least one non-lawyer partner data from Legal Week
CITYA.M. 27 MAY 2011 Focus on Man Group 7

Carnwath gives
Japan fund is up senior role
boost to Man after decade

as assets soar
CORPORATE GOVERNANCE

▲
ALISON Carnwath yesterday
announced she was standing down as
Man Group’s senior independent
director after 10 years in the role. She
Man’s Peter Clarke said the Japan fund had “phenomenal success” Picture: REUTERS will be replaced by Patrick O’Sullivan.
Carnwath, who is also a director of
Barclays and chairman of Land
▲

FUND MANAGEMENT
BY HARRY BANKS
MAN Group reported a jump in assets
and better-than-expected profits yes-
terday, as a big fundraising in Japan
helped the world’s largest listed hedge
fund firm accelerate its belated recov-
ery from the credit crisis.
The firm – which now runs $71bn
(£43.3bn) in client assets, up three per
cent since March – attracted $2bn
alone for a new open-ended version of
its flagship AHL fund in Japan, sig-
nalling a sharp rebound in confidence
in Man’s computer-led strategies.
The fundraising is above the $1.5bn
it said it had raised, which had
smashed analysts’ forecasts, and
comes despite poor returns from AHL
this month after a commodity sell-off.
“The strong fund flow momentum
since year-end is a clear positive,” Citi
analysts said in a note, while pointing
out that “unsustainable” factors had
driven the forecast-beating profits.
per cent yesterday at 245p, valuing it Securities, is staying on the board at
at almost £4.5bn.
“The phenomenal success of the
Japan AHL launch demonstrates the
Change in fortunes looks here to stay Man. Under best practice in corpo-
rate governance, directors that have
been in the senior independent role
concerns people had around the ... for 10 years are considered
earthquake and ... tsunami around our THINGS finally seem to be look- the prospects in alternatives, to be no longer suffi-
asset-raising were completely ing up for Man Group. then it should be able to build on ciently independent and
unfounded,” said Man’s chief execu- After recovering from being hit the rebound of AHL and a pick up are often expected to
tive Peter Clarke. by big outflows throughout 2009 in inflows to gain traction on give up that position.
Man Group said in March that and 2010, it has now also man- some much-needed momentum. Carnwath spent some
clients had finally begun to return to aged to sidestep the spectre of That means the gap between of her early days in the
its funds, helped by last year’s $1.6bn the Japanese earthquake, with Man Group and its peers – City in the corporate
acquisition of GLG, ending a two-year the launch of a Japan version of against whom it’s currently trad- finance department
streak of net outflows. its AHL fund attracting $2bn of ing at a more than 200 per cent at Schroders where
investment. discount – could start to close. she worked along-
ANALYSIS l Man Group The Nomura Global Trend is While AHL may dominate any side the likes of
290
p
performing well ahead of expec- share movement in the short Citi’s David
280
245.00 tations even without accounting term (as evidenced by the two per Wormsley, Tesco’s
26 May for the volatile market, and will cent lift on yesterday’s figures), Sir Richard
270 be a useful precedent for man- the planned increase in diversity Broadbent and M&S
agement’s stated intention that is likely to prop up longer term chairman Robert
260
the greatest growth opportuni- growth as well. Swannell.
250 ties are with similar open-ended She is one of the
alternatives and institutional judges of City A.M.’s
240

230
funds.
If management can maximise
BOTTOMLINE annual awards that
take place this year
Shares in Man Group closed up 2.4 28 Feb 18 Mar 7 Apr 3 May 23 May Analysis by Elizabeth Fournier in September.

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CITYA.M. 27 MAY 2011
Apple warns
Mac users as
virus appears
▲
TECHNOLOGY
BY KATIE HOPE
APPLE is fighting what security
experts warned yesterday may be the
most pernicious types of computer
virus to ever target its line of Mac
computers.
The company was forced to issue a
security advisory warning to cus-
tomers about a recent scam that
infects Macs with malicious software
that wrongly tells them their com-
puter is infected with a virus. The
ultimate goal is to get credit card
numbers and other valuable person-
al information.
It is one of the first major cam-
paigns that cyber crooks have
launched against Mac users. To date,
criminals have focused on writing
malicious software for machines
running Microsoft’s Windows oper-
ating system, which inhabits more
than nine of every 10 personal com-
puters.
But as Macs have grown in num-
ber, they have become more attrac-
tive targets.
The fake anti-virus malware is
downloaded when people click on
links from tainted search engine
Virgin Atlantic expects to unveil
new partnership within months
▲
TRANSPORT
VIRGIN boss Sir Richard Branson said
yesterday up to three suitors of his
Virgin Atlantic airline are set to bid
for a stake in the company, with an
announcement on the tie-in due
within the next three months.
Branson, speaking at an event in
the States, said he will remain
involved with the carrier as a share-
holder, even if he decides to sell
down some of his stake to a new part-
ner.
He added that Singapore Airlines,
which holds a 49 per cent stake in
Virgin Atlantic, has not yet decided
whether to offload some of its hold-
News 9
UK resolution plans
BAKED beans
maker Heinz
reported a lower
than expected
fourth-quarter
diverge from peers
profit yesterday
and said it plans
to close five facto-
ries and cut thou-
sands of jobs to
raise its long-term
earnings growth UK is the only jurisdiction, out of the
▲
BANKING
target for 2012. The US, Germany and the European
company’s net BY JULIET SAMUEL Commission, that will allow “tempo-
income rose to 69 THE UK is the only major Western rary public ownership” of a failing
cents (42p) per country so far to approve temporary bank.
share at the end of public ownership of collapsing banks, The UK is also unusual in not opting
April up from 60 a report by law firm Clifford Chance for a “pre-funded” regime, whereby a
cents a year earlier, shows. levy on banks would fund the costs of
down from Wall In a comparison of resolution administering a resolution procedure.
Street’s estimate of regimes, which allow a regulator to Instead, George Osborne is using the
72 cents. take over and wind up failing financial UK bank levy for general spending.
institutions instead of bailing them However, the regimes devised so far
out, Clifford Chance determined the are not final and details could change.
results for popular queries, accord-
ing to anti-virus software maker
McAfee. It also spreads when users
click on links to malicious sites that
might be included in emails, Tweets
or Facebook messages.
Apple said it will issue an update
for its Mac operating system “in the
coming days” that will automatically
find and remove malicious fake anti-
virus software. It will also warn Mac
users when they download such pro-
grammes.
In the meantime, Apple has issued
advice on how users can clean up
machines that have been infected by
the malicious software, which goes
by names including MacDefender,
MacProtector and MacSecurity.
It said any web page that looks like
a Finder window that claims to be
scanning your Mac is fake and users
who see these pages should quit
their browser right away and clear
any downloads.
The company advised that users
should turn off the “Open ‘safe’
files” option in their Safari browsers
general preferences to keep the file
from opening automatically if it is
accidentally downloaded, it said yes-
terday.
ing as part of the reshuffle.
Virgin hired Deutsche Bank earlier
this year to look at options for
shoring up the carrier’s position in
the industry as its rivals team up on
routes to save resources.
British Airways and American
Airlines recently joined forces on
some routes over the Atlantic, with
BA in turn benefitting from syner-
gies with new partner Iberia.
Branson’s remarks come less than
a day after he said in an interview
that his banking operation, Virgin
Money, is gunning for around 600
branches owned by Lloyds Banking
Group to make the firm a big con-
tender on the high street.
 The Capitalist
10 EDITED BY CITYA.M. 27 MAY 2011
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist

ALL CHANGE The Lutine

AT LLOYD’S
AS IT RINGS
25 YEARS
IT MAY seem like only yesterday for
many City veterans, but today marks 25
years since the first managing agents
moved into the landmark Lloyd’s build-
ing on Lime Street.
So happy anniversary to the insurance
giant, which still shows traces of more
than 300 years of Lloyd’s history, such as
the famous Lutine Bell, which was sal-
vaged from the wreck of HMS Lutine, the
frigate that landed Lloyd’s with one of its
first major insurance claims when it
sank carrying bullion in 1799.
The bell is rung today by Dave Hughes,
one of the insurance firm’s “waiters”,
whose role dates back to 1688 at Lloyd’s
first incarnation as Edward Lloyd’s coffee
shop, where marine insurers met to write
cover for the ships of the day.
Mobile phones and the internet have
ended the days when waiters were the
criers of market-changing news, and the
Lutine Bell – once used to alert the market
whether ships had returned safely or had
been found wrecked on the rocks – is now
only used for ceremonies.
The bell rings twice for good news and
once for bad, such as after Princess
Diana’s death in 1997. “We had a condo-
lence book and the queue went right
around the building,” Hughes recalled.
Hughes also witnessed the only time
the bell has been rung three times: the
day Lloyd’s celebrated surviving the com-
pany’s near-collapse in 1995 after its
£3.2bn restoration plan. Sixteen years
later, and still – thankfully – a one-off.
BARGAIN BASEMENT
THE FALL-OUT from the freezing of the
Libyan Investment Authority’s (LIA) assets
continues, as The Capitalist hears the advis-
ers for the LIA’s London property portfolio
are having a hard time securing tenants.
Ordinarily, office space at 14 Cornhill
opposite the Bank of England would be
one of the most desirable business
addresses in the City. But not when all
rents paid sit indefinitely in a bank
account frozen by the Treasury, and the
Libyan landlord issue prevents any busi-
ness dealing with the US.
As a result, the building’s property
manager James Andrews has given its lat-
est leaseholder, environmental consul-
tancy RPS, two years rent free.
The company joined Aviva Investors,
Vestra Wealth and Russian bank VTB as a
Cornhill tenant when it signed a ten-year
lease on 20 March, but it will only con-
tribute service charges and business rates
until 2014, when it will start paying rent
of £35 per square foot.
The deal was struck after discussions
with the directors of Ashton Global
Investments, the British Virgin Islands
vehicle owned by the LIA’s sovereign
fund Lafico. Jeremy Grey, managing
director of James Andrew, said:
“We took the view that it was bet-
ter to have someone covering the
costs rather than leaving the
space sitting empty.”
If any other City firms need
some cut-price commercial
space, The Capitalist hears there
is still one retail unit avail-
able on the Lombard Street
side of 14 Cornhill, marketed by
Cushman & Wakefield. Form an
orderly queue…
BLAIR TALKS SHOP
What does the M&S food hall have to
do with conflict resolution in
Palestine? A lot, according to Tony
Bell has rung
three times
only once in
the history of
Lloyd’s: when
it was saved
from near
collapse
Lloyd’s waiters move Blair, who made a rare public appearance
the Lutine Bell to its in London yesterday to discuss the issue
current resting place with Apax founder Sir Ronald Cohen at an
event hosted by trade body UK Israel
Business and the Portland Trust.
In between some signature “I’m Tony”
hand gestures, Blair paid tribute to audi-
ence member Lord Andrew Stone, who
has been working on efforts to get UK
retailers to buy Palestinian farm produce.
Blair was keen to assure his audience of
City grandees, including Sainsbury’s
chairman David Tyler, Deloitte rainmaker
Neville Kahn and former Lloyds boss Sir
Victor Blank that cultivating busi-
ness links with Palestine will
undermine the desire for
extremist politics.
But Ronnie Cohen couldn’t
resist a jab: “Politicians tend to
follow public opinion rather
than lead it,” he noted. “We
have that tendency in my pro-
fession,” Blair agreed cheerily.
MATCH OF THE DAY MASTERCHEF MENU
THE TEAMS have been drawn up
for the City’s fiercest football tour-
A BANK Holiday excursion with a difference.
nament: the five-a-side Diageo City
Challenge in aid of the Stroke
Association on Sunday 5 June.
Old scores will be settled on the
astroturf at the Bank of England
Sports Centre in Roehampton: Sky
News City editor Mark Kleinman
Sign here: London students with the Charter
versus his BBC nemesis Robert Peston,
CNBC clashing with Bloomberg and the
Financial Times taking on the Wall
Street Journal – not to mention the City
A.M. squad, who are already “match fit”.
Paddy Power’s online betting will open
on Monday, when Sky News, the tourna-
ment’s most elderly team, may or may
not have the longest odds.
BRIDGING THE GAP
THE CITI headquarters in Canary Wharf
was the scene of the launch of the Young
Enterprise Build a Bridge Charter, which
aims to help young people “cross the
bridge between education and work”.
Mark Cahill, MD of Manpower and
Nigel Davis, regional director of HSBC,
turned out to support the scheme, which
is collecting as many signatures as possi-
ble from the worlds of business and poli-
tics to promote enterprise education.
Expect to see Enterprise Studies on the
curriculum before the year is out.
City restaurant High Timber is offering a six-
course menu this weekend cooked by
Masterchef finalist Tom Whitaker (pictured
left), who was snapped up after the show to
train under head chef Justin Saunders. For
reservations for the £75-a-head offer, call
High Timber on 0207 248 1777.
 12 Consumer News
Burberry sees
profits surge
as Asia booms
▲
RETAIL
BY JOHN DUNNE
BURBERRY is stepping up spending on
new stores to cash in on a boom in
demand for luxury goods in Asia as it
met forecasts with a 39 per cent jump
in full-year profit.
Profit for the 12 months to the end
of March were £296m with revenues
up 27 per cent to £1.5bn.
The luxury British retailer said the
investment would limit growth in
profit margins in the coming year,
sparking a retreat in its shares, which
closed 4.6 per cent down yesterday at
1,260p, after recent strong gains.
Chief executive Angela Ahrendts
said she was sure the spending would
pay back in what she described as very
strong recovery in demand for luxury
goods, led by Chinese shoppers and
tourists.
“It is time to get our retail footprint
up to par with consumers’ perception
of the brand,” she said.
The group said it would invest £180-
200m in 2011/12, up from £108m in
the year to the end of March.
About half will go on new shops,
including 20 in fast-growing emerg-
ing markets like Brazil, India and
Mexico, with the rest spent on
upgrading and expanding shops in
flagship cities like Chicago, Milan,
Hong Kong and Paris, as well as dou-
bling selling space in the group’s
home city of London.
Burberry will spend £320m extend-
ing its store in the Knightsbridge dis-
trict, as well as relocating and
extending its store on major shopping
thoroughfare Regent Street.
ANALYSIS l Burberry
1400 1260.00
p 26 May
1350
1300
1250
1200
1150
1100
1050
28 Feb 18 Mar 7 Apr 3 May
CITYA.M. 27 MAY 2011
Sportingbet says
Centrebet deal
terms agreed
LEISURE
▲
SPORTINGBET yesterday agreed terms
for its acquisition of Australian online
bookmaker Centrebet, which it will
Burberry chief Angela Ahrendts insisted its spending spree would pay off Picture: GETTY look to fund by raising £130m
through the issue of new shares and a
ANALYST VIEWS: IS THERE MORE GROWTH convertible bond.
Sportingbet will issue 154,761,904
TO COME FROM BURBERRY ? Interviews by John Dunne new shares at a price of 42p each and
£65m in nominal value of convertible
bonds. Chief executive Andrew
FRASER RAMZAN | NOMURA McIver said the deal would make it
“
the leading corporate bookmaker in
the “fast-growing” Australian market.
Consistent delivery by Burberry management has seen earnings per
share upgraded and the stock re-rate as such accelerated investment should be
”
seen as a potential net positive for the medium term growth rate of the business.
The decision to invest further makes strategic sense in our view. Rank hits back at
RICHARD HUNTER | HARGREAVES LANSDOWN £586m Guoco bid
“
Burberry remains a rare and notable example of a retailer enjoying a LEISURE
▲
stellar growth trajectory. Indeed, this success story is held back only by valuation
”
concerns – the shares have risen 116 per cent over the last year. As such, the mar- RANK Group yesterday stepped up its
ket consensus is that Burberry remains a ‘hold,’ albeit a strong one. defences against a takeover bid from its
biggest shareholder, telling investors
that Guoco Group’s offer “substantially
NICK BUBB | ARDEN undervalues” the casino and bingo hall
“
operator, and that shareholders should
reject the offer.
Burberry’s figures are predictably excellent, but have been met with Asia-based Guoco Group’s 150p
profit taking, after the strong run in the shares. Burberry is on a very high rating approach, which valued Rank at
”
£585.8m, was triggered after the prop-
when compared with the likes of Supergroup and although it is a very good, well-
run company continuous growth becomes difficult. erty and investment manager raised its
23 May holding to 41 per cent.
 14 Consumer News
Young’s profit is up
after food sales lift
▲
LEISURE
YOUNG’S Brewery yesterday
announced a profit rise – fuelled by
food sales and a strong performance
at its managed pub division.
Adjusted operating profit at
Young’s Brewery increased by 7.1 per
cent to £21.7m in the year to 4 April.
The revenues increased nearly 12
per cent to £142.6m and the dividend
per share was up two per cent at
13.26p. Managed house revenue
increased 13.2 per cent to £127.8m,
with same outlet like for like revenue
up 1.9 per cent, and operating profit
up 11.1 per cent. Young’s bought
upmarket pub chain Geronimo Inns
for £60m at the back end of last year,
adding 26 strong pubs to its estate.
Chief executive Stephen Goodyear
said: “This has been a productive and
exciting year. Overall, Young’s is in
very good shape. Our food sales were
also very strong. We are very pleased
with these results.”
New chairman at helm of brewer
LEISURE
▲
BY JOHN DUNNE
NICK Bryan was yesterday
announced as non-executive chair-
man at Young’s, taking over from
Chris Sandland who has been with
the company for 38 years.
Bryan, 53, a co-founder of drinks
dispenser service company Innserve,
has also gained experience through
various positions within Courage,
including as managing director of
Courage UK.
He was a partner at BDT Capital
Partners and was a
member of the man-
agement committee
at the private equity
group Investcorp.
During this time
he held chairman and
non-executive director
roles at various
Investcorp companies
including Welcome Break
and Gucci.
He began his career
NICK BRYAN
BAT in $452m
swoop to buy
Protabaco
▲
CONSUMER
BY HARRY BANKS
BRITISH American Tobacco (BAT) said
yesterday it had agreed to buy the pri-
vately owned Productora Tabacalera
de Colombia, the second largest ciga-
rette company in Colombia, for
$452m (£277m).
The London-based second biggest
cigarette maker in the world said the
deal will elevate it to second from
third place in Colombia, Latin
America’s fourth largest cigarette
market with total industry sales of
around 17bn cigarettes in 2010.
“This investment will strengthen
and complement our position in an
important market and fill a strategic
gap in our Americas region,” said
Mark Cobben, BAT’s director for its
Americas region in a statement.
Privately owned Protabaco sold
5.5bn cigarettes in 2010, accounting
for almost one third of the domestic
market.
Its biggest brand, Mustang, is the
country’s second best selling ciga-
rette with a market share of around
18 per cent. BAT itself sold 708bn cig-
arettes in 2010.
BAT said funding for the cash
acquisition will be from the group’s
existing resources.
The deal represents a multiple of
11.3 times Protabaco’s $40m domestic
2010 earnings before interest, tax,
ADVISER: ROTHSCHILD
ROBERTO PAIVA
ROTHSCHILD
ROBERTO Paiva, vice chairman of
Rothschild Latin America and a board
member of Rothschild Mexico, led the
deal team on BAT’s acquisition of
Protabaco.
Cambridge educated Paiva has 20
years experience, ten of those with
Rothschild and previously Lazards. He
recently handled the €1.2bn acquisi-
CITYA.M. 27 MAY 2011
in the finance sector, and
is a chartered accountant.
Bryan has been a non-
executive member of the
Young’s board since
2006.
He has also worked at
Lonrho and Hanson.
Young’s said yesterday he
already knows the busi-
ness and was a natu-
ral choice.
depreciation and amortisation
(Ebitda) on net domestic revenues of
$110m.
The company said the transaction
is subject to competition authority
approval and final confirmatory due
diligence.
Last month, BAT posted a five per
cent rise in first-quarter sales, boosted
by pricing gains, but said volumes
continued to soften and warned of
challenging trading amid tough glob-
al economic conditions.
The company’s shares climbed 1.3
per cent to 2,717p after the deal was
announced yesterday.
BAT, which has 200 brands world-
wide, including Dunhill, Lucky Strike
and Kent, was advised by investment
bank Rothschild on the Protabaco
deal.
One of the company’s key aims is to
make acquisitions to grow across the
globe.
ANALYSIS l British American Tobacco
2800
p 2,717.00
26 May
2700
2600
2500
2400
2300
2200
28 Feb 18 Mar 7 Apr 3 May 23 May
tion by MAN of Volkswagen’s truck
business in Brazil. The deal for
Protabaco saw negotiations starting
in January, with a team of bankers in
London backing up Chile-based Paiva.
He dealt directly with the family own-
ers of the Colombian firm, which had
been an acquisition target for rival
Philip Morris. The negotiations were
described as “smooth” and the price
tag was the same as that offered by
Philip Morris two years ago. That bid
was blocked by competition watch-
dogs. Paiva’s success in sealing the
deal now gives BAT a strong footprint
in the Colombian market.
CITYA.M. 27 MAY 2011
MOBILE BROADBAND | IN NUMBERS
17%
of UK households
use mobile
broadband
0.5
seconds to down-
load a page with
fixed broadband
7%
use it as their only
means of internet
access
Ad slump hits
DMGT shares
▲
MEDIA
BY STEVE DINNEEN
DAILY Mail & General Trust (DMGT)
did nothing to dispel the gloomy
mood in the UK advertising market
yesterday when it announced its ad
sales for the last two months have
dropped below levels seen last year.
The news sent the firm’s shares
tumbling as much as nine per cent
before settling 7.5 per cent lower at
448.6p. The media group’s Northcliffe
regional newspaper division was hard-
est hit, with revenues falling nine per
cent and operating profit plummeting
35 per cent, despite an 11 per cent
headcount reduction. Ad revenues
were also down nine per cent to £85m.
Revenues from national newspa-
pers, which include the best-selling
mid-market tabloid the Daily Mail, fell
three per cent but operating profit
rose five per cent.
Despite the slowdown in the adver-
Hedge fund calls for Microsoft
leader Steve Ballmer to leave
▲
TECHNOLOGY
INFLUENTIAL hedge fund manager
David Einhorn has called for
Microsoft chief executive Steve
Ballmer to step down, saying the
world’s largest software company’s
leader is stuck in the past.
The comments by outspoken
Einhorn, who made his name warn-
ing about Lehman Brothers’ financial
health before the investment bank’s
News 15
Ofcom finds O2 is best for
1.5Mbit/s
is the average
mobile download
mobile broadband speeds
speed
activity. megabits per second on a fixed con-
▲
TELECOMS
BY STEVE DINNEEN The survey – which used dongles nection. Users in London, while gen-
rather than smartphones – also erally achieving faster speeds, are
O2 is the UK’s best network provider showed the gulf between fixed broad- more likely to find their connections
for mobile broadband, according to band speeds and mobile connections. lagging during peak times.
new Ofcom data. Vodafone comes sec- While it takes less than a second to Ofcom also formally banned three-
ond, followed by 3, with Everything
Everywhere trailing in last place.
open a page on an average broadband
connection, it takes more than eight
year broadband and phone contracts,
with providers now only able to offer
The survey found that 17 per cent seconds when using a mobile device. contracts of up to two years, bringing
of households regularly use mobile The average download speed on a the UK in line with new European
broadband, with seven per cent mobile connection was 1.5 megabits Commission rules. Providers must
relying on it for all of their online per second, compared with 6.2 also offer 12 month contracts.
8.5
seconds to
download basic
webpages on a
mobile
tising market, the group saw its rev-
enues increase three per cent to
£991m in the first six months, with
profits rising eight per cent to £144m.
It was buoyed by a strong perform-
ance by its business-to-business opera-
tions, which include financial
information, risk-management servic-
es and events. Chief financial officer
Stephen Daintith said he expects full-
year revenue and profit growth to
broadly reflect the first half.
ANALYSIS l Daily Mail and General Trust
580
p
560
540 448.60
26May
520
500
480
460
440
28 Feb 18 Mar 7 Apr 3 May 23 May
collapse, are the most pointed yet
from a high-profile investor against
Microsoft’s leadership.
Einhorn said: “His continued pres-
ence is the biggest overhang on
Microsoft’s stock.”
Shares in the firm have dropped six
per cent in the last two weeks after it
agreed to pay $8.5bn (£5.2bn) for
internet phone service Skype.
A Microsoft spokesman declined to
comment on Einhorn’s remarks.
 16 Economics
NEWS | IN BRIEF
BBC staff get private healthcare
The BBC has spent over £2.1m on pri-
vate health insurance for its staff in the
last three years, the Taxpayers’ Alliance
(TPA) will reveal today. A further
£150,000 has been spent by the Welsh
language channel S4C, to fund private
healthcare cover for some of its employ-
ees. “Viewers already pay for the NHS
through their taxes and if it’s good
enough for us then it’s good enough for
them,” said the TPA’s Matthew Sinclair.
Concerns rise over price pressures
Inflation expectations sprang back up in
May, according to a survey by YouGov.
The median for inflation expectations in
the year ahead rebounded to 3.4 per
cent in May, having fallen from 3.5 per
cent in March to 2.9 per cent in April.
The consumer price index hit 4.5 per
cent last month.
French high street morale lifts
Consumer confidence edged up in
France this month, it was revealed yes-
terday. A leading index of sentiment
rose by one point to 84. Meanwhile the
number of people claiming unemploy-
ment benefit fell by 6,300, in another
positive data release for the country.
German imported inflation slows
German import price inflation slowed to
9.4 per cent annualised in April, down
from 11.3 per cent in March.
1 • 2 • 3 JULY 2011
Admission strictly by advance ticket only
For tickets or hospitality please call: +44 (0)1243 755055
www.goodwood.com
E STATE P ARTNER OF G OODWOOD
FAST INTERNET CONNECTION HELPS CHILDREN
THE internet encourages social interaction for children and adolescents, a German think-
tank claimed last night. “The researchers refute the myth that the internet isolates people
socially,” the Munich-based Ifo institute said. A fast internet connection can result in chil-
dren doing more sport and extra-curricula activities, Ifo found.
US outlook knocked
®
by slow GDP growth
US ECONOMY
▲
BY JULIAN HARRIS
HOPES for a strong American
recovery were dashed yesterday by
disappointing GDP figures and a
surprising upturn in the number
of new people claiming unemploy-
ment benefits.
First-quarter growth came in at
an unchanged 1.8 per cent for the
US, below the expectations of econ-
omists who had anticipated
growth to be revised above the two
per cent mark.
Growth is down from 3.1 per
cent in the final three months of
last year, with worse news lying in
the breakdown of yesterday’s data.
Annual consumption growth
was revised down to 2.2 per cent
City bonuses fail to reach pre-slump
peak as regular pay boosted instead
▲
EMPLOYMENT
BONUSES in the financial sector
have held up this year but remain
below their pre-recession peak, with
evidence of regular pay being boost-
ed instead.
Bonuses averaged £901 a week in
February and £760 a week in March
this year, it was revealed today,
roughly on a par with the same fig-
ures from last year (£975 and £714
respectively).
®
Strong pay growth “at around
five per cent and above” (roughly
double the UK average) in financial
Osborne’s growth
forecasts slammed
by Tullett Prebon
ECONOMICS
▲
BY ALISON LOCK
A CITY broker attacked government
growth forecasts as overly optimistic
yesterday and warned of an “excep-
tionally bleak” outlook in a damning
assessment of the economy’s progress
over the past decade.
Tullett Prebon, the brokerage led by
investment maverick Terry Smith,
issued a doom-filled prediction that
government growth forecasts would
prove unachievable as the UK weaned
itself off debt-fuelled spending.
The bearish forecast claimed that
the past decade of expansion was
propped up by personal and govern-
ment overspending. That has left the
economy skewed towards sectors that
depend on either private or public bor-
rowing, global head of research Tim
Morgan argued in a strategy note.
(from 2.7 per cent). While offset
partly by stronger inventories, “this
means we could now see a sharper
run down in inventories in the sec-
ond quarter,” said Paul Ashworth
of Capital Economics.
The US Federal Reserve has fore-
cast that the economy will expand
by over three per cent this year.
Initial jobless claims jumped to
424,000 last week, from an upward-
ly revised 414,000 (from 409,000) in
the prior week, pointing to a
painfully slow improvement in the
nation’s job markets.
Many economists had expected a
decline in the number of fresh job-
less claims. The four week moving
average for claims eased slightly to
438,500 from a revised 440,250.
Employment growth of less than
services “may also suggest that earn-
ings growth in the sub-sector has
transferred from bonuses to regular
pay,” Incomes Data Services said.
Along with strong bonuses in the
factory industry, the finance sec-
tor’s payouts have propped up aver-
age bonus season rates to roughly
the same level as 2010.
However, bonuses in the con-
struction and retail sectors have fall-
en year-on-year.
“Payments are significantly high-
er than in the recession-hit bonus
season of 2009, but have still not
quite reached the levels seen before
CITYA.M. 27 MAY 2011
These sectors, including financial
services, construction and real estate,
as well as health and education, now
account for 58 per cent of UK GDP and
so leave the economy vulnerable as
government funding stops.
“Six of the eight largest sectors of
the UK economy are dependant either
on private borrowing or on public
spending,” Morgan said. “These sectors
are now set to contract rather than
expand, which renders aggregate eco-
nomic growth implausible.”
Ignoring international and inde-
pendent forecasts for 1.7 per cent UK
growth in 2011, Morgan rubbished
chancellor George Osborne’s view that
growth will drive the UK’s recovery.
“We see no reason whatever to
assume this,” he said. “If this doesn’t
happen – and we are convinced that it
can’t – the deficit reduction plan will
come apart at the seams.”
200,000 for this month is being
anticipated by many economists.
“Our model suggests that payroll
employment increased by around
150,000 in May,” Capital Economics
said yesterday.
“That would be the smallest
increase since January and would
be especially disappointing after
April's healthy 244,000 gain.”
“There is no doubt the economy
has slowed,” said Robert Dye of PNC
Financial Services in Pittsburgh,
which is expecting a rise in payrolls
of around 180,000 to 200,000 for
the month.
“We will call the first half of 2011
as a soft patch. We should see
growth accelerate in the second
half in the three per cent to 3.5 per
cent area.”
the crash,” the report concluded.
Across the UK, the average weekly
bonus came in at £72 in March,
three per cent higher than the same
time last year.
ANALYSIS l Bonuses remain below
their pre-recession peak
2,000 £pw
Bonuses
1,600 Regular pay
1,200
800
400
0
Source: Incomes Data Services
2000 2003 2005 2007 2009 2011
CITYA.M. 27 MAY 2011 Economics 17

Number of people leaving ANALYSIS l The number of people migrating away from the UK has fallen since 2009

700
Migration (thousands)
Immigration

the UK plummets by 20pc

600

500

Emigration
400
▲

MIGRATION
BY JULIAN HARRIS
THE number of people migrating
away from the UK has plummeted by
20 per cent, data from the Office for
National Statistics showed yesterday.
In the 12 months to September last
year, 344,000 people departed British
shores for a life elsewhere. This com-
pares to the year to December 2008,
when 427,000 people left.
Government plans to cut net immi-
gration to “tens of thousands” were
dealt another blow by the data.
The rate of immigration actually
dropped from December 2008 to
September 2010, yet the lower number
of people leaving the UK resulted in a
net increase in the figures.
“A net migration target makes no
sense as we cannot control emigra-
tion,” commented Chris Nicholson, 300
head of the Centre Forum thinktank.
Net immigration increased to an
annual rate of 242,000, up from 200 Net migration
163,000 over the same period.
Immigration for studying rose to 100
241,000 in the year to September 2010,
a 30 per cent rise on the previous year.
0
“Overseas students should be Dec 2006 Jun 2007 Dec 2007 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010
excluded from the government’s tar-
get,” Nicholson added. Source: Office for National Statistics

NEWS | IN BRIEF
Italian business morale takes a dip
Italian business confidence sank by more
than expected this month, according to
data from the ISTAT office released yes-
terday. The index measured 101.3 in May,
from a downwardly revised 102.6 in
April. “It is important for Italy that for-
eign orders stay on an upward trajecto-
ry,” said Fabio Fois of Barclays Capital.
“The economic recovery has been led by
exports contributions. Going forward, the
outlook for the euro will be key. In fact,
Italy has one of the largest export elas-
ticities to its exchange rate,” Fois added.
Small businesses avoiding failure
Fewer small companies became insolvent
in April than the same time last year,
data from Experian revealed yesterday.
The number of failing UK companies
dropped by 0.55 per cent year on year.
 18 News
London & Stamford boss Raymond Mould
is looking for investments Picture: GETTY
Balfour set
to reshuffle
its advisers
▲
INFRASTRUCTURE
BY DAVID HELLIER
GLOBAL infrastructure group Balfour
Beatty has decided to hold a beauty
parade of advisers ahead of a likely
change in its corporate brokers.
The group’s current broking advis-
ers are JP Morgan Cazenove and RBS,
who have served the company for
many years.
Group chief executive Ian Tyler (pic-
tured) is believed to feel that it is time
to ring the changes, especially since
the group has changed significantly in
recent years, with almost one third of
its revenues now coming from the US.
The existing brokers will be pitching
but they will be joined by a list of other
major investment banks, including
Bank of America Merrill Lynch and
Citi.
Brokerships often tend to be loss
makers for the investment banks but
they can often lead to key roles on
major corporate finance transactions
that bring in commissions.
Balfour Beatty has been a FTSE 100
company but it is currently in the FTSE
250.
“There have been lots of changes at
the company in the recent past and I
think management feel it is right to
reconsider external advisers,” said one
source.
RBS has a
host of big cor-
porate broker-
ships, mainly
through its
ownership of
Hoare Govett.
Antofagasta’s earnings jump 30 per cent United Utilities tops views
▲
MINING
BY HARRY BANKS
CHILEAN copper miner Antofagasta
posted a 30 per cent rise in core earn-
ings in the three months to March, as
higher prices for the red metal and
marginally higher volumes offset
increased costs.
Earnings before interest, tax, depre-
ciation and amortisation (EBITDA) in
the first quarter climbed to $811.9m
London & Stamford to invest £1bn
▲
PROPERTY
BY HARRY BANKS
BRITISH property investor London &
Stamford yesterday said it saw invest-
ment opportunities in retail, logistics
and London residential for its £1bn
war chest, after reporting a rise in
2010 net asset value (NAV).
The company, which moved from
the London Stock Exchange’s junior
(£495.8m) from $623.4m a year ago.
Revenue rose just over 29 per cent to
$1.27bn. Copper prices have fallen back
in recent weeks after hitting a record
high of $10,190 in the first-quarter, but
concerns over tight supply remain.
The world’s largest mine, Chile’s
Escondida, said on Wednesday that
output slipped in the quarter on the
back of maintenance and lower ore
grades, adding to mounting evidence
of a potential shortfall this year.
AIM market to the main board last
October, said its NAV per share for the
year to 31 March was 122.4p, up 1.4
per cent from 120.7p last year.
“We see the potential for outperfor-
mance in the central London residen-
tial market, the distribution sector
and in prime retail investments as
exciting opportunities for the further
investment of our £1bn of firepower,”
executive chairman Raymond Mould
Antofagasta, the world’s 11th largest
copper producer, said earlier this
month that copper production for the
first-quarter came in about 29,000
tonnes below initial targets.
Antofagasta said it had concluded
negotiations with the plant union at
Los Pelambres for a new 44 month
labour agreement. It struck a deal
with the main union last November,
agreeing a new 46 month labour
agreement.
said.
London & Stamford said its revalua-
tion surplus, including share of associ-
ates, was £51m, down 50 per cent
from £101.9m the previous year. It
reported £1.5bn assets under manage-
ment.
Net income was £41.8m, up 160 per
cent from £16.1m the previous year,
due to three portfolio acquisition dur-
ing the year, the group said.
UTILITIES
UNITED Utilities, Britain’s largest list-
ed water utility, yesterday reported a
lower-than-expected drop in annual
profits, after it was ordered by regula-
tors to cut prices as part of a sector
review.
The company said revenue from
regulated activities dropped four per
cent, reflecting a similar four per
cent decrease in prices. United
CITYA.M. 27 MAY 2011
ANALYSIS l London & Stamford Property
134
p
131.00
132 26 May
130
128
126
124
28 Feb 18 Mar 7 Apr 3 May 23 May
ANALYSIS l Shanks
125
p
121.34
26 May
115
105
28 Feb 18 Mar 7 Apr 3 May 23 May
Trading and
profits rise
at Shanks
▲
SUPPORT SERVICES
BY HARRY BANKS
BRITISH waste management compa-
ny Shanks yesterday posted a better-
than-expected six per cent rise in
underlying pre-tax profit, and said it
had seen an improvement in the
market for its services in recent
months.
The company, which makes
around half its sales in the
Netherlands and recently won a con-
tract with Unilever to recycle its
waste there, said it was confident
that good growth could be achieved
in the current financial year.
Overall trading was expected to be
in line with its expectations, it said
yesterday.
“While market conditions remain
challenging, our trading in the final
quarter and early into the new finan-
cial year gives us encouragement
that the market for our services is
improving,” the company said in a
statement.
Shanks said it had faced the most
challenging conditions in many years
during the last 12 months.
In the year to the end of March,
group revenue rose five per cent to
£717m and underlying profit before
tax grew six per cent, or 10 per cent
at constant currency rates, to £35.2m,
boosted by cost cuts.
The company raised its dividend by
eight per cent to 3.25p a share.
Utilities said underlying pre-tax prof-
it fell 32 per cent to £329.2m, due pri-
marily to lower revenue following the
price review, as well as higher infra-
structure renewals expenditure and
property rates.
However, this was still better than
estimates of £311.8m, according to a
poll.
Shares in United Utilities closed at
617p yesterday, valuing the business
at nearly £4.2bn.
CITYA.M. 27 MAY 2011
Sony chief executive Sir Howard Stringer
expects an 80bn yen net profit for the year
Tata Steel
warns on
rise in costs
▲
INDUSTRIALS
BY HARRY BANKS
INDIA’S Tata Steel yesterday warned
rising raw material costs could hurt
margins for a couple of quarters after
posting its highest-ever annual net
profit, bolstered by a surge in prices
and demand in Asia’s third-largest
economy.
The world’s seventh largest steel-
maker, whose European operations
account for two-thirds of its global
capacity of about 28m tonnes, said
tepid demand in Europe was a cause
for concern although it was seeing
some positive turnaround signs.
“The outlook for 2011 is positive on
the back of faster recovery in Europe
and strong growth in emerging mar-
kets,” said Tata Steel’s finance chief
Koushik Chatterjee.
“But the environment remains
challenging because of higher raw
material prices,” he said.
Tata Steel said its consolidated net
profit after taxes, minority interest
and share of profit of associates
jumped about 72 per cent to 41.78bn
rupees (£573m) in its fiscal fourth-
quarter, up from 24.34bn a year earli-
er. Net sales for the year rose nearly 15
per cent to 1.17 trillion rupees.
Last week, the company said it will
cut about 1,500 jobs in Britain as part
of a restructuring of its loss-making
long products unit, and cut capacity
at a plant in northern England.
ANALYSIS l Tata Steel
640
R 572.60
26 May
620
600
580
560
540
520
28 Feb 18 Mar 7 Apr 3 May 23 May
Car armour helps QinetiQ trump forecasts Ricoh to cut 10,000 jobs
▲
MINING
BY HARRY BANKS
BRITISH defence technology company
QinetiQ reported a better-than-expect-
ed full-year operating profit, driven by
a strong performance from its global
products unit, and said it would
resume paying dividends.
QinetiQ, which makes high-tech
military equipment such as bomb dis-
posal robots and sniper detectors, said
Upbeat profit outlook at Sony
▲
TECHNOLOGY
BY HARRY BANKS
SONY’S forecast of its first annual net
profit in four years is being viewed as
optimistic, as the consumer electron-
ics giant struggles with the aftermath
of the March earthquake and a series
of network security breaches.
Havoc to supply chains and the
physical damage caused by Japan’s
yesterday underlying operating profit
rose 21 per cent to £145.4m in the year
to the end of March.
That was ahead of the average fore-
cast of £140m.
The group said revenue from the
global products division grew by 66
per cent, boosted by demand for its Q-
NET vehicle survivability product to
support operations in Afghanistan.
That helped it offset the impact of
spending cuts in Britain and US.
earthquake and tsunami forced Sony
earlier this week to take a charge on
tax credits that resulted in a $3.2bn
(£2bn) net loss for the business year
just ended, its biggest deficit since
1995 and the second worst on record.
Sony yesterday predicted an 80bn
yen net profit for the year that started
1 April, compared with analysts’ con-
sensus of 105bn yen.
It expects to make an operating
QinetiQ, formerly Britain’s state-
owned defence research agency, said it
would resume paying dividends hav-
ing slashed its debt during the year fol-
lowing a restructuring and
cost-cutting measures which reduced
operating costs by 10 per cent.
“Our reshaping of the businesses,
together with the reduction and refi-
nancing of the debt, all contribute to a
leaner and more agile group,” chief
executive Leo Quinn said.
profit of 200bn yen this business year,
reiterating guidance given earlier in
the week, which helped its shares rise.
“Looking at its forecast, it appears
Sony is expecting a recovery in the lat-
ter half of the year, which is a bullish
forecast, but there’s a lot of uncertain-
ty and there is a risk it comes in below
that expectation,” said Koji Takeuchi,
senior economist at Mizuho Research
Institute.
MANUFACTURING
COPIER and printer maker Ricoh will
cut nearly 10 per cent of its staff to try
to boost profits, a move that shows
underperforming Japanese companies
are stepping up efforts to compete
with global rivals.
Ricoh said yesterday the restructur-
ing included slashing 10,000 jobs from
its global workforce of 109,000, cutting
unprofitable products and consolidat-
News 19
ANALYSIS l Sony
3000
¥
2800
2,239.00
2600 26 May
2400
2200
2000
1800
28 Feb 18 Mar 7 Apr 3 May 23 May
Raiffeisen
cheers as
bad loans fall
▲
FINANCIAL SERVICES
BY HARRY BANKS
AUSTRIAN lender Raiffeisen Bank
International’s first-quarter net profit
fell nearly a fifth amid a hit from
taxes but still beat market expecta-
tions as provisions for bad loans fell
by more than a third.
Emerging Europe’s third-biggest
lender by assets reiterated yesterday it
expected its non-performing loan
(NPL) ratio to peak later this year
amid robust economic growth in the
region.
The ratio fell 37 basis points in the
quarter to 8.6 per cent amid net
releases in all segments except south-
eastern Europe.
High margins have allowed
Raiffeisen to remain profitable in
emerging Europe, but investors are
looking for a clear reversal of the bad-
debt cycle.
RBI group profit fell 19.1 per cent to
€270m (£232.8m), ahead of the aver-
age estimate of €256m in a poll of
analysts. The company said provisions
for bad loans fell 35.9 per cent to
€208m, compared with a poll average
of €278m.
“Our profit before tax for the peri-
od increased by three per cent com-
pared with the same period last year,
above all because of satisfying devel-
opments in both net interest income
and net fee and commission income,”
chief executive Herbert Stepic said.
ANALYSIS l Raiffeisen
44
€
36.64
42 26 May
40
38
36
7 Mar 21 Mar 4 Apr 18 Apr 2 May 16 May
ing factories.
“The earthquake has ended any lin-
gering complacency at Japanese com-
panies that have been behind the
curve in restructuring and in M&A,”
said Macquarie’s Peter Eadon-Clarke.
Ricoh is targeting operating profit
of 210bn yen (£1.5bn) in the financial
year to March 2014, more than triple
the 60bn yen it posted in the past year,
ending in March, when sales fell four
per cent.
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CITYA.M. 27 MAY 2011
CITY MOVES | WHO’S SWITCHING JOBS
Edited by Harriet Dennys
JP Morgan Asset Management
Professor Paul Sweeting has been appoint-
ed as European head of the Strategic
Investment Advisory Group for JP Morgan
Asset Management. Based in London,
Sweeting will advise the firm’s European
institutional clients on asset allocation, risk
management and investment strategies.
Sweeting previously held positions at
Munich Reinsurance Company and Fidelity
Investments International.
Cordea Savills sulting team. Prior to joining
The property fund manager has Redington, Karen spent eight
appointed Arnold de Haan as the years at Morgan Stanley.
firm’s second non-executive direc-
tor. De Haan currently runs his Investec
own advisory business Boishaen bv Stephen White has been appointed
and is a director at the to the Investec growth & acquisition
MeyerBergman property group. finance team to originate and exe-
cute deals with entrepreneurs, man-
Redington agement teams and private equity
The independent consultancy has firms. White joins from Barclays,
appointed Karen Heaven as vice where he helped establish a financial
president in the investment con- sponsors portfolio team.
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
+44 (0)20 7557 7245 morganmckinley.com
Strong miners give FTSE a boost
THELONDON for the FTSE 100 as investors
returned to the sector on hopes of a
reverse of the flow of funds “largely
REPORT out of mining and other stocks” in
the recent IPO of commodities trad-
er Glencore.
Antofagasta was a top blue chip
S
TRENGTH in heavyweight gainer, up 3.5 per cent, as the
mining stocks helped Britain’s Chilean copper miner posted a 30
top share index edge higher per cent rise in quarterly core earn-
yesterday, countering slippage
by banks on Eurozone debt con-
cerns.
ings, helped by higher prices.
Tobacco stocks were also in
demand, led by a 1.3 per cent rise in
At the close, the FTSE 100 was up British American Tobacco which
10.9 points, or 0.2 per cent at agreed to buy privately owned
5,880.99, well below a morning Productora Tabacalera de Colombia,
spike above the psychologically the second largest cigarette compa-
important 5,900 level to 5,910.77. ny in Colombia, for $452m.
“The overall impression ... is that Banks were the worst blue chip
traders are highly anxious about the performers, with part-nationalised
sovereign debt situation and, given Royal Bank of Scotland shedding 1.1
that there is no quick fix for this sit- per cent and global heavyweight
uation, this anxiety could persist HSBC down 0.4 per cent as worries
throughout the summer, thereby over Eurozone sovereign debt failed
keeping equities in check for an to dissipate.
extended period,” said Charles Concerns about Greek fiscal woes
Stanley technical analyst Bill were reignited after Eurogroup
Macnamara. President Jean-Claude Juncker said
Miners provided the main prop if payment of the IMF tranche to
Choppy US trading gives gains
The market’s ability to sustain an
THENEW YORK advance ebbed and flowed with
developments in the foreign-
exchange market and fears over
REPORT Europe’s sovereign debt crisis.
“Currency strength right now is
the major mover of equity and
commodity markets,” said Michael
U
S stocks rose for a second day Yoshikami, president and chief
yesterday in a choppy ses-
sion, with technology and
investment strategist at YCMNet
Advisors.
consumer discretionary The broad S&P 500 was treading
stocks leading the way after upbeat water throughout the morning
earnings. after economic data failed to meet
Sellers crowded around the S&P expectations, but once again found
500’s 50-day moving average for a support once the euro stabilised
third day. The level, now just above against the US dollar.
1,328, is gaining strength as techni- The Nasdaq outperformed other
cal resistance and could prevent major indices after NetApp’s stock
any rebound in the benchmark. was buoyed by strong results. The
News 21
in association BEST OF THE BROKERS
with
ANALYSIS l C&C C&C
3.55
3.7
€ 26 May Citi rates the drinks company a “hold” and has
RICS Europe raised its target price to €3.85 (236p), from
Robert Mayhew, a director in 3.5 €3.50. The broker thinks C&C will struggle to
Jones Lang LaSalle’s valuation grow its profit in 2012, with concerns about
advisory team, has been appointed consumer sentiment in Ireland and Scotland in
as a non-executive member of the 3.3
RICS Europe World Regional
particular. Citi also thinks that cider’s young
Board for a second term. demographic means brand loyalty is less, and
28 Feb 18 Mar 7 Apr 3 May 23 May expects to see a slowdown in sales growth.
Thomson Reuters
Shanker Ramamurthy has been
appointed as president, sales and
ANALYSIS l Bayer 55.04 BAYER
trading for Thomson Reuters 60
€ 26 May UBS has downgraded the healthcare business
Markets, effective from 20 June. to “neutral” from “buy” and has lowered its
Ramamurthy joins from IBM, target price by €2 to €60 (£52) after its
where he was general manager for 56
recent share price gains. The broker thinks the
the firm’s Global Banking and
Financial Markets business. current share price reflects the firm’s lower
52
peer valuation, though 2012 could see sales
GetJar momentum from trial data and regulatory
Joe Molnar has been appointed as decisions.
senior vice president of engineer- 28 Feb 18 Mar 7 Apr 3 May 23 May
ing for the world’s largest app
store. Molnar was previously part- ANALYSIS l Aveva AVEVA
ner architect for Microsoft’s inter- 1,700 1,619.00 Goldman Sachs rates the software group a
active entertainment business p 26 May
conviction “buy” with a 12-month target price
division. 1,650
of £25. The broker expects that the announce-
1,600
ment of a services partnership with Logica will
leave the firm well placed to soar, with further
potential for bolt-on acquisitions and contract
1,550
tenders. Goldman thinks Aveva’s sales growth
28 Feb 18 Mar 7 Apr 3 May 23 May will outperform the sector next year.
DLB CONTRACT
SERVICES LTD
Greece in June was not possible, the
Europeans were expected by the
IMF to step in.
RESURFACING CONTRACTORS
Lloyds Banking Group, however,
bucked the weaker sector trend, up
1.1 per cent as Virgin Money stepped
up its bid interest in 600 retail TEL: 0800 206 1562 FAX: 0800 206 1563
branches which the British bank
has been ordered to sell by regula-
tors. By London’s close, US blue
chips were down 0.4 per cent on the
renewed Eurozone worries and as
the US economy grew at a slower-
TARMACADAM EXPENSIVE?
than-expected pace in the first-quar-
ter, with GDP unrevised at up 1.8 ASPHALT RESURFACING
per cent.
Due to a large bulk purchasing reinstating public foot-
ANALYSIS l FTSE 5,880.99 paths (owing to cable installations). We have 800 tons
6,100 26 May
6,000
of 10M and 6M DBM asphalt suitable for drives, paths,
5,900
forecourts, tennis courts, schools, industrial areas etc.
5,800
5,700 ENQUIRES FOR ANY SIZE JOB WELCOME
5,600 We supply and lay dense bituminous macadam surfing
5,500 to British standard thickness 25-35 minimum, rolled
28 Feb 18 Mar 7 Apr 3 May 23 May
and consolidated for only £14.95 per sq. metre.
COLOURS AVAILABLE: RED, BLACK AND GREEN.
Offer Available for 8 weeks only
tech-heavy index also got a boost
from shares of Microsoft, up two
per cent at $24.67 after a promi-
nent investor said its chief execu-
All work guaranteed for 10 years
tive should resign. The company’s
board stood by its CEO.
The Dow Jones industrial average 10 Million pounds public liability cover
edged up 8.10 points, or 0.07 per
cent, to 12,402.76. The Standard &
Poor’s 500 Index gained 5.22
points, or 0.40 per cent, to 1,325.69.
Established main highway contractors
The Nasdaq Composite Index rose
21.54 points, or 0.78 per cent, to
2,782.92. Also available all groundwork catered for
The best-performing S&P sector
was consumer discretionary,
helped by Tiffany, up 8.6 per cent at Co Reg No. 6563245
$76.04 after the luxury retailer
reported its first-quarter results
and raised its outlook.
 Wealth Management |
23

Markets

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 Lifestyle
24 CITYA.M. 27 MAY 2011

DIVE IN: swim chic Clare Rous & Kara Iland

Q&A
Swimwear fashion FOUNDERS OF ROUS ILAND MEMBERS’ BOUTIQUE,
WWW.ROUSILAND.COM
perfect for hitting 3
1 ROYAL WEDDING
the beach in style, 4
says Lucie Greene GLAMOUR: ON A
MODEST BUDGET

P 2
Q.
ACK your bags ladies! Summer is I'm getting married in
nearly here yet again promises to September. I absolutely love
be a heady mix of sun, sand sea 5 what Kate Middleton wore but
and cocktails. Swimwear chic has I don't have a royal budget! What
been made even easier this time should I go for?
round. Labels have cooked up a host of
swimwear ensembles, designed to suit A.CREATING the perfect wedding dress
every budget, shape and size and make is all about the fabric – you want to look
you sizzle by the pool. Even better – elegant and slightly regal but remain nat-
most are available at the click of a but- ural and comfortable so a fluid material
ton, so it’s even easier to keep strip-lit with an element of structure should be
changing room horrors at bay. City A.M. your starting point to getting the look
rounded up the best of the bunch. affordably. A slightly boned bodice with
a stretchy fabric will give you Kate's tiny
waist but you'll still be able to breathe
(and perhaps eat a slice of wedding
cake!).
Getting the proportions right to make
10 the most of your figure is critical. Kate's
6 8 narrow middle was accentuated by the
fitted bodice. The skirt had some body
but kicked out from below her natural
waist, almost on her hips so there was no
bulk at her smallest point. If you are
evenly proportioned a more fitted style
with a fishtail kick is also sexy but stylish.
11 Lace worked beautifully on Kate’s
7 9 shoulders but can be dangerously expen-
sive to emulate as unless you have the
most exquisitely ornate handmade ver-
sion it can go horribly doily-esque. A
great cover-up like the bolero style jacket
Kate had for her reception could be an
alternative. (Under no circumstances
should you attempt to use a pashmina or
wrap – it will only look messy and
WHERE TO BUY: Are Handsome” is one of the 5 Ooh la la! La Perla. £435, www.net-a-porter.com 10 Budget busting, yes. detract from the dress.)
hippest new labels to Net-a- www.net-a-porter.com 8 A floral beauty sure to excite Fabulous? Absolutely. Lanvin, The smartest thing Kate did was to
1 Ultra-flattering one piece,
Porter. Check out this quirky 6 This polka dot number has all Cath Kidston fans. £32, £1,040 www.matchesfash- remain true to her personal style and
perfect for afternoon lounging. play on her best features – she empha-
£38, www.monsoon.co.uk horse print number. £195, summer frolics written all over www.cathkidston.co.uk ion.com
www.net-a-porter.com it. Oasis, £32, www.houseof- 9 Capri had better watch out. 11 Make like a celebrity, and sized her neat waist and kept her hair
2 A brave one – yes – but per- close to the way she feels best with,
fect for channelling the inner 4 Hello fifties bombshell! This fraser.co.uk Nothing will wow them more rock this ultra-glam cut out
rather than overstylised. Follow her lead
Bond Girl. £35, www.john- Norma Kamali number will set 7 Check out the rainbow won- than this chic Missoni two- one-piece. £292, Melissa and make the most of your own. Find the
lewis.com the cat among the pigeons. der. It’s like a little burst of sun- piece. Missoni, £265, Odabash, right style without spending the earth by
3 Calling all fashionistas. “We £340, www.net-a-porter.com shine. Rosa Cha, £198, www.matchesfashion.com www.net-a-porter.com having it made by your local tailor based
on images and fit directly to your body.

Men embracing beach

colours in classic, old-fashioned styles – but- Left, Capri swimshort
toned waistes, zip flys, and side adjusters. by Chucs Mountain &
“It’s the sort of thing you can wear on the Dive Shop, £145,
beach, round the pool, for lunch, to play www.chucsdiveshop.com

fashion, with retro flair

tennis in, and always look smart,” says
Gordon. Far left, Bulldog shorts by
Orlebar Brown, £129
PREPPY-CHIC www.orlebarbrown.co.uk
Chucs joins Orlebar Brown, another British
company, in creating classic, preppy-chic Below, Copacabana

W
E may have moved beyond string town Charles Finch, who decided if you swimwear that feels both jetsetty and quin- shorts by FB Collection,
vests, knotted handkerchief hats can’t find the kind of togs to suit the sun- tessentially English. £135.
and union jack shorts, but when ning-it-in-St Tropez-and-Mustique lifestyle, Taking a different tack is FB Collection, a www.fbcollection.com
it comes to looking sharp on the you may as well make them range inspired by the style and confidence
beach, the average British male still com- yourself. And he had the of modern Brazil but set up by a couple of
pares poorly to his European neighbour, good sense to harness former City men, Harry Brantly
not to mention those from still warmer some Savile Row talent and Max Leese. “This is all
climes. That’s particularly the case with in this endeavour, rop- about the new Brazil,
swimming trunks, a sartorial area in which ing in former Kilgour which is young, powerful
good taste seems to be an entirely void designer Sophie and sophisticated,” says
notion. Gordon to bring Brantly, a former wealth tennis (FB Collection started
The sands may be shifting though, with a English sartorial manager for UBS who was out importing cool “frescobol”
small – but growing – number of British elegance to beach- born in the South American bats and balls).
companies attempting to address the wear and clothes country. FB Collection’s Whatever the activity,
national shortfall in beach style with clas- for outdoorsy shorts are lightweight, cool English style – with a bit of
sic, retro-cool design and the odd cool pat- types. The range and beautifully made – international glam mixed in –
tern. The latest is Chucs Mountain & Dive of men’s swim- they’re designed for move- is the way to go on the beach
Shop, a project launched earlier this year ming trunks is very natty ment, whether that’s surfing this year.
by film producer, publicist and man-about- indeed, with simple prints and or playing Brazilian beach Timothy Barber
CITYA.M. 27 MAY2011 SORT OUT YOUR 25
WINE CELLAR
SEE LIVING,
PAGE 28

The Wolfpack goes mad in Bangkok

Chaos reigns once again in the
follow up to the smash hit
bachelor party comedy of 2009

Film
THE HANGOVER II
Cert: 15
hhhII
BRUISED, bloodied, blacked-out and stood
high above a sweltering Bangkok, it’s the
morning after the night before. Again.
Following their 2009 antics in Vegas, the
dysfunctional “Wolfpack” – Bradley
Cooper, Ed Helms and Zach Galifianakis –
is back. Three manboys, their sensible
mate, and one wedding in Thailand. What
could possibly go wrong?
The storyline seems to have been chan-
nelled from the mind of a sweaty teenage
boy who’s just nailed a crate of Panda Pops
and six bags of Tangfastics. Car chases,
speedboats, Russian thugs, guns, a CIA
sting, strippers, mountains of cocaine, a
handful of ladyboys and a crazy monk: it’s
all there.
And it doesn’t make a lick of sense, of
course, which is unfortunate, but shards
of brilliance do pierce their way through
the muddy, scattergun plot. For instance,
Mr Chow: the strutting, N-bomb dropping,
uber-camp international criminal who’s
just procured a monkey sporting denim
Rolling Stones waistcoat and combat
trousers. This silver-screen simian chain-
smokes, peddles blow and takes a bullet to
the sternum. Inevitably he’s adopted by
the Wolfpack and, with Chow, steals the
entire show.
In short: wonky plot with some great
lines. Do they get to the altar on time? Of
course. Is it worth it? You make up your
own mind. I’m not your mother!
Tom Latter
Theatre
ONE MAN, TWO GUVNORS
National Theatre
hhhhh
So monumentally funny is the National’s
new show, with a performance of the
most delicious and colossal buffoonery by
James Corden at its centre, that one wor-
ries whether any fragile audience mem-
bers might expire from laughing during
its run. It’s a farce in the best British tradi-
tions of end-of-the-pier reviews, Carry On,
Fawlty Towers and Morcambe & Wise,
Right: the Wolfpack
takes on Bangkok in
the Hangover II. Far
right: James Corden in
One Man, Two
Guvnors. Below, Kara
Tointon in Pygmalion
though it’s actually a reworking of a clas-
sic comedy by the Italian playwright Carlo
Goldoni.
Instead of Goldoni’s 18th century Venice
we have Brighton in the Sixties, where
Corden’s tubby likely lad Francis Henshall
finds himself working as assistant for two
different guvnors – one a London gangster,
one a posh cad on the run from the police.
Neither knows of the other’s existence, and
Francis needs to keep it that way. In the bal-
ance, with a cast of characters including a
pretentious actor, a nonsense-talking
lawyer, a girl disguised as her dead twin
brother, an on-stage skiffle band and a
Caribbean crim with fond memories of
Parkhurst, are two weddings,
If it sounds rather lightweight for the
National, it isn’t. The kaleidoscopic inven-
tiveness of writer Richard Bean’s gaggery,
the ingenious blending of the genre tropes
of Goldoni’s commedia dell’arte with the
best traditions of British slapstick, and the
energy and artistry of the cast, make this
show an absolute triumph.
Timothy Barber
PYGMALION
Garrick Theatre
hhhII
George Bernard Shaw’s most famous
play, in which Henry Higgins edu-
cates flower girl Eliza Doolittle in the
ways of lady-like speech (on which the
musical My Fair Lady is based), receives a
peculiar treatment in Philip Prowse’s pro-
duction.
Kara Tointon – of Eastenders and Strictly
Come Dancing fame – is Eliza, mangling
her cockney accent like Dick van Dyke in
the first half, more affecting once tutored
to well-mannered gracefulness in the sec-
ond. Rupert Everett is glowering, charis-
matic and fluently witty as Higgins, but
never vulnerable enough – a brutish ego-
tist, but nothing more interesting.
HALF TERM IN LONDON | WHAT TO DO AND SEE
DOCTOR WHO EXPERIENCE:
Fans of the hit BBC series can now re-
live it in all its glory with this exhibition
and “experience”. Visitors can time travel
on an interactive video adventure with
Doctor Who and are even given the oppor-
tunity to step in to the Tardis. There is also
a show exhibition with memorabilia,
original costumes and props dat-
ing back to the show’s first
series in 1963. http://doctor-
whoexperience.com
PENGUIN PANDEMONIUM
To celebrate the arrival of a
family of Gentoo penguins the
Aquarium on London’s
Southbank is launching an Ice
Adventure display with
quizzes, games, and interac-
tive freezing touch pools (In
addition to the show’s stars,
It’s a stuttering show that never gets up
a head of steam, especially in its leaden
opening acts. Diana Rigg as Higgins’
mother and Peter Eyre as his mucker
Colonel Pickering bring some lightness,
much needed amid the show’s strangely
gloomy lighting and dull set. To an extent,
Bernard Shaw’s sparkling dialogue would
be worth hearing even if Stephen
Hawking were delivering it, but this is not
a production for the ages. TB
BY LUCIE GREENE
the Gentoos themselves.)
www.visitseaslife.com
NATURAL HISTORY MUSEUM: DINOSAUR
Jurassic Park lands in London. Visitors to the
Natural History Museum’s summer 2011 exhi-
bition will be transported back 65 million
years with of giant life-size animatronic
dinosaurs and displays of extinct animals and
plants.
www.nhm.ac.uk
ROYAL BEASTS
Discover the origins of London Zoo at the
Tower of London’s new exhibition opening
tomorrow – which housed animals for over
600 years in its Royal Menagerie for the
entertainment of the court. With life-size
sculptures and interactive displays – you can
experience how everything from elephants
and ostriches were kept, and even what they
smelt like. www.hrp.org.uk/TowerofLondon

ALSO OUT THIS WEEK | FILM, MUSIC, GAMES

FILM DVD MUSIC GAMES

APOCALYPSE NOW Re-release for Francis Ford LOVE AND OTHER DRUGS Saucy romantic comedy LADY GAGA The third album, Born this Way, for the DIRT 3 (X360, PS3, PC) The latest in the rally car
Coppola’s spellbinding depiction of the Vietnam war. with Jake Gyllenhaal and Anne Hathaway. biggest pop star of the past decade. simulation series.

ANGELS OF EVIL Elegant Italian crime saga about TANGLED Cute animated Disney re-telling of the THE PRODIGY The original firestarters release their GLADIATOR BEGINS (PSP) Action role-playing game,
the rise and fall of a Milanese mobster. Rapunzel fairy tale. first ever live album, World’s on Fire. a sequel to the PS2 game, Colosseum: Road to Rome.

LIFE, ABOVE ALL South African film exploring the MORNING GLORY Middling workplace comedy with THE FELICE BROTHERS Fourth album from the ram- DUNGEONS AND DRAGONS: DAGGERDALE (XBOX
harshness of life in modern Johannesburg. Harrison Ford, Diane Keaton and Rachel McAdams. shackle country rockers, titled Celebration, Florida. LIVE, PS NETWORK, PC) Multiplayer fantasy hokum.
 26 Lifestyle | TV& Games CITYA.M. 27 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 A Question of Sport
9pm CHOICE Have I
Got News for You
9.30pm Outnumbered 10pm BBC
News 10.25pm Regional News
10.35pm The Graham Norton Show
11.20pm The National Lottery
Friday Night Draws 11.30pm FILM
The Rainmaker 1997. 1.35am The
One Show; Weatherview 2.40am
Sign Zone: Monty Don’s Italian
Gardens 3.40am Sign Zone: The
Hairy Bikers: Mums Know Best
4.40am-6am BBC News
6pm Eggheads 6pm London Tonight 6pm The Simpsons 6.30pm 6pm Home and Away
6.30pm Great British Menu 6.30pm ITV News Hollyoaks 7pm Channel 4 News 6.25pm OK! TV
7pm Windfarm Wars 7pm Emmerdale 7.30pm Unreported World 7.55pm
6.55pm 5 News at 7
4thought.tv 8pm A Place in the
8pm RHS Chelsea Flower 7.30pm Coronation Street 7pm Cricket
Sun: Home or Away 9pm The
Show 2011 8pm Baboons with Bill Bailey Million Pound Drop Live 10.25pm 8pm Eddie Stobart: Trucks and
9.30pm Paul Merton’s 8.30pm Coronation Street That Peter Kay Thing 10.55pm Trailers; 5 News at 9
Birth of Hollywood 9pm CHOICE CHOICE PhoneShop 11.30pm 9pm The Mentalist
10.30pm Newsnight Paul O’Grady Live Ricky Gervais 12am Music on 4: 10pm Law & Order
11pm The Book Review 10pm ITV News at Ten Jessie J Live in London 12.35am 10.55pm CSI: Miami
Show; Weather 10.30pm London News Mercury Prize Sessions 12.50am HAVE I GOT NEWS FOR YOU
Album Chart Show 1.05am 4Play:
11.50pm Rough Guide to BBC1, 9PM
11.50pm Golf: The PGA 10.35pm An Audience with Adventures
The Pierces 1.20am Much Ado Guest host Bill Bailey presides as
Championship Neil Diamond About a Minor Ting 1.50am Dish 12.10am SuperCasino Armando Iannucci and Jack Whitehall
12.20am Later with 11.35pm The Cube 2am Daddy 2.05am My Name Is 4.05am Motorsport Mundial join regular team captains Ian Hislop
Jools Holland 12.30am The Zone; Earl 2.55am The Dead Zone 4.30am Nick’s Quest 4.55am and Paul Merton on the satirical quiz.
1.25am French Open Tennis ITV News Headlines 3.35am Hill Street Blues 4.25am Rough Guide to Short Breaks
2.25am FILM The Haunted House 2.30am FILM The Hitcher 1986. Wild Thing I Love You 5.10am Wildlife SOS 5.35am-
of Horror 1969. 3.55am-6am Close 4.10am-5.30am ITV Nightscreen 5.25am-6.10am Countdown 6am House Doctor

SKY SPORTS 1 BRITISH EUROSPORT 4.20am Nothing to Declare 12.10am My Name Is Earl 1.05am Years Younger: The Challenge 9pm
SATELLITE & CABLE

7pm Sky Sports News at Seven
7.30pm Live Nations Cup Football
10pm Champions League Final
Preview 11pm Test Cricket 1am
Nations Cup Football 2.30am
Champions League Final Preview
3.30am Test Cricket 5.30am-6am
Road to London
SKY SPORTS 2
6.30pm Champions League Final
Preview 7.30pm Live Super League
10pm Tight Lines 11pm NFL: Total
Access 12am Super League 1.30am
Tight Lines 2.30am NFL: Total
Access 3.30am Nations Cup
Football 5am-6am Champions
League Final Preview
SKY SPORTS 3
6pm Live Champions Tour Golf: The
2011 Senior PGA Championship.
8pm Live PGA Tour Golf: The Byron
Nelson Championship. 11pm
European Tour Golf 1am PGA Tour
Golf 4am Super League
5.30am-6am Kings Of The Extreme
4.30pm Live French Open Tennis
7.45pm Game, Set and Mats
8.15pm French Open Tennis
10.15pm Horse Racing Time
10.45pm Cycling: Giro d’Italia
11.45pm-12.15am GP2 Series
ESPN
7pm ESPN Press Pass 7.30pm ICC
Cricket World Magazine 8pm Live
French Top 14 Rugby Union 10pm
ESPN MMA Live 10.45pm ESPN
Press Pass Special 11.15pm
Drambuie Pursuit 11.45pm UFC
12.45am ESPN Kicks: Extra 1am
Live NBA Countdown 2am Live
NBA Basketball 4.45am ESPN
Kicks: Extra 5am-6am World Rally
Championship
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 3.30am Charmed
5.10am-6am Maury
BBC THREE
7pm Doctor Who 7.45pm Doctor
Who Confidential 8pm Hotter Than
My Daughter 8.30pm Snog, Marry,
Avoid? 9pm Two Pints of Lager and
a Packet of Crisps 9.30pm Lee
Nelson’s Well Good Show 10pm
EastEnders 10.30pm Young, Rich
and Househunting 11pm Family Guy
11.50pm Ideal 12.20am Two Pints
of Lager and a Packet of Crisps
12.50am Lee Nelson’s Well Good
Show 1.20am Bizarre ER 1.50am
Snog, Marry, Avoid? 2.20am Hotter
Than My Daughter 2.50am Ideal
3.25am Doctor Who 4.10am
Doctor Who Confidential 4.25am
Young, Rich and Househunting
4.55am-5.25am Bizarre ER
E4
7pm Hollyoaks 7.30pm Friends
9pm Supersize vs Superskinny
10pm Embarrassing Teenage
Bodies 11.05pm Made in Chelsea
Supersize vs Superskinny 2am
Embarrassing Teenage Bodies
2.55am Ugly Betty 3.35am
Heartland 4.20am-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 Ax Men
DISCOVERY
8pm Britain’s Toughest Cops 9pm
Whale Wars 10pm Gold Rush 11pm
Through the Wormhole with
Morgan Freeman 12am Bear Grylls
1am Deadliest Catch 2am Future
Weapons 3am Hitler’s Gold 3.50am
Stephen Hawking’s Universe
5.30am-6am Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pm Bringing Home Baby 8pm 10
19 Kids and Counting 10pm Little
People, Big World 11pm I’m
Pregnant and a Hoarder 11.30pm
I’m Pregnant and HIV Positive
12am 19 Kids and Counting 1am
Little People, Big World 2am I’m PAUL O’GRADY LIVE
Pregnant and a Hoarder 2.30am ITV1, 9PM
I’m Pregnant and HIV Positive 3am Veteran actress Joan Collins and X
10 Years Younger: The Challenge Factor 2009 runner-up Olly Murs join
4am 3 x A Baby 5am-6am Paul in the studio. Johnny Vegas and
Bringing Home Baby Suranne Jones also drop in.
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
11.35pm Brit Cops: Zero Tolerance
12.35am The Hangover 2 Special
12.45am Martina Cole: Girls in
Gangs LA 1.45am Drug Wars: DEA PHONESHOP
2.30am Cold Case 3.15am The CHANNEL4, 10.55PM
4400 4am Bite Size Brainiac The arrival of area manager Razz
4.20am Secret Life of Suburbia Prince causes tension, and Lance tries
5.10am-6am Don’t Forget the to prove he is not boring. Guest
Lyrics starring Kayvan Novak (Facejacker).

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

QUICK CROSSWORD
    

SUDOKU KAKURO
16 38 6 14 10 28 12 
25 10
12  
27 11
Place the numbers from 1 to 9 in each empty cell so that each 39 
row, each column and each 3x3 block contains all the numbers Fill the grid so that each block 8 32
8 15
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 6 4 11

above or to the left of it. 14 14
You can only use the digits 1-9 22  
    and you must not use the
3 39 24
45  
same digit twice in a block.
 The same digit may occur 35  
9 30 13
   more than once in a row or
column, but it must be in a
13
20
17
8
17

16 7
 separate block.
4 11 
29 10
    18 24
 

   ACROSS DOWN
1 Child’s magazine (5) 1 Clique (often secret)
    
  WORDWHEEL J T
4 Type of bread used as
a pocket for filling (5)
7 Belonging to you
that seeks power usually
through intrigue (5)
2 Heath (4)
Using only the letters in the Wordwheel, you have 3 Focus one’s
 ten minutes to find as many words as possible,
I C
and me (3)
8 Seaman (3) attention (11)
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters E 10 Magic word used in a
spell or in conjuring (11)
4 Have superior power
and influence (11)
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
A D 11 Of a thing (3) 5 Choice morsel (6)

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

E V
12 Sends from one place
to another (9)
6 Tapestry used as a
wall hanging (5)
9 Painting, sculpture,
QUICK CROSSWORD 9 6 7 1 2 9 6
14 Unit of gravitational

S A L E S F L O S S
8 4 9 6 3 7 8 1 SUDOKU         
force (3)
16 Feeling or manifesting
music, etc (4)
12 Adolescent (4)
2 1 7 1 2 6
H Y E V E         
R U L E A M P E R E 9 1 4 8 5 3 4 1 veneration (11) 13 Countermand (6)
        
E O S I R D 4 3 2 5 1 6 7 8
         18 Yoko ___, widow of 14 One dozen dozen (5)
D E N S E N E W L Y 5 9 9 8 John Lennon (3) 15 Treat with
WORDWHEEL
G A R N I S H         
9 6 8 5 7 9 8 3
F O R G E S P E N T
7 1 3 2 8 5 6 1          19 Add up (3) contemptuous
A A N T L O
C A N C A N A M E N
2 6 8 4 1 2 The nine-letter word was          20 Military blockade (5) disregard (5)
E G D G G 2 3 7 3 5 4 1 2          21 Construct (a 17 Eric ___, member of the
MICROWAVE
T H E R E B O G U S 8 5 9 5 7 9 4          building) (5) Monty Python team (4)
 Living
RICHARD BRANSON’S 27
GAME RESERVE
SEE TUESDAY’S TRAVEL
| London SECTION FOR MORE

Get the best deal OXFORD GARDENS

Move here if you like, but can’t afford... Notting Hill
Agent: Virginia Skilbeck of Douglas and Gordon
says: “Oxford Gardens is on Notting Hill’s doorstep

on rent in London
with the same chilled out and trendy feel, access to
shops bars and restaurants – just at a slightly lower
price.”
Average rent: £387 pw (one bed), £512 pw (two bed)
Average council tax: £1,317.00 per household.
Commute: The area is close to Ladbroke Grove
tube station on the Hammersmith and City line, get-
Donata Huggins goes looking for the best ting you to Liverpool Street in 30 minutes.
Attractions: The comforts and attractions of
places for young professionals to reside Notting Hill are never far away, including the
famous Portobello Road and its market. There are

Y
OUNG professionals struggling to
get on the housing ladder is not
news. Renting, particularly in
London, is just a fact of life for many
of us – at least while we are working on
those deposits. The problem with renting,
however, is that it is getting more and
more expensive.
Indeed, research out this week shows
that average rents in London are up by 7.9
per cent since last year. And with inflation
soaring, finding a good deal is becoming
more important. While renting within the pockets of green space everywhere. Not to mention
walls of greater London will always be a a fair few public and private tennis courts.
trade-off between cost, commuting time Trivia: Trinny Woodall and Fern Cotton are
and space, ever so often areas spring up rumoured to live in the area. David Cameron did too,
offering the perfect combo. Shoreditch is you know, before he moved to Downing Street.
the perfect example. It wasn’t that long ago Resident: Amy Dixon of Oxford Gardens says: “It’s
that the area felt undiscovered and offered quite like Notting Hill, just with a younger crowd
residents great value for money. because it’s more affordable. It’s sort of the sneaky
With this aim in mind, we asked way of getting into the borough of Kensington and
London’s letting experts for their verdict. Chelsea at lower cost. It’s really lovely. There’s plen-
Where were are their top “value for ty of green space and quirky little shops.”
money” rental spots?

HAMMERSMITH BETHNAL GREEN PIMLICO

Move here if you like, but can’t afford... Fulham
Agent: Alexandra Best-Shaw of Douglas and Gordon
says: “Property in W6 is cheaper than that in the neigh-
bouring postcodes, meaning young professionals can
easily trade up and get more space for their money.”
Average rent: £320 pw (one bed), £385 pw (two bed).
Average council tax: £1,165.00 per household.
Commute: With five tube lines and an overline service
it’s really easy to get into the city. The area offers the
Hammersmith and City, the District and Piccadilly lines.
Attractions: The River Cafe on Thames Wharf and The
Dove on the Upper Mall are the local’s favourite water-
ing holes. Ravenscourt Park isn’t far away, nor is Brook
Green for a bit of green space. Not to forget the
Hammersmith Apollo for live comedy.
Trivia: Lily Allen was born here.
Resident: Paul Hinds of Loris Road says: “My commute
is the envy of all my colleagues and with so many great
pubs and restaurants, you have to remind yourself that
there are other parts of London to go to.”
Move here if you like, but can’t afford... Shoreditch
Agent: Kye Wheatley of Keatens says: “The demo-
graphic of residents in Bethnal Green has completely
changed in the last decade. In the 90s most buyers
were East End locals. Now it attracts loads of City folk.”
Average rent: £300 pw (one bed) £400 pw (two bed).
Average council tax: £1,004.00 per household.
Commute: The Central line gets you to Bank in 5 mins.
Attractions: With an increasing number of good
restaurants, Victoria Park and art galleries springing up
in its old factory building, the area is more desirable
than you would imagine.
Trivia: Pete Doherty and Carl Barat of the Libertines
used to live here and play in the Albion Rooms.
Resident: Bryce Keane of Kenilworth Road says: “You
always get the odd “East naysayer” but, to me, it’s got
everything. With Brick Lane, Shoreditch and Dalston
make for great nightlife. While funky cafes and bou-
tiques and back streets full of fab boozers makes the
area still feel fairly undiscovered.”
Move here if you like, but can’t afford... Chelsea
Agent: Adam Bishop of Hamptons International says:
“Pimlico remains home to loads of MPs due to its proxim-
ity to Westminster. It offers relatively affordable prices
compared to neighbouring Chelsea and Belgravia.”
Average rent: £380 pw (one bed) £500 pw (two bed).
Average council tax: £783.00 per household.
Commute: Victoria tube station is on the District and
Circle line that takes you straight into the City.
Attractions: Ten minutes from Sloane square with
Green Park and St. James Park, the area has an elegant
and refined feel. For shopping there is House of Fraser on
Victoria Street.
Trivia: Thomas Cubbitt designed most of the area
around 1840.
Resident: Samantha Cook of Warwick Square says: "I
love Pimlico. It's leafy, central – you can get anywhere
from here quickly – but also feels totally safe. There are
tons of great restaurants and bars. You've got everything
and it's much cheaper than Belgravia."
THE CITY
Move here if you would like to... sleep more
Agent: Eleanor Bleek of Hamptons says: “Renting in
the City offers a fantastic lifestyle since there are so
many excellent parts, restaurants and shops nearby.”
Average rent: £375 pw (one bed), £520 pw (two bed)
Average council tax: £960.00 per household.
Commute: No more than a little stroll if you’re based in
the City. While those housed in Canary Wharf can jump
on the DLR and get there in 15 minutes.
Attractions: Spitalfields market, the shopping centre
One New Change and Shoreditch High Street makes for
peaceful weekend ambling. The old City favourites of
Hoxton grill, Redhook, Modern Pantry and A&O offer
great evening dining.
Trivia: The City has its very own police force.
Resident: Ben Williams of Bishopsgate says: "There’s
something very satisfying about knowing that you
never have to get the tube to work again, especially in
the summer when the tube is unbearable.”
28 Living | Focus On
UXBRIDGE, UB8
BY DONATA HUGGINS
KING’S ISLAND,
WILLIAM AVENUE,
DENHAM
Price: £657,995.
Located on the former
William King Flour Mill site,
a town house in the soon-to-
be completed King’s Island
offers residents a private,
gated community. The brand
new neighbourhood will
comprise 24 three and four-
bedroom Mill conversions
and new-build family houses
and 127 one and two-bed-
room conversions.
Contact: Weston Homes on
0845 638 5010 or go to
www.weston-homes.com
OLD MILL ISLAND
Price: £675,000
This four-bedroom house is
set within a Grade II listed
former mill, set between
the Frays River and the
Grand Union Canal. It has
been fully restored with a
new integrated kitchen
with granite worktops, lux-
ury bathrooms and oak
wood flooring throughout.
Contact: Savills on 01923
824 225 or go to
www.savills.co.uk
Draker Lettings



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ROBINWOOD
GROVE
Price: £1.3m
This former coach house
is set on two acres of
land in a sought after
area of Uxbridge. The
property comprises of
5,000 sq ft. It has five
bedrooms, a swimming
pool, jacuzzi and sauna.
Contact: Hamptons
International on 01923
776291 or www.hamp-
tons.co.uk
NEED TO KNOW | AREA INSIGHT
Commuting to the City:
Getting from Uxbridge sta-
tion to Liverpool Street takes
an hour on the Metropolitan
line. Commuting to Canary
Wharf also takes an hour on
the Metropolitan line, chang-
ing at Finchley Road for the
Jubilee line.
UXBRIDGE | PRICE ACTION
Detached Semi-Detached
Uxbridge £366,411 £276,525
London £791,353 £430,258
Source: Savills
Specialising in property to rent
in Chelsea, Belgravia,
Kensington and Pimlico
Education: While there isn’t
a wide selection of good sec-
ondary schools in the
Uxbridge area, the St. Helen’s
independent school scores
highly and the Bishop
Ramsey Church of England
state school doesn’t do badly
either.
Terraced Flats
£246,044 £177,324
£448,423 £340,317
CITYA.M. 27 MAY 2011
INTERIORS
Q&A
Andrew Dunning
CREATIVE DIRECTOR AT
DESIGN CONSULTANCY
APD INTERIORS
I am moving to a smaller home and
Q. want to design the new rooms around
my existing big furniture, can you
give any advice?
A.
With many people downsizing to small-
er homes – and as it often impractical
to replace all your furniture – the chal-
lenge is to make your large furniture work in a
smaller space. Although instinctively many
people think “small house equals small furni-
ture” a great look can easily be achieved by
using a few large pieces of furniture if you
carefully think about several key steps.
The first question has to be, would the furni-
ture actually fit into my new home?
Then, if it does, ask if your furniture can
serve two purposes in your new home. It will
help to eliminate redundant pieces. One exam-
ple of this could be your cherished dining table
that you actually don’t use often but don’t
want to part with. Consider using it to display
a collection of books stacked in piles. They are
therefore easily accessible and you don’t need a
separate bookcase. The table also becomes a
great focal point.
With larger furniture, the space may be
dominated by the colours of the furniture so it
is often advisable to choose a neutral, pale tone
decorating scheme.
By carefully placing pieces. You should easily
be able to use your existing furniture. Just
remember that you might not be able to bring
everything.
the key to a luxury lifestyle for less
With busy working days and a trend for late
nights and early mornings, it pays to return
home to a place where you can relax – a haven
that is stylish and calming. To save time,
money and effort furnishing your home and
garden, those in the know are clicking on to
ACHICA, the free-to-join online private
members’ store that is fast becoming the name
on any discerning lifestyle shopper’s lips.
It is easy to get your hands on luxury brands
for your home and garden at ACHICA and you
will often find products to pamper yourself
too, all up to 70% off and delivered
conveniently to your door. There are fresh new
promotions daily, featuring brands to suit both
traditional and contemporary tastes, each
lasting up to 72 hours. You will also find style
tips, latest news and ideas and inspiration for
your home and lifestyle.
Visit ACHICA to find stunning furniture and
lighting design classics from iconic names
such as Anglepoise. Or, enjoy sumptuous 400
thread-count bed linen from respected brands
such as Conran Fine Bedlinen. Keen chefs can
choose from desirable cookware for the kitchen,
from trusted brands such as Le Creuset. Log on
today to find sophisticated Just Slate
diningware, as well as modern, eye-catching
Markslojd outdoor lighting. You can find luxury
extras for yourself too – treat yourself to a pair
of sunglasses from Karl Lagerfield or
Gianfrance Ferreè, perfect for a weekend
getaway.
Smart shoppers who love their homes are
turning to ACHICA for a new way to shop
online, gaining the most value for their money.
ACHICA’s buyers take time and care
handpicking each individual item to ensure that
only the most stylish designer products appear
in its promotions – they do the hard work, so
you don’t have to.
Try out ACHICA today for free and find
great additions for your home for less. Visit
www.ACHICA.com.
.com
the members-only luxury lifestyle store
 30 Living | The Knowledge
Luxe cellars up
property appeal
Upmarket wine vaults and storage can
be big selling points, says Lucie Greene
D
RAMATIC avant garde
designs, subterranean mood-
lit spaces, luxurious tasting
areas: Wine cellars have long
way from the creaking descent to a
basement wine rack. And, as the
market for wine collecting
continues to expand, properties
that boast stunning examples are in
pole position, say London agents.
“I think with top tier properties
it’s becoming more expected,” says
Martin Bikhit, managing director at
Key & Co, a West End property spe-
cialist. “For the right market it can
also be a real selling point.”
“For properties aimed at interna-
tional clientele, particularly from
continental Europe – who are very
keen on wine – it can make quite a
difference to a sale,” adds Robert
Sturges, director at Chesterton
Humberts in Fulham.
Demand is certainly being felt at
West Sussex based luxury cellar
company Spiral Cellars Ltd. The com-
pany, which makes state of the art
cellars for London and countryside
properties, has seen profits leap four
Buy new at Vellum now!
Buy a stylish studio, 1 or 2 bedroom apartment at Vellum and avoid all the hassles and costs associated with buying an older property and enjoy:
• Rapid connections to the West End, The City & Stratford: Black Horse Road tube station on the Victoria line less than 10 minutes walk
• Kitchen appliances & all floor coverings included • Exemplary Customer Service with 24/7 support for the first 2 years
Sales Centre & Show Homes open now - Call or see website for daily times
0800 883 8983 or (out-of-hours) 0800 032 0077
*Price correct at time of going to press. Photographs depict Vellum exterior.
times in the past six years to £4 m
annual turnover.
“Cellars have become one of
the vital aspects on the tick list
for luxury properties,” says Lucy
Hargreaves, director at the com-
pany. “Lots of our clients come
back to us after moving saying:
‘It’s the cellar that sold it.’”
Hargreaves said average
investment clients are making
in premium cellars has also
increased.
“Three years ago clients
would spend £15,000 on a
great cellar. Now, the average
they’re willing to spend has
gone up to £20,000. We’ve also
sold 11 of our premium cellars
at £45,000 since autumn, which
have specialist glass roofs.”
Hargreaves said that wine cel-
lars were now being incorporated
at the planning stages of new pre-
mium buildings. “We’re being
bought in at development stage.
Lots of new build luxury properties
are being designed with wine cel-
lars incorporated.”
www.vellumapartments.co.uk
A luxury wine cellar by Spiral Cellars Ltd.
Candy & Candy’s
swankiest new
Knightsbridge addition
One Hyde Park has defi-
nitely taken the wine
collector into consider-
ation. Each of the lav-
Prices from £147,500
Picture: Courtesy
ish development’s apartments has
its own assigned personal wine cel-
lar, housed in a temperature-con-
trolled room in the lower ground
floor of the building. “It’s one of the
aspirational services provided in the
development,” says Martin Kemp,
Second hand is second best
*
CITYA.M. 27 MAY 2011
creative director at the company.
“Many owners of luxury homes
are actually wine collectors and con-
noisseurs who have high value col-
lections of vintage wines and
champagnes which they like to dis-
play and look after. One bottle of vin-
tage wine could be worth over
£100,000 so it’s an investment that
they want to protect.”
The cellar trend seems to reflect
the growing market for wine collect-
ing. “Cellars used to be just for the
fine wine connoisseurs, but now peo-
ple are drinking more at home. More
people with money are starting to
collect wine. Wine cellars have
become a lifestyle feature for
homes,” says Hargreaves.
With that many are using dramat-
ic cellars as interior design state-
ments. “Rather than being dark
cave-like spaces in the basement,
wine cellars are now being treated as
an opportunity to create a spectacu-
lar space within the home and
become a real feature of the proper-
ty,” says Kemp. “Wine cellars have
also become social hubs within prop-
erties – they can be walk in rooms
with tables where the owners spend
time sampling wines and playing
canasta with friends – effectively
they become a private den in which
to socialise.”
Do they add value to a property?
“It depends on the size of property,”
says Bikhit. “If you have limited
square footage it can be detrimental.
Living space is the priority. They’re
great if you have lots of room
though.”
Bikhit said the value cellars add is
more to the overall package appeal
than a tangible increase. “They’re an
additional selling point which can
make the overall prospect of a house
more attractive,” he said.
AT PAPERMILL PLACE
WALTHAMSTOW, E17
 G
M LD
an iconic city

IN
N
RE O
AI
S
an iconic address
FE %
90
W

The Barbican
ST
LA

Stunning one bedroom duplex apartments

available for immediate occupation.
Prices from £495,000

a development by

New Homes

020 7606 8000 020 7288 0330

www.frobishercrescent.com

BEAUTIFUL HOMES, GLAMOROUS BOUTIQUES, COOL BARS AND GREAT TRANSPORT LINKS
CALL 01992 551777 OR VISIT WWW.BALLS-PARK.CO.UK
FIRST TIME BUYERS WEEKEND –
WE’LL PAY YOUR SEASON TICKET
City & Country Group is hosting a special weekend aimed at first-
time buyers who will be able to view the spectacular show homes
priced from £232,500 and talk to an independent financial advisor
who will be on hand to give free impar tial advice. If you reserve an
apar tment between 26th & 30th May, City & Country Group will
pay for an annual season ticket between Her tford and London.*
Opening hours that weekend:
26th May 10am–8pm, 28th–30th May 10am–5pm.
Independent financial advisor available 26th May and 28th May.

WIN A WEEKEND IN HERTFORD

Visit the sales suite at Balls Park between 26th May
and 30th June for the chance to win a weekend break
at the boutique Her tford House Hotel.*
Unique 1 and 2 bedroom apartments
at The Stables from £232,500
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THE STABLES ~ THE COACH HOUSE ~ THE MANSION HOUSE

 Punter
32
FOOTBAL TRADER THE BEST CHAMPIONS LEAGUE FINAL BETS, WITH BEN CLEMINSON
Messi and Barca can give
United more nightmares
BARCELONA
MANCHESTER UNITED
TOMORROW – 7.45PM ITV 1
T
HERE is no doubt that this current
Barcelona side has the potential to
be one of the best, if not the best,
club teams of all time. They have
just won their third straight La Liga title
and their fifth in the last seven cam-
paigns. Pep Guardiola has proven to be a
formidable coach, both at a domestic and
European level, with his charges looking
for a third European Cup in six years here,
and the style with which his side play has
the purists purring.
Lionel Messi has had another remark-
able season and is undisputedly the best
player in world football at the moment.
He has scored an astonishing 52 goals
across all competitions, including 11 in
this year’s Champions League. His speed,
skill and trickery are sublime, but his
work rate is also second to none and
Manchester United will have their work
cut out to stop him.
Barcelona are far from a one-man band
though. Xavi and Andres Iniesta pull the
strings in the middle of the park while
Carles Puyol, Gerard Pique and Dani Alves
are outstanding at the back. David Villa
isn’t a bad partner for Messi, either, and
the quality of this side as a whole is
enough to give Sir Alex Ferguson sleepless
nights.
United ended their season on a high
beating Blackpool 4-2 at Old Trafford, but
their performances haven’t been impres-
sive in the past couple of weeks. They
struggled against Blackburn a fortnight
ago and they looked in trouble against
Blackpool when 2-1 down in the second
half. They will obviously have to step up
massively if they are to compete against
Barca, but United should never be written
off.
The last time these two met was in the
Champions League final in Rome in 2009
when Guardiola’s side comfortably beat
United 2-0. The way his team capitulated
IN-RUNNING TRADING HINTS
N
eutrals would have struggled to hand-
pick two better contestants for this
season’s Champions League final. As
kings of their respective castles in
Spain and England, the meeting between
Barcelona and Man United could have the
makings of a classic and it will give in-play
traders plenty to ponder.
At Wembley, pretty much United’s sec-
ond home, Sir Alex Ferguson’s men won’t
give Barca the easy ride they allowed the
Catalans in Rome two years ago.
Mindful of going behind in just the ninth
minute in the Stadio Olimpico, Fergie’s
instructions will no doubt urge vigilance,
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| Sport
that day will have been praying on Ferguson’s
mind ever since and they will surely put up a
better fight tomorrow. They also beat Barca
the season before in the semi-final, so they
know that they can do it.
These are two worthy finalists, but
Barcelona look a class above their rivals. The
pace and accuracy of their passing is a joy to
watch and the way they fight back when los-
ing possession is magnificent. I find it
remarkable that they are not odds-on to win
in 90 minutes and the 21/20 available with
William Hill must be taken.
Bettorlogic.com analysis shows that there
have been only two half-time draws in the last
12 Champions League finals, including none
of the last 10 between teams of different
countries. The outcome has been settled by
the win HT / FT double result in nine of the
last 17 finals and I expect that to continue.
Back the Barca HT / FT victory at 5/2 on
Betdaq.
Paddy Power have come up with some fan-
tastic money-back concessions in the past,
but tomorrow’s has to be their best yet. They
are refunding all losing first/last goalscorer,
correct score and scorecast bets if Barca win
in 90 minutes. That is an amazing offer and
obviously any goalscorer and correct score
especially during the early stages.
Betdaq punters should, therefore,
consider backing 0-0 at around 17/2 in the
correct score market before kick-off and
look to lay off at shorter odds after around
half an hour.
In this season’s competition, Barca have
scored just five of their 27 goals (18.5%) and
United four of their total 18 (22.2%) in the
first third of the game.
The tendency to score more frequently in
the later stages is such that, of the two clubs’
aggregate 45 goals this campaign, 23 have
been netted after the 61st minute, meaning
there’s every reason to back over 1.5 then
Messi has scored 52
goals for Barca this
season
Picture: GETTY
bets should be placed with the Irish firm.
Messi hasn’t found the net since his brace
at the Bernabeu in the semi-final first leg, but
he comes alive on the big stage and is worth
backing at 4/1 with Paddy Power. Although I
expect Barcelona to win the match, I don’t
think it will be easy and I can see United get-
ting a goal. The most common result in
recent final history is 2-1 and I will be taking
the 15/2 on offer with Paddy Power for that
scoreline.
Sporting Index quote goals at 2.25-2.45 and
although a buy is tempting, I’d rather opt for
a speculative interest in Nemanja Vidic’s goal
minutes at 6. It’s unlikely that United will
break down Barca on the floor and their best
chance of a goal could come from a set piece.
There is no better header of the ball in
United’s team than the Serbian and it
would not be the biggest surprise to see him
pop up with a goal.
POINTERS...
Barcelona at 21/10 with William Hill
Lionel Messi first goalscorer at 4/1 with Paddy Power
Barcelona HT / FT at 5/2 on Betdaq
Barcelona to win 2-1 at 15/2 with Paddy Power
Buy Nemanja Vidic goal minutes at 6 with Sporting Index
over 2.5 goals at steadily increasing prices.
Any big hitters looking to wager on Barca
if they take the lead should be wary of lump-
ing on Pep Guardiola’s outfit at very short
prices.
If Barca do have any frailties then they are
exposed outside the Nou Camp and their
last London visit should serve as a caution-
ary tale. They were trading at 2/13 on Betdaq
in-running before surrendering their 1-0
advantage late on against Arsenal. Including
that match at The Emirates, they have taken
the lead and failed to win in 16% of their
Champions League and La Liga away out-
ings this term.
 Punter
33

INVESTEC DERBY
| Sport 1 mile 4 furlongs, Epsom, Saturday 4th June,
Live on BBC TV.
11/8 Carlton House 25 Masked Marvel
5 Pour Moi 33 Master Of Hounds
RACING TRADER BILL ESDAILE, OUR RACING EXPERT, REPORTS FROM YESTERDAY’S 7 Recital 33 Treasure Beach
‘BREAKFAST WITH THE STARS’ EVENT AT EPSOM DOWNS 7 Seville 33 Vadamar
12 Native Khan 40 Memphis Tennessee
16 Roderic O’Connor 40 Nathaniel

Epsom’s French fancy

20 Ocean War 50 Apache
25 Casamento 50 Genius Beast
Each way one-quarter the odds a place 1, 2, 3. Others on request.

W
ITH just over a week to go until
the Investec Derby, racing’s
good, bad and ugly gathered on
Epsom Downs yesterday morn-
williamhill.com 0800 44 40 40
ing for the racecourse’s annual ‘Breakfast
with the Stars’. The event offers up the VISIT WILLIAMHILL.COM ON YOUR MOBILE
opportunity for any horse entered in the Over 18s only. William Hill rules apply. All prices subject to fluctuation. Prices correct as at 3.00pm yesterday.
world’s most famous race to exercise on FOR ADVICE & INFORMATION VISIT WWW.GAMBLEAWARE.CO.UK
the track and sample its undulations,
twists and turns before the big day.
Only two of next week’s runners opted
to strut their stuff in front of the eyes and
cameras of the racing press and Ed
Dunlop’s Native Khan was the first to
appear in the hands of Kieren Fallon, right
Ferdoos to give in-form
in the middle of breakfast! He was led by a
moderate handicapper, Satwa Laird, and
the pair seemed to crawl round
Varian another big win
Tattenham Corner. As they entered the
straight, it became clear they were going

I
slower than a crawl and Native Khan eased T’S very much the calm before the storm this week-
past his stablemate in slow motion with end with the Investec Derby Festival only seven days
the minimum of fuss. away. However, Haydock hosts a decent card tomor-
Connections seemed delighted with row and let’s hope we can follow up after last
him, although he’ll need to go a hell of a week’s headline tip Sole Power (12/1) won the Temple
lot quicker tomorrow week if he is to trou- Stakes well.
ble the leading contenders. William Hill Roger Varian has made an excellent start to his train-
seemed content to leave his price ing career since taking over from Michael Jarvis. He has
unchanged at 12/1. Ed Dunlop still seems already registered big race wins with Eton Forever and
convinced that Fallon will be on board Pekan Star and I expect him to be in the winner’s enclo-
come the day and told Clare Balding that sure again tomorrow with FERDOOS in the 3.05pm. She
he had received “as firm a commitment to won her first two career starts easily last season before
ride as Mr Fallon ever gives.” going down by a nose to tomorrow’s rival Polly’s Mark at
Aidan O’Brien may well have been Ascot in September. She has the potential to be a top class
granted a similar commitment as he four-year-old and clearly goes well fresh.
seemed to indicate 40 minutes later, via The Group 3 Timeform Jury Stakes (3.35pm) is surely at
telephone link-up from Ballydoyle, that the mercy of REGAL PARADE, especially if the rain
Fallon will partner his Recital. The former comes. He’s a genuine Group 1 performer and ran really
champion certainly has a tricky decision Pour Moi working at Epsom yesterday well against Delegator at York last time. He doesn’t have
to make over the next few days. to concede any weight to his rivals and the only worry
Almost as soon as Native Khan had com- lightly-raced, but hugely talented colt, who and he definitely represented his best ever would be quick ground. The main danger appears to be
pleted his workout, if you can call it that, a could well change all that. He worked along- chance of winning the race. Suddenly, a seri- Godolphin’s Shakespearean who has won first time up
helicopter appeared from out of an over- side a stablemate, in the hands of jockey ous challenger to Carlton House has emerged for the last two seasons, while High Standing shouldn’t
cast sky and landed in the centre of the Mickael Barzalona, and visibly travelled with from across the Channel. Fabre joked that he be discounted in first-time blinkers.
course. The five-foot something man that greater gusto than Native Khan. does not mind being unpopular if winning John Gosden continues in flying form and his ZUIDER
stepped out from the gloom was Andre He hadn’t impressed in the preliminaries, the Derby means beating the Queen’s horse. ZEE can land the opener at Haydock (2.05pm). He will
Fabre, 22-times French Champion trainer having appeared in front of the stands On the evidence of what we witnessed over have come on for his decent seasonal reappearance at
and arguably one of the greatest trainers layered in sweat, but quickened up at the our croissants, that’s no joke and a very real Ascot and has always looked as though he’d relish the
ever to step foot on Epsom’s hallowed turf. end of the gallop in eye-catching fashion. possibility. step up to two miles.
However, the one race missing from his CV William Hill responded straight away by cut- Visit www.theroadtothederby.co.uk this Stable jockey William Buick is riding at Newmarket
is the Investec Derby – he has only a fifth ting his odds from 7/1 into 6/1 clear second week to see some fantastic videos of tomorrow and you can be pretty sure that’s because of
place finish to show from nine attempts favourite. the key contenders in action, as well as all BUTHELEZI. I was a big fan of Gosden’s inmate last sea-
over the last 30 years. Andre Fabre declared to everyone after- the information you will need for next week’s son and he was hugely impressive over course and dis-
That said, in Pour Moi he has a very wards that he was “in love” with the horse festival. tance last time. He should see off this lot.

TOP PRICES GUARANTEED *

21/20 21/10
Draw
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BARCELONA
To win the Champions League Final in 90 mins
MAN UTD
To win the Champions League Final in 90 mins

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*Available online, by phone and on your mobile. Top price means we match or better Barcelona/Man Utd to win in 90 minutes in Saturday’s Champions League Final, offered by fixed odds bookmakers Ladbrokes, Coral, Totesport, Betfred, Bet365, Paddy Power, Stan James & Victor Chandler until kick-off. All prices subject to fluctuation. William Hill rules apply. Prices correct as at 4.00pm yesterday. Over 18s only. WWW.GAMBLEAWARE.CO.UK
 Sport
34

PREMIERSHIP FINAL PREVIEW: LEICESTER V SARACENS, TOMORROW 3PM, ESPN

SPORT | IN BRIEF
Bolt pips Powell on his return
ATHLETICS: World 100m record holder
Usain Bolt capped his return to the track
after a 10-month absence with the nar-
rowest of victories over Asafa Powel at
Final promises duel of No10s
the Diamond League meeting in Rome.
Bolt trailed until the last five metres and
finished in a time of 9.91 seconds.

Hamilton angered by Toro Rosso

FORMULA ONE: McLaren’s Lewis
Hamilton has told stewards in Monaco
to keep an eye on Toro Rosso’s drivers,
accusing them of holding him up in
Spain last week. Hamilton said: “They RUGBY UNION COMMENT
[Toro Rosso] let Vettel past and then
they held me up.” KYRAN BRACKEN
ECB to launch county review

T
OMORROW’S match is a wor-
CRICKET: The England and Wales thy final that brings together
Cricket Board has appointed the former England’s two best sides, but
ICC and ECB Chairman David Morgan to also promises to be an intrigu-
conduct an extensive review into the ing battle of styles and a fascinating
business of domestic cricket. contest between the fly-halves. Owen Farrell has
Saracens might feel it’s an oppor- Toby Flood is emerged as a key
Results tunity to avenge their loss in last
year’s final. Psychologically
Leicester will be helped by the
England’s first
choice fly-half
man for Saracens

Picture: ACTION
:I@:B<K knowledge they can win the big Picture: ACTION IMAGES
=@IJKEGFN<IK<JKD8K:? games. They have won so many IMAGES
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year, and finished top this year. But
then Saracens have won the last two strength in depth. Saracens are goals this time. He struggled against Borthwick revels
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meetings and also know how to win
tight games. Personally I think
there’s nothing between them.
extremely well rehearsed, well
coached, and know what each other
are doing, while Matt Stevens has
Gloucester in the semi-final but will
need to be on song for Saracens to
have a chance. Toby Flood has
in Sarries success
BJXe^XbbXiXZGi`fiY8e[\ijfe%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%((
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KfkXc)nbkj%#+/fm\ij %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(** done very well concentrating on a at No10: England’s fly-half, Toby drama of the Heineken Cup final, but Borthwick claims his success with
=Xcc10*#((+% strong defence. Leicester have tradi- Flood, against a youngster coming I wouldn’t be surprised if last year’s Saracens this season has helped ease
9fnc`e^18e[\ijfe(,$)$+)$(#9ifX[(*$($+,$'#Ki\dc\kk
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tionally been very good in that through in Owen Farrell. In my tight final was a forerunner for this the pain of his international exile. The
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CM:FLEKP:?J?@GÇ;`m`j`feFe\K_\Ifj\9fnc 2 has shifted a bit more to attack as best will win. Farrell has shown end of extra-time and going down to Johnson’s England set-up but has
CXeZXj_`i\*)/BI9ifne0-#;>:fib+$./ Xe[/$'m the game’s laws have changed. tremendous vision to pin teams a place-kicking bonanza. played a key role in hauling the London
?Xdgj_`i\(**BN?f^^.$)/ Xe[)'(98:?fn\cc.(#
BN?f^^+$*( %CXeZXj_`i\))gkj Y\Xk?Xdgj_`i\*gkj  I’m looking forward to seeing back and allow Saracens to defend Kyran Bracken was speaking courtesy club into tomorrow’s Premiership final.
Yp('n`Zb\kj%KXlekfe 2Pfibj_`i\*,/AD9X`ijkfn(*-# how well the packs go against each very well. Toby Flood on the other of GamePlan Solutions: Managing high He said: “Every player wants interna-
>J9XccXeZ\-( Xe[)+0$--*%)fm\ij A<Iffk-.#8N other. Leicester have always been hand has a bit more attacking abili- profile and popular sport stars; Speakers, tional recognition but I don’t think
>Xc\,' %mJfd\ij\k+,)D<Ki\jZfk_`Zb(/0#8M successful because they concentrate ty but his kicking is good as well. Leaders, Motivators, Ambassadors about England when I play for my club.”
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;li_Xd-')$-[\Z%NIJd`k_(.0#;D9\eb\ejk\`e()/#@ on a very powerful pack and have Owen’s going to have to kick his www.gameplansolutions.co.uk
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:_fgiX.0#98Jkfb\j+$+/ Xe[*,$*(+%'fm\ij %;`m`j`fe

Westwood stunned by Donald’s Wentworth wizardry

Knf:_\cdj]fi[ 2D`[[c\j\o*/,J;IfYjfe(+-#A8
J`dgjfe-,#AND;Xcipdgc\,)#>IEXg`\i,$,- Xe[
*0$(('%'fm\ij m<jj\o)0(F8J_X_0-#AJ=fjk\i,/#K
ADlikX^_,$/) %:Xek\iYlip 2;\iYpj_`i\+-'NC
DX[j\e(+'#LKB_XnXaX(*,#:=?l^_\j,.#J8J_Xn
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0,#>FAfe\j,0#J8Efik_\Xjk,'#K;>if\e\nXc[+$-+ %
▲

GOLF
Efik_Xdgkfe 2C\`Z\jk\ij_`i\*(*89DZ;feXc[(-+#A8 Championship at Wentworth. on discovering Donald’s progress, he wanted to work with “somebody bet-
9iffbj,$/' Xe[,)$'(/%'fm\ij mEfik_Xdgkfej_`i\ BY JAMES GOLDMAN Donald finished on seven under, quipped: “They should drug test Luke ter”. The former European Ryder Cup
*()8>NXb\cp0/ %EfgcXpK_lij[Xp[l\kfiX`e%K_\B`X WORLD No1 Lee Westwood joked his two shots clear of Italian teenager after a 64 – I can’t quite figure that captain finished on two under and
FmXc 2>cXdfi^Xe+(08EG\k\ij\e)('#DAGfn\cc00 
Xe[+-$'()%+fm\ij mJlii\p)/+JD;Xm`\j..#DI compatriot Luke Donald should be Matteo Manassero and Sweden’s one out.” said: “I had a phone call from my cad-
IXdgiXbXj_-.#:G8j_c`e^+$+. % drug tested after posting a remark- Johan Edfors. Colin Montgomerie has revealed die saying he had decided to go with
able 64 in tough conditions on the Westwood finished on level par he was sacked by his caddie at the somebody better. The search is on. All
email sport@cityam.com first day of the BMW PGA after struggling with his putter and start of this week because his bagman applicants are welcome.”

Mixed fortunes for Brit stars
▲
TENNIS
BY FRANK DALLERES
BRITISH No1 Andy Murray overcame
gusty conditions to book his place in
the third round of the French Open,
but compatriots Heather Watson and
Elena Baltacha were blown away at
Roland Garros.
Murray laboured at times in a 7-6
(7-3), 6-4, 7-5 victory over Simone
Bolelli, and while the Italian created
no shortage of hazards, the Scot also
Sri Lanka and
the weather
stall England
▲
CRICKET
BY JAMES GOLDMAN
ENGLAND bowler James Anderson
denied he and the rest of captain
Andrews Strauss’ attack are under-
cooked after suffering a largely frus-
trating first day of the international
summer.
Rain delayed the start of play in
Cardiff until 3.30pm after which
England were thwarted in their
attempts to make an early break-
through by Sri Lanka’s opening pair of
Tillakaratne Dilshan and Tharanga
Paranavitan.
Dilshan, the new Sri Lanka captain,
made 50 in a first-wicket stand of 93
before playing on to Graeme Swann,
while Anderson grabbed the prized
scalp of Kumar Sangakkara in contro-
versial circumstances shortly before
the close as the tourists reached 133
for two, with Paranavitan unbeaten on
58. Afterwards, Anderson refuted any
had to do battle with the elements.
“The wind was swirling the whole
time so sometimes you’d throw the
ball up to serve and you’d feel like the
wind was blowing in towards you,
then it would change and the ball
blows forward,” he said.
Watson, 19, who came through the
qualifiers, proved unable to continue
her fairytale run in Paris, losing 6-1,
6-3 to 16th seed Kaia Kanepi.
Baltacha, the top ranked British
woman, fared marginally better
suggestion that the England’s bowlers
were undercooked through a lack of
cricket in the early part of the sum-
mer.
“I was pretty overcooked in the win-
ter. We had a needed break,” he said.
“All the guys feel strong and ready to
go. I thought we bowled well today.
“Hopefully it’ll swing again tomor-
row and we can get a few more nicks.
They’ve got a strong top six and we’ve
got to work hard to make inroads into
that and hopefully if we can get a cou-
ple of wickets early tomorrow we can
get them out cheaply.”
The day was touched by controversy
when Sangakkara was given out
caught behind when England used the
decision review system, despite replays
not seeming entirely conclusive.
Anderson said: “It was a bit of a
strange one because the wind was
going across the ground so I didn’t
hear anything but the slips were con-
vinced he’d nicked it.”
against American Vania King but also
waved goodbye to Paris with a 4-6, 6-1,
6-4 defeat.
In a huge shock second seed Kim
Clijsters crashed out to unseeded 20-
year-old Arantxa Rus, ending her
hopes of winning a third successive
grand slam. Rus, of Holland, won 11
of the last 12 games to seal the biggest
win of her career. In the men’s draw,
defending champion Rafael Nadal
again looked shaky as he overcame
fellow Spaniard Pablo Andujar.
Anderson took the wicket of Kumar Sangakkara on a largely frustrating day Picture: GETTY
35
Watson’s run ended against Kaia Kanepri Picture: ACTION IMAGES
Hammam
implicates
rival Blatter
▲
FOOTBALL
BY JAMES GOLDMAN
FIFA presidential candidate
Mohamed Bin Hammam has
demanded that current chief Sepp
Blatter be included in the investiga-
tion by the world governing body’s
ethics committee.
Bin Hammam, who along with
Fifa vice-president Jack Warner has
been charged with bribery, claims
Blatter has also been named in evi-
dence submitted to the ethics com-
mittee ahead of a hearing on Sunday.
The 62-year-old, who is standing
against Blatter in next week’s presi-
dential election, said in a statement:
“Mohamed Bin Hammam, member
of the executive committee of Fifa,
was surprised by accusations of
bribery. He rejects these accusations
and confirms that they are without
substance.
“The accusations also contain
statements according to which Mr
Blatter, the incumbent Fifa presi-
dent, was informed of, but did not
oppose, payments allegedly made
to members of the Caribbean
Football Union.”
 36 Sport | Football | Champions League Final CITYA.M. 27 MAY 2011

Messi darts about

like boxer trying
to find a soft spot
Former Barcelona and England manager
Manchester United
gives his Champions League final verdict captain Nemanja
Vidic
then he’ll go across in the middle.
He’s like a boxer trying to find a soft Pic: ACTION IMAGES
spot.
There’s several options Ferguson
can come up with, but he mustn’t
lose what his own team’s got, because
it’s too easy to say ‘I’ve got to do that,
that and that’.
The surprise might be that he just
FOOTBALL COMMENT does what he normally does. I think
TERRY VENABLES most battles are won by surprising
the opposition – something I’ve
always enjoyed doing.

B
ARCELONA are slight favourites Terry Venables is a 188BET ambassador.
and I think that’s fair. Saying The In-Play betting specialists are offering
that, however, I think every- great value odds on a host of markets for
thing’s getting stronger and the Champions League Final. To check them
stronger for Manchester United. out and for a free £25 bet go to
People have said that they’re not as www.188promo.com/terry
good as they were or haven’t been at
their best. My first reaction was:
Crikey, if they’re not then the opposi-
tion are in for trouble because they’re
still winning.
This is a team that has got stronger,
and people have come through so
well. Nani once looked a player who
was OK and an imitation of Ronaldo,
but now he’s a truly class player in his
own right.
Antonio Valencia has been excep-
tional. He’s been a great find. And
then they’ve got Javier Hernandez. He
has come in and taken his chance
with both hands.
It’s going to be fascinating because
it’s so close. If there is a team that can
beat Barcelona, you’d think it would
be United. I think as the game’s get-
ting closer, people are increasingly
leaning towards them on this.
You know what Barcelona are
going to do, but you don’t know what
United are going to do, so they’ve got
a lot of options. That will be what Sir
Alex Ferguson is looking at now.
Obviously what comes to
mind is: how do you stop
Messi? Because Messi
will go on the right
wing, he’ll try the left,

Guilty City star Toure out until

September for failing drug test
to football in September and thank
▲

FOOTBALL
MANCHESTER CITY defender Kolo
Toure has revealed the heartache he
suffered at missing out on the cli-
max of the club’s historic campaign
after being handed a six-month ban
for using a banned substance earlier
this season.
The suspension is back-dated to 2
March, when Toure’s provisional
ban began, and ends on 2
September meaning the Ivory Coast
international is likely to miss at
least the first four games of the new
season which starts on 13 August.
“This has been a difficult period,
and I am sad to have missed the
team’s triumph of securing
Champions League football and the
FA Cup,” Toure said. “But I am
relieved that I will be able to return
the FA’s commission for their under-
standing.”
The decision caps a troubled year
for the 30-year-old who lost the club
captaincy to Carlos Tevez in August
before being tested at the
Manchester derby in February,
when he was an unused substitute.
The former Arsenal star was sus-
pended on 3 March after his A-sam-
ple tested positive for “a specified
substance”.
An independent regulatory com-
mission headed up by Christopher
Quinlan QC, which had the power
to issue a ban of up to two years, was
satisfied and took the sympathetic
view that Toure did not intend to
enhance sporting performance or to
mask the use of a performance-
enhancing substance.
CITYA.M. 27 MAY 2011 Sport | Football | Champions League Final
Barca aren’t only ones with stars
Champions League winner with Man Utd
says Catalans aren’t in league of their own
I
HAVE to laugh when I hear people
dismissing this Manchester United
team as the weakest title-winning
group Sir Alex Ferguson has built.
There is no such thing as weak
Premier League champions and to my
mind this is the most underrated side
of the Ferguson era.
Barcelona are being billed as
unbeatable in certain places but the
FOOTBALL COMMENT reality is these two teams are evenly
ANDREW COLE matched. There might be no 50-goal-a-
season striker in the Old Trafford
ranks right now, but that defensive
unit, collectively and individually,
the Treble winners of 1999 – and it all
stems from the manager. It’s one of
can’t be bettered anywhere in Europe. Fergie’s great skills to be able to keep a
I wouldn’t take anyone else over squad of quality players happy.
Nemanja Vidic and Rio Ferdinand, Look at the situation with Dimitar
Patrice Evra is the best left-back Berbatov – If I was him I’d be absolute-
around and, like Peter Schmeichel in ly devastated. He’s just ended the sea-
the side I played for, Edwin van der Sar son as the Premier League’s top scorer
is the sort of match-winning goalkeep- and yet it looks like he’ll be watching
er you need to be able to compete for the final from the sidelines.
the biggest prizes. When you look at Andrew Cole was speaking on behalf of
those names – and add in Wayne Barclays the title sponsor of the Barclays
Rooney – United have as many world Premier League. Every 90 minutes through-
stars as Barcelona. out the season Barclays is offering fans the
Regardless of individual qualities, chance to win free tickets to Barclays Premier
however, the great strength I see in League matches by going to a Barclays ATM
this United side is their belief and
unity – it’s extremely reminiscent of
and requesting a receipt or by visiting
www.barclaysticketoffice.com.
United strike duo
are the best Sir
Alex has ever had
Ex-England defender thinks Ferguson’s
men have been written off too quickly
FOOTBALL COMMENT
MARTIN KEOWN
M
ANCHESTER United’s chances
of winning the final are
mixed, because Barcelona are
the best team in Europe, and
may be about to prove that.
However, it’s at Wembley and there
are a few things pulling it back
towards them like a magnet.
Some people have been
too critical of this team,
but United have grown
and improved through-
out the season.
Wayne Rooney
and Javier
Hernandez are a
sparkling forward
partnership and as good as anything
they have ever had. I like
Hernandez’s movement – he’s very
Fulham’s fair play is rewarded with
Europa League place and June start
▲
FOOTBALL
FULHAM will be back in action at the
end of next month after it was con-
firmed they will compete in the
Europa League next season after secur-
ing a place via the Fair Play League.
The first qualifying round takes
place on 30 June just six weeks before
the commencement of the 2011/12
Premier League season.
Fulham manager Mark Hughes
said: “We’ve got a very early start and
we will have to come back on some-
37
clever and a very good foil for Rooney.
In central defence Vidic and
Ferdinand are strong. Maybe
Ferdinand is not quite as sprightly as
he once was but he’s very assured and
very polished in his play. Evra’s as
good as any left-back they’ve ever had,
and so is Edwin van der Sar in goal.
United will have to find a solution
in midfield because Barca boss the
ball. So you can well imagine the likes
of Park having to put a real shift in. I
think it will be the more unfamiliar
players we see do well on this occa-
sion.
Getting Barcelona in a one-off
game is probably the only
way to beat them. You
don’t want to play them
over two legs. If there’s no
real rhythm to the
game, as often hap-
pens in a final,
United may just
have enough to win
it.
Martin Keown is
an ambassador for
grassroots youth
football competition
the Tesco Cup, for more
information go to
www.tesco.com/football
thing like 23 June for a match on 30
June.
“We’ll have three to four weeks
break maximum so it’s difficult to
plan for. A huge amount of thought
needs to go into the guys that need
the rest and making sure we have the
right quality to move through the
competition in the early rounds.”
The 2010 losing Europa League
finalists, who ended the Premier
League season in eighth position,
qualified at the expense of relegated
Blackpool by 0.01 points.
 38 Sport | Football | Champions League Final CITYA.M. 27 MAY 2011

Alex who? Messi not

interested in United
Barcelona’s 52-goal talisman confesses his ignorance of tomorrow’s
opponents in eagerly anticipated Champions League final at Wembley
ons of a very difficult league. That
BARCELONA says it all.
“I’m not sure where their weak-
nesses are because they are a very
MANCHESTER UTD strong side, very physical and
extremely efficient in all their lines.
I’m one of those players who doesn’t
▲
A triumph on home soil for United
would bring a third Champions
League winners’ medal for Ferguson
(left), equalling the record held by for-
mer Liverpool manager Bob Paisley.
Both United and Barca are looking
to complete domestic league and

FOOTBALL
BY FRANK DALLERES
BARCELONA superstar Lionel Messi
admits he knows virtually nothing
about Champions League final
opponents Manchester United.
The Argentinian genius says he
pays little attention to other
teams and does not plan to
study United for chinks in
their armour before
tomorrow’s final at
Wembley.
“To be honest I
don’t watch much
football at all,” said
Messi. “But I know
that they are a very
strong side and well
deserved champi-
look too much at the opposition and European Cup Doubles.
concentrates about what
we need to do. This is a
one-off game – but
we have to think
about us.”
Final could move
Messi was part of
the side who swept
back to midweek
United aside 2-0 in
the 2009 final and, EUROPEAN chiefs are thought to be
chillingly for Sir Alex considering switching the Champions
Ferguson, believes League final back to Wednesday.
Barca’s largely Viewing figures for last year’s match,
unchanged team are, if the first to be held on a Saturday,
anything, even better were not as high as hoped and a sig-
than before. “I would nificant drop from the previous final.
like to think that It is understood the matter has been
some of us are just discussed within the FA. A Uefa
a bit more experi- spokesperson told City A.M. there
enced this time were currently no plans to revert.
round,” he added. Rooney will be expected to carry the fight for United as they seek to complete a Double.
CITYA.M. 27 MAY 2011
Messi will look to exploit space wherever he finds it.
Pictures: GETTY, ACTION IMAGES
Sport | Football | Champions League Final
Rooney’s mojo is MORE SPORT
EXPERT
match for Messi FINAL
FOOTBALL COMMENT
TREVOR STEVEN
I
T’S the final almost every fan
would have wanted: two champi-
ons of their respective leagues
who have without doubt played
the best football in Europe this sea-
son. More than that, it throws togeth-
er two of the most brilliantly
unpredictable players on the planet
and places them in direct opposition.
I can’t wait.
Similarities abound between
Wayne Rooney and Lionel Messi. Both
are unarguably the key men for their
teams: Barcelona lose 25 per cent
without Messi, while Manchester
United are not as potent when
Rooney is absent.
Both are forwards who enjoy drop-
ping deep, picking up the ball and
probing defences. Rooney has found a
position he is comfortable in, drifting
into the spaces between the opposi-
tion back four and midfield; Messi is a
39
master of the same art.
Fortunately for us viewers, both are
currently at the top of their game.
Messi has been phenomenal yet again
this year, scoring 52 goals in all com-
INSIGHT
petitions, and creating countless
more. Rooney, meanwhile, certainly
TERRY VENABLES
has his mojo back after his troubled
start to the campaign.
ANDREW COLE
Of course they have their own indi-
vidual traits too. Messi has an impish
MARTIN KEOWN
quality and is a supremely talented Pages 36-37
dribbler, always seeming to get his toe
to the ball as it’s about to be cleared.
He also picks defences apart by play-
ing little one-twos with Xavi, Andres
Iniesta and particularly Dani Alves,
PREMIERSHIP
the overlapping right-back. Short
passes of great quality are a speciality;
FINAL PREVIEW
you never see him switching play
with a raking 40-yard cross-field ball.
Rugby Union: P34
That’s partly a reflection of the
teams’ philosophies. Barca like to
keep it very tight, and are the best in
the world at doing so, while Sir Alex
ENGLAND STALLED
Ferguson’s have a touch more variety
to their game.
Cricket: Page 35
Messi is the world’s greatest in my
eyes, with better decision-making and
more of a team ethos than Cristiano
Ronaldo. I would put Rooney second
BRITS STUMBLE
in any list, however. As for who will
come out on top tomorrow, it’s virtu-
Tennis: Page 35
ally impossible to call, but I’m hope-
ful an in-form United can pip Barca.
 F
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