Cityam 2011-12-08

BORIS Johnson, the Mayor of London, yes-
terday broke ranks with the Tory leader-

ship by insisting that the treaty
changes being proposed by
European leaders would need to
be put to the British public in a
referendum.
Johnsons call for a referen-
dum on plans for a very domi-
nant economic government in
Europe directly contradicts David
Camerons claims a vote is unnecessary.
By intervening, the Mayor has added
his voice to a growing number of senior
Conservatives who are calling for a ref-
erendum on Europe.
Yesterday, Northern Ireland secretary
Owen Paterson followed fellow cabinet
minister Iain Duncan Smith by calling
for a vote. Paterson told the Spectator
magazine that any major funda-
mental change in our relationship
with Europe would lead to
increased pressure for a referen-
dum, adding that such a vote was
inevitable.
But despite earlier pledging to repatriate
powers from Brussels to London, Cameron
yesterday said he would demand only safe-
guards to protect Britains interests.
Labour leader Ed Miliband attacked
Cameron for failing to stand up for the UK.
Six weeks ago he was promising his back-
benchers a handbagging for Europe now he
is just reduced to hand-wringing, said
Miliband at Prime Ministers Questions.
BUSINESS WITH PERSONALITY
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BRITAIN will lose control over corporation tax
and employment rules while the City will be
battered by a financial transactions tax, if a
new plan devised by French and German
leaders gets the green light this week.
German Chancellor Merkel and French
President Sarkozy outlined the controversial
demands in a letter to European Council
President Herman Van Rompuy, ahead of a
two-day summit that begins today.
The pair are also calling for rules to
enforce labour market reforms in uncom-
petitive European economies and for more
cash to be transferred across borders to
reduce imbalances.
Their call for a harmonised rate of corpo-
ration tax across the 27 countries will hit
Ireland, which attracts multinational com-
panies with its low 12.5 per cent rate, while
the financial transactions tax is an attack on
London.
The letter re-affirmed previous statements
that automatic punishments would be
inflicted on countries with budget deficits
of over three per cent of GDP, and that the
European Stability Mechanism would only
need the votes of 85 per cent of countries,
rather than all of them, to back its use.
Van Rompuy had hoped that new budget
rules could be put in place without the need
for individual countries to ratify the
changes, but the proposals outlined by
Sarkozy and Merkel are likely too far-reach-
ing for that.
Frances finance minister declared that a
powerful deal was needed to shore up con-
fidence in the Eurozone and that French
and German leaders will not leave the sum-
mit until such an agreement is made.
Their insistence on a financial transac-
tions tax is sure to cause a major row with
Britain, which opposes the levy on the
grounds that London Europes financial
hub would be hammered by such a move.
BY TIM WALLACE
EUROZONE
Meanwhile, German government officials

were yesterday playing down expectations
that European leaders will find a way to
solve the euro debt crisis within weeks.
A lot of protagonists have not understood
how serious the situation is, a senior
German official told a pre-summit briefing.
I am more pessimistic than last week about
reaching an overall deal.
Earlier in the day, equities rose on hopes
that a solution was imminent and news that
a German bond auction had gone smoothly.
But markets across Europe closed down,
with the FTSE off 0.39 per cent and the
German Dax losing 0.57 per cent. Meanwhile
Standard & Poors last night piled on further
pressure by putting the EUs triple-A rating
on downgrade watch. MORE: P2, P6
...as Boris calls for referendum
BY TIM WALLACE
POLITICS
Merkozy want to control

wayward Eurozone
states Picture:REUTERS
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News
2 CITYA.M. 8 DECEMBER 2011
S&P extends
its warnings
CREDIT rating agency Standard &
Poors piled further pressure on the
Eurozone last night by putting the
EUs triple-A rating on downgrade
watch.
The US agency then added to the
beleaguered blocs misery by issuing
a similar ratings warning to some of
the largest banks, including Frances
Societe Generale and BNP Paribas,
Italys UniCredit and Germanys
Deutsche Bank.
It said it would further assess the
financial health of both the banks
and the governments of their home
countries.
In a statement last night, S&P said:
Given the EUs dependency on such
revenues from national budgets, and
our recent CreditWatch placements
on the AAA ratings on Germany and
France, among others, we will con-
currently review the AAA long-term
rating on the EU with the ratings on
the Eurozone member states.
We could lower the long-term
issuer credit rating on the EU by one
notch if we were to lower the current
AAA ratings on one or more mem-
ber states, it added.
The downgrades are a further blow
to Europes financial credibility, com-
ing in the same week as a Brussels
leaders summit aimed at resolving
the Eurozone debt crisis.
BY JENNY FORSYTH
EUROZONE
DUBLIN IS URGED TO SELL NAMA AS A

SINGLE ENTITY
A secret report into the operations of
Irelands National Asset Management
Agency, the state agency set up to
purge Irish banks of their toxic prop-
erty loans, has recommended that
the government should consider sell-
ing it off as a single entity.
FINANCING PROBLEMS WEIGH ON EURO-
PEAN PRIVATE EQUITY DEALS
The volume of European private equi-
ty deals has dropped to its lowest level
since the height of the financial crisis
two years ago as buy-out groups strug-
gle to finance deals amid the euro-
zone debt crisis. Europes buy-out
market has shrunk to $11.5bn in the
current quarter to date, a mere fifth
of the transaction volume seen in the
fourth quarter of 2010 and the lowest
level since the second quarter of 2009,
according to data from Dealogic.
CARGILL REPLACES HEAD OF SUGAR
UNIT
Cargill has replaced the head of its
sugar business, the most senior
departure yet in the wake of the
announcement 2,000 people will
leave the group due to the contin-
ued weak global economy. Jonathan
Drake, who joined Cargill as a gradu-
ate trainee in London in 1985, left the
US agribusiness group on Monday.
We can confirm that Jonathan
Drake is no longer with Cargill, it
said.
NOKIA MAKES VERTU OF NECESSITY
AND PREPARES LUXURY UNIT FOR SALE
Nokia is to sell its luxury subsidiary
maker of the worlds most expensive
mobile phones as the once domi-
nant Finnish handset manufacturer
overhauls its business in an effort to
compete with Apple and other smart-
phone makers. Vertu was created by
Nokia in 1998 to tap into a niche mar-
ket for mobile devices with price tags
that rival luxury watches.
VIRGIN LAUNCHES RAILWAY BID
WITH ATTACK ON FOREIGN RIVALS
The railway knights Richard Branson
and Brian Souter have fired the open-
ing salvo in the biggest shake-up of
the railways since privatisation by
claiming that overseas state-backed
train companies offer substandard
services. With seven rail franchises
due to be re-tendered over the next
two years, the bosses behind Virgin
Trains also called on the Department
for Transport not to repeat mistakes
by handing contracts simply to the
highest bidder.
ASTRAZENECA CUTS 1,150 US JOBS AS
PATENTS TEETER ON A CLIFF
AstraZeneca is cutting 1,150 jobs in
the United States as its ageing portfo-
lio of drugs leaves its sales force with
fewer medicines to sell to doctors. The
job losses are for a quarter of
AstraZenecas US sales team.
LAKESIDE PLANS TO BECOME UKS
THIRD-LARGEST SHOPPING CENTRE
The Essex shopping centre Lakeside is
to become the third-biggest retail des-
tination in Britain under plans by its
owner for a 180m extension. Capital
Shopping Centres submitted a plan-
ning application yesterday for 325,000
sq ft of new retail space at the north-
ern end of the centre which will cre-
ate 40 new stores.
UNILEVER WORKERS TO STRIKE OVER
PENSIONS
Thousands of workers at PG Tips and
Marmite manufacturer Unilever are
preparing to strike for the first time
in the companys 80-year history
tomorrow in a row over pensions.
Unions said more than 2,500 staff
would join picket lines across the
country on Friday to fight an unjus-
tified attack on their workplace pen-
sion scheme.
RIM DROPS BBX PHONE NAME
A federal judge in New Mexico barred
BlackBerry-maker Research in Motion
Ltd. from using the name BBX for
its new operating system, forcing RIM
to rename it at least temporarily
and deepening uncertainty around
the planned launch sometime next
year of RIMs next-generation smart
phone. The temporary restraining
order applies only to a three-day tech-
nology conference taking place in
Singapore this week.
CHINA OPENS WIDER TO TAKEOVERS
Chinas antitrust regulators approved
Nestl SAs $1.7bn offer for candy
maker Hsu Fu Chi International, in
one of the largest foreign takeovers of
a Chinese company. It is another sign
that China is open to foreign acquisi-
tions. The Swiss food and beverage
maker in July announced plans to
buy 60 per cent of Hsu Fu Chi.
WHAT THE OTHER PAPERS SAY THIS MORNING
Cameron must be radical on Europe
ONCE again, the British public is being
mis-sold a European treaty. Some of
what is being proposed is, as adver-
tised, about saving the euro by try-
ing to make it harder for nations to
overspend and over-borrow.
But what has imposing a Tobin tax
on London, to raise billions that would
be transferred to Brussels, got to do
with stopping the crisis? Nothing. And
what would a unified corporation tax
base have to do with fixing Greeces
over-spending and Italys lack of com-
petitiveness? Nothing. Its a sham. Its
what the EU always does: use a crisis to
integrate further and pursue its self-
interest (and stamp out others most
competitive sectors or selling points,
such as the City). David Cameron is
wrong to say that he cannot rock the
boat with demands to repatriate pow-
ers to the UK because the only thing
that matters is saving the euro much
of what Merkozy wants has nothing to
do with saving the single currency, so
the PM shouldnt feel constrained in
his own negotiations.
There is another reason why
Cameron must act. As the Open
Europe think-tank explains, the
revamped Eurozone, in its new, uni-
fied guise (assuming that it actually
does agree on some new arrangement)
would be able to grab a permanent
majority in the Council of Ministers.
The euro countries would become a
kind of cartel, potentially voting
together to impose everything they
want (in the many areas where vetoes
have been abolished) on the UK. New
rules on qualified majority voting
come into force in November 2014
(with an option for a state to request a
vote follows the old rules until April
2017). In addition to changing the vot-
ing weights, the rules slash the quali-
fied majority required to pass an EU
law from 71 per cent to 65 per cent, a
huge shift which will make it much
easier to impose change and reduce
the blocking power of dissident
groups. Crucially, as Open Europe
spells out, if the 17 Eurozone members
vote as a caucus, they will own 66 per
cent of the votes on their own, giving
them a permanent, in-built majority
(not accounting for Croatia joining the
EU, Greece leaving the euro, or one or
more Eastern European countries join-
ing the single currency, bizarrely still a
possibility ).
On might imagine that the Dutch
and Germans will always be at odds
with the Greeks or Portuguese. In prac-
tice, however, this may not be so. The
dynamics of the Eurozone would
change massively under the new
arrangement being proposed. Smaller
countries will have to make a greater
effort to placate the large ones, espe-
cially if they are in financial trouble
and dont want to be disciplined for
spending too much. There will be lots
of horse-trading and a much greater
chance of the Eurozone voting as a
block. Under such circumstances, the
UKs ability to resist any new law by
seeking to build coalitions with some
of the more sensible member states
would be wiped away. In five years
time at the latest, it would finally be
game over for the City, as the Eurozone
would seek to impose anything it likes
through qualified majority voting.
It is therefore not good enough for
David Cameron to block a new treaty
and for the 17 Eurozone countries to
create a new deal among themselves. It
is not good enough for him to say the
UK needs safeguards. Unless swathes
of powers are returned to the UK, it
will be nigh-on impossible for Britain
to rebuild its battered economy. The
PM must show some real leadership.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
A LETTER bomb intended for
Deutsche Banks chief executive Josef
Ackermann was found yesterday,
prompting the New York Police
Department to step up security at the
banks Manhattan office.
The device, discovered in the mail
room of Deutsche Banks Frankfurt
headquarters at around 1pm local
time, did not detonate. An x-ray of the
package revealed shrapnel and explo-
sive contents.
Its return address was listed as a
European central bank, which is
thought to have been a ploy to
increase the likelihood of the pack-
age being opened.
Duncan King, a spokesperson for
Deutsche Bank, said in a statement:
Today Deutsche Bank received a sus-
pect package addressed to Dr
Ackermann. The relevant unit of the
bank informed the police in
Frankfurt. The police have undertak-
en an investigation.
BY LAUREN DAVIDSON
WORLD NEWS
Bomb sent to Ackermann

The letter bomb was found before reaching the chief executive of Deutsche Bank
NEWS | IN BRIEF
Warren Buffett buys solar farm
Warren Buffetts wind energy company
MidAmerican Energy Holdings yester-
day announced its plan to purchase the
Topaz Solar Farm for over $2bn
(1.27bn). The 550-megawatt photo-
voltaic power plant, being built in
California, will have the capacity to gen-
erate enough renewable energy to
power approximately 160,000 homes.
LivingSocial finds new funding
Daily web offer company LivingSocial
said it will raise up to $400m in a new
funding round, in a move suggesting
plans for a public listing will be put on
hold at least several months. The fund-
ing round gives the company a valuation
of around $6bn, a person familiar with
the matter said.
London gets derivatives centre
London has been picked as the home of
a new interest rate derivatives reposito-
ry, bringing a key part of a 356 trillion
market to the City. The Depository Trust
& Clearing Corporation said its global
repository will house data from 15 of
the worlds largest traders in a bid to
improve transparency in the market.
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ALLISTER HEATH
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BNP Paribas new chief
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trouble just days after
taking up the role
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Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Jo Simpson
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
VETERAN fund manager Patrick
Evershed has agreed to settle out of
court with New Star over bullying
allegations.
New Star, which was bought out by
Henderson in 2009, said both parties
are satisfied with the terms of agree-
ment, but said that the deal would
be kept confidential. It has not admit-
ted liability.
Evershed, 70, had claimed to have
been unfairly ousted from former
employer New Star after reporting his
then-boss John Duffield for staff bul-
lying to the firms head of HR. The
case was first brought in October
2008, and Evershed had been seeking
more than 1m in compensation.
Evershed joined New Star in 2002
to manage the Select Opportunities
Fund, which had assets under man-
agement of 200m at its peak.
The sharper the tools
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Evershed and New
Star settle dispute
TELECOMS giant Everything
Everywhere yesterday announced a
1.5bn investment in integrating its
network and preparing for the UK roll-
out of superfast 4G services.
The expenditure, which will come
over the next three years, will help
the company, recently formed from
Orange and T-Mobile, cope with the
explosion in mobile data traffic.
The firm says it is now ready to lay
out the worlds most advanced net-
work that will give customers access
to the biggest 3G network and
widest 3G coverage in the UK.
The investment comes ahead of the
much-delayed 4G spectrum auction
next year, in which the major net-
works are expected to spend upwards
of 3bn on radio-waves to carry super-
fast mobile signals demanded by data
hungry smartphones.
It is understood the firm is also
poised to appoint advisers to offload
around a quarter of its 2G network, as
ordered by the European Commission
in the wake of its merger.
Orange and T-Mobile to spend
1.5bn on beefed-up network
John Duffield, founder of New Star, and fund manager Patrick Evershed have agreed to settle the unfair dismissal case out of court
BY MARION DAKERS
ASSET MANAGEMENT
News
INDUSTRIAL and manufacturing
output fell in the UK in October, data
from the Office for National
Statistics (ONS) revealed yesterday,
leading economists to warn that
some sectors are falling back into
recession.
The index of manufacturing fell
0.7 per cent between September and
October, bringing annual output
growth down to just 0.3 per cent.
The declines represents the largest
monthly fall since April, when out-
put fell 1.3 per cent, largely as a
result of the extra royal wedding
bank holiday.
Production industries encom-
passing sectors like energy, water
and mining, as well as manufactur-
ing shrank by 0.7 per cent on the
month and 1.7 per cent over the 12-
month period.
Furthermore, figures for previous
months output have been revised
down slightly,
UK manufacturing is probably
now slipping back into recession,
said Michael Saunders, economics
analyst at Citi.
These readings set the stage for a
negative quarter in the last three
months of this year, and it would not
be surprising if the overall economy
also saw negative growth either in
this or the next quarter.
In the Eurozone, Italys industrial
output also continued to slide,
declining 0.9 per cent in October fol-
lowing Septembers 4.6 per cent
drop.
Germany too experienced weak
growth, with a 0.8 per cent rebound
failing to fully counter the two previ-
ous months of declining output.
The figures come after purchasing
managers indices pointed to a weak
output picture going into 2012, and
demand appears sluggish.
This data did little to alter the
likelihood that the Eurozone has
fallen back into recession in the
fourth quarter, said Capital
Economics Jennifer McKeown.
We see GDP falling by a much
weaker than consensus one per cent
in 2012.
Weak factory
output builds
recession risk
BY TIM WALLACE
EUROPEAN ECONOMY
ANALYSIS l Output is falling

-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Productionindustries
Manufacturing
A
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n
u
a
l p
e
r
c
e
n
t
a
g
e
c
h
a
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e
Oct 09 Apr 10 Oct Apr 11 Oct
BY STEVE DINNEEN
TELECOMS
PRIVATE equity house Bridgepoint has

won a bidding war to buy Wiggle, the
online cycling and sports retailer, for
180m from Isis.
The buyout firm completed the deal
after an auction process launched last
month by Rothschild. Advent, EQT and
3i had been keen on purchasing the
company, which is chaired by former
Asda boss Andy Bond, but dropped out
at an earlier stage, a source close to the
deal said.
The debt amounted to around 60m
of all senior drawn leveraged loans,
sources close to the deal said.
Bond and Wiggle chief executive
Humphrey Cobbold will stay with
Wiggle and will invest in it as part of
the deal, the statement said.
The retailer, set up in 1999, reported
a 55 per cent sales rise to 86.6m for
the year ended in January.
PRIVATE EQUITY
GEORGE Osborne attacked crude

Eurozone plans to force countries into
balancing budgets yesterday, as MPs
grilled him on his Autumn Statement.
He defended his own plans to elimi-
nate the UKs structural deficit in five
years time as vital to maintaining sta-
bility, and said the tweaks he made
last week were based on reasonable
forecasts from the Office for Budget
Responsibility.
The focus on structural deficits is
important, he told the Treasury select
committee, because otherwise you
get into the rather crude balanced
budget rules, which the world had
moved on from, though some coun-
tries are looking at them again.
The chancellor was referring to the
Eurozones latest plan for long-term
stability, under which profligate coun-
tries will be punished for borrowing
too much, and be forced into balanc-
ing their budgets.
Osborne also attacked Gordon
Browns fiscal rules, saying they were
backward-looking and so subject to
changes or manipulation in their
assessment of the economic cycle.
However, Patrick McFadden and
committee chairman Andrew Tyrie
both said Osbornes minor fiscal
tweaks were reminiscent of Browns.
Osborne: Eurozones plans for
balanced budgets are crude
BY TIM WALLACE
UK ECONOMY
News
PROTESTERS who took over an aban-
doned UBS building in the City are
set to cling on for several more days
despite losing a High Court battle
yesterday.
The Occupy group said it is taking
its fight to the Court of Appeal after a
judge threw out its attempt to over-
turn a possession order, granted to
the bank last month, on the Sun
Street building. The activists latest
legal bid could delay
any eviction for a fur-
ther week.
Yesterday lawyers for
Sun Street Properties,
a UBS subsidiary, were
strongly criticised for
the way they shortcut
justice in their initial
attempt to evict the
protesters from the
development on 18
November.
Mr Justice Roth
said the way lawyers informed the
activists of the 9.45pm telephone
hearing was profoundly unsatisfac-
tory and went on to criticise the
serious defects in the bundle of
more than 100 pages of legal papers
served on the activists, as revealed in
City A.M. last month.
The document missed out the out-
of-hours number for the Royal Courts
of Justice and contact details for the
clerk to Mrs Justice Proudman, who
presided over the 9.45pm telephone
hearing, which the protesters missed.
I regard the notice given as gross-
ly inadequate, Mr Justice Roth
said.
The possession order
would still have been
granted, however, if the
protesters had been
present, he added. He
went on to dismiss the
protesters claim they
were entitled to take over
the building because of
what they allege to be UBS
mis-selling to the elderly.
UBS activists
hang on after
court defeat
BY PETER EDWARDS
POLITICS
Bond to stay with Wiggle after

Bridgepoint swoops for 180m
FSA CHIEF SANTS MEETS OCCUPY LONDON
FSA chief executive Hector Sants discussed banking regulation and pay with Occupy
London representatives yesterday in a Bedouin tent in the City. Ken Costa, the former
Lazard International chairman who is leading the London Connection initiative, and
Bishop of London Dr Richard Chartres, also took part in the private session, at St
Ethelburgas Centre for Reconciliation and Peace in Bishopsgate. Afterwards Sants said:
It was a very thoughtful and constructive conversation from all involved. London
Connection, set up to re-connect finance and ethics in the wake of the St Pauls protest, is
planning several more events.
BANKS flooded the European Central
Bank (ECB) with demand for dollars
yesterday, taking out $50.7bn in
three-month loans five times what
many analysts expected.
The demand from 34 dollar-hungry
banks came after six central banks
agreed to slash the price they charge
to lend out the greenback in response
to a dollar credit crunch.
The ECB charged just 0.59 per cent
for the loans, significantly above the
three-month dollar London inter-
bank rate or private market rate of
around 0.4 per cent.
In addition, five banks took out
one-week dollar loans amounting to
$1.6bn.
The flood of demand underscores
the depth of the funding problems
plaguing the interbank market.
Capital markets bankers say that
there is a severe shortage of dollars,
which is more of a problem for banks
than the rising use of collateral to
issue debt.
The funding drought is being
exacerbated by banks inability to
offload trillions in assets earmarked
for disposal.
According to research by account-
ant Deloitte there are 1.7 trillion of
non-core or under-performing assets
on the balance sheets of European
banks.
But banks ability to sell these
assets is hampered by a pricing gap,
whereby lenders are unwilling to
crystallise losses by taking knock-
down prices on assets that have not
been marked to market because
instead of raising capital, doing so
would erode their capital base.
The lack of buyers means they can-
not get the prices they want, however,
which leads to assets simply sitting
on balance sheet taking up funding.
Banks hungry
for US dollars
flood the ECB
HERV BARMASSE, GRESSONEY, VALLE DAOSTA, ITALY. PHOTO: DAMIANO LEVATI
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BY JULIET SAMUEL
BANKING
GERMAN bunds rallied yesterday

after solid demand at a German debt
auction and a sell-off in periphery
Eurozone bonds prompted investors
to plough into debt issued by the
regions strongest member ahead of
an EU summit later in the week.
The yield spread between 10-year
German bonds and their Italian and
Spanish counterparts expanded on
speculation that European policy-
makers may fail to reach a lasting
solution to the Eurozone debt crisis at
tomorrows summit.
Ten-year bund yields fell around 11
basis points to 2.025 per cent, hitting
their lowest since 23 November.
German bonds rallied after a
4.09bn sale of five-year notes drew
bids for 2.1 times the amount on
offer, compared with 1.5 at a similar
sale in November.
German bunds enjoy a rally after
4bn sale gets plenty of interest
EUROZONE
THE EUROZONES bailout fund, the

European Financial Stability Facility
(EFSF), will auction three, six or 12-
month bills before the end of the
year to increase its funding flexibili-
ty, the fund said in a statement.
The launch of a short-term fund-
ing programme is in line with the
enlarged scope of activity of EFSF to
use its new instruments efficiently,
EFSF chief executive Klaus Regling
said.
The bill programme will not sub-
stitute the long-term bond pro-
gramme, but it will add flexibility to
it, he added.
The fund, set up in May last year to
help the Eurozone tackle the sover-
eign debt crisis, said it would not
offer all three types of bills at the
same auction.
The bill auctions will be open to
all members of the EFSF Market
Group, currently comprising 47
international institutions.
As with EFSFs bond issuance, the
auctions will be carried out by the
German debt management office,
Finanzagentur.
Funding guidelines for the 440bn
EFSF, approved by finance ministers
on 29 November, said the fund
would need to have cash on hand of
around 10bn to be able to react
quickly to face the more urgent
needs.
Eurozone bailout fund to sell
short-term debt before 2012
BY HARRY BANKS
EUROZONE
News
ECB head Mario Draghi is set to meet with European leaders today Picture: REUTERS
NEW8 FROM THE
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APPLE yesterday lost a lawsuit in

which it claimed infringement of
its iPad trademark by Taiwanese-
owned company Proview
Technology.
Proview registered the name
IPAD for use in mainland China in
2001, and in several other areas
including the EU between 2000 and
2004.
In 2006 it agreed to sell the glob-
al trademark to Apple, but claims
that this did not include China.
Apple revealed the iPad in January
2010.
This is the latest step in an ongo-
ing legal battle which could see
Apple suffer greatly if it is unable to
sell its popular tablet device in
China.
In October the technology giant
announced that China had account-
ed for 16 per cent of its fourth-quar-
ter sales, contributing about $4.5bn
(2.86bn) a quadruple increase
from earlier in the year.
Tom Cook, the companys chief
executive, said in October, China
the skys the limit there.
Apple recently lost its bid to halt
sales of Samsungs Galaxy range in
the States, claiming copyright
infringement.
Apple loses its battle for
iPad trademark in China
Apple chief executive Tim Cook still has high hopes for China Picture: Reuters
BY LAUREN DAVIDSON
TECHNOLOGY
News
NEWS | IN BRIEF
BP hit by new Gulf spill censure
The US offshore drilling safety agency
yesterday slapped five more citations on
BP for its oil spill in the Gulf of Mexico
last year. The new citations, which BP
plans to appeal, mean the oil giant faces
fines of up to $35,000 a day per incident.
They focus on the failure to conduct an
accurate pressure integrity test and fail-
ure to suspend drilling operations during
the Macondo disaster in 2010.
Lawsuit sinks Henderson shares
Shares in asset manager Henderson
Group dropped 3.4 per cent to 114p yes-
terday, after sinking to 112p during the
day, after it was revealed a group of pen-
sion funds is suing the firm over the han-
dling of its investment in construction
firm John Laing in 2006. The group is
thought to include the BBC, Tesco and
Bupa. The size of the claim is likely to be
170m but could climb as high as 450m.
EUROPEAN banks are turning to
buying back their own debt in order
to raise some of the billions in extra
capital required by regulators.
At least six major banks have
launched debt buybacks in the last
two weeks and investment bankers
say more are likely.
Barclays announced the repur-
chase of 2.5bn of its own debt on
Monday, following similar moves by
Lloyds, Commerzbank, Santander,
BNP Paribas and Socit Gnrale.
Most of the continental banks
have all completed their buybacks,
while the UK lenders are currently
in the market for their own bonds.
In Lloyds case, it will exchange
bonds previously issued for new
instruments that are compatible
with new regulations.
The move allows lenders to book
profits and reduce the stock of non
Basel III capital on their books with-
out issuing new equity or offload-
ing assets.
Huw Richards, managing direc-
tor in debt capital markets at JP
Morgan, says that the deals are a
major part of capital-raising strate-
gies or liability management.
Liability management will be a
key means by which European
banks will generate significant core
capital while simultaneously man-
aging debt redemption profiles, he
said.
The capital raised in this way is
likely to be in the hundreds of mil-
lions. It boosts earnings by realising
own credit gains that are other-
wise purely theoretical.
The market price of banks debt
has fallen dramatically in recent
weeks, which enables banks to buy
back their debt for an amount
above the market price but below
the cash they raised by selling the
instruments, booking a profit.
However, they could end up hav-
ing to issue new, more costly debt.
The European Banking Authority
has demanded that EU banks raise
106bn in new capital so as to have a
core tier one ratio of nine per cent
even after sovereign bond write-
downs. It will announce the results
of its stress tests this evening.
Banks buy own debt
to raise new capital
BY JULIET SAMUEL
BANKING
THIS CHRISTMAS
RICH FLAVOURS, ENTICING TEXTURES
AND SURPRISING COMBINATIONS
Delight those who matter most with
Te East India Companys
selection of Fine Food gifts
Come visit our flagship store in Mayfair located on
7-8 Conduit St, London W1 (nearest tube Oxford Circus),
or Contact us on 0203 205 3394
Visit www.eicfinefoods.com/cityam for special offers
Gifts to savour and remember...
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News
VINCE CABLE CALLS FOR FAIR EXEC PAY
Business secretary Vince Cable yesterday firmly backed the Association of British Insurers in
its bid to curtail top pay packages. In a letter sent to top investors and FTSE 100 chairmen, he
widened the focus on bank bosses and urged all big companies to make sure their top execs
deals are not just proportionate, fair and transparent, but that they are seen to be so.
PRIVATE equity firm Lone Star is the
preferred bidder for Lloyds Banking
Groups 1bn Project Royal portfolio of
UK commercial property debt, one
source familiar with the matter said.
A deal between Lloyds and Lone
Star has yet to be signed, the source
said.
Lone Stars bid is understood to
have been backed by about 300m of
senior debt from Royal Bank of
Canada and Citigroup.
The Project Royal portfolio com-
prised about 1bn of debt secured
against commercial property worth
about 700m, the source said.
If the deal does go ahead, it will
mark a further step in Lloyds ongo-
ing efforts to reduce the 23.6bn of
troubled loans held within its corpo-
rate real estate business support unit.
Lone Star and Lloyds declined to
comment.
Earlier yesterday, real estate data
provider CoStar reported that Lone
Star had beaten rival bidders
Cerberus and Colony Capital.
Royal Bank of Canada and
Citigroup are arranging the finance
for the Lloyds deal.
The sale of the Project Royal portfo-
lio is the largest loan disposal by a UK
bank since the collapse of the proper-
ty market in 2008.
Lloyds, which has previously sold
only individual loans, has this year
sold the Mailbox building in
Birmingham, raising 1.8bn.
It also completed a deal this month
to sell 35 commercial property assets
to property group Telereal Trillium.
The sale is thought to have raised
almost 45m for the bank.
Lone Star top of
bid list for Lloyds
1bn property debt
BY HARRY BANKS
PRIVATE EQUITY
DUTCH insurer and banking group

ING said it would take a charge of up
to 1.1bn (942m) on a US insurance
portfolio yesterday and may exclude
the business from its planned insur-
ance listings.
ING plans to list its insurance and
investment management operations
in two IPOs as part of European
Commission approval for state aid
received in 2008 but chief executive
Jan Hommen said he did not rule out
excluding its US closed book of vari-
able annuities, which caused the
charge, from the listing.
ING shares closed 4.7 per cent lower
at 6.01 after analysts said they were
surprised by the charge and its size.
ING will take a fourth-quarter
charge of between 0.9bn and 1.1bn
on its closed book of US variable
annuities because investments linked
to the products had fallen in value,
Mike Smith, head of INGs US annuity
business, said.
It is the third charge ING has taken
on the insurance products.
ING to book up
to 1.1bn US
insurance cost
INSURANCE
ANALYSIS l Equity capital issuance in Europe,

Convertible
instrument
Middle East and Asia: markets are still closed
1Q, 10 1Q, 11 2Q, 10 2Q, 11 3Q, 10 3Q11 4Q, 10 4Q, 11
20
30
100
90
80
70
60
50
40
10
Secondary
offering/
rights issues
Float
336
47
49 48
91
29
77
8
26
Total number of
issuances (2010)
V
o
l u
m
e
i n
$
1
b
n
398 387 458 309 272 326 146
ANALYSIS l European sectors year to date (MSCI indices)
Financial
Materials
Industrials
Utilities
IT
Telecom
Energy
-27.7%
-23.0%
-19.2%
-15.3%
-9.0%
-7.8%
-2.6%
0.4%
0.8%
2.7%
Consumer staples
Consumer discretionary
Healthcare
CITIGROUP is to cut 4,500 jobs glob-
ally, with its London capital markets
division shedding dozens of staff.
Speaking in New York late on
Tuesday, chief executive Vikram
Pandit said that the bank has
already made $1.4bn in savings this
year but needs to respond to slow
markets by reducing costs further.
City A.M. understands that the cuts
in the Europe, Middle East and Asia
(EMEA) region involve six per cent, or
99 staff of its 1,600 capital markets
front-office staff being laid off.
That is in addition to cuts in
investment banking and mid- or
back-office roles, which are said to
be in the several hundreds.
Those made redundant will have
to clear their desks this week after
notices yesterday and today.
They will get at least three
months pay with potential for more
and the possibility of stock options
being paid out.
Citi has said the cuts will produce
a one-off cost of $400m. They will fall
across numerous divisions within
capital markets, including equities,
fixed income, sales and trading.
Those familiar with the bank said
that equities is likely to be hit hard-
est because it has escaped being cut
as much as fixed income so far.
Overall, Citi has about 10,000 staff
in London and 267,000 globally,
which means the cuts announced on
Tuesday amount to two per cent of
its headcount, with Europe likely to
take larger cuts than others.
Citi slashes
thousands of
jobs globally
A Barclays billboard in Mumbai, India Picture: GETTY
BY JULIET SAMUEL
BANKING
News
ANALYSIS l Citigroup Inc
$
1 Dec 2Dec 5Dec 6Dec 7Dec
28.50
29.00
29.50
30.00
30.50
28.00
27.50
27.00
29.83
7 Dec
Barclays scales back 1bn
retail presence in India
BARCLAYS said yesterday it has decid-
ed not to book new retail loans in
India, while maintaining its deposit
business as part of a restructuring to
focus on its corporate banking, wealth
management and investment banking
businesses.
UK-based Barclays plans to sell its
retail loan book of more than $580m
(369m) in the next six months to one
year, a source with direct knowledge of
the matter said separately.
The bank will cut about 150 jobs out
of its total headcount of 850 people for
banking operations in India as it scales
down retail banking operations in the
country, the source said.
Barclays had said in July it had cut
headcount in India after merging the
client relationship teams of its com-
mercial and investment bank units.
BRICS expansion
isnt always easy
TALK about counterintuitive. India,
were always told, is the place to be
for Western companies who want to
move beyond mature markets at
home. Now Barclays is scaling back
its operations there, selling its
$580m loan book and $35m credit
card portfolio.
In recent years, it has been the
done thing to try to build a pres-
ence in the BRICS nations. In prac-
tice, it hasnt proved so easy. A poor
understanding of local customs
and strict regulations have made it
difficult for companies of all hue
from social networking sites to
banks to build a scaleable busi-
ness in countries like India.
Becoming a banker to India has
proved particularly difficult. There
are some 80,000 bank branches in
the country and just a tiny fraction
of them 306 are owned by for-
eign players. In 2010, just 13 for-
eign bank branches were opened.
The biggest, Standard Chartered,
has 94 branches, while HSBC has
50. Barclays is a minnow with just
nine. Its decision to rush into India
five years ago in search of the next
big thing was a mistake, and
should serve as a cautionary tale to
those firms hoping to cash in on
scorching growth rates in foreign
climes. david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
BY HARRY BANKS
BANKING
STOCKBROKER Brewin Dolphin

blamed the cost of moving to a new
regulatory regime and a compensa-
tion levy for a 27 per cent fall in its
full-year profit yesterday.
Brewin grew funds under manage-
ment 3.4 per cent to 24bn in the year
to September and raised its income by
10 per cent to 264m, but said it had
sacrificed 17.7m of profits due to
costs including regulatory interven-
tion, takeovers and redundancies.
More than 6m was paid to the
Financial Services Compensation
Scheme levy, to compensate investors
in collapsed firm Keydata Financial
Services, but Brewins executive chair-
man Jamie Matheson warned that
was only part of the ongoing and
increasing cost of regulation.
It also bore 3m of one-off costs to
move its contract renewals to a form
that accommodated new Retail
Distribution Review regulation,
though Peel Hunt analyst Stuart
Duncan said it was a significant step
in allowing the group to meet the
changes expected under RDR.
Brewin invested 3m in a strategic
review with a view to streamlining
and cutting costs from the business.
Our focus on cost control to
achieve efficiencies is undiminished,
Matheson said. It will take three
years to achieve maximum benefits
for shareholders, by which time we
intend to have increased our operat-
ing margin to over 20 per cent.
Brewin profit
drops on levy
and cost rises
INVESTORS abandoned equity-based
exchange traded products (ETPs) last
month and ploughed capital into
fixed-income products, BlackRock said
yesterday, to secure steadier returns
and avoid the stock market volatility
seen over recent months.
Investors pulled $8.5bn (5.4bn) out
of equity exchange traded funds
(ETFs), but added $3.7bn into bond
products and $4bn into commodity
funds over the month as appetite for
steadier-performing products and
gold ETFs as a safe haven increased.
ETPs are attracting huge interest
from fixed income investors who are
eager to maximise yield and manage
their costs, said BlackRock managing
director Kevin Feldman.
Assets under management across
all ETPs fell by $600m in November to
$1.54 trillion, with most of the decline
due to negative market and exchange
rate movements rather than outflows.
The European debt crisis, as well as
the failure of US legislators to devise a
long-term deficit reduction proposal,
has prompted many investors to adopt
a wait and see approach and to focus
on re-allocating assets rather than
committing new money, the report
said.
Despite this, assets under manage-
ment were $61bn or 4.1 per cent up
from the start of the year.
THE CHIEF executive of Numis said
there is no sign of an imminent recov-
ery in the grim state of the stock-
broking market despite the firm
posting a 13 per cent rise in profits.
Adjusted profit before tax hit 8.9m
for the year to 30 September. The statu-
tory profit figure after the impact of
share scheme costs, the investment
portfolio and a payout relating to the
Rock Well Petroleum legal case rose
three per cent to 180,000. Revenue
was up four per cent at 54.2m with
merger and acquisition fees up 94 per
cent to 9.3m.
Hemsley hailed the performance
amid huge economic uncertainty,
highly volatile markets and unrelent-
ing competition. He said Numis could
continue to pick up more staff from
rivals but when asked about possible
job cuts said merely they would have
an appropriate level of staff.
Bond ETFs see
influx as equity
funds sold off
Numis gloomy on 2012
despite jump in earnings
Numis chief executive Oliver Hemsley wont rule out further lay-offs
BY ALISON LOCK
FINANCIAL SERVICES
CAPITAL MARKETS
News
CITYA.M. 8 DECEMBER 2011
BY PETER EDWARDS
FINANCIAL SERVICES
11
ANALYSIS l Brewin Dolphin Holdings
p
132.50
135.00
137.50
130.00
127.50
131.30
7 Dec
The Swiss and euro desks dress up as their colleague Michael Schmid (seated,
centre), a director on the Swiss desk
ICAP DOES
DISCO FOR
DRESS-UP
DEALATHON
THEY have only worked at ICAP for
four days. But the twenty ex-MF Global
staff who joined the firm last
Thursday have already made a big
impression by installing Faces night-
club on the trading floor and dressing
up as the late Jimmy Savile.
Well, we had to make a splash some-
how, said ICAPs new global head of
financial futures and options Gary
Pettit, who arrived in London on an
overnight flight yesterday morning after
signing two more former MF Global staff
to ICAPs New York office.
Pettit claims he is not a regular at
Faces, but his friends Tony Bee and John
Clark, who co-own the nightclub chain,
recreated one of their infamous 70s
nights for free at the interdealer brokers
nineteenth global charity trading day.
Manning the phones with the brief to
beat the 12m raised at last years event
were celebrities including racing driver
Lewis Hamilton, ex-boxer Frank
Bruno, actors Rupert Everett and Ray
Winstone, singer Rod Stewart, and
Camilla, Duchess of Cornwall,
who made hundreds of thou-
sands of pounds, said ICAPs
group chief executive Michael
Spencer, through trades on
shipping, repo, forward forex
and interest rates swaps.
Spencer stayed in a suit and
tie at the fancy dress day
where the alpha males tried to
outdo each other by reinvent-
ing themselves as daleks,
smurfs, American footballers,
Libyan warlords and Natalie
Portmans character in the film
Black Swan (right).
But there were no such concerns
about looking sensible and sober
for senior executives Tim Kidd, John
Herbert and Tim Merryweather, who
came as ugly sisters to improve on last
years efforts where they dressed up
as Michael Spencer. Our bonus pool
was significantly smaller after that,
said Herbert in jest, one hopes.
*Best Buy Source: Moneysupermarket 3 & 4 December 2011. first direct credit facilities are subject to status. Rates correct as at 29 October 2011. Because we want to make sure were doing a good job,
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u
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The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
Chief financial officer Tim Kidd, EMEA chief executive John Herbert and financial con-
troller Tim Merryweather
Left: Forward yen broker Jeremy Harvey (Snow White) with his seven dwarves; Centre: The Duchess of Cornwall,
president of Maggies Cancer Care Centres; Right: ICAP group chief executive Michael Spencer
Formula One champion Lewis Hamilton trades on futures and options with brokers dressed in tribute to the late Jimmy Savile
Pictures:
LAURA LEAN/
CITY A.M.
TALES OF FORTUNE
Industrial espionage, Balance of
payment issues with China, Precious
natural resources, Fights over intellec-
tual property so begins the story of
Robert Fortune and Darjeeling tea .
Fortune disguised himself as a Chinese
merchant during several of his journeys
into China. Not only was Fortune's
purchase of tea plants forbidden by the
Chinese government at the time, but
his travels were also beyond the
allowable day's journey from the
European treaty ports.
Travelling to areas of China seldom
visited by Europeans, including remote
areas of Fujian province, and employ-
ing innovative means to transport tea
plants, including small portable
greenhouses, Fortune introduced
20,000 tea plants and seedlings to the
Darjeeling region of India.
He also brought with him a group of
trained Chinese tea workers who would
facilitate the production of tea leaves.

The technology and knowledge
brought over from China, was
instrumental in the development of the
Indian tea industry.
A GIFT OF TEA began Britains tea
drinking traditions.
In 1664, sailors aboard an East India
Company ship suddenly realized they
had forgotten to bring home a gift for
King Charles II and duly presented him
with two pounds of tea that they
fortunately found on the ship.

Having no knowledge of tea, the King
passed the gift on to his wife, Catherine
of Braganza, of Portugal.
Fortunately, she had tasted tea, and was
thrilled with the gift, introducing the
tea as a fashionable drink in courtly and
aristocratic circles.
Journeys home usually were filled with
gifts exotic and exciting, discovered by
Company officers abroad.
A WORLD OF TEA
A fine selection of rare teas from
around the world.
s Exclusive single estate
Darjeeling First Flush
s Rare white teas including
Golden Tips and Silver Cloud
s Enchanting green teas
including a Sencha and a
wok-dried Lung Ching,
s Global black teas from Hawaii,
India, Kenya, Sri Lanka
s Exotic blends such as our
festive Christmas Tea blend and
romantic Kama Sutra tea
GIFT TRUNKS
The East Indias Companys
Christmas Trunks create the ideal
culinary gifts for gourmands. The
trunks are made with high quality
leather and authentically
weathered with tea. The Queen
Elizabeth I Empire Trunk bears
the name of Elizabeth I in honour
of the spirit of exploration and
discovery with which it is filled.
The finest trunk in our collection,
brimming with the very best that
The East India Company has to
offer from teas and coffees to
chocolates, biscuits and condiments,
fine wine, Champagne and
accessories included.
THE EAST INDIA COMPANY
range is available from its
flagship store on 7-8 Conduit
Street, London W1 (Oxford Circus
Tube just off Regent St) or
www.eicfinefoods.com
Last order for Christmas delivery
is 16th December 2011.
TRADE, GREAT BRITAIN AND
THE EAST INDIA COMPANY
FOUNDATION OF
AN EMPIRE
Britains powerful position in the world
today was built by pioneering traders
with a sense of adventure and a flair for
blazing new trails.
The East India Companys ventures
brought Britain into world limelight,
and impacted our traditions in ways
beyond our imagination.
From the quintessentially British
afternoon tea, to the beautiful Paisley
fabrics
Granted a Royal Charter by Queen
Elizabeth I in 1600, and originally
founded to explore the mysteries of the
East, The East India Company changed
customs, tastes, and ways of thinking
influencing the very fabric of our lives
today.
CHRISTMAS GIFTS TO
SURPRISE AND DELIGHT
STRUGGLING outdoor equipment
retailer Blacks Leisure yesterday put
itself up for sale, sending its shares
plummeting as it admitted it had
failed to find an alternative route out
of it funding troubles.
Shares in Blacks, which have lost 90
per cent of their value since the start
of the year, extended losses to close at
just 1.88p yesterday after the company
acknowledged shareholders could be
wiped out if the business was sold.
Given the current level of debt
within the group there can be no
assurance that any sale would attrib-
ute value to the ordinary shares of the
group, the company said yesterday.
At its current share price, Blacks has
a market capitalisation of just 1.6m,
vastly overshadowed by its 36m debt
pile, and just a fraction of the 152m it
was worth back in 2006.
The company, which owns brands
including Millets and Peter Storm, said
yesterday it was inviting offers, most
likely to involve a sale of the company
or sale of one or more of the groups
brands.
It added that it was in constructive
discussions with its main lender,
Bank of Scotland, and that it was hop-
ing to complete any sale process by
January.
Blacks ongoing woes were cement-
ed by a profit warning less than two
weeks ago, when the retailer warned
that trading conditions had weakened
over the past few weeks, and it expect-
ed full-year results to fall below expec-
tations.
Blacks tanks
as it seeks an
Xmas buyer
BY ELIZABETH FOURNIER
RETAIL
News
ANALYSIS l Blacks Leisure Group
p
3.00
3.50
4.00
4.50
2.50
2.00
1.88
7 Dec
ADVISING Blacks Leisure Group
on its sale process is KPMG.
Heading up the team is David
McCorquodale.
McCorquodale is a partner at
KPMG and head of the compa-
ny's European consumer markets
arm, a position he has held since
2006.
He started with KPMG in
1984 and has worked in corpo-
rate finance since 1987, advising
on divestitures, acquisitions and
fund raising. He has worked on
the sale of Card Factory, Dreams,
Helly Hansen, Independent
Pharmacy Care Centres, Britax
Childcare and Maplin Electro-
nics.
He also handled the buyout of
Whyte & Mackay and advised
the purchaser on the public to
private buyout of the London toy
shop Hamleys.
McCorquodale spent two
years on secondment to the
Takeover Panel, the UK authority
in charge of regulating public
takeovers, from 1990 to 1992.
He was head of consumer
markets for the UK at KPMG
from 2002 until he was promot-
ed to his current role.
By Caty Hirst
DAVID
McCORQUODALE
KPMG
F
O
R

S
A
L
E
21.3%
18.31%
9.87%
5.87%
5.14%
Henderson Global
Investors
Pentland Group Schroders Sportsdirect.com Standard Life
Investments
The top 5
shareholders
Julia Reynolds,
chief executive
Blacks
brands
3
6
m
Debt at 5 December
2011
MEET THE ADVISERS
MOVING MOUNTAINS
BLACKS ON THE BLOCK
I
ve always maintained that what
we do here at Opportunity
International combines the skills
of the social worker with the tools
of the banker. For some that might
seem something of an unholy
alliance, but when it comes to lend-
ing the core of our service its a
duality that works.
Much of our lending is through
trust groups; collectives of people,
usually women, who get together
and act as co-guarantors. Before we
lend them anything, we spend a few
weeks talking to them about the
deal and how it works. More impor-
tantly, we listen to them and let
them share their visions for both
their businesses and families.
The repayment rate 96 per cent
says it all. Whats more, 70 per
cent of these borrowers come back
again and take out a second loan.
Small injections of working capital,
often as loans as small as 50, can
transform the profitability of busi-
nesses in countries like Malawi.
CHIEF EXECUTIVE
OPPORTUNITY INTERNATIONAL UK
EDWARD FOX
extend Opportunitys services more
widely.
The funds came from the invest-
ment banks initiative Goldman Sachs
Gives, which sets aside part of each of
its global partners compensation
each year and asks them to choose the
cause it is used for. The initiative con-
tributed $320m to causes worldwide
in 2010, and $500m in 2009.
When we meet, Devenish has just
returned from southern Malawi with
Opportunity, where he saw its results
first-hand.
Malawi is pretty poor its main
exports are tobacco and tea and its
landlocked as well so the odds are
stacked against it, but at the grass-
roots level you can see people starting
to build businesses, and thats where
wealth comes from, he says.
He picks out photographs of the
traders he met and enthuses about
the mobile banks and biometric fin-
gerprint security they use.
You meet these people and you see
their optimism and the self belief that
they can improve through this hand-
up. And if you have a trust group
thats all pulling that way, thats
growth for a whole village, he says.
Devenish has also championed a
partnership between Opportunity
and Save the Children another char-
ity that counts Princess Anne as its
patron to deliver better education in
areas where people are saving money
through Opportunitys work.
His brainwave came after reading
feedback from people who received
loans. The most common theme was
to put or keep their children in school.
I thought, wouldnt it be tragic if
Opportunity was successful in these
communities but there were no
schools for them to attend? he says.
Save the Children is now training
140 teachers and building schools in
Zomba, southern Malawi.
Devenish hopes the three-year proj-
ect will lead to long-term success:
You hope that you can walk away
and it is in a virtuous circle the com-
munities are a bit wealthier, the
schools are better, and they are saving
money so their kids can stay in school.
If thats in place then suddenly youre
off, youre up.
A CHARITY that pulls people out of
poverty by offering vital banking serv-
ices? Thats the kind of charity that
straight-talking Goldman Sachs part-
ner Martin Devenish supports.
Devenish, the head of Goldmans
emerging markets equities sales, sees
his work unlock the potential of high-
growth economies every day and is an
outspoken advocate of helping entre-
preneurs make their own wealth.
I dont think there is anything that
has been proven to be a better weapon
against poverty than growth, he says.
People in finance understand the
vital role financial services play in
growing economies and they know
that the best way to alleviate poverty
is growth.
Devenish says Opportunity
Internationals work providing busi-
nesspeople with micro-loans and bank
accounts resonated with him.
This year, he and six other Goldman
partners including Richard Gnodde,
its co-chief executive for Europe,
Middle East and Africa, donated $1.6m
(1m) to start two three-year projects
in Malawi and a third in Tanzania to
Goldman backs our charity
Proudly sponsored by
Matching your donations with
MORE THAN 220,000 NOW RAISED
BY PHONE: by debit or credit card to
01865 725 304
Text donations may not work from company
mobile phones as these often block
premium messages
BY TEXT: CITY11 and amount (5 or 10 only) to
70070
www.cityam.com/appeal
BY ALISON LOCK
MEET OUR SUPPORTERS
Martin Devenish visits

Ndirande market, Malawi
Picture: Gareth Simpson
222,000
City A.M. Christmas Appeal
DONATIONS keep pouring in to our City A.M. Christmas
charity appeal and we are very proud to announce that we
have now reached a grand total of 222,000.
We are grateful to a number of generous personal donors
this week, who have asked to remain anonymous but have
committed several thousand pounds between them.
With two weeks of our campaign still to go, there is still
plenty of time to add your contribution, with all proceeds
going to support Opportunity International in Malawi.
Every gift is very welcome and through our match fund-
ing agreement, all donations from UK individuals will be
matched by the Government pound for pound.
Our online auction is still taking bids on our exciting and
unique prizes visit www.cityam.com/auction to view the
lots and start your bidding.
Call 0800 049 4448 or visit carphonewarehouse.com
Offer available until 25th December 2011. All information is accurate at the time of going to print. Important due to the fast moving nature of all offers, prices and availability are subject to change. 1Tablet not included. BlackBerry, RIM, Research in motionand related trademarks, names and logos are property of Research in Motion Limited and are registered and/or used in the U.S.
and countries around the world. Used under license fromResearch in Motion Limited.
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Convertible Case
ELECTRICALS retailer Kesa swung to a
loss in the first half, dragged down by
the dire performance of its Comet
stores, it said yesterday.
Kesas results yesterday will be the
last to include Comet, which is being
sold to private equity buyers
OpCapita for a nominal 2.
Kesa will also pay a cash dowry of
50m (42.6m) to cover liabilities at
its 245 Comet stores.
Comets losses increased from
6.4m to 25.7m, with revenues
down 21 per cent to 683m, in the six
months to 31 October.
The group swung to pre-tax losses
of 147.7m, from pre-tax profits of
27.2m last year. The retailer has
been hit by the consumer downturn
with households cutting back on
their spending.
With Kesa offloading Comet, the
Darty chain in France will be its main
business. However, the tough econo-
my on France is taking its toll on that
business, which reported a 3.7 per
cent drop in like for like sales
In Spain, Italy and France, sales
were down eight per cent. Kesa chief
executive Thierry Falque-Pierrotin
said: We believe that the Comet dis-
posal will strengthen the group.
Kesa will take a total 170m write-
down on Comet where it is covering
the pension liabilities as part of the
deal with OpCapita, which has con-
firmed it has funding for the pur-
chase.
Kesa plunged
into a loss by
falling Comet
FRENCH retailer Guyenne et
Gascogne said yesterday it was in
talks with Carrefour that include
expanding equity ties, and that it
may receive a proposal soon.
Guyenne et Gascogne chairman
Bertrand de Montesquiou confirmed
the talks after Le Figaro newspaper
said Carrefour was considering buy-
ing its largest franchisee, and paying
for it with Carrefour shares.
The move, if confirmed, would be
prompted by a need to secure
Carrefours relationship with
Guyenne et Gascogne, as main share-
holder the Beau family will be free to
sell its stake later this month.
Everything is possible. We are
open to a proposal, said
Montesquiou. Ongoing talks between
the two retailers covered sourcing
and brand contracts, their relations
within their Sogara venture and pos-
sible extension of capitalistic ties he
said. Carrefour, which has been weak-
ened by repeated profit warnings and
strategy U-turns, has seen its shares
lose 40 per cent this year, declined to
comment.
Founded in 1913, Guyenne et
Gascogne is a food-based retail group
that operates hypermarkets and
supermarkets primarily in south west
France and Spain.
Carrefour and
Guyenne talk
on equity ties
BY JOHN DUNNE
RETAIL
RETAIL
News
CITYA.M. 8 DECEMBER 2011 15
ANALYST VIEWS: WHAT WILL LIFE AFTER
COMET BE LIKE FOR KESA? Interviews by John Dunne
RICHARD HUNTER | HARGREAVES LANSDOWN

The planned disposal of the UK Comet business will convert the compa-
ny into a European, especially French, play and even here the previously promising
development has weakened. The Comet disposal has also resulted in some notable
impairment charges. There are some glimmers of hope.
DAVID JEARY | INVESTEC

The Comet disposal will severely weaken Kesas balance sheet, in our
view with the trading outlook weakening in its core French market, together with
tough situations in both Italy and Spain. We reiterate our sell recommendation on
Kesa.
RICHARD CURR | PRIME MARKETS

In the view of Prime Markets, Kesa are not yet out of the woods, so for
now shares are a sell into any strength - certainly until there is evidence of a
return to profit in the second half. the sovereign debt crises in Italy and France
have started to impact on revenues from European operations.
Thierry Falque-Pierrotin insists offloading Comet will strengthen Kesa

ANALYSIS l Kesa Electricals
p
80.00
82.50
85.00
87.50
90.00
77.50
75.00
74.15
7 Dec
DAVID Ross, chairman of safety gear
supplier Cosalt, rode to the loss-mak-
ing companys rescue yesterday with a
deal to provide it with 5m of emer-
gency working capital to keep it afloat.
Ross, whose grandfather founded
Cosalt a century ago, has made the
funds available from his Oval invest-
ment vehicle but warned that he
would only bail the firm out further if
shareholders accept his offer to buy it
for 400,000, or 0.1p per share.
The 5m unsecured funding is
expected to tide Cosalt over until at
least until Rosss offer expires on 22
December. If shareholders do not sup-
port his offer by that date the money
will have to be paid back.
A Cosalt spokesman said the fund-
ing was reassuring for the company.
Rosss takeover offer has the support
of Sovereign Holdings, which owns 18
per cent, while Ross holds 15 per cent
himself.
But his deal upset long-term institu-
tional Cosalt shareholders, who saw
their stocks priced at 140p just three
years ago. They blame Ross for a huge
drop in the share price, caused by a
highly dilutive equity placement
forced through as he returned to chair
the firm in 2009.
The 18m share placement was
priced at just 5p per share, an 84 per
cent discount to the 31p share price at
the time, and added 378m new shares
to the 25m in issue at the time.
Ross first joined Cosalts board in
2005 but resigned in 2008 after he was
found to have pledged shares of several
companies as collateral against person-
al loans.
Grimsby-based Cosalt had grown to
a sprawling conglomerate after an
acquisition spree, but has now sold off
many of its non-core assets and refo-
cused on its core businesses of safety
equipment for fire brigades and heavy
industries such as oil and gas.
It is loaded with more than 14m of
debt and a 9m pension scheme
deficit and has burned through its
working capital facilities as its busi-
ness units continue to turn a loss.
Repayment of the 5m facility will
also be triggered by a change of con-
trol, any refinancing of Cosalts bank
facilities or if the company starts
insolvency proceedings.
Yesterday shares rallied nearly 18
per cent on the news, to close at 0.23p.
BY ALISON LOCK
SUPPORT SERVICES
Carphone Warehouse founder David Ross made 5m available for Cosalt

Licensing Act 2003
Notice of AppIication for grant of Premises Licence
NOTICE IS HEREBY GIVEN THAT Michael Wondimagegnehu
of 74 Sydney Road Hornsey London N8 0EX has applied to the
City of London Corporation on 5th December 2011 to grant a
premises licence to use the premises Krystals Express 178
Bishopsgate, Liverpool Street London EC2M 4NQ for the
provision of the retail sale of alcohol for consumption off the
premises between the hours of 0001 hours and 00.00 hour
daily.
The record of this application is held by the Licensing Authority
and can be viewed on the website www.cityoflondon.gov.uk or
inspected at the offices of the City of London Corporation,
Trading Standards (Licensing), Walbrook Wharf, 78-83 Upper
Thames Street, London, EC4R 3TD during normal office hours
(Ring in advance for appointment)
Any person wishing to submit representations to the application
must give notice in writing to the Licensing Authority at the
address shown above, giving in detail the grounds for objection
by 2nd January 2012
Representations must be received by the Licensing Authority by
the date given above. The Licensing Authority will have regard
to any representations made when considering this application.
It is an offence under section 158 of the Licensing Act 2003 for
anyone to recklessly or knowingly make a false statement in
connection with a licensing application. The maximum fine on
conviction is 5,000.
News
Ross bails
Cosalt out
until his
offer ends
DAVID Ross founded Carphone
Warehouse with his schoolfriend Charles
Dunstone in 1989 and has since experi-
enced both the highs and lows of business
life.
Educated at Uppingham School and
Nottingham University, Ross qualified as a
chartered accountant with Arthur
Andersen until leaving for Carphone
Warehouse.
He helped lead the phone retailer from
strength to strength and oversaw its IPO
in 2000, which raised 185m and valued
the firm at 1.6bn.
But it hasn't all been plain sailing for the
entrepreneur, a prominent supporter of
Prime Minister David Cameron.
Three years ago he resigned from four
boards as director of storage firm Big
Yellow; chairman of transport group
National Express and Cosalt; and deputy
chairman of Carphone Warehouse after
using several million pounds-worth of his
shares as collateral against personal loans
without notifying the companies. He also
stepped down as an adviser to London
mayor Boris Johnson on the 2012
Olympics.
The Financial Services Authority cleared
him of wrongdoing in January 2009,
allowing him to return to Cosalts board.
Ross was also questioned by police in late
2009 after a Lithuanian escort girl alleged
that she was assaulted outside his
Belgravia home one night.
Sniezana Kobeniak claimed to have been
called to the property and said she was
bruised during an altercation while being
turned away. Ross, who had returned to
the house after a party, denied all wrong-
doing and the claim was later dropped.
The great-grandson of Thomas Ross, one
of the founders of Cosalt in 1873, Ross is
now fighting to keep the company afloat
and has offered to pay 400,000 to take it
private. But the offer has angered some
shareholders, who say Cosalt was worth
40m in 2009 when Ross became chair.
PROFILE | DAVID ROSS, CHAIRMAN, COSALT
ANALYSIS l Cosalt
p
0.20
0.25
0.30
0.15
0.23
7 Dec
SALES of Nintendos 3DS games device
will hit 3m units in the Japanese mar-
ket within days, but consumers in the
US and Europe seem to be delaying
holiday shopping due to poor econom-
ic conditions, the company said.
Nintendo slashed the price of the
3DS by about 40 per cent in August
and announced a flood of new soft-
ware, including titles in the much
loved Mario series, in a bid to prop up
sales of the gadget, which had
slumped after its February launch.
As a result, the Kyoto-based firm
expects to sell 4m of the machines in
Japan within the first year, compared
with a worldwide target of 16m units
by March 2012.
It has regained its momentum,
company president Satoru Iwata told
the Nikkei business daily in an inter-
view, the content of which was con-
firmed by a company spokesman.
But slashing the price was a painful
step for the games giant, resulting in
losses on each 3DS unit it sells.
In the six months to September,
Nintendo made about 34 per cent of
its sales in the Americas and 37 per
cent in Europe. It was hit hard by the
yens rise against the dollar and euro.
That, along with the price cut, was
one of the reasons why the company
slashed its forecast to a 20bn (1.6bn)
net loss for the year to March 2012.
Nintendo has now begun a small
amount of euro-based procurement to
try to offset foreign exchange losses.
Sales of Nintendo 3DS get boost from
Mario in Japan but US and Europe lag
BY HARRY BANKS
TECHNOLOGY
News
LINKLATERS have confirmed Tom
Watson MP was put under surveil-
lance for a week in 2009 by a private
investigator working for the now
defunct News of the World.
A letter sent to Parliament by
lawyers representing News Corp veri-
fied that Watson, who has been
Labour MP for West Bromwich East
since 2001, was placed under surveil-
lance by former police officer Derek
Webb between 28 September and 2
October 2009.
The letter was written in reply to
information sought by the Commons
culture, media and sport committee,
on which Watson is sitting, following
allegations that private investigators
had targeted all the members of the
select committee investigating the
phone-hacking scandal.
The letter read: [News Corps man-
agement and standards committee]
The MSCs present understanding is
that three employees [of News
International] were involved in com-
missioning this surveillance. We do
not think it appropriate to name the
individuals involved given the ongo-
ing police investigations.
Linklaters said they had discussed
this decision with the Metropolitan
Police, who shared the view.
However, the MSC said they had
seen no information to suggest that
any other member of the Committee
(or their family or friends) was under
surveillance.
The letter also shed light on an
agreement negotiated in February
2010 by Rebekah Brooks, then chief
executive of NotW, which outlined
that Max Clifford would help with
stories and would be paid a retainer
of 200,000 per annum for two years.
Tom Watson offended James
Murdoch last month by likening
News International to the mafia.
News Int had
Watson under
surveillance
BY LAUREN DAVIDSON
MEDIA
Sales of popular
Mario games are
boosting sales for
Nintendo, run by
Satoru Iwata (inset)
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
* These views are those of the individuals below and not necessarily those of their company
I think so, yes. I think
weve seen the bulk of the
Arab Spring and so well
see that settle out. And in
terms of the financial cri-
sis, itll be diffi-
cult to have
it as bad as
it was in
the past
year.
ANDREW JURIC
VCE
CITY VIEWS: DO YOU THINK 2012 WILL BE MORE
STABLE THAN THIS YEAR?Interviews by Caty Hirst and Marissa Cetin
MARIUS BOGDANOS
GROUPON
ROGER CANNON
PUNTER SOUTHALL
2012 might not be
much better. I guess
more jobs will be creat-
ed because of the
Olympics coming to
London, but itll
eventually go
back downhill
until the
economy is
fixed.
The riots and protests
might still happen but it
could be a better year. I
think financial markets will
calm down, and with China
involved in
Europe its not
in their inter-
est to see the
end of the
euro.
News of the World was closed down on 7
July due to allegations of phone hacking.
James Murdoch, who has since resigned as
chairman of News Group Newspapers, has
appeared twice in front of the select committee.
FAST FACTS | HACKING FALLOUT
News
THE DIRE state of many Britons per-
sonal finances has been underlined by
new research that shows 3.5m people
are considering taking out payday
loans over the next six months.
Concern over personal debt has
reached the highest level since insol-
vency body R3 began making records,
it said yesterday as it warned of zom-
bie debtors who are only paying off
interest rather than the debt itself.
Payday loan companies have been
criticised for charging annual interest
rates of up to 4,000 per cent. Frances
Coulson, president of R3, said people
across all socio-economic groups face a
debt hangover which is worsening
because of rising unemployment and
increased spending in the run-up
Christmas.
Many who take out payday loans
find them to be a negative experience,
often escalating financial troubles.
MPs and consumer groups have
called for a tightening of laws on pay-
day loan firms, although this has
raised fears it could push the poorest
people toward illegal loan sharks.
Sarah Brooks, director of financial
services at Consumer Focus, said:
Much more needs to be done to pre-
vent consumers getting caught in spi-
ralling debt.
A spokesman for the coalition said it
was aware of concerns and that minis-
ters are working with the industry and
consumer organisations to ensure peo-
ple are protected.
Industry group the Consumer
Finance Association said firms provide
an alternative to bank charges on
unauthorised loans and described the
2,000 person sample size in the R3 sur-
vey as not credible.
Poor Britons
turn to pricey
payday loans
BY PETER EDWARDS
FINANCIAL SERVICES
Nearly two thirds (60 per cent) of people in

Britain are worried about their level of debt
The number of people who say they have no
savings has hit 27 per cent, up from 19 per cent
in the last quarter. Source: R3
FAST FACTS | PAYDAY LOANS
ALLISTER HEATH | CITY A.M.
The situation in the Eurozone is too uncertain to make any firm decisions right now. I vote to hold interest
rates and hold QE until we know more on plans for fiscal integration, and on the markets reaction.
SIMON WARD | HENDERSON
Stop gilt purchases and instead buy bank bonds, expand liquidity facilities and ease capital requirements.
There is no current shortage of liquidity, but the authorities must head off further bank deleveraging.
GEORGE BUCKLEY | DEUTSCHE BANK
No change in rates or QE. With the Bank currently undertaking 75bn of QE it makes sense to wait until the
current programme is complete before evaluating whether the economy requires more stimulus.
TREVOR WILLIAMS | LLOYDS
Hold rates and QE, but aim to increase QE to 400bn in 2012. Although inflation is eroding incomes, defla-
tion would have been worse. Right now, we should provide sufficient liquidity to prevent a severe downturn.
VICKY REDWOOD | CAPITAL ECONOMICS
I vote to hold interest rates and QE, but stand ready to do another 75bn of asset purchases when the cur-
rent ones are completed. Now that inflation has peaked, it is likely to fall like a stone over the next year or so.
GRAEME LEACH | IOD
I am voting to keep policy on hold this month and wait to see how the Eurozone debt crisis unfolds.
However, further big extensions in quantitative easing look very likely in the New Year.
HOLGER SCHMIEDING | BERENBERG BANK
Hold. Whether we like it or not, the UK is part of Europe. In line with the Eurozone, the UK is heading for
renewed recession. The Bank should clearly signal that it intends to raise QE early next year if need be.
VICKY PRYCE | FTI CONSULTING
Hold but consider extending QE further in the New Year and even offer prospect of a cut in rates. The
Autumn Statement was neutral for the economy while the OBR UK forecasts make grim reading for 2012.
ROSS WALKER | RBS
Hold rates and QE. The flow of official data suggests the UK economy will all but stagnate this quarter, and
fragile domestic demand warrants a continuation of the accommodative monetary policy stance.
CITY A.M. | SHADOW MPC
BRITISH transport group Stagecoach
said yesterday it should have a
stronger second half as its East
Midlands rail unit returns to prof-
itability, after a loss at the franchise
weighed on first-half profits.
The bus and rail operator said yes-
terday its British rail business swung
to a first-half loss following weak trad-
ing at the East Midlands franchise,
leading to an 18 per cent drop in
group profit.
Pre-tax profits in the six months to
October fell to 88.7m compared with
a forecast for 96m.
UK Rail swung to an operating loss
of 6.9m from a profit of 22.9m.
Panmure, which described the
results as excellent, said in a note:
The outlook for Stagecoach remains
positive.
The prospects for long-term
growth in passenger transport are
good given the rising environmental
concerns, increasing road congestion
and higher motoring costs.
The regional bus division operates
in 100 towns and cities across thee
UK. Operating profits at the unit were
up nine per cent to 80m.
Stagecoach also has a 49 per cent
stake stake in Virgin Rail, which saw
operating profits fall 11 per cent to
12.2m.
The company said its business
remained strong especially as cash
strapped Britons were ditching their
cars in favour of bus and train travel.
Stagecoach
profits hit by
rail division
AIRLINES worldwide face severe losses
next year if Europes politicians fail to
get to grips with the regions debt cri-
sis, the industrys leading trade group
warned yesterday.
The International Air Transport
Association (IATA) shaved its main
forecast for industry profits to $3.5bn
(2.2bn) for 2012, but said the indus-
try could plunge to an $8.3bn loss
with no region of the world exempt if
Europes debt woes precipitate a new
banking crisis.
IATA, whose 240 airlines carry 84
per cent of global traffic, had previ-
ously forecast industry profits of
$4.9bn in 2012 after estimated profits
of $6.9bn this year. The 2011 figure
was unchanged from IATAs previous
outlook in September.
The biggest risk facing airline prof-
itability over the next year is the eco-
nomic turmoil that would result from
a failure of governments to resolve the
Eurozone sovereign debt crisis, said
IATA director general Tony Tyler.
IATA groups most of the worlds
flag carriers and traditional network
airlines such as International Airlines,
Lufthansa and Air China, but excludes
most low-cost carriers which have gen-
erated much of the industrys traffic
growth. However, its forecasts include
estimates for low-cost travel.
IATA delivers
gloomy outlook
for airline losses
BY JOHN DUNNE
TRANSPORT
AVIATION
News
ANALYSIS l Stagecoach
p
260
265
270
255
250
245
265.40
7 Dec
CHARGING motorists to park in the
West End at night could cost local busi-
nesses 800m a year in lost earnings,
the Centre for Economics and Business
Research (CEBR) claimed yesterday.
Westminster City Councils plans to
charge up to 4.80 an hour to park on
yellow lines in the evening could also
cost businesses 125m a year in extra
travel costs for employees.
Up to 5,100 jobs could be lost as com-
panies in the West End try to cut
expenses amid falling revenues, CEBR
says in its research commissioned by a
group of West End businesses.
These are serious figures and one
needs to be very wary of changing the
parameters for businesses at the heart
of our tourism and entertainments
offering, said CEBRs head of micro-
economics, Oliver Hogan.
Westminster Council disputes
CEBRs figures. It said the research was
completely flawed and that it was
working on its own study.
West End parking charge
to put 5,100 jobs at risk
BY MARION DAKERS
TRANSPORT
Night parking charges are likely to lose West End businesses revenue Picture: REX
GLOBAL brewing giant SABMiller
named Ari Mervis to take over as
chief executive at Fosters yesterday,
fresh from completing a A$11.5bn
(7.5bn) takeover of Australias top
brewer.
Mervis, who will be based in
Melbourne, will continue as head of
SABMillers Asia Pacific region and
joint venture in China, CR Snow, and
will be responsible for integrating
Fosters into SABMiller.
Fosters chief executive John
Pollaers will step down on 16
December, after which he said he
plans to take a bit of time out with
the family over summer before
deciding on his next career move.
Pollaers has also agreed to be avail-
able to provide advice to SABMiller
during the first few months of 2012,
to help with the transition to the
new management team.
SABMiller chooses a new
head for Foster's business
Ari Mervis will take over from John Pollaers as the chief executive at brewer Fosters
News
BY HARRY BANKS
CONSUMER
21
THE PRESIDENT of Olympus has
issued a humbling apology over the
corporate governance failings that left
it mired in a $1.7bn (1.08bn) interna-
tional accounting scandal.
We deeply regret that we have
given a very negative impression to
Japan and possibly the world... I apol-
ogise sincerely, said Shuichi
Takayama, as the board of the
Japanese camera firm indicated it
could resign over the fraud.
Senior executive director Makoto
Nakatsuka has quit, the third board
member to go, while the rest of the
directors may follow once the firm
submits its second-quarter earnings,
which it must do by 14 December to
avoid being delisted in Tokyo.
Olympus has also set up a commit-
tee to consider launching civil action
or criminal complaints against those
it holds responsible for hiding invest-
ment losses. It comes after the publi-
cation of a damning external report
which said several former executives
spent 13 years running a complex
deception.
Takayama, who was appointed
after the scandal broke, said the firm
was considering former chief execu-
tive Michael Woodfords plan to
return as president but an extraordi-
nary meeting of shareholders could
not be held until late February.
Woodford, who was sacked after
questioning a series of payments,
wants to assemble a new board but
declined to be drawn on the level of
investor support.
Olympus says
sorry as legal
action looms
BY PETER EDWARDS
TECHNOLOGY
NEWS | IN BRIEF
Polymetal and Evraz join FTSE 100
Building materials group CRH, steel and
mining company Evraz and precious met-
als producer Polymetal will be promoted
to the FTSE 100 on 19 December as a
result of this quarters stock exchange
review. They will take the places of
mobile satellite firm Inmarsat, asset
manager Investec and platinum miner
Lonmin. The reshuffle will also see mining
group Bumi and the John Laing
Infrastructure Fund join the FTSE 250.
Pace, Premier Foods and SThree have
been relegated alongside Mothercare
and Thomas Cook from the FTSE 250 to
the FTSE Small Cap.
DS Smith sees second-half growth
Packaging company DS Smith yesterday
posted higher first-half pre-tax profit on
improved volumes, better selling prices
and an acquisition, and said it expected
further volume increases in the second
half. For the six months to 31 October, the
company's pre-tax profit rose to 42.8m
from 35.6m last year. Revenue rose 26
per cent to 1.03bn.
Bilfinger to list fund in London
Construction services group Bilfinger
Berger plans to list an infrastructure fund
in London later this month, raising 212m
to invest in a portfolio of assets ranging
from roads to prisons. The Luxembourg-
incorporated Bilfinger Berger Global
Infrastructure (BBGI) is offering 212m
shares at a fixed price of 1 each, it said in
a statement yesterday, and is due to begin
trading on 21 December. BBGI has been
marketing the sale for two months and
has already received enough orders from
investors for all the shares on offer, a
source close to the deal said, with demand
from both retail and institutional buyers.
ANALYSIS l Olympus Corp
JPY
1,100
1,150
1,200
1,250
1,050
1,128.00
7 Dec
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Fresnillo
2,000
2,200
1,800
1,600
Oct Nov Dec
p
1,757.00
7 Dec
FRESNILLO
JP Morgan Cazenove rates the precious
metals miner overweight without a tar-
get price after the positive surprise that
the company will issue a $300m second
interim dividend, equivalent to about $0.42
per share, on top of the $0.21 per share
announced in July. The broker is treating
this second interim payout as a special divi-
dend, and expects to see a final dividend
announced this year as well.
ANALYSIS l Ferrovial SA
9.00
9.50
8.50
8.00
Oct Nov Dec
9.35
7 Dec
FERROVIAL
UBS rates the Spanish infrastructure group
a buy and upgraded its target price to
11.10 from 10.20 as it sees the potential
for further upside to the share price on top
of recent strong outperformance among
European indices. The group has quality
assets that are performing well and divest-
ments that will allow it to crystallise value.
Though Spanish construction is still suffer-
ing, the groups balance sheet is solid.
WOLSELEY
Deutsche Bank rates the building supplies
chain hold with a target price of 21.40,
up from 18.22. The broker admits that it
has probably missed the bottom of the
stock price, but thinks any future macro-
economic weakness could provide a good
entry point. Deutsche is impressed by
Wolseleys organic growth and has upgrad-
ed its earnings per share forecasts by 17
and 27 per cent for the next two years.
NEWS | IN BRIEF
UK economy slow in November
GDP growth slowed from 0.4 per cent in
the three months ending in October to
0.3 per cent in the three months ending
in November, according to research from
the National Institute for Economic and
Social Research (NIESR) out yesterday.
The think-tank believes economic output
will not pass its pre-recession peak until
2013. Under its classification system,
this means the UK is still in a depression,
but as output is still growing, not in a
recession. Economic growth in the UK
remains subdued, the report said.
These data lend support to the further
loosening of UK monetary policy.
SMEs finding it hard to recruit
Despite high levels of unemployment,
almost a third of small- and medium-
sized enterprises (SMEs) are struggling
to find staff with suitable skills. A study
from the Federation of Small Businesses,
published yesterday, showed 27 per cent
have difficulty finding suitable workers.
Forty-seven per cent complained that
regulation requirements are onerous, and
34 per cent had difficulty securing
finance to start their businesses.
US mortgage applications jump
Applications for US home mortgages
jumped last week, recouping the previ-
ous week's steep decline as interest
rates continued to fall. The Mortgage
Bankers Association said its seasonally
adjusted index of mortgage application
activity, which includes both refinancing
and home purchase demand, spiked 12.8
per cent in last week. The MBA's sea-
sonally adjusted index of refinancing
applications gained 15.3 per cent, while
the gauge of loan requests for home
purchases rose 8.3 per cent.
INDIA has suspended plans to open its
$450bn (286bn) supermarket sector
to foreign firms such as Wal-Mart,
backtracking from one of the govern-
ments boldest reforms in years in the
face of a huge political backlash.
The retreat, within two weeks of
the policy being mooted, is anoth-
er nail in the coffin of Prime
Minister Manmohan Singhs (pic-
tured) economic reforms, just as
Asias third-largest economy
suffers from slow growth and
falling investment.
It is also likely to cement a
view that India is an emerg-
ing market slowcoach com-
pared to other so-called
BRICS nations such as China
and Brazil.
The image, the credibili-
ty of the government is lost,
said DH Pai Panandiker,
head of the RPG Foundation
think-tank.
Both ruling Congress party allies
and opposition parties, fearing job
losses for millions of small shopkeep-
ers, had disrupted parliament for two
weeks in protest, stalling some key
bills such as increased food subsidies
for the poor.
The decision to permit 51 per
cent FDI in multi-brand retail
trade is suspended until a con-
sensus is developed through
consultations among various
stakeholders, finance minis-
ter Pranab Mukherjee said
in a statement yesterday.
The policy would have
allowed foreign firms
such as Wal-Mart,
Carrefour and Tesco to
own 51 per cent in super-
markets, with the govern-
ment hoping this would
ease high inflation, and
draw in investment to
improve supply-chains and
create jobs.
Indian retail
reform plans
put on hold
BY HARRY BANKS
RETAIL
ANALYSIS l Wolseley
1,900
2,000
1,800
1,700
1,600
1,500
1,400
Oct Nov Dec
p
1,959.00
7 Dec
What Is It With Ireland And The Majors?
Time To Find Out.
Time To Play.
Six ma|ors capIured by Irish players ih |usI a !ew years is more Ihah |usI coihcidehce. Fihd ouI exacIly whaI iI is by playihg
Ihe courses where Ihese champiohs shaped Iheir games. World-beaIihg lihks, excepIiohal parklahd courses.
II's all here. Ahd wheh Ihe rouhd ehds, Ihe !uh is ohly begihhihg. 1his is Irelahd, aer all.
(PUPEJTDPWFSJSFMBOEDPNHPMG
News
US stocks rise in volatile
market with low volume
U
S stocks edged up yesterday and
the euro held steady against the
dollar on hopes an EU summit
can ease Europes debt crisis.
At the same time, US Treasuries
rose as some investors remained pes-
simistic about the summit, buying
into safe-haven bonds.
Commodities saw a clearer risk-off
trade, with oil, metals and grains
prices falling broadly.
Stocks were besieged by volatility
from start to finish, with razor-thin
volumes exaggerating market moves.
Wall Streets S&P 500 index fell by up
to 1 per cent at one point, before recov-
ering more than half of the dip within
minutes.
The choppy session followed gains
in US stocks since the start of the
week, built on the notion that the
European Union summit beginning
today will create a more workable solu-
tion to the blocs debt crisis.
The Dow Jones industrial average
closed up 46.24 points, or 0.38 per
cent, at 12,196.37. The Standard &
Poors 500 Index was up 2.54 points, or
0.20 per cent, at 1,261.01. The Nasdaq
Composite Index was down 0.35
points, or 0.01 per cent, at 2,649.21.
Since reaching a closing low on 25
November, the S&P 500 has risen
almost nine per cent to yesterday.
THENEW YORK
REPORT
B
RITAINS top shares fell yester-
day after comments from a
German government official
eroded optimism about a com-
prehensive deal to solve the Euro
zones debt crisis at this weeks crunch
EU summit.
The FTSE 100 index ended down
21.81 points, or 0.4 per cent, at
5,546.91, after a choppy day when the
index hit an intra-day high of
5,631.88.
The senior German government
official, briefing reporters on condi-
tion of anonymity, said Berlin is
increasingly pessimistic about the
chances of a deal, accusing some gov-
ernments of failing to grasp the grav-
ity of the situation.
This took the steam out of an early
rally from the UK benchmark
inspired by a Financial Times report
that eleventh-hour talks had begun to
create a bigger financial bazooka to
present to the European Union
Summit today and tomorrow.
The markets are very nervous
ahead of the summit. They realise
that in the past European officials
have over-promised and under-deliv-
ered theres absolutely no room for
disappointment this time around,
said Henk Potts, market strategist at
Barclays Wealth.
We have to get the comprehensive
plan, and we have to get the details of
that. Without that then of course
markets have the potential to go back
into reverse again.
Joshua Raymond, market strategist
at City Index, said: There is every
chance that with the stakes so high
and all investor attention towards
developments in Brussels, we could
see a very edgy and nervy market over
the course of today and tomorrows
sessions, with prices reacting to all
news, rumour and speculation out of
Belgium.
Riskier assets such as banks and
insurers ended the day lower.
ICAP dropped 4.4 per cent, the
biggest FTSE 100 faller, as traders
cited the impact of a downgrade by
Morgan Stanley to equal-weight
from overweight.
FTSE see-saws on doubt
over outcome of summit
THELONDON
REPORT
Eximius Group
Seasoned headhunter Jonathan
Astbury has joined the senior finance
team at Eximius Group. Astbury led
the banking finance team at Harrison
Willis before founding banking
recruitment firms Astbury Marsden
and Sandton Group, specialising in
middle office, risk, finance and front
office recruitment.
Bridgepoint
Henry WK Chow has been appointed
to the European advisory board of the
private equity firm. Chow is the for-
mer chairman and chief executive of
Greater China Group at IBM Corp.
Rathbone Brothers
Charles Stanley chief operating offi-
cer Andrew Butcher is set to take
over from Paul Chevasse as chief
operating officer of Rathbones early
next year. Chavasse will become head
of investment management.
Kames Capital
Peter Shaw has been promoted to
joint manager on the UK equity fund,
effective from 1 January 2012. He is
currently joint manager on the Kames
UK opportunities fund and manager
of the institutional UK equity high
alpha fund.
State Street
State Street has named Paul
McLaughlin as head of operations for
its alternative investment solutions
team based in Guernsey. McLaughlin
joins from BNY Mellon in Dublin,
where he worked for 11 years.
CITY MOVES | WHOS SWITCHING JOBS Edited by Harriet Dennys
+44 (0)20 7092 0053
morganmckinley.com
To appear in CITYMOVES please email your career
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
in association with
Gide Loyrette Nouel
The Paris-based law firm has announced its
new executive committee, effective from 1
January 2012. Litigation specialist Baudouin
de Moucheron (pictured) has been elected as
senior partner to succeed Pierre Raoul-Duval.
Stphane Puel, who specialises in financial
regulation and structuring investment funds,
succeeds Christophe Eck as managing part-
ner. Eck remains on the committee with the
newly elected David Lasfargue, head of the
firms Moscow and St Petersberg offices,
and real estate partner Frdric Nouel.
p
30Sep 12Sep 20Oct 9Nov 29Nov
5,800
5,000
5,200
5,400
5,600
ANALYSIS l FTSE
5,546.91
7 Dec
E
VERYBODY knows how important it is to
do business with China, but many busi-
ness people are making serious errors
that are hitting their companys bottom
line.
So, what is the most important aspect that
western companies need to focus on when
dealing with the Chinese? A report released
earlier this year by Blackwood Group revealed
the answer: FTSE 100 firms miss out on
growth opportunities in China due to the
lack of cultural understanding.
Here are five top tips to developing effec-
tive and fruitful relationships with the
Chinese:
1. Firstly, understand the critically impor-
tant concept of face. Face has a much deep-
er meaning in China than in the west. Many
Chinese will go to great lengths either to save
face or to save someone elses face. Face is
about dignity and respect, and a persons
social role. It is not just about feelings, but a
key part of what holds society together. An
old saying is that a person would rather die
than lose face. A person can lose face by
declining a social or business function on a
weak pretext, refusing a present, expressing
emotions uncontrollably or being too inde-
pendent. One case of loss of face recently
occurred in China when a foreign chief exec-
utive forgot to invite his Chinese counterpart
to give a speech at a banquet. Consequently,
the Chinese chief executive left the banquet
unusually early.
2. The notion of guanxi is a much more
complex idea than the western concept of
networking. It is the platform for social and
business activities in China, and consists of
connections defined by reciprocity, trust and
mutual obligations. Build up your guanxi and
be aware of the dynamics of guanxi around
you before you do anything. Although devel-
oping and nurturing guanxi in China is very
demanding on time and resources, the time
and money necessary to establish a strong
network are well worth the investment.
Personal relationships and trust are para-
mount. Its an unwritten rule in China that if
someone does not trust you, they are unlikely
to do business with you. Most successful
multinational companies that have entered
China and maintained their positions have
done so by following the principles of guanxi.
3. The Confucian concept of harmony is
still important today. The Chinese sometimes
perceive western independence as a sign of
showing off. An individual standing out from
the crowd causes disharmony, and showing
off is considered poor behaviour. In China,
being the first to come up with an innovative
idea in a group setting can have significant
social implications. It could be seen as show-
ing off and possibly generate envy too. This is
a challenge for many western managers who
want employees to come up with new sugges-
tions or product ideas in a group setting.
4. The Chinese take a longer time to make
decisions. Westerners believe in the value of
making quick decisions and then taking
action. The time is money concept when
practised in China is likely to result in nega-
tive outcomes. In China, decision making is
based on ensuring that the balance of all par-
ties is taken into account. The Chinese want
to be sure that all angles of an issue are
reviewed first and all matters are thought
through before coming to a conclusion. This
process often involves going back to the
beginning and starting the thinking and the
discussion again. Also, since Chinese people
do not like to tell you no in a direct manner,
never assume a deal is struck until you hear
this explicitly.
5. Chinese communication styles are indi-
rect. For the Chinese, communications is
about building relationships, while in the
west it about efficient exchange of informa-
tion and getting things done as quickly as
possible. Silence does not mean that your
message is not getting through. The wise
Confucian is expected to listen in silence.
Leaders in China are expected to express
themselves much less directly than those in
the west. Chinese communications depends
on the context, or non-verbal aspects of com-
munication. Its not that the Chinese are
unwilling to share information, but western-
ers will have to prompt their Chinese counter-
parts if they want details. Alternatively, it
may be best to approach someone on a one-to-
one basis, in private.
These are just some of the cultural values
and features of Chinese society that western-
ers need to understand and put into practice
if they are to have effective and successful
relationships.
Barbara Wang is a programme director and
China representative, and Harold Chee is a pro-
gramme director, both at Ashridge Business School.
Their latest book, Chinese Leadership, is published by
Palgrave MacMillan.
24
The Forum
The wise Confucian is
expected to listen in silence
Culture clash: Five tips for
Western firms that want
to do business with China
cityam.com/forum
Agree? Disagree? Got a sharp comment?
The Forum wants you to join the debate.
COMMENT NOW ON
Twitter: @cityamforum;
on the web: cityam.com/forum;
or by email: theforum@cityam.com.
Top responses will be reprinted in The Forum.
BARBARA WANG &
HAROLD CHEE
25
Freemen can use
their position to
charitable benefit
Todays freedom
was yesterdays
trade privilege
T
HE Freedom of the City originated in
the early thirteenth century. Today the
freedom is largely symbolic, but in the
Middle Ages it was a valuable working
document that gave you the right to trade.
It would enable you to carry out your trade
or craft as a member of one of the venerable
City livery companies. They were a sort of
medieval trade union, banded together to reg-
ulate prices, quality and standards and to look
after their members. The members of the
companies received monopolistic trading
rights in the richest part of the kingdom.
However, there were two catches one was
the fee, which was much higher than the rel-
atively small 25/30 fee today (which no
longer swells the coffers of the Corporation,
but goes to the Freemens School for founda-
tion scholarships). Secondly, the Lord Mayor
expected that the guilds would maintain
quality and excellence in the goods and servic-
es provided. In this way, it would ensure that
bakers would not give you stale bread and
vintners would not give you sour wine. It was
a form of medieval trading standards. This
continued for centuries until the Victorians
came along. They did not like monopolies,
preferring the benefits of free trade. So the
requirement that you had to be a member of a
livery company to be a Freeman was lifted and
in 1835 the freedom was widened to incorpo-
rate those living or working in the City.
The freedom is supposed to give the right to
drive sheep over London Bridge. Alas, the City
of London Police are not keen on this custom
in the twenty-first century. In the Middle Ages
however, it was a valuable economic privilege.
It was not so much that you could take sheep
over the bridge, but that you did not pay the
toll, which would considerably enhance your
profit when selling the sheep at Smithfield
Market. You could take any livestock over the
bridge and not pay the tariff but in the medi-
aeval period the sheep was queen of the
beasts because the wool trade was the
bedrock of the English economy. More sheep
went over the bridge than all other animals
put together.
Occasionally today Freemen can take sheep
over the bridge, but it is usually for charitable
purposes. Lord Mayors from time to time
arrange sponsored sheep drives for their cho-
sen charity.
There were other privileges too. Freemen
could be hanged with a silk rope if they com-
mitted murder; you could wander around the
City with your sword drawn to defend your-
self from robbers; you were exempt from the
press gang; you could be drunk and disorder-
ly and granted safe passage home from the
Watch. Sadly none of these privileges are avail-
able today. The main remaining privileges are
of a charitable and educational nature.
Freedom can be obtained in a number of
ways mainly by redemption, which is to say
payment. One has to apply for the Freedom
either through a livery company or by nomi-
nation.
It is a gratifying thought that the
Chamberlains Court is as busy today as it was
in the eighteenth century. People receiving
the freedom this year include HRH Prince
Edward, the Archbishop of Westminster,
Dame Judi Dench and Stephen Fry.
Murray D Craig is the Clerk of the Chamberlains
Court at the City of London. His recent lecture at
Gresham College on this subject is available at
www.gresham.ac.uk
Its not cricket
While Forest Capie and Geoffrey
Wood [History reveals breaking
up a currency union isnt hard,
yesterday] think that the process
of breaking up the euro could be
a swift and relatively clean, the
examples given do not involve
the same levels of redemonina-
tion risk that a euro break-up
carries. If you were to seek the
redenomination of a liability, the
most straightforward jurisdic-
tions would be under common
law or under New York law as
in the examples given of
Scotland, New Zealand and the
US. The lex monetae question
becomes much more complex
when outside these jurisdictions.
In the example of New Zealand,
there was bilateral support for
the switch from sterling to the
Kiwi dollar, resulting in relatively
amicable agreements. It is diffi-
cult to see the Club Med coun-
tries playing in quite such a
sportsmanlike manner.
Jim Cruthers
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
MURRAY D CRAIG
The Forum
T
O THE headline
writers, the case
is clear cut: David
Cameron is at
best at loggerheads
with his party on
Europe, and at worst
selling them out.
Backbench MPs are
demanding that the UK must repatriate powers
from Brussels and hold a referendum, but the Prime
Minister dismisses such options, stressing that the
most important thing for Britain is to get the
Eurozone working again. Even the most moderately
eurosceptic Tory MPs and commentators fear that
Dave is passing up an historic opportunity to turn
the tide on Europe. One headline put it: Winston
Churchill made history, but Cameron never will.
Certainly, the summit over the next couple of days
could determine how Camerons first term as prime
minister is seen. But there are three reasons for
thinking that this PunchnJudy narrative is too sim-
plistic, and Cameron could still deliver the goods.
First, there is clear expectations management
going on as the Prime Minster crosses the channel.
Under-promise and over-deliver is the oldest trick
in the spin-meisters handbook. Before every
European summit, Prime Ministers say things are
very difficult, but then come back pulling rabbits
out of hats that allows them to declare a triumph.
Second, there is the very credible threat that the
17 Eurozone countries might decide to go for an
intergovernmental agreement, in which the UK will
have no say, rather than a full EU treaty change,
which gives the UK a veto. The one thing that
would guarantee they would avoid giving the UK a
veto is if the Prime Minister gave in to calls for a
referendum, or started drawing red lines in the
sand with unacceptable demands. France and
Germany know that the British would not vote for
the EU in any referendum (even the French, Dutch
and Irish voted no), and so there is no point in
negotiating a treaty that would trigger one. In fact,
the best negotiating tactic for the Prime Minister is
to go in sounding all reasonable, luring the EU into
a set of full-blown treaty negotiations, and then
when we have gone down past the point of no
return, make the real red-line demands. Revealing
our national hand at this stage would be utterly
self-defeating.
Third, the prime minister may publicly denounce
the noisy eurosceptics, but actually the more noise
they make, the stronger his hand is in Brussels.
Behind closed doors, European leaders spend a
many hours explaining their domestic political situ-
ation to each other, and they all know they have to
compromise to make whatever the deal is saleable
back home. They are in it together, and the enemies
are their own political parties and the public. It
means Cameron can play the good cop in
Brussels, apologising for the unfortunate fact that
without some real red meat, he wont get it past
those bad cop nutters in his party. You can be
sure he has mentioned his massive backbench
rebellion on an EU referendum more than once to
Merkel and Sarkozy.
Take all this together, and there is still a chance
that Cameron might come back with some goodies
from Brussels. We certainly need it. The case for
the UK to have powers to protect financial services
from the damaging barrage of EU regulation is
overwhelming.
Anthony Browne is former director of Policy
Exchange: anthony@anthonybrowne.org
Cameron isnt down
and out in Brussels yet
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
BY ANTHONY BROWNE
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T
HE government is offering a 50
per cent tax incentive to try to
get high rollers to throw their
money behind Britains most
risky businesses. But even those earn-
ing enough to benefit from the tax
break will mostly conclude that the
threat of losing it all would be too
great to take. The Seed Enterprise
Investment Scheme (SEIS) is a gim-
mick and will not be particularly fruit-
ful for investors or the economy.
Chilton Taylor, head of capital mar-
kets at Baker Tilly Corporate Finance,
explains the details. From 6 April 2012
investors, including directors, can
receive initial tax relief of 50 per cent
on investments up to 100,000 and
capital gains tax (CGT) exemption for
any gains on the SEIS shares. He adds:
For 2012/13 only, a CGT exemption
will be offered in respect of gains
realised on the disposal of assets that
are invested through SEIS in the same
year.
A VERY MIXED BAG
Adrian Lowcock of Bestinvest says the
tax relief is some of the most generous
around, however, he adds that this
reflects the risk: A 100,000 invest-
ment into a company would require
significant due diligence work, which
would be expensive. Madden thinks
the challenge is finding the right
opportunities: Fine if you are a full
time business angel investing on your
own account, not so good if you have,
for example, a full-on day job in the
City. The concern for Mary Monfries,
tax partner at PwC is if people with
less diversified investment portfolios
are encouraged by the tax relief into
investing in what will be riskier
assets.
Although he notes it wont turn a
poor business into a good one, Andrew
Haigh, head of client propositions at
Coutts, thinks the scheme should
encourage investors to consider taking
more early stage risk, as it looks like it
enhances the economics of such high
risk investments. He adds: The UK
has always lagged countries like the
US in terms of how deep its angel
investor markets are and this may well
attract new investors. He thinks this
could prove to be a good deal for com-
panies looking for capital, with
investors benefiting from a greater
potential cushion.
Claire Madden, a partner at
Connection Capital, thinks the SEIS
is a big incentive to back start-ups,
with a 50 per cent up-front income tax
break if you are an investor with an
appetite for risk. She notes:
Alongside the lost relief available on
EIS investments which fail, this will
mean that investors only have a small
proportion of their investment at
risk. However, she also says the limits
are very restrictive a company can
only raise 150,000 in any one tax year,
which invariably means very small
scale start-ups (and therefore higher
risk). Ben Yearsley of Hargreaves
Lansdown quips that this low limit
make SEIS a friends and family EIS.
Madden concludes: SEIS has fantas-
tic tax breaks, but tax breaks dont
make up for bad investments and
investments that would qualify under
the scheme are about as risky as you
get. Simon Massey, tax partner at
Menzies is not convinced: The
changes will be welcome news on
paper for small start-ups, but in reality
the scheme is still too restrictive as it is
only available for a year and also just
for a small part of the investment. He
thinks its a good example of a head-
line grabbing initiative that may not
work in practice.
THE BIGGER PICTURE
Richard Baron, head of taxation at the
Institute of Directors, says he under-
stands the reasons for interest in a spe-
cial scheme for seed capital, but
stresses that proposals such as this
one must not distract the government
from the vital task of promoting
growth by reducing burdens on all
businesses. Madden suggests that if
Osborne really wants to boost capital
for SMEs, a temporary increase in the
upfront tax break to 50 per cent
should have come in across the board.
Harry Katz of Norwest Consultants
hits the nail on the head in describing
the plan as a tax tail wagging the
investment dog. In fact, the govern-
ment is sowing the seeds of its own
destruction as it becomes increasingly
confident in its ability to determine
investment risk in its planned forays
into the mortgage and business loans
industries, as well its correctness in
nudging investors where it sees their
wealth will benefit the greater eco-
nomic good. Rather than manipulat-
ing, the government should simplify,
and instead of tinkering it should be
bold. Investors should remember that
the government wont be there to pick
up the pieces if your investments
dont work out after all, its own bad
loans will likely be hitting the wall at
about the same time.
Only fools rush in where
angels fear to invest
26
Wealth Management| Personal Finance
Some seeds fall on
rocky soil
Picture: GETTY
The Seed Enterprise Investment Scheme wont take root and
grow either personal or national prosperity, says Philip Salter
A
S THE best execution require-
ments of the Markets in
Financial Instruments
Directive (Mifid) review begin
to take a more solid form, it is impor-
tant to take a look at what best execu-
tion means for institutional and
retail clients not just in terms of
regulatory compliance, but also as a
means to get ahead in a competitive
market place. In many cases, if you
are not looking to improve best exe-
cution and execution quality, you are
liable to be left behind.
MIND THE QUALITY
So what is best execution? Broadly, it
can be taken as an obligation to pro-
vide the best possible quality of trade
for all clients in all situations there
is an asymmetry of information
between buy-side and sell-side and
those who take an order and those
who execute an order. Best execution
is an obligation not to take advantage
of this asymmetry.
Buy-side best execution is more
focused on whether the order was
executed and whether it was done so
at the best price, whereas on the sell-
side, it is low latency and access to liq-
uidity that is essential to achieving
this requirement.
DIFFERENT STROKES
According to Fred Ponzo, the push for
best execution will affect the buy-side
in three broad groups: large corpo-
rates, small corporates and retail
investors.
The regulations on best execution
will have a large bearing on large cor-
porations typically those with five
or more treasury departments, says
Ponzo. They will fall into the same
category as the institutions mean-
ing they will have to be taken care of
much better by the brokers than they
have been in the past making sure
the banks price is good enough.
For the smaller corporates, the reg-
ulations are not yet clear as to how
they will be treated and which side of
the line they will fall on will they be
treated in the same way as retail
clients or the larger corporates?
These are not volume or large size
trades, but would probably stand to
gain the most from improved execu-
tion.
For retail investors, things dont
change much, however they will
stand to benefit from increased com-
petition for independent brokers.
Though the man on the street buy-
ing euros for a house in France will
not benefit from improved execution
directly. However, with greater man-
dated visibility, they will get a bid and
an ask price that is closer to the best
price than they would usually have
done.
VALUE ADDED
The provision of best execution
should not be seen as simply an exer-
cise in regulatory compliance, but as
a value added offering. As a
GreySpark Partners survey points out,
on the sell-side 69 per cent of compa-
nies target their efforts around best
execution to satisfy expectations
from their clients. As a pay-off, they
sustain client trust and stay competi-
tive in a cut-throat market. But there
is nothing to be gained in terms of
marketability to clients without a
way to prove this quality. But as yet,
Ponzo says that there has not been a
big move on the part of the big banks
to push best execution of FX trades as
part of their value added service:
The big banks are not marketing
this at all, says Ponzo. All their
expenditure is going on pushing
improved platforms and services to
differentiate themselves. However, as
the banks reach a limit of what can
be pushed on this front, they are
going to look at best execution. All
the banks are going to have to turn to
the quality of their execution, says
Ponzo. As always, the market will
punish those that do not keep up.
Getting the
biggest bang
for your buck
Craig Drake speaks to Fred Ponzo of
GreySpark partners for a look at the
lay of the land for FX best execution
Hedge funds Institutional investors Banks Corporates Wealth & retail
Average price Average price Average price Average price Average price
Timeliness of
execution
Timeliness of
execution
Timeliness of
execution
Timeliness of
execution
Timeliness of
execution
Market impact Market impact Market impact Market impact Available liquidity Available liquidity Available liquidity Available liquidity Market impact Available liquidity
Execution
costs
Execution
costs
Execution
costs
Execution
costs
Execution
costs
ANALYSIS l Factors enabling best execution importance of buy-side
Our expertise your edge
We have teams dedicated to providing you with access, insight
and return across an advanced product suite in FX, Rates, Bonds
and Credit, from simple to complex, from voice to electronic we
can provide the risk management and structuring expertise you
need to navigate todays markets.
Contact us at csales@commerzbank.com
www.cbcm.commerzbank.com
Achieving more together
Corporates & Markets
What I need is to understand
how to benet from a
changing Euro
27
LON GD ONCE FIX AM...........1731.00 11.00
SILVER LDN FIX AM ..................32.59 0.80
MAPLE LEAF 1 OZ ....................35.16 0.05
LON PLATINUM AM................1531.00 17.00
LON PALLADIUM AM...............676.00 44.00
ALUMINIUM CASH .................2103.00 -2.00
COPPER CASH ......................7765.50 -76.50
LEAD CASH...........................2063.00 -12.00
NICKEL CASH......................18120.00 235.00
TIN CASH.............................19895.00 20.00
ZINC CASH ............................2007.00 -17.00
BRENT SPOT INDEX................110.35 -0.52
SOYA .....................................1129.50 3.25
COCOA..................................2000.00 -35.00
COFFEE...................................232.85 -1.10
KRUG.....................................1797.20 -35.60
WHEAT ....................................144.38 1.00
AIR LIQUIDE........................................91.93 -0.22 100.65 80.90
ALLIANZ..............................................79.69 -0.52 108.85 56.16
ANHEUS-BUSCH INBEV ....................44.72 0.35 45.48 33.85
ARCELORMITTAL...............................14.10 -0.20 28.55 10.47
AXA......................................................11.39 0.13 16.16 7.88
BANCO SANTANDER...........................5.95 -0.02 9.20 5.05
BASF SE..............................................53.88 -0.23 70.22 42.19
BAYER.................................................47.18 0.14 59.44 35.36
BBVA......................................................6.58 -0.13 9.17 4.94
BMW ....................................................55.67 -0.40 73.85 43.49
BNP PARIBAS.....................................32.99 -0.06 59.93 22.72
CARREFOUR ......................................18.45 -0.56 31.98 14.66
CRH PLC .............................................13.90 -0.15 17.40 10.28
DAIMLER.............................................34.02 -0.29 59.09 29.02
DANONE..............................................48.65 0.63 53.16 41.92
DEU.BOERSE OFFRE ........................42.29 -2.47 55.75 35.46
DEUTSCHE BANK..............................29.53 -0.14 48.70 20.79
DEUTSCHE TELEKOM.........................9.12 -0.03 11.38 7.88
E.ON.....................................................17.46 -0.11 25.54 12.50
ENEL......................................................3.18 -0.04 4.86 2.78
ENI .......................................................16.20 -0.03 18.66 11.83
FRANCE TELECOM............................12.56 -0.14 16.65 11.12
GDF SUEZ ...........................................20.89 -0.09 30.05 17.65
GENERALI ASS...................................12.41 -0.31 17.05 10.34
IBERDROLA..........................................5.03 -0.04 6.50 4.29
INDITEX ...............................................63.25 -0.32 69.40 50.92
ING GROEP CVA...................................6.01 -0.30 9.50 4.21
INTESA SANPAOLO.............................1.30 -0.04 2.47 0.85
KON.PHILIPS ELECTR.......................15.40 0.33 25.45 12.01
L'OREAL..............................................79.58 0.37 91.24 68.83
LVMH..................................................114.65 -0.70 132.65 94.16
MUNICH RE.........................................94.44 -0.88 126.00 77.80
NOKIA....................................................3.94 -0.13 8.49 3.33
REPSOL YPF.......................................22.73 -0.23 24.90 17.31
RWE.....................................................27.85 -0.30 55.88 21.22
SAINT-GOBAIN...................................31.00 -0.82 47.64 26.07
SANOFI ................................................52.84 1.03 56.82 42.85
SAP......................................................43.65 -0.14 46.15 32.88
SCHNEIDER ELECTRIC.....................41.31 -0.51 61.83 35.00
SIEMENS .............................................75.21 -0.39 99.39 62.13
SOCIETE GENERALE.........................20.00 -0.27 52.70 14.32
TELECOM ITALIA..................................0.86 -0.01 1.16 0.70
TELEFONICA ......................................13.90 -0.19 18.75 12.50
TOTAL..................................................38.82 0.17 44.55 29.40
UNIBAIL-RODAMCO SE...................137.60 -0.90 162.95 123.30
UNICREDIT............................................0.81 -0.02 2.03 0.64
UNILEVER CVA...................................25.37 0.36 25.50 20.90
VINCI ....................................................33.32 -0.24 45.48 28.46
VIVENDI ...............................................16.87 -0.20 22.07 14.10
VOLKSWAGEN VORZ ......................126.25 -0.05 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5546.91 -21.81 -0.39
FTSE 250 INDEX . . . . . . . 10280.17 -32.11 -0.31
FTSE UK ALL SHARE . . . . 2853.46 -10.54 -0.37
FTSE AIMALL SH . . . . . . . . 704.50 0.68 0.10
DOWJONES INDUS 30 . . 12196.37 46.24 0.38
S&P 500 . . . . . . . . . . . . . . . 1262.00 3.53 0.28
NASDAQ COMPOSITE . . . 2649.21 -0.35 -0.01
FTSEUROFIRST 300 . . . . . . 988.59 -1.08 -0.11
NIKKEI 225 . . . . . . . . . . . . . 8722.17 147.01 1.71
DAX 30 PERFORMANCE. . 5994.73 -34.09 -0.57
CAC 40 . . . . . . . . . . . . . . . . 3175.98 -3.65 -0.11
SHANGHAI SE INDEX . . . . 2332.73 6.83 0.29
HANG SENG. . . . . . . . . . . 19240.58 298.35 1.58
S&P/ASX 20 INDEX . . . . . . 2583.50 0.00 0.00
ASX ALL ORDINARIES . . . 4351.30 0.00 0.00
BOVESPA SAO PAOLO. . 58662.83 -873.33 -1.47
ISEQ OVERALL INDEX . . . 2755.14 9.25 0.34
STI . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
IGBM. . . . . . . . . . . . . . . . . . . 867.21 -7.05 -0.81
SWISS MARKET INDEX. . . 5766.24 -1.69 -0.03
Price Chg %chg
3M........................................................82.39 0.26 98.19 68.63
ABBOTT LABS ...................................54.70 0.16 55.61 45.07
ALCOA ..................................................9.90 -0.02 18.47 8.45
ALTRIA GROUP..................................28.83 0.07 29.05 23.20
AMAZON.COM..................................195.32 3.33 246.71 160.59
AMERICAN EXPRESS........................49.16 0.60 53.80 41.25
AMGEN INC.........................................58.34 0.45 61.53 47.66
APPLE...............................................389.09 -1.86 426.70 310.50
AT&T....................................................29.40 0.23 31.94 27.20
BANK OF AMERICA.............................5.89 0.11 15.31 5.03
BERKSHIRE HATAW B.......................78.72 0.57 87.65 65.35
BOEING CO.........................................70.60 -0.27 80.65 56.01
BRISTOL MYERS SQUI ......................33.53 0.41 33.72 20.05
CATERPILLAR....................................94.89 -1.07 116.55 67.54
CHEVRON.........................................104.52 0.16 110.01 84.49
CISCO SYSTEMS................................18.99 0.26 22.34 13.30
CITIGROUP.........................................29.83 0.08 51.50 21.40
COCA-COLA.......................................66.78 0.10 71.77 61.29
COLGATE PALMOLIVE......................91.20 0.66 94.89 74.86
CONOCOPHILLIPS.............................72.41 -0.13 81.80 58.65
DU PONT(EI) DE NMR........................48.08 0.14 57.00 37.10
EXXON MOBIL....................................81.08 0.26 88.23 63.47
GENERAL ELECTRIC.........................16.74 0.02 21.65 14.02
GOOGLE A........................................623.39 -0.38 642.96 473.02
HEWLETT PACKARD.........................28.41 0.23 49.39 19.92
HOME DEPOT.....................................40.73 0.41 40.93 28.13
IBM.....................................................194.05 1.11 194.90 143.52
INTEL CORP .......................................25.66 0.31 26.78 19.16
J.P.MORGAN CHASE.........................34.00 0.77 48.36 27.85
JOHNSON & JOHNSON.....................64.45 0.96 68.05 57.50
KRAFT FOODS A................................36.35 -0.16 36.90 24.30
MC DONALD'S CORP ........................96.45 0.44 96.65 72.14
MERCK AND CO. NEW......................35.61 0.21 37.65 29.47
MICROSOFT........................................25.60 -0.06 29.46 23.65
OCCID. PETROLEUM.........................96.27 -0.89 117.89 66.36
ORACLE CORP...................................31.54 -0.19 36.50 24.72
PEPSICO.............................................64.91 0.26 71.89 58.50
PFIZER ................................................20.47 0.24 21.45 16.59
PHILIP MORRIS INTL .........................75.58 0.00 77.03 55.85
PROCTER AND GAMBLE ..................65.23 0.39 67.72 56.57
QUALCOMM INC ................................54.45 -0.38 59.84 45.98
SCHLUMBERGER ..............................75.09 -1.56 95.64 54.79
TRAVELERS CIES..............................55.90 0.55 64.17 45.97
UNION PACIFIC ................................102.52 -0.32 107.89 77.73
UNITED TECHNOLOGIE ....................76.25 -0.06 91.83 66.87
UNITEDHEALTH GROUP...................49.34 1.05 53.50 34.94
VERIZON COMMS ..............................38.31 -0.01 38.95 32.28
WAL-MART STORES..........................58.51 -0.27 59.40 48.31
WALT DISNEY CO ..............................37.10 0.27 44.34 28.19
WELLS FARGO & CO.........................27.05 0.40 34.25 22.58
COMMODITIES CREDIT & RATES
BoE IR Overnight ............................0.500 0.00
BoE IR 7 days.................................0.500 0.00
BoE IR 1 month ..............................0.500 0.00
BoE IR 3 months ............................0.500 0.00
BoE IR 6 months ............................0.500 0.00
LIBOR Euro - overnight ..................0.622 0.01
LIBOR Euro - 12 months ................2.000 0.00
LIBOR USD - overnight...................0.150 0.01
LIBOR USD - 12 months.................1.081 0.01
HaIifax mortgage rate .....................3.990 0.00
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.000 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................3.080 -0.05
European repo rate.........................0.540 0.06
Euro Euribor ....................................0.895 0.00
The vix index ...................................28.70 0.57
The baItic dry index ........................1.848 0.00
Markit iBoxx...................................238.76 1.68
Markit iTraxx..................................171.23 3.17
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .280.0 3.3 361.1 248.1
Chemring Group . . . .401.0 0.3 736.5 368.8
Cobham . . . . . . . . . . .175.7 -0.1 236.5 165.9
Meggitt . . . . . . . . . . . .361.2 -5.2 397.6 304.9
QinetiQ Group . . . . . .128.4 -0.2 136.3 101.5
RoIIs-Royce Group . .717.5 -5.5 738.0 557.5
Senior . . . . . . . . . . . . .171.0 -2.5 190.6 132.6
UItra EIectronics . . .1472.0 -5.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .189.9 -1.9 245.0 157.0
BarcIays . . . . . . . . . . .187.4 -0.7 333.6 138.9
HSBC HoIdings . . . . .509.0 0.7 730.9 463.5
LIoyds Banking Gr . . .27.1 -0.0 69.6 21.8
RoyaI Bank of Sco . . .22.1 -0.5 49.0 17.3
Standard Chartere .1455.0 0.0 1878.0 1169.5
AG Barr . . . . . . . . . .1185.0 3.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .317.6 -12.2 488.1 289.9
Diageo . . . . . . . . . . .1366.5 6.5 1372.0 1112.0
SABMiIIer . . . . . . . . .2228.0 -6.0 2354.5 1979.0
AZ EIectronic Mat . . .236.0 -16.3 338.1 206.1
Croda Internation . .1877.0 5.0 2081.0 1456.0
EIementis . . . . . . . . . .142.1 1.8 187.4 107.5
Johnson Matthey . .1899.0 -24.0 2119.0 1523.0
Victrex . . . . . . . . . . .1139.0 -9.0 1590.0 1025.0
YuIe Catto & Co . . . . .175.0 1.0 253.0 148.0
C/$ 1.3422 0.0016
C/ 0.8542 0.0051
C/ 104.17 0.0212
/C 1.1707 0.0069
/$ 1.5709 0.0105
/ 121.97 0.7017
FTSE 100
5546.91
21.81
FTSE 250
10280.17
32.11
FTSE ALLSHARE
2853.46
10.54
DOW
12196.37
46.24
NASDAQ
2649.21
0.35
S&P 500
1261.01
2.54
RPC Group . . . . . . . .359.1 4.0 384.8 217.0
Smiths Group . . . . . .937.5 -11.0 1429.0 869.5
Brown (N.) Group . . .247.6 -17.9 311.2 242.3
Carpetright . . . . . . . . .462.0 -7.3 835.5 375.0
Debenhams . . . . . . . . .59.9 -3.4 74.9 51.2
Dignity . . . . . . . . . . . .850.0 12.0 854.5 648.5
Dixons RetaiI . . . . . . .11.7 0.2 26.0 9.4
DuneImGroup . . . . . .426.5 -2.9 550.0 383.9
HaIfords Group . . . . .320.2 -0.7 459.7 268.6
Home RetaiI Group . . .89.7 -2.6 235.0 72.5
Inchcape . . . . . . . . . .317.6 -5.5 425.4 268.1
JD Sports Fashion . .700.0 0.0 1030.0 675.0
Kesa EIectricaIs . . . . .74.2 -7.6 171.9 73.7
Kingfisher . . . . . . . . .254.6 -3.7 287.1 217.0
Marks & Spencer G . .318.0 3.1 402.2 301.8
Mothercare . . . . . . . .163.5 2.3 627.5 127.3
Next . . . . . . . . . . . . .2590.0 15.0 2810.0 1868.0
Sports Direct Int . . . .227.6 0.6 266.2 143.0
WH Smith . . . . . . . . . .518.5 9.0 558.0 433.8
Smith & Nephew . . . .594.0 -1.5 742.0 521.0
Synergy HeaIth . . . . .856.5 -11.5 981.0 808.0
Barratt DeveIopme . . .96.3 -1.0 119.0 67.5
BeIIway . . . . . . . . . . . .736.0 -4.5 776.5 540.5
BaIfour Beatty . . . . . .254.0 1.6 357.3 214.6
GaIIiford Try . . . . . . . .475.5 -1.0 530.0 286.5
Kier Group . . . . . . . .1413.0 -5.0 1458.0 1097.0
Drax Group . . . . . . . .545.0 3.0 581.5 359.2
SSE . . . . . . . . . . . . . .1258.0 1.0 1423.0 1111.0
Domino Printing S . .529.5 7.0 705.0 434.3
HaIma . . . . . . . . . . . . .344.4 0.7 429.6 306.3
Laird . . . . . . . . . . . . . .146.8 -0.1 207.0 127.9
Morgan CrucibIe C . .272.3 -7.7 357.1 224.0
Oxford Instrument . .975.0 -22.0 1022.0 595.0
Renishaw . . . . . . . . . .948.0 -2.0 1886.0 800.0
Spectris . . . . . . . . . .1289.0 8.0 1679.0 1039.0
Aberforth SmaIIer . . .518.0 -12.0 714.0 507.0
AIIiance Trust . . . . . .341.0 -5.6 392.7 310.2
Bankers Inv Trust . . .388.0 1.2 428.0 346.5
BH GIobaI Ltd. GB .1194.0 -16.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.2 12.2 10.4
BH Macro Ltd. EUR . . .19.9 0.0 20.2 15.8
BH Macro Ltd. GBP 2057.0 -3.0 2080.0 1630.0
BH Macro Ltd. USD . . .19.8 0.1 20.2 15.8
BIackRock WorId M .631.0 -5.0 815.5 574.5
BIueCrest AIIBIue . . .165.9 -0.9 176.2 162.4
British Assets Tr . . . .119.0 -2.7 140.5 109.0
British Empire Se . . .437.0 -14.0 533.0 409.9
CaIedonia Investm .1439.0 -36.0 1928.0 1398.0
City of London In . . .281.9 -3.6 306.9 257.0
Dexion AbsoIute L . .135.4 -0.6 151.0 130.0
Edinburgh Dragon . .217.8 -1.2 262.1 201.4
Edinburgh Inv Tru . . .466.6 -5.4 492.2 414.9
EIectra Private E . . .1464.0 -14.0 1755.0 1287.0
F&C Inv Trust . . . . . .288.9 -3.0 327.9 261.5
FideIity China Sp . . . . .79.2 -0.5 123.0 70.0
FideIity European . .1007.0 -20.0 1287.0 912.0
HeraId Inv Trust . . . . .453.5 -2.5 545.5 419.0
HICL Infrastructu . . . .118.2 -0.5 121.3 112.7
Impax Environment . .98.4 -1.1 130.5 88.5
JPMorgan American .842.0 -5.5 916.0 721.5
JPMorgan Asian In . .194.9 -0.1 250.8 170.1
JPMorgan Emerging .532.5 2.5 639.0 480.1
JPMorgan European .680.0 -10.5 983.5 643.0
JPMorgan Indian I . . .344.4 -3.5 488.0 325.6
JPMorgan Russian .516.0 -2.5 755.0 415.1
Law Debenture Cor . .349.1 -3.0 385.0 321.0
MercantiIe Inv Tr . . . .882.5 -11.5 1137.0 825.0
Merchants Trust . . . .367.5 -5.6 431.8 341.5
Monks Inv Trust . . . .312.1 -5.6 367.9 298.1
Murray Income Tru . .625.0 -3.5 673.0 568.0
Murray Internatio . . .917.0 -1.0 991.5 818.5
PerpetuaI Income . . .251.0 -6.2 276.0 236.5
PersonaI Assets T .33860.0 60.0 34060.030210.0
PoIar Cap TechnoI . .331.0 -1.5 391.2 299.5
RIT CapitaI Partn . . .1232.0 -17.0 1360.0 1158.0
Scottish Inv Trus . . . .455.0 -2.0 524.0 417.0
Scottish Mortgage . .630.0 -13.0 781.0 573.5
SVG CapitaI . . . . . . . .189.1 -4.2 279.8 182.1
TempIe Bar Inv Tr . . .852.5 -13.5 952.0 791.0
TempIeton Emergin .566.0 -8.0 689.5 497.0
TR Property Inv T . . .153.1 -3.4 206.1 140.5
TR Property Inv T . . . .70.0 -0.3 94.0 67.6
Witan Inv Trust . . . . .448.0 -2.2 533.0 401.5
3i Group . . . . . . . . . . .184.8 -4.5 340.0 176.9
3i Infrastructure . . . .121.7 -0.6 125.2 113.1
Aberdeen Asset Ma .212.1 1.1 240.0 167.8
Ashmore Group . . . .344.7 -4.0 420.0 301.5
Brewin DoIphin Ho . .131.3 -2.4 185.4 113.7
CameIIia . . . . . . . . . .9700.0 112.510950.0 8800.0
CharIes TayIor Co . . .120.3 -1.0 166.5 120.3
City of London Gr . . . .61.3 -0.3 93.6 61.3
City of London In . . .326.6 3.1 461.5 321.3
CIose Brothers Gr . . .625.0 0.0 888.5 604.0
CoIIins Stewart H . . . .49.3 0.0 90.8 48.8
EvoIution Group . . . . .82.8 0.8 94.0 62.3
F&C Asset Managem .69.0 -0.6 92.9 56.1
Hargreaves Lansdo .468.3 -1.7 646.5 402.5
HeIphire Group . . . . . . .2.0 0.0 17.4 1.4
Henderson Group . . .114.1 -4.0 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .350.4 -16.1 570.5 311.6
IG Group HoIdings . .485.6 2.4 528.0 393.6
Intermediate Capi . . .241.5 -4.2 360.3 197.9
InternationaI Per . . . .224.2 2.2 388.8 170.1
InternationaI Pub . . . .119.9 0.2 120.0 108.6
Investec . . . . . . . . . . .358.5 -4.8 538.0 318.4
IP Group . . . . . . . . . . . .72.0 0.0 76.5 29.9
Jupiter Fund Mana . .218.5 -2.3 337.3 184.9
Liontrust Asset M . . . .77.3 0.0 89.5 57.9
LMS CapitaI . . . . . . . . .54.8 -0.8 64.8 44.8
London Finance & . . .22.0 0.0 23.5 16.5
London Stock Exch .833.0 -27.0 1076.0 772.5
Lonrho . . . . . . . . . . . . .11.3 1.3 19.8 8.9
Man Group . . . . . . . . .139.8 -3.4 311.0 123.6
Paragon Group Of . .187.5 0.2 206.1 134.6
Provident Financi . . .991.0 7.0 1124.0 815.0
Rathbone Brothers .1121.0 31.0 1257.0 977.0
Record . . . . . . . . . . . . .14.1 0.1 40.5 13.5
RSM Tenon Group . . .15.0 0.0 66.3 14.8
Schroders . . . . . . . .1367.0 -25.0 1922.0 1183.0
Schroders (Non-Vo .1116.0 -19.0 1554.0 970.0
TuIIett Prebon . . . . . .289.6 -10.4 428.6 284.5
WaIker Crips Grou . . .44.5 0.0 51.5 44.5
BT Group . . . . . . . . . .190.1 -2.0 204.1 161.0
CabIe & WireIess . . . .37.5 -0.4 52.9 31.3
CabIe & WireIess . . . .17.8 1.0 76.9 14.2
COLT Group SA . . . . .94.7 -0.3 156.2 84.1
KCOM Group . . . . . . . .72.8 0.0 84.0 52.3
TaIkTaIk TeIecom . . .137.2 1.1 168.3 119.8
TeIecomPIus . . . . . . .765.0 9.5 802.0 432.0
Booker Group . . . . . . .74.0 -0.7 80.0 54.5
Greggs . . . . . . . . . . . .499.5 11.0 550.5 435.3
Morrison (Wm) Sup .315.5 -2.0 322.9 262.7
Ocado Group . . . . . . . .89.0 -1.0 285.0 81.0
Sainsbury (J) . . . . . . .295.5 0.6 391.5 263.5
Tesco . . . . . . . . . . . . .396.9 -1.9 439.0 356.3
Associated Britis . .1098.0 -18.0 1182.0 940.0
Cranswick . . . . . . . . .756.5 0.0 883.5 588.5
Dairy Crest Group . . .336.6 -2.7 424.9 318.8
Devro . . . . . . . . . . . . .258.0 -0.1 296.9 223.5
Premier Foods . . . . . . . .5.7 -0.1 35.1 3.3
Tate & LyIe . . . . . . . . .685.0 15.0 689.5 511.0
UniIever . . . . . . . . . .2125.0 1.0 2159.0 1793.0
Mondi . . . . . . . . . . . . .462.6 -6.8 664.0 413.5
Centrica . . . . . . . . . . .288.4 0.3 345.8 282.6
InternationaI Pow . . .326.1 -1.2 448.6 279.4
NationaI Grid . . . . . . .609.5 5.0 649.5 530.0
Pennon Group . . . . . .678.0 -0.5 737.5 584.5
Severn Trent . . . . . .1470.0 1.0 1600.0 1368.0
United UtiIities . . . . .598.0 -4.0 637.0 543.5
Cookson Group . . . . .506.5 1.0 724.5 395.8
DS Smith . . . . . . . . . .200.3 1.3 266.2 164.4
Rexam . . . . . . . . . . . .348.4 -4.1 400.0 299.8
Price Chg High Low
BerkeIey Group Ho .1299.0 -6.0 1360.0 884.5
Bovis Homes Group .461.7 -5.9 499.6 326.5
Persimmon . . . . . . . .480.1 -8.1 518.5 374.0
Reckitt Benckiser . .3209.0 -9.0 3648.0 3015.0
Redrow . . . . . . . . . . . .113.9 0.9 139.0 103.5
TayIor Wimpey . . . . . . .37.9 -0.1 43.3 27.3
Bodycote . . . . . . . . . .273.4 -2.6 397.7 225.6
Charter Internati . . . .933.0 4.0 952.0 538.5
Fenner . . . . . . . . . . . .391.1 -8.0 422.5 280.0
IMI . . . . . . . . . . . . . . . .771.5 -3.5 1119.0 636.5
MeIrose . . . . . . . . . . .345.8 1.6 365.4 268.0
Northgate . . . . . . . . . .231.0 -3.5 346.7 220.1
Rotork . . . . . . . . . . .1803.0 -16.0 1858.0 1501.0
Spirax-Sarco Engi . .1890.0 52.0 2063.0 1649.0
Weir Group . . . . . . .2042.0 -36.0 2218.0 1375.0
Ferrexpo . . . . . . . . . . .300.0 -4.5 499.0 238.7
TaIvivaara Mining . . .239.3 -8.1 622.0 195.2
BBAAviation . . . . . . .180.4 0.4 240.8 156.0
Stobart Group Ltd . . .120.0 2.2 163.6 112.0
AdmiraI Group . . . . . .855.5 -35.0 1754.0 800.5
AmIin . . . . . . . . . . . . .328.7 -1.3 427.0 270.6
Huntsworth . . . . . . . . .38.8 -0.3 85.0 36.3
Informa . . . . . . . . . . . .361.2 1.2 461.1 313.9
ITE Group . . . . . . . . . .210.7 -1.4 258.2 157.7
ITV . . . . . . . . . . . . . . . . .64.1 -1.0 93.5 51.7
Johnston Press . . . . . . .4.8 0.1 12.8 4.1
MecomGroup . . . . . .201.3 4.3 310.0 134.5
Moneysupermarket. .110.4 0.8 120.4 75.7
Pearson . . . . . . . . . .1144.0 2.0 1207.0 983.0
PerformGroup . . . . .212.0 -4.7 234.5 150.0
Reed EIsevier . . . . . .511.0 -6.5 590.5 461.3
Rightmove . . . . . . . .1255.0 -12.0 1408.0 743.0
STV Group . . . . . . . . . .87.1 0.8 168.0 85.8
Tarsus Group . . . . . .132.0 -0.5 165.0 114.0
Trinity Mirror . . . . . . . .51.5 -0.5 93.0 37.5
UBM . . . . . . . . . . . . . .486.6 -5.9 725.0 416.0
UTV Media . . . . . . . . . .99.0 -1.0 150.0 99.0
WiImington Group . . .84.8 0.0 183.0 82.5
WPP . . . . . . . . . . . . . .665.0 -7.0 846.5 578.0
YeII Group . . . . . . . . . . .5.8 0.2 14.8 3.4
African Barrick G . . .509.0 1.0 618.5 393.5
AIIied GoId Minin . . .175.0 -2.0 281.3 34.4
AngIo American . . .2482.5 -12.0 3437.0 2138.5
AngIo Pacific Gro . . .278.9 2.9 369.3 237.9
Antofagasta . . . . . . .1230.0 2.0 1634.0 900.5
Aquarius PIatinum . .180.9 0.2 419.0 150.0
BeazIey . . . . . . . . . . . .137.3 1.5 139.2 109.6
CatIin Group Ltd. . . .408.0 -6.1 421.4 334.0
Hiscox Ltd. . . . . . . . . .382.4 -4.9 424.7 340.5
Jardine LIoyd Tho . . .670.0 0.0 764.5 576.0
Lancashire HoIdin . . .726.0 -1.0 774.5 529.0
RSA Insurance Gro . .107.0 -0.4 143.5 102.2
Aviva . . . . . . . . . . . . . .324.0 -5.1 477.9 275.3
LegaI & GeneraI G . . .109.3 0.4 123.8 89.8
OId MutuaI . . . . . . . . .117.1 -1.3 144.8 98.1
Phoenix Group HoI . .555.0 -9.0 688.0 451.1
PrudentiaI . . . . . . . . .644.0 -5.0 777.0 509.0
ResoIution Ltd. . . . . .257.6 0.0 316.1 226.4
St James's PIace . . . .338.0 0.7 376.0 265.7
Standard Life . . . . . . .205.0 -2.3 244.7 172.0
4Imprint Group . . . . .235.5 0.0 295.0 200.0
Aegis Group . . . . . . .138.5 -1.2 158.5 115.7
BIoomsbury PubIis . . .98.8 0.5 138.0 91.3
British Sky Broad . . .742.0 -7.0 850.0 618.5
Centaur Media . . . . . . .35.8 -0.8 73.0 34.6
Chime Communicati .167.0 -2.5 298.5 167.0
Creston . . . . . . . . . . . .74.0 1.0 121.0 71.3
DaiIy MaiI and Ge . . .398.9 2.4 594.5 343.4
Euromoney Institu . .655.0 -10.0 736.0 522.5
Future . . . . . . . . . . . . . . .9.0 0.1 30.0 8.8
Haynes PubIishing . .215.0 0.0 257.0 210.0
BHP BiIIiton . . . . . . .1985.5 -18.5 2631.5 1667.0
Centamin Egypt Lt . . .96.6 -0.3 182.8 80.8
Eurasian NaturaI . . .682.0 6.0 1125.0 522.0
FresniIIo . . . . . . . . . .1757.0 7.0 2150.0 1296.0
GemDiamonds Ltd. .200.5 5.9 306.0 179.8
GIencore Internat . . .404.9 -5.3 531.1 348.0
HochschiId Mining . .447.3 3.3 680.0 394.9
Kazakhmys . . . . . . . .941.0 -23.0 1671.0 730.0
Kenmare Resources . .35.7 -1.5 59.9 25.8
Lonmin . . . . . . . . . . .1053.0 3.0 1983.0 963.0
New WorId Resourc .460.0 -2.8 1060.0 410.5
PetropavIovsk . . . . . .720.5 12.0 1165.0 543.5
RandgoId Resource 6945.0 235.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3334.0 -17.0 4712.0 2712.5
Vedanta Resources 1099.0 13.0 2559.0 928.0
Xstrata . . . . . . . . . . .1036.0 -12.0 1550.0 764.0
Inmarsat . . . . . . . . . . .423.1 -4.0 719.5 389.3
Vodafone Group . . . .172.0 -2.5 182.8 155.1
Genesis Emerging . .461.0 -12.0 568.0 424.0
Afren . . . . . . . . . . . . . . .89.1 2.6 171.2 73.6
BG Group . . . . . . . . .1374.5 -8.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .460.1 -5.5 509.0 363.2
Cairn Energy . . . . . . .277.8 3.3 469.7 261.4
EnQuest . . . . . . . . . . . .99.2 2.1 158.5 85.7
Essar Energy . . . . . .241.7 -4.2 589.5 211.4
ExiIIon Energy . . . . . .269.0 0.1 469.7 184.2
Heritage OiI . . . . . . . .188.7 0.6 486.0 160.0
Ophir Energy . . . . . . .267.0 -1.9 299.0 184.5
Premier OiI . . . . . . . . .373.4 0.4 535.0 310.0
RoyaI Dutch SheII . .2270.0 0.5 2326.5 1883.5
RoyaI Dutch SheII . .2336.5 3.0 2381.6 1890.5
SaIamander Energy .212.9 2.6 317.6 182.3
Soco Internationa . . .304.6 -0.4 400.0 278.0
TuIIow OiI . . . . . . . . .1376.0 -20.0 1493.0 945.5
Amec . . . . . . . . . . . . .940.0 -14.0 1251.0 740.5
Hunting . . . . . . . . . . .724.5 14.5 817.0 530.0
Kentz Corporation . .470.0 2.5 508.0 279.0
LampreII . . . . . . . . . . .281.7 -0.8 395.2 220.7
Petrofac Ltd. . . . . . .1445.0 -31.0 1685.0 1108.0
Wood Group (John) .671.0 0.5 715.8 469.9
Burberry Group . . . .1277.0 10.0 1600.0 1030.0
PZ Cussons . . . . . . . .344.7 -3.6 404.0 320.5
Supergroup . . . . . . . .521.5 -10.5 1820.0 435.2
AstraZeneca . . . . . .2913.5 -23.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .300.0 1.2 309.7 210.1
Genus . . . . . . . . . . . .1048.0 8.0 1111.0 831.5
GIaxoSmithKIine . . .1428.0 0.5 1440.0 1127.5
Hikma Pharmaceuti .641.0 13.5 900.0 555.5
Shire PIc . . . . . . . . . .2141.0 -11.0 2177.0 1481.0
CapitaI & Countie . . .176.7 0.4 203.7 142.8
Daejan HoIdings . . .2790.0 143.0 2954.0 2282.0
F&C CommerciaI Pr .102.7 -1.0 108.0 92.6
Grainger . . . . . . . . . . .106.0 -1.2 133.2 77.3
London & Stamford .115.2 -0.8 140.0 111.6
SaviIIs . . . . . . . . . . . . .304.5 -3.9 427.1 256.2
UK CommerciaI Pro . .71.1 0.1 85.5 69.7
Unite Group . . . . . . . .180.0 4.0 224.1 152.9
Big YeIIow Group . . .266.7 4.9 352.2 218.0
British Land Co . . . . .488.6 -5.6 629.5 452.0
CapitaI Shopping . . .321.4 -0.2 424.8 288.7
Derwent London . . .1602.0 3.0 1880.0 1400.0
Great PortIand Es . . .346.3 0.8 445.0 317.4
Hammerson . . . . . . . .384.3 -0.3 490.9 352.0
Hansteen HoIdings . . .73.8 1.3 89.5 69.6
Land Securities G . . .669.0 -12.5 885.0 616.0
SEGRO . . . . . . . . . . . .220.8 1.6 331.3 204.8
Shaftesbury . . . . . . . .499.0 7.1 539.0 431.7
Aveva Group . . . . . .1536.0 -7.0 1799.0 1298.0
Computacenter . . . . .342.6 -4.4 490.0 335.4
Fidessa Group . . . . .1611.0 13.0 2109.0 1444.0
Invensys . . . . . . . . . . .210.9 3.6 364.3 180.9
Logica . . . . . . . . . . . . .78.6 -1.5 147.2 67.6
Micro Focus Inter . . .403.1 21.6 426.2 239.4
Misys . . . . . . . . . . . . .256.0 0.9 420.2 214.9
Sage Group . . . . . . . .288.6 -5.3 302.0 231.7
SDL . . . . . . . . . . . . . . .682.5 20.5 711.5 586.0
TeIecity Group . . . . . .627.5 7.5 627.5 430.0
Aggreko . . . . . . . . . .1864.0 -34.0 2034.0 1394.5
Ashtead Group . . . . .186.0 0.9 207.9 99.4
Atkins (WS) . . . . . . . .634.0 -8.0 820.0 490.2
Babcock Internati . . .728.5 3.5 734.0 540.5
Berendsen . . . . . . . . .417.1 -4.9 568.0 402.7
BunzI . . . . . . . . . . . . .843.0 14.0 843.0 676.5
Cape . . . . . . . . . . . . . .350.0 -2.1 591.5 295.0
Capita Group . . . . . . .629.0 -5.0 786.5 614.5
CariIIion . . . . . . . . . . .319.4 13.0 403.2 281.0
De La Rue . . . . . . . . .864.0 -21.0 936.0 667.0
DipIoma . . . . . . . . . . .332.0 -4.5 414.3 263.3
EIectrocomponents .196.1 -10.4 294.9 182.2
Experian . . . . . . . . . . .833.5 -8.0 850.5 665.0
FiItrona PLC . . . . . . . .386.8 -5.0 397.9 235.9
G4S . . . . . . . . . . . . . . .253.6 -0.5 291.0 219.9
Hays . . . . . . . . . . . . . . .67.9 0.1 133.6 66.6
Homeserve . . . . . . . .294.6 12.8 532.0 218.5
Howden Joinery Gr . .106.1 -0.2 127.5 93.1
Interserve . . . . . . . . . .324.3 4.2 341.3 197.0
Intertek Group . . . . .1960.0 -9.0 2148.0 1715.0
MichaeI Page Inte . . .331.0 -9.0 567.0 325.0
Mitie Group . . . . . . . .252.9 -1.5 258.1 195.9
Premier FarneII . . . . .177.8 -1.5 308.8 144.5
Regus . . . . . . . . . . . . . .90.8 1.8 119.0 64.0
RentokiI InitiaI . . . . . . .66.2 1.0 104.9 61.0
RPS Group . . . . . . . . .181.3 -0.2 253.0 156.6
Serco Group . . . . . . .472.9 -4.2 618.5 467.4
Shanks Group . . . . . .106.9 0.8 130.9 103.0
SIG . . . . . . . . . . . . . . . .83.8 -1.0 153.5 77.7
SThree . . . . . . . . . . . .215.0 -5.0 447.6 212.9
Travis Perkins . . . . . .837.0 -1.0 1127.0 715.0
WoIseIey . . . . . . . . .1959.0 -13.0 2261.0 1404.0
ARM HoIdings . . . . . .575.0 -16.0 651.0 389.6
CSR . . . . . . . . . . . . . .175.4 2.7 447.0 154.1
Imagination Techn . .479.5 -11.9 502.0 296.9
Pace . . . . . . . . . . . . . . .69.2 2.5 231.8 44.0
Spirent Communica .125.0 0.6 160.0 109.5
British American . .2969.5 17.5 2983.5 2282.5
ImperiaI Tobacco . .2352.0 18.0 2355.1 1784.0
Betfair Group . . . . . . .791.0 -3.5 1264.0 567.0
Bwin.party Digita . . .136.8 -3.8 252.9 100.6
CarnivaI . . . . . . . . . .2233.0 -18.0 3153.0 1742.0
Compass Group . . . .589.0 1.5 612.0 512.5
Domino's Pizza UK . .420.6 -9.6 586.0 377.0
easyJet . . . . . . . . . . . .379.0 -0.4 474.0 301.0
FirstGroup . . . . . . . . .321.9 0.2 412.6 301.8
Go-Ahead Group . . .1246.0 10.0 1598.0 1190.0
Greene King . . . . . . .471.9 3.4 518.0 410.0
InterContinentaI . . .1111.0 -3.0 1435.0 955.0
InternationaI Con . . .152.7 -1.6 305.0 132.0
JD Wetherspoon . . . .424.7 -1.1 468.3 380.5
Ladbrokes . . . . . . . . .130.9 -1.1 155.3 114.0
Marston's . . . . . . . . . . .95.4 1.0 117.1 84.6
MiIIennium& Copt . .423.4 0.5 600.5 371.2
MitcheIIs & ButIe . . . .230.2 -3.7 361.0 215.6
NationaI Express . . .220.9 2.4 270.2 201.6
Rank Group . . . . . . . .148.8 1.9 153.7 109.5
Restaurant Group . . .300.0 1.0 335.0 254.9
Stagecoach Group . .265.4 16.8 272.4 200.0
Thomas Cook Group .16.4 -0.1 204.8 10.2
TUI TraveI . . . . . . . . . .162.8 -1.9 271.9 136.7
Whitbread . . . . . . . .1621.0 -5.0 1887.0 1409.0
WiIIiamHiII . . . . . . . . .202.0 -1.2 244.1 164.2
Abcam . . . . . . . . . . . .349.5 2.3 460.0 307.0
AIbemarIe & Bond . .333.4 2.5 400.1 272.0
Amerisur Resource . .15.8 1.5 29.0 9.5
Andor TechnoIogy . .590.0 30.0 685.0 371.0
ArchipeIago Resou . . .68.9 -0.1 79.0 50.8
ASOS . . . . . . . . . . . .1364.0 -17.0 2468.0 1230.0
AureIian OiI & Ga . . . .17.8 0.3 92.0 16.0
Avanti Communicat .304.5 -10.8 735.0 248.5
Avocet Mining . . . . . .218.5 1.0 286.8 177.5
BIinkx . . . . . . . . . . . . . .73.0 -2.5 158.0 64.8
Borders & Souther . . .61.5 1.0 72.3 43.5
BowLeven . . . . . . . . . .70.0 -1.5 398.0 65.0
Brooks MacdonaId .1115.0 10.0 1372.5 940.0
Cove Energy . . . . . . . .98.8 -1.5 112.8 61.0
Daisy Group . . . . . . .101.6 -1.3 127.0 88.0
EMIS Group . . . . . . . .495.0 -19.6 580.0 415.8
Encore OiI . . . . . . . . . .77.5 0.5 151.5 40.8
Faroe PetroIeum . . . .160.0 3.0 218.3 130.0
GuIfsands PetroIe . . .185.8 -2.8 401.5 142.5
GWPharmaceuticaI . .91.0 -0.3 130.0 87.0
H&T Group . . . . . . . . .330.0 -5.0 395.0 277.0
Hamworthy . . . . . . . .833.5 6.5 833.5 373.8
Hargreaves Servic . .1117.0 -13.0 1180.0 747.0
HeaIthcare Locums . . . .3.2 0.2 3.5 2.9
Immunodiagnostic . .430.0 -29.0 1218.0 425.0
ImpeIIamGroup . . . .267.6 0.0 387.5 180.5
James HaIstead . . . . .452.4 -4.9 495.0 365.0
KaIahari MineraIs . . .234.5 2.5 301.0 198.3
London Mining . . . . .320.5 2.8 436.5 278.5
Lupus CapitaI . . . . . .103.0 -1.0 150.0 86.0
M. P. Evans Group . .400.6 2.1 500.5 371.0
Majestic Wine . . . . . .368.0 13.3 510.0 353.0
May Gurney Integr . .287.6 1.6 302.0 234.0
Monitise . . . . . . . . . . . .31.5 0.3 40.0 18.5
MuIberry Group . . . .1494.0 34.0 1920.0 846.5
Nanoco Group . . . . . . .61.0 3.5 107.0 38.0
NauticaI PetroIeu . . .279.5 1.5 547.0 223.5
NichoIs . . . . . . . . . . . .523.0 -5.0 579.0 410.0
Numis Corporation . . .83.5 -0.5 137.8 80.0
Pan African Resou . . .16.0 -0.3 16.5 9.5
Patagonia GoId . . . . . .55.8 1.8 70.0 37.3
Prezzo . . . . . . . . . . . . .56.0 0.0 71.5 53.5
Pursuit Dynamics . . .191.3 -5.8 645.5 160.5
Rockhopper ExpIor .250.3 5.8 386.0 141.0
RWS HoIdings . . . . . .455.0 0.0 479.8 266.5
Songbird Estates . . .109.0 2.3 160.3 104.0
VaIiant PetroIeum . . .437.5 17.5 672.0 400.0
Young & Co's Brew . .685.5 -0.3 712.0 565.0
Stagecoach Group . .265.4 6.8
CabIe & WireIess W . .17.8 5.8
Micro Focus Intern . .403.1 5.7
Daejan HoIdings . . .2790.0 5.4
Homeserve . . . . . . . .294.6 4.5
CariIIion . . . . . . . . . . .319.4 4.2
Pace . . . . . . . . . . . . . . .69.2 3.7
RandgoId Resources6945.0 3.5
SDL . . . . . . . . . . . . . . .682.5 3.1
Gem Diamonds Ltd. .200.5 3.0
Kesa EIectricaIs . . . . .74.2 -9.2
Brown (N.) Group . . .247.6 -6.7
AZ EIectronic Mate . .236.0 -6.5
Debenhams . . . . . . . . .59.9 -5.4
EIectrocomponents .196.1 -5.0
ICAP . . . . . . . . . . . . . .350.4 -4.4
AdmiraI Group . . . . . .855.5 -3.9
Kenmare Resources . .35.7 -3.9
Britvic . . . . . . . . . . . . .317.6 -3.7
TuIIett Prebon . . . . . .289.6 -3.5
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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Tsy 3.250 11 . . . . . .99.96 -0.04 102.6 100.0
Tsy 9.000 12 . . . .105.68 0.00 113.3 104.8
Tsy 5.000 12 . . . .101.13 -0.04 105.3 101.0
Tsy 5.250 12 . . . .102.42 -0.03 106.6 102.4
Tsy 4.500 13 . . . .105.13 -0.04 107.7 105.1
Tsy 2.500 13 . . . .283.95 -0.09 287.7 277.6
Tsy 8.000 13 . . . . .113.67 -0.04 118.9 113.5
Tsy 5.000 14 . . . . .112.47 -0.07 112.9 109.2
Tsy 4.750 15 . . . . .115.28 0.02 115.3 108.6
Tsy 8.000 15 . . . .128.84 0.02 129.2 123.7
Tsy 7.750 15 . . . .101.28 0.30 107.7 100.2
Tsy 4.000 16 . . . . .114.43 0.07 114.4 104.9
Tsy 2.500 16 . . . .341.82 -0.05 342.7 310.2
Tsy 8.750 17 . . . .140.90 -0.25 141.9 132.9
Tsy 12.000 17 . . .123.10 0.00 131.6 122.3
Tsy 1.250 17 . . . . .115.03 -0.01 115.4 106.7
Tsy 5.000 18 . . . .121.68 0.05 121.9 109.7
Tsy 4.500 19 . . . . .119.35 0.16 119.6 105.4
Tsy 3.750 19 . . . . .113.99 0.13 114.3 99.4
Tsy 2.500 20 . . . .359.19 0.02 360.0 312.4
Tsy 4.750 20 . . . .121.63 0.10 122.2 106.6
Tsy 8.000 21 . . . .151.39 0.23 154.5 133.8
Tsy 1.875 22 . . . .124.64 0.01 125.5 111.3
Tsy 4.000 22 . . . . .115.69 0.07 116.7 99.0
Tsy 2.500 24 . . . .322.49 0.07 324.7 273.6
Tsy 5.000 25 . . . .127.52 0.11 128.7 107.4
Tsy 4.250 27 . . . . .119.39 -0.10 120.8 97.9
Tsy 1.250 27 . . . .121.42 -0.12 123.7 104.6
Tsy 6.000 28 . . . .144.05 -0.11 145.8 119.5
Tsy 4.750 30 . . . .126.14 -0.39 128.5 103.0
Tsy 4.125 30 . . . .308.69 -0.44 316.0 261.2
Tsy 4.250 32 . . . . .118.70 -0.46 121.1 96.0
Tsy 4.250 36 . . . . .119.21 -0.58 122.2 95.0
Tsy 4.750 38 . . . .128.68 -0.64 132.3 102.8
Tsy 4.500 42 . . . .125.00 -0.79 129.2 98.9
% %
Wealth Management
Whisky
2011
Page 32
Japans whisky revolution
Page 34
Ultimate indulgence: buying
your own cask
Page 35
The best Christmas bottlings
Edited by Timothy Barber
Single malts, blends,
cocktails and drams
Boisdale of Canary Wharf
The Greatest Whisky Bar on Earth
has great pleasure in presenting
50ml JOHNNIE WALKER BLUE LABEL 19.50
Cabot Place,
Canary Wharf, E14 4QT
020 7715 5818
www.boisdale.co.uk
Whisky 2011
Raise a glass: whisky
comes in from the cold
Scotlands greatest
export is no longer the
domain of snobs its
the most fashionable
drink in town, and
happens to be rather
collectible as well,
writes Neil Ridley
A
T some point in your life, its likely
that whisky will have left its rich
mark. Often it was the first spirit
most of us tried; a sneaky nip from
our parents drinks cabinet and unfortu-
nately, there are those who never shake off
the idea that whisky is a bit, well, fusty.
The stick-in-the-muds dont help people
who treat whisky as a thing of reverence
and purity to be spoken of in hushed
tones the kind of bores wholl grimace at
the idea of adding ice to a single malt.
Well, let them bore away, theyre a fad-
ing breed. Fact is, whisky is no longer the
domain of the snob. Around the world, as it
happens, its becoming more and more an
aspirational and sociable drink, taking over
from the likes of Cognac and rum, and
even from gin and vodka. Growing interna-
tional sales figures confirm the changing
attitudes towards it.
Scotch whisky is enjoying a renaissance
in its established markets, where strong
associations with programmes like
Madmen are making the category cool
once more, says Dr. Nick Morgan, Heritage
Director for Diageo Malt Whiskies.
The surging popularity of vintage chic
is playing its part. Cocktails that had all but
disappeared from menus a few years ago,
like the Old Fashioned, Manhattan and
Whisky Sour, are back with a vengenance.
At the same time, cutting edge purveyors of
molecular mixology are embracing its sin-
gular qualities [see box, right].
For instance, The Whistling Shop in
Shoreditch has capitalised on the versatility
of flavour that is particularly unique to
whisky. Not only have we been looking at
different styles, regions and countries mak-
ing whisky, but weve tried to do something
innovative and bespoke with the spirit at
the same time hopefully making it educa-
tional, says Ryan Chetiyawardana, bar
manager.
Thomas Aske, co-ower of Marylebones
progressive speakeasy-styled bar, Purl, also
emphasises whiskys potential for creativi-
ty: Theres nothing really safe on our
menus our choices hopefully make
people think more about the
flavours in whisky, rather than
just a well-known brand name.
Its not just Scotland produc-
ing first-rate whisky World
Whisky has been gathering
pace in recent years. In partic-
ular, Japanese whisky [which
is featured in detail overleaf]
has been collecting interna-
tional recognition across a host
of competitions and awards.
There are also successful new dis-
tilleries in India, Taiwan and, er,
Norfolk, turning heads with an inno-
vative approach to making and maturing
great whisky.
GOOD FOR INVESTING TOO
Despite the uncertainty of the financial
markets around the globe, the investment
prospects for whisky are looking rosy too.
Highly collectible malts are picking up
tasty auction prices a 64-year-old
Trinitas from the Dalmore sold in
excess of 125,000 recently. There is a
growing collectability too for
whiskies from long-closed distiller-
ies such as Port Ellen and limited
release single cask bottlings from
highly regarded distilleries like
Glenmorangie, the Macallan and
Ardbeg.
The fact is, this famous spirit has
been fuelling conversation, settling
scores and influencing culture, art
and music since 1494. It seems that
you cant keep a good dram down.
Neil Ridley is the co-editor of the whisky website
and blog, www.caskstrength.net. Follow him on
Twitter @WeHeartWhisky
Londons finest
whisky cocktails
S
OMETIMES seen as the poor relation to single malt, interest in
blended whisky has been re-ignited by the trend for classic
whisky cocktails and some innovative international serving
methods. Blended whisky accounts for 92 per cent of global
whisky consumption. New territo-
ries like the Far East are discovering
its promise, especially as part of a
long, ice cold drink with food or in
the case of China mixed with
sweetened green tea.
When you have dishes heavy
with spices they tend to call for a
more refreshing counterpart its
one reason the green tea mixer
has become so popular in China,
explains Mark Jenner, Manager of
the Connaught Hotels Coburg Bar.
In Japan, blended whisky is
often served as a highball (whisky and soda)
in pint-style mugs from taps. Its refreshing,
easy to drink and perhaps above all else, high-
ly sociable.
As well as being big business for well
known brands such as Johnnie Walker,
Chivas Regal and the soon to be re-launched
Cutty Sark label, theres also a thriving arti-
sanal side to blending whisky. Independent retailer Master Of Malt
has just launched its Blend Your Own service [left], allowing you to
put a bespoke whisky together from a range of samples. Londons
Compass Box has been creating highly innovative blended whiskies
for the past decade, focusing on bold flavour statements and mod-
ern bottle designs its a bit of a whisky rebel.
John Glaser, master blender behind Compass Box, says blending is
a platform for creativity. It allows you to create something propri-
etary and more compelling than any of the individual components on
their own.
Dont underestimate the blends
WHISKY BLAZER AT THE RIB ROOM,
JUMEIRAH CARLTON TOWER HOTEL,
KNIGHTSBRIDGE
The classic cocktail for frosty nights,
the fiery Blazer famous for the arcing
blue flame created as the burning
whisky is poured back and forth
between two glasses will be a draw
at the Rib Rooms soon-to-open cigar
terrace. Its here made from
Glenmorangie Astar single malt, aged
sweet Antica Formula Vermouth and
Benedictine, and served in a high coupe
glass with a handle. www.jumeirah.com
PANACEA AT THE WORSHIP STREET
WHISTLING SHOP, SHOREDITCH
Shoreditchs Victorian-chic den of
alcoholic adventure takes the molecular
route with this variation on the Whisky
Sour. The base cocktail lemon juice
and sugar mixed with whisky, in this
case Asyla whisky from niche blender
Compass Box gains the addition of a
lavender shrub. This involves vacuum
sealing some cider vinegar and lavender
in a sous vide water bath, before adding
honey. Finished off with a sprinkling of
dehydrated sage dust but of course.
www.whistlingshop.com
MORNING GLORY FIZZ AT THE
ZETTER TOWNHOUSE, CLERKENWELL
Nothing to do with the Morning Glory
cocktail, this Prohibition-era favourite is
a more exotic and enlivening
concoction. The key is the addition of
two drops of absinthe to a base cocktail
of blended whisky in this case Chivas
Regal 12 lemon juice and sugar syrup.
Look out too for the Sterling Soda,
incorporating homemade barley water
to a similar base cocktail a ruggedly
rural mixture.
www.thezettertownhouse.com
Whisky 2011
Land of the
rising dram
The country that gave us Samurai, sushi and
Godzilla is now producing some of the finest
malt whisky around, writes Neil Ridley
H
EAD up 25 floors to the top of
Tokyos Shiodome Park Hotel and
you find a craftsman at work.
Ensconced in the centre of one of
Japans finest drinking dens, the sultry Bar
a Vins, Mr Takayuki Suzuki hand-carves
perfectly spherical orbs out of ice. These he
drops into a tumbler and pours over whisky
a dramatic, uniquely Japanese way of
drinking the spirit. And while it works well
with Scottish single malts, the bottles Mr
Suzuki uses have names like Yamazaki and
Yoichi Japan, you see, is now producing
world class whisky.
The Japanese obsession with the brown
stuff dates back to the 1920s, with an indus-
try using production processes almost iden-
tical to those found in Scotland.
Indeed the origins of Japanese whisky
distillation are rooted in the practices of
the now-defunct Hazelburn distillery, once
found on the west coast of Scotland. The
story goes that Masataka Taketsuru, a
Japanese student of organic chemistry at
university in Scotland, wanted to launch
Japans first whisky distillery.
While on a work
placement at
Hazelburn, he began
to learn the secrets
behind the key
stages of whisky
production, before
returning to Japan
with a Scottish wife
and a head full of
plans. He joined
forces with success-
ful wine importer
Shinjiro Torii, and
together they found-
ed the Yamazaki dis-
tillery, constructed
in the lush, green surroundings above the
Kansai plain close to Kyoto.
Today, Japan is home to eight working
distilleries and Yamazaki has been hitting
the headlines and bagging prizes since
picking up a Gold award at the 2003
International Spirits Challenge.
Yamazaki has grown in popularity
incredibly since winning its first award,
and more and more whisky lovers have
been discovering the special qualities in
our whisky, says Kazuyuki Takayama,
marketing manager for Yamazaki and its
parent company Suntory.
SUBTLE SPIRIT
The most noticeable way in
which Japanese whisky dif-
fers from its Scotch
antecedent is that it tends
to be more subtle in flavour.
Yamazaki and [sister dis-
tillery] Hakushu have lots of
balance, with fresh, floral
and fruity notes, which
make them very approach-
able, even to non-whisky
drinkers, says Takayama.
Its not a substitute to
Scotch, but a discovery of
something with its own beau-
tiful qualities.
It is this lightness in
flavour that has lead to a revo-
lution in the way whisky is
consumed in Japan, which is
now beginning to surface in
many of Londons best bars
and Japanese restaurants.
Drinking styles like the
Highball (Japanese whisky,
served over ice with sparkling
water) or the Mizuwari (made
The most
noticeable
way that
Japanese
whisky
differs from
Scotch is
that it tends
to be more
subtle in
flavour
Takayuki Suzuki hand
carving ice balls over
which whisky is
poured.
Far left, you can even
find canned highball
whisky in vending
machines in Japan.
using ice and pure mineral water) offer a
way to enjoy the fruity notes contained in
Japanese whisky without the intensity of
the alcohol.
Japan has also been making waves in
the blended whisky world, with Hibiki
winning further awards for its ingenious
recipe of whiskies matured in bourbon
and sherry casks as well as Japanese
plum wine barrels giving a noticeably
rich fruitiness to the overall spirit.
THE ART OF SERVING
But the attention to detail does not start
and finish with the whisky itself. Its
been mooted that the importance
placed on the method of serving
whisky stems from a separate heritage
the countrys famous tea ceremony.
The art of ice ball carving, as perfected
by Mr Suzuki, is the best example, and a
popular accompaniment to a generous
measure of Japanese blended whisky.
Moreover, Tokyo has become famous for
its myriad whisky bars, especially in the
luxurious Ginza District, and each have
their own styles of ice carvings. To sit and
observe a skilled bartender like Mr Suzuki
at work, hand-crafting a perfectly smooth
ball of ice from a large, irregularly-shaped
block, is impressive enough. But the sci-
ence behind such intricate carving means
your whisky will stay perfectly chilled,
without diluting the flavour too much.
Weve been developing our whisky for
over 80 years now, evolving and improv-
ing it, says Kazuyuki Takayama. This is
the spirit of our ultimate goal never
standing still and continuously challeng-
ing ourselves.
Four masterful Japanese whiskies to seek out
1 2 3 4
1. Hakushu 12 year old
The Hakushu distillery produces a
wonderfully light, floral and zesty whisky
thats distilled at over 2000ft above sea
level. The 12-year-old incorporates a subtle,
soft smoky note into the mix. A Highball
cocktail is one way to appreciate its
refreshing qualities.
51.95 www.royalmilewhiskies.com
2. Hibiki 17 year old
blended whisky
Meaning harmony, this blend is a rich,
aromatic whisky which highlights notes of
dried fruit, oriental spice and aromatic
Japanese incense. Great to sip neat or pour
over a freshly carved ice ball.
69.95 www.thewhiskyexchange.com
3. Chichibu: the First
One of a new breed of Japanese
distilleries, Chichibu was opened in 2008
and this is its first whisky bottled, at
three years old. Already showing huge
complexity that belies its age, the rich,
buttery mouthfeel develops notes of
sweet vanilla and lemon zest.
89.95 www.one-drinks.com
4. Yamazaki 12 year old
The oldest distillery in Japan and the one
that started the revolution in Japanese
whisky making. This 12-year old has notes
of citrus fruit, vanilla and malty cereal, with
a light, fruity aftertaste and some lingering
winter spice.
40 www.masterofmalt.com
Whisky 2011
Cask
strength
Collecting bottles of whisky is one thing. But as
Joel Harrison writes, acquiring a barrel of
your own is an option for the true afficionado
B
UYING your own whisky direct from
a distillery is the stuff of dreams; for
a boys own adventure, it sits right up
there. When you invite the chaps
back after a round of golf, what better way
to impress than to pour a dram of your very
own single malt Scotch whisky.
Growing numbers of people are choos-
ing to do this by purchasing casks from
obliging distilleries. Such is the demand for
Scotch whisky worldwide at present
(exports were up 20 per cent in the first ten
months of 2011) that new distilleries have
been springing up across Scotland.
According to the Scotch Whisky
Associations regulations, newly made spir-
it must lay in oak casks for a minimum of
three years and a day before it can be bot-
tled and sold as whisky. With many mar-
kets demanding older liquid in many
cases the maturation period most distiller-
ies are looking for will be between ten and
thirty years this forward planning pro-
vides a bit of a black hole in the cash flow
for new distilleries. One good way to
ease this fiscal rub is to sell casks of whisky
in advance.
Bruichladdich, on the famous whisky
island of Islay, was founded in 1881. After a
series of passing ownerships, the distillery
was closed in 1994 before being bought and
reopened in 2000 by an independent group
of businessmen. Once the stills were fired
up again and the distillery profile refined,
there was always going to be a sizable gap
between the first fruits of the re-born dis-
tillery and their newly made whisky hit-
ting the shelves.
Managing director Mark Reynier says:
We did cask sales right from the start.
Firstly, it was all about cash flow. But more
important for the long-term future of
Bruichladdich, it was to give people who
couldnt afford to be shareholders some
ownership of the project.
225 LITRES OF SPIRIT
At present, casks at Bruichladdich range
from 1,300 for a basic American Oak ex-
Bourbon barrel up to 2,200
for a French Oak ex-Sweet
Wine version holding approxi-
mately 225 litres of new spirit.
These prices may seem good
for so much liquor, but this is
a quote without VAT and duty.
Raynier continues: Its
very important to stress that
buying a cask it is not an
investment as such; we need
to be very careful about mak-
ing such a link. Its best to
think about buying it as a
gift. We get a lot of people
purchasing for grandchil-
dren or godchildren. People
often forget that there is one
hell of a Customs & Excise
bill to pay before you get the hooch.
It is vital to remember that you cant sell
the whisky on, unless you hold the relevant
licences, so buying a cask is very much a
gifting opportunity. Duty alone is currently
calculated at 25.52 per litre of pure alco-
hol, so even if you end up with 200 litres of
whisky at 60 per cent abv, youre looking at
3,062.40 in duty. Before an additional 20
per cent VAT is added. Ouch.
ESTABLISHED NAMES
However, it is not just the newer distilleries
looking to ease their cash flow who offer
individual casks for sale. Established names
such as Glenfarclas and the Macallan, both
located in Speyside, give investors the
chance to purchase individual casks.
George Grant, Director Of Sales at
Glenfarclas (and the sixth generation of
Grant family to be involved at the distillery)
says: We do sell casks but we will not let
buyers leave it in the warehouse. If you
show some interest, we invite you to come
to the distillery, sample some casks and
once one is chosen, we bottle and label it
under our Family Cask series, the prices of
which depend on the age of the whisky.
Across the river Spey at the Macallan,
casks are offered En Primeur where each
year a few lucky customers can purchase a
cask of spirit made using barley grown on
the distillerys own estate watch it being
filled and, 12 years later, you can have it
bottled.
This programme also comes with a host
of other goodies, such as a sample of the
new make spirit to keep and photographs
from the filling day.
Having a few bottles of your own whisky
to open, pour and savour is the ultimate
indulgence. After all, as someone wise once
said of beer, why have a six-pack, when you
can have a barrel?
BOWMORE TWEED FITTING & TASTING
Renowned Islay distillery Bowmore has dreamed
up the ultimate gents Christmas gift through a
collaboration with Savile Row tailoring maestro
Malcolm Plews. Customers will be treated to a
bespoke tailoring session on the Row, including a
made-to-measure jacket using a tweed pattern
designed specially for the distillery, followed by a
unique one-to-one whisky tasting
with a Bowmore
expert. The package includes first
class travel to London from
anywhere in the UK, a one night stay
for two at the Malmaison Hotel in
Clerkenwell and lunch for two at
Sartoria restaurant on Savile Row.
3,000 from Bowmore via
www.singlemaltwhiskyshop.com
PORSCHES ULTIMATE
WHISKY BAR
For spectacularly extravagant
whisky buffs, Porsche Design
Studios has teamed up with high-
end blend Johnnie Walker Blue
Label to create the ultimate
contraption for chilling your dram.
Over six feet tall, the private bar
is made to order, and you can
impress your mates with your
Jedi skills when it slides open at
the wave of a hand (via some
smart electronic sensors in fact),
revealing three bottles of Blue
Label and crystal tumblers. The
only problem? It costs a mere
100,000. Fortunately there are
cheaper options: a brushed
titanium and leather chiller, which
holds a bottle of the premium
blended whisky, and an ice
bucket/bottle holder with a
striking Cubist design.
249 and 490 respectively, at
www.harrods.com
Choices for connoisseurs
Whisky 2011
5 great whiskies for Christmas
3. UNDER 300:
GLENFARCLAS 40 YEAR OLD
Glenfarclas is one of the only
independently-owned distilleries in
the Speyside region.
Expect to find a big, rich palate of
dried fruit, oaky notes, seasonal
spice and cigar box aromas in this
masterpiece of whisky making.
292, www.masterofmalt.com
4. UNDER 500:
PORT ELLEN 1978 27 YEAR OLD
When the Port Ellen distillery closed
in 1983, it left behind a legacy of a
whisky with unfinished business.
Port Ellen is now one of the most
highly sought-after collectors
malts, and this bottling is a superb
investment as well as a sensational
whisky to sip and savour.
450, www.thewhiskyexchange.com
5. OVER 1000+:
HIGHLAND PARK 1970 ORCADIAN
VINTAGE
Based on the Isle Of Orkney,
Highland Park saved the very best
of their extra mature casks to
create the Orcadian Vintage Series.
The 1970 vintage is a beguiling,
complex beast of a whisky, with
soft fruit notes and delicate smoke.
2,300, www.highlandpark.co.uk
2. UNDER 100:
MACKINLAYS SHACKLETON
REPLICA BLENDED WHISKY
After finding a case of whisky buried
deep under the ice at the base camp
abandoned by Antarctic explorer
Earnest Shackleton, Whyte &
Mackay have painstakingly
recreated this incredible relic, from a
range of rare casks. Timeless whisky
making.
97.95, www.thewhiskyexchange.com
What to put under
the tree for the
whisky lover in your
life this December
1. UNDER 50:
COMPASS BOX SPICE TREE
As the name would suggest,
Spice Tree has some wonderful
notes of festive-influenced spice
and fruit, developed from
blending together Highland malts,
partly matured in French wine-
tempered casks. Perfect to go
with your Christmas pud.
35.50, www.masterofmalt.com
2 3 4 5 1
Whisky 2011
How to
taste whisky
For those who want to get the most
out of a dram, Joel Harrison has a few
pointers to aide connoisseurship
Use the right glass
The popular way to drink whisky
is out of a cut-glass tumbler, but
this doesnt actually do the spirit
full justice. For getting the best
from a single malt, choose a glass
with a tulip shape wide at the
bottom with a tight brim. This
concentrates the aromas youre
about to find.
Get the nose:
The nose or aroma of a whisky is
the first thing you want to discover.
Being careful not to get too close, so
as not to anesthetise yourself with
the alcohol fumes, tilt the glass and
take a number of small sniffs. Its
worth trying to visualise the
aromas let the whisky inspire
your imagination!
Take a sip:
The idea is try to coat the tongue
and the whole of your mouth.
Knocking it back will mean you
miss out on the flavours as they
develop. Hold the whisky in the
mouth for a few seconds before
swallowing.
Add water:
Dont listen to people who say that
the only way to taste whisky is to
drink it straight theyre wrong. If
the initial sip is too strong, adding
a few drops of room temperature
water will gently release the
flavour compounds and reduce
the alcohol strength. Adding ice to
whisky is not a crime either, but
bear in mind that the cooling
effect will limit the flavours you
should expect to taste.
Get to the finish:
The finish is the lingering
aftertaste. This is where you really
get a sense of the whiskys
complexity. If the flavours linger,
evolving and changing, you have
experienced an excellent dram.
SCOTCH WHISKY: By law, Scotch whisky
must be matured for at least three years and a day
in oak casks before it can be defined as whisky
SINGLE MALT:
Single malt whisky is whisky made from three
ingredients (malted barley, water and yeast)
distilled at a single distillery. It is not blended
or mixed with other distilleries whisky.
DRAM: A generous measure of whisky, to be
enjoyed with friends. Distillery workers would
receive break time drams of freshly made spirit,
straight from the still, a treat now consigned to
the past.
CASK STRENGTH: Some whiskies are
taken straight from their cask and bottled at
natural alcohol strength in the region of 50-59
per cent.
CASK TYPE: Usually two types of casks are
used to mature whisky: former American
bourbon casks and sherry casks from Jerez.
Each type imparts a unique flavour profile to the
maturing spirit lighter vanilla/citrus notes from
the bourbon cask and richer spicier dried fruits
from sherry casks.
PEAT: The earthy, smoky, often medicinal
flavour in some whiskies comes from peat, which
is burnt in kilns underneath batches of malted
barley. When the barley is turned into whisky, it
retains the smoky characteristics of the peat.
POT STILLS: Like huge copper kettles these
lantern-shaped vessels are used to distill whisky,
from its raw form into a clear spirit of around 64
per cent ABV. It is then matured in oak casks
for a minimum of three years to obtain its rich
colour, aroma and flavour.
ANGELS SHARE: Each year, the slumbering
casks of maturing whisky in the distillery
warehouses lose around 1.5 2 per cent of their
volume through evaporation. This helps the
whisky mature properly and is known as the
Angels Share.
THE LEGS: Swirl a glass of single malt and a
line of fine beads will form around the rim, which
fall slowly back into the dram, forming legs.
Thicker, slower forming legs often indicate a
more viscous, mouth-filling whisky.
SPEYSIDE: The whisky heartland of
Scotland. The Speyside region is part of the
north-eastern Highlands and comprises of
around 50 working distilleries, including some of
the most well known names in whisky
distillation, including the Glenlivet, Cardhu and
the Macallan.
TOASTING FRIENDS: The traditional
Gaelic toast is Slainte Mhath! (pronounced
Slangee Vaa) which means good health.
NR
G
lossary of w
hisky term
s:
For reviews, information and whisky-related
irreverence, go to www.caskstrength.net
FOR anyone fancing a trip north to whiskys Scottish heartland,
prestige brand the Dalmore is taking the tourist experience to a
rather exciting new level. The company has dropped a whopping
1m on souping up its Northern Highlands HQ to include an inter-
active experience thats part science museum, part rock concert,
part Tron. Amid lasers and funky presentation systems, visitors
can witness how the age-old techniques of whisky production
have been brought into the 21st century.
You can also taste some sensational whisky. Founded in
1839, The Dalmore is one of the most revered producers of
single malt in the Highlands. The distillery was briefly occupied
by the Royal Navy at the end of World War One and is now in
the hands of global blending giant, Whyte & Mackay.
The distillerys house style is distinctly robust in character,
with pronounced notes of dried fruit, spices, marmalade and
aromatic cigar boxes, which develop during long maturation in
sherry casks. Highlights include a 15 year old, the spicy Gran
Reserva (which pairs perfectly with Cuban cigars) and some
ancient limited editions including the 45 year-old Aurora and
59 year-old, Eos, retailing for a cool 15,500.
For more information, visit www.thedalmore.com.
NR
Whisky tourism
gets sophisticated
THEDALMORE.COM
From a crowded market, Zoe Strimpel picks six of the best techy must-haves for looking your best
Where heat, sound and light meet:
the seasons best beauty gadgets
PHILLIPS SATINELLE
LIMITED EDITION EPILATION
SET, 53.33
If waxing is torture, epilating islike tearing a
Band-Aid off. An electrical device that removes
hair by grasping multiple hairs and pulling them out,
epilators are kinder than wax as they do not remove hair
cells at the root. This one has a massage attachment that
relaxes your skin as it pulls hair, and a sensitive cap for
delicate skin. Two speeds mean you can manage the tor-
ture (sorry, hair removal) and the
pain need not last too
long: the Satinelle helps
tease hairs out of their
follicles so its off
with their heads
nice and quickly.
www.philips.co.uk
JAPONESQUE HEATED
MINI EYELASH CURLER
12.50
Manual eyelash curlers are so last
decade plus, they pinch and
break the lash. And, thanks to the
long lash craze unleashed by Cheryl
Cole and her ilk, were mad for vol-
ume, curl anything to make our lashes
look false, without necessarily being so. This
is the best of the new breed of heated curlers:
and you can use before or after mascara
application. Crucially, its not bulky: an all-
in-one battery powered wand, it is
eminently portable. And man, those
lashes will rock even small,
tricky ones.
www.johnlewis.com
GETTING TECHY WITH IT
NICK BOOTH
GHD IV STYLER
99
As any woman will tell you, the beauty buck
stops with the right hair-straightener and never
more so than with this one, ghds state of the art IV
styler. This edition boasts improved temperature control
(internal condensation can damage straighteners, so if you
happen to be in Siberia and room temp drops below 8
degrees, the IV will shut down until the temperature rises
again), a new sleep mode that switches it off after 30 minutes, a
rounder barrel for curls, flicks,
waves or straight hair and
we like this one universal
voltage so you can get good
performance wherever you
are in the world.
Ghdhair.com.
SILK'N SENSEPIL HOME
PULSED LIGHT HAIR REMOVAL
SYSTEM, 250
The Rolls Royce of home hair-removal gadgets,
the SensEpil (pronounced Sense Appeal) sports a
sophisticated system known as Home Pulsed Light (HPL)
technology, which seeks and destroys unwanted hair in your
area of hirsuteness. The HPL pulse unleashes light energy com-
bined with sound waves that are absorbed in the hair shaft, dis-
abling hair growth, then the machine scoop. Beware: as with as
with any light-based or laser hair
removal device, results may take
a few treatments. Clinical trials
indicate that HPL is safe but if
youre a first timer to the world
of hair removal, you might
want to opt for an epilator to
get going.
www.amazon.co.uk
THERAPIST SELECT
SHIATSU MASSAGING
CUSHION, 39.99
For office workers who spend
their days hunched over a com-
puter, keeping this intensely
relaxing cushion about the house
or office is a clever idea. Deep
kneading action simulates the
hands of a professional massage
therapist as a Shiatsu mechanism
slides up and down the cushion.
Three programs allow for full
back, lower back or upper back
treatments and a program-
mable touch pad control offers
customized massage selection.
www.play.com
CLARISONIC PLUS
SONIC SKIN CLEANSING SYSTEM,
179
Women actually get excited to wash their faces
thanks to this little tool from heaven, the ultimate
facial cleanser sworn to diminish the appearance of fine
lines and pigmentation. How does it work? Well, sonic tech-
nology gently cleanses the skin, oscillating at a frequency of
over 300 movements per second. The brush head has 3 speed
settings to loosen dirt, make-up and oil from pores, while the
body brush head will give the rest of your skin a good clean and
improve the appearance of cellulite. Comes with three cleansers
and a refining skin polish.
www.clarisonic.co.uk
sent by Homedics. But a bed would be better.
Readers of Josephs tweets will see that hes
using Telmap, which uses positioning technolo-
gy to give him maps, information on hotels and
mobile coupons on his Samsung Galaxy. Sadly,
the best hotel offer is a GroupOn deal on a sta-
ble.
Meanwhile, Three Kings follow the couples
progress on @Yonderstar, while shopping
online for gifts. But what can you get the Son of
God? Gold costs a fortune to post, so
@OneWiseMan is looking at Proportas range
of light, tough, but attractive shells and cases
for the Blackberry curve.
@WizemanII wants to get a stimulating
present, so hes about to order an iBall3 (this
years top Xmas gadget) from one of the online
shops created by Moonfruit and Actinic.
@thirdwizeman meanwhile, is dictating
ideas into his iPhone as he rides
along. Later, hell play back the
sound file on his iPad 4, and
Nuances Dragon Dictation
Application will convert the words
into text.
With Joseph increasingly des-
perate to find a room hes racking
up the roaming charges. He
should have got one of those
Pocket wi-fi gadgets from Tep,
that drastically cut our down-
loading costs. Mary has got a
cheap roaming deal from Tru for
her Blackberry, but its not the
right time to ask her to get her
apps out for daddy.
Finally, an inn keeper offers
them a stable on
GoTradeLive.com.
Theres no telly, but they
use one of those Cables to
Go adapters, that extends
the signal from the Humax
Freeview HD TV receiver to a
screen in the barn. Theyll
switch it off with Josephs
URC 6420 Remote Controller
when the Wisemen show up.
Theyd better have good pres-
ents. Nothing inappropriate
Lovehoney.com
You can follow the Twitter
Nativity on
#NoRoomAtTheInn
Nick Booth is the editor of
www.mobbed-online.com and
www.mobileb2b.co.uk.
A Yuletide special: where the Nativity meets mobile tech
J
OSEPH is running the new Napster
music service on the new iPhone (also
works on the Android). It helps him
soothe Mary whose tweets (Virgin
Mary) show her to be increasingly exasperated.
Shes also using the iHeal pain relief gadget
Right: If only Joseph
had used Telmaps
GPS technology to
find a place to stay...
Lifestyle | Technology
Q.
What made you want to design a
board game?
A.
I had been working for a number of
years in a middle-management job I
didnt enjoy in an industry I didnt care
about. I felt that I had to make a change
and work on something I really loved. I
decided to invent a board game because
Ive always been interested in them and
their power to bring people together.
How did you come up with the idea?
The clich of 99 per cent perspiration and 1
per cent inspiration is very apt in my case. I
made a prototype set out of MDF and dow-
els from B&Q and some card, and played
around with it whenever I could. The way
the game has turned out is quite different
from my original idea, which was some-
thing to do with having to divert water
across the board by turning pipes. It was
only once I was happy with the game that I
ran it through a computer programme to
make sure it worked.
What did you do before you became a full
time board game maker?
I worked in the marketing and sales depart-
ment for a skin cream company. It could be
an odd industry: one of our competitors
included discarded foreskins from babies
who had been circumcised as one of the
ingredients in their creams. They claimed
the stem cells from the young skin helped
to reduce the signs of ageing. I used to take
my prototype to work with me every
day and work on it in Starbucks on
High Street Kensington during
my lunch break.
Explain the rules/object,
briefly
Perigon is a two play-
er strategy game.
The board is a
seven-by-six grid
with grooved
grid lines. The
pieces are solid cylinders
that lie in the grooves of the board and
move in 90 degree arcs around the intersec-
tions of the grid. Each player has four
pieces: two Woods and two Granites, and
there is a neutral piece called the Flag. The
aim of the game is to use your pieces to
make the Flag touch your opponents goal
line at the opposite end of the board.
Granites are more powerful than Woods
and can shunt them out of the way. You can
move the Flag as many times as you wish,
but it must remain connected to one or
more of your pieces if you want to be able
move it.
Is it for grownups?
The strategy of the game is very rich so it is
a game for grown-ups. However, the rules
are easy to learn so a ten-year-old could not
only understand how to play but also think
tactically about the game.
What appeals about
Perigon?
Perigon incorporates all
of the classic elements of
strategy, but, as the
mechanics are unique, it
forces you into an excit-
ing reimagination of
your approach to playing.
While the strategy is rich,
it is also accessible, which
makes the game very
engaging even for a
beginner. Perigon is easy
to learn, and, as it only has nine pieces, you
can quickly set up the board and start play-
ing almost immediately. It only takes up to
30 minutes to play a game. The Perigon set
that lauched last week in Fortnum & Mason
is very elegant: its made from solid wood
and finished with premium paints and var-
nishes.
Will City workers enjoy it?
I think they would because its very chal-
lenging, and the strategy is very rich. There
is no chance or luck involved, so the out-
come relies entirely on the players skill,
intelligence and foresight. The branching
factor is on a par with Chess, so each game
is very different from the one before, which
is what makes it so addictive.
Do you think there's a coolness about board
games again? If so, why?
Definitely there is. To play a good board
game well you have to be sober, considered
and display intelligence. These are the kind
of qualities that are now considered cool in
the public consciousness. Other ways of hav-
ing fun no longer are: computer game play-
ing has become geeky while people who
only go drinking in pubs and bars are now
thought of as being boorish.
What role do they serve in such a digital
world as ours?
The digital world can be very solitary, while
board games bring us together and allow us
to foster human relationships in a more
meaningful way. Playing physical board
games helps children to develop their emo-
tional intelligence because it enables them
to play with real people sitting directly
opposite them. Especially if they are playing
online, its too easy for them to shirk their
social responsibilities when the person they
are playing with is so remote.
Whats next for you?
There are a couple of other games that I am
working on: one word game and another
about the stock market. I cant talk about
them too much because they are still in the
development stage!
listen to other peoples opinions, but not
too much!
Many people dream of selling their inven-
tions. How did you actually manage to do it?
First of all, I fully researched the market to
make sure I didnt create a game that
already existed. Then, before I started the
inventing process, I had a clear demograph-
ic in my mind of who the game was for. it
had to be fun, challenging, unique and
make a powerful visual impact. When the
game was completed, I made a high quality
prototype and took it to trade shows to
show the game to anyone I could. Lastly, I
found it was good to listen to other peoples
opinions, but not too much!
Perigon is 40 at Fortnums. www.claren-
dongames.com
Will Sorrell, who is
from Putney, pictured
here with his new
invention, Perigon.
The board
game thats
redefining
festive cool
Perigon inventor Will Sorrell tells
Zoe Strimpel why the world needs
more traditional strategy games
To play a
boardgame
well, you
have to be
sober,
considered
and display
intelligence,
qualities now
considered
cool
W
HEN I picture an Australian
wine-maker, Dave Powell of
Torbreck Vintners is pretty
much what comes to mind. A
big man, the first time I met him hed just
arrived from Scandinavia, where a late
night session with some chefs had ended
with him branding a restaurants name
onto his behind. I would imagine that his
wines will remain on the list at that
restaurant forever, but for all the bluff
exterior, hes a wine-maker with a surpris-
ing delicacy of touch.
Its not difficult to get a great deal of
concentration when youre growing
grapes in Australia, as theres plenty of
sun and the grapes get ripen easily. (This
is a pretty broad generalisation as there
are a number of cooler climate regions.)
Torbreck is based in the Barossa Valley
and these wines are powerful. So with
ripeness not being the problem, the
clever part is to get wines that are bal-
anced and harmonious even when they
are strong and dense.
Unsurprisingly, its a winery that focus-
es on the Rhne Valley varieties that
have made Australia, and the Barossa,
famous predominantly Shiraz (known
as Syrah in France and responsible for
such famous names as Cte-Rtie and
Hermitage). Theres a big range, from the
relatively affordable Woodcutters Shiraz
(an entry level of exceptional quality) up
to what is currently, upon release,
Australias most expensive wine, the
Laird (theres a Scottish theme running
through the naming, reflecting Daves
time working as a lumberjack in
Scotland; even the name Torbreck comes
from a Scottish forest).
Its an impressive portfolio but, for my
taste, the sweet spot is halfway up the
ladder with the Descendant. This is a
Shiraz-Viognier blend, an increasingly
popular combination in Australia derived
from traditional practice in the Northern
Rhne valley where a small amount of
the white grape Viognier is co-fermented
(as it sounds, fermented together with)
the Syrah to soften it. Where Barossa
Shiraz is often just about big black fruit
and chocolate, this has floral, spicy,
herbaceous and smoky elements. Its an
exceptionally complex and powerful wine
but an endless delight to drink, never tir-
ing, and opens up to reveal hidden
depths, much like the man himself.
Torbreck is imported by Fells.
Follow Andrew on Twitter @LutyensWine
The Aussie thats making dynamite Scottish-themed Rhone varieties...
HEAD SOMMELIER AND MANAGER OF
LUTYENS RESTAURANT
ANDREW CONNOR
QUAFFERS CORNER
Lifestyle | Interview
CITYA.M. 8 DECEMBER 2011 40
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EASTENDERS
BBC1, 7.30PM
Zainab nervously prepares to marry
Yusef, who tries to keep her away
from anyone who might change her
mind.
WITHOUT YOU
ITV1, 9PM
New series. A schoolteacher tries to
prove her husband was not having an
affair with the woman he died
alongside in a car crash.
KEVINS GRAND DESIGN
CHANNEL4, 8PM
Kevin McClouds project to build 40
eco-friendly properties in Swindon,
Wiltshire. The presenter falls out with
his architect but he secures some land.
BBC1
SKY SPORTS 1
7pmLive European Challenge
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Union 10.30pmInternational
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Live Test Cricket
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1amLive NFL 4.30amISAF
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ESPN Kicks: FA Cup
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7pmCriminal Minds 8pmHalf
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US 10pmCriminal Minds 11pm
Bones 12amCSI 1.50am
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CSI: Miami 5.10am-6amJerry
Springer
BBC THREE
7pmTop Gear 8pmDont Tell
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2amDont Tell the Bride 3am
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7.30pmFuturama 8.30pmThe
Simpsons 9pmGlee 10pmLaw
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1.50amBig Trouble in Thailand
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Fill the grid so that each block
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KAKURO
QUICK CROSSWORD
LAST ISSUES
SOLUTIONS
KAKURO
WORDWHEEL
Using only the letters in the Wordwheel, you have
ten minutes to nd as many words as possible,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters
or more, all must contain the central letter and
letters can only be used once in every word. There
is at least one nine-letter word in the wheel.
SUDOKU
Place the numbers from 1 to 9 in each empty cell so that each
row, each column and each 3x3 block contains all the numbers
from 1 to 9 to solve this tricky Sudoku puzzle.
SUDOKU
QUICK CROSSWORD
ACROSS
1 Formal ofers at
an auction (4)
3 Young eel (5)
6 ___ and ends (4)
7 Catch sight of (4)
9 Ovoid chocolate treat
associated with a
spring festival (6,3)
12 Adult female bird (3)
14 Delivery vehicle (3)
15 Inicts punishment (9)
16 Morsel (3)
17 Number of turns in 60
seconds (inits) (3)
19 Citadel in ancient
Greek towns (9)
21 Contains the ow of
(usually water) (4)
22 Have supper (4)
23 Blockade (5)
24 Soap froth (4)
DOWN
1 Deciduous tree (5)
2 Asian plant widely
cultivated for its
oily beans (4)
3 Surpassing what
is common (8)
4 Contrariwise (4,5)
5 Govern (5)
8 Sink in (9)
10 Rush (8)
11 Short intake of
breath (4)
13 Heroic (4)
16 Financial
institutions (5)
18 Old Testament
prophet (5)
20 Beware the ___ of
March, advice given
to Julius Caesar (4)
I
E
S
V
A S
L
I
U

4
4

4
4

4

C O H E R E R W
A E A N O R A K
S H A V E R D G
H D S L E E P E R
F R A N C M O U S E
L C O R B R C
O T H E R L U C R E
W R E A T H E H N
I V U M L A U T
T A P E R S S L
L S H U G E L Y
9 3 1 3 6 9
8 2 4 5 7 9 1 6 3
4 7 6 9 8 8 1
3 5 4 8 1 3 2
2 1 4 3 9 8 7 5
7 2 7 9
6 3 9 8 4 2 5 1
9 6 8 6 8 7 3
8 5 1 4 3 2 6
7 1 3 5 2 6 9 8 4
2 5 1 2 9 2
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
POLARISED
Lifestyle | TV&Games
Sport
42
NEW ZEALANDS former World Cup
winning coach Wayne Smith has
been approached by the Rugby
Football Union with regards to the
vacancies at Twickenham.
Smith was in the country last week
working alongside Nick Mallet, one
of the leading contenders to succeed
Martin Johnson as team manager,
coaching the southern hemisphere
side for the Help for Heroes match at
Twickenham.
Smith, the former Northampton
director of rugby, is contracted for
the next two seasons to the Chiefs,
one of New Zealands Super 15 sides,
but has a release clause at the end of
the first year and has expressed his
wish to coach at international level
again.
I have consistently said I want to
coach Test match rugby again, said
Smith, who revealed he spoke to offi-
cials from the RFU last week about
England.
My preference would be to be the
head coach, but the environment we
had in the All Blacks with Graham
and Steve meant you were like a head
coach because we had the same
accountability.
As a former All Blacks coach, you
are going to get approaches. My com-
mitment is with the Chiefs but I am
interested in coaching at the top
again. England are a team with huge
resources, both playing and mone-
tary, and of course they would be a
team of interest to me.
CHELSEA manager Andre Villas-Boas
may have delighted in muting his
critics by reaching the last 16 of the
Champions League, but Tuesdays 3-0
win over Valencia raised just as many
questions as it answered.
Villas-Boas ditched his previously
stubborn adherence to playing a high
line, instead telling his back four to
sit deeper. He also dropped long-serv-
ing midfielder Frank Lampard for
the clubs biggest game of the season.
Both ploys paid off in spades.
He admitted he had experimented
with the changes in Saturdays trip to
Newcastle, which also reaped a 3-0
victory. It was only their second away
win with a clean sheet and two of the
goals at St James Park came after
Lampard was retired to the substi-
tutes bench.
Put simply, in two vital fixtures, he
relaxed his loyalty to fluid attacking
football in favour of pragmatism,
and quelled the sense of crisis
enveloping Stamford Bridge. The
temptation to stick with a winning
formula must be competing furious-
ly with his attacking impulses.
Villas-Boas does not have the luxu-
ry of an easier next game in which to
tweak his strategy; the visitors to
west London on Monday evening are
Manchester City, the runaway
Premier League leaders embellished
with copious speedy forwards to
spring a high line.
He reacted sensitively to inquiries
about whether he had betrayed his
philosophy following the vanquish-
ing of Valencia, but warned current
tactics would not be a reliable indica-
tor of those he adopts in future.
We knew it was going to very
tough to play Valencia, so we decided
to close together our lines, but that
doesnt mean were going to do that
in the future, he said.
It was not the best win in terms of
what we are trying to achieve, but
the best win in terms of team spirit,
teamwork. Full credit to the players.
Weve played great games and
ended up losing. Nobody really saw
what we did in those games, whether
we played attacking football or not,
because everyone just seems to con-
centrate on the results, not on our
philosophy or the way we played.
Villas-Boas rejected suggestions he
abandoned his principles, saying: Its
a different strategy but the same phi-
losophy in terms of human values.
BY FRANK DALLERES
FOOTBALL
BY JAMES GOLDMAN
RUGBY UNION
Win leaves
AVB tactical
quandary
RFU open talks with Kiwi World Cup
winning coach Smith over England role
SPORT | IN BRIEF
Texas and Bahrain keep F1 races
FORMULA ONE: Next seasons calendar
will include races in Bahrain and the
United States, despite ongoing doubts
about the two dates. Civil unrest contin-
ues to jeopardise the Bahrain Grand
Prix, due to take place in April, while a
deal for November race in Texas
remains in the balance after the initial
agreement was scrapped. The 20-date
season begins in Australia on 18 March
and ends in Brazil on 25 November.
McIlroy more gifted than Tiger
GOLF: English world No1 Luke Donald
has branded Northern Irelands Rory
McIlroy more talented than 14-time
Major winner Tiger Woods. Donald is
aiming to fend off US Open champion
McIlroys late charge to pip him to the
European Tour title at the Dubai World
Championships, which tees off this
morning. In terms of talent I think
Rory has more, he said. I think Tigers
work ethic has always been tremendous
and his mindset as well.
Villas-Boas abandoned a high defensive
line against Valencia
Picture: ACTION IMAGES
Injured Moody could
miss three months
FORMER England captain Lewis
Moody could miss up to three
months of the Premiership season
after undergoing shoulder surgery.
The Bath flanker, who retired from
the international game after leading
England to the quarter finals of the
World Cup in October, suffered the
injury in last months defeat against
Worcester.
Bath coach Brad Davis said: Im
gutted for the player. He came back
enthusiastic in training but Im sure
hes going to give loads off the field
now to keep himself occupied.
MANCHESTER United manager Sir Alex
Ferguson blamed wayward finishing
after a shock defeat at Basel condemned
them to a catastrophic elimination at
the group stages of the Champions
League.
United needed only a point to ensure
their place in the last 16, but goals in
each half from Marco Streller and
Alexander Frei sent them tumbling pre-
maturely for only the third time in 16
years and the first since 2005.
Not for them the lucrative and glam-
orous nights against the Continents
elite; instead they will take a financial
hit of more than 10m and resign them-
selves to regular Thursday fixtures in
the Europa League.
To make matters worse, Nemanja
Vidic will be out for several months with
a knee ligament injury. Striker Wayne
Rooneys Swiss nightmare is not over
yet, meanwhile; he faces an appeal hear-
ing against his three-match Euro 2012
ban today in Nyon.
We had so much of the ball, and so
many really good opportunities in the
last third of the field. The finishing part,
you have to say we let ourselves down,
said Ferguson.
Of course were disappointed, theres
no other way you can feel. You have to
deal with disappointment. These young
players will feel the disappointment
tonight but theyll have to cope with it.
Its a loss because its the best tourna-
ment in the world. Its a marvellous
tournament.
Needing at least a draw, Ferguson
sent United out intent on winning, with
a line-up including Rooney, Nani, Ashley
Young and Ryan Giggs, but their early
buoyancy was punctured after just nine
minutes.
Xherdan Shaqiri drilled a cross from
the left that goalkeeper David de Gea
could only divert to Streller, whose vol-
ley into the ground found the net.
Rooney could only miskick from vir-
tually under the crossbar when Nanis
teasing low cross begged to be finished
on 30 minutes, and Uniteds troubles
deepened before half-time when Vidic
was carried off with a knee injury that
left him on crutches.
Still it seemed unthinkable the visi-
tors would not overturn the deficit in
the second half, but the closest they
came was when Basel full-back Markus
Steinhofer volleyed a cross onto the
underside of his own bar.
Six minutes from time Basel struck
the killer blow, Shaqiri again the source
of a telling cross missed by both Jonny
Evans and Chris Smalling but not Frei,
who stooped to head in at the far post.
Phil Jones gave United hope with an
89th-minute header, but their attempts
to avoid the ignominy of elimination
died with a whimper.
Vidic injury adds to Uniteds
woes as minnows Basel send
Fergusons troops crashing out
BY FRANK DALLERES
FOOTBALL
2
1
BASEL
MAN UNITED
MANCHESTER
Rooneys appeal hear-
ing into his Euro
2012 ban takes place
in Nyon today
Pictures: GETTY
Benfica 6 3 3 0 8 4 12
Basel 6 3 2 1 11 10 11
Man United 6 2 3 1 11 8 9
Otelul Galati 6 0 0 6 3 11 0
GROUP C
TEAM PLD W D L F A PTS
43
Buy online at fulhamfc.com or call 0843 208 1234 (option 1)
Saturday 17th December (Kick-Off 3pm)
KIDS FOR A QUID!
From 30 Adults
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Results
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email sport@cityam.com
MANCHESTER CITY manager
Roberto Mancini admitted his team
must learn from their mistakes if
they are to avoid a repeat of their
embarrassing Champions League
group stage exit next season.
The Premier League leaders com-
fortably overcame an under-
strength Bayern Munich last night
thanks to goals either side of half-
time from David Silva and Yaya
Toure, but Napolis 2-0 win against
Villarreal condemned Mancinis
men to the ignominy Europa
League football in the new year.
He said: We will be back and we
hope for better next year. We are a
good team and we are sorry for our
supporters and my players who
deserve to play in the Champions
League. But we need to improve. We
got the hardest group, we knew
that before the start.
Usually with 10 points you
always go through, 99 per cent of
the time. It was a tough group and
we made some mistakes but that
can happen and the game in Naples
did it. Congratulations to Napoli.
Mancini added they would target
winning the Europa League,
although he acknowledged that
having to play on Thursday nights
would make winning the Premier
League a tougher proposition.
He said: Our lives arent finished
now, we will go into the Europa
League and it is an important tro-
phy for Manchester City. We need to
win more trophies.
Maybe now we think that the
Europa League is not important
but, if you arrive in the final, it is
very important. Ive never won the
Europa League.
MELTDOWN
Mancini admits his new kids on the block must
improve to compete with Champions League elite
BY JAMES GOLDMAN
FOOTBALL
MANCHESTER CITY
BAYERN MUNICH
2
0
Napolis win in Spain
rendered Citys victory
over Bayern irrelevant
Pictures: GETTY
CHAMPIONS LEAGUE | LAST 16
GROUP WINNERS
Bayern Munich, Inter, Benfica, Real Madrid,
Chelsea, Arsenal, APOEL FC, Barcelona
GROUP RUNNERS-UP
Napoli, CSKA Moscow, Basel, Lyon,
Leverkusen, Marseille, Zenit, AC Milan
EUROPA LEAGUE
Manchester City, Trabzonspor, Manchester
United, Ajax, Valencia, Olympiacos, Porto,
Viktoria Plzen
Bayern 6 4 1 1 11 6 13
Napoli 6 3 2 1 10 6 11
Man City 6 3 1 2 9 6 10
Villarreal 6 0 0 6 2 14 0
GROUP A
TEAM PLD W D L F A PTS

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