Cityam 2012-01-18

FTSE 100 5,693.95 +36.51 DOW 12,482.07 +60.01 NASDAQ 2,728.08 +17.41 /$ 1.53 unc / 1.20 -0.01 /$ 1.
/ 1.20 -0.01 /$ 1.27 unc

Greek talks
on haircuts
to resume
TALKS between Greek authorities and
private holders of the governments
debt will continue today after break-
ing down in acrimony last week,
although fears the near-bankrupt
nation will default are growing.
The Institute of International
Finance (IIF) which represents pri-
vate bondholders yesterday con-
firmed it will return to the table.
A haircut to avoid default is still
believed to be widely preferred within
the IIF, yet Newedges Bill Blain
warned yesterday: Default becomes a
more attractive option to voluntary
haircuts at some point. Hedge funds
will look forward to CDS execution.
Hedge funds that have snapped up
debt expiring in March could hold a
strong hand in negotiations. Yet it is
not clear how much influence the
hedgies will be able to exert.
For now, the sticking point remains
the rate of interest on replacement,
lower-value bonds.
Private holders want higher rates of
interest to mitigate losses endured by
a voluntary haircut on existing
bonds, yet government officials are
concerned that greater costs could
cripple Greeces ability to move
towards sustainable levels of debt.
Ratings agency Fitch said that a vol-
untary haircut would constitute a
default. It is going to happen. Greece
is insolvent so it will default, Edward
Parker, a Fitch managing director,
said yesterday. It clearly is a default,
however they try to spin it.
MORE EUROZONE: P7
BY JULIAN HARRIS
EUROZONE
CITIGROUP revealed an 11 per cent col-

lapse in fourth quarter profits yester-
day in an earnings report that fell well
short of expectations and sent the
banks shares tumbling 8.1 per cent.
The bank posted its lowest revenues
since 2008, a year so bad that it led to a
rescue by the Federal Reserve.
Annual revenues fell 10 per cent on
2010 to $78.4bn (51.1bn), although
the fourth quarter of last year was
marginally better, with revenues
shrinking seven per cent to $17.2bn.
Underlining the turmoil engulfing
the industry, the decline was in large
part due to the securities and banking
division Citis investment bank
where quarterly revenues have fallen
by a tenth to $3.2bn.
The money it makes from capital
markets work, in particular, has fallen
through the floor: equity underwrit-
ing revenues dropped 78 per cent to
$90m in the fourth quarter of last year
and debt underwriting fell by nearly a
third to $389m.
Chief financial officer John
Gerspach said: The operating environ-
ment continues to be extraordinarily
challenging in a number of businesses,
none more so than securities and
banking.
Citi Holdings, its non-core portfolio,
also dragged down the bottom line as
quarterly revenues tumbled by 30 per
cent to $2.8bn. The worst hit was from
its special asset pool a hangover of
BY JULIET SAMUEL
BANKING
Issue 1,551 Wednesday 18 January 2012 FREE

BUSINESS WITH PERSONALITY
Certified Distribution
28/11/11 till 01/01/12 is 92,879
CITI DISAPPOINTS
AS PROFIT SLUMPS
Vikram Pandit is
struggling to dig
Citi out of a hole
www.cityam.com
*Surprise is the difference between estimated and actual
**Per cent change over Q4 2010
Source: Company; Thomson Reuters
EPS SURPRISE*
22.4%
REVENUE SURPRISE
22.4%
REVENUE **
$17.2bn 6.5%
EPS **
$0.38 11.6%
toxic loans made before the financial
crisis where profits dropped by half
to $596m.
By contrast, quarterly revenues in its
retail division edged up by one per
cent to $8.2bn.
The bank is trying to bear down on
costs and has promised around 5,000
lay-offs, which chief executive Vikram
Pandit revealed has cost $400m in
redundancy pay-outs during the
fourth quarter.
The results are a bad portent for
Wall Street, with JP Morgan Chase hav-
ing disappointed on Friday and
Goldman Sachs due to report today.
But a source said that Goldman could
avoid cutting bonuses by the mooted
50 per cent and instead cut 20-40 per
cent. BOTTOM LINE: P4
News
2 CITYA.M. 18 JANUARY 2012
Cinven to buy
patents firm
PRIVATE equity firm Cinven has won
the race to buy patents management
giant CPA in a 950m deal.
Cinven, the firm behind Pizza
Express, is close to signing the deal
with investment group Intermediate
Capital Group (ICG), City A.M. has been
told.
ICG sparked an intense auction
when it put the business up for sale at
the end of last year in a process which
left Cinven battling rival BC Partners.
Several other private equity firms,
including US giants Carlyle Group and
KKR, had considering making an offer
before deciding to walk away.
ICG only bought the Jersey-based
company two years ago, investing
alongside the companys senior man-
agement and founding shareholders,
in a deal worth around 440m. At that
time, the buyout was financed with
225m of debt, including mezzanine
loans.
The legal services market has
grown, however, with cost pressures
leading more corporates to outsource
the protection of their intellectual
property. CPA reported Ebitda earn-
ings of 77m according to its last
annual accounts.
Separately Cinven is continuing
with its 5bn (4.16bn) fundraising but
executives have not put a timescale on
the efforts.
BY PETER EDWARDS
PRIVATE EQUITY
SURGE SEEN IN SELF-EMPLOYMENT

A surge in self-employment is the
result of people doing part-time odd
jobs to avoid unemployment rather
than a genuine increase in entrepre-
neurial zeal, according to the
Chartered Institute of Personnel and
Development. The self-employed have
risen by 300,000 since spring 2008 to
4.14m the highest since records
began in 1992, representing 14.2 per
cent of all employment. Over the
same period, the number of employ-
ees in work has fallen by 700,000.
John Philpott, the CIPDs chief eco-
nomic adviser, said the rise was obvi-
ously good news because it helped to
keep the lid on unemployment and
was an important source of private
sector jobs to offset public sector cuts.
But the new self-employed looked
more like an army of part-time odd-
jobbers than the vanguard of a resur-
gence in enterprise culture.
UNILEVER STAFF SET TO RESUME
STRIKE ACTION OVER PENSION PLAN
This week will see fewer jars of
Marmite and Pot Noodles roll off the
production lines as disgruntled work-
ers at Unilever down tools for the sec-
ond time in just over a month. The
consumer goods conglomerate hith-
erto seen as an employer in the classic
paternalistic tradition has angered
workers with plans to close the final
salary pension scheme.
BEAM BUYS LAST INDEPENDENT IRISH
WHISKEY DISTILLERY
Irelands last remaining independent
whiskey distillery has passed into for-
eign ownership following completion
on Tuesday of a $95m takeover of
Cooley Distillery by the US spirits
group that owns the Jim Beam and
Teachers Scotch brands. Beam, which
also owns the Canadian Club brand,
plans to invest as much as $9m this
year in a bid to drive sales of Cooleys
Kilbeggan, Greenore, Connemara and
Tyrconnell whiskey brands.
REVOLT OVER LABOURS RAID ON ITS
LOCAL PARTY ASSETS
Labour is forcing local parties to hand
over their headquarters buildings,
enabling it to shore up its precarious
finances. The move allows the party,
which has a deficit of millions of
pounds, to raise loans against the
properties. It has caused unrest in
constituency offices, which have
been told that they will be thrown
out of Labour unless they agree to
sign over their assets.
MILLIONS BLOWN PAYING WIND
FARMS TO CLOSE
Wind farms are receiving millions of
pounds to shut down when the
weather is too windy. Dozens of
onshore facilities shared 25m last
year, a 13,733 per cent increase on
2010, after a particularly blustery
year, according to the figures released
by National Grid.
IKEA SHOULD BE SPLIT UP, SAYS EX-CEO
IKEA has become too big and should
be broken up, the former chief execu-
tive of the worlds number one furni-
ture retailer has said. Anders Dahlvig,
the flat-pack pioneer's boss from 1999
until 2009, said IKEA faced the
prospect of slowing growth and rising
costs.
STOBART SEALS CONTROVERSIAL
PROPERTY BUY FROM DIRECTORS
Transport group Stobart has complet-
ed a controversial 101m property
deal with directors Andrew Tinkler
and William Stobart. Under the terms
of the deal, Stobart will acquire a port-
folio of 18 properties from W.A.
Developments, a company owned by
Mr Tinkler and Mr Stobart, in return
for 5.2m in cash, 7.2m in Stobart
shares and taking on 88.8m of debt
linked to the properties. The total con-
sideration is 101.2m.
WIKIPEDIA TO GO DARK OVER
ANTIPIRACY BILL
Wikipedia will black out the English
language version of its website today
to protest antipiracy legislation
under consideration in Congress, the
foundation behind the popular com-
munity-based online encyclopedia
said. The website will go dark for 24
hours in an unprecedented move.
KRAFT TO CUT JOBS
Kraft Foods said it plans to eliminate
about 1,600 positions in North
America this year as it works toward
splitting into two separate compa-
nies. The company also raised its 2011
estimates. It now expects full-year
operating earnings of at least $2.28 a
share on organic revenue growth of
6.5 per cent, compared with its
November guidance for operating
earnings of at least $2.27 on six per
cent organic revenue growth.
WHAT THE OTHER PAPERS SAY THIS MORNING
Britain is right to oppose a Tobin tax
SUPPORTERS of an EU Tobin tax like to
see themselves as the enemies of
finance and supporters of the poor.
They want to punish the City while
raising money for increased public
spending or if the EUs plan goes
ahead, to finance Brussels.
They are certainly right that such a
tax would hurt financial institutions,
especially those trading on their own
behalf, though most would be able to
relocate overseas but what they dont
seem to understand is that it would
also have a devastating effect on savers
and pensioners by slashing their
returns on investment. It is always the
end users who end up picking up the
bill: investors and companies, and they
are less mobile than hedge funds and
high frequency trading houses.
Intermediaries tend to pass the costs
on. The tax would reduce the prices of
shares and other assets and increase
the cost of capital for companies,
reducing investments and jobs.
The European Commissions propos-
al is for a 0.1 per cent tax on the value
of equity and bonds transactions and a
0.01 per cent tax on all derivatives
transactions. The tax will be applied
whenever investors hand over money
to an institutional investor (and when-
ever they withdraw funds), as well as to
each transaction conducted on their
behalf by fund managers. Active invest-
ments where managers buy and sell
to try and beat the market will be
hammered especially badly.
The Alternative Investment
Management Association uses IMF
modelling to calculate that the tax
would reduce the market value of a
typical stock (which changes hands
every three and a half months on aver-
age) by 7.60 per cent and increase the
cost of capital (for the company issuing
the stock) by a highly significant 0.25
per cent. Investment managers will
have an incentive to hold fewer equi-
ties and more derivatives (due to the
bias in proposed tax rates). Active fund
managers will be less interested in
holding boards to account. Spreads
will widen, price discovery will be
stymied and volatility will increase.
One recent paper showed that high fre-
quency traders have helped cut the
price impact of a 1,000-share trade by
$0.083, helping traditional investors.
A study out today by Oliver Wyman
focuses on the impact on the foreign
exchange markets which employ thou-
sands in London and which provides
vital hedging and other services to
companies and wealth managers.
Around 45 per cent of currency trad-
ing is in the swaps market, which is
being targeted; costs for all transac-
tions would be hiked by three-seven
times and by 18 times for the most
traded part of the market. A typical
euro-dollar one week swap with a
notional value of 25,000,000 between
a bank and a pension fund currently
comes with a transaction cost of 279.
Under the EU plans, the dealer would
be hit with a 2,500 tax, as would the
pension fund, an 18-fold increase.
Three quarters of trading would move
outside the EU; global volumes would
fall; and liquidity would decline,
increasing indirect transaction costs
by up to an extra 110 per cent.
Remarkably, the European
Commissions own analysis concluded
the tax would leave the EU worse off,
yet such is its hatred of the City that it
still supports its imposition. It estimat-
ed it would raise 25bn-43bn a year
(depending on the extent of the col-
lapse in trading) and cut EU GDP by
0.53 per cent (86bn) to 1.15 per cent
(186bn). The government is right to
oppose this destructive tax.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
THE CO-FOUNDER of struggling
online firm Yahoo last night
resigned from the company.
Jerry Yang, who started Yahoo in
1995, is leaving the companys board
of directors as well as all other posi-
tions within the company effective
immediately to pursue other inter-
ests.
Yang, who held the official title of
chief Yahoo, leaves the firm just
two weeks after Scott Thompson
took over as chief executive.
Shares of Yahoo were up 3.4 per
cent in after-hours trading.
Everyone is going to assume this
means a deal is more likely with the
Asia counterparts, said Macquarie
analyst Ben Schacter, referring to
Yahoos stake in Alibaba.
The perception among share-
holders was Jerry was more focused
on trying to rebuild Yahoo, than on
necessarily on maximizing near-
term shareholder value.
BY HARRY BANKS
TECHNOLOGY
Yahoo loses founder Yang

Jerry Yang, who held the role of chief Yahoo, has quit the company he co-founded in 1995
NEWS | IN BRIEF
UK fights LSEs corner in Europe
Britain will urge EU officials today to
reject political interference and vested
interests when ruling on plans to create
the world's biggest stock exchange.
Though the EU has said it plans to block
the 5.8bn deal between Deutsche
Boerse and NYSE, City minister Mark
Hoban will say in a speech at rival bourse
the London Stock Exchange that we
cannot afford to sit back and sacrifice
competition and customer welfare.
Nomura picks fixed income head
Nomura has appointed Steven Ashley as
head of its global fixed income opera-
tions, replacing Tarun Jotwani who
stepped down last week along with
wholesale division chief Jasjit Bhattal.
Ashley, who joined Nomura from RBS in
2010, was promoted from his position
as global head of macro products.
Samsung denies RIM interest
Samsung said last night it was not inter-
ested in taking over Research In Motion,
after shares of the BlackBerry maker
jumped more than 10 per cent following
a report that it was seeking to sell itself
to the South Korean firm.
EDITORS LETTER
ALLISTER HEATH
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Editorial
Editor Allister Heath
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News Editor David Crow
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THE COST of trading foreign exchange
will soar by up to 18 times if an EU
Tobin tax becomes law, according to a
damning new report from a leading
financial services sector group.
The Global Financial Markets
Association (GFMA) said the proposed
European financial transaction tax
(FTT) would make all FX trades up to
seven times more expensive, and more
liquid products up to 18 times more
costly.
The report which came as hedge
funds led another attack on the tax
warned that extra costs will be passed
on to end-users such as pension
funds, insurers and corporates, there-
by damaging the real economy.
James Kemp, managing director of
the global FX division at GFMA, which
represents the major financial institu-
tion trade bodies in Europe, North
America and Asia, said: This study
shows that the proposed tax would in
effect penalise Europes businesses for
sensible risk management by using
FX products to manage currency fluc-
tuations and also threaten to impose
further costs on the investment
returns of pension funds and asset
managers.
Meanwhile global hedge fund
group the Alternative Investment
Management Association has warned
the EU faces widespread, unintended
[and] damaging consequences from
the tax, including a slump in the trad-
ing of shares, bonds and derivatives.
It said: As well as undermining the
EUs single market, the FTT would be
likely to reduce EU taxpayers savings
and pensioners incomes, lead to a
reduction in the level of investment in
the real economy, send asset prices
lower, widen spreads, hinder efficient
price discovery and increase market
volatility.
Last week Denmarks former foreign
minister Lene Espersen described the
tax as bullshit while George Osborne
privately doubts whether the tax will
work even if it is implemented global-
ly, City A.M. revealed in November.
Financial levy
will harm FX,
report warns
BY PETER EDWARDS
FINANCIAL SERVICES
News
Mervyn King:
I find your view
quite extraordinary...
We want to be
accountable to you in
parliament.
MPS accused the Bank of England
of lobbying the Treasury to avoid
proper scrutiny during a frosty
hearing yesterday.
The Treasury Select Committee
(TSC), led by Andrew Tyrie MP, said
the Bank is proposing an oversight
committee for itself with a overly
limited remit. Bank governor
Mervyn King said he found the view
extraordinary.
The Bank is fighting back against
MPs accusation that it is too unac-
countable, suggesting an oversight
body for itself to judge the decision-
making process but not the deci-
sions themselves. John Thurso MP
dubbed it a committee [to] deter-
mine whether all the wrong deci-
sions have been taken correctly.
King hit back that the MPs want
another group of unelected offi-
cials... to second guess the decisions
of the first group. But Michael
Cohrs, a Bank non-executive direc-
tor, agreed with MPs, saying he
cant think of a reason to limit
the oversight bodys remit. Cohrs
also admitted that there probably
should be an investigation into the
Banks role in the financial crisis.
King proposed that its role
should be clarified by a memoran-
dum of understanding between
the Bank and the Treasury and
assured the committee they would
be very pleased with it. But he
incensed MPs by refusing to divulge
any details. They argue the roles
should be laid out in legislation. I
watch with suspicion this memo-
randum, said George Mudie MP.
King also criticised bank bonuses.
The gloves are off: King
trades blows with MPs
King clashed with
MPs over proposals
for an oversight
body that would
judge the Bank
Jesse Norman MP:

"Why have we had to
wait until this point...
before we see a
response? I think its
rather disrespectful.
BY JULIET SAMUEL
REGULATION
SPREAD betting firm IG Group yester-

day said profits jumped by almost a
third in the first half, thanks to the
demise of MF Global and volatile mar-
kets.
The FTSE 250 firm, which posted
pre-tax profits of 103.2m for the six
months to 30 November, also said it
had benefitted from growth overseas
and investment in its mobile phone
platform.
IG said it grew client numbers by 15
per cent in the six month period while
revenue per customer increased by 11
per cent.
It attracted customers who were hit
by the collapse of rival MF Global in
October, and is now using its strong
financial position to attract more
clients.
Spread betting involves gambling
on market moves so greater market
volatility provides the opportunity for
greater winnings, attracting addition-
al punters. The firm has also benefit-
ted from expansion overseas, where it
focuses on contracts for difference and
foreign exchange.
Chief executive Tim Howkins told
City A.M. that his companys success
rested on our ability to invest in tech-
nology and that its position as mar-
ket leader meant the firm can afford
to spend.
He revealed that the group has forty
employees working solely on develop-
ment of mobile platforms: Mobile
accounts for 16 per cent of revenue,
going up 0.5 per cent a month. Wed
like continued volatility but we can
grow the market even without it.
New clients are typically in their
mid-to-late 30s, have a little bit more
risk capital and want to be more active
investors.
IG Group sees
profits jump
on volatility
BY JAMES WATERSON
CAPITAL MARKETS
DAVID Cameron is considering open-

ing a formal consultation on building
an airport in the Thames Estuary.
A consultation, which could be
announced in the coming weeks,
would be the clearest sign yet that
the Prime Minister is enthusiastic
about the scheme.
Downing Street insisted last night
that no decisions have been taken on
the airport, which could be opposed
by the Liberal Democrats. Cameron is
believed to be supportive of initial
plans for the Thames Estuary scheme,
which would cost up to 50bn,
because of the economic boost it
could provide alongside the 32.7bn
new high speed rail line, which will
link London to the North.
The government has ruled out
expanding Londons existing airports,
but Boris Johnson, the Mayor, has lob-
bied for a new hub airport in the
Thames Estuary because doing noth-
ing will lead to economic stagnation.
Johnson has said that Heathrow is
operating at 98 per cent capacity and
does not have the ability to add routes
to growing markets in the Far East,
resulting in foreign airlines going to
rival European airports.
Consultation plan
for Estuary airport
News
Whatever the expectations, lower them
D
ISAPPOINTING is an under-
statement. Analysts had
already cut down their expecta-
tions for Citigroup from a con-
sensus of 76 cents in earnings per
share to just 49 cents.
Little wonder that the actual num-
ber 38 cents was a shocker.
For those following the declining
state of the investment banking
industry, however, the overall narra-
tive is hardly surprising.
Banks are struggling to lay off
staff, build up capital and grab
share of a shrinking market.
Citis primping and priming of the
numbers was little help although it
will undoubtedly be mimicked by
rivals (Goldman is also said to have
had a slightly better run at the end of
the year, after a dire few months).
Citi chose to book a nifty credit
reserve release of $8.3bn, for exam-
ple, which brought down costs signif-
icantly.
So if you look at the headline num-
bers, full year net profits edged up six
per cent to $11.3bn. But if you strip
out the reserve release, they fell 28
per cent to just $3bn.
And yet pay costs edged up five per
cent for the year its no wonder the
bank is cutting thousands of staff.
Expectations might be low, but in
this environment they can only go
one way.
BOTTOMLINE
Analysis by Juliet Samuel
ANALYSIS l IG Group Holdings PLC
p
11 Jan 12Jan 13Jan 16Jan 17Jan
490
485
480
475
470
465
488.00
17 Jan
Tim Howkins said
the group had
invested heavily in
its mobile phone
platform
Picture: VISMEDIA
ANALYSIS l Citigroup Inc
$
32
31
30
29
28.25
17 Jan
BY PETER EDWARDS
POLITICS
THE ADMINISTRATORS of the British

arm of collapsed US broker MF Global
have recovered nearly 600m of cus-
tomer funds held in segregated funds.
KPMG, the special administrator,
has recovered 594m or 82 per cent of
the cash, which is supposed to be held
at arms length, City A.M. has been
told.
This figure is likely to rise but cus-
tomers may not get all their money
back. The total payout depends on
resolving the valuations of outstand-
ing claims. KPMGs costs have neared
20m but have not yet been approved
by creditors.
ABU Dhabis sovereign wealth fund
Aabar yesterday threw its support
behind beleaguered Italian bank
UniCredit by pledging to raise its
stake to 6.5 per cent.
Aabar said it would increase its
holding through its Luxembourg sub-
sidiary as part of UniCredits ongoing
7.5bn (6.2bn) rights issue.
We are intending to participate in
the rights increase and actively sup-
port UniCredits management and
franchise in the future, said Aabar
chairman Khadem Al Qubaisi in a
statement.
We believe in the fundamental
value of the bank and its importance
in the Italian and European context
It is our belief that the success of the
current rights issue will help
strengthen UniCredits capital base
and bring with it a more positive out-
look for the future.
Morgan Stanley is acting for Aabar
on the transaction.
Aabar has been an investor in
UniCredit since March 2009, and is
set to become its biggest single share-
holder when it boosts its holding
from its current 4.99 per cent.
Other big shareholders in
UniCredit include Mediobanca, sever-
al Libyan organisations and
Blackrock.
UniCredit shares have fallen
sharply since it announced a steep
discount on the price of its rights
issue, which began last week and is
due to end on 27 January. It is regard-
ed as a crucial test of investors confi-
dence in the European banking
sector.
The firm priced the issue at 1.94, a
69 per cent discount to its share price
at the time, in a bid to drum up suffi-
cient interest, though several large
investors have yet to announce
whether they will take new shares.
Abu Dhabi set
to raise stake
in UniCredit
WELLS Fargo yesterday beat Wall
Street estimates with a 20 per cent
increase in fourth-quarter profit,
boosted by continued loan growth
and improving credit quality.
Americas fourth biggest bank said
net income in the fourth quarter was
$3.89bn, compared with $3.23bn a
year earlier. For all of 2011, Wells post-
ed net income applicable to common
shareholders of about $15bn, up from
$11.6bn in 2010.
Reflecting a trend demonstrated
on Friday by results at JP Morgan
Chase, Wells Fargos loans grew about
$9.5bn to $769.6bn in the quarter.
Wells Fargo
beats targets
Brokers cash
coming back
BY MARION DAKERS
EUROZONE
FINANCIAL SERVICES
BANKING
Eurozone
Khadem Al Qubaisi
has shown his sup-
port for UniCredit
Picture: REUTERS
DEBUNKING THE ECB DEPOSIT MYTH
Q.
WHATS THIS ABOUT ECB DEPOSITS
BEING AT ANOTHER RECORD HIGH?
A.
Everyday we are treated to a new
run of stories about a record
amount of cash being hoarded in
vaults at the European Central Bank
(ECB). They are based on daily statis-
tics put out by the Bank on the
amount in its deposit facility
overnight accounts that lenders keep
at their central bank to store excess
cash over and above the amount they
must hold in their current account.
Yesterday saw the deposit facility store
more than half a trillion euros.
Q.
WHAT DOES THIS MEAN?
A.
If you believe some erroneous
media reports, it means banks
are hoarding the money. It makes a
compelling narrative: the ECB finally
agrees to pump cash into Europes
financial system on an immense
scale which it did by offering hun-
dreds of billions in loans in
December and lenders end up
hoarding it all in their bank
accounts.
Q.
WHY IS THAT ERRONEOUS?
A.
The numbers in fact say nothing
of the kind. In fact, the data only
tells us what the total amount of cash
stored in the deposit facility is. It does-
nt tell us which banks put it there.
The cash could easily have circulated
and still ended up in the ECB. So for
example, if bank A takes out an ECB
loan and lends it to bank B, which
lends it to a business, which pays an
employee with it,
who puts it in his
account at bank C,
which stores it at the ECB, it shows up
as money hoarded in the deposit
facility. In fact, ECB president Mario
Draghi was keen to tell the world that
the banks taking out loans are not the
same as the ones putting it in their
ECB accounts: it is moving around.
Q.
SO WHAT TO THESE NUMBERS
ACTUALLY MEAN?
A.
They just mean that there has
been a huge expansion in the
money supply available to banks. No
kidding: the ECB made it available
last month. Whether that money is
being hoarded or not remains to be
seen.
Juliet Samuel
Q A
&
ANALYSIS l UniCredit SpA

3.00
2.90
2.80
2.70
2.60
2.50
3.01
17 Jan
HEALTHY European bond auctions
and strong German confidence fig-
ures pushed buoyant markets
upwards yesterday as traders
shrugged off a series of down-
grades.
Stocks and the euro shot up on
the unexpectedly good figures,
countering the negative sentiment
led by Fridays downgrades of eight
European sovereigns debt by
Standard & Poors.
Despite losing its triple-A rating
on long-term debt on Monday, the
European Financial Stability Facility
(EFSF) retained its top short-term
rating and successfully issued six-
month bills yesterday.
The yield came in at 0.2664 per
cent on 1.501bn (1.25bn) of bills
sold. This was the EFSFs first
issuance of this maturity.
Spains government which was
downgraded to A from AA- on
Friday also successfully tapped the
markets.
It issued 3.01bn of 12-month
debt at 2.05 per cent a sharp drop
from the 4.05 per cent seen in
December and 1.87bn in 18-
month debt at 2.39 per cent, again
down from 4.23 per cent previously.
The ZEW index of investor confi-
dence jumped from minus 53.8 in
December to minus 21.6 in January.
The German indicator remains
consistent with a fall in GDP, but is
far less severe than economists
expected and may show the worst of
the downturn could be over.
Yields on high-risk countries
bonds fell on the wave of optimism.
Italys ten-year bond yields fell
11.9 basis points over the day to
6.503 per cent and Portugals slid
27.3 basis points to 14.136 per cent.
Meanwhile Spains edged down five
basis points to 5.134 per cent.
The euro rose 0.49 per cent
against the US dollar and 0.71 per
cent against the yen.
Downgrades
dismissed by
bullish buyers
THE EUROPEAN Commission (EC)
launched legal proceedings against
Hungary yesterday over the independ-
ence of its central bank, data protec-
tion authorities and judiciary.
Hungary brought in legislation to
increase the number of central bank
directors and give politicians more
control over their appointment at the
beginning of the year, under its con-
tentious new constitution.
The commission has identified sev-
eral breaches of primary law by
which countries must abide to join
the EU most notably Article 130 that
stipulates full central bank independ-
ence.
President Jose Manuel Barroso sent
letters in December voicing concerns.
In addition, EC vice-president Neelie
Kroes was repeatedly in contact with
the Hungarian authorities last year.
Governments must refrain from
seeking to influence their central
bank, said vice-president Olli Rehn.
This needs to be addressed before we
can start formal negotiations on the
requested EU/IMF financial assis-
tance.
The Hungarian government will co-
operate fully to find a solution prefer-
ably without going through the full
infringement procedure, according to
a spokesperson.
EC starts legal
action in row
with Hungary
Enough is enough: Protesters object to the new Hungarian constitution Picture: REUTERS
BY TIM WALLACE
EUROZONE
FINANCIAL REGULATION
Eurozone
CITYA.M. 18 JANUARY 2012 7
THE Russian-based oil explorer
Ruspetro became the first company
in 2012 to get a London main mar-
ket float off the ground yesterday as
investors gave the thumbs-up to a
$250m (163m) fund-raising.
Ruspetro priced the shares at
$134 yesterday evening, towards the
lower end of the range. But advisers
said they were delighted with the
response, given delicate market con-
ditions.
Yesterdays pricing followed a few
days of intense but quiet marketing.
Just before Christmas the banks had
also done some pre-marketing,
known as pilot fishing, to test the
market for a flotation.
The issue of new shares means
the free float will be well above 25
per cent, the minimum level
demanded by corporate governance
experts and the UK listings authori-
ty. The group, which has debts of
around $300m, is expected to have a
couple of independent directors on
its board.
Shares are due to begin trading
on Thursday.
Ruspetro IPO
gets the nod
BY DAVID HELLIER
CAPITAL MARKETS
News
ANALYSIS l Carnival PLC
p
2,300
2,200
2,100
2,000
1,900
1,800
1,909.00
17 Jan
Londons first sizeable IPO of the
year is being led by Bank of
America Merrill Lynch. Merrills
team, working under Andrea
Orcel, includes Paul Wheeler,
Julian Mylchreest and Paul
Frankfurt. The bank has been
involved in numerous high-pro-
file deals in recent months,
including acting as lead under-
writer for UniCredits massive
7.5bn rights issue.
Merrill Lynchs team is being sup-
ported by bookrunners
Mirabaud Securities, for whom
Peter Krens is the lead on this
deal, and Renaissance Capital.
Renaissance advised on a num-
ber of IPOs in 2011, including
Phosagro and Etalon.
BOA MERRILL LYNCH
MEET THE ADVISERS
Carnival flatlines as death toll rises
SHARES in Carnival, the owner of
the stricken Costa Concordia
cruise ship, yesterday closed up
only 1.6 per cent after suffering a
16.4 per cent fall on Monday.
Details of the accident continued
to emerge as divers found another
five bodies, taking the death toll to
11, with 23 people still unaccount-
ed for. The investigation is focusing
on the role of captain Francesco
Schettino, who has been charged
with manslaughter and abandon-
ing his ship, and placed under
house arrest. Proving that human
error was to blame has enormous
implications for both the ships
insurers and future sales of cruise
holidays. The boat continues to
slip, raising the prospect of envi-
ronmental damage if its 2,300
tonnes of fuel escape into the sea.
News
Visa Europe saw revenues
jump above 1bn last year
VISA EUROPE, which runs the
biggest card payments system in
the region, reported a 13 per cent
rise in the number of transactions
over its platform last year,
accounting for a seventh of all
consumer spending in Europe.
The number of cards rose by 6.5
per cent to 445m and it processed
11.8bn transactions.
The not-for--profit company also
reported a strong Christmas trad-
ing result, with the daily average
number of transactions rising 14.4
per cent to 25.2m. Its busiest day
was the 23 December as con-
sumers rushed to buy presents
before the holiday.
The surge in volumes pushed
revenues over 1bn, compared
to 878m in 2010, while its
pre-tax profit was 241m
more than a three-fold
increase on the 2010 result.
The firm is pushing further
into mobile banking and
says it has doubled its
headcount to 1,600
over five years, in
addition to
around 500 con-
tractors on its books.
Chief executive Peter Ayliffe
(pictured below) told City A.M.
that mobile is the future
of payments and was
keen to focus on the
firms technology push.
The firm is particu-
larly focusing on
using mobile phones
for contactless pay-
ment, although Ayliffe
said there would
be a lag before
it becomes
widespread.
BY JULIET SAMUEL
PAYMENTS
GOLD may reach a record high

above $2,000 an ounce in late 2012
or early 2013, but the precious
metal is nearing the end of a
decade-long run that has lifted
prices by more than 600 per cent,
metals consultancy GFMS said yes-
terday.
Gold has been a top-performing
asset since 2001 as portfolio diversi-
fication, concerns over sovereign
risk and rock-bottom interest rates
helped lift prices from a low near
$250 an ounce in 2001 to a peak
above $1,920 in September 2011.
It is likely to surpass that level in
the final quarter of 2012 or the first
three months of next year, GFMS
said, potentially breaking through
the $2,000 an ounce level. A combi-
nation of factors will ensure that
sufficient demand from investors
and to a lesser extent official sector
institutions comes into the market
for it to clear at higher levels, the
company said in the second update
to its Gold Survey 2011.
However, a normalisation of the
broader financial landscape in the
next few years is likely to take some
of the wind out of golds sails.
The report does acknowledge
that the gold market is nearing the
closing stages of its decade-long bull
run, said GFMS.
For the first half, the company
forecasts gold prices will average
$1,640 an ounce, close to current
levels. A rising dollar and increased
risk aversion, which in recent
months has pressured gold, could
curb price gains in the short term.
In the second half, it sees prices at
an average of $1,840 an ounce.
GFMS expects jewellery demand
to soften by 3.1 per cent in the first
six months of 2012 to 1,027 tonnes,
in line with a 2.2 per cent decline in
overall demand to 2,199 tonnes.
BY HARRY BANKS
METALS
Gold to reach
$2,000 per oz
ESSAR Energy lost more than a
quarter of its market cap yesterday
after the Indian courts overturned
a 63bn rupee (809m) tax ruling in
its favour.
In a move that took the markets
by surprise, the Indian Supreme
Court said Essar Oil, in which the
London-listed firm owns an 87.1
per cent stake, will no longer be
able to defer payment of a sales tax.
The company said it will decide
on its next steps after studying the
courts decision.
This benefit they were getting,
which is reasonably considerable,
theyre not going to get going for-
ward. Thats going to hit their
financials, said an analyst who
declined to be named.
Under the previous deal, the
sales tax had been repayable from
2021 onwards, and the company
does not yet know how or when it
would pay back the sum.
Essar Energy closed down 26.3
per cent at an all-time low of 127p,
having floated at 420p in May 2010.
Essar Energy
shares tumble
after tax case
ENERGY
DIXONS RETAIL, Europes second

largest electronics retailer, reported a
decline in sales over the Christmas
period, though it managed to improve
its margins in spite of widespread dis-
counting on the high street.
The owner of Currys and PC World
said sales at stores open more than a
year fell by five per cent in the 12
weeks to 7 January, driven by poor
sales across the UK and Ireland, Greece
and Italy.
However chief executive John
Browett said the firm enjoyed its
strongest ever promotions and
increased its gross margin by 0.4 per
cent, after selling more products like
iPads and headphones at full price.
This is a solid performance against
a challenging backdrop. Our service-
led business model continues to win
over customers in all our key markets,
Browett said.
Dixons said it had seen a surge in UK
trading since the anniversary of the
VAT sales tax rise on 4 January, with
like-for-like sales up 23 per cent over
the 10 days to 14 January.
The electronics market is one of the
largest victims of the consumer down-
turn, however Dixons said it was out-
performing the market, benefitting
from rival Best Buy exiting the UK and
the sale of Comet.
Its southern Europe arm, including
Italy and Greece, was the worst hit,
with like-for-like sales falling 10 per
cent, but Browett reiterated Dixons
commitment in those countries.
He also played down concerns over a
150m bond repayment due in
November and said: We are in good
shape...we have the cash and bank
facilities to repay the bond.
BY KASMIRA JEFFORD
RETAIL
Retail
Burberry sees
sales surge as
luxury booms
Dixons fights on
despite decline in
Christmas takings
BRITISH fashion house Burberry has
posted a 21 per cent uplift in
Christmas sales after high-spending
tourists continued to flock to its flag-
ship stores in search of its iconic
trench-coats and leather goods.
The 156 year-old firm said underly-
ing sales rose to 574m in the three
months to 31 December from 480m
a year earlier, with signature outer-
wear and leather accessories fuelling
half of its total retail growth.
Burberrys share price has been che-
quered in recent months amid fears
of an economic slowdown in China,
but the firm said yesterday compara-
ble store sales in China grew by 30 per
cent in the quarter.
Flagship markets including
London, Paris, Beijing and Hong Kong
outperformed, attracting well-heeled
travelling consumers, which helped
push the groups like-for-like sales up
by 13 per cent.
Burberry suffered a weaker per-
formance in the US, with sales growth
slowing to four per cent from 20 per
cent in the first half as it chose to cut
back supplies for department stores.
Chief executive Angela Ahrendts
said that, looking ahead, Burberry
remained focused on its expansion
plans while staying mindful of the
challenging macro environment.
The group opened six stores in the
quarter, including its first flagship in
Paris and a third store in Brazil. It
expects retail selling space to rise 13-
14 per cent in the second half, down
from 15 per cent growth previously.
Despite the upbeat statement,
Burberrys share price flatlined at
13.01 yesterday.
Hargreaves Lansdowns head of
equities Richard Hunter said this may
be more indicative of the market sen-
timent towards retailers.
Nothing wrong with the overall
numbers, however the poor perform-
ance in the US and the weak fourth
quarter guidance may worry the mar-
ket, Liberum analysts added in a
note.
BY KASMIRA JEFFORD
RETAIL
ANALYSIS l Burberry Group PLC

p
1,310
1,300
1,290
1,280
1,270
1,260
1,301.00
17 Jan
ANALYSIS l Dixons Retail PLC
p
11.50
11.00
10.50
10.00
10.94
17 Jan
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www.cityam.com
MATALAN has warned of tough trad-
ing to come as consumers continue to
feel the pinch, despite the firm post-
ing a rise in like-for-like sales and deliv-
ering its best sales week since 2005.
The out-of-town fashion and home-
ware retailer said like-for-like sales
increased by 9.9 per cent in the five
weeks to 31 December, up from 1.3 per
cent in the 13 weeks to 26 November,
thanks in part to the success of its
Christmas TV campaign.
The retailer added that it had
achieved its best sales week to date
during the period, breaking a previ-
ous record set in 2005, thanks to a
targeted promotional strategy with
offers on selected lines.
Chief executive Darren Blackhurst
said: It is clear that Matalan is well
positioned in this increasingly com-
petitive market to offer customers the
higher quality, lower cost value propo-
sition they seek.
Matalan added that higher cotton
prices at the end of 2010 and early
2011 were now putting pressure on
margins, and due to its buying cycle
the recent fall in cotton prices will not
be reflected in its margins until the
second half of next year.
We remain focused and cautious
and recognise the need to maintain
healthy cash levels and tight control
of costs as we look after customers and
exceed their expectations going for-
ward, Blackhurst added.
The 190-store chain posted total
third quarter revenues of 310.8m
with like-for-like sales up 1.3 per cent,
it said.
Matalan enjoys a boost in turnover
but warns of a tougher year ahead
BY KASMIRA JEFFORD
RETAIL
Angela Ahrendts,
Burberry boss, is
making hay due
to Asian demand
Picture: REX
DS Smith is buying the recycled pack-
aging operations of Svenska
Cellulosa Aktiebolaget for 1.6bn
(1.3bn) in a move to secure more
business from the worlds top con-
sumer goods companies.
The company said the acquisition,
which excludes two mills in Sweden
that use virgin pulp, would be
financed by a combination of debt
and 466m from a nine-for-eight
rights issue priced at 95p a share.
It said buying the operations
would give it a footprint across
northern Europe and the Nordic
area, where its main consumer goods
customers already operate.
Customers like Procter & Gamble,
Nestle, Kraft, Reckitt Benckiser and
Unilever wanted us to replicate the
success we have in the UK and France
of using recycled packaging across
Europe, chief executive Miles
Roberts said.
Manufacturers are increasingly
using recycled cardboard rather than
virgin paper, plastics and wood, he
said, creating a bright spot in a paper
sector long beset by overcapacity and
swings in demand.
The macro economic situation is
uncertain, and we havent made any
heroic assumptions, particularly on
revenue, added Roberts. Analyst
David OBrien at broker Goodbody
said: We believe the deal will be well
received as DS Smith demonstrates
its ambition and makes significant
strides in reaching its strategic
goals.
DS Smith in
1.3bn deal
for packager
Growing Hyperion mulls IPO
INSURANCE group Hyperion has
moved nearer to a flotation after
reporting a rise in revenue and earn-
ings.
The broker and underwriter, which
is backed by 3i, Britains oldest private
equity firm, increased revenue by 21
per cent to 87m for the year to 30
September. The firm bought smaller
insurance groups in Israel and the Far
East during the year but recorded a
rise in organic growth of 18 per cent,
helping push Ebitda earnings up 45
per cent to 18m, after acquisition
costs. Chief executive David Howden
said the figures are a reflection of
the success of our strategy, our diver-
sified business model and our ability
to attract the very best people.
The figures appear to take
Hyperion closer to an initial public
offering (IPO) which would raise more
than 250m.
Executives have declined to say
what proportion of the business they
would float. Management are expect-
ed to retain a stake, however, given
Hyperions repeated annual growth.
Howden and his family trust current-
ly own 15 per cent of the business.
Going public could provide many
mid-level staff with a windfall, as
employees currently own more than
50 per cent of the business. After 3i,
which has a 27 per cent stake, the
other significant investors include BP
Marsh, the private equity investor,
and two Spanish investment groups.
Hyperion, set up in 1994, has been
looking at an IPO since 2009 but is
now considering going to market
next year.
BY JOHN DUNNE
CONSUMER
BY PETER EDWARDS
INSURANCE
HEDGE fund Lansdowne Partners has

emerged as the latest casualty of a dire
2011 for the industry with a slump of
more than a fifth at a key British fund.
The Lansdowne UK Fund lost 20.07
per cent last year, its first annual loss
since it was launched 10 years ago.
The $1.7 trillion (1.1 trillion) hedge
fund industry had a wretched year in
2011, with the average fund dropping
4.8 per cent and some stock-focused
funds suffering an average decline of
19 per cent, according to research com-
piled by Hedge Fund Research and
Bank of America Merrill Lynch.
Lansdownes fund was hit because
of its exposure to the financial services
sector. Its shareholding in Lloyds
Banking Group is second in size only
to that of UK Financial Investments,
which manages the governments
stakes in the bailed-out lenders.
Lansdowne, which made millions of
pounds by shorting banking stocks
such as Barclays and Anglo Irish dur-
ing the crisis, is known for its connec-
tions to politics.
In 2010 it hired Tony Blair to give a
small number of geopolitical talks to
its executives and co-founder Sir Paul
Ruddock has donated to the
Conservative Party.
Lansdowne
fund hit by
2011 slump
HEDGE FUNDS
News
DS Smith boss Miles Roberts talked up the expansion Picture: Nick Sinclair
Malcolm Moir is a managing direc-
tor at JP Morgan Cazenove, and led
the team advising DS Smith on the
companys successful bid for French
packaging firm Otor in 2010.
He has also worked with Babcock
on its takeover bid for VT, and acted
for First on its failed bid for
National Express. Mark Breuer is a
vice chairman who previously
served as head of the banks merg-
ers and acquisitions team.
He was one of five JP Morgan
executives to make the board in
2008, after moving to the firm as
part of Cazenove in 2004.
He advised on LOreals acquisi-
tion of The Body Shop, and acted
for George Wimpey on its merger
with Taylor Woodrow.
Breuer played a key role in
Lindes acquisition of rival BOC,
and is currently advising Chloride
following an offer by Emerson
Electric. He was a prominent figure
in KKRs acquisition of Boots.
MEET THE ADVISERS: JP MORGAN CAZENOVE
MALCOLM MOIR
MARK BREUER
ANALYSIS l DS Smith PLC
p
220
215
210
205
200
195
210.20
17 Jan
Barack Obama vs Mitt Romney

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PoliticsHome.com PoliticsHome.com
ECONOMIC growth in China
slowed to a two and a half year
low in the fourth quarter of
2011, though the data points
to a soft landing rather
than the hard deteriora-
tion economists feared.
Chinese GDP grew by 8.9
per cent in the year, com-
pared with 9.1 per cent in the
12 months to the third quar-
ter.
Over the three-
month period the
economy expanded
by just two per cent,
with housing and
exports weighing on
growth.
Investment in
property fell by
almost 40 per cent
from November to
December, under-
scoring risks to
domestic demand.
Meanwhile slug-
gish demand from a
weak Eurozone a
key market has hit
exports.
Markets responded well to the fig-
ure, and still expect a further loosen-
ing of monetary policy to counter the
slowdown.
Hong Kongs Hang Seng
stock index jumped 3.24 per
cent, Japans Nikkei rose 1.05
per cent, and the Australian
ASX closed up 1.65 per cent.
Regional currencies were
also boosted, with the
Australian and New
Zealand dollars both
up against the US
dollar.
The recent
dip in the con-
sumer price
index measure
of inflation
does give the
Peoples Bank
of China some
scope to cut
interest rates
in order to
s t i m u l a t e
growth if
required, said
Investecs Lee
McDarby.
However, the
degree of mone-
tary loosening
is likely to be limited Premier Wen
Jiabao (pictured) has described his
policies as fine-tuning.
Official news agency Xinhua wel-
comed the GDP figures, arguing that
the economy is moving to a more sta-
ble long-term footing.
For the reform-minded economic
architects in China, slower, more bal-
anced growth may bring about a hap-
pier ending, the agencys editorial
said, describing earlier years
growth at levels of 10 per cent and
above as dizzying.
The slowdown is desired by policy-
makers who sought to cool down the
country's property market.
Even when the Chinese engine is
downshifted, it still has the power
and potential to drive the world
economy, the agency said.
Soft landing in China
as euro hits exports
BY TIM WALLACE
CHINESE ECONOMY
News
South America ups Experian
GLOBAL information services group
Experian reported promising growth
in the three months to 31 December,
largely due to successful operations in
Latin America.
The company reported a revenue
increase of 12 per cent at constant
exchange rates with organic revenue
growth of seven per cent year-on-year.
Business in Latin America gave
Experian its biggest boost with a total
revenue growth of 42 per cent.
The UK ranked third out of
Experians four operating regions, pre-
senting a revenue growth of 10 per
cent, or seven per cent considering the
January acquisition of Techlighten-
ment and the July buyout of LM Group.
Experians Interactive sector per-
formed strongly in the UK however,
contributing revenue growth of 29 per
cent compared to a one per cent global
decline in Interactive.
Aside from a 98 per cent stake
bought in Computec SA for 247m,
there has been little change to the
companys financial position.
Shares dipped in morning trading
before closing level at 8.76.
BY LAUREN DAVIDSON
FINANCIAL SERVICES
PUBS and brewery group Greene King

enjoyed a record Christmas last year
and predicted further growth in the
coming year despite a tough con-
sumer environment.
The 213-year-old Suffolk-based firm,
which operates 2,410 pubs, restau-
rants and hotels, said like-for-like
retail sales rose 8.2 per cent in the
seven weeks to 15 January, boosted by
an 11.1 per cent rise in food sales and
a record Christmas week when sales
jumped 17 per cent.
It is clear that even in these diffi-
cult times, customers still look for
enjoyment and some respite from the
financial pressures they are facing,
said Greene King chief executive
Rooney Anand.
Britains pubs are benefiting as
cash-strapped customers trade down
from eating out at restaurants.
Xmas lift for Greene King
as consumers trade down
LEISURE
NEWS | IN BRIEF
Union rejects Tube Olympics deal
Transport union the RMT has rejected a
new pay offer from London
Underground, warning that it could start
dispute action if further progress is not
made. The RMT said the offer of a 100
target-based bonus plus a 15 per shift
payment during the Olympics for opera-
tional staff was derisory, inadequate
and that it would push for more in a
meeting at the end of the month. The
negotiations are separate to a deal done
with Tube drivers, who won a bonus of
at least 500 for working during the
Games this summer.
Study: Stop focus on tech growth
Governments are wrong to focus exclu-
sively on technology start-ups when
looking to promote high-growth busi-
nesses, claims research from the
Strathclyde Business School. Innovation
schemes in many countries focus on the
sector and on university research spin-
offs, when they only actually produce
very few successful firms. It is danger-
ous to adopt policies which pre-judge
where high-growth firms will emerge,
said co-author Professor Mason. Instead,
he says eligibility rules should be flexible
enough to help firms from any sector.
Romney hints at his tax rate
US Republican presidential candidate
Mitt Romney, under increasing pressure
to release his tax returns now, insisted
yesterday he planned to make them
public in April but said he probably
pays a rate of around 15 per cent.
Romney, who used to lead Bain Capital,
said most of his income came from his
investments, suggesting he is taxed
under capital gains rules rather than
income.
ANALYSIS l Experian PLC
p
875
870
865
860
875.50
17 Jan
ANALYSIS l Chinese growth and inflation
%
YEAR
Consumer prices
GDP growth
00 02 04 06 08 10 12
14
12
10
8
6
4
2
0
-2
China lending rate
CONSUMER prices increased at their
slowest pace for six months in
December, the Office for National
Statistics revealed yesterday, with alco-
hol and tobacco prices down in the
month and fuel rises slowing.
The headline consumer price index
increased by 4.2 per cent in the year to
December down from 4.8 per cent
the month before, representing the
largest fall in pace in three years.
Despite the fall, inflation remains
more than twice the two per cent tar-
get Bank of England governor Mervyn
King (left) is supposed to aim for.
The cost of living, measured by the
retail price index, rose by 4.8 per cent
in the 12-month period, down from
5.2 per cent in the year to November.
Meanwhile the tax and price index,
which accounts for direct tax, rose by
4.5 per cent, down from 4.8 per cent.
Alcoholic beverages recorded their
largest monthly fall ever, at 3.1 per
cent, with wine prices down 3.3 per
cent. spirits falling 4.4 per cent and
beer prices down 1.7 per cent.
Communications such as mobile
telephones saw a record rise of 6.6 per
cent over the year.
Economists believe the overall fall in
inflation is set to continue into 2012.
This should gather pace over the
next couple of months with tempo-
rary factors, most notably the VAT rise,
falling out of the year-on-year calcula-
tion, said Nida Ali from the Ernst and
Young Item Club.
We expect CPI inflation to be back
at the two per cent target by this
autumn. There should still be plenty
of room for the MPC to loosen mone-
tary policy further this year.
BY TIM WALLACE
UK ECONOMY
News
Samsung invests to beat foes
TECHNOLOGY giant Samsung is plan-
ning to invest a record 47.8 trillion
South Korean won (27.2bn) this year
a 12 per cent increase on 2011 to
expand into new areas ahead of its
competitors.
South Koreas biggest conglomerate
is looking to invest in order to solidi-
fy its dominance in key businesses in
the global market and to dominate
new growth areas in advance, the
company said in a statement.
While Samsung neglected to speci-
fy where it would direct the bulk of
this investment, speculation suggests
the focus will be on developing the
next generation of mobile chips and
OLED, the organic light emitting
diodes used in flat-screen displays
which is expected to succeed LCD.
The company said it will boost its
facilities outlay by 11 per cent to 31tn
won this year and direct 13.6tn won
towards research and development.
The remainder will go towards
stake purchases and similar invest-
ments.
Samsung, which provides the
mobile chips for Apples iPhone and
iPad, also announced it would add a
record 26,000 employees to its current
team of 350,000 staff this year.
This follows news earlier this week
that Samsung is looking to sell 1bn
in five-year bonds to fund its mobile
chips operations in the companys
first overseas debt sale since 1997.
The group will publish its year-end
financial results on 27 January and is
expected to report record sales of up
to 165.7tn won and an operating prof-
it of over 16tn won.
BY LAUREN DAVIDSON
TECHNOLOGY
BRITAINS biggest food group Premier

Foods plans to slash 600 jobs in the
UK in the face of weak consumer
demand and expects 2011 profits at
the lower end of the market forecasts.
The job cuts amount to an accelera-
tion of an existing cost cutting plan,
and follow a profit warning by the
company in October.
They will be made from Premiers
12,000 workforce across head office,
support sites and production plants,
and will double its cost-cutting target
to over 40m by 2013 from its original
plan for 20m in cuts.
The company, struggling with
hefty debts after a buying spree and
tough trading conditions, said talks
with its banks over a re-financing
package are continuing and an agree-
ment is expected soon while it looks
to sell more non-core businesses.
Premier Foods axes 600
jobs ahead of refinancing
CONSUMER
Inflation plummets
as high street sales
help the consumer
HOUSE prices in the UK declined
again in November, the Department
for Communities and Local
Government (DCLG) revealed yester-
day.
The index fell 0.3 per cent on an
annual basis in November, slower
than the 0.4 per cent decrease seen
in October and representing the
eighth consecutive monthly fall.
Meanwhile the typical sum paid
for homes by first time buyers has
risen by 0.7 per cent over the 12-
month period.
During the year to November
average house prices decreased by
0.1 per cent in England to 213,668.
London remains the English
region with the highest average
house price, at 346,123, whilst the
North East has the lowest average
price at 133,230.
London registered an annual
house price increase of 3.2 per cent.
These figures from the tail end
of 2011 paint a decidedly sorry pic-
ture of the housing market, said
Michael Brown, director of London-
based estate agents, The Property
Lounge.
Its like an exhausted athlete,
panting and wheezing towards the
finish line. Trouble is, it has been
running just to stand still. 2012
looks likely to repeat the pattern.
House prices
drop for eighth
month running
PROPERTY
ANALYSIS l Inflation is starting to fall

Annual
change %
Dec
2008
Jun Dec
2009
Jun Jun Dec
2011
Dec
2010
6
5
4
3
2
1
0
-1
CPI
RPI
THE COALITIONS new rules on the
retirement age could be plunged into
confusion after a long-running dis-
crimination case opened in the
Supreme Court yesterday.
Leslie Seldon, who was a partner at
London law firm Clarkson Wright and
Jakes, is taking his former employer to
the highest court in the land after he
was forced to retire at the age of 65.
The firm claims it took the decision
based on its partnership deed and its
attempts to ensure a collegiate atmos-
phere by not pushing out older part-
ners through performance reviews.
If Seldon is successful in overturn-
ing the earlier ruling by the Court of
Appeal which upheld CWJs decision
it could force the government to re-
think its reform of age discrimination
laws. Last year ministers axed the
default retirement age, preventing
employers from getting rid of staff
solely because they had reached the
age of 65.
Seldons case against CWJ is being
funded by the Equality and Human
Rights Commission (EHRC), which has
demanded clarity on the rules.
John Wadham, group legal director
of the EHRC, said: Forced retirement
ages have been abolished, but now
lawyers and employers need to under-
stand when age discrimination is jus-
tifiable in terms of the law.
Emma Bartlett, partner at lawyers
Speechly Bircham, said: The govern-
ments attitude to retirement has
changed since Seldon was at the Court
of Appeal. The government no longer
considers it necessary to give employ-
ers freedom to retire employees at 65
without justification. The Supreme
Court may therefore find it difficult to
construe CWJs aims in line with social
policy. [However] other cases have
maintained that workplace planning
can be a relevant justification for
enforced retirement.
Seldons case is expected to con-
clude today, with the judgement being
handed down several weeks later. It is
being heard before another case of
alleged age discrimination, due tomor-
row, involving a former legal advisor
employed by West Yorkshire Police.
The Department for Business said:
We have always said that, following
the removal of the default retirement
age, it should remain open to employ-
ers to retain a set retirement age if it
can be objectively justified. We hope
this case will help to clarify this.
Ministers on
alert over age
bias wrangle
BY PETER EDWARDS
EMPLOYMENT
News
It isnt right that employees can be forced out, especially as pensions are
getting lower. The government should be on the side of employees.
The government should enact strong policy to protect older employ-
ees. It isnt fair that someone can lose a job based on their age.
It should be decided by the employer based on whether they are still
productive at work. The government doesnt have to be involved.
SYED HASSAN | ALLIANCE & LEICESTER
DOMINIC CUMBERBATCH | CSC
www.RateSetter.com Customer Phoneline: 08442490115
In association with RateSetter: A better way to Save and Borrow, Peer to Peer
CITY VIEWS: SHOULD EMPLOYERS RETIRE
WORKERS BASED ON AGE?
CARLOS LEWIS | MOIP CONSULTANCY
Interviews by Raymond Doherty
Amazon is catching up to Britains top brand
G
OOGLE, Amazon and Marks &
Spencers remain the healthiest
brands in the UK in the eyes of
consumers for the third year
running, according to the annual
YouGov BrandIndex league table of
brands. They lead the way on the
Index score, which is a composite of
consumers perception of brands
terms of quality, value, customer satis-
faction, corporate reputation, general
impression, and likelihood to recom-
mend, measured on a daily basis.
The importance of perception and
how long it takes to cultivate a positive
image is shown by the fact that the top
20 contains only one new entrant.
Dove is the only new addition to the
leader board, appearing at the expense
of mobile phone operator Nokia.
Doves ongoing real beauty cam-
paign skillfully using social media
has clearly struck a chord.
The top six are exactly the same as
2010 with BBC, Heinz and Sony fol-
lowing the top three but Amazon has
slightly closed the gap on Google and
actually led in December. So 2012
could well see a new top brand.
The tough economic environment
may explain why so few brands have
managed to improve their perceptions.
Amazon is one of only three brands in
the top 20 whose perception score has
risen. The other two are Fast Moving
Consumer Goods brands, Colgate and
Cathedral City with the latter bene-
fiting from an advertising lift.
FMCG brands are the most common
in the top 20, accounting for seven
entries. Four technology brands and
two broadcasters (BBC and Channel 4)
complete the list. Cadbury,
Waterstones and Bosch are the only
brands to drop places in the top 20.
Stephan Shakespeare is the chief executive of
YouGov
BRANDINDEX
STEPHAN SHAKESPEARE
ANALYSIS l Top 3 Brands of 2011
65.0
60.0
55.0
50.0
45.0
40.0
Google
Amazon
Marks and Spencer
1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 21 Dec
ANALYSIS l Top 3 Brands of 2010
1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 21 Dec
65.0
60.0
55.0
50.0
45.0
40.0
Google
Amazon
Marks and Spencer
BIRLEY CAPS
NUMBERS AT
HIS DELAYED
20M CLUB
THE DEVELOPMENT of 5 Hertford Street is
progressing more or less on track.
Thats more or less as in originally sched-
uled for last November, before being
pushed back to this month and now final
answer March.
Except thats Easter, says a spokesman
for Robin Birley, the leisure entrepreneur
developing the 20m Shepherd Market
members club with the billionaire Reuben
brothers. So it may be April.
No rush. After all, the building works to
completely refashion the dilapidated town-
houses into a dinner and dancing venue to
rival Annabels the home from home for
property tycoon Vincent Tchenguiz that
Richard Caring bought from Birleys father
Mark Birley in 2007 have been 18 months
in the making.
Even when 5 Hertford Street does even-
tually emerge from the scaffolding, the dif-
ferent areas the restaurant, bar, cigar
lounge, private rooms and roof terrace
will open in stages, with initial member-
ship capped at 1,500.
That includes the 500 who have already
paid substantial amounts to become
founding members, limiting the options
somewhat for would-be City joiners. Robin
LEAVE OF ABSENCE
SO FAREWELL then Jeff Morton, head of
investment for the BlackRock UK property
fund, who has left the building with imme-
diate effect. Now is an appropriate time
for me to move on and meet new chal-
lenges elsewhere, said Morton.
Precisely why right now is so appropri-
ate, however, remains a mystery
BlackRock policy is not to talk about per-
sonal departures in that level of detail.
Jeff is no longer at BlackRock, blocked the
investment giant.
HEDGE FUNDS
THE HEDGE fund charity 100 Women in
Hedge Funds has raised more than $25m
globally. And this year, the target is educa-
tion, as the body chooses schools initiative
SkillForce for its third year with the Duke
of Cambridge as patron.
Top of the many fundraising events, says
Blackstone Groups Kristen Eshak Weldon,
chair of the London board of 100 Women
in Hedge Funds, is the annual London gala
in the autumn, which last year raised
675,000 for the Child Bereavement
Charity.
Birley is concerned not to have too many
members, says the club. We dont want it
to be rammed from the start.
RANGERS PLUS POINTS
THE SKYS the limit for Rangers FC, after
the Glaswegian club yesterday unveiled its
ambitions to maximise the Rangers brand
in overseas markets. A new London office
has been opened to lead this bold strategy,
led by Misha Sher of Soccerex, who starts
next week.
But is this really the time? On 9 January,
the Plus exchange suspended Rangers
Football Club Plc from trading after it
failed to file its accounts for the year to 30
June 2011 by the deadline of 31 December.
Meanwhile, a Plus investigation is ongo-
ing into why Rangers majority shareholder
Craig Whyte neglected to point out, when
he was appointed to the board on 6 May
2011, exactly why he was disqualified from
acting as a director for seven years in 2000.
Over to Rangers, which says it is consid-
ering delisting from the Plus market on 6
May 2012 anyway. Since becoming chair-
man I have always questioned what is real-
ly being achieved with a public listing,
shrugs Whyte.
BUSMANS HOLIDAY
IS THE Competition Commission over-
stretched? The Capitalist sees the watchdog
is advertising for inquiry directors to pro-
vide chairman Roger Witcomb with
sound, timely advice. We offer a fasci-
nating variety of work, entices the CC.
An interesting way to describe the inves-
tigation into local bus services given as an
example in the ad but with a generous
leave allowance and civil service-guaran-
teed pension, whos quibbling?
Above: The 5 Hertford
Street development in
Shepherd Market
Above right: Rangers
owner Craig Whyte
Picture: REUTERS
17 EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
The Capitalist
CITYA.M. 18 JANUARY 2012
Racecourse Media Group
Simon Ellen has been appointed as non-
executive chairman of Racecourse
Media Group, the umbrella organisation
for the 30 racecourses that hold an
interest in Racing UK, Turf TV and GBI
Racing. Ellen, who joined the RMG
Board in June 2010, is a former
Rothschild and Warburg investment
banker, and has since chaired a number
of private equity-owned investors.
Thames River
The asset manager has hired Brett
Golledge as part of a restructuring of its
global credit team. Golledge joins from
UBS, where he was head of credit trad-
ing until November 2011.
Orosur Mining
Mario Caron has stepped down as chair-
man of Orosur Mining to dedicate more
time to his new role as chief executive of
Aldridge Minerals, but will remain as a
non-executive director. Ralph Browning,
who has been a non-executive director
of Orosur Mining since December 2010,
becomes executive chairman.
United First Partners
The independent boutique brokerage
and advisory firm has expanded its
London equity sales team by hiring Jon
Samson and Neil Mckay, who join from
Standard Chartered Bank and
Arrowgrass Capital respectively.
AMR International
The strategy consultancy has
announced that Jim Easton has been
promoted from chief operating officer
to chief executive. Current CEO Denzil
Rankine becomes executive chairman
and relocates to New York.
Gide Loyrette Nouel
Dimitrios Logizidis has been promoted
to partner in the law firms London
office. Logizidis joined Gide in 2007, and
specialises in structured finance.
Lombard Medical Technologies
Ian Ardill, formerly finance director at
Biocompatibles International, has been
appointed as chief financial officer,
effective from 23 January.
Distinction Asset Management
Distinction has appointed David
Butler as sales director. Butler was
most recently regional account man-
ager for London at Cofunds.
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
Wall Streets rally
leaves Citi behind
U
S stocks advanced yesterday,
pushing the S&P 500 to its
highest since early August, but
sharply pared gains late in the
session as Citigroups steep drop in
profit gave investors a reason to
unload bank shares.
The financial sector, which has
outperformed the broader market so
far this year, took a hit on investors
disappointment with Citigroups
earnings.
Citigroups stock slid 8.1 per cent
to $28.25 after it reported weaker-
than-expected earnings. The KBW
Banks Index lost 1.4 per cent.
Through Friday, the KBW Banks
Index was up about 10 per cent for
the year, while the S&P 500 was
about two per cent higher.
The banks sell-off poured cold
water on a rally that drove the S&P
500 through 1,300 for the first time
since August.
Stocks rallied about one per cent
across the board after data showed
Chinas economic growth was better
than expected, even though it
expanded at the weakest pace in two
and a half years.
Citigroups results followed simi-
larly disappointing earnings on
Friday from JPMorgan Chase.
The Dow Jones industrial average
rose 60.01 points, or 0.48 per cent, to
12,482.07 at the close. The Standard
& Poors 500 Index added 4.58
points, or 0.36 per cent, to 1,293.67.
The Nasdaq Composite Index gained
17.41 points, or 0.64 per cent, to
2,728.08.
Bank shares also suffered on
Friday ahead of the widely expected
announcement by Standard & Poor's
that it was downgrading the credit
ratings of nine Euroone countries.
While Wells Fargo posted a 20 per
cent jump in quarterly profit, its
stock, which earlier had risen more
than one per cent to a session high at
$30.69, pulled back sharply from
that peak and ended up just 0.7 per
cent at $29.81.
On the downside, Carnival shares
slid 13.7 per cent as its Italian unit,
Costa Crociere, struggled to locate
missing passengers after a cruise
liner capsized. Fellow cruise operator
Royal Caribbean Cruises fell 6.2 per
cent.
Volume totalled 6.74bn shares
traded on the New York Stock
Exchange, NYSE Amex and Nasdaq,
just above the daily average of
6.68bn.
Advancing stocks outnumbered
declining ones on the NYSE by about
three to two, while on the Nasdaq,
advancers beat decliners by about 13
to 12.
B
RITAINS top shares rose yester-
day, aided by mining stocks after
data from top metals consumer
China eased worries over the
demand picture, although fears of a
Greek default kept a lid on the gains.
The UK benchmark closed up 36.51
points, or 0.7 per cent, at 5,693.95, hav-
ing earlier baulked just above the near-
term 5,720 resistance level.
Miners tracked solid gains in metals
prices after China's economy grew at a
pace better than some had expected,
though expanded at its weakest pace
in two and a half years in the latest
quarter.
Its a very important focal point for
the macro picture. China needs to
avoid a hard landing and this data
today does assist with that somewhat,
said Angus Campbell, head of sales at
Capital Spreads.
Rio Tinto was among the top blue-
chip risers, up 2.9 per cent, as the posi-
tive data helped investors shrug aside
its near-flat iron ore production
growth for the fourth quarter, which
was weaker than some market expec-
tations.
Nomura also weighed in on the
company, saying it was one of its top
picks among European miners.
India-focused refiner and power
generator Essar Energy was the biggest
FTSE 100 casualty after Indias
Supreme Court ruled against it in a
case yesterday, meaning it will no
longer benefit from a scheme by
which it is able to defer sales tax.
Essars shares sank 26 per cent to
their lowest level since the company
listed in London in 2010, in hefty trad-
ing volume, at almost eight times its
90-day daily average.
Investors were rattled about
prospects for a Greek default, which
could worsen Europes debt crisis by
pushing borrowing costs for countries
on the blocs periphery to unsustain-
able levels.
Talks between Greece and its private
sector creditors on a debt swap deal
which broke down last week are
expected to resume today.
Athens requires a swift resolution to
avoid defaulting on 14.5bn of bond
redemptions that fall due in late
March.
Despite these overarching worries,
UK banks put in a solid showing, with
Royal Bank of Scotland one of the best
off, ahead 1.8 per cent, after the British
lender secured a $7.3bn deal to sell its
aircraft-leasing business.
[The] disposal will release $2.5bn of
risk-weighted assets, assisting RBS to
reduce its wholesale funding commit-
ment and strengthen core Tier 1 capi-
tal, Oriel Financials said, reiterating
its buy rating on the stock.
Insurers gained, too, with insurance
buyout vehicle Resolution up 1.4 per
cent as UBS upgraded its rating to
buy, citing valuation grounds, in a
note on the UK life and non-life insur-
ance sectors.
After a choppy session, Burberry
ended in positive territory, 0.1 per cent
firmer, as the British luxury brand
met forecasts with a 22 per cent rise in
third-quarter revenue.
Some analysts said the figures were
flattered by a pulling forward of
wholesale orders and that the firms
full-year guidance implied little
growth in fourth-quarter wholesale
sales.
Even with the positive macro-eco-
nomic news, companies are still strug-
gling to maintain expectations above
market consensus, Atif Latif, director
of equities and derivatives at Guardian
Stockbrokers, said. We think that the
Greek situation is still a grave concern
and it is a case of when an orderly
default will occur which will increase
the pressure on the ECB.
Miners rise on China stats
despite lingering euro fear
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Imperial Tobacco
2,400
2,350
2,300
2,250
2,450
2,200
Nov Dec Jan
p
2,360.00
17 Jan
IMPERIAL TOBACCO
JP Morgan Cazenove rates the tobacco firm overweight and has
introduced a target price of 31.27. The broker thinks the tobacco sec-
tor as a whole could be in for a rough start to the year, as reluctant
investors stay away from the sector. But it points to a strong 2011,
where even weaker performers in the sector gave a capital return of
20 per cent.
ANALYSIS l Invensys
220
210
200
230
190
180
170
Nov Dec Jan
p
181.60
17 Jan
INVENSYS
Citigroup rates the engineering and software group buy with a target
price of 235p. The firms profit warning last week has had only a limited
impact on Citis positive view, and the broker still expects to see strong
earnings per share after 2012. Citi still reckons positive news in the rail sec-
tor can only help Invensys shares. However, it has cut its earnings per share
forecasts for this year after the firms warning of 60m extra costs.
ANALYSIS l Derwent
1,650
1,600
1,550
1,700
1,500
Nov Dec Jan
p
1,597.00
17 Jan
DERWENT LONDON
UBS has lowered its rating of the property group from buy to neutral
and cut its target price from 18 to 17. UBS forecasts lower growth in the
London office market this year, and now thinks Derwents office values will
grow five per cent in 2012 cutting its net asset value by 3.5 per cent and
earnings per share by two per cent. However, UBS remains positive on the
London market in the medium term.
p
4Nov 17Oct 24Nov 14Dec 6Jan
5,800
5,200
5,300
5,400
5,100
5,600
5,700
5,500
ANALYSIS l FTSE
5,693.95
17 Jan
Ernst & Young
Mark Weinberger has been named as Ernst &
Youngs next global chairman and chief execu-
tive, succeeding Jim Turley, who will retire on
30 June after leading the firm since 2001.
Weinberger currently sits on Ernst & Youngs
highest governing body, the global executive,
and runs the global tax practice. He previously
served on the Americas executive and US
operating committee, and was the assistant
secretary of the US Treasury under President
Bush.
News
LONDON-LISTED miner Rio Tinto
yesterday reported almost flat iron
ore production growth for the
fourth quarter, weaker than some
market expectations, as rival BHP
Billiton reported a bounce in iron
ore, copper and lead output.
Rio Tinto reported a three per
cent rise in output between the
third and fourth quarters of 2011,
down from growth of nearly dou-
ble that at the end of 2010.
That was much less than some
commodities analysts had expect-
ed, with one analyst having tipped
a rise of 20 per cent as Rio Tinto
continues to expand its iron ore
operations.
BHP Billiton said iron ore pro-
duction rose four per cent to an all-
time high between the third and
fourth quarters, and jumped 22 per
cent on a year ago, as its western
Australian plants delivered record
production.
The Anglo-Australian firm said
copper leapt 27 per cent on the pre-
vious quarter, though it was down
seven per cent on a year ago, while
lead rose 20 per cent and zinc was
up 21 per cent.
And the group booked a near
700 per cent increase in the miner-
al resource tonnage at its Spence
copper mine in Chile, and now
expects 222m tonnes.
The results were issued on the
same day that Chinese data
showed the worlds second-biggest
economy grew at its weakest pace
in two years in the latest quarter,
posing questions about Chinese
demand for raw materials.
Meanwhile Australias third-
largest iron ore producer Fortescue
reported a 19 per cent jump in
quarterly shipments as expected.
Rio Tinto output is
hit as BHP bounces
BY JOHN DUNNE
MINING
BRITISH support for nuclear energy

is at an all-time high as the
nations collective consciousness
moves away from Japans
Fukushima disaster.
According to research by Ipsos
MORI, the dip in favourable atti-
tudes towards nuclear power seen
in surveys in June 2011 was no
more than a temporary blip, and
backing for a nuclear programme
is now growing year on year.
The dip, which saw support
wane from 40 per cent to 28 per
cent and opposition rise seven per-
centage points to 24 per cent, is
thought to be due to the Japanese
nuclear flare-up, which released
radioactive materials following the
earthquake and tsunami last
March.
According to surveys conducted
in December, 40 per cent of Britain
is in favour of the nuclear energy
industry, while nineteen per cent
expressed opposition.
A record fifty per cent of respon-
dents said they would be in favour
of building new nuclear power sta-
tions in Britain to replace those
due to be phased out over the next
few decades.
Backing for new power plants
dropped eleven percentage points
in the wake of Fukushima, down
from 47 per cent.
Support for nuclear newbuild
has recovered robustly, said Robert
Knight, director at Ipsos MORI
Reputation Centre.
It seems the public see Japan as
a long way away and memories are
short, but concerns about the
future security of energy supply
closer to home are ongoing and
persistent.
British support for nuclear energy
returns to its pre-Fukushima high
ENERGY
AEROSPACE group EADS batted away

concerns over the financing needed
to maintain a record wave of jet
deliveries this year, as bumper orders
from its Airbus unit gave it a strong
position in a recovering market.
Airbus delivered 534 planes in
2011, and expects to deliver 570 this
year, the firm said yesterday.
It won 1,608 gross orders in 2011,
giving the firm a market share of 64
per cent by volume or 54-56 per cent
by value putting it ahead of rival
Boeing.
EADS, whose shares have risen 25
per cent in the past year, is in the
midst of expansion driven by grow-
ing demand from Asia and the
Middle East for jetliners.
It was a tough year for the world
economy but traffic is growing and
the number of middle classes, by
which I mean people with disposable
incomes for things like air travel,
will triple in the next 20 years, said
Airbus sales chief John Leahy.
Airbus maker
reports record
plane orders
TRANSPORT
News
BRITISH energy explorer Afren found
oil at one of its wells off the coast of
Nigeria, and said it planned to drill
another well in offshore Ghana later
this month.
Afren, whose main producing
fields are in Nigeria but owns assets
across Africa, said it found 549 feet of
net oil pay the zone of a reservoir
that contains economically pro-
ducible oil and 41 feet of net gas pay
at the Okoro East exploration well.
The FTSE 250-listed company said
the well reached a total measured
depth of 8,751 feet.
Afren, which shares the well with
Amni International Petroleum
Development, said logging operations
had been completed at the site and
the well was being prepared for
another round of testing.
Last month, First Hydrocarbon
Nigeria, which is part-owned by Afren,
said it had bought a 45 per cent stake
in Nigerian oil block OML 26 for
$147.5m from Shell, Total and Eni.
Afrens shares have gained more
than a quarter of their value over the
past three months and surged by 13.5
per cent to 130.5p after yesterdays
announcement.
The proximity of Okoro East to the
existing producing Okoro field means
that we are well positioned to effi-
ciently monetise this discovery, both
in terms of our detailed understand-
ing of the subsurface and proximity
to existing infrastructure, said Afren
chief executive Osman Shahenshah.
The well also opens up additional
prospectivity on the block and is a
very successful start to our 2012 explo-
ration campaign.
Afren finds oil in
offshore Nigeria
well discovery
BY JOHN DUNNE
ENERGY
The firm has struck oil in Nigeria Pic: REUTERS

Benin
Cameroon
Nigeria
Abuja
Lagos
Gulf of Guinea
ANALYSIS l Rio Tinto PLC
p
3,800
3,700
3,600
3,500
3,400
3,694.00
17 Jan
Thomas Cook: The company taking
visitors to the Olympics since 1896
Stephen Vaughan is
revealing the depth of
Thomas Cooks brand
as the official 2012
short breaks provider
Q.
WHAT WAS YOUR BRANDS
PRIMARY REASON FOR BEING
INVOLVED WITH THE GAMES?
A.
Thomas Cook actually took cus-
tomers from Britain to the first mod-
ern Olympics in Athens in 1896, and
passengers from all over the UK to the 1908
and 1948 London Olympics, so weve got a
long history here. And we have a very good
sporting pedigree: were the official travel
provider to most premier league clubs; we
do Six Nations, the Rugby World Cup,
Formula One, boxing, Ryder Cup even
darts. When we heard the tender was out
for 2012 this is the first Games that the
rights to provide Olympic breaks have been
sold this way we naturally applied.
But the reality also is that a large
sporting event has an effect on
traditional tour operating and
travel our core business. The
thought was: if you cant beat
them join them.
Q.
HOW DID YOU
STRUCTURE THE CASE
FOR BOARD APPROVAL?
A.
We divided the case into
four strands. First, profit
as I said, turning a potential
loss into a gain in a very tough time. It is
going to be tough because of the Olympics,
so lets turn tough margins into something
we can commercialise. Second, customers:
its a chance to position ourselves as more
than the shop at the end of the road where
you get your foreign exchange and your
holiday a chance to show what else we do.
If I can get the Olympics from Thomas
Cook, what else can I get? So it will increase
awareness of our wider sport business and
our other niche businesses that people may
not be so aware of. Third is people, and in a
grey period for most businesses were using
2012 to engage our own people.Three
weeks ago I had the honour of telling the
staff which ones had succeeeded through
our selection process to receive our torch-
bearing places. Were also Olympifying a lot
of things in our business from shop win-
dows and uniforms to computers: every-
ones screensaver across the business is
now an Olympic one.
Finally, theres longevity. Weve signed a
deal with the British Olympic Association
(BOA) to be its pre-
ferred travel partner
until 2020, so well be tak-
ing guests to Sochi and Rio
and beyond. Its a long-term plan for
us, and the contacts that we get from our
London 2012 business will also be intro-
duced to the world of Thomas Cook Sport.
Q.
HOW HAVE YOU STRUCTURED YOUR
BUSINESS TO MAXIMISE OLYMPIC
OPPORTUNITIES?
A.
Thomas Cook had no recent Olympic
experience. So we scoured the mar-
ket and found Iluka, which specialis-
es in Games Time hospitality. Now weve
got a joint venture, sharing staff and
expertise. That got us across the line in the
bid, giving us credentials on experience to
match our distribution network for the
315,000 tickets for the Olympics and the
Paralympics weve been allocated.
There are a lot of stipulations around
your contract with Locog. It is incredible
what you cant do. We cant put the prices
of our packages on the plasma screens in
our stores because the televisions arent
Samsung. So when you get into the nuts
and bolts of it it takes some time to get to
the reality of what youve won and paid for.
In terms of business lead generation its
been fantastic its allowed us to talk to
businesses we would never have talked to
before. To start with, another 30-odd
Olympic sponsors. For example, BP has
bought a number of packages to give away
as forecourt promotions.
Q.
WHAT ARE THE MOST CRUCIAL
COMMERCIAL OPPORTUNITIES IN THE
GAMES FOR YOU?
A.
We have two products, Games
Breaks and corporate hospitality.
One of the things we wanted to do is
ensure that people could get to the
Olympics no matter what their wallet. So
you can get to the Games from
Birmingham with Thomas Cook, including
ticket and accommodation, for 99. That is
amazing value. Were not making any
money on that; its a loss leader. But Games
Breaks go up to about 1,000 per person,
depending on the event and the hotel.
Those are going a storm, were over 60 per
cent sold on those already. Our corporate
hospitality is four or five star hotels and
AA, A or B events finals and opening and
closing ceremonies. It can be sold in two
ways. That side isnt going at the same rate
of knots, probably because Thomas Cook is
not traditionally known for corporate hos-
pitality and also just the current condition
of the market. Confusion around the
Bribery Act is also creeping in. Its not
actively putting people off but its not help-
ing to push them forward.
Q.
WHAT ADVICE CAN YOU GIVE
NON-OFFICIAL PARTNERS TO MAKE
THE MOST OF THE COMMERCIAL
OPPORTUNITIES IN 2012?
A.
Two words be there. Think about
who you want to give this experi-
ence: staff, clients, whoever. Come
and tell us what your objectives are and
lets see if we cant put something together.
Get involved and be there and dont pre-
sume it cant be done because things are
sold out or because its London 2012.
Stephen Vaughan is the director of Thomas
Cooks London 2012 partnership.
Weve signed
up with the
BOA to be its
preferred
travel partner
until 2020
191 DAYS TO GO
COUNTDOWN
TO THE LONDON
2012
OLYMPIC
GAMES
Q A
&
Business Features
21
WORDS BY MARC SIDWELL
Investing in 2012
for the long-term
benefits.
Picture: Laura
Lean/CITY A.M.
I
WOULD like to introduce you to Alyssa
Thomas, a 6-year old girl from Ohio. She
was placed on the terror watch list, caus-
ing airport havoc whenever her family
would fly. How does a 6-year old end up in the
terrorist watch list? When her father was asked
by news reporters What could she possibly
have done?, he retorted she may have threat-
ened her sister, but I dont think that consti-
tutes a Homeland Security trigger.
In intelligence profiling, the case of Alyssa
Thomas is not rare at all. It is called a false pos-
itive (that is, a case that is not really suspect fol-
lowing manual analysis or common sense).
But the issue with false positives is that they
tend to become a persistent white noise, acting
against the extraction of useful information.
In the context of tackling money laundering,
false positives are the rule; not the exception.
Their handling and management consumes
considerable analyst resources that are wasted
on examining cases that arent really suspect.
An average rate of success in dealing with
money laundering through screening transac-
tions electronically is around 1 per cent. This
means that from the 100 suspect cases that are
flagged by monitoring systems, only one turns
out to be really suspect after manual analysis
takes place. And this costs a lot of money. A
bank that has four to five dedicated analysts
for reviewing suspect cases spends about
$500,000 per year in examining false money
laundering suspicions. Its not only a waste of
time and money; staff become demoralised
and many dont even see the point of it all. But
there is another issue for consideration here:
algorithms and queries in transaction moni-
toring systems define who is suspect for
money laundering by using all sorts of tech-
niques, transaction data and demographic
rules; and in the vast majority of occasions,
they fail.
If such profiling is difficult for money laun-
dering then for terrorist financing it seems
almost impossible. For instance, the terrorist
attacks in the London Underground are esti-
mated to have cost around 8,000 to pull off.
How could anyone monitor this low-level activ-
ity within the vast volume of transactions tak-
ing place daily? Banks cannot profile terrorist
financing behaviour and even the inter-govern-
mental Financial Action Task Force admits in
its guidelines that it should be acknowledged
that financial institutions will probably be
unable to detect terrorist financing as such.
You can appreciate the difficulties in dealing
with terrorist financing by considering the
scale of confiscation of terrorist assets. For
example, the money confiscated for the financ-
ing of the Taliban amounted to $2,648 accord-
ing to the 2008 US Terrorist Assets Report. In
subsequent annual reports, the figure was
omitted altogether. Meanwhile, only 7 per cent
of the rest of the worlds specialised financial
intelligence units differentiate suspicious
transaction reports related to terrorist financ-
ing in their annual reports. From the remain-
ing 93 per cent there is silence.
Why do we seem to be ignoring these funda-
mental problems? We seem to have convinced
ourselves at a high level of the validity of
absurdities: that tackling terrorist financing
can and should be mixed up with anti-money
laundering efforts while intelligence agencies
remain underfunded; or that feedback from
financial intelligence units to financial institu-
tions is not really critical and necessary (it has
yet to be formalised and made compulsory).
The initial momentum of the G8 expressed
in the Financial Action Task Forces constitu-
tion has had important effects on anti-money
laundering compliance, but there are many
issues that need to be looked at more closely.
Semantic problems in defining money laun-
dering come into play and generate yet more
variation. What does get reported varies in its
structure, cases and classifications, not to men-
tion content. In fact, to make any sense of what
is actually going on, or to construct a meaning-
ful statistical analysis from currently available
data is a challenge in itself. A significant num-
ber of countries dont even have an established
financial intelligence unit for dealing with
money laundering.
As re-regulation is bound to trigger unantic-
ipated consequences for businesses and poten-
tially steeper financial fines for
non-compliance, it is becoming increasingly
evident that the answers to Whos suspect for
money laundering? are expanding, not only
through legislative initiatives but also through
the use of technology-based monitoring sys-
tems. But most of the time, the suspects turn
out to be perfectly legitimate. Whos really
suspect? is another matter altogether.
Dr Dionysios S. Demetis has a PhD on anti money
laundering from the London School of Economics
where he has also taught classes in information sys-
tems management. His Gresham College lecture,
Unweaving the Anti Money Laundering and Counter
Terrorist Financing System: Complexity, Simplicity
and Paradox is this Thursday at 6pm at Barnards Inn
Hall.
22
The Forum
The money confiscated for
financing the Taliban was
declared as $2,648 in 2008
Tracking money laundering
matters: But dont cast too
wide the webs of suspicion
cityam.com/forum
DIONYSIOS DEMETIS
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.
23
Students are set
to get tailored
lessons through
online delivery
Tech innovations
herald a better
educated future
A
N EDUCATION technology (edtech) rev-
olution is taking place thats changing
the way the next generation learns.
Although some are fearful of the dis-
ruption not least teachers integrating tech-
nology into education has the potential to
unleash young peoples talents more effective-
ly than ever before.
This isnt about training children to give
PowerPoint presentations its about using
technology to adapt teaching to students nat-
ural aptitudes and pace of development. Its a
truism that children learn in different ways
nevertheless, current teaching often fails to
account for this difference. Many teachers con-
tinue to cater only to the dominant learning
style, and pace of development, of the majority
of their pupils. Technology has the potential to
offer a truly bespoke education.
Although the full potential of edtech is still
very much in the imagination of enthusiasts,
there have already been some notable incarna-
tions. The Khan Academy in the US is a not-for-
profit created in 2006 by MIT graduate and
former hedge fund analyst Salman Khan.
Khans videos which he started to teach his
young cousin mathematics on the other side
of the US have become a phenomenon.
Accompanying web-based exercises generate
problems dependent on the students previous
answers. Khan is a visionary: This could be the
DNA for a physical school where students
spend 20 per cent of their day watching videos
and doing self-paced exercises and the rest of
the day building robots or painting pictures or
composing music or whatever.
Across the US, hundreds of innovative com-
panies are exploring edtechs potential.
Archipelago Learning offers low-cost online
learning, while OpenStudy and Einztein are
innovative educational social networking
tools. Muzzy Lanes strategy games bridge the
gap between gaming and the classroom.
Though slower in catching on, the UK has
some great edtech companies too. Former
Tesco chief executive Terry Leahy bought 47
per cent of stuckonhomework.com last year,
which offers online maths tuition. Another
example is BrightSpark, which built its reputa-
tion offering inexpensive one-to-one online
maths tutoring using the internet to put UK
students in touch with highly qualified tutors
in India. Next month it will upgrade its servic-
es, providing a global network of tutors and
integrating data capture to track a students
progress, identifying areas to target.
The power of ICT will reinvent the role of the
teacher, a role which, as most people conceive
of it, has evolved little since Victorian times. As
the educationist James Tooley has foreseen,
applications providing bespoke feedback on
the progress of pupils learning will have a pro-
found impact for the teacher as learning guide
and pedagogical assistant. Wide adoption of
such technology may incline teachers to think
of themselves as inspirational figures instead.
To date, with the notable exception of the
Swedish school chain Kunskapsskolan, few
new school developers have engaged with the
potential of edtech to enable this kind of spe-
cialisation, but the ideas and the entrepre-
neurs are out there. The classroom of the
future will be a very different place.
Philip Salter is financial features writer for City
A.M. and is writing a report to be published by the
Centre for Market Reform of Education (CMRE).
The VAT morass
On Monday, you mentioned the
reduction of VAT were we to join
EFTA [With the Eurozone totter-
ing it may be time we signed up
for some Norwegian lessons].
VAT is a typical bureaucrats way
of raising a tax on sales. It is highly
complex and applied to almost
every transaction. We have an
army of employees, engaged on
the totally useless and unproduc-
tive work of accounting for VAT
received and paid, as it passes
from supplier to customer through
the production chain. We also have
another army, in the form of tax
collectors who deal with millions
of VAT returns that simply record
the collection and payment of
essentially the same money.
Before VAT, purchase tax was
added to the sale price of goods
and services. Vendors who regis-
tered with HM Customs & Excise
were not required to charge the
tax on their sales to customers
who were also registered.
Therefore, the tax was paid and
borne only by the final user. The
result was that far less time was
required by employees to admin-
ister the tax and far fewer tax
collectors were required to
administer it.
It is time we found a way out of
this morass and used personnel
to carry out useful productive
work as opposed to the repeti-
tive accounting for the same
money as it moves from hand to
hand.
G Bernstein
RAPID RESPONSES
PHILIP SALTER
BY JAMIE WHYTE
The Forum
O
VER the last year,
the number of
executive direc-
tors of FTSE 350
firms who are women
has decreased from 45 to
43, about 5 per cent of
the total. The revelation
of this fact on Monday
prompted complaints
about under-representation, glass ceilings and boys
clubs. The Liberal Democrat peer, Lord Oakeshott, even
claimed that British business picks its bosses from an
incredibly incestuous male gene pool which is difficult
to understand but sounds unpleasant.
Despite its familiarity, the idea that unjustified dis-
crimination explains the small percentage of female
directors is implausible. In fact, it is pretty obvious that
no one really believes it. To see why, consider another
apparent statistical anomaly.
Polynesians make up about 0.01 per cent of the
worlds population. But they make up about 10 per
cent of the worlds professional rugby players. In other
words, if you knew nothing about rugby, Polynesians
or history, the number of Polynesian rugby players is
1,000 times greater than you might expect it to be.
Those who make a business of fretting about unfair
discrimination do not fret about the remarkable under-
representation of non-Polynesians in professional
rugby. This could be because they are uninterested in
rugby and non-Polynesians (one of the more nebulous
and uncomplaining racial groups). But there is also a
good, non-discriminatory reason for not fretting:
namely, the fact that professional rugby is a competi-
tive business.
If the disproportionate number of Polynesian rugby
players resulted from discrimination against others,
this would present a rugby entrepreneur with an
opportunity. He could recruit a team of superior but
unfairly overlooked non-Polynesian players and then
kick arse in the professional competitions. This would
soon end any unjustified preference for Polynesian
players in other teams. It is because nothing now
stops this happening, and yet it does not happen, that
we know Polynesians are not the beneficiaries of racial
prejudice in rugby.
For the same reason, we need not fret about sexual
discrimination in private sector businesses. Nothing
stops firms from appointing women to executive
director or other senior positions. If the firms that
recruit mainly men did so from sexual prejudice
against women, this would create an opportunity for
other firms or entrepreneurs. They could appoint supe-
rior but unfairly overlooked women to senior positions
and then kick arse. This would soon end the unjusti-
fied preference for men among their competitors.
People who claim to have spotted inefficient busi-
ness practices are hard to believe when, instead of
pouncing on this opportunity to make a profit, they
attempt to pressure other firms into stopping it. If you
discovered that apple farmers use needlessly expen-
sive techniques for picking their fruit, would you com-
plain about it in the media and call for the government
to put a stop to it? Or would you keep your mouth
shut and quickly get into the apple picking business?
Those who try to bully businesses into appointing
more women to senior positions would have you
believe that they are forgoing this profit opportunity
for themselves and, instead, forcing it on people who
are irrationally reluctant to take it. Both the lobbyists
and the sexists, we must believe, care little for profits.
This may provide a pleasant vacation from the usual
accusations of unfettered capitalist greed. But it is still
hard to take seriously.
Jamie Whyte is a senior fellow of the Cobden
Centre.
Why prejudice cannot
pay off in the long run
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
F
OLLOWING a two day visit to China,
George Osborne yesterday
announced that Britain had agreed
to partner with Hong Kong to devel-
op the City of London as an offshore trad-
ing centre for the renminbi.
Hong Kong is currently the only official
offshore renminbi venue, but Osborne
hopes to turn London into a second off-
shore venue with a similar success to its
record as a eurodollar venue. I think
London stands every chance of becoming
the major centre outside Asia for renmin-
bi trading, says Nick Beecroft, senior
markets consultant for Saxobank.
London is already acknowledged as the
premier FX market in the world and our
time zone makes us ideally placed to be
the predominant market after the end of
Asias day. Beecroft adds that Osbornes
joint work with Hong Kong on FX clear-
ing, combined with Hong Kongs agree-
ment to settle their renminbi day to
dovetail with London gives us a good
start.
LOOKING AT HONG KONG
The existing currency set-up is a fairly
complicated one, but it would be expect-
ed that the London renminbi would fol-
low the Hong Kong system. The current
arrangement was established following
an agreement in 2003 between the
Peoples Bank of China and the Hong
Kong Monetary Authority to allow Hong
Kong banks to conduct business in ren-
minbi. Alongside the offshore and the
onshore renminbi, there is the dollar set-
tled non-deliverable forward (NDF), as
well as the trade-settlement exchange
The chancellor is
keen to attract the
Chinese authorities
to Britains FX hub,
writes Craig Drake
This offshore panda in Edinburgh Zoo could be joined in Britain by the renminbi Picture: REUTERS
Bringing the renminbi
to the City of London
S
TERLING is trading near a 16-month high versus the euro
and a new low for the year versus the dollar. Sterling
strength versus the euro reflects demand for an alternative
to the euro because of the EU debt crisis and the pound also
benefits from expectations that the UK will maintain its AAA-rat-
ing as the EU faces downgrades and the decision not to join
Eurozone. Meanwhile, the sterling-dollar decline reflects the nega-
tive UK economic outlook compared with the US economy and a
close correlation to euro-dollar. Over the last few months, the cor-
relation between sterling-dollar and euro-dollar is a relatively
strong 0.74 where 1.0 would indicate an exact correlation.
The EU is the UK's main export market hence the strength of
the sterling and weakening EU economy hurts UK export sales.
At the end of 2011, UK data pointed towards possible improve-
ment, however recent UK trade figures show that the trade
deficit has widened as export sales have dropped and the weak-
ness of the pound against other major currencies has caused the
value of imports to rise. The decline of the pound against major
currencies like the US, Australian and Canadian dollars makes it
more costly for UK companies to do business in these countries.
This coupled with government spending cuts, tax hikes and rising
domestic inflation makes the investment environment in the UK
negative.
A boost from the Bank of England (BoE) is needed to revive
UK economic growth and this may encourage the central bank to
soon implement additional quantitative easing. The BoEs current
asset purchase program stands at 275bn and we may see an
additional stimulus of 25bn to 50bn announced at the
February policy meeting.
If the BoE increases quantitative easing, the pound may expe-
rience more selling pressure versus the major currencies.
Another round of asset purchases by the BoE may temporarily
slow sterling gains versus the euro but is unlikely to reverse the
current trend which is dependent on news from the EU. This sug-
gests that as long as the negative news continues to pour out of
the Eurozone it should present some opportunities to follow the
trend and sell the euro-sterling pair which could soon be trading
below 0.8000 while sterling-dollar may drop below $1.5000.
Please note that Forex trading (OTC Trading) involves substantial risk of
loss, and may not be suitable for everyone. Do not invest money you can-
not afford to lose. The information provided is for informative purposes
only, and can under no circumstances be considered as a recommenda-
tion to engage in any trade. Easy Forex Trading Ltd is regulated by the
Cyprus Securities and Exchange Commission (CySEC) (License Number
079/07).
EU WOES WILL
WEIGH ON THE
EURO-DOLLAR
ZOE FIDDES
UK BRANCH MANAGER, EASY-FOREX
rate used by offshore corporations. The
NDF curve acts as a futures curve, linking
itself with the onshore renminbi market.
In effect, there is one country with two
systems, three countries and four yield
curves.
RETAIL TRADE EXPOSURE
Saxo is one of the handful of platforms
that quotes the dollar-offshore renminbi,
but it is not currently a widely traded
pairing though it does offer some expo-
sure to the mainland, it is not a perfect
proxy.
Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone
easy-forex Trading Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) (License Number 079/07).
www.easy-forex.com/CityAm ukoffice@easy-forex.com Tel: 020 7283 4316
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The success of the offshore renminbi,
should it find a second home in London
or not, will only really be guaranteed with
a loosening of the current rigid currency
controls maintained by the Chinese
authorities. However, they have made
repeated statements that they wish to
move in this direction. The time when
the renminbi will be truly convertible, on
both the capital and current accounts,
lies some distance in the future but
maybe only five years, says Beecroft. By
the end of this decade, the dollar-renmin-
bi market will be the largest in the world.
Wealth Management| Foreign Exchange
CNH
Sep Oct Nov Dec 2012
6.50000
6.30000
6.40000
6.60000
ANALYSIS l Hong Kong renminbi
LON GD ONCE FIX AM...........1662.00 18.50
SILVER LDN FIX AM ..................30.31 0.42
MAPLE LEAF 1 OZ ....................32.59 0.09
LON PLATINUM AM................1526.00 37.00
LON PALLADIUM AM...............653.00 13.00
ALUMINIUM CASH .................2120.00 10.50
COPPER CASH ......................8020.00 55.00
LEAD CASH...........................1988.00 -15.00
NICKEL CASH......................19265.00 -360.00
TIN CASH.............................20850.00 -235.00
ZINC CASH ............................1947.50 5.50
BRENT SPOT INDEX................110.87 -2.47
SOYA .....................................1158.25 0.00
COCOA..................................2269.00 0.00
COFFEE...................................225.25 0.00
KRUG.....................................1726.20 18.30
WHEAT ....................................157.20 1.70
AIR LIQUIDE........................................99.00 1.26 100.65 80.90
ALLIANZ..............................................80.02 1.47 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.94 0.06 48.63 33.85
ARCELORMITTAL...............................15.70 0.06 28.55 10.47
AXA......................................................10.86 0.33 16.16 7.88
BANCO SANTANDER...........................5.72 0.06 9.00 4.94
BASF SE..............................................58.79 0.87 70.22 42.19
BAYER.................................................54.86 0.96 59.44 35.36
BBVA......................................................6.53 0.09 9.17 4.94
BMW ....................................................62.04 2.08 73.85 43.49
BNP PARIBAS.....................................32.49 0.19 59.93 22.72
CARREFOUR ......................................16.99 0.41 31.98 14.66
CRH PLC .............................................15.21 0.13 17.40 10.28
DAIMLER.............................................40.85 1.50 59.09 29.02
DANONE..............................................47.20 0.32 53.16 41.92
DEU.BOERSE OFFRE ........................41.75 -0.18 55.75 35.46
DEUTSCHE BANK..............................29.87 0.65 48.70 20.79
DEUTSCHE TELEKOM.........................9.03 0.11 11.38 7.88
E.ON.....................................................16.71 0.24 25.54 12.50
ENEL......................................................3.20 0.07 4.86 2.78
ENI .......................................................16.67 0.28 18.66 11.83
FRANCE TELECOM............................11.92 0.18 16.65 11.12
GDF SUEZ ...........................................21.54 0.50 30.05 17.65
GENERALI ASS...................................12.15 0.02 17.05 10.34
IBERDROLA..........................................4.69 0.03 6.10 4.16
INDITEX ...............................................65.95 0.89 69.40 50.92
ING GROEP CVA...................................6.51 0.26 9.50 4.21
INTESA SANPAOLO.............................1.27 0.01 2.47 0.85
KON.PHILIPS ELECTR.......................14.79 -0.07 25.45 12.01
L'OREAL..............................................81.60 1.04 91.24 68.83
LVMH..................................................117.20 0.15 132.65 94.16
MUNICH RE.........................................95.52 -0.06 126.00 77.80
NOKIA....................................................4.29 0.02 8.49 3.33
REPSOL YPF.......................................22.33 0.24 24.90 17.31
RWE.....................................................28.90 0.83 55.69 21.15
SAINT-GOBAIN...................................32.80 0.78 47.64 26.07
SANOFI ................................................56.44 0.48 57.42 42.85
SAP......................................................43.86 0.34 46.15 32.88
SCHNEIDER ELECTRIC.....................47.60 2.28 61.83 35.00
SIEMENS .............................................77.39 1.30 99.39 62.13
SOCIETE GENERALE.........................16.86 0.32 52.70 14.32
TELECOM ITALIA..................................0.84 -0.01 1.16 0.70
TELEFONICA ......................................13.61 0.21 18.75 12.50
TOTAL..................................................40.25 0.77 44.55 29.40
UNIBAIL-RODAMCO SE...................139.15 0.25 162.95 123.30
UNICREDIT............................................3.01 0.08 12.06 2.20
UNILEVER CVA...................................25.59 -0.17 27.16 20.90
VINCI ....................................................36.01 0.82 45.48 28.46
VIVENDI ...............................................16.23 0.15 22.07 14.10
VOLKSWAGEN VORZ ......................132.00 3.10 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5693.95 36.51 0.65
FTSE 250 INDEX . . . . . . . 10592.21 113.58 1.08
FTSE UK ALL SHARE . . . . 2930.34 20.38 0.70
FTSE AIMALL SH . . . . . . . . 736.75 2.44 0.33
DOWJONES INDUS 30 . . 12482.07 60.01 0.48
S&P 500 . . . . . . . . . . . . . . . 1293.67 4.58 0.36
NASDAQ COMPOSITE . . . 2728.08 17.41 0.64
FTSEUROFIRST 300 . . . . . 1034.40 8.72 0.85
NIKKEI 225 . . . . . . . . . . . . . 8466.40 88.04 1.05
DAX 30 PERFORMANCE. . 6332.93 112.92 1.82
CAC 40 . . . . . . . . . . . . . . . . 3269.99 44.99 1.40
SHANGHAI SE INDEX . . . . 2298.38 92.18 4.18
HANG SENG. . . . . . . . . . . 19627.75 615.55 3.24
S&P/ASX 20 INDEX . . . . . . 2538.50 0.00 0.00
ASX ALL ORDINARIES . . . 4277.70 0.00 0.00
BOVESPA SAO PAOLO. . 60645.90 689.44 1.15
ISEQ OVERALL INDEX . . . 2944.02 8.06 0.27
STRAITS TIMES . . . . . . . . . 2815.85 59.36 2.15
IGBM. . . . . . . . . . . . . . . . . . . 874.79 1.65 0.19
SWISS MARKET INDEX. . . 6056.17 24.93 0.41
Price Chg %chg
3M........................................................84.23 0.63 98.19 68.63
ABBOTT LABS ...................................55.71 0.28 56.84 45.07
ALCOA ..................................................9.76 -0.04 18.47 8.45
ALTRIA GROUP..................................28.90 -0.06 30.40 23.20
AMAZON.COM..................................181.66 3.24 246.71 160.59
AMERICAN EXPRESS........................50.22 0.46 53.80 41.30
AMGEN INC.........................................68.07 0.47 68.47 47.66
APPLE...............................................424.70 4.89 427.75 310.50
AT&T....................................................30.25 0.18 31.94 27.20
BANK OF AMERICA.............................6.48 -0.13 15.31 4.92
BERKSHIRE HATAW B.......................77.97 0.20 87.65 65.35
BOEING CO.........................................75.24 0.64 80.65 56.01
BRISTOL MYERS SQUI ......................33.72 -0.08 35.44 20.05
CATERPILLAR..................................103.37 0.89 116.55 67.54
CHEVRON.........................................106.72 0.63 110.99 86.68
CISCO SYSTEMS................................19.31 0.25 22.34 13.30
CITIGROUP.........................................28.22 -2.53 51.50 21.40
COCA-COLA.......................................67.35 0.36 71.77 61.29
COLGATE PALMOLIVE......................89.73 1.21 94.89 74.86
CONOCOPHILLIPS.............................70.80 0.46 81.80 58.65
CVS/CAREMARK................................42.54 0.39 42.69 31.30
DU PONT(EI) DE NMR........................48.54 0.14 57.00 37.10
EXXON MOBIL....................................85.69 0.81 88.23 63.47
GENERAL ELECTRIC.........................18.74 -0.10 21.65 14.02
GOOGLE A........................................628.58 3.59 670.25 473.02
HEWLETT PACKARD.........................26.46 -0.04 49.39 19.92
HOME DEPOT.....................................43.74 0.23 43.96 28.13
IBM.....................................................180.00 0.84 194.90 148.25
INTEL CORP .......................................25.04 -0.10 26.78 19.16
J.P.MORGAN CHASE.........................34.91 -1.01 48.36 27.85
JOHNSON & JOHNSON.....................65.12 -0.14 68.05 57.50
KRAFT FOODS A................................38.13 0.36 38.53 24.30
MC DONALD'S CORP ......................100.55 0.20 101.59 72.14
MERCK AND CO. NEW......................38.82 0.50 39.00 29.47
MICROSOFT........................................28.26 0.01 29.46 23.65
OCCID. PETROLEUM.........................99.30 1.68 117.89 66.36
ORACLE CORP...................................27.66 0.32 36.50 24.72
PEPSICO.............................................64.65 0.25 71.89 58.50
PFIZER ................................................21.94 0.10 22.17 16.63
PHILIP MORRIS INTL .........................75.90 -1.42 79.96 55.98
PROCTER AND GAMBLE ..................66.26 0.45 67.72 56.57
QUALCOMM INC ................................57.14 0.60 59.84 45.98
SCHLUMBERGER ..............................67.64 -0.35 95.64 54.79
TRAVELERS CIES..............................59.69 0.32 64.17 45.97
UNITED TECHNOLOGIE ....................77.04 0.96 91.83 66.87
UNITEDHEALTH GROUP...................53.57 0.87 53.64 38.93
VERIZON COMMS ..............................39.02 0.10 40.48 32.28
WAL-MART STORES..........................59.85 0.31 61.06 48.31
WALT DISNEY CO ..............................38.48 0.08 44.34 28.19
WELLS FARGO & CO.........................29.83 0.22 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 ..................0.287 0.00
LIBOR Euro - 12 months ................1.800 0.00
LIBOR USD - overnight...................0.146 0.00
LIBOR USD - 12 months .................1.110 0.00
HaIifax mortgage rate .....................3.990 -0.02
Euro Base Rate ...............................1.500 0.00
Finance house base rate................1.500 0.00
US Fed funds...................................0.250 0.00
US Iong bond yieId .........................2.890 -0.02
European repo rate.........................0.204 0.01
Euro Euribor ....................................0.459 -0.01
The vix index ...................................21.05 0.14
The baItic dry index ........................1.013 -0.04
Markit iBoxx...................................243.53 -0.19
Markit iTraxx..................................166.24 -4.81
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .305.4 0.5 361.1 248.1
Chemring Group . . . .435.0 -1.3 736.5 368.8
Cobham . . . . . . . . . . .189.1 1.0 236.5 165.9
Meggitt . . . . . . . . . . . .375.5 4.4 397.6 304.9
QinetiQ Group . . . . . .135.0 -0.8 137.4 101.5
RoIIs-Royce Group . .763.0 -1.0 773.0 557.5
Senior . . . . . . . . . . . . .181.6 1.2 190.6 132.6
UItra EIectronics . . .1575.0 35.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .206.3 3.6 245.0 157.0
BarcIays . . . . . . . . . . .199.3 0.2 333.6 138.9
HSBC HoIdings . . . . .517.5 9.8 730.9 463.5
LIoyds Banking Gr . . .29.5 0.1 69.3 21.8
RoyaI Bank of Sco . . .24.9 0.4 49.0 17.3
Standard Chartere .1472.0 4.0 1725.5 1169.5
AG Barr . . . . . . . . . .1215.0 35.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .333.9 -0.7 465.0 289.9
Diageo . . . . . . . . . . .1401.0 -5.0 1428.0 1112.0
SABMiIIer . . . . . . . . .2304.0 -23.0 2354.5 1979.0
AZ EIectronic Mat . . .281.6 16.7 338.1 206.1
Croda Internation . .1936.0 29.0 2081.0 1456.0
EIementis . . . . . . . . . .148.3 1.3 187.4 107.5
Johnson Matthey . .2034.0 9.0 2119.0 1523.0
Victrex . . . . . . . . . . .1222.0 23.0 1590.0 1025.0
YuIe Catto & Co . . . . .180.4 1.1 253.0 148.0
C/$ 1.2736 0.0080
C/ 0.8299 0.0034
C/ 97.87 0.6740
/C 1.2050 0.0050
/$ 1.5346 0.0032
/ 117.91 0.3133
FTSE 100
5693.95
36.51
FTSE 250
10592.21
113.58
FTSE ALLSHARE
2930.34
20.38
DOW
12482.07
60.01
NASDAQ
2728.08
17.41
S&P 500
1293.67
4.58
RPC Group . . . . . . . .380.0 2.0 387.9 231.5
Smiths Group . . . . . .960.0 22.5 1429.0 869.5
Brown (N.) Group . . .227.3 -0.6 311.2 225.9
Carpetright . . . . . . . . .542.5 13.0 829.0 375.0
Debenhams . . . . . . . . .63.7 1.0 74.8 51.2
Dignity . . . . . . . . . . . .816.0 0.5 854.5 648.5
Dixons RetaiI . . . . . . .10.9 1.1 22.3 9.4
DuneImGroup . . . . . .452.7 4.7 524.5 383.9
HaIfords Group . . . . .299.0 3.4 416.0 268.6
Home RetaiI Group . . .91.6 2.2 235.0 72.5
Inchcape . . . . . . . . . .324.2 17.8 425.4 268.1
JD Sports Fashion . .695.0 -0.5 1030.0 570.0
Kesa EIectricaIs . . . . .70.3 1.8 152.9 60.2
Kingfisher . . . . . . . . .251.3 4.8 287.1 217.0
Marks & Spencer G . .320.8 4.3 402.2 301.8
Next . . . . . . . . . . . . .2627.0 20.0 2810.0 1868.0
Sports Direct Int . . . .230.9 -3.0 266.2 159.0
WH Smith . . . . . . . . . .526.5 -3.5 558.0 433.8
Smith & Nephew . . . .595.0 -1.0 742.0 521.0
Synergy HeaIth . . . . .875.5 9.0 981.0 808.0
Barratt DeveIopme . .111.0 3.0 119.0 67.5
BeIIway . . . . . . . . . . . .733.0 -2.5 776.5 540.5
BerkeIey Group Ho .1298.0 2.0 1360.0 884.5
BaIfour Beatty . . . . . .290.7 8.4 357.3 214.6
CRH . . . . . . . . . . . . .1268.0 25.0 1700.0 1053.0
GaIIiford Try . . . . . . . .491.4 11.4 530.0 307.5
Kier Group . . . . . . . .1401.0 11.0 1458.0 1097.0
Drax Group . . . . . . . .532.0 -1.0 581.5 371.9
SSE . . . . . . . . . . . . . .1260.0 14.0 1423.0 1159.0
Domino Printing S . .544.0 4.0 705.0 434.3
HaIma . . . . . . . . . . . . .350.8 6.3 429.6 306.3
Laird . . . . . . . . . . . . . .158.4 2.4 207.0 127.9
Morgan CrucibIe C . .307.4 5.5 357.1 224.0
Oxford Instrument . .918.0 -0.5 1010.0 600.5
Renishaw . . . . . . . . .1101.0 40.0 1886.0 800.0
Spectris . . . . . . . . . .1474.0 8.0 1679.0 1039.0
Aberforth SmaIIer . . .542.0 7.3 714.0 494.0
AIIiance Trust . . . . . .356.1 2.1 392.7 310.2
Bankers Inv Trust . . .411.0 3.0 428.0 346.5
BH GIobaI Ltd. GB .1190.0 2.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .20.0 -0.0 20.2 16.3
BH Macro Ltd. GBP 2051.0 -13.0 2082.0 1661.0
BH Macro Ltd. USD . . .19.9 -0.0 20.2 16.2
BIackRock WorId M .684.0 11.0 815.5 574.5
BIueCrest AIIBIue . . .166.5 -0.8 176.2 162.4
British Assets Tr . . . .119.5 -0.5 139.5 109.0
British Empire Se . . .434.3 2.4 533.0 404.0
CaIedonia Investm .1426.0 7.0 1885.0 1337.0
City of London In . . .288.1 1.3 306.9 257.0
Dexion AbsoIute L . .137.9 0.6 151.0 130.0
Edinburgh Dragon . .231.7 5.0 254.0 201.4
Edinburgh Inv Tru . . .485.0 3.6 492.2 414.9
EIectra Private E . . .1455.0 -9.5 1755.0 1287.0
F&C Inv Trust . . . . . .298.5 2.5 327.9 261.5
FideIity China Sp . . . . .77.5 2.6 116.4 70.0
FideIity European . .1027.0 12.0 1287.0 912.0
HeraId Inv Trust . . . . .476.3 4.9 545.5 419.0
HICL Infrastructu . . . .118.1 0.1 121.3 112.7
Impax Environment . .98.5 1.5 125.9 88.5
John Laing Infras . . .109.3 0.2 109.5 103.4
JPMorgan American .904.0 3.0 916.0 721.5
JPMorgan Asian In . .196.0 6.0 244.0 170.1
JPMorgan Emerging .541.0 11.0 618.0 480.1
JPMorgan European .689.5 9.5 983.5 624.0
JPMorgan Indian I . . .356.4 8.2 459.0 313.1
JPMorgan Russian .517.5 3.5 742.0 415.1
Law Debenture Cor . .346.0 4.0 385.0 321.0
MercantiIe Inv Tr . . . .908.0 18.0 1137.0 823.0
Merchants Trust . . . .373.0 3.0 431.8 341.5
Monks Inv Trust . . . .320.0 2.9 367.9 298.1
Murray Income Tru . .629.5 2.8 673.0 568.0
Murray Internatio . . .945.5 3.5 991.5 818.5
PerpetuaI Income . . .258.3 0.7 276.0 236.5
PersonaI Assets T .33995.0 195.0 34170.030210.0
PoIar Cap TechnoI . .329.5 0.3 391.2 299.5
RIT CapitaI Partn . . .1230.0 3.0 1360.0 1173.0
Scottish Inv Trus . . . .473.0 4.0 524.0 417.0
Scottish Mortgage . .633.0 10.5 781.0 565.0
SVG CapitaI . . . . . . . .218.5 0.0 279.8 165.1
TempIe Bar Inv Tr . . .873.5 1.5 952.0 791.0
TempIeton Emergin .581.0 8.0 684.5 497.0
TR Property Inv T . . .145.4 0.4 206.1 136.2
TR Property Inv T . . . .62.5 0.5 94.0 59.8
Witan Inv Trust . . . . .462.0 2.4 533.0 401.5
3i Group . . . . . . . . . . .179.0 1.0 332.0 166.9
3i Infrastructure . . . .120.0 -0.2 124.0 113.1
Aberdeen Asset Ma .218.4 -0.5 240.0 167.8
Ashmore Group . . . .346.1 -0.5 420.0 301.5
Brewin DoIphin Ho . .141.1 1.1 185.4 113.7
CameIIia . . . . . . . . . .9500.0 190.010950.0 8800.0
CharIes TayIor Co . . .135.0 7.5 165.0 115.6
City of London Gr . . . .64.5 0.0 93.6 61.3
City of London In . . .331.5 6.5 450.0 304.3
CIose Brothers Gr . . .623.0 7.5 887.0 590.0
CoIIins Stewart H . . . .92.8 0.8 92.8 48.5
F&C Asset Managem .64.8 0.4 92.5 56.1
Hargreaves Lansdo .439.6 -1.8 646.5 402.5
HeIphire Group . . . . . . .1.9 -0.0 17.4 1.4
Henderson Group . . .104.5 0.7 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .325.6 -5.8 569.5 311.6
IG Group HoIdings . .488.0 7.4 518.5 393.6
Intermediate Capi . . .250.7 3.8 360.3 197.9
InternationaI Per . . . .155.2 6.7 388.8 148.5
InternationaI Pub . . . .119.2 -0.1 121.5 108.6
Investec . . . . . . . . . . .357.2 5.5 525.5 318.4
IP Group . . . . . . . . . . . .81.0 -1.0 82.8 32.2
Jupiter Fund Mana . .205.7 4.1 337.3 184.9
Liontrust Asset M . . . .76.4 0.3 87.5 57.9
LMS CapitaI . . . . . . . . .56.9 0.4 64.8 49.0
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .847.5 6.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.0 0.3 19.8 8.9
Man Group . . . . . . . . .107.1 -3.2 311.0 104.5
Paragon Group Of . .177.8 1.4 206.1 134.6
Provident Financi . .1001.0 13.5 1124.0 915.0
Rathbone Brothers .1095.0 0.0 1257.0 977.0
Record . . . . . . . . . . . . .12.1 -0.8 35.8 11.4
RSM Tenon Group . . . .8.0 0.0 66.3 7.6
Schroders . . . . . . . .1363.0 15.0 1906.0 1183.0
Schroders (Non-Vo .1133.0 18.0 1554.0 970.0
TuIIett Prebon . . . . . .298.5 6.1 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 43.5
BT Group . . . . . . . . . .205.8 -1.8 209.9 161.0
CabIe & WireIess . . . .38.9 0.9 51.2 31.3
CabIe & WireIess . . . .17.3 0.2 76.9 14.2
COLT Group SA . . . . .92.5 2.8 156.2 84.1
KCOM Group . . . . . . . .70.0 1.0 84.0 57.5
TaIkTaIk TeIecom . . .126.8 -6.2 162.0 119.8
TeIecomPIus . . . . . . .728.5 -1.5 802.0 440.0
Booker Group . . . . . . .73.0 0.0 80.0 54.5
Greggs . . . . . . . . . . . .509.5 -3.5 550.5 445.0
Morrison (Wm) Sup .285.9 -2.3 328.0 262.7
Ocado Group . . . . . . . .72.3 0.0 285.0 52.9
Sainsbury (J) . . . . . . .285.3 2.1 391.2 263.5
Tesco . . . . . . . . . . . . .317.5 5.2 420.1 312.4
Associated Britis . . .1133.0 2.0 1147.0 940.0
Cranswick . . . . . . . . .748.5 6.0 862.0 588.5
Dairy Crest Group . . .319.9 -2.9 410.4 315.0
Devro . . . . . . . . . . . . .251.6 1.3 296.9 223.5
Tate & LyIe . . . . . . . . .693.0 -4.0 720.5 520.0
UniIever . . . . . . . . . .2064.0 -13.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .504.0 15.8 664.0 413.5
Centrica . . . . . . . . . . .286.5 2.8 345.8 278.8
InternationaI Pow . . .330.1 -1.2 436.6 279.4
NationaI Grid . . . . . . .629.5 1.0 649.5 531.0
Pennon Group . . . . . .703.0 -2.0 737.5 584.5
Severn Trent . . . . . .1550.0 1.0 1600.0 1368.0
United UtiIities . . . . .610.5 0.0 637.0 543.5
Cookson Group . . . . .557.0 1.0 724.5 395.8
DS Smith . . . . . . . . . .210.2 6.6 266.2 164.4
Rexam . . . . . . . . . . . .377.0 3.3 400.0 299.8
Price Chg High Low
Bovis Homes Group .459.0 5.4 499.6 326.5
Persimmon . . . . . . . .520.0 0.5 529.0 374.0
Reckitt Benckiser . .3330.0 11.0 3578.0 3015.0
Redrow . . . . . . . . . . . .118.0 3.8 136.2 103.5
TayIor Wimpey . . . . . . .42.0 1.3 43.3 28.7
Bodycote . . . . . . . . . .293.6 3.5 397.7 225.6
Fenner . . . . . . . . . . . .454.7 15.9 456.1 280.0
IMI . . . . . . . . . . . . . . . .879.0 9.5 1119.0 636.5
MeIrose . . . . . . . . . . .365.2 7.5 367.8 268.0
Northgate . . . . . . . . . .210.0 5.0 346.7 190.9
Rotork . . . . . . . . . . .1959.0 46.0 1979.0 1501.0
Spirax-Sarco Engi . .1927.0 27.0 2063.0 1649.0
Weir Group . . . . . . .2100.0 2.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .407.5 7.6 419.0 315.0
Ferrexpo . . . . . . . . . . .330.7 11.7 499.0 238.7
TaIvivaara Mining . . .325.0 18.1 622.0 195.2
BBAAviation . . . . . . .190.2 3.4 240.8 156.0
Stobart Group Ltd . . .121.7 -1.8 163.6 112.0
AdmiraI Group . . . . . .862.0 -16.0 1754.0 787.0
AmIin . . . . . . . . . . . . .333.7 3.7 427.0 270.6
BeazIey . . . . . . . . . . . .136.2 -1.0 139.2 109.6
Informa . . . . . . . . . . . .378.2 4.8 461.1 313.9
ITE Group . . . . . . . . . .210.5 -3.1 258.2 157.7
ITV . . . . . . . . . . . . . . . . .74.9 0.9 93.5 51.7
Johnston Press . . . . . . .6.2 0.1 12.8 4.1
MecomGroup . . . . . .221.0 1.0 310.0 134.5
Moneysupermarket. .115.3 1.1 120.4 84.8
Pearson . . . . . . . . . .1255.0 5.0 1266.0 1001.0
PerformGroup . . . . .235.0 2.0 257.4 150.0
Reed EIsevier . . . . . .523.5 -1.0 590.5 461.3
Rightmove . . . . . . . .1300.0 -44.0 1408.0 770.0
STV Group . . . . . . . . . .87.5 1.4 168.0 76.3
Tarsus Group . . . . . .135.8 -0.5 165.0 119.5
Trinity Mirror . . . . . . . .47.0 -1.5 93.0 37.5
UBM . . . . . . . . . . . . . .518.5 3.0 725.0 416.0
UTV Media . . . . . . . . .101.8 -0.8 150.0 92.5
WiImington Group . . .83.8 0.0 183.0 82.5
WPP . . . . . . . . . . . . . .742.5 4.5 846.5 578.0
YeII Group . . . . . . . . . . .5.1 0.0 12.5 3.4
African Barrick G . . .467.6 7.9 616.5 393.5
AIIied GoId Minin . . .156.8 -4.1 281.3 34.4
AngIo American . . .2633.5 38.5 3437.0 2138.5
AngIo Pacific Gro . . .286.0 14.2 369.3 237.9
Antofagasta . . . . . . .1320.0 19.0 1531.0 900.5
Aquarius PIatinum . .179.4 1.9 419.0 149.0
BHP BiIIiton . . . . . . .2120.5 40.5 2631.5 1667.0
CatIin Group Ltd. . . .404.9 0.9 421.4 334.0
Hiscox Ltd. . . . . . . . . .386.1 -0.9 424.7 340.5
Jardine LIoyd Tho . . .690.5 1.5 764.5 576.0
Lancashire HoIdin . . .715.5 11.0 774.5 532.5
RSA Insurance Gro . .109.1 -0.8 143.5 99.6
Aviva . . . . . . . . . . . . . .325.0 0.5 477.9 275.3
LegaI & GeneraI G . . .112.5 -0.2 123.8 89.8
OId MutuaI . . . . . . . . .144.6 2.2 145.0 98.1
Phoenix Group HoI . .549.5 10.0 688.0 451.1
PrudentiaI . . . . . . . . .678.5 8.5 777.0 509.0
ResoIution Ltd. . . . . .265.6 3.6 316.1 229.5
St James's PIace . . . .340.0 -1.0 376.0 275.0
Standard Life . . . . . . .205.1 0.0 244.7 172.0
4Imprint Group . . . . .240.0 2.5 295.0 200.0
Aegis Group . . . . . . .151.6 2.4 158.5 115.7
BIoomsbury PubIis . .102.8 3.8 138.0 91.3
British Sky Broad . . .681.5 -2.0 850.0 618.5
Centaur Media . . . . . . .35.3 0.0 73.0 32.5
Chime Communicati .186.0 5.0 298.5 163.0
Creston . . . . . . . . . . . .67.6 -0.5 121.0 65.5
DaiIy MaiI and Ge . . .434.2 6.0 594.5 343.4
Euromoney Institu . .670.0 25.0 736.0 522.5
Future . . . . . . . . . . . . . . .9.0 0.0 30.0 8.3
Haynes PubIishing . .225.0 0.0 257.0 210.0
Huntsworth . . . . . . . . .32.5 -0.3 85.0 32.3
Bumi . . . . . . . . . . . . . .863.5 0.0 884.0 824.0
Centamin (DI) . . . . . . . .92.0 1.1 167.0 78.5
Eurasian NaturaI . . .746.5 11.5 1101.0 522.0
FresniIIo . . . . . . . . . .1753.0 46.0 2150.0 1296.0
GemDiamonds Ltd. .189.9 -1.6 306.0 179.8
GIencore Internat . . .405.5 8.7 531.1 348.0
HochschiId Mining . .460.0 10.0 680.0 365.9
Kazakhmys . . . . . . .1088.0 21.0 1665.0 730.0
Kenmare Resources . .47.0 -2.2 59.9 30.7
Lonmin . . . . . . . . . . . .983.5 14.0 1896.0 941.0
New WorId Resourc .465.3 3.3 1060.0 409.4
PetropavIovsk . . . . . .681.5 0.5 1117.0 543.5
PoIymetaI Interna . .1129.0 38.0 1154.0 877.0
RandgoId Resource 7205.0 -10.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3694.0 105.0 4712.0 2712.5
Vedanta Resources 1079.0 5.0 2518.0 928.0
Xstrata . . . . . . . . . . .1064.0 -9.0 1550.0 764.0
Inmarsat . . . . . . . . . . .403.3 5.6 719.5 389.3
Vodafone Group . . . .175.4 -0.5 182.8 155.1
Genesis Emerging . .477.3 2.7 550.0 424.0
Afren . . . . . . . . . . . . . .130.5 15.5 171.2 73.6
BG Group . . . . . . . . .1468.0 12.0 1564.5 1144.0
BP . . . . . . . . . . . . . . . .482.0 4.0 509.0 363.2
Cairn Energy . . . . . . .289.7 -1.7 469.7 257.8
EnQuest . . . . . . . . . . .107.5 -0.3 158.5 85.7
Essar Energy . . . . . .127.0 -45.4 557.5 107.5
ExiIIon Energy . . . . . .269.0 -1.6 469.7 184.2
Heritage OiI . . . . . . . .183.2 5.0 459.0 160.0
Ophir Energy . . . . . . .305.0 6.2 318.8 184.5
Premier OiI . . . . . . . . .426.2 12.2 535.0 310.0
RoyaI Dutch SheII . .2279.0 20.5 2402.0 1883.5
RoyaI Dutch SheII . .2360.5 22.5 2489.0 1890.5
SaIamander Energy .235.0 1.5 317.6 182.3
Soco Internationa . . .285.0 -8.1 400.0 278.0
TuIIow OiI . . . . . . . . .1455.0 27.0 1493.0 945.5
Amec . . . . . . . . . . . . .981.0 4.0 1251.0 740.5
Hunting . . . . . . . . . . .822.5 24.5 828.5 530.0
Kentz Corporation . .469.4 -1.6 508.0 347.0
LampreII . . . . . . . . . . .288.8 -5.2 395.2 220.7
Petrofac Ltd. . . . . . .1535.0 -13.0 1685.0 1108.0
Wood Group (John) .671.0 9.5 715.8 469.9
Burberry Group . . . .1301.0 1.0 1600.0 1030.0
PZ Cussons . . . . . . . .312.6 -7.4 401.1 308.7
Supergroup . . . . . . . .640.0 47.0 1820.0 435.2
AstraZeneca . . . . . .3101.5 31.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .321.0 0.0 331.3 210.1
Genus . . . . . . . . . . . .1062.0 0.0 1111.0 853.5
GIaxoSmithKIine . . .1454.0 8.5 1497.0 1127.5
Hikma Pharmaceuti .684.0 9.0 900.0 555.5
Shire PIc . . . . . . . . . .2213.0 27.0 2243.0 1627.0
CapitaI & Countie . . .180.5 -0.8 203.7 142.8
Daejan HoIdings . . .2749.0 -10.0 2954.0 2282.0
F&C CommerciaI Pr .102.5 0.0 108.0 92.6
Grainger . . . . . . . . . . .104.4 -0.6 133.2 77.3
London & Stamford .107.0 0.4 140.0 103.9
SaviIIs . . . . . . . . . . . . .334.9 -3.7 427.1 256.2
UK CommerciaI Pro . .73.1 0.6 85.5 65.1
Unite Group . . . . . . . .171.5 -0.4 224.1 152.9
Big YeIIow Group . . .267.0 0.0 344.4 218.0
British Land Co . . . . .477.0 10.0 629.5 444.0
CapitaI Shopping . . .313.6 2.2 408.6 288.7
Derwent London . . .1597.0 12.0 1880.0 1400.0
Great PortIand Es . . .346.0 8.4 445.0 312.9
Hammerson . . . . . . . .371.7 2.1 490.9 345.2
Hansteen HoIdings . . .74.3 0.1 89.5 68.0
Land Securities G . . .642.5 8.5 885.0 612.0
SEGRO . . . . . . . . . . . .200.4 0.7 331.3 195.0
Shaftesbury . . . . . . . .491.0 6.8 539.0 436.8
Aveva Group . . . . . .1523.0 -12.0 1799.0 1298.0
Computacenter . . . . .369.9 10.2 490.0 324.7
Fidessa Group . . . . .1663.0 40.0 2109.0 1444.0
Invensys . . . . . . . . . . .181.6 -1.4 359.9 179.6
Logica . . . . . . . . . . . . .76.1 1.7 147.2 59.0
Micro Focus Inter . . .429.8 8.3 432.4 242.9
Misys . . . . . . . . . . . . .283.0 17.3 420.2 214.9
Sage Group . . . . . . . .302.9 1.2 305.5 231.7
SDL . . . . . . . . . . . . . . .711.0 29.0 711.5 586.0
TeIecity Group . . . . . .637.0 2.0 657.5 433.0
Aggreko . . . . . . . . . .2042.0 7.0 2131.0 1394.5
Ashtead Group . . . . .212.9 -8.2 230.2 99.4
Atkins (WS) . . . . . . . .690.0 1.0 820.0 490.2
Babcock Internati . . .758.0 14.5 763.0 542.0
Berendsen . . . . . . . . .433.7 11.3 568.0 402.7
BunzI . . . . . . . . . . . . .875.0 -5.0 906.5 676.5
Cape . . . . . . . . . . . . . .389.0 0.0 591.5 295.0
Capita . . . . . . . . . . . . .637.0 -10.5 786.5 611.5
CariIIion . . . . . . . . . . .311.6 8.2 403.2 281.0
De La Rue . . . . . . . . .931.5 -3.5 948.5 667.0
DipIoma . . . . . . . . . . .384.3 14.4 414.3 263.5
EIectrocomponents .211.7 2.6 294.9 182.2
Experian . . . . . . . . . . .875.5 0.0 880.0 665.0
FiItrona PLC . . . . . . . .395.0 -2.6 404.5 273.1
G4S . . . . . . . . . . . . . . .270.0 1.3 291.0 219.9
Hays . . . . . . . . . . . . . . .66.2 1.1 130.0 58.9
Homeserve . . . . . . . .303.4 2.4 532.0 218.5
Howden Joinery Gr . .106.0 1.0 127.5 93.1
Interserve . . . . . . . . . .320.0 13.0 341.3 239.8
Intertek Group . . . . .2115.0 30.0 2159.0 1715.0
MichaeI Page Inte . . .382.6 6.9 567.0 323.0
Mitie Group . . . . . . . .267.9 1.4 271.0 195.9
PayPoint . . . . . . . . . . .550.0 5.0 570.0 327.3
Premier FarneII . . . . .195.8 7.3 308.8 144.5
Regus . . . . . . . . . . . . . .88.1 2.0 119.0 64.0
RentokiI InitiaI . . . . . . .73.8 1.0 104.9 58.2
RPS Group . . . . . . . . .204.2 1.4 253.0 156.6
Serco Group . . . . . . .516.5 3.5 618.5 458.0
Shanks Group . . . . . .101.1 1.2 130.9 90.8
SIG . . . . . . . . . . . . . . .101.0 -1.5 153.5 77.0
Travis Perkins . . . . . .858.5 3.0 1101.0 715.0
WoIseIey . . . . . . . . . .2117.0 17.0 2261.0 1404.0
ARM HoIdings . . . . . .582.0 1.0 651.0 464.0
CSR . . . . . . . . . . . . . .215.9 8.9 447.0 154.1
Imagination Techn . .558.0 22.0 575.5 296.9
Spirent Communica .123.8 3.8 160.0 105.8
British American . .2968.0 -22.0 3079.0 2282.5
ImperiaI Tobacco . .2360.0 -1.0 2444.0 1784.0
Betfair Group . . . . . . .828.5 -7.5 1054.0 567.0
Bwin.party Digita . . .166.2 2.1 212.1 100.6
CarnivaI . . . . . . . . . .1909.0 31.0 3119.0 1742.0
Compass Group . . . .607.5 -2.5 616.0 512.5
Domino's Pizza UK . .430.0 -0.7 549.0 377.0
easyJet . . . . . . . . . . . .403.8 2.8 455.8 301.0
FirstGroup . . . . . . . . .308.6 -7.3 398.4 301.8
Go-Ahead Group . . .1316.0 23.0 1598.0 1190.0
Greene King . . . . . . .498.4 12.6 518.0 410.0
InterContinentaI . . .1255.0 35.0 1435.0 955.0
InternationaI Con . . .156.2 0.8 300.1 132.0
JD Wetherspoon . . . .416.7 0.8 468.3 380.5
Ladbrokes . . . . . . . . .135.1 1.1 155.3 114.0
Marston's . . . . . . . . . . .91.9 0.7 112.0 84.6
MiIIennium& Copt . .397.3 3.0 600.5 371.2
MitcheIIs & ButIe . . . .252.2 1.7 357.0 215.6
NationaI Express . . .221.5 2.0 270.2 201.6
Rank Group . . . . . . . .129.5 -0.3 153.7 109.5
Restaurant Group . . .288.1 1.4 335.0 254.9
Spirit Pub Compan . . .44.0 -1.0 55.0 35.3
Stagecoach Group . .275.0 -0.6 283.4 200.0
TUI TraveI . . . . . . . . . .173.1 8.2 271.9 136.7
Whitbread . . . . . . . .1620.0 4.0 1863.0 1409.0
WiIIiamHiII . . . . . . . . .209.5 0.5 244.1 169.7
Abcam . . . . . . . . . . . .345.0 4.0 460.0 316.0
Advanced MedicaI . . .93.0 0.0 96.0 64.8
AIbemarIe & Bond . .355.0 -2.0 400.1 272.0
Amerisur Resource . .20.0 0.5 29.0 9.5
Andor TechnoIogy . .547.0 -8.0 685.0 387.1
ArchipeIago Resou . . .70.0 0.0 79.0 55.5
ASOS . . . . . . . . . . . .1445.0 -43.0 2468.0 1142.0
AureIian OiI & Ga . . . .17.0 0.0 92.0 16.0
Avanti Communicat .293.5 4.3 646.0 248.5
BIinkx . . . . . . . . . . . . . .66.8 -1.3 158.0 50.5
Borders & Souther . . .71.8 0.3 73.0 43.5
BowLeven . . . . . . . . . .79.8 1.8 398.0 62.0
Brooks MacdonaId .1125.0 0.0 1372.5 940.0
Cove Energy . . . . . . .138.0 4.8 141.3 61.0
Daisy Group . . . . . . .100.3 1.3 127.0 88.0
EMIS Group . . . . . . . .476.0 1.0 580.0 416.0
Faroe PetroIeum . . . .166.0 4.8 216.0 130.0
GuIfsands PetroIe . . .175.8 0.8 367.0 142.5
GWPharmaceuticaI . .86.0 0.0 130.0 78.5
H&T Group . . . . . . . . .323.0 0.0 395.0 277.0
Hamworthy . . . . . . . .823.0 0.5 833.5 406.3
Hargreaves Servic .1128.0 16.0 1180.0 818.0
HeaIthcare Locums . . . .3.5 -0.2 3.6 3.4
Immunodiagnostic . .419.8 -0.3 1218.0 404.0
ImpeIIamGroup . . . .235.0 10.0 387.5 186.5
James HaIstead . . . . .441.0 -4.0 495.0 390.0
KaIahari MineraIs . . .242.0 -0.5 301.0 198.3
London Mining . . . . .296.8 0.3 436.5 278.5
Lupus CapitaI . . . . . .115.0 -4.5 150.0 86.0
M. P. Evans Group . .448.5 -0.3 475.0 371.0
Majestic Wine . . . . . .392.8 0.3 510.0 315.0
May Gurney Integr . .287.0 7.0 302.0 234.0
Monitise . . . . . . . . . . . .28.3 0.8 40.0 18.5
MuIberry Group . . . .1463.0 -40.0 1920.0 1065.0
Nanoco Group . . . . . . .53.0 0.8 95.5 38.0
NauticaI PetroIeu . . .315.0 23.5 547.0 223.5
NichoIs . . . . . . . . . . . .592.0 -7.0 605.0 410.0
Numis Corporation . . .94.5 1.5 126.0 72.0
Pan African Resou . . .15.0 0.0 17.0 9.5
Patagonia GoId . . . . . .45.0 2.3 70.0 37.3
Prezzo . . . . . . . . . . . . .67.8 1.3 71.5 53.5
Pursuit Dynamics . . .101.0 4.5 439.5 67.0
Rockhopper ExpIor .316.5 12.8 386.0 141.0
RWS HoIdings . . . . . .475.0 9.8 488.0 328.0
Secure Trust Bank . .900.0 0.0 910.0 755.0
Songbird Estates . . . .111.0 -0.3 160.3 104.0
VaIiant PetroIeum . . .435.0 5.0 672.0 400.0
Young & Co's Brew . .655.0 -5.0 712.0 565.0
Afren . . . . . . . . . . . . .130.5 13.5
Dixons RetaiI . . . . . . .10.9 10.6
Supergroup . . . . . . . .640.0 7.9
Misys . . . . . . . . . . . . .283.0 6.5
AZ EIectronic Mate . .281.6 6.3
TaIvivaara Mining . . .325.0 5.9
Inchcape . . . . . . . . . .324.2 5.8
AngIo Pacific Grou . .286.0 5.2
TUI TraveI . . . . . . . . . .173.1 5.0
InternationaI Pers . . .155.2 4.5
Essar Energy . . . . . .127.0 -26.3
TaIkTaIk TeIecom G . .126.8 -4.7
Kenmare Resources . .47.0 -4.4
Ashtead Group . . . . .212.9 -3.7
Rightmove . . . . . . . .1300.0 -3.3
Man Group . . . . . . . . .107.1 -2.9
Soco InternationaI . .285.0 -2.8
AIIied GoId Mining . .156.8 -2.6
PZ Cussons . . . . . . . .312.6 -2.3
FirstGroup . . . . . . . . .308.6 -2.3
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
GILTS
AEROSPACE & DEFENCE
CONSTRUCTION & MATERIALS
ELECTRICITY
ELECTRONIC & ELECTRICAL EQ.
EQUITY INVESTMENT INSTRUM.
FINANCIAL SERVICES
FIXED LINE TELECOMS
FOOD & DRUG RETAILERS
FOOD PRODUCERS
FORESTRY & PAPER
GAS, WATER & MULTIUTILITIES
GENERAL RETAILERS
HEALTH CARE EQUIPMENT & S.
HHOLD GDS & HOME CONSTR.
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REAL ESTATE INVEST. & SERV.
SOFTWARE & COMPUTER SERV.
SUPPORT SERVICES
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TOBACCO
TRAVEL & LEISURE
AIM 50
NON LIFE INSURANCE REAL ESTATE INVEST. TRUSTS
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AUTOMOBILES & PARTS
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GENERAL INDUSTRIALS
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MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.60 -0.04 104.7 100.6
Tsy 5.250 12 . . . .101.87 -0.01 105.9 101.8
Tsy 9.000 12 . . . .104.40 -0.30 112.1 103.6
Tsy 4.500 13 . . . .104.60 -0.02 106.9 104.6
Tsy 2.500 13 . . . .283.30 0.01 287.7 279.0
Tsy 8.000 13 . . . . .112.74 -0.03 117.7 112.7
Tsy 5.000 14 . . . . .111.97 -0.03 112.9 109.2
Tsy 7.750 15 . . . .100.18 0.00 106.8 99.4
Tsy 4.750 15 . . . . .114.94 -0.10 115.4 108.6
Tsy 8.000 15 . . . .128.16 -0.12 129.2 123.7
Tsy 2.500 16 . . . .343.84 0.06 354.5 312.1
Tsy 4.000 16 . . . . .114.25 -0.07 114.7 104.9
Tsy 1.250 17 . . . . .116.42 0.06 117.5 106.7
Tsy 12.000 17 . . .121.40 -0.28 129.8 121.4
Tsy 8.750 17 . . . .141.51 -0.35 141.9 132.9
Tsy 5.000 18 . . . .122.41 -0.02 122.5 109.7
Tsy 4.500 19 . . . .120.71 0.02 120.8 105.4
Tsy 3.750 19 . . . . .115.61 0.03 115.6 99.4
Tsy 4.750 20 . . . .123.43 0.04 123.5 106.6
Tsy 2.500 20 . . . .366.79 0.23 367.4 314.0
Tsy 8.000 21 . . . .153.14 0.06 153.4 133.8
Tsy 1.875 22 . . . .128.49 0.20 129.1 111.3
Tsy 4.000 22 . . . . .117.98 0.04 118.2 99.0
Tsy 2.500 24 . . . .333.62 0.22 335.2 275.6
Tsy 5.000 25 . . . .130.38 0.10 130.6 107.4
Tsy 1.250 27 . . . .126.42 0.19 127.1 104.8
Tsy 4.250 27 . . . .122.59 0.12 122.6 97.9
Tsy 6.000 28 . . . .147.81 0.15 147.8 119.5
Tsy 4.125 30 . . . .322.79 0.27 322.8 262.1
Tsy 4.750 30 . . . .130.43 0.19 130.5 103.0
Tsy 4.250 32 . . . .123.05 0.20 123.1 96.0
Tsy 4.250 36 . . . .123.82 0.23 123.9 95.0
Tsy 4.750 38 . . . .134.10 0.23 134.1 102.8
Tsy 4.500 42 . . . .130.72 0.25 131.0 98.9
% %
25
Wealth Management
Accountants are
already risk people
Picture: GETTY
T
HE global attitude towards risk
management has changed irrevoca-
bly in the last three years.
Yet, despite the increasingly stringent
regulatory controls and development of
sophisticated financial modelling, at the
end of the day, risk management must
address the human factor.
People ultimately make decisions based
on the best available information, but
more crucial is how that information is
delivered, who it is delivered to, and
whether and how it is acted upon which
ultimately defines how well risk is man-
aged.
The Association of Chartered Certified
Accountants (ACCA) recently compiled a
study, Rules for Risk Management:
Culture, Behaviour and the Role of
Accountants, which is revealing in the
attitude of its members because it shows
what actually happens within organisa-
tions where advice is given by risk assess-
ment professionals, how ethics come into
play or flies out the window and what
risk management should and shouldnt
look like in practice.
The study canvassed over 2,000 ACCA
members from 109 countries.
Respondents included CFOs, finance
directors, financial controllers and finan-
cial accountants from all types and sizes
of organisation.
One of the studys key findings is that,
while a lot is being done already, account-
ants feel they can do a lot more to
improve ethical behaviour, to identify or
drive a superior decision-making culture,
to instil a more integrated approach to
risk management within the organisa-
tions they work and to control and min-
imise dysfunctional behaviour among key
decision-makers.
The results revealed overwhelming sup-
port for a series of six decision-making
practices and behaviours which should
form the basis for achieving best practice
in risk management; these are: question-
ing proposals regardless of the seniority
of those that originated them; recognis-
ing uncertainties, and measuring and
managing them; making unbiased deci-
sions irrespective of personal interests;
acting ethically and encouraging an ethi-
cal culture; acting legally and challenging
a failure to do so; and thinking carefully
while using applicable quantitative tech-
niques.
Participants judged that decision-mak-
ing based on these good practices will
always be significantly superior to that
based simply on consensus, on short term
self-interest, on unsubstantiated opinion,
or simply following orders without ques-
tion behaviours which many believe
were at the root cause of the financial cri-
sis.
IMPORTANCE OF CULTURE
The study also shows how important an
organisations culture is in creating a
positive impact. There is a statistical link
between instances of good risk manage-
ment and a reduction in peoples experi-
ences of dysfunctional behaviour. And
this is particularly true where ethical
behaviour has been actively encouraged
rather than just assumed.
In their starkest definition, dysfunc-
tional behaviours often stem from fear or
greed. They typically include: allowing
personal bias to affect risk decisions; per-
mitting political power battles to influ-
ence decisions; excessively weighting the
value of beliefs over evidence-backed
information; or letting an unbalanced
focus on subjectively selected priorities
determine outcomes.
While many chief executives and
boards would, no doubt, argue vigorously
that such negative traits do not exist or
are not endemic within their firms, just
fewer than 1 per cent of respondents in
the ACCA study believed that dysfunction-
al behaviours did not happen in their
organisation.
However, the results also found no link
between the size of an organisation and
how often risk management practices
were being used. This could help remove
some negative stereotypes about small
businesses, which may assist small busi-
nesses seeking new sources of finance.
Contrary to many perceptions, risk man-
agement is alive and well in the SME sec-
tor.
This then begs the question: are
accountants merely instruments of the
chief executive, using tight budgetary
control to enforce strategy based on noth-
ing more than conviction, are they there
to report whatever profit figure the chief
executive would like to report, or are they
more interested in promoting honesty,
objectivity and thoughtful use of evi-
dence?
There is an argument among some
commentators that says risk manage-
ment has been largely ineffectual because
companies internal systems tend to be
wholly focused around numbers, while
companies are in actual fact people-
based. The ACCA study supports this view.
EFFECTIVE RISK MANAGEMENT
Accountants understand risk. They
embrace the norms of risk management
and they show overwhelming support for
several effective risk management tools.
They value the support they provide to
decisionmakers as a means to help them
manage risk. They have a clear view that
the contribution of accountants to the
culture of decision-making should
encourage honesty and objectivity, but
not baseless conviction, consensus, and
advocacy over evidence.
They understand that it is better, from
this point of view, to explain a range of
possible outcomes from a course of action
than to detail just the most likely out-
come. This is the essence of risk manage-
ment.
Current guidance and regulation on
risk management has been pushing for
some time to have risk management
more closely integrated within manage-
ment, while compliance is suggesting
that companies dont just simply gather
data but also take a more robust
approach to its management.
Organisations need to be able to identify
potential risks so that they can avoid
them or limit their impact when they
materialise.
Here, accountants have the opportuni-
ty to exert a much greater positive influ-
ence; its simply a question of how they
use it.
Accountants are already risk people,
they understand risk and they under-
stand risk management. They value the
support they can provide to decision-mak-
ers by presenting risk management as
part of every-day business decision-mak-
ing. They can do more and they want to
do more. Business should not miss this
opportunity to embrace that.
Andrew Leck is head of ACCA UK
Business Features| Accounting
ANDREW LECK
HEAD OF ACCA UK
Accounting for good practices: why
effective risk management matters
Lifestyle | Motoring
SUPERCHARGED TOYOTA IQ TO GO INTO LIMITED PRODUCTION
If you felt the Toyota iQ had never quite reached its racing potential, a
supercharged model scheduled for a limited production run of just
100 cars has been developed by Tuners GRMN. This iQ has a super-
charged 1.33-litre engine good for 128bhp, a six-speed, close ratio gear-
box, uprated brakes and suspension, dual exhaust plus full body kit.
CAR TALK BY RYAN BORROFF
HARRODS SHOWS OFF FISKER KARMA
A Fisker Karma, the luxurious electric sports car we waxed lyrical
about when we drove it last year, has just gone on show in Harrods
Brompton Road window display until the 4 February. Prospective cus-
tomers visiting Harrods can take a tour of the vehicle, configure their
own model virtually and arrange a test drive.
F1 DRIVERS TAKE TURN OFF PISTE
In a display of spectacular silliness Scuderia Ferrari drivers
Fernando Alonso and Felipe Massa have raced two FF four-seater,
four-wheel drive Ferraris down a ski slope in the Italian Dolomite
mountains. Alonso said of the 600hp FF: Its perfect for everyday
use with the whole family in the car.
Lean and green but not very mean
W
henever I see a Toyota Prius, it is
travelling in the outside lane on
the M6 Toll road at a blistering
pace. I have always assumed that
the owners are keen to recharge their bat-
teries, or that even worthy eco warriors
sometimes like to let loose and cane their
cars once in a while, when they think they
can get away with it.
This seems a little incongruous because,
despite city dwellers being the cars pri-
mary target market, the City of London is
hardly jam-packed with Hybrid Priuss. One
reason for this is that the Prius is expensive.
The other is that they are pug ugly. I dont
care that Leonardo DiCaprio and Cameron
Diaz have one each, they can afford to take
a couple of hits with the automotive ugly
stick. In the real world Ill take all the sex
appeal I can get, thanks very much.
Now Toyota has added a hybrid to its
compact family Auris range. The Auris HSD
(Hybrid Synergy Drive) is about as sexy to
look at as it sounds. Its fair to say that there
are types of street furniture in London that
attract more attention. Sure, the Auris is
not particularly stylish but it definitely isnt
ugly. It would be forgettable if anyone
noticed it in the first place. But then thats
the point because unlike the Prius which
trumpeted eco, like sandals reveal a hippie
the Auris HSD hides its eco credentials
under a bushel. Save for a couple of blue
coloured badges on the exterior, it looks
like any other Auris and youd be hard
pressed to notice its green ambitions.
And this is a car with impressive vital sta-
tistics. Combined fuel consumption is
70.6mpg and CO2 emissions are a
Congestion Charge-busting 93g/km.
Powered by a petrol-electric powertrain
good for 134bhp 98bhp comes from the
1.8-litre 16-valve VVT petrol engine and
80bhp from the electric motor the Auris
HSD can run on battery only albeit only
over a small distance of a mile or so petrol
only or a combination of both.
Inside its immediately apparent that
you are driving a Toyota. But the Auris HSD
is different in that it hooks you in with a
futuristic blue ambience reminding you
that, actually, you are driving a vehicle that
is rather special. I immediately get a kick
from the small, stubby gear shifter, the
We ask if the Auris
can throw off the
image of its big sister
the Toyota Prius
THE VERDICT:
DESIGN hhhii
PERFORMANCE hhhii
PRACTICALITY hhhii
VALUE FOR MONEY hhhii
THE FACTS: TOYOTA AURIS HSD
PRICE: 21,895
0-62MPH: 11.4secs
TOP SPEED: 112mph
CO2 G/KM: 93g/km
MPG COMBINED: 70.6mpg
design of which seems so agreeable as to
render conventional shifters obnoxious.
The instruments have a focus on frugality
and restraint rather than speed and power.
The dials show power and charge, so the
meaner you are with the pedal, the more
eco you are in reality and the display
rewards you for driving responsibly.
Switching the car on illuminates the dash-
board instrumentation before moving
away in blissful silence. Pootling about the
City at speeds of 20mph or less is relaxing
and remarkably satisfying. Under heavier
acceleration however things are less
refined. The engine kicks in with an
uncomfortable sounding whine like a leaf
blower. Its not a nice sounding engine
noise. Its not a deal breaker but it is disap-
pointing.
Surprisingly, out on some open roads, I
find the driving rather engaging. Steering
feel is sportier than expected, progress feels
genuinely nippy and the ride is nice and
firm. Its no sports car, but the Auris HSD
can at least be enjoyed beyond the count-
Toyota is just introducing a Plug-in Prius
that can travel 14 miles on electricity only
and a plug-in version of the Auris will
almost certainly follow at some point. This
will make these cars a far more compelling
offer and only then will they really come
into their own.
WORDS BY
RYAN BORROFF
27
ing of pennies saved. Its a hybrid that does-
nt involve too much of a driving compro-
mise when measured against diesel rivals
offering similar economy.
For a City commuter, after an economi-
cal small family car, the eco frugality
offered by the Auris HSD is enticing. But
The Toyota Auris is
green without the eco
statement given out
by a Prius.
T
E
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S
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FILM2012 WITH CLAUDIA
WINKLEMAN BBC1, 11.15PM
The host and Danny Leigh review
Coriolanus, an adaptation of
Shakespeares play directed by and
starring Ralph Fiennes.
HOWTO COOK LIKE HESTON
CHANNEL4, 8PM
Chef Heston Blumenthal challenges
the way chocolate is often used in
cooking, suggesting it should be kept
away from moisture and direct heat.
KATE THORNTON ANOREXIC:
MY SECRET PAST CHANNEL5, 10PM
Kate Thornton reveals how she battled
the eating disorder during her early
teenage years, and sets out to help
todays sufferers fight the condition.
BBC1
SKY SPORTS 1
7pmSky Sports News at Seven
7.30pmLive Scottish Cup Football
10pmYoure on Sky Sports! 11pm
Test Cricket 1amScottish Cup
Football 2amCopa Del Rey
Football 3.30amFIFA Futbol
Mundial 4amScottish Cup
Football 5amFIFA Futbol Mundial
5.30am-6amA League Football
SKY SPORTS 2
7pmTest Cricket 9pmLive Copa
Del Rey Football 11pmA League
Football 11.30pmFootballs
Greatest 12amFIFA Futbol
Mundial 12.30amNetball
2.30am-3.30amWatersports
World
SKY SPORTS 3
7pmExtreme Carp 7.30pmLive
Greyhound Racing 10pmCage
Fighter 10.30pmTrans World
Sport 11.30pmCage Fighter
12amNFL: Total Access 1amMax
Power 2am-2.30amCycling
BRITISH EUROSPORT
7pmYacht Club 7.05pm
Wednesday Selection 7.15pmLive
Snooker: The Masters 10pm
World Rally Championship 10.3
0pmAustralian Open Tennis
11.30pmGame, Set and Mats
12am-7.45amLive Australian
Open Tennis
ESPN
7pmPress Pass 2012 7.30pm
Serie A Rivals 8pmLive Coppa
Italia: AC Milan v Novara (Kick-off
8.00pm). 10pmESPN Kicks: Extra
10.15pmGoal Show11.15pm
ESPN Kicks: Serie A: The latest
highlights from Italy. 11.30pm
Press Pass 2012 12amLive
Caribbean Twenty20 Cricket
3.30amSnowboard FIS World
Cup Magazine 4amFIS Alpine Ski
World Cup Report 4.30amESPN
Kicks: Extra 4.45amESPN Kicks:
Scottish Premier League 5am
Goal Show5.30am-6amPremier
League World
SKY LIVING
7pmCriminal Minds 8pmPushy &
Proud: Diet Crazy Mums 9pm
Bigger Than Britney 10pm
Criminal Minds 11pmBones 12am
CSI: Crime Scene Investigation
1.50amMaury 2.40amMy Wife
and Kids 3.30amBones 4.20am
Nothing to Declare 5.10am-6am
Jerry Springer
BBC THREE
7pmSnog, Marry, Avoid? 8pm
Dont Tell the Bride 9pmBritain in
Bed 11pmFamily Guy 11.45pm
American Dad! 12.30amDont Tell
the Bride 1.30amBritain in Bed
3.25amWorlds Strictest Parents
Top 10 Tantrums 4.25am-5.25am
Coming Out Diaries
E4
7pmHollyoaks 7.35pmHow I
Met Your Mother 8pmCharlies
Angels 9pmFILMSleepy Hollow:
Horror, starring Johnny Depp
and Christina Ricci. 1999.
11.05pmRhod Gilbert & the Cat
That Looked Like Nicholas
Lyndhurst 12.05amThe Big Bang
Theory 1.05amScrubs 2amHow
I Met Your Mother 2.25amRules
of Engagement 2.45amGreek
3.30amWildfire 4.10am-6am
Switched
HISTORY
7pmStorage Wars 7.30pmPawn
Stars 8pmMonster Moves 9pm
Swamp People 10pmStorage
Wars 11pmAmerican Restoration
12amMonster Moves 1am
Storage Wars 2amSwamp People
3amClash of the Gods 4amTony
Robinson Down Under 5am-6am
American Pickers
DISCOVERY
7pmMythbusters 8pmWhale
Wars 9pmAmerican Chopper:
Senior Versus Junior 10pm
Carfellas 11pmDeadliest Catch
12amBear Grylls: Born Survivor
1amAmerican Chopper: Senior
Versus Junior 2amCarfellas 3am
Wheeler Dealers 3.50am
Mythbusters 4.40amMore
Industrial Revelations
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny USA 8pmJon
and Kate Plus 8 9pmTrauma
Team10pmMedics 11pmUntold
Stories of the ER 12amTrauma
Team1amMedics 2amUntold
Stories of the ER 3amSupernanny
USA 4amA Baby Story
5am-6amBringing Home Baby
SKY1
8pmObese: A Year to Save My
Life 9pmBrit Cops: War on Crime
10pmRoad Wars 11pmMad Dogs
12amDog the Bounty Hunter 1am
Customs 1.50amCop Squad
2.40amRoad Wars 4.20am
Project Catwalk 5.10am-6amAll
Star Dont Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show
7.30pmRip Off Britain: BBC
News: Regional News
8pmDIY SOS: The Big Build
9pmMasterChef 10pmBBC News
10.25pmRegional News 10.35pm
The National Lottery Wednesday
Night Draws 10.45pmWould I Lie
to You? 11.15pmCHOICE Film
2012 with Claudia Winkleman:
National Lottery Update 11.55pm
FILMTrees Lounge: 1996. 1.25am
Weatherview1.30amSign Zone:
See Hear 2amCountry Tracks 3am
MasterChef: The Professionals
4am-6amBBC News
6pmEggheads: Quiz show,
hosted by Jeremy Vine.
6.30pmGreat British Railway
Journeys
7pmHairy Bikers Best of
British: Festivals and occasions
that allow the nation to
indulge.
8pmStargazing Live
9pmStargazing Live: Back to
Earth
9.30pmThe Crusades
10.30pmNewsnight: Weather
11.20pmSnooker: The Masters
12.10amSnooker Extra
2.10amBBC News 4am-6amBBC
Learning Zone
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmLive FA Cup Football:
Wolverhampton Wanderers v
Birmingham City (Kick-off
8.00pm).
10.10pmITV News at Ten
10.40pmLondon News
10.45pmPiers Morgans Life
Stories: Richard Branson
11.50 pmPolice, Camera,
Action!
12.40amThe Zone; ITV News
Headlines
2.45amFILMCriminal. 2004.
4.10am-5.30amITV Nightscreen
6pmThe Simpsons 6.30pm
Hollyoaks 7pmChannel 4 News
7.55pm4thought.tv 8pmCHOICE
How to Cook Like Heston 8.30pm
The Fabulous Baker Brothers 9pm
One Born Every Minute 10pm
FILMtalhotblond. 2009. 11.15pm
Random Acts 11.20pmSecrets of
the Shoplifters 12.25amMusic on
4: Launched at Red Bull Studios
1.15amMusic on 4: The Album
Chart Show Introduces Cover
Drive 1.30amThe Album Chart
Show Introduces Yasmin 1.45am
The Only Gay on the Estate?
2.10amFILMBright Young Things.
2003. 3.55amSt Elsewhere
4.40am90210 5.25am-6.10am
Countdown
6pmHome and Away
6.30pm5 News at 6.30
7pmCowboy Builders: 5 News
Update
8pmBenidorm ER: 5 News at
9
9pmCelebrity Big Brother:
Live Eviction
10pmCHOICE Kate Thornton
Anorexic: My Secret Past
11pmCelebrity Big Brothers
Bit on the Side
12amPoker: The Big Game
1amSuperCasino 3.55am
HouseBusters 4.20amMichaelas
Wild Challenge 5.10amWildlife
SOS 5.35am-6amWildlife SOS
1 2 3 4 5
6 7
8 9
10 11 12 13
14 15
16 17 18 19
20
21
22 23
7 10 6
35 21
45
13 6 4
9 14
29 11
7 20
12 23 12
45
24 16
9 14 7
38
22
21
13
16
14
20
27
28
15
17
14
30
19
16
7
10
39
11
22
Fill the grid so that each block
adds up to the total in the box
above or to the left of it.
You can only use the digits 1-9
and you must not use the
same digit twice in a block.
The same digit may occur
more than once in a row or
column, but it must be in a
separate block.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
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 Pulsates (6)
4 Condiment, sodium
chloride (4)
6 Absence of culture
and civilisation (9)
8 Alcoholic beverage (3)
10 Tenant (6)
13 Animal hunted
for food (4)
14 Equine animal (5)
16 One of the Seven
Deadly Sins (4)
17 Brown with a
reddish tinge (6)
20 At once (3)
21 Fine porcelain (4,5)
22 Succeed in an
examination (4)
23 Area set back or
indented (6)
DOWN
1 Relating to sea waves (5)
2 Garments (5)
3 Island to the north
of Java (6)
4 Bands, streaks (7)
5 Woollen cap of
Scottish origin (3)
7 Designating sound
transmission from
two sources (6)
9 Rough shelter at the
side of a house (4-2)
11 Timidity (7)
12 Make a mistake (3)
15 Lying face upward (6)
18 Trap for birds or
small mammals (5)
19 Two ofspring born from
the same pregnancy (5)
21 Small loaf or roll of
soft bread (3)
U
I
T
R
I U
E
Q
S

4

4
4

H E S S C U R D S
U T O G A O L
M A R E R Y E
A I M M E D I A T E
N A G A I L K
M R R I G H T
J A I A I L K
A R R O G A N C E A
C O O A S A P
O L L A M P U
B R E A D S O R T
3 2 1 6 8 6
6 7 1 5 3 8 9 4 2
1 6 1 2 4 6
2 1 7 7 8 2
2 9 1 3 9 7
3 5 8 4 2 9 7 6 1
6 4 9 8 9 8
9 5 8 4 1 2
2 5 3 1 7 9
5 2 1 6 9 4 7 3 8
1 3 7 4 8 5
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
POSTERIOR
Lifestyle | TV&Games
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o (J) oZ, (4) O+e| Varf||s (|r+) |t V+r|r|a V+tase1|c
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Sport
SPORT | IN BRIEF
Team GB miss out on 2012 spot
GYMNASTICS: Britains rhythmic gym-
nasts will not compete at the London
Games after failing to meet the qualify-
ing standard following the completion of
yesterdays test event at the 02 Arena.
GB fell 0.273 marks short of the 45.223
target set by their governing body and
their subsequent appeal to raise that
score was refused. Coach Sarah Moon
said: We were just hoping with the
appeal. Its such a fine margin, less than
one element of the routine. Thats one
judge making one different decision.
Senna signs for Williams
FORMULA ONE: Brazilian Bruno Senna
has signed to drive for Williams in 2012
thereby joining the team for which his
uncle Ayrton Senna was driving when
he was killed in 1994. Senna impressed
after being drafted in by the Renault
team in the final races of last season. His
only other experience of F1 came in dur-
ing the 2010 season with the struggling
HRT team. I feel very privileged
Williams has selected me as one of their
race drivers, said Senna, who will make
his debut for Williams in Jerez, Spain on
9 February in the first of the teams win-
ter tests.
Higgins through to last eight
SNOOKER: World number three John
Higgins secured his place the quarter-
finals of the Masters at Alexandra
Palace, beating Matthew Stevens 6-2.
Higgins amassed his highest break of 90
in the opening frame, only for Stevens to
level. He went in 3-1 up at the break
before the 2000 champion won the fifth
frame. The 36-year-old took the remain-
ing four frames with 69 in the penulti-
mate one, his second most notable
contribution of the match.
Results
email sport@cityam.com
Lendl reassures Murray after
Brits stuttering start to slam
BRITAINS Andy Murray insists new
coach Ivan Lendl was very happy
with his start to the Australian Open,
despite having to fight back from a
set down before overcoming
American teenager Ryan Harrison.
Murray admitted struggling with
the Melbourne heat and needed more
that three hours to see off world No77
Harrison 4-6, 6-3, 6-4, 6-2 to set up a
second-round tie with Frenchman
Edouard Roger-Vasselin.
But the Scot, seeded fourth as he
attempts to end his long wait for a
first grand slam title, declared Lendl,
whom he hired at the turn of the
year, more than satisfied.
He was very happy, said Murray.
He understands how you might be
feeling at the start of a grand slam,
what its like to play against someone
that you havent played against, what
its like playing in different condi-
tions, how you feel in really warm
conditions.
Its just good to have someone
there that understands all of those
things. Someone without the experi-
ence might walk in and be like: What
the hell were you doing in the first
set? What were you playing at in the
first six or seven games? He under-
stands the feelings that you go
through. Once I started moving bet-
ter, I played better and the last few
sets were good.
Harrison, who has never pro-
gressed beyond the second round of a
grand slam in 11 attempts, took
advantage of Murrays early hesitancy
to break his serve three times in a
first set that the underdog won in 51
minutes.
World No4 Murray had to draw on
his familiar grit to get a foothold in
the second set and, having done so,
improved markedly as he closed in on
an unexpectedly laboured victory on
Hisense Arena.
He came out and played some
great tennis and I really had to dig
in, he added. He is one of the up-
and-coming guys and I was expecting
a tough match and that's what I got. I
started to play better towards the end
of the match, I had a few nerves at the
start.
Roger-Vasselin, who benefited from
Xavier Malisses retirement after the
Belgian had lost the first set tie-break,
is ranked 101 having enjoyed a steady
progression in recent years, but
Murray admits he knows little about
his next opponent, whom he is due to
meet tomorrow.
I dont know much about him but
he is playing the best tennis of his
career, he added. I am going to have
to play well to beat him.
BY FRANK DALLERES
TENNIS
US OPEN champion and home

favourite Sam Stosur admit-
ted her extreme disap-
pointment after
becoming the highest-
profile first-round
casualty of the
Australian Open.
Stosur, the sixth
seed, was beaten in
straight sets by
Romanian world No59
Sorana Cirstea, 7-6 (7-2), 6-
3, in the biggest shock this
year in Melbourne. I am extremely
disappointed, said the 27-year-old
(inset). I really, really wanted to do
well here and I did everything I
could to try to give myself a good
opportunity but it obviously
didnt happen.
Twelfth seed Serena
Williams put her recent
injury problems
behind her with a 6-3,
6-2 win over Tamira
Paszek, while mens
defending champion
Novak Djokovic lost just
two games as he thrashed
Italian Paolo Lorenzi. Seeds
David Ferrer, Jo-Wilfried Tsonga
and Andy Roddick also progressed.
Home favourite Stosur
suffers shock early exit
BY FRANK DALLERES
TENNIS
Mens Singles
T Haas (Ger) v R Nadal (Spa) [2]
A Beck (Ger) v R Federer (Swi) [3]
T Berdych (Cze) [7] v O Rochus (Bel)
M Fish (USA) [8] v A Falla (Col)
B Kavcic (Slo) v JM Del Potro (Arg) [11]
Womens Singles
O Rogowska (Rus) v Li (Chi) [5]
K Clijsters (Bel) [11] v S Foretz (Fra)
C Wozniacki (Den) [1] v Tatishvili (Geo)
V Azarenka (Aus) [3] v C Dellacqua (Aus)
P Ormaechea (Arg) v A Radwanska (Pol) [8]
HIGHLIGHTS | WEDNESDAYS PLAY
CITY headhunters Odgers Berndtson
have been tasked with identifying
Englands next permanent head
coach after being hired by the Rugby
Football Union.
The executive recruitment firm,
which chose the London 2012 organ-
ising committee headed by Lord Coe,
is understood to have begun its
search last week.
It will make its recommendation
to the RFU, which hopes to appoint
the long-term successor to Martin
Johnson by the end of the Six
Nations at the latest. That could
work against interim head coach
Stuart Lancaster, who is relying
on results in the champi-
onship to stake his claim for a
permanent appointment.
Bigger names such as for-
mer Stade Francais and Italy
coach Nick Mallett, ex-New
Zealand boss Wayne Smith
and Northamptons Jim
Mallinder have been linked with
the position, which Johnson
vacated in November following a
disastrous World Cup campaign
which ended at the quarter
final stage and was tainted by a
number of off-field scandals.
But RFU acting chief exec-
utive Stephen Brown
insists erstwhile Saxons
coach Lancaster will
have a fair crack of the
whip.
Stuart has made a fantas-
tic impression and Im sure if Stuart
chooses to apply he will be given
every consideration for that job,
said Brown.
Stuart has to make the decision
about whether he wants to be con-
sidered for the role going forward. If
he does then we will make sure
there is time.
Odgers Berndtsons global sports
practice is headed by Simon
Cummins, a former head-teacher
and ex-board member of the English
Schools Rugby Football Union.
City headhunters asked to find England coach
Murray lost the first
set against teenager
Harrison
Picture: ACTION
IMAGES
lRFU hire Odgers Berndtson but insist interim boss Lancaster is still in with chance
BY FRANK DALLERES
RUGBY UNION
Sport
30
QPR manager Mark Hughes celebrat-
ed the the first win of his tenure last
night but admitted his team are suf-
fering a crisis of confidence after they
stuttered to an uninspiring FA Cup
win over League One outfit MK Dons.
Danny Gabbidons second half
header, his first goal in seven years,
provided Rangers with their first win
in the competition since 2001 and set
up a spicy fourth round tie against
west London rivals Chelsea.
That clash will take place just days
before England captain John Terry is
due in court on a racially aggravated
public order offence following allega-
tions, which he denies, that he racial-
ly abused Rangers defender Anton
Ferdinand when the teams met at
Loftus Road last October.
Before then, however, Rangers face
a Premier League relegation six-point-
er at home against Wigan and
Hughes accepts his side cannot afford
a repeat of last nights tepid display.
Given the run the team has been
on, perhaps there is a lack of confi-
dence in each other. The desire is
there for everyone to see, but we can
improve, said Hughes, who saw his
side win for the first time in 10
games. I think there was a lack of
sharpness as a consequence of play-
ing Sunday and Tuesday -- we looked a
bit leggy at times.
FORMER England bowler Angus
Fraser believes spot-fixing has infest-
ed the domestic game beyond the
case which has left former Essex
bowler Mervyn Westfield facing
prison.
Westfield the first English crick-
eter to be convicted of spot-fixing is
due to be sentenced next month after
he confessed attempting, under
instruction, to concede 12 runs from
the first over of his spell during
Essexs Pro40 match against Durham
in September 2009.
Tony Palladino, the former team-
mate who blew the whistle on
Westfield, feels other county crick-
eters are involved in betting scams
and Fraser, now Middlesexs manag-
ing director of cricket, shares similar
concerns.
The one thing cricket has to be
wary of is that if they have got to one
person in our domestic game its
highly likely theyve got to others
too, Fraser (inset) told City A.M.
I cant say that Ive watched
matches and seen anything untoward
but maybe Im a bit naive in the way I
watch games.
But certainly you cant rule
out the fact that theres a
possibility that other
things might be taking
place. I dont think its
rife but I dont think
the game can afford to
be in any way compla-
cent.
Following his confes-
sion, Westfield, 23,
appears extremely unlike-
ly to have a future in the
sport in a playing capacity.
Rather than discard him completely,
however, Fraser believes the authori-
ties could use him to help educate up
and coming players about the pitfalls
of spot-fixing.
I hear he was a talented young guy
with a bright future that its all
gone is a lesson to everyone, he
added. Hes gone down a road that
has had a big negative impact on his
life and, although Id be resentful
were he to make a living out of it, any
advice he could impart on young
players to reduce the chances
of it happening again
would be welcomed.
Players do need to
be educated because
sometimes you can
get involved without
even knowing it.
As a cricketer you
meet a lot of people
wholl want to be your
best mate and take you
out for nice meals and
before you know it youve
answered a few questions you maybe
shouldnt have.
The ECB reacted swiftly to
Westfields confession by taking the
unprecedented step of opening a
three-month amnesty window for
players to report any historic
approaches from match fixers.
It is an offence under ECB regula-
tions not to report any advances from
match fixers, but with the governing
body relaxing its stance until 30
April, Fraser believes players will feel
more comfortable reporting suspi-
cions they may have held in the past
and potentially shopping their team-
mates.
We have to applaud Palladino
because what he did was extremely
brave. Im sure hes going to cop some
flak even if it might be jovial, said
Fraser, whose county have agreed a
long-term sponsorship deal with
wealth management group Brooks
Macdonald. Hes broken, I guess,
some kind of sportsmans code, but
youd like to think the game is more
important that any individual.
Players shouldnt feel theres any-
thing wrong in, for want of a better
word, dobbing their mates in, but Im
sure the window will make it easier
for players to come forward.
Rangers end eleven-year cup
jinx to hand Hughes first win
BY JAMES GOLDMAN
CRICKET
LONDON 2012 ticket-holders can

legally sell their unwanted seats once
again after Olympics chiefs finally
reopened a significantly scaled-down
version of their crippled website yes-
terday.
However, those wanting to buy the
second-hand Games tickets are still
not able to use the site, which buck-
led under the weight of unexpectedly
high traffic just hours after being
launched on 6 January.
Instead London 2012 organisers
have pledged to buy up every unwant-
ed ticket at face value and put them
all back on sale again in April.
Games bosses faced fierce criticism
after the original ticket resale site col-
lapsed and remained offline for 11
days. Their decision to launch a more
basic version comes after they were
unable to satisfactorily repair the
original platform, which was created
by Ticketmaster.
We are sorry for any inconven-
ience caused by the suspension of our
ticketing resale platform, said
London 2012 commercial director
Chris Townsend.
We made a commitment to our
customers to give them a safe, secure
and legal way of selling Olympic and
Paralympic tickets which they are no
longer able to use.
He added: We believe this system
purchasing the tickets back from cus-
tomers now, and offering them again
from April will result in a better cus-
tomer experience for everyone.
Ticketholders have until 6pm on 3
February to sell their seats back to
London 2012.
Organisers said the peer-to-peer
sale site crashed as 250,000 would-be
buyers were chasing tickets at any
one time.
They added that of 17,000 unwant-
ed seats made available before the
meltdown, some 7,000 were success-
fully sold.
2012 ticket
resale site
returns but
buyers wait
Alex and Henrique
close on Rs moves
QPR have edged closer to making their
first signings of the Mark Hughes era
after agreeing fees for Chelsea defend-
er Alex and young Brazilian striker
Henrique.
Alex, who is also Brazilian and sur-
plus to requirements at Stamford
Bridge following the arrival of England
centre-back Gary Cahill, is thought to
have opened talks with Rangers.
Brazil Under-20 star Henrique is
expected to join QPR on loan initially
with an option to buy him from Sao
Paulo for 5m after 18 months.
His move is dependant on being
granted a work permit at an appeal
hearing, as he is not a full international
and does not qualify automatically.
BY JAMES GOLDMAN
FOOTBALL
1
0
QPR
MK DONS
QPR goalscorer Gabbidon Picture: PA
EXCLUSIVE: Former England bowler believes
landmark Westfield case was no one-off and
other domestic players may have been targeted
BY FRANK DALLERES
OLYMPICS
Spot-fixing
still going
undetected,
fears Fraser
31
Prior sidesteps row over Ajmal
action after England collapse
ENGLAND wicketkeeper Matt Prior
refused to become embroiled in a
debate concerning the legitimacy of
Saeed Ajmals action after the
Pakistan spinners seven-wicket haul
ensured the tourists face an uphill
struggle to save the first Test follow-
ing the first days play in Dubai.
Familiar failings against spin were
exposed by the 34-year-old Ajmal, who
recorded Test best figures of 7-55, as
England slumped to 192 all out hav-
ing won the toss and elected to make
first use of a pitch that offered the
bowlers only minimal assistance.
Ajmal, who ripped out the heart of
Englands top order by accounting for
Andrew Strauss, Kevin Pietersen, Ian
Bell and Eoin Morgan, had his action
referred to, and cleared by, the
International Cricket Council in
2009.
Sky television pundit and former
England skipper Bob Willis yesterday
raised fresh concerns about the way
Ajmal delivers his doosra, but Prior
insists England should be more con-
cerned with their own technique,
rather than that of their most recent
spin nemesis.
Asked directly about Ajmals
action, Prior, who top scored with an
unbeaten 70, said: Its not some-
thing were concerned about, its not
something we talk about in the dress-
ing room its got nothing to do with
us. If other people want to pull up on
it, thats up to them.
We played a few cross-batted shots
when maybe you needed to play
straight. I was playing very straight,
pretty watchful, and I think thats
maybe the way we have to look at it.
Its all well and good going out
and trying to get on top of the
bowlers. Recently weve played a lot of
cricket where the balls come on and
you can score at a rate. This is just a
reminder that cricket on the subcon-
tinent is slightly more attritional,
and you have to play the long game.
Pakistans openers survived 15
overs and reached 42-0 by the close as
all four of Englands front-line
bowlers failed to make an impact.
Even though the tourists would
appear to have been placed firmly
behind the eight ball, Prior insists his
team are capable to gaining a
foothold in the match.
Obviously today has not gone as
we wanted, he said. But its not all
over we cant just give it up now.
Weve got a huge day tomorrow, and
were very confident we can pull
something out of this game.
The great thing is that this teams
been in tough positions and fought
our way back. Weve won and saved
Test matches from this position.
BY JAMES GOLDMAN
CRICKET
NEWCASTLE last night completed the

10m signing of Senegal striker
Papiss Cisse, in a move that will
reunite him with international col-
league Demba Ba.
The 26-year-old, who has scored 39
in 65 games since joining German
outfit Freiburg two years ago, arrived
on Tyneside last night to sign a con-
tract thought to be for five and a half
years. He will have to wait to make his
Magpies debut, however, as he has
been included in Senegals Africa Cup
of Nations squad the tournament
starts on Saturday in Gabon and
Equatorial Guinea.
The move continues Newcastles
policy of hunting for bargains in
France and Germany.
Ba has been a huge hit at
Newcastle since his sum-
mer free transfer from
West Ham, scoring
15 goals in 19
games.
Like Cisse, he started out in France
but made his name in Germany, with
Hoffenheim, before leaving for
the Hammers just 12
months ago.
Cisses arrival will
increase speculation Ba
could be offloaded,
although manager Alan
Pardews preference for
fielding two strikers
suggests they will be
played upfront
together.
10m Cisse joins Senegal
colleague Ba at Newcastle
BY FRANK DALLERES
FOOTBALL
PAKISTAN spinner Saeed Ajmal

deflected criticism of his bowl-
ing action by insisting England
were the masters of their own
downfall on day one of the first
Test in Dubai.
Not since last winters Perth
Test against Australia, when they
were twice bowled out for under
200, have England been in such a
precarious position after Ajmal
recorded his best ever figures of
7-55 to reduce Andrew Strausss
side to 192 all out.
Pakistan were in total com-
mand by the close having
reached 42-0, but Ajmal was still
forced to field questions about
the method by which he bowls
his doosra, after Sky pundit and
former England captain Bob
Willis raised fresh concerns.
Im just concentrating on my
bowling. Its the umpires and
match referees responsibility to
see if there is any problem with
my action, he said.
They did it to [former
Pakistan off-spinner] Saqlain
Mushtaq. They are doing it with
me.
Its the best performance of
my life. I bowled wicket to wick-
et, and there were a few bad
shots as well. There was low
bounce, and some of them
played cross-bat shots.
Were not surprised. Weve
been working on a plan, and
weve bowled them out as per
the plan.
Im innocent,
Pakistan spin
star insists
CRICKET
Prior made an uncharacteristically watchful 70 not out from 154 balls Picture: GETTY
SPOT-FIXING |
LANDMARK CASES
HANSE CRONJE
Former Proteas captain Hanse Cronje
(above), voted the 11th greatest South
African of all time, was banned for life in
2000 after he admitted to being involved in
a series of match-fixing plots. Opening bats-
man Herschelle Gibbs was also implicated
and banned for six months. Cronje died in a
plane crash two years later aged just 32.
BUTT, AMIR AND ASIF
Three former Pakistan international crick-
eters, Mohammad Asif, Mohammad Amir and
Salman Butt (above) were jailed in November
after they were found guilty of conspiring to
deliberately bowl no-balls in the Lords Test
against England in August 2010. The trio
were rumbled after corrupt London-based
sports agent Mazhar Majeed, who was also
jailed, was caught on camera boasting that he
could arrange for the cricketers to rig games
for money by now-defunct newspaper the
News of the World.
MERVYN WESTFIELD
Former Essex fast bowler Mervyn Westfield
(left, main pic) faces up to seven years in
prison after admitting he accepted a corrupt
6,000 payment in return for conceding 12
runs in the first over of his opening spell in a
Pro40 game against Durham in September
2009. In the event, he only conceded 10 runs
in the over, including a wide. The 23-year-old
is due to be sentenced on 10 February.
MILLWALL put Saturdays drubbing at
the hands of Birmingham firmly
behind them last night with a 5-0 win
at the New Den over London rivals
Dagenham and Redbridge to set up
an FA Cup fourth round tie at home
against Championship leaders
Southampton.
Beaten 6-0 on home soil by Carling
Cup holders Birmingham three days
earlier, Kenny Jacketts men regis-
tered a morale-boosting victory
thanks to a Darius Henderson hat-
trick, who scored his first goals since
November, and a brace from on-loan
Tottenham striker Harry Kane.
Elsewhere, Premier League strug-
glers Bolton eased past League Two
side Macclesfield, albeit in front of
just over 9,000 fans at the Reebok
Stadium.
Kevin Davies struck inside 50 sec-
onds and Martin Petrov added a sec-
ond in the 26th minute to hand
Owen Coyles men a first home win in
six attempts.
Finally, Leicester thrashed
Nottingham Forest 4-0 in an east
Midlands derby which featured a
Jermaine Beckford hat-trick.
FOOTBALL
Millwall find goalscoring

touch to set up Saints tie
LENDL DELIGHTED DESPITE
MURRAYS STUTTERING START
SCOT LABOURS PAST TEENAGER AT
AUSTRALIAN OPEN: PAGE 29
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