Cityam 2012-01-27

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Hester to
get 3.6m
RBS shares
ROYAL Bank of Scotland (RBS) last
night bowed to government pressure
and cut chief executive Stephen
Hesters bonus to 963,000.
The award was made in the form of
3.6m shares which, based on
Wednesdays closing price of 26.75p,
comes in just under the symbolically
important 1m level.
Some politicians had called for the
part-nationalised firm to axe Hesters
bonus altogether but instead the
board gave him 60 per cent of his max-
imum award in the form of stock that
can only be sold in late 2014.
Hester (below) will still collect a
salary of 1.2m for 2011 but failure to
meet share price targets means that
he is unlikely to benefit from the
banks long term incentive plan
essentially missing out completely on
a 6.4m bonus he was promised when
he joined the company in 2008.
RBS is 83 per cent owned by the gov-
ernment following a bailout during
the financial crisis and Hesters pay
has become a political issue, especially
since the firm has cut 30,000 jobs
under his watch.
Commenting on the decision RBS
group chairman, Sir Philip Hampton,
said: Stephen Hesters
pay award reflects
progress in the cate-
gories agreed with
our shareholders as
set out in the
R e mu n e r a t i o n
Report. His pay is
strongly geared to
the recovery of
RBS.
BY JAMES WATERSON
BANKING
DAVID Cameron mounted a fresh

offensive against proposals for a Tobin
tax yesterday, adding to growing con-
cerns in some sections of Brussels that
the UK will eventually hold a vote on
leaving the EU.
The Prime Minister told a hall of del-
egates at Davos that the tax policy was
simply madness at a time when five
EU Member States are now less compet-
itive than even sclerotic Iran a com-
parison unlikely to win him many
friends on the continent.
And Brussels is in no mood to com-
promise. City A.M. has learned that sev-
eral senior European Commission
officials recently briefed bankers in
Brussels that there is a growing belief
that the UK will have to hold a referen-
dum on EU membership by 2020.
They voiced the view that Cameron
could be forced to include a promise on
holding a vote in the Conservatives
next manifesto in order to win an out-
right majority.
The officials added that the
Commission plans to threaten Britain
with exclusion from vital negotiations
on the Tobin tax if the government
does not agree to submit to it.
Even though the UK does not want
to impose a levy, London is still keen to
have a seat at the table. Without any
PM WAGES WAR
OVER TOBIN TAX
www.cityam.com Issue 1,558 Friday 27 January 2012 FREE
BUSINESS WITH PERSONALITY
UK presence, Brussels could attempt to
design a Eurozone-only levy that would
capture some City transactions.
The EC officials said in their briefing
that there is now no chance that there
will not be some form of pan-European
Tobin tax although some bankers
believe it could be watered down to
make it less damaging.
It is understood that the
Commission is now working on four
plans for the tax: the first involves a
levy at the European level covering 27
nations, the second a tax for the 17
Eurozone countries, another at a glob-
al level and a final one for a subset of
Eurozone states. But the scope of the
tax is still up in the air.
The private stance of Brussels most
powerful body couple could see Britain
increasingly forced to choose between
submitting to European taxes and reg-
ulation and leaving the political union
entirely.
Cameron attacked those regulations
with unusual ferocity yesterday, saying:
The EU has promoted unnecessary
measures that impose burdens on busi-
nesses and governments, and can
destroy jobs.
However, he also said: Britain is part
of the European Union. Not by default
but by choice.
Certified Distribution
28/11/11 till 01/01/12 is 92,879
Rehn calls for more public funds to bail out Greek government
TROUBLE IN
PARADISE
CLOONEY DELIVERS
MASTERCLASS IN THE
DESCENDANTS P33
HOW TO FREE
CITIES
THE REVOLUTION
CREATING WEALTH
WORLDWIDE P24
TOO LITTLE
TOO LATE
NEW SMARTPHONE
FAILS TO SAVE
NOKIA P14
Brussels bureaucrats fear Britain could eventually leave EU
BY JULIET SAMUEL
POLITICS
David Cameron said plans for a Tobin tax are simply madness
TAXPAYERS across Europe will have
to cough up more funds to bail out
the Greek government, according to
the EUs top economic official.
Economic and monetary affairs
commissioner Olli Rehn was speak-
ing as talks between Greek authori-
ties and private debt holders rolled
on. Last night both sides confirmed
that negotiations on legal and tech-
nical issues will continue today.
It is believed that after weeks of
push and shove over the level of inter-
est payable on replacement bonds,
attention has now shifted to whether
the European Central Bank and other
public creditors will follow private
bondholders in swallowing losses.
Rehn admitted yesterday: There is
likely to be some increased need of
official sector funding. However,
raised contributions would not [be]
anything dramatic, he claimed.
Tory backbench MP Douglas
Carswell said Rehn was being
absurd. We should say politely but
firmly no, Carswell suggested.
Nonetheless, Rehn sounded upbeat
over the talks. I would expect it will
be concluded in the coming days,
preferably still in January, not
February, he predicted.
EUROZONE: P8-9, DAVOS: P22-23
BY JULIAN HARRIS
EUROZONE
News
2 CITYA.M. 27 JANUARY 2012
Blow for BP
on spill costs
BP must indemnify rig owner
Transocean for some compensatory
damage claims over the 2010 Gulf of
Mexico oil spill, a US judge ruled last
night.
BP, which has set aside $20bn to
deal with claims arising from the
spill but has been chasing contractors
to also pay their share, lost part of its
argument to expose Transocean to a
bigger portion of the liabilities.
The judge agreed with Transocean
that the Swiss driller was not respon-
sible for compensatory damage
claims raised by third parties for oil
spilled below the ocean surface, even
if the firm is found to have been neg-
ligent.
But he added that London-listed BP
need not indemnify Transocean for
punitive damages, or civil penalties
imposed by the US government
under the federal Clean Water Act.
Last nights decision reduces the
potential liability Transocean faces
over the 2010 Deepwater Horizon
drilling rig explosion.
But BP was upbeat in a statement
after the hearing: Todays ruling
makes clear that contractors will be
held accountable for their actions
under the law... As we have said from
the beginning, Transocean cannot
avoid its responsibility for this acci-
dent.
BY HARRY BANKS
ENERGY
OUTSOURCER SERCO TO CUT 500 JOBS

Serco, the FTSE 100 outsourcer, is to
overhaul its management structure,
axeing at least 500 jobs, as it adapts to
tougher market conditions in the UK,
according to people close to the com-
pany. The group, which runs services
including Londons bicycle hire
scheme and four prisons, is also creat-
ing a global business processing divi-
sion, which will provide integrated
frontline and back-office services to
public and private sector organiza-
tions worldwide.
NYSE MERGER LOOKS UNLIKELY
Duncan Niederauer, chief executive
of NYSE Euronext, has admitted he
misjudged European antitrust
authorities approach to his
exchanges attempted tie-up with
Deutsche Brse, saying there was only
a glimmer of hope the deal would
succeed. His comments are the first
sign the German and US groups have
all but given up hope that European
politicians will approve the deal after
Brussels competition officials blocked
it this month.
RETAILERS DEMAND MONTHLY RENT
High street retailers Clinton Cards,
Monsoon, Accessorize and Sports
Direct have taken a stand against the
landlords of their shops, demanding
the right to pay rents on a monthly
rather than quarterly basis to ease
cash flow pressures. The three retail-
ers, who occupy 1,600 UK stores
between them, are frustrated with
the current system, which requires
tenants to pay three months rent in
advance, four times a year.
JP MORGAN CONSIDERED EURO EXIT
Jamie Dimon, CEO of JPMorgan,
admitted the bank considered
pulling out of the Eurozones trou-
bled periphery on economic grounds
but decided to stay for largely social,
and partially economic reasons.
OSBORNE TARGETS SUPER RICH
George Osborne is ready to crack
down on the super-rich who avoid
stamp duty when buying expensive
homes. The Chancellor plans to raise
millions of pounds by targeting those
who dodge the five per cent levy by
holding and trading their homes via
offshore companies. The ruse costs
the Treasury up to 1 billion a year
FRENCH POLL THREATENS THE CITY
Franois Hollande, the favourite to
replace Nicolas Sarkozy as President
of France, has threatened to scupper
the EUs economic rescue plan and
undermine the City. The socialist is
tipped to win power in May and has
set out a manifesto that declares war
on financial services and promises to
rip up the EUs fiscal treaty, due to be
approved on Monday. He also pledges
a 15 per cent increase in taxes on
bank profits.
CHANCELLOR TO REIN IN THE BANKS
The Treasury will today publish plans
for a radical overhaul of financial reg-
ulation that will hand the chancellor
new powers to take charge in a crisis
and rein in the might of the Bank of
England. The bill will make clear that
responsibility lies with the chancellor
whenever taxpayers money is at risk
to avoid a repeat of the Northern Rock
fiasco when Alistair Darling found he
could not order the Bank to act.
SHOPPING CENTRE DEAL CONFUSING
Capital Shopping Centres agreement
to buy land from its biggest sharehold-
er Peel Group is confusing, accord-
ing to City analysts. The FTSE 100
retail property group will pay an ini-
tial 13.3m to acquire land in Glasgow
and a development plot in Malaga,
Spain but could eventually pay about
100m because of clauses in the agree-
ment.
GINGRICH SURGES TO LEAD IN POLL
Newt Gingrich is outpacing Mitt
Romney by a comfortable margin
among Republican voters nation-
wide, but is showing evidence of the
vulnerabilities that could hurt the
former House speaker in a general
election, according to a WSJ/NBC
News poll. It found Republicans favor-
ing Gingrich 37 per cent to 28 per
cent over Romney. GOP voters gave
the former House speaker credit for
knowledge and experience
CATERPILLAR OPTIMISTIC FOR 2012
Caterpillar and other big manufac-
turers, feeling more upbeat about the
global economic outlook, are promis-
ing further gains in earnings this
year amid growing confidence that
Europe's financial woes wont tip the
world into another slump. Caterpillar
reported a 60 per cent leap in fourth-
quarter earnings yesterday.
WHAT THE OTHER PAPERS SAY THIS MORNING
A great growth market for London
ITS Friday, so for once let me recount a
positive, upbeat success story.
Increasingly, we are paying our way in
the world by attracting visitors from
overseas, who spend lots and sustain a
growing number of jobs. London is
third in the Euromonitor overseas visi-
tor rankings, behind Hong Kong and
Singapore. We are easily the top desti-
nation in Europe, with twice as many
overseas arrivals as Paris. There were
15.38m overseas visits to London in the
year ending last September, 7.6 per
cent up; they spent 9.2bn, a stagna-
tion-defying nine per cent uplift.
Visitors and tourists come for our
cultural attractions three London
museums are in the top 10 most visit-
ed worldwide: the British Museum
(5.85m visitors), the Tate Modern and
the National Museum (5m each) they
come to study there are more than
105,000 international students, mak-
ing us the worlds top city for foreign
students and perhaps most strikingly
of all, they come to shop.
Thanks to the massive influx of
often high-spending tourists, Londons
retail sales of 62.4bn in 2010 were
worth more than those of Los Angeles,
Milan, Rome, Madrid and Berlin com-
bined. London is also ahead of New
York, Tokyo and Paris, according to the
Centre for Retail Research. It all helps
to explain why London is the most
popular city in the world for interna-
tional retailers, with 56 per cent of
them having set up shop, more even
than in Dubai. Despite the downturn,
London last year still remained the top
destination city globally for retail for-
eign direct investment, with more
than double the number of projects
than its closest rival Hong Kong.
Now for the bad stuff. While we are
good at attracting leisure tourists, we
are bad at attracting business people.
Given just how central City remains to
the global financial system, this is
depressing. Roughly 20 per cent fewer
business travelers came to London in
2011 than in 2006, a decline much
greater than warranted by the down-
turn. Londons place has slipped from
10th in the International Congress
and Convention Association rankings
in 2005 to 14th in 2010, with emerging
economies grabbing business. For
years, there werent enough good qual-
ity, branded hotels fortunately,
despite restrictive planning rules, this
is increasingly changing. The recently
enlarged Excel centre will also help.
But the UK is also behind in attract-
ing Chinese visitors, partly because of
visa issues but also because of our woe-
ful lack of airport capacity. London
only has direct flights with Beijing,
Shanghai and Hong Kong, which is
pathetic. As London and Partners
point out, competitor cities in France,
Germany and elsewhere are much bet-
ter connected and are grabbing far
more Chinese tourists. For example,
Air France/KLM and its partners pro-
vide direct connections to Beijing,
Shanghai, Hong Kong, Guanghzou,
Chengdu, Hangzhau, Xiamen and
Taipei, with a new route to Wuhan
coming on stream in April.
London needs to tap into this latent
demand, not only from China but also
India, Brazil and other massive emerg-
ing markets. Global visitors have
become a huge source of jobs and
growth. At a time when the UK desper-
ately needs more of both, its insane
that the government is still pursuing
policies that are reducing our ability to
tap into this market. The private sector
needs to be unleashed to build more
facilities but especially to build the
enhanced airport capacity and connec-
tions London so desperately needs.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
VINCENT Tchenguiz, the property
magnate, is working with invest-
ment bank Lazard to sell off the
freeholds for around 250,000
homes, a source said yesterday.
Tchenguiz and Lazard have been
meeting with UK-based institutions
in recent weeks with a view to sell-
ing the portfolio of ground rents for
upwards of 3bn.
The assets, currently owned by
the Tchenguiz Family Trust, have an
average remaining lease of 60 years,
after which the properties will
revert back to the freehold owner or
be re-leased.
Tchenguiz, who was arrested
along with his brother Robert by
the Serious Fraud Office last year
but released without charge, is
thought to be selling the portfolio
as part of an overhaul of the family
trust.
The portfolio is one of the largest
of its kind in the country.
BY MARION DAKERS
PROPERTY
Tchenguiz to sell off land

SAMSUNG, the worlds top technology
firm by revenue, reported a record
quarterly profit this morning, aided by
its best-ever sales of smartphones, and
hiked 2012 capital investment nine per
cent to 25 trillion won (8.9bn) to boost
chips and flat-screen production.
The South Korean firm reported a
5.3 trillion won operating profit for
the last quarter of 2011, broadly in line
with its earlier estimates and 76 per
cent above its profit in the same period
last year.
Samsung did not provide sales vol-
ume data for the fourth quarter but
said shipments rose by around 30 per
cent from the previous quarter.
Analysts estimate Samsungs fourth-
quarter shipments at 35-37m, putting
it slightly behind Apple.
NOKIA FALLS TO A LOSS: P14
Record profits
at Samsung on
handset sales
Vincent Tchenguiz is in talks with UK institutions over a portfolio worth some 3bn
TECHNOLOGY
EDITORS LETTER
ALLISTER HEATH
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$20bn to cover the
costs arising from the
Gulf of Mexico spill
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Email: news@cityam.com www.cityam.com
Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Acting Night Editor Marion Dakers
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Gavin Billenness
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
CONTROVERSIAL legislation govern-
ing pre-pack administrations will
remain in place after the government
abandoned an 18 month campaign to
reform the law following strong lob-
bying from the insolvency industry.
The government said it was not
convinced that new legislation
would be worthwhile despite com-
plaints that the agreements can wipe
out the claims of unsecured creditors
while still allowing the existing man-
agement to stay in control.
A pre-pack involves the sale of a
troubled business being agreed
before the firm is put into adminis-
tration. In January alone, retailers
Bonmarche, La Senza and Blacks were
sold in this fashion but critics say the
system is open to collusion between
execs and administrators.
Ed Davey, the Liberal Democrat
business secretary, said new legisla-
tion would be contrary to the
declared moratorium on regulations
affecting micro-business and that
pre-packs can be the best way of
maximising returns for creditors.
The government had proposed to
introduce a three-day period during
which such deals could be chal-
lenged. The insolvency industry
argued that extended administration
processes can result in additional job
losses at already loss-making firms.
Neil Smyth, a restructuring expert
at Taylor Wessing, told City A.M.: If
you have to tell everyone that you are
going into the insolvency process,
then creditors will be trying to get in
and improve their negotiating posi-
tion within those three days.
Undoubtedly some firms abuse
the system to leave creditors behind,
but the government can ban directors
and our legislation is the envy of
many of our European colleagues.
Ian Fletcher of the British Property
Federation, said the government
wasted 18 months leaving credi-
tors as exposed to sharp practice as
when this debate started.
Insolvency
reform plans
sent packing
FSA consults on listing rules
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THE UKs financial regulator yester-
day announced a consultation exer-
cise aimed at tightening up rules for
premium listings, reverse takeovers
and externally managed companies.
The consultation exercise follows a
similar move by the FTSE Group,
which runs the blue-chip FTSE 100
index.
The FTSE Group said it was tighten-
ing rules governing entry to its
indices in order to protect minority
investors and stop companies with
poor corporate governance from
exploiting loopholes.
FTSE said companies that want to
be included in its UK indices -- includ-
ing the FTSE 100 -- must ensure at
least 25 per cent of their shares are
freely tradeable.
Several foreign-owned natural
resources companies whose stock is
listed in London have the majority of
their shares controlled by two or
three powerful individuals. This has
led to criticism from a number of
institutional shareholders.
The last Russian-owned company to
float in London, Ruspetro, has a 40
per cent free float, leading many to
hope that this might be the norm for
companies wishing to join the mar-
ket in the future.
The FSA said externally managed
companies lessen the ability of share-
holders to hold the real management
of a company to account.
On the issue of free floats, the FSAs
David Lawton said yesterday: It is
important that the Listing Rules con-
tinue to keep pace with market devel-
opments.
BY JAMES WATERSON
INSOLVENCY
BY DAVID HELLIER
REGULATION
ONLINE recruitment firm Monster

Worldwide yesterday forecast a weak
start to the year and said it will cut
jobs since it does not expect the glob-
al job market to improve drastically
in the near term.
Shares in the company, which will
reduce its global workforce by about
seven per cent or 400 jobs, tumbled
15 per cent yesterday on the New York
Stock Exchange.
The uncertainty in Europe and the
US is making companies hold back
and not commit as much as they nor-
mally would, he said.
The staffing sector seen as a
barometer of economic health has
been hit by a slowdown in Europe
and an uncertain recovery across the
pond.
Monsters shares have lost a third
of their value in the last 12 months.
Gloomy recruiter outlook
sees shares monstered
RECRUITMENT
News
Ed Davey yesterday dropped plans to reform insolvency law Picture: REUTERS
ANDREW Osborne, the ex-Bank of
America Merrill Lynch banker
accused of passing inside information
to US hedge fund manager David
Einhorn, is considering whether to
appeal against a 350,000 fine
imposed on him by the Financial
Services Authority.
Friends say he is adamant he did
not pass any inside information to
David Einhorn, who has agreed a fine
of 7.2m after selling shares in Punch
Taverns following a call with Osborne
and other advisers.
Not one of the four other men in
the conference call thought any inside
information had been passed to
Einhorn, said one friend yesterday.
Osborne, who has been dealing
with the case for three years, is said to
be weighing up the cost of continuing
to contest it.
He was told the size of the FSA fine
two weeks ago and has been given a
further two weeks to consider it. The
impact this has had on him is enor-
mous. He has a young family, with
three children under the age of ten,
said one friend.
He was upset to find the size of the
proposed fine had leaked out yester-
day. BoA Merrill Lynch is not believed
to be supporting him in his legal case.
City rainmaker
could fight fine
from watchdog
PRE-PACK ADMINISTRATIONS
Bonmarche The budget fashion chain was this week snapped up by private
equity firm Sun European Partners for around 10m, only days
after its parent company entered administration. The firm
will shed 1,400 of its 3,800 staff.
Blacks Leisure JD Sports paid 20m for Blacks Leisure at the start of
January. Briefly placing the 300 Millets and Blacks stores
in administration allowed the firm to eliminate debts of
around 30m.
EMI Citibank was the major creditor of EMI and forced a pre-pack
administration in order to take over the ailing music firm.
PwC picked up 1.4m in fees for arranging the deal.
Cobra Beer The brewer cast off around 70m of unsecured creditors as
part of a 2009 pre-pack deal that gave the former owner a
49.9 per cent share in the new business.
La Senza Middle Eastern fund Alshaya used a pre-pack administration
to buy the lingerie firm on 9 January, saving 1,100 jobs out
of 2,500.
Whittard of Chelsea The coffee and tea retailer entered a pre-pack administration
in 2008. A third of stores were closed and many small creditors
lost out.
BY DAVID HELLIER
REGULATION
STARBUCKS last night reported a

quarterly profit that topped Wall
Streets forecasts, after global eco-
nomic worries failed to weaken
demand for drinks and snacks from
the worlds biggest coffee chain.
The firm continued its global
Starbucks enjoys a
bumper Christmas
BY MARION DAKERS
CONSUMER
THE RICH should pay more tax on

their assets, allowing low-paid work-
ers to keep more of their earnings,
Nick Clegg said yesterday.
We are going to stick to our guns
on the proposed mansion tax, he
said, arguing that more tax should
fall on wealth instead of income.
The Deputy Prime Minister urged
the chancellor to accelerate the exist-
ing plan to raise the threshold on
income tax to 10,000 which is
already set to be met by 2015, as well
as stating he wants the threshold
raised further in future, to take all
workers on the minimum wage out
of income tax altogether.
Paying for this will not be easy, he
acknowledged, suggesting the tax on
mansions could cover part of the cost.
The Treasury said any tax changes
will be announced in the Budget.
Nick Clegg: We will never stop
campaigning for a mansion tax
POLITICS
SHARES in troubled French retailer

Carrefour surged eight per cent yes-
terday amid mounting speculation
that respected retail veteran Georges
Plassat could soon replace Lars
Olofsson as head of the supermarket
giant.
Plassat, chief executive of clothing
group Vivarte, may replace Olofsson
as CEO of Europes largest stores
group as early as this weekend,
Linaires magazine reported on its
website, citing unnamed sources.
Carrefour and Vivarte declined to
comment on the report.
Pressure has been building on
Olofsson after dissapointing finan-
cial results, management defections
and strategic U-turns last year.
Last week the firm warned 2011
profits would be at the bottom end
of already pessimistic forecasts.
News
expansion in the quarter, opening a
net 241 new outlets and moving
into two new countries, helping to
push its revenues up 16 per cent on
last year to $3.43bn (2.19bn).
The popularity of Starbucks
Christmas range of drinks con-
tributed to a 10 per cent jump in
net income to $382.1m for the last
quarter of 2011.
A very successful holiday season
drove strong global same store
sales, which, combined with contin-
ued operational efficiencies, deliv-
ered record results despite
continued commodity cost pres-
sures, said Troy Alstead, chief
financial officer.
Sales grew by two per cent in
Europe, the Middle East and Africa,
compared with nine per cent in the
Americas and a whopping 20 per
cent in China and Asia Pacific.
And operating margins are much
higher in Asia, where the firm cur-
rently makes nine per cent of its
income. Margins are 35 per cent in
the region, compared with 22 per
cent in America and a relatively pal-
try 6.5 per cent in EMEA.
But its overall margin has dipped
80 basis points on last year to 16.2
per cent.
Cost of sales, including rent,
soared 25.5 per cent on last year to
hit $1.5bn in the quarter. Starbucks
expects rising commodity prices to
add around $230m in costs this
year, with most of the hit coming in
the first half of the year.
The group hopes to open 400 new
stores in the Americas this year, as
well as 100 new outlets in the EMEA
region.
Starbucks shares slipped two per
cent in after hours trading, howev-
er, after its full-year outlook was not
as bullish as some traders were
expecting.
Howard Schultz is looking to expand Starbucks reach further Picture: REUTERS
ANALYSIS l Starbucks Corp
$
20Jan 23Jan 24Jan 25Jan 26 Jan
48.25
48.00
47.75
47.50
47.25
48.34
26 Jan
RETAIL
US gene sequencing company

Illumina has adopted a poison pill
defence strategy against a hostile
$5.7bn (3.6bn) bid from Swiss drug-
maker Roche Holding AG, saying it
would trigger a rights agreement if
any party bought 15 per cent of its
stock.
Illuminas first public move since
Roche announced the offer on
Wednesday showed it would not be
easily convinced of the proposals
value, especially at the current price.
In addition, Illumina has a so-called
staggered election for its board of
directors, which makes it difficult for
an outside party to gain control of the
board in one year.
Roche said it was disappointed in
the action by Illuminas Board and
still believes its offer delivers full and
fair value to shareholders.
M&A
French giant
Carrefour up
on CEO rumour
Illumina set to
use poison pill
against Roche
A FORMER manager at Dresdner
Kleinwort investment bank has told a
court he deserved a 600,000 (501,171)
bonus because he had stayed with the
bank in 2008 and helped steer it
through the meltdown in the markets.
Desmond McNamara, the first
banker to take the stand in the trial
over 50m of retention bonuses, said
the payout was a vote of confidence
from his line manager for his work
before and after the collapse of
Lehman Brothers on 15 September.
McNamara, former head of risk at
Dresdners capital markets division,
who was paid a base salary of
130,000, was paid a guaranteed
bonus of 300,000 but received noth-
ing of a further discretionary payment
of 300,000. He said he had represent-
ed a good deal for the bank because
of the work done during the financial
crisis and in the run-up to Dresdners
sale to Commerzbank.
During the period of Lehmans [col-
lapse] it was unprecedented market
movements. At the time of the
Lehman default we did a huge review
of our positions with Lehman. In the
following week we had a record week
because we knew our position with
Lehman. The retention meant we had
the people around to do that.
McNamara is one of 104 ex-Dresdner
bankers who have taken parent firm
Commerzbank to the High Court over
payments in an industry where ones
word is ones bond. They say binding
and enforceable contractual promises
mean they are owed 50m from a
guaranteed minimum retention pool
of 400m for 2008 performance.
Earlier Tom Linden, QC, represent-
ing Commerzbank, told the court that
Dresdners statements about bonuses
had not been legally binding.
This is reinforced by the fact that
pledges about bonuses made in
August by then Dresdner chief execu-
tive Stefan Jentzsch were not recorded
or accompanied by a written
announcement, Linden said.
Commerzbank also says its decision
not to make the payouts was taken in
light of a performance clause and the
6.3bn loss posted by Dresdners
investment banking operation for
2008. The trial continues.
Commerzbank boss Martin Blessing is
expected to give evidence on Monday.
Ex-Dresdner
banker: firm
relied on us
THE GLOOM surrounding private equi-
ty deepened yesterday when 3i said
earnings at some of its portfolio firms
had been hit while asset sales and new
investments had slowed.
Britains oldest private equity firm
said conditions had not improved
since November, when it posted a
slump in net asset value and chief
executive Michael Queen chose to dou-
ble the dividend after some public
grumbling from shareholders.
Earlier this year the group wrote
down to zero the value of one of its
largest investments, outsourcing firm
Enterprise, but yesterday 3i finance
director Julia Wilson said it was work-
ing with all its portfolio companies on
their decisions amid Eurozone tur-
moil. Realisations from investment
companies sold slowed to 219m in
the three months to the end of
December, though that figure was
largely down to the sale of engines
maker MWM agreed a year earlier. The
group had pulled in 532m from asset
sales in the first half.
New investments were down, in line
with much of the industry, as banks
rein in lending for new deals. 3i invest-
ed 82m in the third quarter, com-
pared with 448m for the first six
months of the year.
Gloomy 3i reins in spending
as Eurozone turmoil runs on
BY PETER EDWARDS
BANKING
Michael Queen had more bad news for investors yesterday

BY PETER EDWARDS
PRIVATE EQUITY
News
SPANISH bank Sabadell has reported
2011 net profit down 39 per cent on
the year after taking 1bn (835m) in
provisions against deteriorating prop-
erty assets.
Sabadell, which bought troubled
savings bank CAM in December, said
net profit was 232m, slightly lower
than analysts forecasts. More loans
fell into arrears as Spaniards, battling
high unemployment and lacklustre
economic growth, struggled to keep
up with payments. Bad loans as a per-
centage of total lending rose to 5.95
per cent against 5.72 per cent at the
end of September.
TAXPAYERS will have an additional
two days to fill in their self-assess-
ment forms after workers at HM
Revenue & Customs announced plans
to strike on 31 January, the official
deadline for submissions.
As a result the taxman has
announced that no fines will be given
to those who submit their return
online by 2 February, effectively
extending the deadline.
Several hundred thousand people
had been expected to fill in their
form on deadline day with up to
90,000 likely to need help from strik-
ing call centre staff.
HMRC extends
its tax deadline
Profits slump
for Sabadell
BANKING
TAXATION
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SHOPPERS cut back in January and
are expected to slash spending fur-
ther, retailers told the Confederation
of British Industrys (CBI) distributive
trades survey, published yesterday.
Twice as many retailers reported
that sales were down on January 2011
than reported a rise, with a net bal-
ance of 22 suffering a decline the
gloomiest position since March 2009.
The sharp drop contrasts with a net
balance of nine per cent reporting a
year-on-year rise in sales in December,
and resumes the downward trend
seen in months before Christmas.
Looking to next month, 37 per cent
of shops expect a fall in sales on
February 2011 while only 27 per cent
anticipate a rise in sales.
Survey provides the first glimpse of
retail conditions in January, and con-
firm fears that consumers retrenched
after a mini spending spree in
December, said Markit economist
Chris Williamson.
Aggressive discounting helped
push up sales in the lead up to
Christmas, but the New Year has start-
ed with something of a hang-over on
the high street. The consumer is not
likely to help boost economic growth
in early 2012, as low wage growth, still
high inflation, debt and job security
worries discourage spending.
Experians footfall index, also pub-
lished yesterday, showed a decline of
3.9 per cent year-on-year for the third
week of January.
Sales plunge
as shoppers
gloom grows
BY TIM WALLACE
RETAIL
News
HENNES & Mauritz has pledged to
continue its aggressive expansion
into new markets despite revealing a
surprise fall in fourth quarter prof-
its, as high cotton prices and a
strong Swedish currency take their
toll.
The worlds second largest clothes
retailer reported a five per cent drop
in pre-tax profits to SEK6,802m
(640.8m), missing analyst expecta-
tions of SEK7,136m.
However, chief executive Karl-
Johan Persson said H&M continued
to grow its market share during
what was one of the toughest years
for the retail sector.
H&M plans to open 275 stores this
year, worldwide. It will also venture
into new five new markets including
Malaysia, Thailand and Mexico.
H&M continues with its
expansion as profits fall
BY KASMIRA JEFFORD
RETAIL
Hennes & Mauritz is planning to open 275 new shops this year
ANALYSIS l Volume of sales to a year earlier
%
3 month moving
average
Reported
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
60
50
40
30
20
10
0
-10
-20
-30
HUNGRY FOR STAFF | FAST FOOD
Number of
UK Stores:
490
Number of Staff:
20,000
Number of
UK Stores:
830
Number of Staff:
23,000
FURNITURE Village has reported a 41
per cent slump in annual pre-tax
profits, but said sales had remained
solid despite a torrid UK retail envi-
ronment.
The retailers turnover rose 4.8 per
cent to 180.7m in the year to 3 April
2011, according to its Companies
House filings.
The rise was partly down to three
new store openings, and extra costs
and marketing expenses pulled
down its pre-tax bottom line from
3.6m to 2.1m for the year. The firm
also blamed a degree of challenge
in the UK retail market.
The past year has been one in
which we appear to have traded
somewhat better than many of our
competitors and yet we will not be
lulled into a false sense of security,
the directors said in a statement.
The Slough-based firm said it had
increased centralisation and worked
on cutting costs, as well as hedging
its US dollar exposure, to help protect
the business from wider volatility.
The firms lease rentals rose from
14.5m to 15.6m in the period, part-
ly as a result of opening new stores.
The highest-paid director, who was
not named in the report, received
336,000, down slightly on the previ-
ous year.
Higher costs
dent Furniture
Village earnings
RETAIL
SUBWAY, the sandwich franchise

chain, has announced ambitious
plans to open over 2,000 stores in the
UK and Ireland over the next three
year, creating more than 6,000 jobs.
The company, which is famous for
its US-style foot-long rolls, said its
expansion plans were fuelled by a
growing consumer demand for con-
venient, affordable food on the go.
Subway has increased the number
of franchises in the UK almost five-
fold since 2005 and currently runs
1,423 stores. The group runs more
than 36,000 stores worldwide.
President and co-founder Fred
DeLuca, who opened his first restau-
rant in 1965 aged 17, said the fran-
chise model, with its low start-up
costs, was key to its success.
We are particularly proud of the
fact that over the years the Subway
brand has been able to provide entre-
preneurs with business opportunities
where they can open and operate
their own small business.
The company had also agreed to
display calorie information on all its
menu boards and will sign a responsi-
bility pledge with the government.
As well as traditional high street
store development, the firm aims to
tap into the non-traditional markets
such as stations, convenience stores,
hospitals, airports and petrol sta-
tions, mirroring a strategy being pur-
sued by British baker Greggs, which
currently trades from about 1,550
stores.
The fast food chain McDonalds
also said earlier this week that it will
add at least 2,500 staff to its work-
force across the UK in 2012.
WM Morrison announced yester-
day it has bought 10 former Best Buy
stores from Carphone Warehouse to
expand its childcare brand
Kiddicare.com, which it acquired last
year.
The supermarket said it will invest
15m converting the outlets and cre-
ate 700 jobs. The first store is expect-
ed to open before autumn this year.
Subway to
create 6,000
new UK jobs
RETAIL
News
CHAINS ARE HIRING
Number of UK Stores
1800
Number of Staff
87,500
Jobs in 2012:
+2,500
Number of UK Stores:
1,423
Number of Staff:
15,000
By 2015:
+6,000
Number of UK Stores:
720
Number of Staff:
20,000
Jobs in 2012:
+1,800
BY KASMIRA JEFFORD
THE MORE money is put into the
Eurozone bailout fund, the less it will
be used, Spanish Prime Minister
Mariano Rajoy said yesterday, arguing
that the larger safety net would calm
markets and so make it less likely
that countries will need to fall back
on it.
He met German Chancellor Angela
Merkel in Berlin yesterday, where
both stressed the need to make the
European Stability Mechanism (ESM)
operational as soon as possible.
Rajoy also called for more immedi-
ate assistance, suggesting Spains
over-20 per cent unemployment rate
merited additional support, poten-
tially from unspent money in the cen-
trally allocated EU structural funds.
Such a plan appeared to be wel-
comed by Merkel, who said Germany
is prepared to be flexible on the allo-
cation of EU funds when looking to
promote economic growth.
She repeated her praise of Rajoys
austerity plans though the Spanish
government remains concerned that
its declining economy means it will
fail to hit deficit reduction targets.
Meanwhile European Council
President Herman van Rompuy wrote
to invite leaders to next weeks sum-
mit, saying we need to take active
measures to enhance growth and
competitiveness and above all create
jobs.
Rajoy: A bigger bailout
pot will cost donors less
BY TIM WALLACE
EUROZONE
News
Rajoy and Merkel restated their commitment to deficit-cutting Picture: REUTERS
AMERICAS dire housing market
plumbed new lows in 2011, recording
the worst year on record for sales of
new homes.
Sales fell 2.2 per cent in the final
month of the year, data revealed yes-
terday, to a seasonally-adjusted annual
rate of 307,000 homes.
Yet separate figures appear to show
that elsewhere in the US economy, the
recovery is well on track.
New orders for US manufactured
goods climbed by a better than expect-
ed three per cent in December, a num-
ber that was likely boosted by a surge
in orders at aircraft builders like
Boeing.
Decembers durable goods orders
figures are encouraging, suggesting
that after stagnating in the fourth
quarter of last year, business invest-
ment started to pick up again right at
the end of that quarter, commented
Capital Economics in a note. The lat-
ter is a good sign as far as the first
quarter of this year goes.
The US outlook for the next three to
six months is continuing to improve,
according to separate official data
released yesterday by the Conference
Board.
The leading indicators rose for the
third straight month in December, the
index increasing by 0.4 per cent after a
0.2 per cent increase in November and
a 0.6 per cent jump in October.
Survey by Federal Reserve Banks in
Chicago and Kansas also pointed to
upturns. The Chicago Feds national
activity index moved into positive ter-
ritory at 0.17 in December, from -0.46
in November. A manufacturing survey
in Kansas showed that activity has
rebounded at the start of this year.
Meanwhile Labor Department data
showed new US claims for unemploy-
ment benefits rising last week but the
underlying trend continued to point to
improving labour market conditions.
Fresh claims increased 21,000 to a
seasonally adjusted 377,000 last week.
US new home
sales sink to a
record low
CONSUMER sentiment in Germany is
set to improve for the fifth consecutive
month in February, according to sur-
vey data released yesterday by GfK.
And French consumers became
slightly less pessimistic in December,
official statistics agency Insee said.
However, Italian confidence remains
at its lowest level in 16 years.
The GfK economic expectations
index for Germany rose sharply from
minus 0.9 in December to 7.5 in
January, though it remains well below
the 58.8 seen in January 2011. The con-
sumer willingness to buy index rose
from 27.4 last month to 41.8 this
month, matching its level a year ago.
Meanwhile Italys Istat reported a
confidence index of 91.6, the same as
last months figure and the lowest
since January 1996. The index is based
on 2005s figure of 100.
French consumer confidence rose
from 80 to 81 points in the month to
January, remaining below its long-
term average of 100.
French households are struggling
to recover from the ongoing crisis
despite stronger growth in 2010 and
2011, said Barclays Capitals Marion
Laboure. Looking ahead, we see little
room for improvement as long as
growth remains low and uncertainty
continues around the sovereign crisis.
Morale among
consumers lifts
in Germany
BY JULIAN HARRIS
US ECONOMY
EUROZONE
News
CITYA.M. 27 JANUARY 2012 9
MANY shareholders in Mitchells &
Butlers yesterday rebelled against
the dominance of the companys
largest investor Piedmont by voting
against the re-election of its repre-
sentatives Ron Robson and Douglas
McMahon to the board.
Although all five directors were
voted back onto the board at the
companys AGM, about one in five
investors either voted against or
abstained from voting for Robson
and McMahon, piling further pres-
sure on chairman Bob Ivell to tackle
the companys lack of independent
non-executive directors.
Investors also vetoed the pro-
posed share buyback scheme, which
needed 75 per cent to carry as a spe-
cial resolution, but received only 54
per cent support.
The failure of the scheme is seen as
a sign that majority shareholder
Piedmont, the Joe Lewis-controlled
vehicle that has a 25.8 per cent stake
in the company, and Elpida, the
investment firm that has a 20.76 per
cent interest, are reluctant to dilute
their holding in the business.
Ahead of the AGM, meanwhile,
investors raised concerns over the
ongoing lack of a dividend to share-
holders, the deterioration in the com-
panys pension deficit, and the lack of
an improvement in margins.
In a trading update, M&B reported
better-than-expected Christmas trad-
ing with sales at restaurants and pubs
open more than a year rising 4.4 per
cent in the 17 weeks to 21 January.
Investors give
M&B a bloody
nose on execs
ESTATE agents fees, mortgage charges
and stamp duty have all contributed to
a massive jump in the cost of moving
house, according to research out today
from Lloyds TSB.
Since 2001 the average cost of mov-
ing has risen by 69 per cent from
5,290 to 8,922, for someone who
already owns a home.
Agency fees increased by 1,318 over
the period. Mortgage fees rose by 770
and stamp duty was up 730.
Moving costs
hit a quarter of
average income
BY HARRIET DENNYS
LEISURE
HOUSING
News
CITY VIEWS: DO YOU THINK THE PRICE OF GOLD
WILL CONTINUE TO RISE? Interviews by Raymond Doherty
The price of gold has gone up a lot in the last week. I think it
will continue to rise at a slower rate and then its price will
peak in the not distant future.
CHARLES INGHAM | ITT
Its going to steadily increase because the government is
devaluing the currency. It doesnt help that Gordon Brown
sold most of our gold at a ridiculous price.
The economy is a mess at the moment. Theres the Eurozone
crisis and we are in 1 trillion of debt. I can only see it rising
further next week.
GUY FORBAT | CREDO CONSULTING
MUSTAFA KURTULDU | CHP
The price of gold
hit $1,731.50
yesterday
Picture: REUTERS
ANALYSIS l Mitchells and Butlers PLC
p
20Jan 23Jan 24Jan 25Jan 26Jan
272.5
270.0
267.5
265.0
262.5
260.0
257.5
265.00
26 Jan
www.RateSetter.com Customer Phoneline: 08442490115
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* These views are those of the individuals below and not necessarily those of their company
WORKERS on the Docklands Light
Railway will get a bonus plus overtime
payments of up to 2,500 for turning
up to work during the Olympic and
Paralympic Games.
Transport union RMT said the deal
raises the bar for others in the trans-
port sector working over the Olympics.
DLR workers in
line for 2,500
Olympic bonus
TRANSPORT
News
11
KAZAKHMYS yesterday posted annual copper produc-
tion in line with its target and said it expected 2012
output to come in at a similar level.
The worlds 11th largest copper producer posted 2011
output of 299,000 tonnes of copper cathode from its
own concentrate, broadly in line with its target of
300,000 tonnes.
FTSE 100-listed Kazakhmys also reported better-than-
expected production of gold and silver. Its shares rose
7.3 per cent, making it one of yesterdays biggest risers.
We anticipate maintaining similar levels of copper
output in 2012 and our sales contracts for the coming
year have all been completed, chief executive Oleg
Novachuk said.
Kazakhmys output is
in line with forecasts
MINING
SOFT drinks maker AG Barr expects a six per cent rise in

like-for-like sales for the full year on a strong fourth quar-
ter, boosted by demand for its core brands like Irn-Bru
and Rubicon.
With a double-digit growth rate at its core brands, the
FTSE 250 company expects like-for-like total sales in the
final quarter to be more than 12 per cent ahead of the
prior year, and said it was on track to meet expectations
for 2012. However, the company said it saw continued
pressure on consumer spending due to rising input
costs, and stiff competition.
We will maintain our focus on costs throughout our
total operation to ensure our margins are protected, the
company said in a statement yesterday.
AG Barr shares rose 2.9 per cent to 12.58.
Irn Bru helps AG Barr
predict a jump in sales
CONSUMER
SIRIUS Minerals yesterday raised up to 55m through a

share placing to accelerate the drilling programme at
its York Potash project.
The company said the proceeds of the placing
which was oversubscribed will help fund the drilling
of up to eight extra bore holes.
Last year the company said test drilling at two holes
between Whitby and Scarborough had revealed some
of the best potash deposits in the world.
Potash is a pink-coloured potassium compound used
in fertilisers. Canada is the worlds biggest producer.
Michael Rawlinson of Liberum Capital, who advised
on the placing, said: There has been a lot of interest
from high profile investors and we are pleased with the
outcome.
Sirius raises 55m for
UK potash drilling plan
MINING
RUSSIA-FOCUSED gold miner Petropavlovsk said yes-

terday its full year output will rise 11 per cent to
680,000 ounces in 2012, having beaten last years tar-
get on the back of higher output at its flagship
Pioneer mine.
The groups 2012 target is 680,000 oz. a compound
annual growth rate of 26 per cent since the group
first listed in 2002, the company said in a statement.
Petropavlovsk, which operates four open-pit gold
mines in Russias Far East, produced 630,100 oz dur-
ing 2011, ahead of its own forecast for 600,000 oz.
Production at Pioneer rose 56 per cent due to oper-
ational improvements. Petropavlovsk shares rocketed
more than 10 per cent yesterday, outperforming a
broader rise in commodity stocks.
Petropavlovsk targets
11pc lift in production
MINING
EASYJET bucked the gloom surround-

ing the airline sector by posting
strong growth in first quarter rev-
enue, helped by an uplift in the num-
ber of business travellers and the
milder weather.
Europes second largest low-cost
carrier said revenues grew by 16.7 per
cent to 763m in the three months to
December, as passenger numbers rose
8.1 per cent to 12.9m.
Carolyn McCall, the airlines chief,
said assuming no significant disrup-
tion in the second quarter, easyJet
expects to recover most of the 100m
increase in its first-half fuel bill and
contain first-half losses to between
140m and 160m.
The company, which is traditional-
ly heavily in the red in the first six
months of the year, reported a 153m
loss in the first half of last year.
Total revenue per seat rose 9.2 per
cent to 51.83 in the last three
months of 2011, benefitting from the
strength of the Swiss franc.
McCall said easyJet had made a
strong start to the year due to firm
control of costs, the strength of
easyJets network, tight capacity disci-
pline and pricing actions taken in the
second half of last financial year,
adding she is cautiously confident
in the outlook for the business,
despite the tough economic environ-
ment.
Despite a good start to the year, the
Luton-based carriers largest share-
holder Sir Stelios Haji-Ioannou
released a statement yesterday reiter-
ating his plans to vote against
easyJets remuneration report at the
annual general meeting next month.
The airlines founder said that he
would continue to fight against
excesses of the boardroom arguing
that plans to award around 7m in
bonus shares to the airlines senior
staff are based on phoney calcula-
tions.
EasyJet sees
strong first
quarter sales
BY KASMIRA JEFFORD
TRANSPORT
Carolyn McCall said the airline would recover in the second half Picture: REUTERS
PUBLIC EXHIBITION IN RESPECT OF
THE REDEVELOPMENT OF LAND ON
THE SITE BOUNDED BY CANNON
STREET, QUEEN STREET, QUEEN
VICTORIA STREET, BUCKLERSBURY
AND WALBROOK
The applicant, Walbrook Square Limited, is
hosting a public exhibition to present their
proposals for the recently submitted planning
application on the aforementioned site in the City
of London(Plannin Reference:11/00935/FULEIA).
The proposals have been designed by Foster +
Partners Architects and members of the project
team will be in attendance at the exhibition to
discuss the scheme. The exhibition will take
place between 12pm and 4pm on Monday 30th
January until Friday 3rd February in the Church
of St Mary Aldermary on Watling Street. The
exhibition will be open to all members of the
public with no advance booking required.
News
How McCall has proven her critics wrong
WE need more investors like Sir Stelios Haji-
Ioannou, founder and majority sharehold-
er of easyJet. If institutions were as
combative as the pugnacious Cypriot, there
would be no need for the current debate
over executive pay. In recent years, Sir
Stelios has taken easyJets directors and
executives to task over everything from the
size of the airlines cash-pile to the number
of planes in its fleet. Most recently, he has
turned his ire on remuneration, arguing
that a phoney and self serving way of cal-
culating return on capital employed has
allowed them to feather their nests. But
while it is comforting to know that some-
one who understands the business so well
is watching things closely, it doesnt make
him automatically right.
Like others, we had reservations about
chief executive Carolyn McCall when she
took the flight controls in July 2010.
Guardian Media Group, the publisher of The
Guardian, was hardly in fine fettle upon her
departure (although it would have probably
taken a miracle worker to have turned that
business around). Despite our early reserva-
tions, her tenure has been remarkably suc-
cessful. EasyJet is taking market share and
growing its margins as rivals retrench in an
increasingly tough market. Its decision to
focus on business passengers with flexible
ticketing and guaranteed seating is also pay-
ing off.
Yesterdays results, which prompted ana-
lysts to upgrade their forecasts across the
board, prove the point. Revenues were up 17
per cent, its pre-tax loss (prompted by a surge
in fuel costs) was smaller than expected and
its load factor a key measure of how full its
planes were stood at 87.6 per cent, one of
the highest in the industry. Although it will
book a loss in the first half, sales during the
all-important holiday season should see it
post a meaty profit for the full-year. Investec
has pencilled in pre-tax profits of 234m.
It would be wrong to dismiss Sir Stelios
constant interventions as noises off, not
least because they keep management on
their toes. But from where were standing,
easyJet is doing just fine.
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Easyjet PLC
p
450
440
430
420
410
445.50
26 Jan
News
DESPITE selling over one million
Lumia handsets since mid-
November, Nokia has struggled to
scratch the surface of the Apple
dominated smartphone market.
Fourth quarter operating earn-
ings at the Finnish telecoms group
swung to a loss of 954m as Nokias
$250m partnership with Microsoft
failed to make waves.
The Christmas quarter brought
in 10bn from net sales, a 21 per
cent drop on last years 12.7bn but
a slight improvement on 2011s
third quarter.
Overall, revenue for the year
amounted to 38.7bn, a nine per
cent decline on 2010.
However, 19.6m smartphones
were shipped in the quarter, over-
stepping analysts estimates despite
weighing in at two thirds of 2010s
fourth quarter sales of 28.6m.
Nokia shares jumped to a high of
4.30 before closing three per cent
up at 4.16.
BY LAUREN DAVIDSON
TELECOMS
ANALYSIS l Nokia

4.40
4.30
4.20
4.10
4.00
4.16
26 Jan
2011: THE YEAR OF THE TABLET
shipped
15.4m*
APPLE
ANDROID
10.5m*shipped
OTHERS
0.5m*
shipped
10.7m
All tablets
shipped in
4th quarter
2010
Nokia reports a loss
Source: Strategy Analytics
GLOBAL tablet shipments in 2011 soared to 66.9m units over triple the previous years number with Android increasingly
encroaching on Apples market domination. Last year Android, used in Amazon and Samsung tablets among others, upped its
share of the market by a third to 39 per cent, while Apples supremacy declined over ten percentage points. Relative newcomer
Microsoft remained a negligible market player, shipping just 400,000 units with 1.5 per cent of the market.
MARKET SHARE
Apple
57.6%*
Android
39.1%*
1.9%*
Others
1.5%*
Microsoft
18.6m
All tablets
shipped in
2010
All tablets
shipped in
4th quarter
2011
26.8m
66.9m
All tablets
shipped in
2011
MICROSOFT
shipped 0.4m*
* 2011 quarter four
News
A SET of bleak third quarter results
from Nintendo, flanked by a dras-
tic increase in expected losses for
the year, could drive the final nail
into the coffin of its game consoles.
The Japanese company reported
a nine-month net loss of 48.4bn yen
(400m) compared to the 49.6bn
yen profit collected by this point
last year blaming the rising
strength of the yen and Apples
growing domination of the market.
Nintendos operating loss for the
fiscal year so far came in at
16.4bn yen, considerably
down from gains of 158.8bn
yen last year.
The influential gaming
company upped its
expected full year
operating loss to
45bn yen from a
previous expect-
ed profit of 1bn
yen, and said its
net loss could be up
to 65bn yen more than triple its
previous forecast of 20bn yen.
Profits for 2010 were 77.6bn yen.
The company, founded in 1889
to produce Japanese playing
cards, pointed its finger at the ris-
ing yen which has gained 5.6
per cent against the dollar in the
past year for its discouraging
results. Nintendo makes almost
80 per cent of its revenue interna-
tionally.
While the Nintendo 64 revolu-
tionised the market in terms of
home console gaming and the
Game Boy and DS remain
unmatched as top-selling
handheld devices.
This fiscal year, Nintendo
has so far sold 8.96m Wiis a
35 per cent drop and
11.4m 3DS devices.
Annual sales
forecast for the
3DS were cut
from 16m to 14m
and sales of the Wii
from 12m to 10m.
No consoling
Nintendo on
poor results
BY LAUREN DAVIDSON
TECHNOLOGY
Broadband
helps Time
Warner soar
TIME Warner Cable surprised the
market as it reported a 44 per
cent jump in fourth quarter net
profit and unveiled a $4bn
(2.5bn) share buyback pro-
gramme yesterday.
The cable giant raised its quar-
terly dividend by 17 per cent as it
easily exceeded estimates.
Revenue at the company, the
second-biggest US cable provider,
increased by four per cent, boost-
ed mainly by an 8.6 per cent rev-
enue increase from residential
internet subscriptions.
Time Warner Cable is reposi-
tioning itself in the market as a
broadband provider to attract
internet users and make up for
the loss of video customers it has
lost to satellite companies such as
Netflix.
The company lost 129,000 video
customers in its residential busi-
ness during the quarter. High-
speed data subscribers increased
by 117,000.
Residential services increased
2.6 per cent due to gains in high-
speed data and voice services. The
larger video services segment saw
revenue edge up 0.2 per cent.
BY RAYMOND DOHERTY
TELECOMS
AT&T survives the loss of T-Mobile

bid with growth to contest Verizon
COSTS from AT&Ts failed multi-bil-
lion dollar bid for T-Mobile dragged
down fourth quarter profit at the
American telecoms giant, which
reported a loss of $6.68bn (4.25bn)
despite an overall annual growth.
Fourth quarter operating loss was
$9bn, down from a $2.1bn gain a
year earlier.
However, revenues in the final
months of the year rose 3.6 per cent
to $32.5bn, contributing to a two
per cent increased annual revenue
of $126.7bn.
Eyes have been on AT&T since its
market nemesis Verizon
Communications published its year-
end finances on Tuesday.
While AT&T gained 717,000 new
wireless subscribers in the final
quarter its largest increase in over
a year this pales in contrast to
Verizons 1.2m postpaid additions.
However, AT&T increased its
smartphone sales by 50 per cent to
9.4m trumping Verizons 7.7m of
which 7.6m were iPhones, almost
double Verizons 4.2m sales of the
Apple favourite.
BY LAUREN DAVIDSON
TELECOMS
DARK HORSE
HSBC TAKES
RETAIL SITE
IN LATE BID
HSBC is committed to the City of London
for its latest retail opening, at least.
The Capitalist hears the bank has
gazumped a well-known restaurateur to
emerge as the new tenant at 1
Bishopsgate, after offering a far higher,
undisclosed, sum to turn the disused
property into a premier suite retail
bank in time for the Olympics.
Two existing HSBC branches near the
Bishopsgate site will be closed and
merged into the luxury City branch,
which will occupy 9,807 sq ft over three
floors within walking distance of Lloyds,
the Gherkin and the Heron.
Competitive bids for the site were sub-
mitted before Christmas, and the ink was
all but dry on the legal agreement with
the restaurant when HSBC this month
entered dealings at the eleventh hour with
its extraordinary offer to the freeholder.
That unidentified owner, who bought
the property from fund manager
Liverpool Victoria last month, is a private
client of Morgan Capital Partners, which
has let the prime retail unit to the bank
on a 15-year lease. We had every inten-
tion of leasing 1 Bishopsgate to a high-pro-
file restaurateur, said Nathan Wogman
of Shelley Sandzer, the property agent on
the deal. But then in came HSBC with an
offer we couldnt refuse.
QATARIS BELFRY BID
MEANWHILE, Qatari investors are looking
to get their paws on The Belfry, the spiritu-
al home of the Ryder Cup.
We expect significant international
interest, said agent George Nicholas of
Jones Lang LaSalle Hotels when the
Midlands resort formerly owned by
Irelands debt-laden Quinn Group was put
up for sale on 16 January.
Hes not wrong. The Capitalist hears a
Qatari government entity has joined the
reported Asian bidders by approaching
Ross Marshall, the owner of tour operator
Your Golf Travel, about putting together a
consortium to take control of the 90m
conference, leisure and golf facility.
The Qataris are keen to find partners
with relevant distribution credentials to
help them secure the prize asset and
YGT, which has a quarter of the UKs four
million golfers in its contacts book and
runs a spin-off spa firm, ticks that box.
The deadline for bids, says Nicholas, is
the end of February. Unless sold prior.
SLOW BURNS
BLAME the pesky World Economic Forum,
says Greens Restaurant & Oyster Bar in St
Jamess, but Burns Night bookings this
year were slower than usual.
Doing his bit to boost the takings, how-
ever, was one director at PwC, who treated
three clients to a 729 Burns Night
Left: HSBCs new
home at 1 Bishopsgate
Above: Ryder Cup
course The Belfry
PICTURE: GETTY
All information is accurate at the time of going to print. Important: due to the fast moving nature of this market, all offers, prices and availability are subject to change. 1Pay monthly prices are subject to credit check and minimumtermof 24 months on selected networks and tariffs. 2Phone was 229.99 on Vodafone 15.50 per month (24m) tariff, nowfree. BlackBerry, RIM, Research in
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The Capitalist
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @dennysharriet
blowout with an extra two haggis on top
of the traditional set menu to the strains
of piper Boyd Matthews.
The Capitalist agreed not to name the
M&A tax specialist concerned it is just
PwC and friends but it is permitted to
say the evening ended with double gin
and tonics at Claridges at 2am. Repeat
business all round!
CIRCUIT TRAINING
ITS DOWNHILL all the way from here for
Centrica and Deloitte, which are the first
two City teams to sign up to the CARE
Olympic Cycle Challenge.
The route of the fundraising cycle ride
on Saturday 23 June is based on the
Surrey and London suburbs leg of the offi-
cial Olympic route, setting off from
Richmond Park and finishing near Putney
after passing through the South Downs.
The short route is a mere 104km;
the more athletic can attempt the maxi-
mum distance of 208km, comparable to
an Olympic course.
To sign up bearing in mind the mini-
mum fundraising target of 150 for pover-
ty charity Care International, please see
www.carechallenge.org.uk/olympic
MINING giant Anglo American yester-
day posted a rise in quarterly output
for its key commodities, but a dip in
its diamond production, which was
hit by weaker prices.
The FTSE 100 company said iron
ore was up five per cent at 12.4m
tonnes fuelled by the $1bn (636m)
Kolomela mine, which reaped
rewards ahead of schedule.
Improvement at its Amapa opera-
tion in Brazil helped to offset weak-
nesses in South Africa, the figures for
the fourth quarter showed.
The Los Bronces mine, at the heart
of the miners legal dispute with
Chilean state copper producer
Codelco, also contributed to the
strong output figures, which mirror
what is happening across the indus-
try, with rival BHP Billiton also hav-
ing seen strengthening demand.
WAITING FOR THE
PERFECT TIME TO BUY?
ITS ARRIVED.
APPROVED USED JAGUAR DEALER EVENT
28 JANUARY 5 FEBRUARY 2012
*THIS OFFER APPLIES TO ELIGIBLE JAGUAR APPROVED USED CARS SOLD BETWEEN 28 JANUARY 5 FEBRUARY 2012. ALL VEHICLES
MUST BE REGISTERED BY THE CUSTOMER AT THE DEALERSHIP FROM WHICH THE VEHICLE WAS PURCHASED. THE FREE SERVICING
HANDOVER CERTIFICATE IS ONLY VALID AT THE DEALERSHIP FROM WHICH THE VEHICLE WAS PURCHASED. THE CERTIFICATE SHOULD BE
PRESENTED TO THE DEALERSHIP AT TIME OF BOOKING THE VEHICLE IN FOR A SERVICE IN ORDER TO QUALIFY FOR THE TWO YEARS FREE
SERVICE. THE OFFER IS ONLY AVAILABLE AT THE POINT OF REGISTRATION OF THE VEHICLE IN THE CUSTOMERS NAME. THE OFFER IS FREE
TO ALL CUSTOMERS. THE FREE SERVICING COVERS SCHEDULED SERVICING AND ASSOCIATED PARTS (OILS, HYDRAULIC FLUIDS, SEALS,
FILTERS, ELEMENTS AND ANTIFREEZE) AND LABOUR FOR TWO YEARS FROM THE DATE OF INVOICE UP TO A MAXIMUM OF TWO SERVICES.
SCHEDULED SERVICING INTERVALS ARE DETAILED IN THE VEHICLE HANDBOOK. EXCLUDES WEAR AND TEAR ITEMS SUCH AS SHOCK
ABSORBERS, EXHAUST SYSTEMS, TYRES, WINDSCREENS, WINDOWS, ENGINES, TRANSMISSIONS, ELECTRONICS, COST OF FITTING OR
REPAIRING ACCESSORIES AND ANY FORM OF ACCIDENT DAMAGE AND NON-ROUTINE SERVICING WORK, PARTS OR LABOUR. THE SERVICE
PACKAGE IS NOT A WARRANTY PACKAGE. THE FREE SERVICE OFFER IS ONLY VALID TO THE CUSTOMER INDICATED ON THE INVOICE, FOR
THE VEHICLE PURCHASED. THIS OFFER IS NOT TRANSFERABLE.
Flexible nance options are also available.
VISIT USED.JAGUAR.CO.UK TO SEARCH OUR
APPROVED USED STOCK
News
ANALYST VIEWS: HOW STRONG ARE ANGLOS
PRODUCTION RESULTS? Interviews by John Dunne
TIM DUDLEY | COLLINS STEWART

The major trend you have seen across the majors has been increasing
iron ore production it is where the margins are and they (Anglo) are following
suit with that. Another positive was (metallurgical) coal which has also got strong
margins. That should help offset weakness in platinum.
DOMINIC OKANE | LIBERUM CAPITAL

Production is broadly in line with our estimates, with the exception of plat-
inum and diamond. The short term barriers to outperforming peers as we see it
are: i) clarity on AALs legal dispute with Codelco in Chile and ii) an increasingly
difficult operating environment for platinum.
KEITH BOWMAN | HARGREAVES LANSDOWN

The diversified portfolio continues to prove its worth. Gains for iron
ore and copper have more than offsetting difficulties for platinum and diamond
production. Plans to raise production volumes stand tall in the background despite
the uncertainty with the dispute in Chile. The shares are a strong buy.
London 2012
IMAGE OF THE WEEK
The London Organising Committee
of the Olympic and Paralympic
Games (LOCOG), laboratory service
providers GlaxoSmithKline (GSK)
and laboratory operators Kings
College London unveil the anti-dop-
ing lab that will operate during the
Games, based in Harlow, Essex.
Between now and the start
of the Olympics, City A.M. is
publishing its Olympic
Image of the Week. If you
have a shot you think our
readers will like, please
email pictures@cityam.com
with IOW2012 in the sub-
ject line. Full details:
cityam.com/london-2012
TEST EVENT | THE LAB
Travelzest
The online travel group has appointed
Nigel Jenkins, who has been a non-exec-
utive of the firm since April 2010, as
chairman. Jenkins previously worked at
First Choice, where he led the restruc-
ture of its Canadian division before run-
ning the activity holiday sector.
Marstons
The pub retailer has appointed Nick
Backhouse as a non-executive direc-
tor. Backhouse is senior independent
director of Guardian Media Group and
a non-executive director of All3Media.
Barclays Wealth
Rupert Howard has been appointed as
senior portfolio manager. Howard joins
from Rothschild Private Management,
where he has been head of UK portfolio
management since 2009, following a
role at Aberdeen Asset Management.
Panoramic Growth Equity
The independent private equity firm
has appointed Jane Reoch as a senior
investment manager. Reoch, who has
ten years private equity and corpo-
rate finance experience, joins from the
newly created Business Growth Fund.
+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
AXA
Deborah Shire has
been appointed as
global head of busi-
ness development
at Axa Real Estate
Investment
Managers. Shire
will join the AXA Real Estate manage-
ment board and will report directly to
CEO Pierre Vaquier. Shire is promoted
from deputy head of structured finance
at AXA Investment Managers, which
she joined in 1998 as a quantitative
portfolio manager.
CITY MOVES | WHOS SWITCHING JOBS
Edited by Harriet Dennys
ANALYSIS l Anglo American PLC
p
2,760
2,740
2,720
2,700
2,680
2,660
2,640
2,620
2,737.00
26 Jan
Anglo lifted
by copper as
diamonds dip
BY JOHN DUNNE
MINING
This sensational three day event kicks off the weekend with
a fabulous corporate day offering world class polo from six
international teams, with fully inclusive hospitality plus the new
Veuve Clicquot at Hurlingham evening launch party.
Enjoy a classic British summer day out; three polo matches, Veuve
Clicquot Champagne, lunch at the iconic Hurlingham Club - the
historic home of polo - a quintessential afternoon cream tea and
to finish the day off, a rocking party with live music and guest DJs.
Prices start from just 185 plus VAT per person.
For more details or to book, telephone 0207 936 5284 or email:
rachel@cityevents.uk.com
Friday
City Friday & Polo Party
at MINT Polo In The Park
8
TH
JUNE 2012
The Best Corporate Day Out - as voted by CITY AM
Winner of Best Sports Attraction - London Lifestyle Awards 2010 & 2011
www.mintpolointhepark.com
THE HURLINGHAM CLUB & PARK
FULHAM, LONDON SW6
FRIDAY 8
TH
JUNE 2012
CITY FRIDAY & VEUVE CLICQUOT AT HURLINGHAM PARTY
FTSE closes
up on US Feds
growth plans
News
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Chemring
525
450
475
500
425
400
375
Nov Dec Jan
p
378.80
26 Jan
CHEMRING
Credit Suisse has downgraded the arms and
defence group to neutral from outper-
form and lowered its target price to 420p
from 460p, as well as reducing its 2012
earnings estimates by 15 per cent. The bro-
ker sees the firm as being in a new norm
where growth is much weaker and order
timing unpredictable, with 2012 looking
particularly difficult.
ANALYSIS l Xstrata
1,050
1,100
1,150
1,000
950
900
Nov Dec Jan
p
1,129.50
26 Jan
XSTRATA
Citi has downgraded the mining group to
neutral and slashed its target price
from 13.50 to 12. The broker says the
company is trading at a 20 per cent pre-
mium to Rio Tinto and a 10 per cent pre-
mium to BHP Billiton on a one-year
forward price-to-earnings ratio, but does
not have a returns profile to support the
valuation.
ANALYSIS l Mcbride
140
125
130
135
120
115
110
Nov Dec Jan
p
123.25
26 Jan
MCBRIDE
Goldman Sachs has upgraded the household
goods provider to buy from neutral with
a target price of 136p, saying the companys
current value is unjustified and presents a
buying opportunity. However, the broker
remains mindful of the longer-term outlook
given the companys vulnerable position in an
at-risk supply chain, but expects strong
growth from first-half results in February.
A
month-long rally on Wall
Street appears to be sputter-
ing as stocks slipped yesterday
in what investors called a pos-
sible warning of weakness ahead.
Weaker-than-expected home sales
figures and a group of mixed earn-
ings reports tempered the markets
recent buying interest.
The Dow Jones industrial average
was down 22.33 points, or 0.18 per
cent, at 12,734.63. The Standard &
Poors 500 Index was down 7.60
points, or 0.57 per cent, at 1,318.45.
The Nasdaq Composite Index was
down 13.03 points, or 0.46 per cent,
at 2,805.28.
With the S&P 500 up nearly five
per cent for the year, analysts said
the market was about due for a pull-
back.
Banks, which stand to benefit
from a recovery in housing, fell
back. The KBW Bank index dropped
2.2 per cent.
AT&T shares fell 2.5 per cent
after disappointing results, and
were the primary reason the tele-
com sector was the worst of the
S&Ps 10 sectors.
THENEW YORK
REPORT
Wall Streets
rally starts to
lose steam
BRITAINS blue-chip index rose 1.3 per
cent yesterday after the US Federal
Reserve pledged to support economic
growth, boosting miners and other
cyclicals stocks and setting the index
on course for another week of gains.
The FTSE 100 rose 72.20 points to
5,795.20, although the index failed to
close above a key technical resistance
at 5,800, a bearish signal that points to
possible consolidation in coming days.
Having risen 1.2 per cent since
Monday, Britains blue-chip gauge is
on track to record a fifth week of gains
out of the last six.
Buyers piled into equities as the
prospect of a prolonged period of low
interest rates and possible quantita-
tive easing in the United States threat-
ened to dilute the value of cash and
returns from bonds.
Miners provided the biggest boost
to the index, rising 4.2 per cent on
expectations the Feds supportive
stance would stimulate demand for
industrial metals, such as copper.
Gold mining specialists such as
Randgold and Fresnillo rose between
four per cent and five per cent as
investors bought the yellow metal as a
hedge against a weakening dollar.
The sector also found support after
Anglo American, Lonmin,
Petropavlovsk and Kazakhmys all
reported solid output figures.
THELONDON
REPORT
p
5,820
5,740
5,760
5,700
5,720
5,780
5,800
ANALYSIS l FTSE
5,795.20
26 Jan
Focus on Davos
DIVERSITY MAKES
GOOD SENSE FOR
EVERY BUSINESS
ANDREW MOSS
GROUP CHIEF EXECUTIVE, AVIVA
I
N DAVOS last year, the World Economic Forum stirred
debate by insisting its strategic partners include at least
one woman in their delegations. A month later, Lord
Davies released his report Women on Boards, recom-
mending targets for the number of women on company
boards. At Aviva, we believe that a balanced leadership team
is vital to a businesss success.
Diversity brings a broader, more rounded perspective to
decision-making and risk management. Companies with
more women on boards are more effective and have been
shown to outperform rivals.
In line with the Davies report, Aviva will have 25 per cent
female representation on the board this year. But it isnt just
about signing up to targets. If we want to see more women
on boards then we need to be looking at how we approach
diversity across the business.
The key for me is ensuring women are confident they have
the same opportunities open to them as men, whatever level
theyre at within the organisation. That means hard-wiring
diversity into HR practices such as talent management and
making sure our selection processes are fair, transparent and
based on merit.
With succession planning, for example, we make sure we
have a balanced mix of high potential candidates identified,
both inside the company and when working with recruit-
ment consultants.
Mentoring too has an important role to play. We recently
introduced a scheme whereby members of the senior man-
agement team are mentored by future female leaders. The
idea is to provide the women involved with an opportunity
for development while the leadership team gains valuable
insight into the challenges women face as they progress in
their careers.
Theres no question cultural change takes time. But this is
an investment worth making. At the end of the day, its in
everyones interests to make sure companies are recruiting
and promoting from the widest possible talent pool. This is
all just good business sense.
RECENT policy steps in Europe have
dramatically reduced the risk of a
Lehman-style banking failure there,
Bank of Canada governor and
Financial Stability Board head Mark
Carney said yesterday, but he fell short
of saying he was optimistic that a
worst-case scenario had been averted.
Decisive action by the European
Central Bank to provide liquidity to
the region's financial system has
eased market pressure on Spain and
Italy and boosted demand for their
bonds, said Carney, who became head
of the G20s FSB in November.
It is absolutely essential that the
financial system, the banking system
specifically in Europe, is able to
finance itself on a reasonable basis,
that were not worried about a
Lehman event in Europe, Carney said
in Davos.
Our view is that, given the meas-
ures that the ECB has taken and the
heightened focus of the banking regu-
lator in Europe on the health of these
institutions, that tail risk has been
dramatically reduced. Thats incredi-
bly important, he added.
When asked whether that meant
he was now optimistic about a posi-
tive outcome for the European debt
crisis, Carney said he was merely
realistic.
Within that context, one is realis-
tic because the judgment has to be
made: Have European authorities
done enough to take away the more
extreme possibilities? Carney asked.
FSBs Carney sees lower risk
of a European bank failure
BY HARRY BANKS
EUROZONE
MICROSOFT chairman and philan-

thropist Bill Gates pledged a further
$750m (478m) to the troubled
global AIDS fund yesterday and
urged governments to continue
their support to save lives.
These are tough economic times,
but that is no excuse for cutting aid
to the worlds poorest, he said in
Davos yesterday at the annual meet-
ing of the World Economic Forum.
The Global Fund to Fight AIDS,
Tuberculosis and Malaria
announced two days
ago that its executive
director, Michel
Kazatchkine, was
stepping down early
following criticism
over misuse of funds
and cuts in funding.
The public-private
organisation, based in
Geneva, accounts for
around a quarter
of international
financing to
fight HIV and
AIDS, as well as
the majority of funds to fight TB
and malaria. But it has been
forced to cut back and said last
year it would make no new
grants or funding until 2014.
The Bill & Melinda Gates
Foundation is giving $750m
through a promissory note a
fresh injection in addition to
the $650m that the Gates
charity has con-
tributed since
the fund was
launched 10
years ago.
BY HARRY BANKS
WORLD ECONOMY
JP MORGAN chief executive Jamie

Dimon believes that Mitt Romney is
on course for a victory in this year's
primaries, he said in Davos yesterday.
He also appeared to come close to
endorsing the Massachusetts gover-
nor, who has been mired in problems
over his tax returns, which revealed
that he pays an effective tax rate of 13
per cent.
Of Romneys prospects of victory,
Dimon told CNN: I could be dead
wrong. Thats my opinion who the
Republican candidate is going to be,
because I think hes an experienced,
knowledgeable, successful guy. He
clearly doesnt like talking about him-
self, or his money very much, but
hell get through that.
Dimon, who is known for his out-
spoken views on politics and changes
in banking rules, also said that regu-
lators are not cooperating enough.
The one thing that I would hope
for is that I wish people collaborated
more, you know, business, regulators,
governments. Its completely obvious
to me that governments, banks, were
all acting at counter purposes, he
said.
I was in Berlin and the govern-
ment, the ECB was saying lend more
money and do all these things, and
the regulators and examiners and
boards are saying, dont have any
more exposure in Europe, what
would you want?
That is a view shared by many dele-
gates in financial services at Davos.
PricewaterhouseCoopers global
head of financials told City A.M. yester-
day: Lets not kid ourselves that regu-
lators arent politically driven.
European regulation has become
more rule-driven and less based on
principles the US has gone in the
opposite direction, he said, shrug-
ging.
Theres an issue with politicians
who want blood but dont under-
stand what a bank is... Theres an ele-
ment of regulators thinking this is
their time.
In response to the radically chang-
ing landscape, he said that even
multinational banks are now having
to ask, What are they going to be
when they grow up?
Dimon backs
Romney for
primary wins
@Lagarde 3.35pm
Good to be back in Davos. Record snowfall here-
highest in January for 69 years. World Economic
Forum
@TonyFratto 5.22pm
@MG_Miller Sure, billionaires may come for the par-
ties, but they stay for the schweineschnitzel. #WEF
#Davos
@Number10press 11.24am
PM: We'll be hosting investment events so great
excuse - come to London, come to the Games, invest
in London #wef
@DavosSpouse 12.30pm
Imagine what obesity stats would be if Switzerland
was mountain-free. #davos #wef #davosdiet #rostiyum
DAVOS TWEETS
BY JULIET SAMUEL
DAVOS 2012
Balanced boards are better Picture: GETTY
Bill Gates pledges $750m to AIDS fund
and says philanthropy must continue
Focus on Davos
THE UKs wealth management indus-
try generates an estimated one per
cent of the countrys GDP and pays
7.6bn in tax every year, according to
new research.
With more than 1.2 trillion in pri-
vate client money under manage-
ment, wealth management firms
directly employ 124,000 people,
research from the Scorpio Partnership
showed yesterday around 12.5 per
cent of the entire financial services
workforce.
A wealth management firm was
defined as one working for clients
with net investable assets of more
than 100,000, with the total sector
estimated to be involved in managing
the financial affairs of nine per cent
of the UK population.
More than 100m of the industrys
annual 36bn in revenues comes
from the big four accountancy firms,
the research found.
This initiative ... clearly shows the
important worth of wealth both per-
sonal and corporate to the wider
future story for the UK economy, said
Andrew Fisher, chief executive at
Towry.
UK wealth industry pays 7.6bn in tax
and generates one per cent of GDP
BY ELIZABETH FOURNIER
WEALTH MANAGEMENT
MAIN PICTURE:
JP Morgan boss
Jamie Dimon
thinks
Massachusetts
governor Mitt
Romney is on
course to be the
GOPs presidential
candidate in this
years US elections
Israel's President
Shimon Peres
(top) speaks yes-
terday in Davos.
Danish PM Helle
Thorning-Schmidt
(left) and Pakistan
Prime Minister
Syed Yusuf Raza
Gilani (below) met
in Davos yester-
day, and stressed
the importance of
ties between their
countries
Pictures:REUTERS
In
association
with
An awkward run-in with Lloyds of London chairman John Nelson leaves our Davos Diarist considering a
career change, as the rest of the forum nurses a collective sore head after a night(cap) of networking
YOU never know whom you will
bump into for a chat in Davos, as its
founder Klaus Schwab is always
happy to remind us, calling this
open dialogue the spirit of Davos.
Nonetheless, the smartly clad Davos
Diary was surprised to find herself
hailed down urgently by none other
than Lloyds of London chairman
John Nelson (pictured) yesterday.
Was he looking to have a quick
chat about the damaging impact of
Solvency II on the nations pension
plans?
Er, no. He was looking for a wait-
ress.
We can only suggest he might
have better luck with one of the
women wearing the Belvedere
Hotels waitress uniform.
THATS THE SPIRIT
At least some leaders were getting
into the spirit, however.
The long line for the Belvedere
coat check last night boasted a
stream of illustrious figures a
Hinduja brother, a former Saudi
head of intelligence, PR supremo
Richard Edelman all enjoying the
novel experience of
queueing.
And Davos Diary
hears that not far
down the
P r o m e n a d e ,
Japanese Prime
Minister Yoshihiko
Noda was serving the
wine himself in an
intimate dinner at
the Hotel Elli restaurant.
Meanwhile, Russias Sberbank
was demonstrating its own kind of
Davos spirit by hosting what it had
billed to hacks earlier in the day as
big vodka party.
And at the champagne-fuelled
Forbes bash, steel magnate
Lakshmi Mittal was absorbed in
conversation with an authorita-
tive-looking brunette while a
cheerful former US Treasury sec-
retary Larry Summers quizzed
the founder of an online home
auction website on how much
he would charge to sell his
house.
It almost sounded like the
federal government has a few
repossessed homes to offload.
DAVOS DIARY by Juliet Samuel in Davos
Less competitive countries
have greener businesses
FIRMS in some of Europes least com-
petitive economies are the greenest in
the world, according to the latest
annual ranking of corporate sustain-
ability published in Davos by KPMG
and green investment company SAM.
Portugal boasts the most environ-
mentally friendly business practices,
the research concludes, with just over
two thirds of the countrys biggest
companies included in the list of
green firms.
That compares to nine per cent of
American firms, while Spain and
Italys firms also rank highly in the
index.
The report also says that European
and Asian (ex Japan) companies are
making the most progress in improv-
ing their records, with consumer
goods, healthcare firms deemed the
most innovative.
In those sectors, the Netherlands
Phillips Electronics and USs United
Healthcare Group came out top.
Japanese and American firms, by
contrast, were deemed the least inno-
vative in tackling the impact their
activities have on carbon emissions
and the environment.
The research looks at business prac-
tices among the 2,500 biggest compa-
nies in the world, with the best 15 per
cent deemed sustainable.
Research shows some of Europes struggling economies have the greenest firms Picture: Getty
ENVIRONMENT
A
N ASTONISHING 3.3bn people will move
from the countryside to live in cities over
the next forty years. How will we handle
that influx? By installing better legal sys-
tems worldwide.
Legal institutions determine whether nations
are rich or poor. Think of East and West
Germany and North and South Korea, two con-
trolled experiments in which culture was con-
stant and the only difference was the legal rules
within which economic activity took place.
Which legal institutions result in prosperity?
The answer clearly includes property rights, the
rule of law, and economic freedom. Investors
wont invest and entrepreneurs cant create if
ownership is uncertain or subject to confisca-
tion, if judicial decisions are arbitrary or corrupt
and if red tape prevents action. Poor nations are
poor because they dont provide the legal institu-
tions required for entrepreneurial capitalism. As
they improve their legal systems, as with Chinas
special economic zones and Indias legal reforms
in the 1980s and 1990s, they become prosperous.
The challenge is how to get there. Political
bickering and lobbying by special interests often
prevent the legislative process from improving
the system wholesale. What is to be done?
Bob Haywood, former director of the World
Economic Processing Zones Association, sug-
gests that free zones offer a unique path to
reform. While elites often oppose reforms that
threaten their cosy privileges directly, a subset
may support a separate zone in which they can
have more opportunity. Zones have stimulated
economic development in Taiwan, South Korea,
China, Mexico, Ireland and Mauritius. The man-
agement guru Peter Drucker described them as
the only anti-poverty program that works;
Jeffrey Sachs includes export processing zones as
one of the few effective anti-poverty interven-
tions.
Real estate developers often work simply to
rezone land from residential to commercial
which can double or triple their investment. In
the 1970s, free zone consultant Mark Frazier
noted that successful free zones result in land
value increasing by a factor of 50, 100 or more.
Shenzhen land values have increased roughly
18,000 per cent in the past thirty years. From this
perspective, most of the world is zoned for pover-
ty when it could instead be zoned for prosperity.
Free zones typically provide tax and regulato-
ry incentives to attract investment. But if the
judicial system itself is among the obstacles to
development, there are limits to the effective-
ness of reduced taxes and regulations. What if it
were possible to install a new legal and judicial
system within a specified region? In 2003, Dubai
pioneered this approach by designing the Dubai
International Financial Centre (DIFC) as a 110-
acre enclave of British common law, adminis-
tered by a retired British commercial law judge.
The DIFC has taken Dubai from a trivial player in
international finance in 2003 to the sixteenth
most important financial centre in the world
today (as ranked by Xinhua-Dow Jones).
In 2011, Honduras became the first democrat-
ic nation to apply this strategy. Last July it passed
legislation authorising the creation of Special
Development Regions with autonomous legal
systems as a strategy for attracting investment.
Octavio Sanchez, chief of staff for President Lobo
and the lead architect of the Honduran legisla-
tion, analysed the role of the judicial system in
perpetuating poverty in 2008. He endorsed the
idea of law as a social technology that should
be more adaptive and efficient, and suggested
hiring foreign judges to ensure credibility, much
as was done by Dubai in the DIFC.
Dubai and Honduras are leading a global par-
adigm shift, treating law as a social technology
that can improve peoples lives. Imagine if we
still had to compute using IBM mainframes run-
ning COBOL, arguing over every proposed
change in every line of code in an effort to
update the system. That is, in essence, how we
are trying to improve our legacy legal systems.
Now consider instead an innovative, con-
sumer-driven, global industry in legal system
creation, in which people have the opportunity
to opt-in to new regions with better legal sys-
tems. Imagine a world in which much of the
land that is now zoned for poverty in Africa,
Asia, Latin America, and the Middle East
becomes zoned for prosperity. Imagine private
infrastructure developers partnering with pri-
vate education, health care, and legal system
developers to create new prosperity zones that
democratise access to world-class education,
health care, and law.
This is how we can handle 3.3bn people mov-
ing from rural to urban lives. Rezone millions of
acres of currently unoccupied land from poverty
to prosperity, and watch a new entrepreneurial
industry step in. Obsolete systems will be
upgraded to 21st-century legal technology.
The Free Cities movement is applying the
genius of entrepreneurship to the most funda-
mental problem we face: building legal systems
that give access to jobs, opportunity, and hope.
Michael Strong is a co-founder of the Free Cities
Institute at Universidad Francisco Marroquin as well as
a co-founder of Conscious Capitalism.
24
The Forum
CITYA.M. 27 JANUARY 2012
Shenzhen land values have
increased roughly 18,000
per cent in thirty years.
Free Cities: How countries
worldwide are unleashing
new economic prosperity
cityam.com/forum
MICHAEL STRONG
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.
25
Data deluge
Craig Drake rightly emphasises the
importance of institutions making
big data work for their business
[Big industry responses are needed
to big data explosion, yesterday].
Data must be seen as an asset for
businesses and managed properly.
If its not, then it just becomes a
liability.
The financial services industry is
only now catching up with other
sectors such as pharmaceuticals
when it comes to managing big
data. Tighter regulations such as
Dodd-Frank, MiFID II and Basel
III have acted as a catalyst for
action. Its not enough for firms to
simply store data in isolation. In
order to comply there must be a
full audit trail. Data management
is being made even more challeng-
ing in addition to storing a vast
quantity of tick data, banks must
record all telephone calls. If this
wasnt enough, email archives are
expanding to thousands of ter-
abytes and firms have to track and
monitor other forms of communi-
cation such as instant messaging
and social media. Banks and firms
of all sizes must therefore address
their big data management issues
before they spiral out of control.
Daniel Simpson
chief executive, Cadis
Craig Drake is right that big data
can provide competitive advan-
tage, but the question he neglects
to answer is: does the City have
the skills to turn this tide of data
into economic opportunity? My
own experience confirms the
widely-held view that there is a
huge chasm between the amount
of people needed to analyse data,
and the amount of talent trained
in the art of doing so.
Consider the Institute for
Advanced Analytics at North
Carolina State University the
first of its kind. On average, each
member of the class of 2011 had
14 interviews and two job offers,
and the average base salary offer
was $81,500. In a tough job mar-
ket, this illustrates the increasing
demand for those trained in big
data analytics. If industry and the
UK government dont invest in
those skills now, we risk losing out
to countries like China and India,
where the level of investment in
tech skills is on the rise.
Geoffrey Taylor
academic programme manager
SAS UK
Barely similar
Whereas I normally agree with
Jamie Whytes sentiments in his
regular column, I must strongly
disagree with his comparison of
lap dancers to traders [Strippers
can show us bankers just rewards,
Wednesday]. Yes, they both are
examples of receivers of discre-
tionary income. But whereas lap
dancers are self-employed, have no
allegiances to the bar they work in
or to each other, and have no need
to interact in any way with each
other or work together, traders
are employees and should be con-
sidered assets of the company
they work for. Traders dont work
alone, they work in a team, they
constantly interact with other
traders, sales, compliance, busi-
ness management and support
functions. They need to perform in
a way that fulfils the business
strategies and goals of their man-
agement. Suggesting that they
should adopt the role that lap
dancers do is to suggest that they
should only think of themselves,
their own short-term profits, and
ignore company strategy, team-
work and the longer-term implica-
tions of the risk positions they take
on. While an amusing and
thought-provoking analogy,
Jamies suggestion is nonsense
and goes completely against
instilling a responsible long-term
attitude to investment banking
and risk-taking that I think we all
unanimously wish to promote.
Tim Shoebridge
Untangling tax
I appreciate Allister Heaths well-
argued editorial articles, even
though I often disagree due to ide-
ological differences.
Regarding his piece on Wednesday
[Why capital gains tax isnt too
low], Id just like to point out that
whereas he implies that corporate
earnings are triple-taxed, I believe
it is in fact double-taxed, at most.
It is indeed true that corporate
taxes are paid on income that is
then subject to personal
dividend/capital gains tax. (In real-
ity, effective corporate tax rates
tend to be low, though.) But capi-
tal gains taxes do not come on top
of dividend taxes; they are rather
distinct and depend on how a
company's earnings are trans-
ferred to shareholders. If such
earnings are paid as cash divi-
dends, then there is less money
left over to increase the value of
the company and hence the share
price (which triggers capital gains
taxes). By contrast, a company
can reinvest all its earnings, in
which case they will (should) ben-
efit shareholders in the form of
capital gains only. So investors
end up paying either dividend or
capital gains tax on a company
income, but not both on the same
amount.
Regarding this double taxation, I
would suggest that rather than
have a low dividend tax rate, com-
panies could simply deduct divi-
dend payments from their
corporate tax bills. This is what
Alan Greenspan favoured instead
of US President Bushs tax cuts of
2003.
Then, whether dividend and capi-
tal gains taxes should be lower
than earned-income taxes is large-
ly a question in terms of whether
a government chooses to incen-
tivise work or wealth. Personally, I
favour parity.
Everett Brown
economist, London
Held accountable
I watched Nick Cleggs interview
on BBC Breakfast TV yesterday
morning and was furious to hear
him say for those who can't
afford an accountant to fiddle
their taxes. How dare he. I
assume therefore that he does his
own return?
Im fed up of politicians referring
to accountants as one degree
away from criminals. Professional,
qualified accountants like myself
have a high degree of integrity
and abide by the UK tax laws, we
do not fiddle taxes.
Joe Lee ACCA FMAAT
principal, Apple Accountancy
Services
Speak your mind
Got a sharp comment on one of
todays columns? We want to
hear your views.
Readers are invited to comment
on the web: cityam.com/forum; by
email: theforum@cityam.com;
and on Twitter: @cityamforum
RAPID RESPONSES
CITYA.M. 27 JANUARY 2012
The Forum
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
Firms that make
plans ahead will
do best from this
summers Games
Six months to go
get in shape to
win Olympic gold
T
ODAY we hit six months to go until the
start of the Olympic Games. Amid the
daily diet of doom and gloom about the
prospects for the UK economy, the
Games offer a potential bright horizon in an
otherwise challenging year.
It certainly appears that many companies
feel this way. Deloittes latest Games Readiness
research found that 81 per cent of companies
are expecting an increase in demand for their
goods or services as a result of London 2012.
This is far higher than the 38 per cent of busi-
nesses who felt this way when we asked last
May. Over half of businesses plan new or
improved marketing campaigns to benefit
from the Games period, while around a third
plan to increase levels of stock.
Realising these opportunities means being
ready for business as unusual during the six
weeks of the Games: prepared for challenges
across staff availability, supply chains, security
and technology.
Some of these issues are beginning to be
addressed. Many more companies are now
reviewing holiday and home working policies,
giving them confidence that they will be ready
to serve all those extra customers this summer.
Indeed, the last 12-18 months has seen a
turnaround in how British businesses are
thinking about the level of preparation
required for London 2012. When we first sur-
veyed UK companies, two-thirds expected no
impact on their business as a result of the
Games. Today, just 2 per cent feel this way.
However, some concerns remain. Our
biggest worry is that just one in five companies
intends to review its business continuity plans
before the Games, despite the fact that compa-
nies tell us they are now more concerned
about the risk of a security incident. Most busi-
ness continuity plans are designed to deal with
one-off incidents played out over a short period
of time. With the Olympic Games, there is the
potential for several continuity challenges to
occur at the same time and for a prolonged
period. Access or travel to alternative locations
used for business continuity may also be
impacted by the Games.
Sound planning and preparation has
already paid off for many businesses that have
won contracts through London 2012 and who
will now be looking to see if they can repeat
their success in Rio, Qatar and Russia. Having a
successful Games Time track record is impor-
tant for their future marketing. Its certain
that the best prepared and most agile business-
es will grab the biggest share of the upside.
Businesses in previous host cities have typi-
cally underestimated the impact of the
Olympic and Paralympic Games. It appears
that businesses in London and around the UK
are determined not to make the same mis-
takes. A well prepared UK PLC is a vital part of
the success of this summer and while there
remains work to do, it is encouraging to see so
many companies taking the Games seriously.
With talk already turning to the legacy from
the Olympics, firms should consider the legacy
that great delivery will bring every business
that prepares well for the opportunities and
challenges in this summer of celebration.
Heather Hancock is lead London 2012 partner at
Deloitte, the official professional services provider to
London 2012.
HEATHER
HANCOCK
Living| Property
Watch England walk out at Lords from
the comfort of your own penthouse
London-based sports
fans are spoiled for
choice, with world
class action on your
doorstep. Sometimes
literally.
WHERE IS THE BEST PROPERTY FOR
WATCHING SPORT IN THE UK, AND HOW
MUCH WILL IT COST ME?
The England cricket team mounted some-
thing of a comeback this week after losing
the first test against Pakistan in spectacu-
lar fashion. Spirited batting by Kevin
Pietersen will have whetted the cricket
fans appetite for the return of test match-
es to the UK; after all, few things can beat
a sunny afternoon at Lords, complete
with food, booze, camaraderie and, occa-
sionally, good cricket.
Now one lucky person can have all of
that from the comfort of their own bal-
cony. The Pavilion Apartments on St
Johns Wood Road offer spectacular views
of the famous stadium. The roof terrace,
complete with decking and enough seat-
ing for an entire cricket team, is big
enough to host a giant party to celebrate
Englands wickets, with plenty of room
left over for a couple of buckets of iced
Pimms.
The three bedroom penthouse occu-
pies the 9th and 10th floors of the recent-
ly built development.
The property offers an amazing
panorama of the London skyline to the
south, both from the frankly obscenely
sized living room or the fantastically
placed bedroom.
At 8.95m, its hardly what you would
call a snip. But what price can you put on
endless lazy afternoons rolling out of bed
and into a prime seat at the worlds most
revered temple of cricket?
For more information contact knightfrank.com
or call 020 7629 8171
WHAT IF IM NOT A CRICKET FAN?
The Chapel is a beautifully developed old
church on the doorstep of Stamford
Bridge, meaning Chelsea fans can be
home within minutes of a match finish-
ing. The downside... Well, the guide price
of 13.5m might put a few people off but
it is gigantic (it was previously used as a
film production centre).
If horseracing is more your thing,
Whitefield House could be your dream
home. The Cheltenham property overlooks
the track and, while you wont exactly feel
the thunder of the hooves, anyone who has
fought their way through three hours of
post-race traffic will know, how convenient
this property is. For more information contact
knightfrank.com or call 020 7629 8171
The Pavilion
Apartments (above
left and right) offers
unbeatable views of
Lords Cricket
Ground. The Chapel
(right) is a stones
throw from
Stamford Bridge
1
7
M
I
N
s
CANARY WHARF
live london live central park
Shared ownership available on selected plots. Prices correct at time of going to print Jan 2012 Train times source: TFL website. ^distance: mile
Well connected...
Close to Lewisham Station^ and a 17 minute DLR journey to
Canary Wharf, Central Park is ideally located for getting into
the city. It offers a range of high spec 1, 2 & 3 bed apartments
with secure parking & concierge facilities available.
Prices from 179,950
*
Estimated rental yield 6%.
*Price based on 1 bed apartment.
centralparkliving.co.uk
CENTRAL26 to 60123
CALL OUR SALES LINE
020 7089 3917
VISIT:
TEXT:
cgi artists impression
L
A
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C
H
I
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G
S
P
R
I
N
G
2
0
1
2
Lewisham
Station
London
Bridge
8 mins
Canary
Wharf
17 Mins
London City
Airport
29 mins
GREENWICHCREEKSIDE
RESERVE BY THE 5
TH
FEBRUARY: RECEIVE A YEARS FREE GYM MEMBERSHIP
AT MERIDIAN FITNESS LOCATED AT GREENWICH CREEKSIDE
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Prices from 247,500
creekside.sales@telfordhomes.plc.uk
greenwichcreekside.com
0800 883 8627
or (out-of-hours) 0800 032 0077
*Terms and conditions apply. **Subject to legal completion by 30
th
March 2012. Meridian Fitness is due to open in March 2012 and is not the responsibility of Telford Homes Plc. Price correct at time of going to press. Photographs of the Atrium interior and showhome interiors.
020 8104 1111
Selling Agents: A development by:
EXCLUSIVE SHOW APARTMENT
PREVIEW WEEKEND
With unique and distinguished architecture from renowned
architects Squires & Partners, The Atrium allows natural light
to flood into the striking apartment building through a fully
glazed roof: bringing the outdoors, indoors!
NHBC Supreme Award Winner in the Multistorey category
Bright, open, airy Atrium to the core of the building
with extensive natural light and fresh air circulating
1, 2 & 3 bedroom homes with a high internal specification
and optional parking*
Close to the heart of maritime Greenwich
Cutty Sark DLR station 10 minutes walk away, access
to Canary Wharf just 9 minutes
Friday 27
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& Saturday 28
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Sunday 29
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HAMILTON TERRACE
Price: 37.5m
This imposing six bedroom house in Hamilton Terrace has an interior designed by Bill
Bennette, offering a glamorous, contemporary space, ideal for entertaining and stylish
family living. Features a gated driveway with parking for two cars at the front.
Contact Savills on 020 3043 3600 or savills.co.uk
PARK VILLAGE
WEST
Price: 5m
A low built five bedroom
detached Nash villa in an
enchanted enclave close to
Regents Park. The house is
located within a seven
minute walk to Camden
tube station.
Contact Knight Frank on 20
7629 8171 or
knightfrank.co.uk
AVENUE ROAD,
NW8
Price: 36m
A substantial six bed-
room period house, in
need of modernization.
It sits on a west-facing
plot of approximately a
quarter of an acre at
the favoured end of this
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is a short walk from the
high street with its
fashionable shops and
quaint bistros. Contact
Knight Frank on 20
7629 8171 or knight-
frank.co.uk
Q.
I have inherited some money
and want to invest in a London
buy to let where should I
look?
A.
I would suggest that you look at
buying a one or two bedroom unit
in a prime location, because theres
always a demand in central London for
smaller units.
Larger units tend, (unless they are fami-
ly homes), to let to more transient profes-
sional sharers or students, resulting in
longer void periods. Whereas smaller units
attract tenants who tend to stay longer.
Location and the target market you are
aiming for need careful thought; you want
to identify an area which taps into a pool
of the ideal type of tenant doctors,
lawyers, accountants and City workers.
Look for access to good transportation
links to the City or Canary Wharf and
proximity to the Central line or Jubilee
lines in Zone 1. Marylebone, Bayswater,
Paddington or Notting Hill are all good
options. Alternatively, if you fancy a new-
build right in the heart of the City, The
Heron in EC2, is a first class development
which ticks all of the boxes and would
make an ideal rental investment.
Q.
I want to sell my top floor flat
but am concerned that I will
have problems as it is on the
fourth floor without a lift. Is there
anything I can do to ensure it sells
quickly?
A.
Top floor flats without a lift are
not ideal but at the end of the day
they do sell you just need to find
the right type of buyer. Naturally, its going
to rule out the elderly or those with young
children, but there is no reason why some-
one in their 20s, 30s, or even 40s would
not look at this as an option.
The positives are that you have no
neighbours above good from a noise per-
spective. Also no lift means a lower service
charge, without expensive maintenance or
insurance costs.
However, its vital to recognise that the
walk up will impact on value and buyers
will expect a discount as a result of the
hike. Youre probably looking at a discount
of around 20 per cent compared with the
equivalent first floor flat in your building;
this is where I suggest pitching the asking
price.
A discount at this level will certainly
attract a buyer, particularly if they have a
limited budget, but really want to be in the
area.
Martin Bikhit
MANAGING DIRECTOR
KAY AND CO
WWW.KAYANDCO.COM
Q A
&
IRISH ARTIST MAKES HOUSE BUILT OF SHREDDED EUROS
An unemployed Irish artist has built a home from the shredded remains
of 1.4bn (1.2bn), a monument to the "madness" he says has been
wrought on Ireland by the single currency. Frank Buckley built the apart-
ment in the lobby of a Dublin office building that has lain vacant since its
completion four years ago at the peak of the construction boom, using
bricks of shredded euro notes he borrowed from Ireland's national mint.
HENRY BOOT FORECASTS BETTER THAN EXPECTED PROFITS
Property and construction firm Henry Boot forecast full-year pre-tax
profit ahead of market estimates this week. The company, which last
year sold a shopping centre in Ayr for 33.8m, forecast a 14 per cent
fall in revenue for the year. It warned that current property valuation
was expected to be slightly below that of June 2011, reflecting a
weaker market.
OXFORD PRIME MARKET FOR FOREIGN INVESTORS
An astonishing 40 per cent of Oxfords prime property sells to interna-
tional buyers, according to property giant Knight Frank. Its Oxford office
sold to 13 nationalities in the last 12 months, with clients drawn to the
city due to its reputation as a cultural hub, thriving technology sector, the
outstanding education on offer and the lure of the University colleges.
The figures show London is not alone in attracting foreign investors.
PROPERTY NEWS
BY STEVE DINNEEN
CURRENT MORTGAGE DEALS BY STEVE DINNEEN Source: MoneySupermarket.com
Lender Fixed/Flexible Rate Until APR Maximum Loan
(per cent) (per cent) to Value (per cent)
First Direct Flexible 1.99 2 years 3.6 65
Santander Flexible 2.09 2 years 4 60
Chelsea BS Flexible 2.39 March 2014 5.4 70
Market Harborough BS Flexible 2.48 2 years 5 75
HSBC Fixed 2.28 April 2014 3.9 60
Santander Fixed 2.35 April 2014 4.1 60
Market Harborough BS Fixed 2.69 February 2014 5.1 75
Chelsea BS Fixed 2.94 March 2015 5.3 70
SELL FOCUS ON: ST JOHNS WOOD BY STEVE DINNEEN
Living | Focus On
ACACIA HOUSE
Price: 14.95m
An un-modernised five
bedroom double front-
ed, low built detached
house that has been
has been newly refur-
bished and features a
large entertaining
space,
front and rear gardens,
a quiet and attractive
private terrace on the
first floor
Contact Knight Frank
on 20 7629 8171 or
knightfrank.co.uk
River Court SE1
990,000 leasehold
A spacious 2 bedroom apartment on the Southbank overlooking the Tames with
impressive views of St Pauls Cathedral. Te property has 2 large terraces, 24 hour
porter & underground parking.
Bankside Lofts SE1
500 per week
A larger than average loft style studio situated in the award winning development of
Bankside Lofts. Te property benefts from a large reception area, amazing views of the
Tate Modern & Millennium Bridge & hardwood fooring throughout.
Belgrave Court E14
795,000 leasehold
A 1,220 sq ft, 6th foor, south/south-east facing apartment located in the prestigious
Canary Riverside development. Ofered in excellent condition with 2 bedrooms, parking
& views of the river from all principal rooms.
Antilles Bay E14
475 per week
A beautifully furnished apartment with direct views of the dock & Canary Wharf from
the balcony, spacious reception, separate fully ftted kitchen, 2 double bedrooms both with
ftted wardrobes & the master bedroom has an en suite & small balcony. Te apartment
also benefts from a secure allocated parking space.
Tower Bridge
020 7357 7999
sales.towerbridge@chestertonhumberts.com
Tower Bridge
020 7357 6911
lettings.towerbridge@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8300
sales.canarywharf@chestertonhumberts.com
Canary Wharf & Docklands
020 7510 8310
lettings.canarywharf@chestertonhumberts.com
chestertonhumberts.com
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CHESTER TERRACE
Price: 5.75m
A six bedroom home with high ceilings and impressively proportioned
rooms with benefits including a lift servicing all the floors and access
to a private garage.
Contact Knight Frank on 020 7629 8171 or knightfrank.co.uk
CHESTER
PLACE
Price: 3.4m
This four bed-
room property
provides well
planned and
comfortable
living space on
the east side of
Regent's Park,
parallel to
Chester Terrace.
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
FOCUS ON: ST JOHNS WOOD
Living | Property
CARRICK
VILLA
Price: 7.95m
one of a pair of
newly built villas
set in a private
gated
enclave that was
once an orchard.
It has a position
adjacent to the
Outer Circle of
Regents Park.
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
WALPOLE
MEWS
Price: 995,000
Located on a dis-
creet mews, this
two bedroom
property is in
excellent condi-
tion. The property
is ideally located
for the shops and
amenities of the
High Street and is
on the favoured
East Side of St
Johns
Wood. Contact
Knight Frank on
020 7629 8171
or
knightfrank.co.uk
AVENUE
ROAD, NW8
Price: 15m
A substantial
eight bedroom
period house, in
need of
modernization. It
sits on a west-
facing plot of
approximately a
quarter of an
acre at the
favoured end of
this St Johns
Wood road.
Contact Knight
Frank on 020
7629 8171 or
knightfrank.co.uk
Lucian Cook, director of Savills research says, St Johns Wood
has been more of a slow burner than prime central London.
Over the past six years values have risen by around 70 per
cent compared to 87 per cent as an average across prime
central London and 117 per cent for top performing Mayfair.
This in part reflects the greater mix of properties within St
Johns Wood but suggests greater potential for growth.
EXPERT VIEW | AREA INSIGHT
ST JOHN'S WOOD | PRICES
Detached Terraced Flats
St John's Wood 4.7m 1.9m 727,447
Regent's Park 6.5m 2.2m 785,682
London 779,512 463,220 352,898
Source: Savills
LON GD ONCE FIX AM...........1713.00 54.00
SILVER LDN FIX AM ..................33.52 1.46
MAPLE LEAF 1 OZ ....................36.12 0.47
LON PLATINUM AM................1597.00 47.00
LON PALLADIUM AM...............696.00 19.00
ALUMINIUM CASH .................2185.50 -4.50
COPPER CASH ......................8270.00 3.50
LEAD CASH...........................2195.00 -20.50
NICKEL CASH......................20505.00 215.00
TIN CASH.............................21995.00 140.00
ZINC CASH ............................2095.00 43.00
BRENT SPOT INDEX................110.13 -0.47
SOYA .....................................1222.25 2.25
COCOA..................................2452.00 39.00
COFFEE...................................219.70 -0.75
KRUG.....................................1795.30 -11.20
WHEAT ....................................165.72 2.10
AIR LIQUIDE........................................96.41 0.76 100.65 80.90
ALLIANZ..............................................85.47 0.57 108.85 56.16
ANHEUS-BUSCH INBEV ....................47.28 0.08 48.63 33.85
ARCELORMITTAL...............................16.72 0.61 28.55 10.47
AXA......................................................12.08 0.14 16.16 7.88
BANCO SANTANDER...........................6.16 0.14 9.00 4.94
BASF SE..............................................60.00 0.75 70.22 42.19
BAYER.................................................53.92 1.26 59.44 35.36
BBVA......................................................6.97 0.17 9.17 4.94
BMW ....................................................65.40 1.81 73.85 43.49
BNP PARIBAS.....................................35.81 0.02 59.93 22.72
CARREFOUR ......................................18.15 1.26 31.98 14.66
CRH PLC .............................................15.58 0.19 17.40 10.28
DAIMLER.............................................43.38 1.41 57.22 29.02
DANONE..............................................47.64 0.28 53.16 41.92
DEU.BOERSE OFFRE ........................45.23 1.68 55.75 35.46
DEUTSCHE BANK..............................33.39 0.35 48.70 20.79
DEUTSCHE TELEKOM.........................8.85 0.16 11.38 7.88
E.ON.....................................................16.40 0.50 25.40 12.50
ENEL......................................................3.13 0.09 4.86 2.78
ENI .......................................................17.02 0.19 18.66 11.83
FRANCE TELECOM............................11.50 0.30 16.65 11.09
GDF SUEZ ...........................................21.04 0.50 30.05 17.65
GENERALI ASS...................................12.55 0.20 17.05 10.34
IBERDROLA..........................................4.60 0.13 6.10 4.16
INDITEX ...............................................68.38 1.31 69.40 50.92
ING GROEP CVA...................................7.09 0.19 9.50 4.21
INTESA SANPAOLO.............................1.46 0.01 2.47 0.85
KON.PHILIPS ELECTR.......................15.59 0.22 24.12 12.01
L'OREAL..............................................82.10 1.49 91.24 68.83
LVMH..................................................123.50 2.45 132.65 94.16
MUNICH RE.......................................100.95 1.34 126.00 77.80
NOKIA....................................................4.16 0.11 8.49 3.33
REPSOL YPF.......................................21.90 0.34 24.90 17.31
RWE.....................................................28.48 1.41 54.97 21.15
SAINT-GOBAIN...................................35.41 0.94 47.64 26.07
SANOFI ................................................56.41 0.72 57.42 42.85
SAP......................................................45.46 0.96 46.15 32.88
SCHNEIDER ELECTRIC.....................49.33 1.10 61.83 35.00
SIEMENS .............................................73.58 0.06 99.39 62.13
SOCIETE GENERALE.........................21.01 0.01 52.70 14.32
TELECOM ITALIA..................................0.79 0.02 1.16 0.70
TELEFONICA ......................................13.37 0.22 18.75 12.50
TOTAL..................................................40.59 0.26 44.55 29.40
UNIBAIL-RODAMCO SE...................147.00 1.85 162.95 123.30
UNICREDIT............................................3.82 0.02 12.06 2.20
UNILEVER CVA...................................25.56 0.14 27.16 20.90
VINCI ....................................................37.00 0.60 45.48 28.46
VIVENDI ...............................................15.93 0.05 22.07 14.10
VOLKSWAGEN VORZ ......................139.75 2.70 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5795.20 72.20 1.26
FTSE 250 INDEX . . . . . . . 10908.82 160.43 1.49
FTSE UK ALL SHARE . . . . 2987.74 37.77 1.28
FTSE AIMALL SH . . . . . . . . 766.86 8.78 1.16
DOWJONES INDUS 30 . . 12734.63 -22.33 -0.18
S&P 500 . . . . . . . . . . . . . . . 1318.45 -7.61 -0.82
NASDAQ COMPOSITE . . . 2805.28 -13.03 -0.46
FTSEUROFIRST 300 . . . . . 1051.72 12.08 1.16
NIKKEI 225 . . . . . . . . . . . . . 8849.47 -34.22 -0.39
DAX 30 PERFORMANCE. . 6539.85 118.00 1.84
CAC 40 . . . . . . . . . . . . . . . . 3363.23 50.75 1.53
SHANGHAI SE INDEX . . . . 2319.12 23.04 1.00
HANG SENG. . . . . . . . . . . 20439.14 328.77 1.63
S&P/ASX 20 INDEX . . . . . . 2574.50 0.00 0.00
ASX ALL ORDINARIES . . . 4329.10 0.00 0.00
BOVESPA SAO PAOLO. . 62953.06 466.84 0.75
ISEQ OVERALL INDEX . . . 3023.34 40.70 1.36
STRAITS TIMES . . . . . . . . . 2894.43 2.79 0.10
IGBM. . . . . . . . . . . . . . . . . . . 874.45 15.90 1.85
SWISS MARKET INDEX. . . 6100.43 27.07 0.45
Price Chg %chg
3M........................................................87.58 1.10 98.19 68.63
ABBOTT LABS ...................................54.87 -0.36 56.84 45.07
ALCOA ................................................10.36 -0.12 18.47 8.45
ALTRIA GROUP..................................28.66 -0.01 30.40 23.20
AMAZON.COM..................................193.32 5.52 246.71 160.59
AMERICAN EXPRESS........................49.98 -0.19 53.80 41.30
AMGEN INC.........................................68.08 -1.13 69.63 47.66
APPLE...............................................444.63 -2.03 454.45 310.50
AT&T....................................................29.45 -0.76 31.94 27.20
BANK OF AMERICA.............................7.30 -0.05 14.95 4.92
BERKSHIRE HATAW B.......................79.66 -0.19 87.65 65.35
BOEING CO.........................................75.31 -0.51 80.65 56.01
BRISTOL MYERS SQUI ......................32.48 -0.22 35.44 20.05
CATERPILLAR ..................................111.31 2.26 116.55 67.54
CHEVRON.........................................106.59 -1.14 110.99 86.68
CISCO SYSTEMS................................19.83 0.00 22.34 13.30
CITIGROUP.........................................30.38 0.42 49.60 21.40
COCA-COLA.......................................68.01 -0.42 71.77 61.29
COMCAST CLASS A..........................26.31 0.19 27.16 19.19
CONOCOPHILLIPS.............................69.53 -0.45 81.80 58.65
CVS/CAREMARK................................42.18 0.00 43.17 31.30
DU PONT(EI) DE NMR........................50.94 0.35 57.00 37.10
EXXON MOBIL....................................86.77 -0.45 88.23 63.47
GENERAL ELECTRIC.........................19.07 -0.06 21.65 14.02
GOOGLE A........................................568.10 -1.39 670.25 473.02
HEWLETT PACKARD.........................27.99 -0.33 49.39 19.92
HOME DEPOT.....................................44.95 -0.31 45.50 28.13
IBM.....................................................190.98 -0.77 194.90 151.71
INTEL CORP .......................................26.75 -0.15 27.00 19.16
J.P.MORGAN CHASE.........................37.49 -0.11 48.36 27.85
JOHNSON & JOHNSON.....................65.70 0.49 68.05 55.76
KRAFT FOODS A................................38.60 0.23 39.00 24.30
MC DONALD'S CORP ........................99.18 -0.05 102.22 72.89
MERCK AND CO. NEW......................38.78 0.10 39.43 29.47
MICROSOFT........................................29.50 -0.06 29.95 23.65
OCCID. PETROLEUM.......................100.19 -3.27 117.89 66.36
ORACLE CORP...................................28.29 -0.22 36.50 24.72
PEPSICO.............................................66.52 -0.18 71.89 58.50
PFIZER ................................................21.63 -0.09 22.17 16.63
PHILIP MORRIS INTL .........................76.38 -0.43 79.96 56.46
PROCTER AND GAMBLE ..................64.80 -0.18 67.72 56.57
QUALCOMM INC ................................57.81 -1.18 59.84 45.98
SCHLUMBERGER ..............................75.98 -0.21 95.64 54.79
TRAVELERS CIES..............................58.70 -0.45 64.17 45.97
UNION PACIFIC.................................113.68 0.05 115.81 77.73
UNITED TECHNOLOGIE ....................77.41 -0.24 91.83 66.87
VERIZON COMMS ..............................37.34 -0.35 40.48 32.28
WAL-MART STORES..........................60.97 -0.50 62.00 48.31
WALT DISNEY CO ..............................39.35 -0.21 44.34 28.19
WELLS FARGO & CO.........................29.05 -1.15 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 ..................0.282 0.00
LIBOR Euro - 12 months ................1.756 0.00
LIBOR USD - overnight...................0.141 0.00
LIBOR USD - 12 months.................1.107 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 .........................3.070 -0.09
European repo rate.........................0.231 0.00
Euro Euribor ....................................0.416 0.00
The vix index ...................................18.60 -0.77
The baItic dry index ........................807.0 -34.0
Markit iBoxx...................................241.14 -0.41
Markit iTraxx..................................149.56 1.74
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .314.8 0.2 356.5 248.1
Chemring Group . . . .378.8 -2.1 736.5 367.0
Cobham . . . . . . . . . . .189.1 2.3 236.5 165.9
Meggitt . . . . . . . . . . . .373.4 4.0 397.6 304.9
QinetiQ Group . . . . . .134.3 -0.5 137.4 101.5
RoIIs-Royce HoIdi . . .751.5 12.5 769.0 557.5
Senior . . . . . . . . . . . . .187.9 5.3 190.6 132.6
UItra EIectronics . . .1505.0 -4.0 1830.0 1305.0
GKN . . . . . . . . . . . . . .214.6 4.6 245.0 157.0
BarcIays . . . . . . . . . . .222.9 5.6 333.6 138.9
HSBC HoIdings . . . . .539.5 2.5 730.9 463.5
LIoyds Banking Gr . . .32.8 1.9 69.3 21.8
RoyaI Bank of Sco . . .27.7 0.9 49.0 17.3
Standard Chartere .1600.0 47.0 1712.5 1169.5
AG Barr . . . . . . . . . .1258.0 35.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .353.2 6.0 465.0 289.9
Diageo . . . . . . . . . . .1421.5 3.5 1433.5 1112.0
SABMiIIer . . . . . . . . .2449.0 57.0 2458.0 1979.0
AZ EIectronic Mat . . .298.0 17.7 338.1 206.1
Croda Internation . .1939.0 47.0 2081.0 1456.0
EIementis . . . . . . . . . .151.1 3.0 187.4 107.5
Johnson Matthey . .2090.0 80.0 2119.0 1523.0
Victrex . . . . . . . . . . .1258.0 24.0 1590.0 1025.0
YuIe Catto & Co . . . . .199.8 1.8 253.0 148.0
C/$ 1.3106 0.0007
C/ 0.8353 0.0014
C/ 101.47 0.3220
/C 1.1973 0.0040
/$ 1.5685 0.0029
/ 121.47 0.2313
FTSE 100
5795.20
72.20
FTSE 250
10908.82
160.43
FTSE ALLSHARE
2987.74
37.77
DOW
12734.63
22.33
NASDAQ
2805.28
13.03
S&P 500
1318.45
7.61
RPC Group . . . . . . . .390.3 4.3 393.3 231.5
Smiths Group . . . . . .980.0 2.0 1429.0 869.5
Brown (N.) Group . . .231.4 2.4 304.5 227.0
Carpetright . . . . . . . . .607.0 -21.0 770.5 375.0
Debenhams . . . . . . . . .67.9 2.5 74.8 51.2
Dignity . . . . . . . . . . . .808.5 -8.5 854.5 648.5
Dixons RetaiI . . . . . . .14.8 0.1 22.3 9.4
DuneImGroup . . . . . .483.1 3.7 524.5 383.9
HaIfords Group . . . . .315.5 -3.0 416.0 268.6
Home RetaiI Group . .100.4 0.9 235.0 72.5
Inchcape . . . . . . . . . .349.0 8.0 425.4 268.1
JD Sports Fashion . .724.0 19.0 1030.0 570.0
Kesa EIectricaIs . . . . .71.4 5.0 151.4 60.2
Kingfisher . . . . . . . . .260.5 2.1 287.1 217.0
Marks & Spencer G . .332.5 3.1 402.2 301.8
Next . . . . . . . . . . . . .2594.0 5.0 2810.0 1868.0
Sports Direct Int . . . .237.1 4.3 266.2 159.0
WH Smith . . . . . . . . . .549.5 -4.5 558.0 433.8
Smith & Nephew . . . .612.5 7.0 742.0 521.0
Synergy HeaIth . . . . .871.0 5.5 981.0 808.0
Barratt DeveIopme . .111.5 1.3 119.0 67.5
BeIIway . . . . . . . . . . . .745.0 19.5 776.5 540.5
BerkeIey Group Ho .1248.0 1.0 1360.0 884.5
BaIfour Beatty . . . . . .279.9 -0.4 357.3 214.6
CRH . . . . . . . . . . . . .1305.0 25.0 1700.0 1053.0
GaIIiford Try . . . . . . . .477.0 3.5 530.0 309.0
Kier Group . . . . . . . .1360.0 15.0 1458.0 1097.0
Drax Group . . . . . . . .528.0 17.0 581.5 371.9
SSE . . . . . . . . . . . . . .1220.0 -4.0 1423.0 1159.0
Domino Printing S . .618.5 48.5 705.0 434.3
HaIma . . . . . . . . . . . . .355.0 11.0 429.6 306.3
Laird . . . . . . . . . . . . . .167.3 1.7 207.0 127.9
Morgan CrucibIe C . .310.7 7.4 357.1 224.0
Oxford Instrument . .916.5 6.5 1010.0 600.5
Renishaw . . . . . . . . .1347.0 64.0 1886.0 800.0
Spectris . . . . . . . . . .1556.0 38.0 1679.0 1039.0
Aberforth SmaIIer . . .573.0 12.5 714.0 494.0
AIIiance Trust . . . . . .360.2 4.0 392.7 310.2
Bankers Inv Trust . . .401.0 2.5 428.0 346.5
BH GIobaI Ltd. GB .1166.0 -4.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.6 0.0 12.2 10.4
BH Macro Ltd. EUR . . .19.8 0.1 20.2 16.3
BH Macro Ltd. GBP 2042.0 7.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.6 0.1 20.2 16.2
BIackRock WorId M .715.0 21.0 815.5 574.5
BIueCrest AIIBIue . . .163.0 -0.5 176.2 162.4
British Assets Tr . . . .122.8 0.8 139.5 109.0
British Empire Se . . .435.0 4.5 533.0 404.0
CaIedonia Investm .1474.0 15.0 1826.0 1337.0
City of London In . . .287.1 2.3 306.9 257.0
Dexion AbsoIute L . .139.7 0.7 151.0 130.0
Edinburgh Dragon . .235.5 1.0 252.0 201.4
Edinburgh Inv Tru . . .476.7 5.1 492.2 414.9
EIectra Private E . . .1451.0 -1.0 1755.0 1287.0
F&C Inv Trust . . . . . .300.9 2.8 327.9 261.5
FideIity China Sp . . . . .82.2 1.5 114.3 70.0
FideIity European . .1068.0 19.0 1287.0 912.0
HeraId Inv Trust . . . . .482.7 4.7 545.5 419.0
HICL Infrastructu . . . .117.7 0.4 121.3 112.7
Impax Environment .100.0 1.0 125.9 88.5
John Laing Infras . . .108.7 0.3 109.6 103.4
JPMorgan American .908.5 1.5 924.5 721.5
JPMorgan Asian In . .197.0 1.0 244.0 170.1
JPMorgan Emerging .557.0 7.0 610.5 480.1
JPMorgan European .691.0 0.0 983.5 624.0
JPMorgan Indian I . . .366.2 5.2 459.0 313.1
JPMorgan Russian .542.0 16.0 741.0 415.1
Law Debenture Cor . .350.2 2.1 385.0 321.0
MercantiIe Inv Tr . . . .938.0 7.0 1137.0 823.0
Merchants Trust . . . .374.5 4.5 431.8 341.5
Monks Inv Trust . . . .320.1 3.6 367.9 298.1
Murray Income Tru . .639.5 3.0 673.0 568.0
Murray Internatio . . .950.5 -1.5 991.5 818.5
PerpetuaI Income . . .261.6 3.5 276.0 236.5
PersonaI Assets T .34070.0 250.0 34206.930210.0
PoIar Cap TechnoI . .348.5 2.7 391.2 299.5
RIT CapitaI Partn . . .1213.0 5.0 1360.0 1173.0
Scottish Inv Trus . . . .473.1 2.1 524.0 417.0
Scottish Mortgage . .664.5 19.5 781.0 565.0
SVG CapitaI . . . . . . . .219.5 0.6 279.8 165.1
TempIe Bar Inv Tr . . .900.0 13.0 952.0 791.0
TempIeton Emergin .599.0 15.0 684.5 497.0
TR Property Inv T . . .152.7 0.0 206.1 136.2
TR Property Inv T . . . .65.2 1.2 94.0 59.8
Witan Inv Trust . . . . .473.0 5.8 533.0 401.5
3i Group . . . . . . . . . . .184.6 -0.4 319.4 166.9
3i Infrastructure . . . .120.3 0.3 124.0 113.4
Aberdeen Asset Ma .237.9 1.5 240.8 167.8
Ashmore Group . . . .372.0 2.0 420.0 301.5
Brewin DoIphin Ho . .148.1 2.9 185.4 113.7
CameIIia . . . . . . . . . .9479.5-169.510950.08800.0
CharIes TayIor Co . . .134.0 -2.8 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .349.0 -14.8 450.0 304.3
CIose Brothers Gr . . .670.0 5.5 875.0 590.0
CoIIins Stewart H . . . .93.5 -0.5 94.5 48.5
F&C Asset Managem .66.9 1.5 91.0 56.1
Hargreaves Lansdo .419.3 -2.6 646.5 402.5
HeIphire Group . . . . . . .2.5 0.2 17.4 1.4
Henderson Group . . .116.0 2.2 173.1 95.1
Highway CapitaI . . . . .12.0 0.0 21.0 6.5
ICAP . . . . . . . . . . . . . .340.6 7.9 559.0 311.6
IG Group HoIdings . .478.9 -2.5 502.5 393.6
Intermediate Capi . . .281.8 6.9 354.7 197.9
InternationaI Per . . . .201.7 3.3 388.8 148.5
InternationaI Pub . . . .118.9 0.3 121.5 108.6
Investec . . . . . . . . . . .386.6 9.9 522.0 318.4
IP Group . . . . . . . . . . . .84.0 2.0 85.0 32.7
Jupiter Fund Mana . .225.9 0.5 337.3 184.9
Liontrust Asset M . . . .78.0 0.9 87.5 57.9
LMS CapitaI . . . . . . . . .57.0 0.1 64.8 51.0
London Finance & . . .23.5 0.0 23.5 19.0
London Stock Exch .881.5 14.0 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.3 0.0 19.8 8.9
Man Group . . . . . . . . .118.3 0.3 311.0 104.5
Paragon Group Of . .179.9 -2.6 206.1 134.6
Provident Financi . . .969.0 2.5 1124.0 915.0
Rathbone Brothers .1137.0 15.0 1257.0 977.0
Record . . . . . . . . . . . . .12.3 -0.3 35.8 11.2
RSM Tenon Group . . . .6.0 -0.1 59.0 5.8
Schroders . . . . . . . .1528.0 56.0 1906.0 1183.0
Schroders (Non-Vo .1248.0 37.0 1554.0 970.0
TuIIett Prebon . . . . . .304.0 6.5 428.6 262.3
WaIker Crips Grou . . .45.0 0.0 51.5 43.3
BT Group . . . . . . . . . .207.8 0.4 208.8 161.0
CabIe & WireIess . . . .41.5 0.2 51.2 31.3
CabIe & WireIess . . . .21.5 0.0 76.9 14.2
COLT Group SA . . . . .90.6 0.9 156.2 84.1
KCOM Group . . . . . . . .70.0 1.6 84.0 57.5
TaIkTaIk TeIecom . . .124.2 1.0 161.5 119.8
TeIecomPIus . . . . . . .654.5 -8.0 802.0 440.0
Booker Group . . . . . . .73.7 -0.1 80.0 54.5
Greggs . . . . . . . . . . . .510.0 0.0 550.5 445.0
Morrison (Wm) Sup .292.1 -3.6 328.0 264.0
Ocado Group . . . . . . . .81.5 -0.8 285.0 52.9
Sainsbury (J) . . . . . . .289.2 -0.5 391.2 263.5
Tesco . . . . . . . . . . . . .323.0 0.2 420.1 312.4
Associated Britis . . .1166.0 6.0 1171.0 940.0
Cranswick . . . . . . . . .752.0 2.5 862.0 588.5
Dairy Crest Group . . .318.4 0.0 409.7 314.1
Devro . . . . . . . . . . . . .261.6 0.6 296.9 223.5
Tate & LyIe . . . . . . . . .678.0 2.0 720.5 520.0
UniIever . . . . . . . . . .2075.0 25.0 2189.0 1793.0
Mondi . . . . . . . . . . . . .533.0 31.0 664.0 413.5
Centrica . . . . . . . . . . .291.9 3.4 345.8 278.8
InternationaI Pow . . .329.2 4.5 436.6 279.4
NationaI Grid . . . . . . .618.5 -0.5 649.5 543.5
Pennon Group . . . . . .700.0 11.0 737.5 584.5
Severn Trent . . . . . .1547.0 27.0 1600.0 1368.0
United UtiIities . . . . .605.0 4.0 637.0 543.5
Cookson Group . . . . .590.0 21.0 724.5 395.8
DS Smith . . . . . . . . . .241.7 4.2 266.2 164.4
Rexam . . . . . . . . . . . .384.7 2.2 400.0 299.8
Price Chg High Low
Bovis Homes Group .449.4 3.3 499.6 326.5
Persimmon . . . . . . . .518.5 3.5 528.5 374.0
Reckitt Benckiser . .3399.0 34.0 3578.0 3015.0
Redrow . . . . . . . . . . . .122.5 0.3 136.2 103.5
TayIor Wimpey . . . . . . .42.1 0.3 43.8 28.7
Bodycote . . . . . . . . . .308.5 17.3 397.7 225.6
Fenner . . . . . . . . . . . .452.1 -0.5 462.0 280.0
IMI . . . . . . . . . . . . . . . .868.0 18.0 1119.0 636.5
MeIrose . . . . . . . . . . .377.8 7.8 379.3 268.0
Northgate . . . . . . . . . .221.0 7.4 346.7 190.9
Rotork . . . . . . . . . . . .1911.0 31.0 1979.0 1501.0
Spirax-Sarco Engi . .1975.0 37.0 2063.0 1649.0
Weir Group . . . . . . .2022.0 58.0 2218.0 1375.0
Evraz . . . . . . . . . . . . .457.4 14.7 465.4 315.0
Ferrexpo . . . . . . . . . . .351.1 21.0 499.0 238.7
TaIvivaara Mining . . .337.7 4.2 622.0 195.2
BBAAviation . . . . . . .189.7 -1.3 240.8 156.0
Stobart Group Ltd . . .122.4 0.4 163.6 112.0
AdmiraI Group . . . . . .920.0 17.0 1754.0 787.0
AmIin . . . . . . . . . . . . .359.0 3.8 427.0 270.6
BeazIey . . . . . . . . . . . .140.5 -1.3 142.7 109.6
Informa . . . . . . . . . . . .400.0 11.3 461.1 313.9
ITE Group . . . . . . . . . .211.9 0.0 258.2 157.7
ITV . . . . . . . . . . . . . . . . .77.5 2.3 93.5 51.7
Johnston Press . . . . . . .6.3 0.0 12.8 4.1
MecomGroup . . . . . .216.3 -2.5 310.0 134.5
Moneysupermarket. .115.5 2.1 120.4 84.8
Pearson . . . . . . . . . .1177.0 -3.0 1255.0 1013.0
PerformGroup . . . . .240.0 0.3 250.0 150.0
Reed EIsevier . . . . . .539.0 3.0 590.5 461.3
Rightmove . . . . . . . .1305.0 6.0 1408.0 804.5
STV Group . . . . . . . . . .90.3 -0.8 168.0 76.3
Tarsus Group . . . . . .138.3 0.8 165.0 119.5
Trinity Mirror . . . . . . . .47.3 0.3 89.5 37.5
UBM . . . . . . . . . . . . . .551.5 13.5 725.0 416.0
UTV Media . . . . . . . . .107.5 1.3 150.0 92.5
WiImington Group . . .78.5 -1.0 183.0 78.5
WPP . . . . . . . . . . . . . .753.0 4.0 846.5 578.0
YeII Group . . . . . . . . . . .6.1 0.2 11.8 3.4
African Barrick G . . .489.5 23.8 616.5 393.5
AIIied GoId Minin . . .150.0 3.6 281.3 34.4
AngIo American . . .2737.0 82.5 3437.0 2138.5
AngIo Pacific Gro . . .289.2 8.5 369.3 237.9
Antofagasta . . . . . . .1390.0 34.0 1524.0 900.5
Aquarius PIatinum . .192.2 8.9 419.0 149.0
BHP BiIIiton . . . . . . .2199.5 70.5 2631.5 1667.0
CatIin Group Ltd. . . .417.3 0.8 422.2 334.0
Hiscox Ltd. . . . . . . . . .386.4 -4.0 424.7 340.5
Jardine LIoyd Tho . . .690.0 0.0 764.5 576.0
Lancashire HoIdin . . .717.0 3.0 774.5 532.5
RSA Insurance Gro . .108.2 0.6 143.5 99.6
Aviva . . . . . . . . . . . . . .359.1 4.7 477.9 275.3
LegaI & GeneraI G . . .118.2 1.0 123.8 89.8
OId MutuaI . . . . . . . . .148.5 4.2 149.0 98.1
Phoenix Group HoI . .575.0 11.5 688.0 451.1
PrudentiaI . . . . . . . . .717.5 13.0 777.0 509.0
ResoIution Ltd. . . . . .275.6 3.3 316.1 229.5
St James's PIace . . . .349.0 0.6 376.0 294.0
Standard Life . . . . . . .219.8 3.1 244.7 172.0
4Imprint Group . . . . .267.5 4.0 295.0 200.0
Aegis Group . . . . . . .160.9 6.0 161.5 115.7
BIoomsbury PubIis . .109.5 2.0 138.0 91.3
British Sky Broad . . .671.5 -1.0 850.0 618.5
Centaur Media . . . . . . .36.0 0.3 73.0 32.5
Chime Communicati .201.0 7.3 298.5 163.0
Creston . . . . . . . . . . . .66.6 -0.4 121.0 65.5
DaiIy MaiI and Ge . . .442.0 3.7 594.5 343.4
Euromoney Institu . .668.0 -7.0 736.0 522.5
Future . . . . . . . . . . . . . .10.3 0.0 30.0 8.3
Haynes PubIishing . .215.0 -10.0 257.0 202.0
Huntsworth . . . . . . . . .39.8 -0.3 81.0 32.3
Bumi . . . . . . . . . . . . . .875.0 0.0 88.0 872.0
Centamin (DI) . . . . . . . .97.3 2.6 154.2 78.5
Eurasian NaturaI . . .739.0 7.5 1076.0 522.0
FresniIIo . . . . . . . . . .1817.0 74.0 2150.0 1296.0
GemDiamonds Ltd. .215.7 6.3 306.0 179.8
GIencore Internat . . .434.3 15.9 531.1 348.0
HochschiId Mining . .515.0 44.3 680.0 365.9
Kazakhmys . . . . . . .1194.0 81.0 1631.0 730.0
Kenmare Resources . .48.0 1.8 59.9 31.0
Lonmin . . . . . . . . . . .1109.0 66.0 1880.0 941.0
New WorId Resourc .465.0 11.4 1060.0 409.4
PetropavIovsk . . . . . .772.0 75.5 1090.0 543.5
PoIymetaI Interna . .1152.0 83.0 1176.0 877.0
RandgoId Resource 7170.0 345.0 7555.0 4425.0
Rio Tinto . . . . . . . . .3893.0 181.5 4712.0 2712.5
Vedanta Resources 1252.0 100.0 2518.0 928.0
Xstrata . . . . . . . . . . .1129.5 50.5 1550.0 764.0
Inmarsat . . . . . . . . . . .408.8 -3.2 719.5 389.3
Vodafone Group . . . .174.0 -0.6 182.8 155.1
Genesis Emerging . .492.3 7.3 548.5 424.0
Afren . . . . . . . . . . . . . .128.6 2.9 171.2 73.6
BG Group . . . . . . . . .1470.0 11.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .476.8 2.2 497.5 363.2
Cairn Energy . . . . . . .284.0 1.7 469.7 257.8
EnQuest . . . . . . . . . . .108.8 1.6 158.5 85.7
Essar Energy . . . . . .135.7 -0.3 543.0 120.0
ExiIIon Energy . . . . . .258.5 -5.5 469.7 184.2
Heritage OiI . . . . . . . .203.1 1.9 332.4 160.0
Ophir Energy . . . . . . .300.8 1.1 318.8 184.5
Premier OiI . . . . . . . . .433.9 1.4 535.0 310.0
RoyaI Dutch SheII . .2285.0 7.0 2402.0 1883.5
RoyaI Dutch SheII . .2363.5 7.5 2489.0 1890.5
SaIamander Energy .229.1 -1.1 317.6 182.3
Soco Internationa . . .298.0 0.5 400.0 278.0
TuIIow OiI . . . . . . . . .1390.0 2.0 1493.0 945.5
Amec . . . . . . . . . . . .1035.0 27.0 1251.0 740.5
Hunting . . . . . . . . . . .822.0 29.5 843.0 530.0
Kentz Corporation . .440.0 5.0 508.0 347.0
LampreII . . . . . . . . . . .293.3 4.1 395.2 220.7
Petrofac Ltd. . . . . . .1455.0 16.0 1612.0 1108.0
Wood Group (John) .664.0 8.0 715.8 469.9
Burberry Group . . . .1349.0 35.0 1600.0 1074.0
PZ Cussons . . . . . . . .303.1 18.1 387.9 282.5
Supergroup . . . . . . . .643.0 31.0 1820.0 435.2
AstraZeneca . . . . . .3052.5 17.5 3194.0 2543.5
BTG . . . . . . . . . . . . . .324.0 1.0 331.3 210.1
Genus . . . . . . . . . . . .1040.0 6.0 1111.0 853.5
GIaxoSmithKIine . . .1441.0 15.0 1497.0 1127.5
Hikma Pharmaceuti .737.5 8.0 869.0 555.5
Shire PIc . . . . . . . . . .2148.0 35.0 2243.0 1634.0
CapitaI & Countie . . .189.0 4.0 203.7 142.8
Daejan HoIdings . . .2875.0 25.0 2954.0 2282.0
F&C CommerciaI Pr .103.6 0.5 108.0 92.6
Grainger . . . . . . . . . . .101.9 1.6 133.2 77.3
London & Stamford .106.0 -0.7 140.0 103.9
SaviIIs . . . . . . . . . . . . .327.1 4.0 427.1 256.2
UK CommerciaI Pro . .74.2 -0.3 85.5 65.1
Unite Group . . . . . . . .178.6 8.0 224.1 152.9
Big YeIIow Group . . .280.1 7.7 344.4 218.0
British Land Co . . . . .498.8 6.9 629.5 444.0
CapitaI Shopping . . .334.0 8.0 408.6 288.7
Derwent London . . .1688.0 22.0 1880.0 1400.0
Great PortIand Es . . .354.8 3.5 445.0 312.9
Hammerson . . . . . . . .391.3 5.7 490.9 345.2
Hansteen HoIdings . . .74.5 0.5 89.5 68.0
Land Securities G . . .695.0 8.0 885.0 612.0
SEGRO . . . . . . . . . . . .225.1 5.2 331.3 195.0
Shaftesbury . . . . . . . .512.5 7.5 539.0 436.8
Aveva Group . . . . . .1620.0 35.0 1799.0 1298.0
Computacenter . . . . .394.7 4.7 490.0 324.7
Fidessa Group . . . . .1676.0 5.0 2109.0 1444.0
Invensys . . . . . . . . . . .200.5 0.0 357.8 180.9
Logica . . . . . . . . . . . . .80.3 1.6 147.2 59.0
Micro Focus Inter . . .446.0 -3.6 455.0 242.9
Misys . . . . . . . . . . . . .305.3 -20.2 420.2 214.9
Sage Group . . . . . . . .301.2 -4.0 310.1 231.7
SDL . . . . . . . . . . . . . . .695.0 1.5 711.5 586.0
TeIecity Group . . . . . .661.5 6.0 668.5 450.5
Aggreko . . . . . . . . . .2139.0 60.0 2149.0 1394.5
Ashtead Group . . . . .241.0 12.0 245.9 99.4
Atkins (WS) . . . . . . . .697.0 15.5 820.0 490.2
Babcock Internati . . .740.0 0.0 758.0 542.0
Berendsen . . . . . . . . .463.5 20.1 568.0 402.7
BunzI . . . . . . . . . . . . .857.0 1.5 906.5 676.5
Cape . . . . . . . . . . . . . .393.4 9.3 591.5 295.0
Capita . . . . . . . . . . . . .642.5 -2.0 786.5 611.5
CariIIion . . . . . . . . . . .322.6 4.8 403.2 281.0
De La Rue . . . . . . . . .966.5 -1.5 973.5 667.0
DipIoma . . . . . . . . . . .391.9 8.0 414.3 263.5
EIectrocomponents .218.0 2.1 294.9 182.2
Experian . . . . . . . . . . .880.0 3.5 902.5 665.0
FiItrona PLC . . . . . . . .381.0 -5.1 404.5 280.0
G4S . . . . . . . . . . . . . . .271.7 1.9 291.0 219.9
Hays . . . . . . . . . . . . . . .73.8 0.3 130.0 58.9
Homeserve . . . . . . . .293.6 -5.3 532.0 218.5
Howden Joinery Gr . .111.5 1.7 127.5 93.1
Interserve . . . . . . . . . .297.5 -1.9 341.3 239.8
Intertek Group . . . . .2149.0 25.0 2152.0 1737.0
MichaeI Page Inte . . .399.7 2.1 567.0 323.0
Mitie Group . . . . . . . .265.5 -5.0 271.0 195.9
PayPoint . . . . . . . . . . .558.5 -26.5 585.0 327.3
Premier FarneII . . . . .210.0 4.2 308.8 144.5
Regus . . . . . . . . . . . . . .99.0 4.7 119.0 64.0
RentokiI InitiaI . . . . . . .74.9 0.3 104.4 58.2
RPS Group . . . . . . . . .205.3 4.1 253.0 156.6
Serco Group . . . . . . .514.0 1.5 618.5 458.0
Shanks Group . . . . . . .98.6 0.5 130.9 90.8
SIG . . . . . . . . . . . . . . .102.0 1.5 153.5 77.0
Travis Perkins . . . . . .899.0 25.0 1090.0 715.0
WoIseIey . . . . . . . . .2274.0 89.0 2280.0 1404.0
ARM HoIdings . . . . . .598.0 0.5 651.0 464.0
CSR . . . . . . . . . . . . . .234.0 5.5 447.0 154.1
Imagination Techn . .579.5 13.0 579.5 296.9
Spirent Communica .122.6 1.6 160.0 105.8
British American . .2971.5 32.5 3079.0 2300.0
ImperiaI Tobacco . .2253.0 -10.0 2444.0 1784.0
Betfair Group . . . . . . .863.0 8.0 1030.0 567.0
Bwin.party Digita . . .157.4 3.4 204.0 100.6
CarnivaI . . . . . . . . . .1901.0 -42.0 3000.0 1742.0
Compass Group . . . .598.5 -0.5 619.5 512.5
Domino's Pizza UK . .471.9 14.9 549.0 377.0
easyJet . . . . . . . . . . . .445.5 41.7 453.5 301.0
FirstGroup . . . . . . . . .306.8 2.1 380.4 301.8
Go-Ahead Group . . .1245.0 -16.0 1598.0 1190.0
Greene King . . . . . . .509.5 2.5 520.5 410.0
InterContinentaI . . .1357.0 32.0 1435.0 955.0
InternationaI Con . . .180.0 8.3 277.8 132.0
JD Wetherspoon . . . .412.5 -1.3 468.3 380.5
Ladbrokes . . . . . . . . .140.9 2.2 155.3 114.0
Marston's . . . . . . . . . . .99.0 1.0 112.0 84.6
MiIIennium& Copt . .438.0 8.0 600.5 371.2
MitcheIIs & ButIe . . . .265.0 6.4 357.0 215.6
NationaI Express . . .217.3 0.7 270.2 201.6
Rank Group . . . . . . . .127.5 -0.1 153.7 109.5
Restaurant Group . . .297.1 2.1 335.0 254.9
Spirit Pub Compan . . .49.3 0.8 55.0 35.3
Stagecoach Group . .278.2 1.8 281.4 200.0
TUI TraveI . . . . . . . . . .191.7 1.0 271.9 136.7
Whitbread . . . . . . . .1691.0 11.0 1863.0 1409.0
WiIIiamHiII . . . . . . . . .226.6 1.4 244.1 176.8
Abcam . . . . . . . . . . . .337.3 -2.3 460.0 320.0
Advanced MedicaI . . .86.0 0.0 96.0 64.8
AIbemarIe & Bond . .344.8 3.3 400.1 272.0
Amerisur Resource . .19.0 -0.3 29.0 9.5
Andor TechnoIogy . .560.0 0.0 685.0 387.1
ArchipeIago Resou . . .68.3 -0.8 79.0 55.5
ASOS . . . . . . . . . . . .1820.0 10.0 2468.0 1142.0
AureIian OiI & Ga . . . .16.0 -0.5 92.0 16.0
Avanti Communicat .289.8 0.8 628.0 248.5
BIinkx . . . . . . . . . . . . . .69.5 1.0 158.0 50.5
Borders & Souther . . .72.8 1.8 73.3 43.5
BowLeven . . . . . . . . . .80.0 1.5 382.3 62.0
Brooks MacdonaId .1132.5 0.0 1372.5 940.0
Cove Energy . . . . . . .136.8 -0.3 138.8 61.0
Daisy Group . . . . . . .104.0 0.0 127.0 88.0
EMIS Group . . . . . . . .406.3 -11.4 580.0 385.3
Faroe PetroIeum . . . .165.8 3.8 205.0 130.0
GuIfsands PetroIe . . .171.5 0.8 352.3 142.5
GWPharmaceuticaI . .91.5 -2.5 130.0 78.5
H&T Group . . . . . . . . .357.5 5.0 395.0 277.0
Hamworthy . . . . . . . .823.5 1.5 833.5 460.0
Hargreaves Servic .1165.0 9.0 1180.0 855.0
HeaIthcare Locums . . . .3.2 0.1 3.2 3.0
Immunodiagnostic . .309.0 19.0 1218.0 288.8
ImpeIIamGroup . . . .236.5 0.0 387.5 195.0
James HaIstead . . . . .455.1 15.1 495.0 390.0
KaIahari MineraIs . . .242.8 -0.5 301.0 198.3
London Mining . . . . .288.8 -0.3 436.5 257.5
Lupus CapitaI . . . . . .125.0 -1.0 150.0 86.0
M. P. Evans Group . .441.5 -3.5 475.0 371.0
Majestic Wine . . . . . .413.8 7.0 510.0 315.0
May Gurney Integr . .281.0 3.0 302.0 234.0
Monitise . . . . . . . . . . . .28.8 0.8 40.0 20.0
MuIberry Group . . . .1771.0 119.0 1920.0 1065.0
Nanoco Group . . . . . . .59.5 -0.8 93.3 38.0
NauticaI PetroIeu . . .328.0 9.0 547.0 223.5
NichoIs . . . . . . . . . . . .602.5 6.5 615.0 410.0
Numis Corporation . . .93.0 -0.5 126.0 72.0
Pan African Resou . . .17.0 0.3 17.3 9.5
Patagonia GoId . . . . . .45.5 2.5 70.0 37.3
Prezzo . . . . . . . . . . . . .70.0 3.1 72.0 53.5
Pursuit Dynamics . . .102.5 -0.5 410.0 67.0
Rockhopper ExpIor .341.0 3.5 386.0 141.0
RWS HoIdings . . . . . .448.0 -4.5 481.6 328.0
Secure Trust Bank . .915.0 0.0 920.0 755.0
Songbird Estates . . .110.5 -0.5 160.3 104.0
VaIiant PetroIeum . . .426.0 5.0 645.0 400.0
Young & Co's Brew . .635.0 -2.0 712.0 565.0
PetropavIovsk . . . . . .772.0 10.8
easyJet . . . . . . . . . . . .445.5 10.3
HochschiId Mining . .515.0 9.4
Vedanta Resources .1252.0 8.7
Domino Printing Sc .618.5 8.5
PoIymetaI Internat . .1152.0 7.8
Kesa EIectricaIs . . . . .71.4 7.5
Kazakhmys . . . . . . .1194.0 7.3
Ferrexpo . . . . . . . . . .351.1 6.4
PZ Cussons . . . . . . . .303.1 6.4
Misys . . . . . . . . . . . . .305.3 -6.2
PayPoint . . . . . . . . . .558.5 -4.5
Carpetright . . . . . . . .607.0 -3.3
CarnivaI . . . . . . . . . .1901.0 -2.2
ExiIIon Energy . . . . . .258.5 -2.1
Mitie Group . . . . . . . .265.5 -1.9
Homeserve . . . . . . . .293.6 -1.8
Paragon Group Of C .179.9 -1.4
FiItrona PLC . . . . . . .381.0 -1.3
Sage Group . . . . . . . .301.2 -1.3
Risers FaIIers
MAIN CHANGES UK 350
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Tsy 5.250 12 . . . .101.76 -0.02 105.8 101.7
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Tsy 5.000 12 . . . .100.51 -0.04 104.6 100.4
Tsy 4.500 13 . . . .104.53 0.00 106.7 104.5
Tsy 2.500 13 . . . .283.33 0.00 287.7 279.0
Tsy 8.000 13 . . . . .112.60 0.01 117.5 112.3
Tsy 5.000 14 . . . . .111.88 0.08 112.9 109.2
Tsy 7.750 15 . . . .100.00 0.00 106.7 99.4
Tsy 4.750 15 . . . . .114.80 0.21 115.4 108.6
Tsy 8.000 15 . . . .127.97 0.22 129.2 123.7
Tsy 4.000 16 . . . . .113.94 0.27 114.7 104.9
Tsy 2.500 16 . . . .342.50 0.21 344.2 312.1
Tsy 12.000 17 . . .121.46 0.00 129.6 120.9
Tsy 8.750 17 . . . .141.30 -0.01 141.9 132.9
Tsy 1.250 17 . . . . .115.57 0.31 116.6 106.7
Tsy 5.000 18 . . . .121.75 0.34 122.5 109.7
Tsy 4.500 19 . . . . .119.90 0.37 120.7 105.4
Tsy 3.750 19 . . . . .114.70 0.40 115.6 99.4
Tsy 2.500 20 . . . .362.82 0.40 367.1 314.0
Tsy 4.750 20 . . . .122.31 0.42 123.5 106.6
Tsy 8.000 21 . . . .151.59 0.48 153.4 133.8
Tsy 1.875 22 . . . .126.47 0.61 129.1 111.3
Tsy 4.000 22 . . . . .116.66 0.55 118.2 99.0
Tsy 2.500 24 . . . .327.31 0.59 334.7 275.6
Tsy 5.000 25 . . . .128.68 0.60 130.6 107.4
Tsy 1.250 27 . . . .123.52 0.63 127.0 104.8
Tsy 4.250 27 . . . .120.75 0.61 122.7 97.9
Tsy 6.000 28 . . . .145.76 0.60 148.0 119.5
Tsy 4.125 30 . . . .315.27 0.55 322.8 262.9
Tsy 4.750 30 . . . .128.05 0.51 130.5 103.0
Tsy 4.250 32 . . . .120.61 0.55 123.1 96.0
Tsy 4.250 36 . . . .121.17 0.55 123.9 95.0
Tsy 4.750 38 . . . .130.93 0.49 134.2 102.8
Tsy 4.500 42 . . . .127.39 0.48 130.8 98.9
% %
31
Wealth Management | ISAs
Lifestyle| Going Out
32
Pasquas visceral images scream for
your attention some of them deserve it
New Hockney
work is pretty
but lacking
T
HE festive season witnessed the
birth of a plethora of new bars and
clubs in the capital, notable amongst
them was The Rose on 23 Orchard
Street in Marylebone, brought to you by
clubland mainstays Nick House and Piers
Adam (Whisky Mist, Punchbowl, Mahiki).
Their newest project houses a 300 capaci-
ty, chic speakeasy-style nightclub with a
stunning high tech wall of light and a strict
door policy to match.
This is just stage one, though, with the
whole building being converted into a lux-
urious New York-style restaurant and
2000 sq ft roof terrace. Nick House has
been a busy boy from the same stable
comes the newly opened club Dstrkt on
Sohos Rupert Street. The old Planet
Hollywood site has undergone a stunning
25m makeover and looks prepared to
hold ground with some of Londons largest
and most extravagant nightclubs, with a
lounge bar and restaurant for early
evening. A wall opens up to reveal the club
and dance floor at 11pm.
Over on Berkeley Street, famed Russian
restaurateur Arkady Novikov has opened
the Novikov Bar as part of an immense
Mayfair establishment that also includes a
very sleek Italian and an Asian restaurant.
It boasts an eclectic mix of antiques, fur-
nishings and multicultural objects with the
bar itself all lacquered ebony decorated
with jade belonging to Novikov himself.
Close by, nestled amongst the swanky
sartorial shops of Jermyn Street, new
speakeasy-esque club LOWcan only be
accessed through the back entrance of a
restaurant down a hidden staircase.
Guests can expect thousands of LED
lights, plush leather banquettes and
booths, studio quality soundproofing and
rare VOID speakers. An ex-Brompton Club
pedigree adds a touch of glamour. Also in
St Jamess, Ni J San (meaning 23 in
Japanese) has been brought to London by
the Hakkasan Group on the ground floor
of Sake No Hana. The bars design is strik-
ingly minimal with traditional bamboo-
faced walls, elegant black leather seating
and a glass wall. For something a little
more under-the-radar, Fitzrovias new The
Lucky Pig blends Art Nouveau elements
and a shabby chic style, with sexy
speakeasy cocktails to create a truly
seductive hidden gem.
GOING
OUT
TIM BADHAM
Art
DAVID HOCKNEY
Royal Academy
hhhII by Zoe Strimpel
D
avid Hockneys extensive new
show at the Royal Academy
had, predictably enough,
attracted long snaking queues
on Day one. Hour one, in fact. But is it
worth the hype?
The topic is East Yorkshire,
Hockneys home turf and the one to
which he returned in the late 1990s
after a long hiatus in California to
visit his dying friend Jonathan Silver.
Silver had implored him to paint his
childhood landscape, to capture the
sweeping greens and hills and
colours of the wolds.
This exhibit focuses on work com-
missioned by the RA in 2007, but runs
the gamut from his 1960s output
right up to the huge canvases, iPad
drawings and video stills of East
Yorkshire that have made such a
splash this time round.
There is no doubt that Hockneys
older work is more interesting, for
the simple reason that it contains
more reference to human lives than
his brightly coloured landscapes. I
greatly enjoyed paintings such as
Rocky Mountains and the Tired
Indians, with their odd downcast fig-
ures peering at those great American
peaks, as well as Flight Into Italy, a
humorous, strange depiction of the
artist in a van driving through the
Alps, unable to see out.
Art connoisseurs often find the
recent work vulgar. I see what they
mean. The current collection calls to
mind the work of a talented child
with amazing tools and materials,
but who has not yet developed a
defined or intellectually probing view
of the world. These are, by and large,
very, very pretty pictures: Yorkshire
landscape in all its seasonal cos-
tumes, rendered in large sets of paint-
ings in watercolour and oil, and on
(or via) a variety of screens. There are
hedgerows, bushes, empty towns and
lots and lots of winding roads. There
are lots of trees, there is timber, there
are fields. The Road to York Through
Siedmere is a violently twee but
extremely pleasing vantage of a sweet
winding road leading past fiercely
red, neat cottages. Winter Timber
holds pride of place: this is a purply
orange picture of logs under a setting
sun by a wood. Its stunning, but
oddly empty of significance.
If the paintings feel one-dimension-
al in meaning, then they make up for
it in their audacious, sensual colour.
Indeed, what is most lovely and per-
haps what is most vulgar about the
show are enormous daubs of scream-
ing pinks and greens and purples.
This may be a childish take on the
world, but grass and sky of the North
have done well out of it Hockney
imbues them with intense shouts of
life. And there are welcome counter-
points to the swathes of colour in the
form of the rather lovely water-
colours and charcoal sketches. Mid
Summer East Yorkshire, for example,
a watercolour series from 2004, is a
soothing conglomeration of smaller,
pale canvases.
This is a big exhibition, in many
ways: colour, space, size of canvases.
But when it comes to the intellectual
or emotional, it is disappointingly
small
Royal Academy, Burlington House,
Piccadilly, until 9 April.
Art
PHILIPPE PASQUA
Opera Gallery, 134 New Bond Street
hhhII by Steve Dinneen
T
he first image you are faced
with at the new Philippe Pasqua
exhibition is a female nude. The
wheelchair-bound figures arms
are twisted back in a way that remind-
ed me of Laura Palmer in Twin Peaks.
It is a violent, striking painting, splat-
tered with varnish and gloss paint.
Look closely and you can make out tire
tracks, presumably where a wheel-
chair has rolled over the canvas. The
womans face, though, is emotionless,
almost serene. Its a visceral, introduc-
tion to the gallery.
Pasqua who has been likened to
Lucien Freud and Francis Bacon is
best known for his subversive, violent
portraits. His latest fetish is for disem-
bodied heads that look like they have
been used as makeshift footballs. A
vast purple female face has its eyes
swollen shut, paint allowed to bleed
on the canvas forming grotesque
bruises. Most of the portraits on show
here, though, are at the milder end of
Pasquas spectrum and lack some of
the immediate impact. The best on dis-
play here are the smaller, more inti-
mate often pornographic studies
that capture a weary sense of resigna-
tion and hopelessness.
The exhibition also features its fair
share of Pasquas other obsession:
skulls. A silver painted (genuine)
human skull lies covered with translu-
cent butterflies; obvious messages
about the fragility of life spring to
mind. Others work less well: a selec-
tion of marble skulls emerging from
giant ashtrays, decorated with bright-
ly-coloured biker-style tattoos, would-
nt look out of place in a head shop,
flanked by bongs and cigarette papers.
The problem with Pasquas skulls is
the nagging feeling you have seen it all
before. Damien Hirst was by no means
the first artist to use them but he
became so ubiquitous its hard not to
see For the Love of God when you look
at some of Pasquas work.
Pasquas work may scream for your
attention but it rarely falls short of
interesting this is worth a look.
Opera Gallery, 134 New Bond Street, until
15 February.
David Hockney poses
with his painting The
Arrival of Spring in
Woldgate, East Yorkshire
Philippe Pasquas paint-
ings have been com-
pared to Lucien Freud
and Francis Bacon
33
Clooney shines in this very human tale
Film
THE GREY
Cert: 15
hhhII by Stevie Martin
L
iam Neeson stars in this surprising-
ly fun and occasionally grisly sur-
vivalist story, complete with
treacherous storms, sudden death
and jumping off cliffs across mile-high
crevasses. When Ottways (Neeson)
flight home from Alaska goes down,
stranding eight men in the middle of
nowhere, he knows its not just the
cold thats likely to kill.
As the team head south hoping to
find civilisation, circling them are a
pack of wolves with a penchant for
hardcore mauling. Director and co-
writer Joe Carnahan (The A-Team) cap-
tures the dangerous, ruthless beauty
of the frozen landscape as the sur-
vivors numbers dwindle due to the
furry stalkers, as well as the fierce
cold.
George Clooney is
brilliant as troubled
lawyer matt King
Liam Neeson
fights some
remarkably astute
wolves in Grey
Film
INTRUDERS
Cert: 18
hhhII by Stevie Martin
Two children in different parts of the world
are stalked nightly by the same hooded crea-
ture in Juan Carlos Fresnadillos (28 Weeks
Later) Pans Labyrinth style horror.
In Spain, little Juan is sent to a priest
after being terrorised by Hollowface, an
aptly named spectre intent on possessing
him. Over in England, John Farrow (Clive
Owen) tries to convince Mia, his daughter,
that the monster in her room isnt real until
he sees it for himself.
The scares arent heart stopping but
Fresnadillo keeps the silent, nightmarish
threat constant, building towards a twist
thats both underwhelming and groan-wor-
thy. This is followed by a confusing explana-
tion that renders, the eerie figure Fresnadillo
created about as scary as a sock puppet.
Grey is absurd but its no howler
Film
A MONSTER IN PARIS
Cert: U
hhIII by Stevie Martin
This French 3D animation, following the
antics of a monster set loose before inadver-
tently becomes a cabaret sensation, may not
be Hugo but it's not half bad.
Its 1910 and a pair of deeply unfunny
slackers Emile (Jay Harrington) and Raoul
(Adam Goldberg), manage to unleash a giant
flea on the streets of Paris after an experi-
ment in a greenhouse goes awry.
Lennon's Francoeur, the eponymous mon-
ster, is convincingly petrifying before dis-
covering his true calling, charging through a
city beautifully evoked with immaculate
attention to detail. Though lacking the wit,
humour and charm of those it emulates, the
characters are mostly likeable, the anima-
tion impressive and the story engaging
enough.
Film
THE DESCENDANTS
Cert: 15
hhhhI by Steve Dinneen
A
lexander Payne does a rare thing in
mainstream cinema; he makes
films that are just about people
their flaws and insecurities and
hopes and failures. Its a tricky thing to get
right. When not much happens in your
movie, youd better hope the script and
the people reading it are up to scratch.
About Schmidt saw Jack Nicholson por-
tray a curmudgeonly, retired widower,
alienated from his daughter, coming to
terms with the fact hes a bit player in the
last act of his own story. Sideways is about a
man who realises he is never going to write
the great novel he always thought he
would. And The Descendants shows George
Clooneys middle aged lawyer Matt King
trying to accept that life has crept up
behind him; that he hasnt picked up his
surf board in 15 years, has two troubled
kids he has no idea what to do with and a
wife now in a coma after a boating acci-
dent who had a secret life he knew noth-
ing about.
The three films share a common thread
in the road trip their characters embark on
as they try to make some sense of their
lives. But where Sideways and About
Schmidt saw the lead characters kicking
and screaming against the inevitable, Matt
soaks it all in. Clooney plays it with remark-
able restraint looking every inch like a
man struggling to deal with what is going
on around him. His 10- and 17-year-old chil-
dren are played excellently by Amara Miller
and Shailene Woodley, and the supporting
cast especially stoner Sid rarely put a
foot wrong. There are no good or bad guys:
just people. Even the potential hate-figure
turns out to have a human face.
It is all played against the often rain-
soaked Hawaiian landscape, beautiful
rolling scenery and vivid blue seascapes
but it provides little comfort. Matt says at
the start of the film: My friends on the
mainland think just because I live in
Hawaii, I live in paradise. Like a permanent
vacation... Are they nuts? The
Descendants is about the adversity well
probably all face and it does it brilliantly.
Oddly, these wolves are not just killing
machines, but also apparent fans of the
survivalist genre. Their grasp of dramatic
tension is admirable, occasionally
appearing near the campfire before turn-
ing away and leaving the terrified men
unscathed. They also have an uncanny
knack for picking the men off one by one
instead of dealing with them all in one
fell swoop. Its absurd stuff but stays
short of laughable thanks to some well
executed and pretty gruesome maulings.
As well as being avid film buffs, these
wolves are nasty pieces of work.
Wolves aside, theres some forced
sentiment involving a poem
Ottways dad once wrote and
Neeson has to grapple with a 2D
character complete with a lost
love and bottomless supply of
meaningful one liners. That said,
his makeshift team are an enter-
taining bunch and this, along with
a couple of good quality oh-god-is-
he-going-to-fall-down-that-crevasse
moments, make for a silly but fun
journey through the bloodthirsty
Alaskan tundra.
T
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R
R
E
S
T
R
I
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L
CORONATION STREET
ITV1, 7.30PM
Peter (Chris Gascoyne) lies to Leanne
and arranges to spend a night in
Chester with Carla, but Franks private
investigator finds out.
CHRIS MOYLES QUIZ NIGHT
CHANNEL4, 10.30PM
Boxer Amir Khan, stylist Gok Wan and
singer Dappy join host Chris Moyles to
answer questions asked by famous
faces in a bid to top the leaderboard.
CELEBRITY BIG BROTHER: LIVE
FINAL CHANNEL5, 9PM
After three weeks of nominations,
tasks and evictions, the moment has
arrived for the remaining celebrities
as Brian Dowling announces who has
been voted as the publics favourite.
BBC1
SKY SPORTS 1
7pmSky Sports News 7.30pm
Test Cricket 9.30pmTake It Like
a Fan 10pmFootball League
Weekend 11pmTake It Like a
Fan 11.30pmRoad to London
11.55pm-6amLive Test Cricket
SKY SPORTS 2
6pmLive World Snooker
Shootout 10pmTight Lines 11pm
NFL: Total Access 12amFootball
League Weekend 1amTake It Like
a Fan 1.30amPremier League
World 2amNFL: Total Access
3amFootball League Weekend
4amTake It Like a Fan 4.30am
Premier League World 5am-6am
NFL: Total Access
SKY SPORTS 3
6pmEuropean Tour Golf 8pm
Live PGA Tour Golf 11pm
European Tour Golf 1amPGA Tour
Golf 4amRoad to London 4.30am
Tight Lines 5.30am-6am
Powerboating
BRITISH EUROSPORT
6.30pmLive Africa Cup of
Nations 9pmFigure Skating
11.15pmGame, Set and Mats
11.45pmOlympic Dream12.05am
GT Academy: Road to Dubai
12.15am-12.45amHorse Racing
Time
ESPN
7pmLive FA Cup Football
10.15pmBundesliga 12amPress
Pass 2012 12.30amLive NBA
Countdown 1amLive NBA
Basketball 3.30amNBA Action
4amEuroleague Basketball
Magazine 4.30amUFC Unleashed
5.30am-6amPress Pass 2012
SKY LIVING
7pmCriminal Minds 8pmBigger
Than Cheryl 9pmCriminal Minds
10pmCSI: Crime Scene
Investigation 11pmBones 12am
CSI: Crime Scene Investigation
1.50amMaury 2.40amMy
Wife and Kids 3.30amBones
4.20amNothing to Declare
5.10am-6amJerry Springer
BBC THREE
7pmTop Gear USA 8.30pmThe
Real Hustle: Celebrity Chancers
9pmRussell Howards Good News
9.30pmWorlds Craziest Fools
10pmEastEnders 10.30pmSun,
Sex and Suspicious Parents
11.30pmFamily Guy 12.15am
American Dad! 1amThe Real
Hustle: Celebrity Chancers
1.30amBizarre Crime 2am
Russell Howards Good News
2.30amWorlds Craziest Fools
3amSun, Sex and Suspicious
Parents 4am-5amTable Dancing
Diaries
E4
7pmHollyoaks 7.30pmHow I Met
Your Mother 8pmFILMTaxi
2004. 10pmFILMBeverly Hills
Cop 1984. 12.05amPlaying It
Straight 1.10amThe Big
Bang Theory 2.05amScrubs
2.55amHow I Met Your Mother
3.20amRules of Engagement
3.40amGreek 4.25amWildfire
5.10am-6amSwitched
HISTORY
7pmMounted in Alaska 7.30pm
Pawn Stars 8pmIRT Deadliest
Roads: The Andes 9pmMud Men
10pmCash Cowboys 11pmHow
London Was Built 12amThe True
Story 1amCash Cowboys 2am
How London Was Built 3amClash
of the Gods 4amDeep Sea
Detectives 5am-6amAmerican
Pickers
DISCOVERY
7pmMythbusters 8pmBear
Grylls: Born Survivor 9pmOne
Man Army 10pmAmerican
Chopper: Senior Versus Junior
11pmDeadliest Catch 12amBear
Grylls: Born Survivor 1amOne
Man Army 2amAmerican
Chopper: Senior Versus
Junior 3amWheeler Dealers
3.50amMythbusters 4.40am
Chris Barries Massive Speed
5.30am-6amDestroyed in
Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pm19 Kids and
Counting 10pmSister Wives
11pmEmergency 12am19 Kids
and Counting 1amSister Wives
2amEmergency 3amSupernanny
US 4amA Baby Story 5am-6am
Bringing Home Baby
SKY1
8pmFuturama: Fry is killed by a
giant bee. 8.30pmThe Simpsons
9pmStella 10pmAn Idiot
Abroad 2 11pmA League of Their
Own 12amDog the Bounty
Hunter 1amMy Holiday Hostage
Hell 1.50amFringe 2.40am
Road Wars 4.20amProject
Catwalk 5.10am-6amDont
Forget the Lyrics
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
A
B
L
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TVPICK
6pmBBC News
6.30pmBBC London News
7pmThe One Show: BBC News
8pmEastEnders
8.30pmRoom 101
9pmHustle
10pmBBC News
10.25pmRegional News
10.35pmThe Graham Norton
Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmFILM
Starship Troopers: Adventure, with
Casper Van Dien. 1997. 1.25am
Weatherview1.30amSign Zone:
Question Time 2.30amSign Zone:
MasterChef: The Professionals
3.30am-6amBBC News
6pmEggheads
6.30pmGreat British Railway
Journeys
7pmGreat Barrier Reef
8pmMastermind
8.30pmOn Hannibals Trail
9pmCash in Chinas Attic:
A Culture Show Special
10pmQI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmFILMThe Notorious
Bettie Page: Drama, starring
Gretchen Mol. 2005.
1.20amBowls 2.20amBBC News
3.30am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCHOICE Coronation
Street
8pmSafari Vet School
8.30pmCoronation Street
9pmLaw & Order: UK
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMJaws 2:
Thriller sequel, starring Roy
Scheider. 1978.
12.45amThe Zone; ITV News
Headlines
2.45amFILMRay. 2004.
5.20am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCome Dine with Me
8.30pmNew Girl
9pmThe Million Pound Drop
Live
10.30pmCHOICE Chris Moyles
Quiz Night 11.20pmRude Tube
12.25amFILMEternal Sunshine of
the Spotless Mind. 2004. 2.15am
Random Acts 2.20amSwimming
2.40amMeeting Helen 2.50am
The Fishmonger 2.55amMy Name
Is Earl 3.20amHung 3.55amHung
4.25amSt Elsewhere
5.10am-5.55amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmEddie Stobart: Trucks and
Trailers: The drivers transport
polo ponies; 5 News Update
8pmWorlds Toughest Trucker:
5 News Update
9pmCHOICE Celebrity Big
Brother: Live Final
10.30pmCelebrity Big
Brothers Bit on the Side
11.35pmComedy Kings: Best of
Just for Laughs 12amSuperCasino
3.50amMotorsport Mundial
4.15amNicks Quest 4.40amNicks
Quest 5.10amMichaelas Wild
Challenge 5.35am-6amMichaelas
Wild Challenge
1 2 3 4 5 6
7
8 9
10 11 12
13 14 15 16
17 18
19
20
21 22
11 17 10
38 4
16 22
12 15
7 24
18 20
29 9
34 8
6 17
13 34
10 12 24
12
16
17
30
21
13
33
16
17
16
14
10
14
11
27
35
16
37
13
8
6
28
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 Jangle (5)
4 Intermission (5)
7 Hospital attendant (7)
8 Exchanges (5)
10 Get on the back of (8)
13 River deposit (4)
15 Periodic rise and fall
of sea level (4)
17 Personality disturbance
characterised by a state of
unconscious conict (8)
19 Underway (5)
20 Raise ones voice (5,2)
21 Territory occupied
by a nation (5)
22 Senior member of
a group (5)
DOWN
1 French sweet
blackcurrant
liqueur (6)
2 Difusing warmth
and friendliness (7)
3 Give a shine to (5)
5 Pre-dinner
drink (8)
6 Brine-cured (6)
9 Peevish (8)
11 Also (3)
12 Refuse to follow
orders (7)
14 Writing uid
receptacle (3-3)
16 Dines at home (4,2)
18 Full of avour (5)
I
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P R E C I S I O N
S E H H S M
T U L L E A C C R A
A I A I R A R
T A C I T P U R G E
E L Z S
S H A L L S I R E N
M R A V E O E
A B O R T P A G E S
N M T I U T
P A C E M A K E R
3 2 4 1 2 8 3 1
9 5 8 7 8 9 2 3
6 9 8 3 2 1
9 3 7 7 1 8 9
5 1 7 8 9 5 4 6
1 3 4 5 2
7 4 2 1 6 3 8 3
9 1 4 9 2 6 1
8 1 5 2 1 3
4 6 2 1 8 6 9 7
8 9 3 7 1 3 7 5
4
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WORDWHEEL
The nine-letter word was
LOITERING
Lifestyle | TV&Games
Punter
35
A
NYONE keeping an eye on
the ante-post market for the
RSA Chase in recent weeks
will have observed that the
layers seem to be bracing themselves
for Grands Crus defection to the
Gold Cup. The likes of Bobs Worth,
Last Instalment and Join Together
have shortened dramatically, while
Grands Crus is out to as big as 3/1.
Its therefore a real shame that
David Pipe has elected not to run his
promising grey in tomorrows
Argento Chase at Cheltenham
(2.35pm). He would have been a
warm favourite and connections
would then have had a much clearer
idea whether to stick with the
novice route or step up and take on
the big boys.
Grands Crus looked very special
when winning the Feltham on
Boxing Day in a very quick time, but
he would have been taking on some
experienced chasers tomorrow and I
would have opposed him.
I was bitterly disappointed with
Diamond Harry at Haydock in
November, while Captain Chris has
stamina questions to answer. The
one to be on is TIME FOR RUPERT
who looks solid each-way value at
4/1 with Coral after his recent confi-
dence-booster at Newbury.
Paul Webbers charge was many
peoples idea of last years Festival
banker before bursting a blood ves-
sel and finishing a disappointing
fifth in the RSA Chase. He shaped
well on his reappearance at
Wetherby and even though he was
well beaten at Haydock, he loves
Cheltenham and I can see him
bouncing right back to form.
Trials Day has produced a dozen
festival winners since 2007 and it
would be a major surprise if Big
Bucks didnt make it 13 by winning
the Cleeve Hurdle (3.40pm) on his
way to a record fourth World Hurdle
in March.
Irish-raider Mourad, if allowed to
take his chance, looks the biggest
danger to Paul Nicholls wonder-hur-
dler, but the reality is hed probably
have to start now to stop Big Bucks
making it 15 straight wins.
Whoever wins the Triumph
Hurdle Trial at 12.55pm will rocket
to the head of the market for that
particular contest. BABY MIX,
Sadlers Risk and Grumeti all hold
entries for tomorrows Grade Two
prize and the first-named narrowly
gets the nod.
The Murphy Group Chase
(2.05pm) looks a typically wide-open
handicap and Im still keen to give
Colin Tizzards HELLS BAY another
chance, particularly now hes been
dropped another four pounds by the
handicapper. He travelled strongly
last time and actually ran far better
than his eventual finishing position
implies. If allowed to take his chance
he could go well at a big price.
There are also plenty of Festival
clues potentially on display at
Doncaster tomorrow where the
main betting race on the card is the
Skybet Chase at 2.50pm. Alan Kings
Hold On Julio was an impressive
winner at Sandown last time, but
will have to jump a lot better than
he did that day to warrant carrying
my cash at 7/2 with Blue Square.
I really fancy WAYWARD PRINCE
at around 10/1 for the in-form Ian
Williams stable to make up for his
disappointing no-show in the
Hennessy. He showed a lot more zest
when fourth at Wetherby last time
and can go well off a four pound
lower mark. The ground at
Doncaster is currently good-to-soft
and that should be perfect for him.
Tomorrows big betting race in
Ireland is the Boylesports.com
Hurdle (2.50pm) and the one Im
keen on is Gordon Elliotts PLAN A.
The five-year-old was a hot favourite
for last years Fred Winter and ran a
cracker to finish fourth. He still
looks attractively handicapped and
with a promising claimer on board,
he is worth backing each-way at 10/1
with the sponsors.
Looking ahead to the Cheltenham
Festival and this time last year I rec-
ommended backing NOBLE PRINCE
for the Jewson Novices Chase and
Paul Nolans runner duly went on to
land the spoils in March.
Bookmakers reacted to his defeat
in his native Ireland last weekend by
pushing him out in the betting for
the Ryanair Chase to 7/1 and now is
the time to step in again. The run
will have put him spot on for his
Festival assignment and the combi-
nation of better ground and a longer
trip will bring out the best in him.
Im at Cheltenham tomorrow and
you can follow me for all my latest
news and views on Twitter
@BillEsdaile.
POINTERS...
BABY MIX 12.55pm Cheltenham (tomorrow)
HELLS BAY e/w 2.05pm Cheltenham (tomorrow)
TIME FOR RUPERT e/w 4/1 2.35pm Cheltenham
(tomorrow)
WAYWARD PRINCE e/w 10/1 2.50pm Doncaster
(tomorrow)
PLAN A e/w 10/1 2.50pm Leopardstown
(tomorrow)
NOBLE PRINCE e/w 7/1 Ryanair Chase
(Cheltenham Festival)
RACING TRADER BILL ESDAILE PREVIEWS THE WEEKEND ACTION
AND LOOKS AHEAD TO THE CHELTENHAM FESTIVAL
LUKE MORRIS RIDE
OF THE WEEKEND
DIAMOND VINE 3.00PM
LINGFIELD
(TOMORROW)
W
E almost landed a dou-
ble last week in the two
legs of the Blue Square
Sprint Series. Sulis
Minerva scooted home to land the
first division at 6/1 and Hatta
Stream was only caught in the
dying strides at 9/2.
However, those of you who
backed him with the sponsors
would have got your money back.
Blue Square are refunding bets in
the form of a free bet if your horse
is beaten less than a length in all
Sprint Series races.
There is just the one division
this week (3.00pm) and plenty of
contenders from earlier rounds
line-up again. Waabel has run
respectively in a number of these
qualifiers and he will surely win
one at some point. He has the
added bonus of having William
Carson in the saddle, the current
leader in the top jockey standings.
David Evans Nubar Boy
was tipped up in this col-
umn a fortnight ago and
he ran really well to fin-
ish third last Saturday. He
is going to be a much
shorter price tomor-
row, though, so Im
going to recom-
mend backing Ron Harris
DIAMOND VINE. The four-year-old
was second in round two and his
jockey Luke Morris has nominat-
ed him as his ride of the weekend.
The Blue Square Winter
Carnival App is well worth down-
loading. It contains all the news
on the Blue Square Sprint Series,
as well as exclusive views from
Luke Morris and ATR all-weather
specialist presenter Simon
Mapletoft. Simon has also tipped
Diamond Vine, so fingers crossed
well all be celebrating.
It is now Time
For Rupert to
show his class
Punter | Football
FOOTBALL TRADER BEN CLEMINSON WITH HIS BEST FOOTBALL BETS OF THE WEEKEND
Expect United to make it three
away wins in a row
T
HE year didnt start at all well
for Manchester United when
they were trashed 3-0 at
Newcastle. However, since
then they have bounced back with
two big victories at Manchester
City in the third round of the FA
Cup and last weeks success at the
Emirates.
Sir Alex Fergusons side were bril-
liant in the first half of both those
games, but their concentration
slipped in the second period, and
they will have to avoid making those
mistakes at Anfield tomorrow.
Liverpool eliminated Man City
from the Carling Cup on Wednesday
night and will now meet Cardiff at
Wembley next month in the final. It
was obvious from the reaction of
the crowd, players and management
how important it is for them to win
some silverware and they will be
confident of defeating the
Bluebirds.
The FA Cup has certainly lost
some of its magic over the past
decade or so, but City and United
took the game seriously when they
met earlier this month and Id
expect both sides to do exactly the
same this weekend.
United have looked good in
recent weeks and its fair to say that
their margins of victory against City
and Arsenal probably should have
been bigger. There are still some
defensive errors, but they are
stronger going forward and youd
expect them to score goals against
pretty much anyone at the
moment.
These great rivals met at Old
Trafford in the third round of this
competition last year, when a sec-
ond minute Ryan Giggs penalty
was enough to separate the sides.
Steven Gerrard was sent off that
day and if you think another red
card is likely to be shown, make
sure you bet with Coral. The firm
are refunding all losing bets on
first/last goalscorer, correct score
and scorecasts if a red card is
shown in any of the live TV FA Cup
games this weekend.
Liverpool did well against City in
both legs of the Carling Cup tie, but
they have lost to Bolton and drawn
with Stoke in their past two league
games. I just think United are the
stronger side and they will be des-
perate to win a trophy this season.
Back the away win at 17/10 with
Coral.
Both teams have scored in six of
their last eight meetings and United
have conceded in four of their last
five games. The both teams to score
market is available at 8/11 with
Coral and I would also advise spread
bettors to buy total goals at 2.7 with
Sporting Index.
TOMORROW 12.45PM ITV1
MANCHESTER UNITED
LIVERPOOL
HARRY Redknapps preparations for
this FA Cup tie have been hindered
by his appearance at Southwark
Crown Court, but a visit to Watford
this evening shouldnt be too taxing
for Tottenham.
The match, which kicks off the
fourth round, provides the opportu-
nity to help put Sundays disappoint-
ment at the Etihad behind them and
Spurs are rightly red-hot favourites.
Despite their defeat to Man City
there were many positives to take
from that match and even if
Redknapp chooses to rotate his
squad, his starting XI will be full of
internationals.
There is a huge quality chasm
between the two squads as demon-
strated by Watfords place at the
wrong end of the Championship. The
Hornets sit 18th in the second tier
and have lost three in a row.
Spurs are 1/2 with Coral and it
makes sense to back them even at
short prices at Vicarage Road against
an outfit which struggles for goals.
Sean Dyches charges have managed
just 28 goals in their 27 Championship
games, while Spurs have scored in
every league match this season, other
than against Manchester United in
their opening game.
Blue Squares 13/10 about Spurs to
win to nil should be snapped up. In
nine of Watfords 12 league reverses
they have failed to score, including
when they lost 3-0 last time out at
Birmingham. Furthermore, six of
Spurs last seven victories, and all of
the last five, have come without
their opponents registering.
Thinking along these lines leads me
to recommend a buy of the visitors
supremacy at 1.2 with Sporting
Index.
I wouldnt be at all surprised to
see Spurs go far in this years tourna-
ment, as their tough upcoming run
of league games is likely to scupper
their title bid. However, the book-
makers seem to agree with me and I
cant suggest backing them at a gen-
eral 5/1 to life the trophy in May.
POINTERS...
Tottenham at 1/2 with Coral
Tottenham to win nil at 13/10 with Blue Square
Buy Tottenham supremacy at 1.2 with Sporting
Index
TONIGHT 7.45PM ESPN
TOTTENHAM
WATFORD
THERE is a decent chance this could
be a Premier League fixture next sea-
son thanks to Middlesbroughs good
form this campaign. They lie fourth in
the Championship and will be sniff-
ing an upset in the Tees-Wear derby.
That would have looked a lot more
likely a couple of months ago, but
Sunderland have won six of Martin
ONeills 10 games in charge. The
Northern Irishman has saved the
Black Cats season, with his appoint-
ment bringing a tidal wave of opti-
mism to the club.
While things are also going well at
Boro under Tony Mowbray, his side
have recorded three league losses on
the spin, which only helps to highlight
the importance of the league over the
cup on the clubs list of priorities.
ONeill might be eyeing a push for
the European places through a
Premier League finish, but this tour-
nament could provide a possible
shortcut to the continent.
Among the outsiders, Sunderland
stand out and I think they will give
this competition a real try. At a best-
price 20/1 with Coral they are worth a
small each-way poke to lift the trophy
and Id certainly back them to win
Sundays early afternoon TV game at
4/6 with Blue Square.
Spread bettors are, though, encour-
aged to sell goals at 2.4 with Sporting
Index. I fancy the hosts to claim an
efficient victory, with the nervy derby
atmosphere likely to see both outfits
keeping it tight.
POINTERS...
Sunderland to win FA Cup at 20/1 (each way)
with Coral
Sunderland at 4/6 with Coral
Sell total goals at 2.4 with Sporting Index
SUNDAY 1.30PM ITV1
MIDDLESBROUGH
SUNDERLAND
POINTERS...
Manchester United at 17/10 with Coral
Both teams to score at 8/11 with Coral
Buy total goals at 2.7 with Sporting Index
ENGLAND opener Alastair Cook
denied England had thrown away the
chance to take the second Test against
Pakistan by the scruff of the neck,
despite the mini collapse at the end of
day two which threw the match back
into the melting pot.
Two wickets for James Anderson
and one for Stuart Broad ensured
Pakistan were able to add just one run
to their overnight total of 256, but
when Andrew Strauss went for just 11,
the odds of England building a size-
able first innings lead looked slim.
Cook and the equally stoic Jonathan
Trott diligently went about the
rebuilding process, compiling a
patient stand of 139 which suggested
the tourists had taken on board the
criticism that followed last weeks 10-
wicket defeat in Dubai.
England were progressing serenely,
if not rapidly, towards a position of
near total dominance but when Trott
departed for 72 it prompted an all too
familiar spin-induced panic mode.
Cook fell six runs short of what
would have been a fully deserved 20th
Test century, before Kevin Pietersen
and Eoin Morgan succumbed to Saeed
Ajmal as England lost 3-9 in the last 10
overs of a thoroughly absorbing day.
I wouldnt say weve thrown it
away, said Cook, whose side closed on
207-5, still 50 runs adrift of Pakistans
first innings total. Weve got Ian Bell
and Matt Prior excellent players at
the crease, and our lower order did
well in [the first Test in] Dubai.
In the absolutely ideal world, youd
be sitting here with two or three
down. But credit to the way Pakistan
bowled in that last half-hour, and
made it extremely tough. For 99 per
cent we did it really well. The last few
minutes didnt go quite to plan.
On a personal note, Cook admitted
he was frustrated to have fallen short
of a landmark that would have seen
him draw level with his coach and
mentor, Graham Gooch, on Englands
all-time list of centurions.
He said: Its frustrating when
youve worked so hard for a milestone.
To fall just short of it is always annoy-
ing because you know it took five
hours to get there.
Cook puts positive spin
on late England wobble
BY JAMES GOLDMAN
CRICKET
England opener Cook fell six runs short of his 20th Test century Picture: GETTY
Sport
Laureus World Sports Awards, London, 6 February
U
P there with recent Ashes glory, last years
4-0 series victory over India will long rank
as one of English crickets most memorable
achievements.
Undefeated since May 2009 at the time,
England emerged from the whitewash series
win as the worlds No 1 Test team, the first time
they had ever reached the top of the table since
its inception in 2003.
Fast forward six months, however, and the
team will be hoping for respite from a less than
perfect start to 2012 following a first Test
defeat to Pakistan by taking the Laureus World
Team of the Year Award at the prestigious cere-
mony in London on 6 February.
The winners are decided by a truly unique
panel: the Laureus World Sports Academy. The
academy consists of 47 legendary names from
the world of sport. Just a few of those casting
their votes for their greatest team of the year
include Boris Becker, Lord Sebastian Coe and
England crickets very own Sir Ian Botham.
World No1 Test team up against Barcelona and All Blacks at next
months spectacular Laureus World Sports Awards in London
Strauss and Co out
to stump rivals in
best team award
ENGLAND CRICKET TEAM
Hit No 1 in the world after a
spectacular 4-0 series win
against former top team
India during the summer,
capping relentless rise under
Andrew Strauus and Andy
Flower. Batsman Jonathan
Trott was named Cricketer of
the Year and Alastair Cook
Test Cricketer of the Year at
the annual ICC awards.
ALL BLACKS
(New Zealand) Rugby Union
New Zealand ended 24 years of
disappointment when they beat
France 8-7 in a tense final in
Auckland to win the Rugby
World Cup for the second time.
Their victory helped to lift the
spirits of a nation hit by
successive tragedies in the
Christchurch Earthquake and
the Pike River mine disaster.
RED BULL
(Austria) Motorsport
Won Formula One constructors
championship for the second
straight year as well as the indi-
vidual drivers title through
Sebastian Vettel. Second driver
Mark Webber finished third.
Although the team is based in
the United Kingdom, it is regis-
tered in Austria and is the first
Austrian team to win the title.
T
H
E

N
O
M
I
N
E
E
S
FC BARCELONA
(Spain) Football
The Catalan outfit once again
finished the year as the
benchmark. In addition to
winning the Spanish League in
the 2010/11 season, the
highlight of another memorable
12 months was the 3-1 victory
against Manchester United in
the Champions League final at
Londons Wembley Stadium.
DALLAS MAVERICKS
(US) Basketball
Won their first ever NBA title,
beating favourites Miami Heat
and superstars LeBron James
and Dwayne Wade. Dirk
Nowitzki became the first
European-born player to
receive the Most Valuable
Player award in the NBA
finals, as the Mavericks beat
Miami 4-2 in the series.
JAPAN WOMENS TEAM
(Japan) Football
Japan stunned champions
Germany with a 1-0 victory in
the World Cup quarter-finals
and beat the United States on
penalties in the final. Coach
Norio Sasaki had motivated his
team by showing them film of
the areas devastated by
March's earthquake and
subsequent tsunami.
ONE lucky City A.M. reader will win two money-cant-buy
invitations to the Laureus World Sports Awards and VIP
after party. To enter, answer these two questions:
A. Who is Laureus Academy Chairman?
B. Where in London is the Awards Ceremony being
held?
Send entries, with a telephone number, to lucky@cityam.com by midnight on 31 January. For full terms and conditions
visit www.cityam.com/laureus
WIN A PAIR OF TICKETS
England claimed No1
spot last summer
Picture: PA
Results
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email sport@cityam.com
96.4 Overs: Anderson takes
Englands third wicket in quick suc-
cession to mop up Pakistans tail
13.2 Overs: Poor footwork against
the spinner Hafeez is Strausss
undoing again as Englands innings
gets off to a shaky start
29.5 Overs: Ajmal misses a trick
when he opts not to call for a
review. Had he done so Trott would
be on his way for 22
63.6 Overs: Trott doesnt get for-
ward enough and allows a classic
left-armers delivery from Rehman
to slip through and clip his stumps
74.6 Overs: Cook fails to pick
Ajmals doosra and goes for 96
78.1 Overs: KP unwisely attempts
to force the issue and drive at one
that isnt quite pitched up enough
to attempt the shot. Hes out for 14,
caught at slip via an inside edge
onto his pad
84.5 Overs: No surprise as the
struggling Morgan feathers Ajmal
to Hafeez off the last ball of the day
SECOND TEST
DAY 2: PAKISTAN 257 ALL OUT,
ENGLAND 207-5 (COOK 94, TROTT 72)
QPR manager Mark Hughes stepped
up his January recruitment drive yes-
terday with the signing of versatile
Manchester City defender Nedum
Onuoha.
The former England Under-21 inter-
nationals arrival comes less than 24
hours after the addition of left-back
Taye Taiwo, who joined on loan from
AC Milan until the end of the season.
Onuoha, 25, signed for a fee of
2.5m and penned a four-and-a-half
year contract that will see him reunit-
ed with Hughes, who coached him
during the Welshmans time at the
Etihad Stadium.
Nedum is a player I know very
well, said Hughes of player who
made just three appearances for the
Premier League leaders this season.
He did very well for me at
Manchester City and played a num-
ber of games, probably more than
under any other manager.
Onuoha, who spent last season on
loan at Sunderland and is eligible for
tomorrows FA Cup fourth round tie
against Chelsea at Loftus Road,
added: This was the right time for
me to join a club like QPR. The man-
ager played a massive factor in my
decision to come here. The ambition
of the owners was also appealing.
Hughes has identified strengthen-
ing a defence which has failed to keep
a clean sheet in any of its last 13
Premier League matches as a priority.
The Premier League strugglers are
also targeting Chelseas Brazil centre-
half Alex and Blackburn skipper
Christopher Samba, who handed in a
transfer request a fortnight ago.
Onuoha reunited with
Hughes at Loftus Road
LONDON 2012 chief Sebastian Coe
has vowed to ensure the final cost of
staging this summers Olympics
comes in within budget and hoped to
offer a fault free service to customers
when the final batch of tickets goes
on sale in April.
A report yesterday, which factored
in spending on additional security
and transport upgrades, alarmingly
revealed that the true cost to the UK
taxpayer could eventually total over
12bn, 2.7bn more than the 9.3bn
budget.
But Coe insisted the cost would not
exceed the governments public sec-
tor budget for the games, which
includes all the venue construction
and infrastructure developments.
We will maintain a balanced
budget to the completion of the proj-
ect and the infrastructure will be
delivered within the budget that has
already been agreed by government,
Coe said.
Occasionally some things are
slightly more than you expect. On a
lot of occasions theyre slightly less
than you expect, but overall those
changes have taken place within that
9.3bn pound envelope.
Coe also claimed ticketing arrange-
ments are on track, despite recent
problems which saw the crippled
resale website close within 24 hours
of opening earlier this month.
On the first day it didnt work as
well as we wanted it to work, Coe
admitted. This was something we
werent satisfied with. Weve done it
in bigger numbers than anything on
the planet.
OLYMPICS
Coe confident of delivering

Games within 9.3bn budget
Sport
38
SPORT | IN BRIEF
Khan made to wait by Peterson
BOXING: A deal between Amir Khan
and Lamont Peterson over a rematch is
still to be agreed with the US boxer
choosing to wait until an appeal over a
demand for a new fight is concluded. A
spokesman for Peterson said: Right
now our efforts are focused on the
appeal to the World Boxing Association.
Khan has been seeking a fight since los-
ing his light-welterweight belts in con-
troversial circumstances last month.
No conflict of interest for Farrell
RUGBY UNION: Andy Farrell will put
family ties aside in helping to decide if
son Owen makes his first England start
in next weeks Six Nations opener
against Scotland. Farrell Sr, assistant to
interim coach Stuart Lancaster in the
England set-up, will have a say on
whether his 20-year-old son wins a first
international cap. But he insisted: We
will discuss whats right for our philoso-
phy of play and well pick a team
accordingly.
I cant write
or send texts,
Redknapp
told police
Tottenham manager relied on accountant to run his
life, court hears, as tax evasion trial continues
TOTTENHAM manager Harry
Redknapp denied dodging tax on
almost 200,000 by telling police he
was technologically illiterate, chroni-
cally disorganised and writes like a
two-year-old, a court heard yesterday.
Redknapp, the favourite to be next
England coach, added that he did not
know how to work a computer, did
not know what an email was and had
never sent a fax or text message, in a
taped interview played to jurors.
The 64-year-old, who is accused of
channelling payments totalling
189,400 into an offshore account in
the name of his dog in order to avoid
tax, explained to detectives that he
was utterly reliant on his accountant.
I cant work a computer, I dont
know what an email is, I have never
sent a fax and Ive never even sent a
text message. I have a big problem, I
cant write so I dont keep anything. I
am the most disorganised person in
the world, he said.
I pay a fortune to my accountant
to look after me. He writes all the
cheques for me and my wife. He pays
my bills. He runs my life basically. Ive
never wrote a letter in my life. I could-
nt write a letter. I write like a two-
year-old and I cant spell.
Redknapp was in the dock for the
fourth day of the high-profile trial. He
and co-accused Milan Mandaric deny
charges of cheating the public rev-
enue over two payments allegedly
made by ex-Portsmouth chairman
Mandaric between 2002 and 2007.
The former Portsmouth managers
assertions to police were challenged
by prosecutors, however, who told
Southwark Crown Court Redknapp
had sent a fax to his Monaco bank in
2003, signed: Many thanks for your
co-operation, Harry Redknapp.
David Cusdin, former vice-presi-
dent of HSBC in Monaco, where
Redknapps Rosie 47 account was
held, testified via video link that the
Spurs manager had opened it person-
ally and was its sole signatory.
Redknapp also told police he
turned down a 200,000 pay-off when
he left Portsmouth in 2004, the court
heard. Why am I gonna fiddle 20, 30
whatever thousand pounds of income
tax when I walk away six months
later from 200,000 that I was due?
he said.
The trial continues.
BY FRANK DALLERES
FOOTBALL
Redknapp insisted he
passed on a 200,000
loyalty bonus when he
left Portsmouth
Picture: PA
FOOTBALL
Visit www.welbeckgroup.co.uk
Email: marketing@welbeckgroup.com
Speak to one of our expert advisers
call us on 0207 7762135
Bespoke Financial Advice
A
FTER a bit of a break, London Scottish
face Nottingham on Sunday at the
Richmond Athletic Ground looking
for bonus points to take into the play-
offs. Were entering into the last phase of the
regular season and, although it may be
tempting to look ahead to the relegation
play-offs, it is vital that we focus on building
momentum before the end of the season.
We always want to win every game, and this
will be no different.
The time off last week was very beneficial
for us. The squad have been playing week in,
week-out since the end of August and for the
next three months will be working harder
than ever, so it was important they were able
to rest before this important period.
Weve also been working hard to bolster
our squad over the last couple of weeks by
bringing in more quality players. It is critical
to have strength in depth, especially as we
have been hit by our fair share of injuries,
like most squads in this league. Weve been
looking at the right sort of people first and
foremost people who have the right atti-
tude and who will fit in well with our cur-
rent group of players at London Scottish.
EXCITING TIME
I was very interested and enthused by the
England squad selected for the Six Nations.
It was clear that changes needed to be made,
and it was pleasing to see that the interim
coaching team had taken that on board. I
am very excited by the young English talent
coming through, and with players such as
Owen Farrell and Ben Morgan in the squad it
will be a very exciting time for England sup-
porters.
However, there is a caveat to that. This
years Six Nations will arguably be one of the
toughest competitions in recent years. In
their first match England will be facing a
Scotland side that looks close to fulfilling
their undoubted potential at Murrayfield,
then a Welsh side who can genuinely claim
to be the best northern hemisphere side at
the World Cup packed full of young, world-
class talent.
If the performance of the Irish sides in the
Heineken Cup is anything to go by then they
will also be very strong, the Italian team
have also undergone changes this winter
and will be an unknown quantity and the
French were World Cup finalists. Retaining
last seasons title with a young, inexperi-
enced squad looks like a tough act to follow.
Simon Amor is a former World Sevens Player of the
Year, and Head Coach at London Scottish.
www.facebook.com/londonscottish
RUGBY UNION COMMENT
SIMON AMOR
Lendl link-up on trial as Murray
seeks own watershed moment
T
HE NASCENT union of Britains
Andy Murray and new coach
Ivan Lendl faces its first major
test this morning, when the
Scot faces world No1 Novak Djokovic
for a place in the Australian Open
final.
Murray hired multiple grand slam
champion Lendl at the turn of the
year in a bid to polish his remaining
rough edges and, perhaps unsurpris-
ingly, evidence of his influence has
been inconclusive thus far.
The world No4 won his pre-
Melbourne warm-up tournament in
Brisbane and has coasted through to
the latter stages of this competition
with few stumbles, dropping only
one set, in a rusty first-round per-
formance.
But such form has become stan-
dard procedure for Murray, who
has advanced to the semi-finals
for the fifth grand slam in
succession. The indisputable
test of his progress will be
whether he can finally lift a
first major title.
The fourth seed has expe-
rienced a peculiar stage fright
in each of his three grand slam
final appearances, failing to win
even a single set, despite claiming
notable scalps in previous rounds.
He has been called a bottler; a near-
ly man; another limited player found
wanting in the cauldron of the high-
est-pressure occasions. To those unfor-
tunates, Lendl is something of a
patron saint.
Like Murray, the Czech succumbed
in several grand slam finals before
finally breaking the curse with a gar-
gantuan effort at the 1984 French
Open, when he came from two sets
and 4-2 down to beat John McEnroe.
It was his fifth attempt and proved
a watershed moment. A Lendl cours-
ing with renewed belief gobbled up
seven more grand slams, including
three consecutive US Opens, despite
the presence of rivals McEnroe, Boris
Becker and Mats Wilander.
Djokovic, still riding the crest of a
phenomenal 2011, is an opponent to
rank alongside those greats and
defeating the current
Australian Open, French
Open and US Open champi-
ons looks a task every bit
as daunting.
The Serb obliterated
Murray in last years final
and has lost just six times in
his last 83 matches, with two
of those coming at the year-ending
World Tour Finals in London, when
he was exhausted and physically rav-
aged.
Eliminating Djokovic would not
silence Murrays doubters he would
still have to vanquish the formidable
Rafael Nadal in Sundays final to lay
those ghosts to rest but overcoming
such a huge hurdle would strengthen
the feeling that his own watershed
success is imminent.
Djokovic represents
rst real test of
Scots new regime,
says Frank Dalleres
Murray Djokovic
24 Age 24
2005 Turned Pro 2003
Head To Head Record
4* Overall 6
4* Hard Court 4
0 Clay 2
0 Grass 0
0 At Australian Open 1
0 At Grand Slams 1
4* At Masters Events 5
*Includes one Djokovic retirement
HEAD TO HEAD | MURRAY V DJOKOVIC
New-look England in for tough defence
WORLD No2 Rafael Nadal took a step
closer to an 11th grand slam title
yesterday after he recovered from a
set down to beat long-time rival
Roger Federer and book a place in
Sundays Australian Open final.
Federer won a tense first set on a
tie-break, but the Spaniard roared
back with typical determination to
take the next three and extend his
impressive winning record against
the Swiss to 18 victories in 27 clashes.
Two Sundays ago I couldnt
imagine being in the final. Its a
dream, said Nadal, who came into
the tournament with nagging
doubts hanging over his fitness.
Meanwhile, Maria Sharapova beat
Wimbledon champion Petra Kvitova
6-3, 3-6, 6-4 to reach the womens
final where she will face Victoria
Azarenka, who overcame last years
Aussie Open winner Kim Clijsters
6-4, 1-6, 6-3.
TENNIS
Nadal and Sharapova make finals

Trial wont
affect Spurs
preparation,
vows Bond
TOTTENHAM assistant coach Kevin
Bond insists the ongoing trial involv-
ing the clubs manager Harry
Redknapp will not disturb his sides
preparations ahead of tonights FA
Cup fourth round London derby
against Watford at Vicarage Road.
Redknapp has not been able to take
a training session this week as he has
been at Southwark Crown Court con-
testing two counts of cheating the
public revenue, but is due to return to
the dugout this evening.
Clearly the manager is not here,
but very little has changed really, said
Bond, whose club will give fitness tests
to Gareth Bale, Scott Parker and
Younes Kaboul. Everybody has been
getting on with things. We had a simi-
lar scenario a few weeks ago when
Harry had a small heart procedure.
Watford, 18th in the Championship,
will be targeting a major upset, but
manager Sean Dyche believes such
acts of giant killing are much rarer
than during his playing days.
The gap is a financial gap and the
way a club like Spurs go about their
business with recruitment is a com-
pletely different thing now, so its
become a lot tougher, said Dyche,
who played for Chesterfield in the
1997 FA Cup semi-final against
Middlesbrough.
BY JAMES GOLDMAN
FOOTBALL
WATFORD
TOTTENHAM
COOK MAINTAINS ENGLAND
ARE IN THE DRIVING SEAT
OPENER BACK IN THE RUNS BUT LATE
WOBBLE LETS IN PAKISTAN: PAGE 37
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