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GREECE has not defaulted on its
debts after all because the govern-
ment has negotiated a voluntary
haircut with investors, the
International Swaps and Derivatives
Association (ISDA) controversially
ruled yesterday.
As a result, 3bn (2.5bn) in insur-
ance contracts taken out against the
risk of Greece defaulting will not be
paid out, even though bondholders
face heavy losses following a 50 per
cent writedown.
The decision has been criticised
by some as making a mockery of
credit default swaps on sovereign
debt. These critics believe that their
value has now been permanently
undermined.
ISDAs voting committee unani-
mously decided a credit event has
not occurred because investors have
not been legally forced to take losses
on their bonds even though ratings
agency Standard and Poors classes
the country as being in a selective
default.
If the default was deemed
voluntary, it was hoped
investors would not put bets
on governments defaulting.
Such a move could have
pushed them into ever deep-
er trouble, raising the
chance of a default occurring.
However, ISDA acknowledged
the situation in Greece is
still evolving and a
credit event
c o u l d
occur at a
later date.
T h e
ultimate
result of
t h e
exchange
between private market holders and
EU authorities are not yet known,
said Bill Gross from Pimco, the
bond fund that sits on
ISDAs voting commit-
tee.
We expect the
next few days to ulti-
mately bring the
committee back for
one final vote.
As part of the
Greek bailout nego-
tiated by technocratic
Greek Prime Minister
Lucas Papademos
private
investors are expected to swap their
bonds in the coming weeks into
longer-term bonds of lower value.
If some investors refuse to take
part in this swap, and so are forced
to take losses by the Greek govern-
ment through collective action
clauses, they will be able to apply
again to ISDA to consider whether or
not a credit event has occurred.
The debt swap itself is vital
because Greece needs to reduce its
debts if it is to avoid going bankrupt.
Greece will only receive the next
tranche of its bailout funds from
other Eurozone countries if it does
persuade enough investors to take
the haircut.
Eurogroup leader Jean-Claude
Juncker praised the country yester-
day for its efforts in slashing spend-
ing, raising taxes and reforming its
economy, but stressed that the
bailout cash was not guaranteed.
A successful PSI operation with
high participation and a final posi-
tive assessment of the complete set
of prior actions are necessary condi-
tions both for the disbursements of
these EFSF bonds and for the second
programme, he said.
ISDAs voting committee includes
banks which are involved in that PSI
debt swap, as well as those which
have bought and sold credit default
swap insurance on Greek debt.
Critics argue this means the panel is
not entirely impartial.
It is comprised of 10 banks, includ-
ing Deutsche Bank, BNP Paribas and
JP Morgan, and five asset managers
including BlueMountain Capital and
Elliott Management Corporation. A
supermajority of 12 or more mem-
bers is required to declare a credit
event has taken place.
MORE: P3
BY TIM WALLACE
EUROZONE
NULLANDVOID
www.cityam.com Issue 1,583 Friday 2 March 2012 FREE
BUSINESS WITH PERSONALITY
LLOYDS Banking Group has clinched
new chief financial officer George
Culmer, after months of wrangling
over his start date and pay package.
But the part-nationalised bank will
be left without a finance chief for the
next two months because Culmer,
who stepped down from insurer RSA
in November, will not join until the
Lloyds shareholder meeting in May.
Chief executive Antnio Horta-
Osrios finance team will manage his
responsibilities between now and
Culmers arrival.
Interim finance head Tim Tookey,
who stood in for Horta-Osrio during
his leave of absence last year, jumped
ship to Friends Life last week.
Culmer, 49, has been promised a
golden hello of Lloyds shares worth
1.9m to help make up for the loss of
his deferred bonus from RSA.
The payment is similar to the con-
troversial 4.6m share award given to
Horta-Osrio when he joined, which
previous employer Santander consid-
ered trying to claw back amid the
insurance mis-selling scandal.
Culmer will also get an allowance to
fund personal pension arrangements
worth 25 per cent of his salary, taking
his potential annual pay, bonus and
benefits to 4m.
Culmer, in a break from the steady
stream of Santander alumni taking
jobs at Lloyds, has a background in
insurance. He worked for Prudential
and Zurich before starting at RSA in
2004.
His arrival was first trailed in
November, before Horta-Osrio took
two months off for stress.
Lloyds last week reported an annual
loss of 3.54bn, hit by a 3.2bn charge
for mis-selling insurance.
Certified Distribution
02/01/12 till 29/01/12 is 92,258
George Culmer is joining the bank in May
BY MARION DAKERS
BANKING
It looks like a default. It sounds like a default. But the official body yesterday ruled Greece
has not defaulted on its debt. Now bondholders will miss out on 3bn of insurance payouts.
cal investment consulta
ethical investment consultants
Greek PM Lucas Papademos was relieved after
ISDA ruled the country had not defaulted
Lloyds signs finance chief but job
will be left vacant for two months
News
2 CITYA.M. 2 MARCH 2012
GM asked to
save UK jobs
VINCE Cable has flown to New York to
meet with the leaders of General
Motors (GM) and asked them to com-
mit to UK manufacturing.
The business secretary met with
GMs chief executive Dan Akerson
and corporate strategy vice chairman
Stephen Girsky to make the case for
continued investment in its British
factories.
Reports suggest the American firm
is tired of substantial losses at its
European subsidiary Opel which
trades as Vauxhall in the UK and is
considering shutting down its
Ellesmere Port factory in Cheshire.
The plant, which employs around
2,800 people and makes the Vauxhall
Astra car, is already offering volun-
tary redundancy packages to some
150 workers but fears are growing
that the entire site could be closed.
GM survived near-bankruptcy two
years ago to post record profits of
$7.6bn for 2011. But these were
dragged down by a $747m hit on
European operations that the compa-
ny described as simply unaccept-
able.
Another Opel factory in Bochumm,
Germany is also facing the threat of
closure as GM looks to respond to low
demand by reducing production
capacity in Europe by around 400,000
cars a year.
BY JAMES WATERSON
MANUFACTURING
STAFF AT JOHN LEWIS BRACED FOR

BONUS CUT
The John Lewis Partnership is next
week expected to announce the first
cut in its staff bonus for three years as
high street turmoil takes its toll on
the employee-owned retailer. Analysts
who track the groups weekly sales
figures forecast a pay-out of 12-14 per
cent of salary for the 77,000 staff at
John Lewis department stores and
Waitrose supermarkets.
FSA WIDENS INSIDER TRADING
INVESTIGATION
One of the City regulators most high-
profile investigations into insider
trading is expanding, with the
Financial Services Authority asking
several institutions, including broker-
ages, for information on trading and
other data. WH Ireland has put one of
its Manchester-based traders on leave.
DEUTSCHE BANK REJECTS 800M OUT
OF COURT DEAL TO SETTLE KIRCH
DISPUTE
Deutsche Bank has walked away from
a potential 800m out-of-court settle-
ment with the heirs of the defunct
Kirch media empire, dashing hopes of
an end to the 10-year dispute.
JUDGE RAMPS UP PRESSURE ON
MISSING KAZAKH MOGUL
Kazakh oligarch, Mukhtar Alyyazov,
accused of siphoning off $5bn from
Kazakhstan bank BTA, has until
March 9 to turn himself in or be pre-
vented from defending fraud claims,
the High Court in London ordered.
SUPERJUMBO WING CRACKS PUT
DOWN TO BRITISH DESIGN FAULT
Wing cracks that have grounded the
Airbus 380 superjumbo have been
identified as the fault of design engi-
neers at the manufacturers facility at
Filton near Bristol. The entire fleet of
the double-decker A380s is to be
called in after inspections found
cracks in key components in every
one of the 69 aircraft in service.
VIVENDI PROFITS HIT 2.9BN
Vivendi, the French entertainment
and telecoms group, announced
record profits of 2.9bn (2.4bn), up
9.4 per cent. The news came the day
after its subsidiary Activision Blizzard
announced 600 job cuts.
CHINA CLAIMS WORLDS BIGGEST
SHALE GAS RESERVES
China is planning an investment blitz
to unlock its vast reserves of shale gas,
convinced it can match the energy
revolution under way in the US and
meet a significant part of its fast-grow-
ing fuel needs. The resources ministry
said yesterday that preliminary sur-
veys showed the country had
explorable shale-gas reserves of 25.1
trillion cubic metres.
OIL PRICE REPORTING MAY NEED
GOVERNMENT INTERVENTION
Governments may need to intervene
in the reporting of oil prices to avoid
market manipulation according to
regulators worried by swings in prices.
AT&T CAPS UNLIMITED DATA PLANS
AT&T is effectively ending unlimited
data plans, saying that it will no
longer let customers use more than a
set amount of data per month with-
out penalty. Under a new policy,
AT&T will slow download speeds for
unlimited 3G and 4G smartphone
customers who exceed three giga-
bytes and 4G LTE users who exceed
five gigabytes of data in month.
ZYNGA LAUNCHES OWN SPACE FOR
GAMES WITHOUT FACEBOOK
Zynga made its Project Z official
Thursday, announcing that gamers
now can play the companys popular
titles on Zynga.com instead of relying
on social networks.
WHAT THE OTHER PAPERS SAY THIS MORNING
All tax rates are too high in Britain
IT was good to see yet more entrepre-
neurs and small business owners join-
ing in the campaign to scrap the 50p
tax rate yesterday. But supporters of
the tax were also out in force yester-
day; they deployed three main argu-
ments. The first is that bankers (in
modern parlance, anybody who works
in finance, including fund managers,
traders, investors, corporate lawyers,
private equity folk and even some
accountants) are the ones being hit by
the tax, and that such people should
count themselves lucky that the top
rate is just 50p. In other words, the
usual rabid anti-City hatred. Given
that the overwhelming majority of
City workers didnt cause the bubble,
such a slur is preposterously unfair.
But the argument is also wrong for
another reason. At last count, only 23
per cent of 50p taxpayers worked in
financial intermediation. In March
last year, Sir Nicholas Macpherson,
permanent secretary at HM Treasury,
revealed to the House of Commons
Public Accounts Committee that of
the 275,000 paying the new 50p tax
rate at the time, only 63,000 work in
financial intermediation. The
remainder is made up of entrepre-
neurs, senior executives in every part
of the UK manufacturing and services
industries, consultants, lawyers, some
IT contractors, authors and entertain-
ers, sports stars, top medical profes-
sionals and many other kinds of
people. All successful people are being
hit, not just bankers.
The next argument is that those on
high incomes dont pay their fair
share. The evidence shows this to be
untrue, except, of course, if you are a
Marxist who believes in entirely elimi-
nating inequality and seizing all of
the top earners income. The top one
per cent of taxpayers (who roughly
coincide with 50p tax rate payers on
150k or more) are expected to have
earned 12.6 per cent of total income in
2011-12, down from 13.4 per cent at
the height of the bubble; they will
have paid a massive 27.7 per cent of all
income tax, a new record. Without
the top one per cents tax payments,
the welfare state would collapse and
the UK would go bankrupt; they pay
for a disproportionate chunk of public
services. In fact, they pay for a greater
proportion of the welfare state than
ever before. How much more do
activists want these people to con-
tribute? They pick up over a quarter of
the bill should it be half, or even all
of it? How would that be fair?
The third argument is that there is
no evidence that the tax will hit
growth and jobs. Again, that is non-
sense. There are dozens of studies con-
ducted by researchers all over the
world that demonstrate that high
marginal tax rates on income and cap-
ital do have a negative effect; there are
also lots of studies that show that
above a certain level at least increased
public spending as a share of GDP
reduces growth.
It is clear that the 50p tax rate (52p
when employee national insurance is
added) is damaging and has to go. But
it is also true the 40p rate is also too
high: it now hits millions of workers
(and is actually 42 per cent when
employee national insurance is added,
and more if the 13.8 per cent employ-
ers contributions are included, a
point that is also applicable to the 50p
rate). All income and national insur-
ance tax rates are too high in the UK.
Britain is a thoroughly over-taxed
country and until it ceases to be
taboo to say so, we stand no chance of
once again building a truly dynamic
and competitive economy.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
OIL hit a four-year high yesterday
after an Iranian state-run news chan-
nel reported an explosion on a
pipeline in Saudi Arabia.
Brent crude prices hit $128 a barrel
in late post-settlement trade, a level
not reached since July 2008.
A Saudi official later denied the
Press TV broadcast, saying no oil facil-
ities had been sabotaged.
Iran, the worlds fifth largest oil
producer, has been struggling to sell
its crude in the face of a EU embargo
that kicks in on 1 July. Sanctions
threaten to tighten crude supplies
and have already pushed up prices.
Meanwhile, UK petrol prices are
expected to hit an all-time high today.
The AA said the average cost of a litre
of petrol is 137.34 pence and that the
average cost of filling up a car will
soon pass 100.
Chancellor George Osborne is
under pressure to delay a planned
three pence increase in fuel duty.
BY JAMES WATERSON
ENERGY
Oil price hits $128 high

Oil prices hit their highest point since July 2008 following rumours of an explosion.
NEWS | IN BRIEF
Peugeot debt cut to junk status
Peugeot Citroens debt was cut to junk
status by credit ratings agency Moodys
yesterday, after the French automaker
announced a 1bn (627m) share issue
and an alliance with US peer General
Motors. Moody's Investors Service low-
ered Peugeot's rating by one notch to
Ba1, the highest so-called speculative
grade with a negative outlook. The cost
of implementing the alliance will hurt
Peugeots earnings in the short term, the
agency warned, and cooperation may
not produce the savings expected later.
Police raids over insider trading
Police in several European countries have
raided more than 80 properties in a
probe by German prosecutors into stock
market manipulation, the Munich prose-
cutors office said yesterday. The offices
spokesman said the raids Wednesday
were into suspected cases of market
manipulation, insider trading and fraud.
Fifty-three sites in Germany were
searched, 29 in other European countries
and four outside Europe. He would not
identify the people or companies under
suspicion, saying only a double-digit
number of people were involved.
EDITORS LETTER
ALLISTER HEATH
Editorial Statement
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self-regulation overseen by the Press Complaints
Commission. The PCC takes complaints about the
editorial content of publications under the Editors
Code of Practice, a copy of which can be found at
www.pcc.org.uk
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Vince Cable flew to
New York on
Wednesday to ask GM
to save 2,800 jobs in
Ellesmere Port.
4th Floor, 33 Queen Street, London, EC4R 1BR
Tel: 020 3201 8900 Fax: 020 7248 2711
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
The new jobs website for London professionals
CAREERS.com
GREECE was last night forced to wait
longer for its bailout after Eurozone
members demanded additional
assurances that Athens would imple-
ment austerity measures agreed at
the end of last month.
Eurozone members at yesterdays
meeting in Brussels decided to hold
back half the 130bn bailout sum,
71.5bn, until 38 specific prior
actions are implemented.
The soonest the second half of the
bailout can now get final approval by
European finance ministers is 12
March just eight days ahead of its
14.5bn bond repayment.
The economic reforms are part of
the 21 February deal under which
other European nations will pay off
Greek debt.
Pushing these economic reforms
through the Greek parliament has
been proved to be tortuous although
on Wednesday night Athens
approved the final significant ele-
ment of the changes: an extension of
pharmacy opening hours and cuts to
spending on drugs.
Last night Eurogroup chairman
Jean-Claude Juncker insisted that he
was confident that Athens would
implement all the measures in the
near future.
All required legislation by the par-
liament and the ministerial cabinet
has been adopted, and a few pending
implementing acts should be com-
pleted shortly, he said in a statement
The bailout aims to reduce Greeks
debt burden to 120 per cent of GDP
from the current level of 160 per
cent.
Greece faces
new wait for
bailout funds
EDWARDS, a private equity-backed
vacuum pump engineering company
based in Crawley, is poised to try its
luck with an IPO in the US after
London gave it the thumbs-down last
year.
The groups backers, CCMP Capital
and Unitas Capital, have hired a
group of banks, including Goldman
Sachs and Barclays Capital, to prepare
for a listing within the next few
weeks, a banking source told City A.M.
yesterday.
Edwards makes vacuum pumps for
the manufacture of microelectronics
devices, such as semiconductors,
solar panels, LEDs and flat panel dis-
plays.
The group initially enjoyed a posi-
tive hearing from UK investors last
year but they finally baulked at the
valuation the private equity sellers
were demanding.
If Edwards does succeed in floating
in the US, there will be much soul-
searching in the City, where wran-
gling between different groups of
advisers and investors and poor pric-
ing decisions have resulted in the IPO
market virtually seizing up.
When it halted its plants to float
last year, Edwards cited equity mar-
ket uncertainty. Some said the sellers
wanted too high a price.
Edwards hires
banks for US
flotation plan
Google boss Eric Schmidt implemented a new privacy policy yesterday
BY JAMES WATERSON
EUROZONE
CAPITAL MARKETS
Greeces 38 austerity measures include build-

ing an accurate land registry for the first time.
They also include such demands as buying a
new computer system for the tax office and
reducing the regulation of beauty salons.
FAST FACTS | GREEK AUSTERITY
News
CITYA.M. 2 MARCH 2012 3
Googles new data policy
begins amid controversy
AS GOOGLES new privacy policy came
into effect yesterday, the worlds
biggest search engine was forced to
explain itself yet again amid unrelent-
ing criticism from users and regula-
tors.
Viviane Reding, the EUs commis-
sioner of justice, spoke out against
Googles changes yesterday, joining a
string of public critics including the
Japanese government and French data
privacy authority CNIL.
But the tech giant refused to be
beaten, blogging: As you use our prod-
ucts one thing will be clear: its the
same Google experience that youre
used to, with the same controls.
Googles privacy and product direc-
tor Alma Whitten reiterated that the
company will not be collecting new or
additional information about users,
but collating personal and historical
data across its services including
search, email and YouTube for an
improved customer experience.
TECHNOLOGY
THE INDIAN GIANT EYEING UP CWW

$83.3bn
$7bn
Annual
revenues of
with
in the UK
Largest
foreign
investor
in UK
industry
A SECOND bidder has entered the
ring to fight for Cable & Wireless
Worldwide (CWW), the ailing tele-
coms company which has already
attracted the interest of Vodafone.
Tata Communications yesterday
said it was evaluating a possible cash
offer for CWW, but emphasised that
considerations are at a very prelimi-
nary stage.
Its announcement comes just two
weeks after telecoms giant Vodafone
confirmed it was weighing up the
benefits of bidding for CWW, sending
the cable companys shares up 45 per
cent.
CWWs stock yesterday rose a fur-
ther 27 per cent valuing the compa-
ny at 851.6m when Indian
company Tata joined the race. It has
until 5pm on 29 March to confirm or
withdraw its intention to bid.
Based in Mumbai, Tata
Communications owns one of the
worlds largest and most advanced
submarine cable networks and
claims to be the sixth largest interna-
tional internet carrier.
Its parent company Tata Group is
the largest foreign investor in the UK,
owning 19 British companies includ-
ing landmark brands Tetley Tea and
Jaguar Land Rover.
Cable & Wireless Worldwide has
had a turbulent time of late and is
currently on its third chief executive
in the last year. Former boss John
Pluthero was replaced by Gavin Darby
following a 433m half-year loss.
But CWW is still attractive to buy-
ers for its fixed line network in the
UK, the extra capacity it would pro-
vide and its large corporate client
base. CWW is the communications
provider for 70 firms in the FTSE 100.
Analysts say private equity firms
are probably eyeing CWW too.
Tata to rival
Vodafone in
bid for CWW
BY LAUREN DAVIDSON
TELECOMS
NEW JOBLESS claims in the US fell to

their lowest level in nearly four years,
data showed yesterday, and strong
retail and car sales figures combined
to give a strong image of the econo-
mys health.
However, manufacturing cooled off
in February and consumer spending
stayed flat in January, taking the edge
off the optimism.
Jobless claims fell by 2,000 to
355,000 in the week ending 25
February, figures from the Labor
Department showed, continuing the
decline seen in recent months.
The Institute for Supply
Management said its index of national
activity fell to 52.4 last month, indicat-
ing a mild expansion and surprising
analysts who had looked for a stronger
improvement.
And household income remained
flat as inflation and taxes absorbed
any benefit from lower unemploy-
ment.
Consumer spending is off to a pret-
ty weak start in the first quarter, said
Keith Hembre, economist at Nuveen
Asset Management.
That is painting a pretty weak pic-
ture for first-quarter GDP despite the
strong jobs numbers.
But stock markets cheered the
strong employment data with the
Dow Jones closing 0.2 per cent higher
at 12,980.3.
US jobless claimants fall as
manufacturing keeps rising
BY TIM WALLACE
US ECONOMY
News
Tata Communications has hired
Standard Chartered bank to advise it as
it considers a bid for CWW.
Heading the team of financial advis-
ers is Topsy Mathew, the Mumbai-
based managing director of the banks
corporate advisory division.
In 2010, Mathew led StanChart to
number three for deals in India, beating
takeover king Goldman Sachs.
In the 36 year olds portfolio is
Bharti Airtel, which he advised on its
$10.7bn purchase of Zain Telecoms
African mobile arm the second-
biggest overseas acquisition by an
Indian company.
Prior to joining Standard Chartered,
Mathew headed the corporate finance
team at Credit Suisse.
Tatas London-based adviser on the
CWW deal is Amer Baig, who is also
advising Cove on its $1.6bn offer from
Shell.
BarCaps Will Peters and Rothschilds
Jeremy Boardman are advising CWW.
MEET THE ADVISERS
TOPSY MATHEW
STANDARD
CHARTERED
19 COMPANIES IN THE UK INCLUDING:
45,000
Employs
people in the UK
across 41 sites
Right: Tata chair Ratan Tata
THE WORLDS biggest advertising
company yesterday posted a record
year as WPPs pre-tax profits hit the
1bn milestone in 2011, a growth of 18
per cent on the year before.
The British company generated rev-
enues of an unprecedented 10bn, up
7.4 per cent on 2010, and said it
expects to generate more in 2012
thanks to landmark events including
the London Olympics and the Euro
football championship.
WPP chief executive Sir Martin
Sorrell expects the US presidential
election to boost income by $3-4bn.
But he said a win for Obama would
put clouds on the horizon for 2013
due to legislative gridlock as he con-
fronts the budget deficit while deal-
ing with a Republican-controlled
Senate.
Asia-Pacific and Latin America
boosted WPP last year while the UK
grew revenues 6.7 per cent to 1.2bn.
Sir Martin revealed his company
invested $1.6bn with Google on behalf
of its clients and $200m with
Facebook a number he expects to
double to $400m this year.
Sir Martin added he was delight-
ed to confirm that the companys
headquarters are likely to move back
to London from Dublin as soon as leg-
islation is passed on overseas profit
and subject to a shareholders meet-
ing. WPP dished out a year-end divi-
dend of 24.6p up 38.3 per cent on
last year.
Shares jumped five per cent to a
high of 843p before closing at 827.5p.
A record year
takes WPP to
profit of 1bn
CHANCELLOR George Osborne yester-
day broke new ground to mark the
start of construction work on UBSs
new headquarters at 5 Broadgate.
The occasion marks the beginning
of three years of building work over-
seen by site owners British Land and
Blackstone, and the success of a cam-
paign by City A.M. to allow the 850m
development to go ahead.
This new site, in the heart of the
City, signals the confidence placed in
London as the worlds leading finan-
cial centre, said Osborne.
The 700,000 square foot, 12-storey
building is due to complete in late
2014, and will house four open trad-
ing floors and custom-built office
space for the Swiss bank.
UBS will rent the entire building
on an 18-year lease, paying a headline
rent of 54.50 per square foot.
Broadgate estate was designed by
Peter Foggo in the mid-1980s, and was
subject to an application for listed sta-
tus by English Heritage last year.
City A.M. revealed that culture secre-
tary Jeremy Hunt had decided to dis-
miss the application in June, after
City executives and business leaders
hit out at the message that blocking
the development would send.
Chancellor George Osborne trying out the diggers at Broadgate yesterday
BY LAUREN DAVIDSON
MEDIA
PROPERTY
News
George Osborne celebrates the start
of new City base for UBS at Broadgate
ANALYSIS l WPP
p
24Feb 27Feb 28Feb 29Feb 1 Mar
840
830
820
810
800
790
827.50
1 Mar
QR SCAN HERE
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FINANCE, LEGAL & I.T.
SALARIES UP TO
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News
DOES WPP HAVE A BRIGHT FUTURE? By James Waterson
LORNA TILBIAN
NUMIS
We have long
been supportive of WPP
management's focus on
digital and emerging mar-
kets. Digital now accounts
for 30 per cent of group revenues (with a
five year target of 35-40 per cent), and
absolute digital revenues are $4.6bn, well
ahead of the nearest competitor at $2.5bn.
We believe that, as the wider industry
moves towards digital maturity (defined as
percentage of budget spent on digital mov-
ing nearer percentage of consumer time
spent online) then WPPs scale in this disci-
pline will begin to translate into mar-
gin growth.
STEVE LIECHTI
INVESTEC
Full year figures
look good with like-for-
like sales up 5.3 per cent
as expected but margin
better at 14.3 per cent vs
our 14.1 per cent. Higher base numbers
imply modest upgrades though outlook
looks in line with our forecasts. We note
poor US growth which is again worse than
'disappointing' nine month figures. Overall,
decent figures and slight upgrades, so
shares should go better, but we feel upside
is mostly discounted currently post strong
share price performance.
JONATHAN JACKSON
KILLIK & CO
During 2011,
the group continued to
benefit from consolida-
tion trends in the indus-
try, winning assignments
from existing and new clients. Estimated
net new business billings of 3.2bn were 7
per cent higher than last year, placing the
group first or second in all leading net new
business tables. There was a big surprise on
the dividend, which was raised by 38 per
cent to 24.6p. Although the shares have had
a strong run, earnings momentum remains
good and the current valuation of 10.4 times
consensus 2013 earnings is
attractive.
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SHARES in Man Group were the
biggest riser on the FTSE 100 yesterday
after the worlds largest listed hedge
fund reported a fall in outflows.
The stock soared 12.68 per cent to
147.5p, providing some relief for man-
agement who have seen the value of
Mans shares halve over the past year.
Mans assets under management
have risen 1.9 per cent to an estimated
$59.5bn (37.3bn) since the end of
December, mainly due to the perform-
ance of its funds.
Chief executive Peter Clarke said
there had been a significant fall in
net client outflows this year but told
City A.M. that the impact of an easing
of the Eurozone crisis would not be
felt immediately.
It will take longer than two
months for people to respond to
(Mans) good performance and stable
markets... Sentiment remains fragile.
Man shocked the market in
September when it reported its fastest
rate of outflows since early 2009 but
its shares have inched up this year.
The group, which is shifting the
timing of its financial year, posted a
pre-tax profit of $262m for the nine
months to the end of December. It also
announced plans to boost future divi-
dends by paying out all its adjusted
earnings from management fees.
Might of Man
returning as
turmoil eases
BY PETER EDWARDS
HEDGE FUNDS
HOARE Govett, the corporate broker

that has just been bought by the
investment bank Jefferies, has lost
another client.
Mouchel, the outsourcing group,
said yesterday it had appointed
Goldman Sachs as its new broker and
financial adviser. Goldman, which
had traditionally served only the larg-
er UK corporates, has been moving
down the value chain in recent
months.
A source close to Mouchel said that
the firm had instigated a review of its
advisers following the change in own-
ership at Hoare Govett, which used to
be owned by RBS. Hoare Govett also
yesterday officially lost G4S as a client
and recently another of its clients,
Tullow Oil, switched advisers.
Jefferies is expected to make a
fightback in the coming weeks.
Hoare Govett loses another client
as Mouchel hires Goldman Sachs
ADVISERS
News
Chief executive Peter Clarke said sentiment remained fragile Picture: REUTERS
Meaty dividend looks less vulnerable
ITS the dividend, stupid. Since
September, when Man revealed it
had been hit by billions-of-pounds-
worth of redemptions, its meaty
payout has looked distinctly vulner-
able.
Yesterday, chief executive Peter
Clarke made it clear that Man is
committed to paying bumper divi-
dends, even if times are hard. From
now on it will pay out 100 per cent
of its adjusted management fees
equivalent to two per cent of the
funds it runs in the full year divi-
dend.
If returns improve and it starts
earning performance fees equiva-
lent to 20 per cent of profits it will
return that cash via special divi-
dends or share buybacks. Hence the
rally in the groups shares yesterday.
The worries about the payout the
highest in the FTSE 100 have been
eradicated. At least for now.
Of course, the management fees
will only cover the dividend if there
are no more tidal waves of redemp-
tions. So far this year, things are
looking more positive. Assets under
management have actually edged
up, from $58.4bn to $59.5bn
(although this is still a far cry from
the $69.1bn it managed back in
March 2011). AHL, Man Groups cash
cow, has also recovered slightly,
posting a gain of 2.5 per cent in the
opening two months of the year.
But Man Group is still a play on
the wider market. If the euro crisis
flares up and market volatility
returns, the computer driven AHL
will flounder once again. Clients
will pull out cash, management fees
will tumble, and the dividend will
no longer seem so secure. Income
seekers beware.
david.crow@cityam.com
BOTTOMLINE
Analysis by David Crow
ANALYSIS l Man Group
p
145.00
142.50
140.00
137.50
135.00
147.5
1 Mar
132.50
BARCLAYS Capitals investment bank-
ing ambitions were given a further
boost yesterday after being appointed
as joint financial adviser to the FTSE
100 security group G4S.
The news comes just hours after
the group poached Mark Astaire, the
former head of corporate broking at
Bank of America Merrill Lynch.
Although G4S will not count as a
broking win for BarCap it is the start
of another potentially strong advisory
relationship.
In other changes G4S has appoint-
ed JP Morgan Cazenove as joint bro-
ker and joint financial adviser and
Citigroup as joint broker. The group
had been widely expected to change
its advisers, who were Deutsche Bank
and Hoare Govett, following its abort-
ed takeover of ISS last year.
The intended takeover had to be
called off after a revolt by investors,
causing embarrassment and disap-
pointment to the advisers.
Barclays chief executive Bob
Diamond has signalled that he wants
the bank to challenge for a place in
the top three in investment banking
but the strategy does not come with-
out costs.
Investment bank revenues have
recently been lower than hoped for.
INFORMATION services group
Experian has hired top Greenhill
banker Brian Cassin as chief financial
officer.
Cassin, currently co-head of
European corporate advisory at
Greenhill, will join Experian on 30
April, the firm said yesterday.
The loss of Cassin will come as a
blow to investment bank Greenhill,
which last year saw chief executive
Simon Borrows take a back seat to take
up a new role at investment group 3i.
But Cassins experience will be a
boon for Experian. He said yesterday: I
am excited to be joining such a suc-
cessful business as Experian and to be
inheriting an exceptionally strong
finance function. Experian is a compa-
ny I know well and I look forward to
being part of the management team
as we work to further develop and
grow the business.
Experian began the search for a
chief financial officer in January, fol-
lowing the sudden death of Paul
Brooks.
Shore Capital analyst Robin
Speakman said Cassins appointment
is not likely to drastically alter the
firms course.
Hes well known, hes got a good
pedigree, and has worked with
Experian in the past. But whats impor-
tant in our view is that the firm works
in so many regions with operational
managers on the ground, the strategy
is unlikely to be changed by one
appointment.
The firm also completed its pur-
chase of identity verification specialist
192business yesterday. The firm works
with companies on fraud screening,
voice recognition and online data veri-
fication.
Greenhill to
lose banker
to Experian
Barclays Capital wins another
client as G4S switches advisers
BY MARION DAKERS
FINANCIAL SERVICES
BRIAN Cassin (pictured inset) is to

leave Greenhill after 14 years at the
end of April. And though the jump
from investment bank to UK-listed
data specialist Experian will be a
change of pace, it wont be a total cul-
ture shock for the Irish-born banker.
Cassin has spent years advising the
company, working with predecessor
GUS when it split into Argos (now
Home Retail Group) and Experian in
2006 and subsequently helping the
firm, which is known for its con-
sumer credit checks but also offers
online security, insurance models
and retail statistics.
Recent clients of his department
include Auerlian Oil & Gas, Robert
Wiseman Dairies during its takeover
and delisting, and G4S during its
attempted 5.2bn merger with ISS.
Cassin joined Greenhill in 1998
after working for six years with
Baring Brothers International in
London and New York and four years
with the London Stock Exchange.
He also advised
Emerson on its
bid for UK power
protection group
Chloride and was
involved in
media firm
DMGTs agree-
ment to sell
Study Group
International.
Cassin moves from adviser to
finance head at the data firm
PROFILE
News
Experian head Don Robert has signed up Brian Cassin to the role of finance chief
ANALYSIS l Experian
p
955
950
945
940
935
955.50
1 Mar
ADVISERS
CENTER Parcs, the private equity-

backed holiday village operator, is to
open a fifth site in Britain after a 1bn
refinancing.
The group said construction of the
250m park, in Woburn in
Bedfordshire, will create 1,500 jobs
and a further 1,200 in construction.
Blackstone, which bought Center
Parcs in 2006, will put another 100m
into the business and four banks
RBS, Barclays, HSBC and Lloyds have
agreed a 150m construction loan.
The venture won backing from
David Cameron, who said: This
expansion and the jobs that it brings
will be a real boost to growth and a
sign of the increasing investor confi-
dence that there is too.
John Cridland, director-general of
the CBI, said it was vital to encour-
age investment into the leisure sector.
Martin Dalby, Center Parcs chief
executive, said: This is our 25th year
of operation and Center Parcs is trad-
ing strongly, with occupancy rates of
around 97 per cent throughout 2011
and positive forward booking trends.
Earlier this week the firm complet-
ed a 1bn refinancing. It is secured
against the existing four sites and
replaces the previous debt structure.
THE CITY jobs market is unlikely to
improve this year, according to the
chief executive of recruiter Robert
Walters, which yesterday posted slow-
ing growth in its UK business.
Despite net fee income growing just
three per cent in the UK in 2011 com-
pared to 36 per cent the previous year,
a strong performance by the firms
Asia Pacific and European operations
which deliver 74 per cent of its rev-
enues meant overall fee income rose
15 per cent.
Income in Asia increased by 23 per
cent, and in Europe it was up 29 per
cent. Revenue for the full year rose 21
per cent to 528.1m, and operating
profit was up 14 per cent at 15.6m.
The UK market at the moment is a
bit like running up a downwards esca-
lator, chief executive Robert Walters
told City A.M. yesterday. Youre work-
ing hard to stay still.
But he remained upbeat on the out-
look for the UK business, saying the
group was in a strong cash position
and would be in a good position to
take advantage of the market once it
does return.
At the moment people who are
unhappy in their job just arent will-
ing to take the risk of moving, said
Walters. But once it starts theres like-
ly to be a domino effect as confidence
is created.
In the next 12 months the company
plans to expand in emerging markets
where it already has a presence,
including opening an office in Rio,
Brazil. It is also opening an office in
San Francisco to focus on placing US
candidates in Asia Pacific jurisdic-
tions, and vice versa.
The company also announced it
would increase its final dividend by
five per cent to 3.68p per share. Its
shares rose by almost four per cent yes-
terday, closing at 239p.
City recruiter
sees UK fees
growth slow
PROFITS at insurer Jardine Lloyd
Thompson (JLT) increased by 13 per
cent to 147.6m during 2011, assisted
by strong growth from its emerging
market units. Overall group revenue
was up 10 per cent at 818.8m.
Although European retail sales
declined, the firm managed to
increase revenue from its Asian divi-
sion by 28 per cent to 81.9m while
maintaining its trading margins.
Similarly, sales in Latin America
were up by a fifth to 48.8m as other
markets struggled. Performance in
Southern European countries such as
Italy was deemed unsatisfactory.
The specialist London Market
Operations division grew by eight per
cent and contributed revenues of
329.9m.
Chief executive Dominic Burke
said: Our emphasis on being a client-
first organisation continues to serve
us well.
Our strategy, built around grow-
ing our areas of specialty, strengthen-
ing our international footprint and
driving efficiency, provides us with
confidence that we will continue to
make financial progress in 2012.
Despite an increased dividend of
24p per share shares closed down 0.4
per cent at 699p.
Asian boost helps profits at
Jardine Lloyd Thompson
Blackstone goes to Bedfordshire
for 250m Center Parcs venture
BY ELIZABETH FOURNIER
RECRUITMENT
LEISURE
BY JAMES WATERSON
INSURANCE
News
ANALYSIS l Robert Walters Plc
p
237.50
232.50
227.50
222.50
239.00
1 Mar
Center Parcs family-friendly holidays are proving lucrative for Blackstone
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The Capitalist
Got A Story? Email
thecapitalist@cityam.com
The Three Dancers, one of the Picassos on show
SOUND OF
THE CITY:
BABBLE
BAR OPENS
ITS DOORS
Babble Bar: so good they launched it
twice. The Mayfair-established water-
ing hole, sister of the LateNightLondon
website, opened the doors to its new
City location last Friday and the cele-
brations continued last night. The
venue was full to capacity with City
workers and burlesque dancers wan-
dering cocktail in hand between
Babbles four bars: the private booths
of the Crimson Club, the cushion-splat-
tered Upstairs Terrace, the elegant
mahogany-decked Crystal Bar and The
Boudoir, where risqu photos plaster
the walls. Thats as much detail as The
Capitalist can go into on that, you
understand, but pop along to 45 Old
Broad Street to see for yourself.
Epsom Downs Racecourse yesterday signed up Boisdale, the Scottish-themed restaurant
group, to provide a hospitality enclosure for the Investec Derby Festival 2012.
Launched at Boisdales Canary Wharf restaurant, The Boisdale Enclosure at Epsom Downs
Racecourse will be situated on the finishing line adjacent to the Queens Stand and will reflect
Boisdales trademark reputation for the finest whisky, cigars, jazz and cuisine.
Hospitality packages for the event on the first weekend in June, which include valet car
parking, start from 675 plus VAT per person (depending on the day) and can be booked at
epsom.hospitality@thejockeyclub.co.uk.
R
oland Rudd is not one for being
fazed by party clashes. The formida-
ble spin-meisters splendid fiftieth
birthday party last summer in his
country-house near Glastonbury famous-
ly clashed with chancellor George
Osbornes fortieth birthday celebrations.
One suspects some guests had a difficult
choice to make but that didnt stop
around 500 of Londons business commu-
nity, including Lord Rothermere, Sir
Roger Carr and Sir Martin Sorrell, hot-
footing it down the motorway to toast a
glass or two of the finest. With Rudds
RLM Finsbury co-sponsoring the new
Picasso exhibition at Tate Britain, bankers,
journalists and famous figures including
Robert Gillespie, director general of the
Takeover Panel and justice secretary Ken
Clarke, enjoyed a preview of the show last
night. This time the event clashed with a
party hosted by former Sunday Times
business editor John Waples in his role
as UK head of FTI Strategic
Communications at Claridges and the
PLC Awards, which is annually attended
by 1,500 bankers and City analysts.
Discover David Lloyd Leisure today
Premium: state-of-the-art gym
Swim: indoor and outdoor heated pools
Tennis: indoor and outdoor world-class courts
Classes: from Zone Cycling to Zumba
Relax: unwind in the spa or DL Cafbar
Come into club, call 0844 848 4531
or visit davidlloyd.co.uk/cityam
Terms and conditions apply. Facilities, fees, classes and membership contracts vary by club. Certain activities incur additional fees. Outdoor pool
opening times vary by club. Adult trial is 25. Under 18s trial is 12.50. Only one trial per person. Trial must consist of 7 consecutive days.
All 7 day trials must have started by 31
st
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7 DAY
TRIAL
ONLY 25
MANUFACTURING output and
employment increased in February,
new data showed yesterday, but the
pace of expansion was slower than
in January.
The sectors purchasing man-
agers index (PMI) from Markit fell
from 52 to 51.2 in the month as new
orders from the Eurozone fell. Any
figure above 50 indicates expansion.
Input prices rose at their fastest
rate for 19 years, with oil, metals,
transportation and chemical prices
all jumping.
Domestic orders stabilised overall,
but were slowed in part by falling
demand from the public sector.
Manufacturers were also hit by
weakening demand from the
Eurozone, although that was in part
offset by higher orders from the US
and Asia.
The continued growth resulted in
a second consecutive rise in employ-
ment, with Markit estimating the
rise at around 5,000 new jobs.
Manufacturers have persisted in
working through backlogs of work,
but the Eurozone crisis continues to
loom large with continued declines
in new work from the continent,
said David Noble from the
Chartered Institute of Purchasing
and Supply.
As a result of continued growth
in orders in Asia and the US, the
focus for many manufacturers will
be on developing as exporters to
new markets. This will be critical if
sustained growth is to be realised.
UK factories
see rate of
growth slow
BY TIM WALLACE
UK ECONOMY
OUTSOURCING firm Xchanging said

yesterday it had seen an increase in
potential contracts in the first weeks
of 2012, as a restructuring imple-
mented last year began to pay off.
Xchanging posted an expected 23
per cent fall in adjusted operating
profit to 43.2m but aims to return to
growth next year.
Cost cuts at the firm, which runs
back-office activities such as invoice
processing and staff payments,
included shedding its loss-making US
Cambridge workers compensation
operation in June, reshaping manage-
ment and seeking smaller, more regu-
lar contracts.
It recently signed a deal with cos-
metics giant L'Oreal to manage
500m of indirect purchasing.
Investors responded positively with
shares up 10 per cent at 94 pence.
Xchanging profits slump after
transition year for outsourcer
SERVICES
HOUSE prices rose across the country

in February, according to data pub-
lished yesterday although asking
prices for prime properties have
taken a hit from the seasonal dip in
buying activity.
Average prices rose 0.6 per cent in
the month, Nationwide figures
showed, rebounding from the 0.3 per
cent fall in January.
Prices were up 0.9 per cent com-
pared with February 2011 a jump
from the 0.6 per cent annual rise
recorded in February.
The data suggests that economic
conditions may not be quite as weak
as feared after the UK economy con-
tracted in the final quarter of 2011,
said Nationwides chief economist
Robert Gardner.
Surveys of activity in the manufac-
turing and service sectors point to a
rebound in January, while consumer
confidence and retail spending were
both stronger than expected during
the month.
However, asking prices on prime
properties the top quarter of the
market by value have been cut by
0.4 per cent since the start of the year
according to PrimeLocation.com.
London escaped the fall in prices,
with a 0.6 per cent rise in prime
prices.
House prices reverse January
fall as confidence increases
BY TIM WALLACE
HOUSING
News
Top end property prices fell across the country but are still rising in London.
ANALYSIS l Manufacturing output kept
growing -just- in February
PMI
2000 02 04 06 08 10 12
65
60
55
50
45
40
35
30
EUROZONE unemployment increased
in January and manufacturing output
fell again in February, new data
revealed yesterday.
Greece led the decline with a record
fall in factory output, while Spain now
leads the currency area in joblessness,
with unemployment at 23.3 per cent.
Overall Eurozone unemployment
increased to 10.7 per cent in January,
or 16.925m people, according to
Eurostat, from 10.6 per cent in
December.
The lowest rates are in Austria at
four per cent, the Netherlands at five
per cent and Luxembourg at 5.1 per
cent, while the highest are in Spain,
Ireland and Portugal.
Manufacturing output expanded in
Germany and stabilised in France but
fell sharply in Italy and Spain, the pur-
chasing managers index (PMI) data
from Markit showed.
The PMI figure for the Eurozone
came in at 49 in February up from
48.8 in January, but still below the no
change mark of 50.
German manufacturing registered a
PMI score of 50.2, down from 51 in
January, while France climbed from
48.5 to 50, ending six consecutive
months of decline.
Meanwhile the index fell to 45 in
Spain, down from 45.1 in January and
marking the tenth consecutive
monthly fall in its PMI.
Italys decline slowed in the month,
rising from 46.8 to 47.8.
However Greek manufacturing PMI
hit a survey low of 37.7 the fastest
decline ever recorded, and the coun-
trys 30th consecutive monthly fall.
Considering the challenge that the
economy is facing, one could expect
the index to edge lower in the coming
months, as further consolidation
measures kick in not only in Greece
but also in other large euro area coun-
tries such as Italy and Spain, said
Barclays Capitals Francois Cabau.
INDIAN manufacturing output
growth slowed slightly in February,
but remained above its long-term
trend rates according to data pub-
lished yesterday by Markit.
Figures also showed recent
declines in Chinas manufacturing
output slowed, indicating a brighter
future for the economy.
The purchasing managers index
(PMI) figures came in at 56.6 in India,
down from Januarys eight-month
high of 57.5 and demonstrating solid
growth in the country.
Despite the growth in output,
employment fell and most firms did
not report any change in headcount,
with panellists reporting a lack of
suitable labour.
In China, the PMI rose from 48.8 to
49.6, on an index where any number
below 50 represents contraction.
Russia registered modest growth
in the month, with a PMI of 50.7,
which economists do not expect to
improve soon as export orders have
fallen for three months in a row and
inventories have declined sharply.
A moderation of hiring growth
and a faster decline in stocks of input
purchases in February have prompt-
ed the Russian manufacturing sector
to continue gradually losing growth
momentum, in spite of a slightly
faster increase in new orders, said
HSBCs Alexander Morozov.
Politicians call this stability, but
economists are tempted to call this
stagnation.
Indian manufacturing keeps booming
as Chinese factories start to stabilise
A TOP Bank of England official
believes pensioners have not been as
badly hit by quantitative easing (QE) as
the industry argues.
David Miles yesterday said pension-
ers should stop focusing on low yields
and the low annuity rates that the
Bank of Englands extremely low inter-
est rates and QE has forced on them
and instead look at the increase in
asset prices it has caused.
The very low level of real yields is
related in large part to safe haven
asset flows, he said, arguing QE is not
the only factor pushing down yields.
The two factors together have
pushed down annuity rates by 100
basis points since QE started in March
2009, he said, and focusing just on
annuity prices, those approaching
retirement have seen the value of their
pensions fall by around 17 per cent.
However, once the impact on asset
prices is included, it can offset some,
all or more than all of the effects of ris-
ing annuity prices, Miles said.
QE hits pensions less than
feared, says MPCs Miles
UK ECONOMY
THE SPANISH government has

stepped up its appeal for leniency
from the European Commission (EC),
arguing its budget deficit will only
miss targets because of the recession,
not a lack of action by the govern-
ment.
Prime Minister Mariano Rajoy,
elected last year after pledging dra-
conian spending cuts, is now lobby-
ing Brussels arguing the
deteriorating economy makes it
impossible to cut spending by more
than 40bn (33.39bn) this year to
reach a deficit target of 4.4 per cent
of gross domestic product.
Tough spending cuts and recent
economic reforms all show a com-
mitment to fiscal stability and Spain
will be on track to hit the ultimate
goal which is a deficit of three per
cent of GDP in 2013, a government
source said.
Madrid said this week that its 2011
budget deficit was 8.5 per cent of
GDP, 2.5 percentage points above a
six per cent target, putting the 2012
goal almost certainly out of reach.
However, foreign minister Jose
Manuel Garcia Margallo said in a tel-
evision interview yesterday that
Spain does not expect Brussels to
relax the deficit target by more than
a few decimal points.
Rajoy plans to present his complet-
ed budget on 30 March despite pres-
sure from Brussels to finish it sooner.
Spain steps
up budget
row with EC
EUROZONE
ASTRAZENECA has picked former

Volvo boss Leif Johansson as its next
chairman, hoping his experience of
steering the truckmaker through
tough times will help at a drugmaker
facing shrinking revenues and a weak
pipeline of new drugs.
The 60-year-old Swede was chief
executive of world number two truck
maker Volvo for 14 years and his
arrival at AstraZeneca follows a trend
among drugmakers seeking lessons
from the auto industry on leaner,
meaner production.
Johansson cut his teeth in the Big
Pharma sector with three years as a
non-executive director at Bristol-
Myers Squibb until 2011, but was
most recently chairman of the
worlds top mobile network equip-
ment maker Ericsson, a job he took
up barely a year ago in April 2011.
AstraZeneca faces loss of exclusivi-
ty on many of its top-selling drugs
over the next five years and has few
obvious replacements in its pipeline.
AstraZeneca appoints
Johansson as new chair
PHARMACEUTICAL
STAGECOACH profits are driving for-

ward fuelled by a strong performance
at its rail operations in Britain, it said.
The FTSE 250 transport company
said Virgin Rail, a joint venture in
which it owns a 49 per cent stake, was
progressing its bid for the new West
Coast Trains rail franchise which was
put up for tender by Britains
Department for Transport last
month.
Like-for-like revenue at
Stagecoachs UK rail business, which
includes London commuter franchise
South West Trains, grew 9.5 per cent
in the 40 weeks to 5 February.
Virgin Rail Group achieved an 8.9
per cent jump in like-for-like revenue
in the same period.
Sales at Stagecoachs British bus
unit climbed three per cent, while its
North American coaches operation
posted a 13.3 per cent leap in the nine
months to the end of January.
Rival British transport firm
National Express Group on
Wednesday said full-year profits rose
on strong performance at its US
school bus and UK coach divisions,
and said it was confident about
growth in 2012.
Stagecoach said: Overall current
trading remains good and we believe
the prospects for the group remain
positive.
However, analysts at Shore Capital
warned: We remain cautious given
the uncertainty over future rail fran-
chises.
Stagecoach in UK rail boost
BY HARRY BANKS
TRANSPORT
Eurozone hit
by fall in jobs
and output
BY TIM WALLACE
UK ECONOMY
BY TIM WALLACE
EUROZONE
Like-for-like revenue at Stagecoachs UK rail

business grew 9.5 per cent in the 40 weeks to 5
February.
Stagecoach has a joint venture with Virgin
Rail, in which it owns a 49 per cent stake.
FAST FACTS | STAGECOACH
EC KEEPS PUSHING NEW PENSION RULES
EUROPEAN commissioner Michel Barnier yesterday argued in favour of new pension
rules which funds warn would spell the end of final salary schemes. Barnier said In so
far as insurance products and pension schemes are comparable, the regulatory frame-
work should be similar. However, such Solvency II style rules will cost the industry hun-
dreds of billions of pounds, the National Association of Pension Funds warned.
News
ANALYSIS l Greece Manufacturing
PMI
99 00 01 02 03 04 05 06 07 08 09 10 11
60
55
50
45
40
35
SPIRENT Communications yesterday
posted a 10 per cent rise in its full-year
profit, helped by strength in its core
performance analysis segment, but
cautioned that the prevailing econom-
ic environment could hurt it in the
short-term.
West Sussex-based Spirent, which
tests telecom devices and wireless net-
working equipment, said pre-tax profit
rose to $123.3m, from $112.2m a year
earlier. Revenue climbed 10 per cent to
$528.2m. Its performance analysis divi-
sion revenue rose 14 per cent to
$416.4m,helped by growth in wireless,
positioning.
INDUSTRY bodies backed calls for the
50p top rate of income tax to be
scrapped yesterday, as Labour politi-
cians and trade unions argued reliev-
ing pressure on high-earners should
not be a priority.
Chancellor George Osborne is com-
ing under increasing pressure to cut
taxes or boost spending in his budget
later this month, after public borrow-
ing figures revealed he was 7bn
ahead of schedule in his deficit reduc-
tion plan.
Over 500 small business bosses
argued the tax is damaging the econo-
my, with their supporters claiming it
may even reduce revenues for the gov-
ernment.
If you punitively tax hard work,
aspiration and wealth creation, you
will get less of all three, said
Conservative MP David Ruffley.
It sends the message the UK is no
longer open for business.
The Institute of Directors Simon
Walker also backed the call, explain-
ing Scrapping the rate, and encourag-
ing business, would increase the tax
take and reduce the tax burden on
lower-income people.
If there was ever a win-win for the
chancellor, scrapping the 50p rate is
it.
However, opponents dismissed the
argument that lower taxes can
increase revenues.
Its not surprising to learn that rich
people want to pay less tax, said
Trades Union Congress general secre-
tary Brendan Barber.
The chancellor will probably reject
their special pleading in this years
budget, but it is clear that his long-
term priority is cutting tax for the rich
rather than restoring the services he
has cut or investing in jobs for the
young unemployed.
Labours shadow chief secretary to
the Treasury Rachel Reeves also said
cutting the top rate would be wrong.
When millions of families and pen-
sioners on middle and low incomes
are being squeezed by the VAT rise and
cuts to tax credits, cutting taxes only
for the richest one per cent cannot be
the right priority now, she said, argu-
ing instead that a VAT cut would do
more to help families and pensioners.
Osborne hit
as 50p tax
row escalates
THE former chief executive of
Olympus yesterday vowed to hold to
account the Japanese technology
firm as he launched employment tri-
bunal proceedings in London.
Michael Woodford, who was fired
after questioning $1.7bn (1.1bn) of
payments, could receive tens of mil-
lions of pounds if he wins the case
against his former employer. His con-
tract to run the firm was due to last
until June 2015.
Yesterdays hearing, at East London
Employment Tribunal, was closed to
the media but beforehand Woodford
said: I found wrongdoing, I raised
that wrongdoing and for doing that I
was dismissed... in a way in which Ill
never forget... (I was) thrown out of my
apartment and told to get the bus to
the airport. We now know why ... Im
looking today to hold Olympus to
account.
Woodford is a former UK salesman
for Olympus and spent much of his
career at the firm in this country.
Shuici Takayama, president of
Olympus, has said the company dis-
missed Woodford because of his uni-
lateral decision-making and bypassing
of consultation. A full hearing is
expected to be held in the next few
months unless the case is settled.
Woodford in plea for justice
as Olympus case opens in UK
EUROTUNNEL swung into profit in
2011, crediting steady growth in pas-
senger numbers.
Revenues rose 16 per cent to 845m
(706m) at the Channel Tunnel opera-
tor, allowing it to post a 272m oper-
ating profit and after-tax earnings of
11m.
The number of cars using the
Chunnel rose by six per cent to 2.26m,
while truck traffic grew by 16 per
cent to 1.26m
The firm said it expects the upturn
to continue, adding that it is organis-
ing the resources to buy and operate
ferries from bankrupt SeaFrance.
Passengers up
at Eurotunnel
Spirent Comms
profit increases
BY TIM WALLACE
POLITICS
MEDIA
TRANSPORT
George Osborne faces claims from all directions for more spending Picture: GETTY
BY PETER EDWARDS
TECHNOLOGY
News
BRITAINS largest student landlord
Unite saw its net asset value (NAV)
increase by eight per cent a share
last year, driven by strong rental
growth and development activity.
Chief executive Mark Allan said
the groups NAV of 318p would have
been higher if it were not for a 21m
charge it incurred for closing its
manufacturing arm Unite Modular
Solutions (UMS).
Profits increased to 11m in the
year to 31 December, up from 4m
in 2010, by achieving 99 per cent
occupancy for the 20112012 aca-
demic year.
The group, which manages
40,000 student beds across Britain,
said reservations across its portfolio
for the 2012/13 academic year stood
at 59 per cent of available rooms
compared to 62 per cent in 2011.
Allan said the fall in reservation
levels was largely explained by the
one-off rush to secure accommoda-
tion in 2011 as applications surged
ahead of the rise in tuition fees.
Demand for 20122013 universi-
ty places is outstripping supply and
will result in a shortfall of at least
160,000 places, he said.
Unites development pipeline is
on track to deliver a further 40m of
net asset value uplift by December
2014 as the outlook for 2012
remains good.
The group has signed a 15-year
agreement with Kings College to
take 97 per cent of Moonraker Point,
its 671 room development in
Southwark, which is due to be com-
pleted before the start of the aca-
demic year. It aims to deliver 4,000
bedrooms in London by 2014.
The group also reinstated its full-
year dividend of 1.75p per share.
Shares rose 5.8 per cent to 195.8p.
Student landlord
enjoys rise in value
BY KASMIRA JEFFORD
PROPERTY
ABERDEEN Asset Management

could yet be promoted to the FTSE
100 for the first time in next
Wednesdays index reshuffle, after
its shares recovered from a five per
cent drubbing earlier in the week.
Aberdeen had already fallen 3.5
per cent in the week to Wednesday,
when news broke that Credit Suisse
was selling some of its stake in the
firm for 240p a share, the bottom
end of its selling range.
But the markets went some way
to repairing the damage yesterday,
with the shares gaining
3.9 per cent to close at
250p.
This gives the firm a
market cap of 2.83bn, in
the middle of the pack of
firms fighting for promo-
tion to the FTSE 100.
Other candidates to
move into the prestigious
index include Croda,
which yesterday had a
2.93bn market cap.
Mondi, another firm
gunning for a spot, had a
value of 2.81bn yesterday.
John Wood Group,
Pennon and the
London Stock
Exchange are also in
the running to join the
top index, while Essar
Energy and Hargreaves
Lansdown are at risk of
falling into the FTSE
250.
The review, conduct-
ed after the markets
close on Tuesday, will
also mark the debut of
free float figures for all
FTSE 100 companies.
Aberdeen edges closer to FTSE 100
promotion as quarterly review nears
ASSET MANAGEMENT
NORTH American investors now

account for a quarter of all cross-bor-
der purchases in the central London
office market, according to figures
from CBRE, the worlds largest com-
mercial property business.
The influx of buyers from the US
and Canada has seen their share of
central London office transactions
conducted by foreign investors jump
from 10 per cent in 2008 to 24 per
cent last year.
In total North American firms are
responsible for a tenth of London
office purchases.
London has become increasingly
reliant on foreign investment in
office space with 4.5bn coming from
overseas investors during 2011, repre-
senting more than half of the total
market.
The Canadian investment is largely
driven by its cash-rich pension funds.
North American
investors surge
into London
office market
RETAIL
News
PROPERTY firm Derwent London has
set up a joint venture with Grosvenor
Estates, Londons biggest landlord, to
redevelop a 1.5 acre site at Hyde Park
Corner into a 200m luxury scheme.
The two are planning to turn 1-5
Grosvenor Place into a mixed-use
development, which will include a
five-star hotel as well as offices and
homes.
Derwent has owned the site for
almost 20 years, but has agreed to sell
50 per cent of its ownership to
Grosvenor, which owns the freehold,
in return for 60m.
Grosvenor owned by the Duke of
Westminster also extended
Derwents leases on the site to 150
years.
The announcement was made
alongside Derwents full-year results,
which revealed a 15.4 per cent hike in
net asset value and record number of
lettings in the period from both
domestic and overseas investors.
The group struck 100 deals last
year, producing rental income of
16.7m per annum on floorspace of
495,700 square feet, up from its 2010
performance, when the lettings
totalled 8m per annum.
The landlord announced just last
week the pre-let of its Page street
development in Victoria to fashion
house Burberry.
John Burns, chief executive officer,
said: The robust leasing activity we
experienced in the first half of the
year has continued throughout 2011
and into 2012 and we are confident
that the quality and distinctive space
in our portfolio will continue to
attract a diverse mix of tenants.
Derwent partners
with Grosvenor in
Hyde Park scheme
BY KASMIRA JEFFORD
PROPERTY
Grosvenor Place will be transformed into five-star luxury

ANALYSIS l The UNITE Group PLC
p
194
190
186
182
195.8
1 Mar
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TOY firm Lego posted a sharp rise in
profits yesterday, boosted by bumper
sales of its popular Star Wars and
Harry Potter tie-ins.
Net income at the company
increase by 12 per cent to a record
4.16bn Danish krone (470m) in
2011, while revenues rose 17 per cent
to reach 18.7bn krone.
The group said sales of its licensed
products which include the Harry
Potter, Star Wars and Pirates of the
Caribbean were considerably
above expectations, offsetting weak-
ness in some of its key Western
European markets.
Its most recent new toy, the Lego
Ninjago range, was the companys
biggest product launch ever at the
start of the year, but its online ven-
ture Lego Universe did not meet
expectations, and has been discon-
tinued as of the end of January this
year.
Lego said it expected its European
markets to remain stagnant over the
coming year, with minor increases
across the rest of the world in its tra-
ditional toys.
Lego was founded in Bilund,
Denmark in 1932, and is still owned
by the family of its inventor, Kirk
Kristiansen.
Lego builds higher profit
thanks to cinema tie-ups
BY ELIZABETH FOURNIER
LEISURE
News
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
WHY DO YOU THINK LEGO IS STILL SO POPULAR IN THE
AGE OF VIDEO GAMES? Interviews by Kasmira Jefford
Lego engages the imagination. Children can
create something they thought of themselves
whereas a video game is pre-conceived by
someone else. Video games also reach an end,
but the possibilities with Lego are endless.
AMY WRIGHT | BUCK
Its quite a versatile product. Legos success
is also down to the fact it has lots of themes
like Harry Potter to cater to peoples tastes.
Still, Lego doesnt compare to video games
and I am surprised to hear it is so successful.
Lego appeals to children too young to
play video games. Simple toys are often
best and there is a certain innocence too. I
think parents have an attachment to Lego
as it reminds them of their childhood.
PAUL MULVEE | LGIM
RICHARD WILLIAMS | HUDSON
MEDIA SALES
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COPPER miner Kazakhmys posted a
flat core profit for 2011 as stronger
metal prices were offset by an 18 per
cent rise in production costs, includ-
ing soaring wages for skilled workers
in Kazakhstan, home to its core opera-
tions.
The FTSE 100 miner announced a
higher-than-expected 27 per cent divi-
dend hike but warned it was unlikely
to complete a $250m (157m) buyback
announced last year. The firm has
bought back $83m of shares to date.
We are mindful of the freefloat
and comments made by shareholders
that they would like to maintain a cer-
tain level of freefloat, chief financial
officer Matthew Hird said, when
asked if he would consider a fresh buy-
back.
So we wont rule it out, but going
forward it is more likely that if we had
surplus capital we would be returning
it through an increased dividend.
Kazakhmys whose shares have ral-
lied more than 21 per cent this year
and outperformed the sector as cop-
per prices recover said dividend
increases were likely to ease as it
ramps up spending on its growth proj-
ects.
Capital expenditure for 2012 is
expected to be $1.5bn, more than dou-
ble than in 2011, largely due to devel-
opment of its $1.8bn Bozshakol
project.
Charles Cooper, at Oriel in London,
said the dividend hike would not do
enough to make up for the failure of
the buyback for some investors.
Kazakhmys is
hit by rising
output costs
BY JOHN DUNNE
MINING
INDEPENDENT oil explorers saw their

market value hit last year, a new
league table compiled by Deloitte has
revealed.
The market capitalisation of the
UKs 25 biggest companies in the sec-
tor fell from 32.2bn in 2010 to
27.8bn. The fall came as investors
shied away from projects viewed as
risky amid volatile world markets.
However Deloittes research
which includes a table of the top 25
said that projects in East Africa were
benefiting the likes of Cove Energy
which operates in Mozambique and
Tanzania and has become an acquisi-
tion target for hell.
Cove is now 13th on the list with a
market value of 326m. The table is
led by Tullow Oil which has a value of
12.6bn.
Cairn Energy took second place at
3.7bn with Premier Oil next on
1.6bn.
The top three are the same as the
previous year and Ophir Energy, with
a value of 929m is the only new
entrant, in at number six.
Deloittes Ian Sperling-Tyler said
that the outlook for private equity
investment was strong in 2012.
Oil firms see
slump in
market value
News
BY JOHN DUNNE
ENERGY
NEWS | IN BRIEF
Weir renews Ludowici offer
Engineer Weir Group yesterday renewed
its $10 a share bid for Ludowici, as it
tries to beat rival FLSmidth to a deal.
The board of Ludowici, said yesterday it
continued to recommend the FLSmidth
bid to shareholders in the absence of a
higher offer. However Weir has appealed
against a decision by the Australian
takeovers panel, claiming that FLSmidth
has breached rules. It said yesterday its
offer was still on the table.
Chemring has record order book
Defence contractor Chemring said yester-
day it has a record order book of 997m.
Revenue during the first three months
was 137m, in line with the boards
expectations but sales have been flat
while the company, which makes ejector
seats and pyrotechnic decoys for military
aircraft, reported delays with contracts.
Howden restores its dividend
British kitchen supplier Howden Joinery
said yesterday that it would pay its first
dividend for four years as it met fore-
casts with a nine per cent rise in 2011
profit. The firm, which emerged from the
old MFI Furniture business, said yester-
day that after ending the year with net
cash of 57.1m it would pay a dividend of
0.5 pence. Howden, a supplier of kitchen
units and joinery to more than 200,000
small builders from over 500 UK depots,
made an underlying pre-tax profit of
110m in the year to 24 December. That
compared with company guidance of
103-111m and 100.9m made in the
previous year. The group has fared rela-
tively well during Britain's consumer
recession. It does not serve the retail
market directly, focusing instead on trade
customers.
Enegi Oil boosted by update
Shares in AIM-listed oil and gas group
Enegi Oil soared by up to 14 per cent
after it confirmed positive preliminary
analysis results at its operations in Garden
Hill South, Western Newfoundland. The
company says the well will now be flowed
to bring it back online at controlled rates
over the following days.
US oil major Chevron has held talks
with a Russian government official
in a bid to exploit some of the coun-
trys Arctic oil reserves.
The reserves are currently off limits
for non-state corporations, but
Russias Ministry of Natural
Resources said the situation is under
review. The statement came a day
after Russian Prime Minister
Vladimir Putin said he intended to
free up access to the Northern off-
shore fields.
Your country owns giant reserves,
and absence of significant projects in
the Russian Federation is a huge gap
in our portfolio, Andrew McGrahan,
president of Chevron Neftegaz, told
officials.
McGrahan met the deputy minister
Denis Khramov to discuss the opera-
tions of oil companies in Russia.
Chevron in move to tap
into Russias Arctic oil
OIL
ANALYSIS l Kazakhmys PLC

p
1,150
1,125
1,100
1,075
1,062.00
1 Mar
MORE NEWS
ONLINE AT
@
www.cityam.com
London 2012
IMAGE OF THE WEEK
This week, Boris Johnson launched a
set of giant Olympic rings onto the
Thames to mark 150 days until the
start of the Games. Pictured here
floating past the Tower of London, the
rings took in Canary Wharf and the
City before heading back into storage.
Photo: Laura Lean / CITY A.M.
Between now and the start of
the Olympics, City A.M. is pub-
lishing 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 subject
line. Full details:
cityam.com/london-2012
ON BOARD | THE RINGS
BOMBARDIER expects a drop in air-
craft deliveries and related profit
margins in 2012, but the worlds
third-biggest commercial plane
maker said yesterday it is well posi-
tioned for any recovery in the aero-
space sector, thanks to a growing
number of customers for its new C-
Series planes.
The company said its net profit
was $214m (134m) for the fourth
quarter, or 12 cents a share, com-
pared with $295m, or 16 cents a
share, a year ago.
Revenue fell 23 per cent to $4.3bn
at Bombardier, which competes with
larger Airbus and Boeing.
Revenue at the transportation
unit, which makes trains includ-
ing at several UK-based facilities fell
to $2.3bn for the three-month period
ended 31 December, from $2.5bn for
the same period last year.
Bombardier suffers dip in
plane deliveries this year
Bombardiers UK unit is tendering to supply trains to Crossrail Picture: GETTY
BY HARRY BANKS
INDUSTRIALS
Eversheds
The law firm has hired Sebastian Daly as
a partner in its London real estate tax
team. Daly joins from Clifford Chance,
where he was a director in the magic cir-
cle firms tax group. He is currently a
qualified barrister, but will requalify as a
solicitor to take up his new position.
Duke Street
The independent European private equi-
ty firm has appointed Paul Lester as an
operating partner. Lester was chief
executive of VT Group from 2002 to
2010. Prior to that he was group man-
aging director of Balfour Beatty, chief
executive of Graseby and a general
manager at Schlumberger. Lester also
serves as chairman of Greenergy,
Survitec, John Laing Infrastructure
Fund and Norland, and sits on the board
of Investec.
Savills
Gianni Flammini has joined the interna-
tional real estate adviser as director of
its valuation team in Italy. Flammini
joins from CBRE Global investors and
has more than 15 years experience in
real estate advisory across multiple
sectors having worked at ING Real
Estate Investment Management and
DTZ.
Marsh
The insurance broking and risk manage-
ment firm has hired Chris Lay to the
newly-created position of business
development leader for its international
division. Lay joined Marsh & McLennan
in 1984 and has held a variety of senior
positions at the firm. He will remain as
head of sales and head of middle mar-
ket for Marshs Europe, Middle East and
Africa region for a transitional period.
Freshfields Bruckhaus Deringer
The law firm has appointed corporate
partners Simon Marchant and Ben
Spiers as co-heads of its London M&A
practice. The newly created roles will
have a two year term and are effective
immediately. Marchant has served as
the firms managing partner for its Asia
business, and has also headed up the
global energy and natural resources
group, as well as the global telecoms,
media and technology (TMT) group.
Spiers is co-head of the firms TMT
group, and spent several years second-
ed to companies including Hewlett-
Packard and Morgan Stanley.
CITY MOVES | WHOS SWITCHING JOBS Edited by Elizabeth Fournier
+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
US stocks return to
the highs of 2008
U
S stocks rose yesterday, moving
back to 2008 highs, after a jump
in bank shares and further
upbeat data on the labour mar-
ket, though sharp gains in oil prices
limited the advance.
After losses on Wednesday, the
rebound took the S&P 500 back above
its 1,370 resistance level, which is seen
as key to maintaining momentum in
this five-month rally.
Bank shares ranked among the best
performers on hopes that the
European Central Banks second long-
term liquidity injection would ease
the regions financial crisis. The S&P
financial sector gained 1.2 per cent,
led by a 2.9 per cent gain in JPMorgan
Chase & Co to $40.37.
The ECB news is going to be imme-
diately positive for the banking system
and for the credit markets in Europe,
and in time, will be positive for the
European economy. They are on the
right road, which means that the risks
associated with Europe are starting to
abate. And thats really good news,
said Hugh Johnson, chief investment
officer of Hugh Johnson Advisors LLC
in Albany, New York.
An index of European shares rose
1.1 per cent.
Brent crudes advance, which took
futures above $128 a barrel to the
highest since 2008 in post-settlement
trading, revived concerns about the
effect of higher oil prices on con-
sumers and businesses.
Still, the Dow Jones Transportation
Average ended up 1.1 per cent, sug-
gesting investors were shrugging off
the day's rise in oil.
US jobless claims, which fell 2,000
to 351,000 in the latest week, were
viewed as another sign the labour
market may be on the mend. The
news was partly offset by an Institute
for Supply Management report show-
ing the pace of growth in the US man-
ufacturing sector unexpectedly
slowed in February.
The Dow Jones industrial average
was up 28.23 points, or 0.22 per cent,
at 12,980.30. The Standard & Poors
500 Index was up 8.41 points, or 0.62
per cent, at 1,374.09. The Nasdaq
Composite Index was up 22.08 points,
or 0.74 per cent, at 2,988.97.
Automakers and retailers also were
among the days best advancers.
US automakers reported healthy
sales in the face of rising gas prices.
Shares of Ford Motors rose 2.3 per cent
to $12.66, while General Motors
advanced 1.7 per cent to $26.47.
Mild weather helped many US
chains post better-than-expected
monthly sales in February. Gap
jumped 7.2 per cent to $25.05. Buckle
gained 6.9 per cent to $48.01.
B
ANKS and other financial
stocks, buoyed by central bank
infusions of money into the sys-
tem, helped Britains top share
index rebound yesterday with fund
manager Man Group surging after it
reported client outflows have slowed.
Londons blue-chip index closed up
59.74 points, or 1 per cent, at 5,931.25,
erasing the 1 per cent drop on
Wednesday after downbeat com-
ments on the US economy from
Federal Reserve Chairman Ben
Bernanke.
US data yesterday was mixed.
Figures showed the US labour market
healing but real spending was stag-
nant, while the manufacturing sector
growth unexpectedly slowed in
February.
The ongoing moderate recovery in
the US economy is still well in place
and we would not read todays
decline in the ISM as a sign of loss of
momentum, Annalisa Piazza, ana-
lyst at Newedge Strategy, said.
Top gainer on the FTSE 100 was
Man Group, up 12.7 per cent, after
the worlds biggest listed hedge fund
firm eased investors concerns over its
recent fund outflows and said clients
could begin to return after recent
heavy withdrawals.
Worries over Man hemorrhaging
funds has seen its share price halve
over the past year, but the results pro-
vided a boost for other asset man-
agers, with Schroders, Hargreaves
Lansdown and Ashmore all up more
than 1.7 per cent.
Equity derivative strategists at BNP
Paribas said the flow of funds still
favours cyclicals outperforming
defensives, with inflows into bonds
(sovereign and corporate) and cycli-
cal/financial sectors outpacing flows
into equities and defensive sectors.
The higher the outperformance,
the greater the need for portfolio
rebalancing/asset allocation. The
trend continues to be your friend for
now, BNP Paribas said.
That was echoed in the perform-
ance of UK-listed banks , which have
gained more than 30 per cent since
their November trough and were the
strongest risers yesterday following
the fresh injection of cheap liquidity
by the European Central Bank in the
previous session.
BNP Paribas, however, said the two
shots of three-year long- term money
by the ECB, has prompted the risk
premium across equities to plunge,
meaning shares are looking less
cheap.
The gravitational pull exerted by
de-leveraging pressures seems to have
succumbed to unprecedented flush
of liquidity. With the very dovish
tones by the FED, BOE and BOJ, one
should expect the path of least resist-
ance for risk premium to be down
(still), it said.
The tidal wave of liquidity has also
driven down volatility as investors
have become more convinced the
financial system can be saved from
collapse, with some analysts saying
the extra cash should allow banks to
deleverage in a more orderly fashion,
therefore protecting the value of
assets on their balance sheets.
Barclays gained 2.5 per cent, but
RBS underperformed, falling 0.6 per
cent as Berenberg Bank double-down-
graded the part state-owned UK
lender to sell from buy as it cut
ratings, target prices and estimates
across the sector.
The loose monetary policy environ-
ment has encouraged businesses to
build huge cash piles, and with the
macro economic environment
improving and valuations still histor-
ically cheap companies are beginning
to hunt for bargains.
Banks and financial shares
lift FTSE on liquidity surge
THELONDON
REPORT
THENEW YORK
REPORT
BEST OF THE BROKERS
To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Restaurant Group
295
290
310
305
300
285
280
Feb Jan Mar
p
283.50
1 Mar
RESTAURANT GROUP
Citigroup has maintained its buy rating on the Frankie & Bennys owner
but upped its target price from 3.65 to 4 following a good set of full year
results earlier in the week. The broker has updated its estimates and says
that a premium is deserved given the estimated 10-year earnings per share
compound annual growth rate of 16 per cent. Though the consumer out-
look is uncertain, Citi expects like-for-like growth of 2.5 per cent in 2012.
ANALYSIS l BAE Systems
320
310
330
300
290
280
270
p
Feb Jan Mar

312
1 Mar
BAE SYSTEMS
UBS rates the UK defence firm as a buy and raises its target price to
360p from 320p because of what it sees as a reduction in risk, combined
with a lower weighted average cost of capital at 9.3 per cent and lower
pension underfunding. The broker is reducing the discount that it applies to
fair value to 10 per cent (from 15 per cent) as uncertainties surrounding
the US budget and the defence outlook become clearer.
ANALYSIS l Weir Group
2,150
2,100
2,200
2,050
2,000
1,950
1,900
p
Feb Jan Mar
2,030
1 Mar
WEIR
Panmure Gordon has downgraded the pumps and valves makers rating
from buy to hold, saying that its previous assumption that aftermarket
dynamics in the unconventional oil and gas market would save the day now
looks more difficult to pin down. The brokers estimates fall back by around
four per cent and it says that on acquisitions, as Weirs plate is fairly full
now, it is calling a time out.
23Dec 5Dec 17Jan 6Feb 24Feb
6,000
5,600
5,400
5,500
5,700
5,800
5,900
ANALYSIS l FTSE
5,931.25
1 March
Hanson Green
The board level search firm has appointed
two new directors. Graham Jones and Abdul
Bhanji are founder members of The Inzito
Partnership, an executive search firm found-
ed in 2009 by partners from Blackwood
Group, PwC and Whitehead Mann.
Before moving into recruitment, Jones
worked at IBM and PwC, where he spe-
cialised in technology, media and telecoms.
Bhanji was a partner at PwC in charge of
business development.
News
L
IKE most entrepreneurs, I love my business
and I want to grow it. It would seem, from
all the governments powerful rhetoric,
that David Cameron loves my business, too.
After all, the official line is that this is the year
the government needs to unlock the creativity
and entrepreneurial talent buried deep in many
of us and make Britain the best place to start,
finance and grow a business.
As an entrepreneur, I can honestly say that I
wasnt sitting here waiting for this announce-
ment before leaping into action. On the con-
trary, I and my entrepreneurial compatriots are
working hard to grow our businesses here and
abroad. My company, Ten, is expanding rapidly
in the UK and opening new offices in Mexico,
Brazil, Japan, Russia and Singapore in the next
12 months.
What we need from government, to help us
deliver more growth and jobs for the UK, are sev-
eral common sense changes to employment law
and lower taxes on job creation.
George Osborne started well by increasing the
rate of income tax relief for the enterprise invest-
ment scheme (EIS) to 30 percent; he also has
plans to double the investor limits to 1m per
year from April and has extended the entrepre-
neur relief to 10m. All welcome.
Beyond this, the coalition needs to realise that
while warm words may help convince the public
that there is a plan for growth, they just dont
cut it with business owners. Entrepreneurs dont
need to hear any more from politicians about
exporting more, working harder, risking
more. If the people behind the startups didnt
have this drive and ambition, they wouldnt have
founded a business in the first place. What they
need is bold and decisive leadership from those
in power to help where they can.
Take the state of the suffocating employment
laws surrounding recruitment and dismissal.
With simple changes that would cost the taxpay-
er nothing the Prime Minister could alleviate the
expensive and stressful administrative burdens
that seriously affect startups room for growth.
Of course employees need protection from
unscrupulous employers, but the pendulum has
swung too far, effectively favouring vexatious
claims from employees.
Currently, the risks that are faced by business
owners when trying to comply with hiring legis-
lation represent one of their deepest money pits
and biggest causes for emotional distress and dis-
traction. The Forum of Private Business esti-
mates that a typical small business spends 34
hours a month dealing with the red tape and an
estimated 1.4bn is spent on advice from con-
sultants to avoid it a cost that few small busi-
nesses can afford.
When speaking with MPs, ministers and shad-
ow ministers about this, they seem afraid,
unwilling or unsure about tackling the problem.
They seem too fearful to shake up laws that are
so heavily embedded in European legislation, or
just not confident enough that they can win sup-
port for the changes. If now isnt the time to
change European law, while the continent is
going through an employment crisis, when is?
Instead, they construct policies like the no-
fault dismissal process, proposed by venture
capitalist, Adrian Beecroft, that, while helpful,
only go so far in relieving the pressure for small
enterprises.
The loopholes surrounding this policy would-
nt prevent employees laid off through the
process from claiming unfair dismissal through
discrimination, a claim underpinned by
European legislation.
The government should introduce a cap that
would limit the amount the employer ultimate-
ly pays out: businesses must be able to calculate
exactly the risk and impact of managing an ex-
employee pushing to extort a maximum payout.
Another sensible step would be a small,
mandatory deposit paid by the claimant in case
of loss, so that he or she has some risk to discour-
age claims by chancers. These measures would
help entrepreneurs sleep at night.
Another simple, albeit expensive change
Cameron can make to encourage wealth and job
creation is to lower employer national insurance
rates. Besides it being nonsensical to charge com-
panies for employing people, the current rate of
13.8 per cent is strangling many established
enterprises, let alone new ventures. Will this pro-
posal be dismissed as too expensive or is it the
big idea to kickstart a jobs-led recovery? Im not
sure the billions spent on quantitative easing
wouldnt be better directly spent on job creation.
An entrepreneur needs assurances that their
enterprise will be working in an environment
where the laws reflect a true understanding of
the needs of wealth and job creators. While the
politicians rhetoric may persuade the public
that the government is introducing firm meas-
ures for business growth, entrepreneurs dont
get their inspiration from warm words of
encouragement used to fill the gap left by the
lack of a serious plan for growth.
Alex Cheatle is CEO of Ten Lifestyle Concierge, a global
concierge service supporting high-net-worth individuals
on behalf of international clients such as RBS, Coutts,
Barclays and Citi. www.tenlifestyle.com
22
The Forum
CITYA.M. 2 MARCH 2012
Simple changes costing the
taxpayer nothing could ease
stressful burdens on startups
A plan for UK growth needs
more than warm words: An
entrepreneurs call to arms
cityam.com/forum
ALEX CHEATLE
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.
P
RUDENTIALS threat to quit the UK and
move its headquarters to Asia isnt a hol-
low one. There is a growing feeling in
the City that British insurers are getting
a raw deal from Solvency II, the new capital
requirements that will soon govern the sector.
There is wide acknowledgement that the UK
regulator, the Financial Services Authority
(FSA), is interpreting the rules of Solvency II
much more harshly than its regulatory peers
across the rest of Europe. Allied to this sense of
injustice, there is growing resentment at the
spiralling costs associated with Solvency II.
The new capital regulations are slated to
come into force next year, but that seems
unlikely to most observers and practitioners in
the sector. Many believe that 2014 is a more
realistic start date.
While this may be welcome relief to insur-
ers who are unprepared for 2013, for the likes
of the Pru, which has spent millions getting
ready for Solvency II, further delays inject
more uncertainty and cost to proceedings.
Insurers across the UK have put together
expensively-paid teams of Solvency II experts
in recent years. Demand for these experts com-
fortably outstrips supply at present, which
means salaries for these teams are increasing-
ly high. Solvency II is an expensive business.
Ive read the argument that Prudentials
statement is nothing more than a shot across
the bows of the regulator the benefits of stay-
ing in London outweigh the advantages of hav-
ing its HQ in Asia. The Pru is going nowhere.
But Mazarss work with some of the UKs
biggest insurance firms tells me that this is
more than posturing or grandstanding.
The Pru is one of several insurance compa-
nies considering whether to move its head
office to faster-growing markets. UK insurance
stalwart, Brit, is already headquartered in
Amsterdam, while Aviva increasingly con-
ducts business out of its Irish subsidiary.
Of course, its not easy to simply quit
London. Tidjane Thiam, Prudentials chief
executive, will be aware of the considerable
obstacles to moving East. But with nearly half
his firms business conducted in Asia, it would
be remiss of the Prus top man not to evaluate
all the available options.
On top of Solvency II, life insurers are having
to grapple with another raft of regulation, the
Retail Distribution Review (RDR), which will
fundamentally change the way insurers sell
their products in the UK.
RDR has been in the pipeline for a long
time, but it is far from perfect. The law of unin-
tended consequences always comes into play
at some point. But as with Solvency II, the reg-
ulator has shown a worrying intransigence.
Sensible requests for moments of reflection
have fallen on deaf ears.
In the current political climate, the FSA isnt
for turning. But the regulator should be care-
ful not to alienate an industry that has per-
formed strongly throughout recent crises.
There are few sectors where the UK is seen as a
truly global leader. The UK taxman continues
to benefit from a considerable and reliable
stream of revenue from the industry and this
could be hit in the future. Prudentials warn-
ing should be heeded. This is no idle threat.
Craig Scarr is head of insurance at Mazars.
23
Insurers are not
posturing when
they threaten to
move elsewhere
Insurance firms
need regulators
to pay attention
Pay up and leave
[Re: Hysteria over student visas is
damaging Britains future growth,
Wednesday]
Im from Singapore and chose to
study in the UK because Im inter-
ested in the car industry, where
the UK is well-established. But Im
rejected by work placements
because my visa doesnt allow me
to take a year off to work. Im
frustrated by this inflexibility. Im
not an illegal immigrant, I pay
more than 13,000 each year in
school fees and Im contributing
to the economy. We pay fees,
schools make money, and we are
told to get out as soon as we
graduate. Most of us international
students are extremely mobile
and, if the UK bars us from oppor-
tunities, we will stop coming. Im
so discouraged by recent immigra-
tion policies that I would rather
go back to Asia, where opportuni-
ties arent only abundant but also
available. I urge the UK to rethink
its policies.
James Wong
Speak your mind
The Forum is open for you to
take part. Got a sharp comment
on one of todays columns or
rapid response topics? Do you
have another subject relating to
business and the economy you
want to share your opinion on?
We want to hear your views.
Readers are invited to comment
on the web: cityam.com/forum;
by email: theforum@cityam.com;
and on Twitter: @cityamforum.
The best responses will be
reprinted in The Forum.
RAPID RESPONSES
CRAIG SCARR
BY MARC SIDWELL
CITYA.M. 2 MARCH 2012
The Forum
T
HE laws of
physics have
apparently been
reinstated. The
suggestion from Cern at
the end of last year that
neutrinos could travel
faster than light sent
our models of the uni-
verse atremble but Cern, having turned everything
off and on again, now puts the effect down to some
faulty wiring.
The rule of law, on the other hand, has started to
defy physics. The government this week effectively
sent a law back in time to prevent an existing tax
avoidance scheme from having ever been born.
While the government has reserved the right to
act retrospectively in these circumstances, such
power is not honoured by its exercise. Law is law-
less if it is not predictable.
Its hard to remember now a time when London
was not a lawful place. In the opening of Joseph
Conrads classic novel Heart of Darkness, Marlow
looks out at the Thames and says to his compan-
ions this also has been one of the dark places of
the earth. He is referring to the Britain the invad-
ing Romans found two thousand years ago a
dark, cold land far from the Italian sunlight that
must have looked to them like the mythical
Cimmeria, enshrouded in mist and darkness which
the rays of the sun never pierce, but the poor
wretches live in one long, melancholy night..
After conquest, the Romans drew Britain into
their own networks of law and trade, helping to
transform the country. But then the Roman empire
retreated and lawlessness returned. It took gener-
ations for such a developed legal order to be
restored. Still, by the eighth century, the father of
English history the Venerable Bede refers to
London as the mart of many nations, resorting to
it by sea and land. London has been a market to
the world ever since, for more than a thousand
years, and while that status has sometimes had to
be defended, it always rested on the certainty and
stability afforded to merchants, citizens and busi-
nesses by the rule of law. It is no surprise the
phrase was popularised for modern use by a
British jurist, a man called Albert Dicey, in the nine-
teenth century.
Yet having so long a legal tradition is not only a
blessing. It is generally accepted today that helping
developing countries to establish the rule of law is
critical to their continued growth and success, but
we are more cavalier at home. Among the critical
principles of the rule of law is that the law should
be such that people will be able to be guided by it.
Predictable regulation, that does not bend back
over itself in time to punish what was legal, that
does not change incessantly or grow unchecked, is
the basis for justice and prosperity. It is a rare gift,
and both justice and prosperity have been rare in
the history of the world as a result.
The rule of law, as reliable a basis to build an
enterprise upon as the constants of nature, is not
to be tinkered with lightly. As Marlow goes on to
say in Conrads novel, the light of civilisation is like
a running blaze on a plain, like a flash of lightning
in the clouds. We live in the flicker may it last as
long as the old earth keeps rolling! But darkness
was here yesterday. Theres no point in plunging
ourselves back into darkness. Watch out for the
wiring.
Marc Sidwell is the business features editor for
City A.M.
Dont let retrospective
rules put out the lights
Email: theforum@cityam.com
Twitter: @cityamforum
In association with
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Q.
I have been offered a
parking space thats
close to my flat. Parking
is a nightmare around my flat
in Tooting but I dont have a
car. Should I consider
buying it?
A.
Depending on where you
live, a parking space can
be a very good invest-
ment. Closer to the centre where
values are higher the ability to
park off the street can be very
valuable and you need to look at
what can be done with the space.
Many people will drive in to
London and park their car, finish-
ing their journey by Tube to avoid
daily congestion charges. There
are also many businesses that rely
on their staff using cars, like
estate agents, for whom renting a
space makes sense. My experience
tells me, though, that your best
bet is to canvas streets around the
space to see if anyone wants to
rent it. In the centre of London a
parking space can cost from 25k
to 100k yet can rent for c. 4k-
5k pa which is a good return.
Parking is not getting any easier
and so it should appreciate in
value over time. In outer areas the
return can be even better depend-
ing on position. Of course a garage
can be even more valuable as they
give security and can sell for 75k
-250k. Its always worth investi-
gating whether there are any
other planning angles with a
space. If its next to a house, sell-
ing it to the owner might yield
space to build on, or if there are
other spaces it may be possible to
get planning to build a house or
block of flats, so be alive to the
possibilities.
Q A
&
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Living | Mayfair
Return of the
Mayfair home
Private property is more lucrative
than ofce space, says Zoe Strimpel
I
t would be disingenuous to call
Mayfair up and coming after
all, its prestige and attractions
have drawn the worlds elite for
centuries.
But change is afoot: no longer just a
haven for hedge funds, designer
shops and the odd rich Russian resi-
dent, Mayfairs stock of residential
property is rocketing as offices are
converted into homes to meet
demand of would-be private resi-
dents. The commercial property
agent H2SO reported that two million
sq ft of offices is being converted into
homes and there are several redevel-
opments in progress.
Oliver Hooper, of property consult-
ants Huntly Hooper, says: The
change of use of these buildings is
because the capital value of residen-
tial space is much more than offices.
Hooper says that prices have gone up
from about 1,700 per sq ft to over
2,500 p sq ft in most instances with-
in the last few years, with areas such
as Grosvenor Square over 3,000 per
sq ft.
Peter Wetherell, of Wetherell
Estates, an established Mayfair agent,
says: People always say to me,
Mayfair is undervalued the prob-
lem was lack of stock. But now with
more availability of stock, the market
can motor. Theres huge demand.
Indeed: Wetherell recently put a
Georgian house on the market for
14m four windows across, it was a
former office on Upper Grosvenor
Street. Within six weeks there were
140 viewings, 19 offers, 300m worth
of bids (the majority in cash) and it
went for far over the guide price.
Major residential projects include
Walpole Mayfair at 4-5 Arlington
Street: five very luxurious apartments
next to the Ritz and just behind the
Wolseley; and the In and Out build-
ing on Piccadilly, a currently ram-
shackle mansion that is to be
converted into 24 high end apart-
ments over 70,000 sq ft, looking out
on Green Park. Further rumoured
developments include the US
Embassy in Grosvenor Square, bought
by Qatari Diar, developers of One
Hyde Park and Chelsea Barracks. And
Richard Caring, owner of Caprice
Holdings (the Ivy and so on), is in
charge of a consortium of investors
who have won planning permission
to turn the US Navy Headquarters on
Grosvenor Square into 31 luxury
apartments.
Why now? Economically, super-
prime London has remained an
exception in Britain, bucking all
trends. Peter Wetherell says: The
West End is a sort of nation state on
the world stage. Its not a bubble,
more of a cocoon. But cocoons can
still break: it depends on the govern-
ment not over-regulating and screw-
ing up Londons ability to be a
financial hub. With the cocoon still
in tact, though, residential is better
value for developers, per square foot
as unlike in offices toilets, stair-
wells, lobbies and such count in the
square footage. And, as commercial
outfits increasingly value larger
spaces with open-plan floors, rather
than the smaller rooms of the period
buildings, more commercial leases
are coming up for grabs.
Before it was hedge fund paradise
and home to dozens of Michelin-star
restaurants, the most powerful of
Brits (and in the context of the
Empire, the world), resided in
Mayfair. Before WWI, Mayfair was
home to the aristocrats and pluto-
crats that ruled the globe, says
Wetherell. But the wars severely dent-
ed the finances of those who had
been able to live there and private
homes became hotels (the Dorchester
and Grosvenor House Hotel, for exam-
ple). Following the Blitz, the Square
Mile needed new offices and Mayfair
rents were relatively low. Around
1990, leases on office buildings
expired, and residential properties
began to be redeveloped. Now, with
London as nightlife and cultural cap-
ital of the world, Mayfair is at the
heart of another renaissance, but
only the richest need apply.
A mansion in Mayfair
has always meant you
were on top of the
world.
Picture: GETTY
BERMONDSEY
The Tanyard, London SE1
A bespoke development of just seventeen, 1 & 2 bedroom apartments.
Each nished to the highest standard.
LAUNCHING MARCH 2012
For more information and
to register your interest call
01883 334443
lindenhomes.co.uk/tanyard
QR scan me now
THE
TANYARD
BERMONDSEY
Coming
soon
Selling Agent: Field & Sons
WINNER: UK PROPERTY AWARDS 2011
WINNER: THE DAILY TELEGRAPH BRITISH HOMES AWARDS 2011
SHORTLISTED: BUILDING AWARDS 2012
PRICES
FROM
340,000
THE LIBRARY BUILDING
CLAPHAM HIGH STREET, SW4
NEW 1&2 BEDROOM APARTMENTS
NO VICTORIAN CONVERSIONS
MARKETING SUITE OPEN EVERY DAY 10AM-6PM
CALL FOR AN APPOINTMENT
PHONE +44 (0)845 899 0136
WWW.THENEWCLAPHAM.COM
Living | Mayfair
If youve got the money, you now have
more options when it comes to living in
Mayfair, says Zoe Strimpel
Rising stock: residential options in W1K
HAYES MEWS
Price: 6.95m
A stunning, newly
refurbished home of
approximately 3,325
sq ft, situated in a
prestigious mews
close to Berkeley
Square. Perks
include a five person
lift, fully integrated
audio visual system,
Lutron lighting and
garage. Contact:
Savills Mayfair 020
7578 5100,
www.savills.com
PARK STREET
Price: 14,950,000
An impressive Mayfair town house with generous accom-
modation and entertaining space with direct access onto
the secret Green Street gardens. Planning permission is in
place to extend the house from 7,345 sq ft to 9,304 sq ft.
Call Wetherell on 020 7493 6935.
GROSVENOR
ESTATES:
GREEN STREET
Price: 5,000 pw
Grosvenor Estates
have has just
launched three
triplex apartment
rentals on green
street. Expect
Bulthup kitchens,
Gaggeneau kitchen
appliances, Corian
work surface
Lutron lighting sys-
tems and Italian
marble. knight-
frank.com
WALPOLE MAYFAIR
Price: TBD
A conversion of former offices into five high-design apartments by famous
designer and architect Oliver Burns. A beautiful and very prestigious residence
before offices, it was the Downing Street of its day as residence to R Walpole,
Englands first prime minister. For further information on Walpole Mayfair go to
www.walpolemayfair.com or www.knightfrank.com.
Leading sustainable developments
IT CAN BE
CHEAPER
TO BUY
THAN RENT!
Thats right, for 160 per week*
you could have a fantastic
1 bedroom apartment in the heart
of Canning Town!
9
save money mortgage payments may be less
than rental
9
its your own home, so you can decorate it your way
9
Lower running costs and low maintenance
9
An excellent specication so you can move straight in
Thanks to FirstBuy, the Government backed scheme
to help rst time buyers, these fabulous, spacious,
contemporary apartments are now even more affordable!
1 bed apartments from just 167,000
With FirstBuy, you get 100% of your home for 80%
of the purchase price, and youll only need a 5%
deposit on a 1 bedroom apartment thats just 8,350!
East City Point is a superb new community in the centre of
Canning Town, an exciting part of London which is enjoying
a 3.7 billion regeneration!
s fantastic connections by tube, DLR and bus
s 5 mins from Canary Wharf and Westeld Stratford City
Marketing Suite open
Thurs-Mon 10am-5pm.
Marketing Suite, Charford Road,
Canning Town, London E16 1QQ
For your sat nav E16 1QQ
020 7473 1198
www.eastcitypoint.com
*This offer is subject to status, availability and Countryside Properties terms and conditions. The weekly payment
of 160 is calculated on the Nationwide rate of 4.39%, which is fxed for 3 years, on a repayment mortgage over 25
years on a loan of 126,150 (Shared Equity price of 133,600 less the 8,350 deposit plus fees of 900). No rent or
interest on the remaining 20% for the frst fve years, only a nominal amount of interest thereafter. Return 20% of
the market value of your home when you sell or after 25 years (whichever is the sooner). Only available when
using Countryside Properties recommended solicitors. The Shared Equity scheme is only available subject to a
second charge being secured and jointly held by Countryside Properties PLC and HCA upon the property.
BUY FROM ONLY 160/WEEK!
*
New show homes to view
Exclusive 1 & 2 bedroom brand new apartments at
The Galleries, Brentwood.
Fully inclusive specification
40 mins via train into Liverpool Street
Allocated parking
From 225,000 - 440,000
Show homes open daily 10 am 5pm
Please call for an appointment on 01277202122
Brentwood, Essex CM14 5GF
www.the-galleries.net
The Galleries - Restoration and Innovation
15 MINUTES
15 MINUTES
A development by:
0800 883 8953 or (out-of-hours) 0800 032 0077
www.caxtongaramond.co.uk
Computer generated image of Garamond Building. Times are approximate and are courtesy of www.tfl.gov.uk. *Price correct at time of going to press.
020 7791 7000
Selling Agents:
Offering exceptional and convenient City fringe living: a location between
Tower Bridge and Canary Wharf, proximity to The City that means an
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LONDON E1
Film
THIS MEANS WAR
Cert: 12A
hhhii
W
HEN Charlies Angels director
McG meets Simon Kinberg,
writer of the original Mr and
Mrs Smith script, the result is
big, brainless fun. Throw a great cast
into the mix, ensuring they can deal
with some incredibly cringeworthy
clichs, and youre onto a dumb-but-
enjoyable winner.
When CIA agents FDR Foster (Chris
Pine) and Tuck (Tom Hardy) fall in love
with the same girl (Reese Witherspoon)
its time for all-out war. And thats as com-
plex as this film gets. Sure, theres a
subplot involving an evil looking guy who
wants to wreak revenge on the pair, but
thats not important. Its not that
important to the two CIA agents either,
who spend most of their time ogling
Witherspoons endearing character
Lauren Scott operating government sur-
veillance technology.
But Pine and Hardy are infectiously
entertaining, messing about like two 12
year olds in their portrayal of a convinc-
ing bromance. Consequently, the film
rarely gets bogged down by, yknow,
serious stuff. Chelsea Handler gets some
typically hilarious lines as Scotts no-
This Means War is hardly Oscar material,
but it is funny, Stevie Martin has to admit
Lifestyle | Reviews
31
Wetherspoon
and co make
for easy laughs
Chris Pine and Tom
Hardy in This Means
War.
nonsense best friend, but This Means War
is all about how much fun the three leads
are having and its a surprisingly fun way
to spend an hour and a half.
Film
MICHAEL
Cert: 18 hhhii
The Cannes-lauded study of a paedophile
keeping a young boy locked in his base-
ment, Austrian film Michael follows five
months in the life of a very average thirty
something man (a fittingly uncharismatic
Michael Fuith) who works in insurance,
comes home and eats a carefully prepared
meal with the 10 year-old living in his
basement. He then rapes him, cleans him-
self, then goes to bed. There is no explana-
tion offered, Michael suffers no visible
guilt and how he managed to kidnap the
young boy in the first place is never allud-
ed to. The world outside doesnt exist
Michael doesnt even know the name of
the German Vice Chancellor. All that mat-
ters is his daily routine.
Though the banality makes the few
scenes dealing with the sexual nature of
their relationship even more repulsive, the
films attempt to be monstrous in its total
lack of monstrosity sometimes falls just
short. It illustrates how normalised
unspeakable horrors become in everyday
reality and, for the most part, this is a suc-
cessful character study of a character youd
prefer not to study. Sometimes its almost
too banal, as if director Markus Schleinzer
wants to desensitise his audience to the
films horrifying core. Yet it is the films
distinct lack of feeling that gives rise to the
the sharply mixed emotion created by
watching Michael. Distasteful as its subject
is, theres no denying the power of this ter-
ribly ordinary film about a terrible un-ordi-
nary mans actions.
Film
WANDERLUST
Cert: 15
hhhii
Stressed out? So are Linda (Jennifer
Aniston) and George (Paul Rudd) as
Georges job gets downsized and theyre
forced to move in with Lindas irritating
brother in Atlanta. On the way over, how-
ever, they stop off in Elysium, a paradise
land where materialism means little and
freedom is everything. Soon, though, it
becomes clear that this idyllic place might
actually be more trouble than its worth.
If youre going to cast a light-hearted
romp with a big, fluffy, sentimental, Ive-
really-learnt-something-about-myself
theme, then Paul Rudd and Jennifer
Aniston are your best bet. Both effortlessly
likeable and displaying spot-on comic tim-
ing, the pair are the ideal strained couple
learning how pointless worldly goods (like
clothes) are. Its not the laugh-a-minute
riotfest it should be as for every gag that
works, there are another two misfires, but
if it werent for some strong directorial
work from David Wann (Role Models) and
Rudds ability to give that little something
extra to a fairly run of the mill script, this
would flop. As it stands, Wanderlust
emerges as a satisfactory little vehicle for
Rudds usually pitch-perfect comic per-
formance style and another solid movie to
pop under Anistons belt.
C
ANARY Wharf station just got a
whole lot more interesting. No
longer just a place for commuters to
rush through en route to work, it is
for the next year at least home to a
series of video art installations commis-
sioned by Art on the Underground. The
opening series of Canary Wharf Screen
is called The City in the City, and will
explore different versions of city life.
We caught up with the head of Art on
the Underground, Tamsin Dillon, to dis-
cuss the project.
Whats the space like?
Its a solid wall built at the end of the
ticket hall. Its in a redundant part of
the hall; people dont need to get
through it to get out of the station or
towards the turnstiles. Weve used it
Zoe Strimpel chats to
the Tubes art chief
about a new series
Canary Wharf station gets an arty screen
before actually, projecting a work by
John Gerrard on a large wall we built.
Why pick this bit of the station?
The hall is huge, and this is about offer-
ing something that people will see
from a distance but also that they can
come and look at close-up. You cant do
something like this in the
Underground.
Tell us about the project?
Well, we wanted to do something that
reflected the rise of this particular kind
of art the video installation. We want-
ed something that explored the urban
environment, especially in a way rele-
vant to Canary Wharf, a unique urban
space. How do people behave in these
spaces as opposed to in the office or at
home? How do people collectively use
public space? Suki Chans film, for
instance, looks at railways running
through the city, while Melanie
Manchots film focuses on an urban
street party and Marcus Coates work
looks at a whole range of public spaces,
from bingo halls to other sites as well.
What did you want the audience to get
from this, specifically a commuter crowd?
People can read their own interpretation
into the films. Were hoping that people
will come back at lunchtime and watch
the films all the way through at the
weekend, itll be a different audience. We
want to encourage audiences that know a
bit about film to come specifically, but we
also want to give something a bit new and
interesting to the people that pass
through who are used to the cinema, to
mainstream films.
Whats particularly challenging about
curating and creating art on the
Underground?
Oh, its a huge challenge for the artists
because of the signs, the advertising, the
design of stations, people hurrying their
way through. And people care a lot about
the Tube as a space everyone has their
favourite line and so on; people under-
stand the Tube in very particular ways. Art
on the Underground tries of offer people
encounters with art they could see in a
gallery but in a totally different way.
Canary Wharf Screen consists of four film series
over the next year in conjunction with Video
Umbrella, Animate Objects, Lux and the BFI. For
more information about CWS and the four film-
commissioning bodies, go to tfl.gov.uk/art
The screen projecting
art videos at Canary
Wharf station.
T
E
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THE GRAHAMNORTON SHOW
BBC1, 10.35PM
John Cusack discusses his new film
The Raven. Actress Goldie Hawn
and comedian Marcus Brigstocke also
drop in for a chat.
MY LIFE IN BOOKS
BBC2, 6.30PM
Anne Robinson is joined by poet Pam
Ayres and actor Don Warrington, who
discuss their favourite books in the run
up to World Book Night.
THE MAD BAD AD SHOW
CHANNEL4, 10PM
Comedians Sean Lock and Miles Jupp
join team captains Micky Flanagan
and Mark Watson on the panel show
presented by Mark Dolan.
BBC1
SKY SPORTS 1
7pmSky Sports News 7.30pm
Live Super League 10pmTake It
Like a Fan 10.30pmPremier
League Preview11pmFootball
League 11.55pmTake It Like a
Fan 12.25amPremier League
Preview12.55am-6amLive
International One-Day Cricket
SKY SPORTS 2
5.30pmInternational One-Day
Cricket 7.30pmLive Football
League 10pmTennis 12am
Super League 2amTake It Like
a Fan 2.30amPremier League
Preview3amFootball League
Weekend 4am-6amTennis
SKY SPORTS 3
7pmTight Lines 8pmLive PGA
Tour Golf 11pmTight Lines
12amSuper Rugby 2amPGA
Tour Golf 5amKings of the
Snow5.30am-6amRoad to
London
BRITISH EUROSPORT
7pmSnooker: The World Open
quarter-finals. 9pm-12.30am
International Football
ESPN
7pmLive Premiership Rugby
Union 10pmFrench Top 14
Rugby Union 11.45pmPress
Pass 2012 12.15amMMA Live
12.45amPremier League
Preview1.15amESPN Kicks:
Extra 1.30amUFC Unleashed
2.30amMMA Live 3amLive
UFC 5amEuroleague Basketball
5.30am-6amICC Cricket World
Magazine
SKY LIVING
7pmCriminal Minds 8pmSteps
Reunion 9pmCriminal Minds
10pmCSI: Crime Scene
Investigation 11pmBones 12am
Criminal Minds 2.40amMedium
3.30amBones 4.20am-6am
CSI: Crime Scene Investigation
BBC THREE
7pmDoctor Who 8.30pmThe
Real Hustle: Celebrity Chancers
9pmRussell Howards Good
News 10pmEastEnders
10.30pmWhite Van Man 11pm
Sun, Sex and Suspicious Parents
12amFamily Guy 12.50am
American Dad! 1.30amRussell
Howards Good News 2.30am
White Van Man 3amSun, Sex
and Suspicious Parents 4amThe
Real Hustle: Celebrity Chancers
4.30am-5.30amBeing Human
E4
7pmHollyoaks 7.30pmHow I
Met Your Mother: Barneys
brother James visits. 8pm
Supernanny US 9pmFILMI,
Robot 2004. 11.10pmPlaying It
Straight 12.15amThe Big Bang
Theory 1.10amScrubs 2.10am
How I Met Your Mother 2.30am
Rules of Engagement 2.55am
Balls of Steel Australia
3.20amGreek 4amUgly Betty
4.45am-6amSwitched
HISTORY
7pmStorage Wars 7.30pm
Pawn Stars 8pmIRT Deadliest
Roads: The Andes 9pmMud
Men 10pmCash Cowboys 11pm
How London Was Built 12am
Storage Wars 12.30amPawn
Stars 1amThe True Story 2am
How London Was Built 3am
Cash Cowboys 4amThe True
Story 5am-6amAmerican
Pickers
DISCOVERY
7pmBear Grylls: Born Survivor
8pmWhale Wars 9pmStorm
Chasers 10pmAmerican
Chopper: Senior Versus Junior
11pmHeist 12amBear Grylls:
Born Survivor 1amSecrets of
Seal Team 6 2amStorm
Chasers 3amWheeler Dealers
3.50amMythbusters
4.40amChris Barries Massive
Machines 5.30am-6am
Destroyed in Seconds
DISCOVERY HOME &
HEALTH
7pmSupernanny US 8pmJon
and Kate Plus 8 9pmQuints By
Surprise 10pmKate Plus 8
11pmKids Hospital 12am
Quints By Surprise 1amKate
Plus 8 2amKids Hospital 3am
Supernanny US 4amA Baby
Story 5am-6amBaby Tales
SKY1
7.30pmThe Middle 8pm
Modern Family 8.30pmRaising
Hope 9pmStella 10pmGlee
11pmAn Idiot Abroad 2 12am
A League of Their Own 1amDog
the Bounty Hunter 1.55amUK
Border Force 2.45amRoad
Wars 4.35amBondi Vet
5.05am-6amSafebreakers:
Game show.
BBC2 ITV1 CHANNEL4 CHANNEL5
S
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&
C
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TVPICK
6pmBBC News 6.30pmBBC
London News 7pmThe One Show:
BBC News 8pmEastEnders
8.30pmRoom 101
9pmNew Tricks
10pmBBC News
10.25pmRegional News
10.35pmCHOICE The Graham
Norton Show
11.20pmThe National Lottery
Friday Night Draws 11.30pmFILM
The Haunting 1999. 1.15am
Weatherview1.20amSign Zone:
Question Time 2.20amSign Zone:
Bees, Butterflies and Blooms
3.20amSign Zone: Hairy Bikers
Best of British 4.05am-6amBBC
News
6pmEggheads
6.30pmCHOICE My Life in
Books
7pmThe Culture Show
8pmMastermind
8.30pmMastermind
9pmMelvyn Bragg on Class &
Culture
10pmQI
10.30pmNewsnight
11pmThe Review Show
11.45pmWeather
11.50pmFILMHard Candy:
Thriller, with Patrick Wilson
and Ellen Page. 2006.
1.30amThe Culture Show2.30am
BBC News 4.05am-6amClose
6pmLondon Tonight
6.30pmITV News
7pmEmmerdale
7.30pmCoronation Street
8pmSafari Vet School
8.30pmCoronation Street
9pmBenidorm
10pmITV News at Ten
10.30pmLondon News
10.35pmFILMLethal
Weapon: Action thriller,
starring Mel Gibson. 1987.
12.35amThe Zone; ITV News
Headlines
2.40amFILMHalf Light: Thriller,
starring Demi Moore. 2006.
4.30am-5.30amITV Nightscreen
6pmThe Simpsons
6.30pmHollyoaks
7pmChannel 4 News
7.30pm4thought.tv
7.35pmCome Dine with Me
8.30pmNew Girl
9pmThe Bank Job
10pmCHOICE The Mad Bad
Ad Show
10.50pmRude Tube: Extreme
Rides
11.50pm10 OClock Live 12.45am
FILMElection 2005. 2.25am
Random Acts 2.30amMy Name Is
Earl 3.15amHung 4.10amThe
Lobster Club 4.20amBrothers &
Sisters 5amParaphernalia
5.15am-6amCountdown
6pmHome and Away
6.30pm5 News at 6.30
7pmRoyal Navy: Caribbean
Patrol: 5 News Update
8pmEddie Stobart: Trucks and
Trailers: 5 News at 9
9pmThe Mentalist: Red John
targets an FBI agent.
10pmCastle
10.55pmLaw & Order:
Criminal Intent
11.55pmInside Hollywood
12amSuperCasino
3.55amMotorsport Mundial
4.20amWildlife SOS 4.45am
Wildlife SOS 5.10amHouseBusters
5.35am-6amHouseBusters
1 2 3 4 5 6
7
8
9 10 11 12
13 14 15 16
17 18
19
20
21 22
8 21 12
16 11 7
23 14
8 10
16 19
45
7 13
29 20
15 6
11 10 12
7 18 9
27
12
15
19
22
34
5
10
12
11
24
6
28
9
16
28
38
26
4
7
14
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 Clause appended to
a legislative bill (5)
4 Distinctive smell (5)
7 Dirty washing (7)
8 Military fabric (5)
9 Climbing plant (7)
13 Yugoslavian leader
who died in 1980 (4)
16 Dandy (4)
17 Childs two-wheeled
vehicle operated
by foot (7)
19 Divisions of quantity (5)
20 Source of illumination
that burns a fuel
derived from coal (3,4)
21 Wild animal (5)
22 Mr Wise, former
showbiz partner of
Eric Morecambe (5)
DOWN
1 Childhood disease
caused by deciency
of vitamin D (7)
2 Actual, if not rightful or
legally recognised (2,5)
3 Historical object (5)
5 Hired (6)
6 Branded (6)
10 Cereal crop (3)
11 Person excessively
concerned about
propriety and
decorum (7)
12 Print anew (7)
14 Implement used by
mountain-climbers
to cut footholds in
compacted snow (3,3)
15 Lots and lots (6)
18 Indian currency unit (5)
P
O
A
S
R U
M
E
T

4

4

P R O P R I E T Y
S U A N E V
T O N G S L A N A I
A U T E A S C
T I P S Y W H E R E
E A O V
S I F T S C Y C L E
M O A G O O R
A V A I L M E N D S
N L V E G A
E S S E N T I A L
8 2 1 8 4 6 8
9 3 4 9 6 7 9
4 1 8 6 2 1 3 5
7 9 8 9 6
6 2 1 3 8 9
8 9 7 6 2 5 3 1 4
4 2 9 7 8 5
3 1 1 2 7
4 8 5 7 9 1 3 2
1 3 4 1 3 8 1
2 1 5 4 9 9 8
4
4
4
4
4
4
4
4
4
WORDWHEEL
The nine-letter word was
DISPERSAL
Lifestyle | TV&Games
Wealth Management | ISAs
LON GD ONCE FIX AM...........1721.00 -67.00
SILVER LDN FIX AM ..................35.01 0.88
MAPLE LEAF 1 OZ ....................37.77 0.17
LON PLATINUM AM................1692.00 -35.00
LON PALLADIUM AM...............704.00 -14.00
ALUMINIUM CASH .................2301.00 -6.50
COPPER CASH ......................8583.00 -72.00
LEAD CASH...........................2232.00 -5.50
NICKEL CASH......................19905.00 -300.00
TIN CASH.............................24245.00 145.00
ZINC CASH ............................2125.00 1.50
BRENT SPOT INDEX................122.51 -0.65
SOYA .....................................1313.50 26.25
COCOA..................................2383.00 -31.00
COFFEE...................................203.15 -3.00
KRUG.....................................1841.00 -11.20
WHEAT ....................................166.62 -0.75
AIR LIQUIDE........................................99.00 1.47 100.65 80.90
ALLIANZ..............................................91.52 0.49 107.45 56.16
ANHEUS-BUSCH INBEV ....................51.21 0.79 51.38 33.85
ARCELORMITTAL...............................16.01 0.18 27.06 10.47
AXA......................................................12.33 0.23 15.97 7.88
BANCO SANTANDER...........................6.34 0.11 8.67 4.94
BASF SE..............................................67.24 1.34 70.22 42.19
BAYER.................................................56.61 1.11 59.44 35.36
BBVA......................................................6.81 0.08 8.81 4.94
BMW ....................................................71.49 2.06 73.85 43.49
BNP PARIBAS.....................................37.36 0.72 57.30 22.72
CARREFOUR ......................................18.87 0.05 31.44 14.66
CRH PLC .............................................16.28 0.24 17.40 10.28
DAIMLER.............................................45.99 0.59 53.95 29.02
DANONE..............................................51.30 0.52 53.16 41.92
DEUTSCHE BANK..............................35.84 0.79 47.11 20.79
DEUTSCHE BOERSE .........................49.83 0.06 57.68 35.65
DEUTSCHE TELEKOM.........................8.72 -0.04 11.38 7.88
E.ON.....................................................17.51 0.25 23.99 12.50
ENEL......................................................3.11 0.10 4.86 2.78
ENI .......................................................17.59 0.28 18.18 11.83
FRANCE TELECOM............................11.49 0.03 16.19 11.09
GDF SUEZ ...........................................19.75 0.28 29.64 17.65
GENERALI ASS...................................12.59 0.50 16.67 10.34
IBERDROLA..........................................4.50 0.05 5.98 4.16
INDITEX ...............................................69.07 -0.24 70.15 50.92
ING GROEP CVA...................................6.77 0.11 9.50 4.21
INTESA SANPAOLO.............................1.53 0.07 2.33 0.85
KON.PHILIPS ELECTR.......................15.80 0.05 24.12 12.01
L'OREAL..............................................87.49 1.88 91.24 68.83
LVMH..................................................128.80 2.50 132.65 94.16
MUNICH RE.......................................109.85 0.40 122.80 77.80
NOKIA....................................................3.89 -0.05 6.46 3.33
REPSOL YPF.......................................20.12 0.55 24.90 17.31
RWE.....................................................34.68 0.48 49.04 21.15
SAINT-GOBAIN...................................36.21 0.57 47.64 26.07
SANOFI ................................................57.15 1.64 57.42 42.85
SAP......................................................51.08 0.43 51.25 32.88
SCHNEIDER ELECTRIC.....................52.30 1.29 61.83 35.00
SIEMENS .............................................75.44 0.58 99.39 62.13
SOCIETE GENERALE.........................25.06 0.81 51.71 14.32
TELECOM ITALIA..................................0.87 0.00 1.16 0.70
TELEFONICA ......................................12.90 0.09 18.58 12.50
TOTAL..................................................42.58 0.59 44.55 29.40
UNIBAIL-RODAMCO SE...................147.40 2.40 162.95 123.30
UNICREDIT............................................4.13 0.23 12.45 2.20
UNILEVER CVA...................................25.29 0.36 27.16 20.90
VINCI ....................................................39.50 0.41 45.48 28.46
VIVENDI ...............................................14.50 -1.62 21.37 14.10
VOLKSWAGEN VORZ ......................143.45 3.10 152.20 86.40
Price Chg High Low
EUSHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . 5931.25 59.74 1.02
FTSE 250 INDEX. . . . . . . . 11535.36 85.84 0.75
FTSE UK ALL SHARE . . . . 3073.69 29.78 0.98
FTSE AIMALL SH . . . . . . . . 828.39 2.66 0.32
DOWJONES INDUS 30 . . 12980.30 28.23 0.22
S&P 500 . . . . . . . . . . . . . . . 1374.09 8.41 0.62
NASDAQ COMPOSITE . . . 2988.97 22.08 0.74
FTSEUROFIRST 300 . . . . . 1086.72 11.47 1.07
NIKKEI 225 . . . . . . . . . . . . . 9707.37 -15.87 -0.16
DAX 30 PERFORMANCE. . 6941.77 85.69 1.25
CAC 40 . . . . . . . . . . . . . . . . 3499.73 47.28 1.37
SHANGHAI SE INDEX . . . . 2426.12 -2.37 -0.10
HANG SENG. . . . . . . . . . . 21387.96 -292.12 -1.35
S&P/ASX 20 INDEX . . . . . . 2526.80 0.00 0.00
ASX ALL ORDINARIES . . . 4346.00 0.00 0.00
BOVESPA SAO PAOLO. . 66809.80 998.07 1.52
ISEQ OVERALL INDEX . . . 3238.64 30.32 0.95
STRAITS TIMES . . . . . . . . . 2904.76 -1.93 -0.07
IGBM. . . . . . . . . . . . . . . . . . . 860.91 8.46 0.99
SWISS MARKET INDEX. . . 6128.28 18.35 0.30
Price Chg %chg
3M........................................................87.49 -0.11 98.19 68.63
ABBOTT LABS ...................................57.32 0.71 57.42 46.29
ALCOA ................................................10.27 0.10 18.47 8.45
ALTRIA GROUP..................................30.02 -0.08 30.40 23.20
AMAZON.COM..................................180.04 0.35 246.71 160.59
AMERICAN EXPRESS........................53.57 0.68 54.45 41.30
AMGEN INC.........................................67.59 -0.42 70.00 47.66
APPLE...............................................544.47 2.03 548.21 310.50
AT&T....................................................30.63 0.04 31.94 27.27
BANK OF AMERICA.............................8.12 0.15 14.70 4.92
BERKSHIRE HATAW B.......................78.78 0.33 87.65 65.35
BOEING CO.........................................75.08 0.13 80.65 56.01
CATERPILLAR..................................113.39 -0.82 116.95 67.54
CHEVRON.........................................109.76 0.64 110.99 86.68
CISCO SYSTEMS................................19.88 0.00 20.49 13.30
CITIGROUP.........................................34.13 0.81 47.50 21.40
COCA-COLA.......................................69.60 -0.26 71.77 61.29
COMCAST CLASS A..........................29.45 0.05 29.92 19.19
CONOCOPHILLIPS.............................78.22 1.67 81.80 58.65
DU PONT(EI) DE NMR........................51.33 0.48 57.50 37.10
EXXON MOBIL....................................86.83 0.33 88.13 63.47
GENERAL ELECTRIC.........................19.12 0.07 21.17 14.02
GOLDMAN SACHS GRP..................121.13 5.99 166.25 84.27
GOOGLE A........................................622.40 4.15 670.25 473.02
HEWLETT PACKARD.........................25.25 -0.06 43.86 19.92
HOME DEPOT.....................................47.46 -0.11 48.07 28.13
IBM.....................................................197.53 0.80 199.23 151.71
INTEL CORP .......................................26.86 -0.02 27.50 19.16
J.P.MORGAN CHASE.........................40.37 1.13 47.80 27.85
JOHNSON & JOHNSON.....................64.83 -0.25 68.05 55.76
KRAFT FOODS A................................38.01 -0.06 39.06 24.30
MC DONALD'S CORP ........................99.25 -0.03 102.22 72.89
MERCK AND CO. NEW......................37.79 -0.38 39.43 29.47
MICROSOFT........................................32.29 0.55 32.39 23.65
OCCID. PETROLEUM.......................104.87 0.50 117.89 66.36
ORACLE CORP...................................29.83 0.58 36.50 24.72
PEPSICO.............................................62.55 -0.39 71.89 58.50
PFIZER ................................................21.49 0.37 22.17 16.63
PHILIP MORRIS INTL .........................84.23 0.71 84.33 60.45
PROCTER AND GAMBLE ..................66.66 -0.96 67.77 56.57
QUALCOMM INC ................................62.61 0.43 63.81 45.98
SCHLUMBERGER ..............................78.37 0.76 95.53 54.79
TRAVELERS CIES..............................58.42 0.45 64.17 45.97
UNITED TECHNOLOGIE ....................84.16 0.29 91.83 66.87
UNITEDHEALTH GROUP...................55.99 0.24 56.16 41.27
VERIZON COMMS ..............................38.43 0.32 40.48 32.28
VISA CL A..........................................117.18 0.81 119.36 70.45
WAL-MART STORES..........................58.82 -0.26 62.63 48.31
WALT DISNEY CO ..............................42.39 0.40 44.34 28.19
WELLS FARGO & CO.........................31.54 0.25 32.97 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 ..................0.270 0.00
LIBOR Euro - 12 months ................1.583 -0.01
LIBOR USD - overnight...................0.138 0.00
LIBOR USD - 12 months.................1.059 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 .........................3.160 0.06
European repo rate.........................0.155 -0.01
Euro Euribor ....................................0.347 -0.01
The vix index ...................................17.45 -0.98
The baItic dry index ........................750.0 12.0
Markit iBoxx...................................242.07 -1.25
Markit iTraxx..................................128.53 0.28
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
USSHARES
BAE Systems . . . . . .312.0 -0.7 340.8 248.1
Chemring Group . . . .418.6 -20.2 736.5 368.8
Cobham . . . . . . . . . . .190.2 2.8 236.5 165.9
Meggitt . . . . . . . . . . . .395.5 9.1 397.6 304.9
QinetiQ Group . . . . . .152.3 1.2 153.2 101.5
RoIIs-Royce HoIdi . . .826.5 12.5 830.4 557.5
Senior . . . . . . . . . . . . .197.8 2.2 201.0 132.6
UItra EIectronics . . .1700.0 14.0 1752.0 1305.0
GKN . . . . . . . . . . . . . .222.5 3.7 245.0 157.0
BarcIays . . . . . . . . . . .251.2 6.2 315.0 138.9
HSBC HoIdings . . . . .568.3 13.0 670.6 463.5
LIoyds Banking Gr . . .34.8 -0.2 62.9 21.8
RoyaI Bank of Sco . . .27.8 -0.2 44.7 17.3
Standard Chartere .1639.0 21.5 1712.5 1169.5
AG Barr . . . . . . . . . .1188.0 -5.0 1395.0 1031.0
Britvic . . . . . . . . . . . . .381.8 2.0 444.0 289.9
Diageo . . . . . . . . . . .1519.0 15.5 1522.8 1112.0
SABMiIIer . . . . . . . . .2585.0 37.5 2594.6 1979.0
AZ EIectronic Mat . . .299.6 16.6 338.1 206.1
Croda Internation . .2153.0 -1.0 2182.0 1556.0
EIementis . . . . . . . . . .168.0 2.0 187.4 107.5
Johnson Matthey . .2324.0 16.0 2351.0 1523.0
Victrex . . . . . . . . . . .1340.0 14.0 1590.0 1025.0
YuIe Catto & Co . . . . .213.2 -1.2 253.0 148.0
C/$ 1.3325 0.0018
C/ 0.8347 0.0023
C/ 108.97 0.3693
/C 1.1977 0.0031
/$ 1.5941 0.0020
/ 129.38 0.0703
FTSE 100
5931.25
59.74
FTSE 250
11535.36
85.84
FTSE ALLSHARE
3073.69
29.78
DOW
12980.30
28.23
NASDAQ
2988.97
22.08
S&P 500
1374.09
8.41
Smith (DS) . . . . . . . . .173.2 4.8 183.4 113.3
Smiths Group . . . . .1094.0 6.0 1353.0 869.5
Brown (N.) Group . . .239.6 0.8 304.5 227.0
Carpetright . . . . . . . . .659.0 -5.0 770.5 375.0
Debenhams . . . . . . . . .74.1 0.3 74.8 51.2
Dignity . . . . . . . . . . . .830.0 1.5 854.5 690.0
Dixons RetaiI . . . . . . .15.0 0.0 19.9 9.4
DuneImGroup . . . . . .511.5 -7.0 524.5 383.9
HaIfords Group . . . . .315.0 -1.8 405.9 268.6
Home RetaiI Group . .104.2 2.2 228.5 72.5
Inchcape . . . . . . . . . .378.0 2.7 425.4 268.1
JD Sports Fashion . .810.0 -20.0 1030.0 570.0
Kesa EIectricaIs . . . . .74.5 -0.1 151.4 60.2
Kingfisher . . . . . . . . .285.7 1.5 287.1 217.0
Marks & Spencer G . .361.1 -1.9 402.2 301.8
Next . . . . . . . . . . . . .2769.0 -2.0 2810.0 1868.0
Sports Direct Int . . . .293.4 -1.6 296.1 178.8
WH Smith . . . . . . . . . .537.5 5.5 559.0 433.8
Smith & Nephew . . . .630.5 12.5 718.5 521.0
Synergy HeaIth . . . . .842.5 -6.0 981.0 808.0
Barratt DeveIopme . .146.2 -1.0 149.2 67.5
BeIIway . . . . . . . . . . . .820.5 4.5 823.5 540.5
BerkeIey Group Ho .1394.0 6.0 1410.0 960.0
BaIfour Beatty . . . . . .278.5 0.6 357.3 214.6
CRH . . . . . . . . . . . . .1364.0 16.0 1687.0 1053.0
GaIIiford Try . . . . . . . .595.0 4.0 601.9 332.8
Kier Group . . . . . . . .1246.0 11.0 1489.0 1097.0
Drax Group . . . . . . . .505.0 -14.0 581.5 371.9
SSE . . . . . . . . . . . . . .1303.0 13.0 1423.0 1184.0
Domino Printing S . .660.0 4.5 705.0 434.3
HaIma . . . . . . . . . . . . .392.6 -0.3 429.6 306.3
Laird . . . . . . . . . . . . . .172.5 -1.0 207.0 127.9
Morgan CrucibIe C . .354.0 0.5 360.0 224.0
Oxford Instrument .1174.0 9.0 1187.5 600.5
Renishaw . . . . . . . . .1423.0 -14.0 1886.0 800.0
Spectris . . . . . . . . . .1763.0 18.0 1772.0 1039.0
Aberforth SmaIIer . . .629.0 0.0 714.0 494.0
AIIiance Trust . . . . . .373.8 2.8 392.7 310.2
Bankers Inv Trust . . .421.2 3.2 428.0 346.5
BH GIobaI Ltd. GB .1190.0 0.0 1212.0 1058.0
BH GIobaI Ltd. US . . . .11.8 -0.1 12.2 10.4
BH Macro Ltd. EUR . . .19.8 -0.1 20.2 16.3
BH Macro Ltd. GBP 2046.0 11.0 2078.0 1661.0
BH Macro Ltd. USD . . .19.7 -0.2 20.2 16.2
BIackRock WorId M .739.0 -6.0 815.5 574.5
BIueCrest AIIBIue . . .164.8 0.1 176.2 160.6
British Assets Tr . . . .128.6 -0.4 139.4 109.0
British Empire Se . . .450.5 -3.0 533.0 404.0
CaIedonia Investm .1546.0 -6.0 1800.0 1337.0
City of London In . . .297.9 2.1 306.9 257.0
Dexion AbsoIute L . .138.7 -1.4 151.0 130.0
Edinburgh Dragon . .252.2 -0.4 253.0 201.4
Edinburgh Inv Tru . . .493.4 2.7 496.5 414.9
EIectra Private E . . .1640.0 6.0 1755.0 1287.0
F&C Inv Trust . . . . . . .311.8 0.9 327.9 261.5
FideIity China Sp . . . . .86.5 -0.1 114.3 70.0
FideIity European . .1123.0 1.0 1287.0 912.0
HeraId Inv Trust . . . . .523.5 -0.5 545.5 419.0
HICL Infrastructu . . . .118.7 -0.3 121.3 112.7
Impax Environment .103.2 -1.3 125.4 88.5
John Laing Infras . . .109.6 0.1 110.6 103.8
JPMorgan American .933.0 0.0 940.5 721.5
JPMorgan Asian In . .201.2 -2.8 244.0 170.1
JPMorgan Emerging .572.5 1.5 610.5 480.1
JPMorgan European .736.0 -1.0 983.5 624.0
JPMorgan Indian I . . .382.1 -2.9 459.0 313.1
JPMorgan Russian .594.0 -1.0 741.0 415.1
Law Debenture Cor . .383.0 0.8 386.4 321.0
MercantiIe Inv Tr . . .1019.0 7.0 1119.0 823.0
Merchants Trust . . . .387.0 3.5 431.8 341.5
Monks Inv Trust . . . .342.2 -0.8 367.9 298.1
Murray Income Tru . .665.0 5.5 673.0 568.0
Murray Internatio . . .987.0 7.0 991.5 818.5
PerpetuaI Income . . .268.9 0.9 276.0 236.5
PersonaI Assets T .35150.0 20.0 35350.030210.0
PoIar Cap TechnoI . .386.7 -1.8 389.8 299.5
RIT CapitaI Partn . . .1210.0 -13.0 1360.0 1173.0
Scottish Inv Trus . . . .488.0 -3.6 524.0 417.0
Scottish Mortgage . .693.5 -3.5 781.0 565.0
SVG CapitaI . . . . . . . .281.4 9.9 281.4 165.1
TempIe Bar Inv Tr . . .938.5 1.5 952.0 791.0
TempIeton Emergin .625.0 5.0 684.5 497.0
TR Property Inv T . . .154.0 1.3 206.1 136.2
TR Property Inv T . . . .70.5 0.1 94.0 59.8
Witan Inv Trust . . . . .488.2 2.6 533.0 401.5
3i Group . . . . . . . . . . .194.7 5.2 307.5 166.9
3i Infrastructure . . . .121.7 0.3 125.2 113.4
Aberdeen Asset Ma .250.0 9.3 265.8 167.8
Ashmore Group . . . .392.5 6.7 420.0 301.5
Brewin DoIphin Ho . .157.3 1.2 184.7 113.7
CameIIia . . . . . . . . . .9973.0 523.010950.0 8800.0
CharIes TayIor Co . . .140.0 0.0 165.0 115.6
City of London Gr . . . .66.0 0.0 93.6 61.3
City of London In . . .366.0 6.0 440.0 304.3
CIose Brothers Gr . . .751.5 14.0 875.0 590.0
CoIIins Stewart H . . . .98.5 0.0 99.3 48.5
F&C Asset Managem .70.9 0.1 85.5 56.1
Hargreaves Lansdo .447.6 19.3 646.5 402.5
HeIphire Group . . . . . . .2.4 0.1 17.4 1.4
Henderson Group . . .119.4 0.2 173.1 95.1
Highway CapitaI . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . .397.3 12.5 541.5 311.6
IG Group HoIdings . .456.7 14.3 502.5 393.6
Intermediate Capi . . .277.0 6.3 345.0 197.9
InternationaI Per . . . .246.8 -0.9 388.8 148.5
InternationaI Pub . . . .117.3 -0.6 121.5 108.6
Investec . . . . . . . . . . .408.0 8.0 522.0 318.4
IP Group . . . . . . . . . . .115.3 -0.8 117.8 36.0
Jupiter Fund Mana . .253.8 3.8 328.7 184.9
Liontrust Asset M . . . .89.9 -0.5 91.4 57.9
LMS CapitaI . . . . . . . . .59.5 1.5 64.8 54.0
London Finance & . . .20.5 0.0 23.5 19.0
London Stock Exch .903.5 1.5 1076.0 756.5
Lonrho . . . . . . . . . . . . .11.0 -0.3 19.8 8.9
Man Group . . . . . . . . .147.5 16.6 284.4 104.5
Paragon Group Of . .190.0 3.6 206.1 134.6
Provident Financi . .1139.0 9.0 1146.0 915.0
Rathbone Brothers .1244.0 5.0 1290.0 977.0
Record . . . . . . . . . . . . .11.4 -0.1 35.5 10.6
RSM Tenon Group . . . .8.8 1.5 45.5 5.6
Schroders . . . . . . . .1588.0 42.0 1906.0 1183.0
Schroders (Non-Vo .1249.0 23.0 1554.0 970.0
TuIIett Prebon . . . . . .326.6 5.9 428.6 262.3
WaIker Crips Grou . . .40.5 0.0 51.5 40.0
BT Group . . . . . . . . . .217.6 2.6 218.4 161.0
CabIe & WireIess . . . .35.0 0.3 51.2 31.3
CabIe & WireIess . . . .32.0 4.1 72.6 14.2
COLT Group SA . . . . .98.8 -1.1 154.0 84.1
KCOM Group . . . . . . . .69.6 0.1 84.0 58.5
TaIkTaIk TeIecom . . .145.1 0.6 150.0 118.9
TeIecomPIus . . . . . . .640.0 26.5 802.0 440.0
Booker Group . . . . . . .75.0 -0.1 80.0 54.5
Greggs . . . . . . . . . . . .548.5 1.5 556.0 445.0
Morrison (Wm) Sup .290.4 0.4 328.0 268.5
Ocado Group . . . . . . .100.0 7.0 237.0 52.9
Sainsbury (J) . . . . . . .296.7 -1.6 371.5 263.5
Tesco . . . . . . . . . . . . .320.0 3.9 420.1 312.4
Associated Britis . .1206.0 8.0 1228.0 940.0
Cranswick . . . . . . . . .783.0 2.5 842.5 588.5
Dairy Crest Group . . .320.0 -2.6 409.7 311.0
Devro . . . . . . . . . . . . .315.0 0.7 315.8 232.0
Tate & LyIe . . . . . . . . .707.0 9.5 720.5 520.0
UniIever . . . . . . . . . .2053.0 22.0 2189.0 1796.0
Mondi . . . . . . . . . . . . .596.0 7.0 664.0 413.5
Centrica . . . . . . . . . . .304.8 0.8 337.6 278.8
InternationaI Pow . . .350.1 4.2 352.4 279.4
NationaI Grid . . . . . . .645.0 3.5 649.5 543.5
Pennon Group . . . . . .722.5 4.0 737.5 584.5
Severn Trent . . . . . .1574.0 -1.0 1600.0 1375.0
United UtiIities . . . . .615.5 4.0 637.0 551.0
Cookson Group . . . . .696.0 20.5 724.5 395.8
Rexam . . . . . . . . . . . .417.0 1.9 419.5 299.8
RPC Group . . . . . . . .384.0 -5.8 393.2 231.5
Price Chg High Low
Bovis Homes Group .509.5 4.0 514.0 326.5
Persimmon . . . . . . . .674.5 -1.0 706.5 374.0
Reckitt Benckiser . .3491.0 11.0 3597.0 3015.0
Redrow . . . . . . . . . . . .127.6 1.1 136.2 103.5
TayIor Wimpey . . . . . . .48.8 -0.9 52.7 28.7
Bodycote . . . . . . . . . .420.0 0.0 425.1 225.6
Fenner . . . . . . . . . . . .463.0 -10.1 481.8 280.0
IMI . . . . . . . . . . . . . . . .970.0 1.0 1119.0 636.5
MeIrose . . . . . . . . . . .388.6 -2.2 393.4 268.0
Northgate . . . . . . . . . .257.2 10.2 346.7 190.9
Rotork . . . . . . . . . . .2070.0 -1.0 2099.0 1501.0
Spirax-Sarco Engi . .2069.0 14.0 2101.0 1649.0
Weir Group . . . . . . .2030.0 -76.0 2236.0 1375.0
Evraz . . . . . . . . . . . . .415.0 -8.7 460.5 315.0
Ferrexpo . . . . . . . . . . .319.2 -1.6 499.0 238.7
TaIvivaara Mining . . .282.4 1.9 589.0 195.2
BBAAviation . . . . . . .201.8 -0.6 223.4 156.0
Stobart Group Ltd . . .128.0 5.1 152.8 112.0
AdmiraI Group . . . . .1096.0 19.0 1754.0 787.0
AmIin . . . . . . . . . . . . .352.6 1.2 427.0 270.6
BeazIey . . . . . . . . . . . .143.9 0.7 151.8 109.6
Informa . . . . . . . . . . . .437.0 3.6 446.0 313.9
ITE Group . . . . . . . . . .227.5 -1.0 258.2 157.7
ITV . . . . . . . . . . . . . . . . .88.0 2.1 93.5 51.7
Johnston Press . . . . . . .7.9 0.4 12.3 4.1
MecomGroup . . . . . .187.8 1.0 310.0 134.5
Moneysupermarket. .127.9 1.3 129.5 85.5
Pearson . . . . . . . . . .1211.0 12.0 1255.0 1038.0
PerformGroup . . . . .275.4 10.2 287.9 150.0
Reed EIsevier . . . . . .548.5 -2.0 578.0 461.3
Rightmove . . . . . . . .1444.0 -2.0 1455.0 933.0
STV Group . . . . . . . . .106.9 -1.1 168.0 76.3
Tarsus Group . . . . . .140.0 5.8 165.0 119.5
Trinity Mirror . . . . . . . .45.5 -0.5 84.3 37.5
UBM . . . . . . . . . . . . . .592.0 9.0 645.0 416.0
UTV Media . . . . . . . . .133.1 2.1 150.0 92.5
WiImington Group . . .95.0 4.0 165.0 78.5
WPP . . . . . . . . . . . . . .827.5 24.0 843.2 578.0
YeII Group . . . . . . . . . . .4.5 0.0 11.0 3.4
African Barrick G . . .457.7 -12.3 616.5 393.5
AIIied GoId Minin . . .105.0 -6.0 268.5 34.4
AngIo American . . .2671.0 21.5 3360.5 2138.5
AngIo Pacific Gro . . .331.0 -0.9 350.0 237.9
Antofagasta . . . . . . .1333.0 3.0 1491.0 900.5
Aquarius PIatinum . .140.2 3.1 405.5 136.0
BHP BiIIiton . . . . . . .2047.0 9.5 2631.5 1667.0
CatIin Group Ltd. . . .418.4 2.1 449.0 334.0
Hiscox Ltd. . . . . . . . . .412.7 2.7 424.7 340.5
Jardine LIoyd Tho . . .693.5 -8.5 764.5 576.0
Lancashire HoIdin . . .762.0 -3.5 790.5 532.5
RSA Insurance Gro . .110.8 1.5 139.8 99.6
Aviva . . . . . . . . . . . . . .373.0 4.7 477.9 275.3
LegaI & GeneraI G . . .122.1 1.3 123.8 89.8
OId MutuaI . . . . . . . . .161.0 1.9 162.2 98.1
Phoenix Group HoI . .561.0 11.0 688.0 451.1
PrudentiaI . . . . . . . . .724.0 11.5 777.0 509.0
ResoIution Ltd. . . . . .270.5 1.5 316.1 229.5
St James's PIace . . . .368.3 -0.7 376.0 294.0
Standard Life . . . . . . .237.1 4.6 244.7 172.0
4Imprint Group . . . . .242.5 4.5 295.0 200.0
Aegis Group . . . . . . .175.0 2.3 177.9 115.7
BIoomsbury PubIis . .121.3 0.0 138.0 91.3
British Sky Broad . . .674.5 4.5 850.0 618.5
Centaur Media . . . . . . .42.3 -0.8 66.0 32.5
Chime Communicati .235.8 1.8 298.5 163.0
Creston . . . . . . . . . . . .61.3 0.3 121.0 47.0
DaiIy MaiI and Ge . . .434.1 4.1 557.5 343.4
Euromoney Institu . .723.0 6.0 772.0 522.5
Future . . . . . . . . . . . . . .12.5 0.0 27.5 8.3
Haynes PubIishing . .210.0 0.0 257.0 192.0
Huntsworth . . . . . . . . .45.5 0.5 76.3 32.3
Bumi . . . . . . . . . . . . . .777.5 -0.58 782.0 765.0
Centamin (DI) . . . . . . . .90.2 -0.7 154.2 78.5
Eurasian NaturaI . . .706.5 6.0 974.0 522.0
FresniIIo . . . . . . . . . .1913.0 11.0 2150.0 1302.0
GemDiamonds Ltd. .250.7 -3.0 291.0 179.8
GIencore Internat . . .427.2 -4.9 531.1 348.0
HochschiId Mining . .498.6 -12.4 680.0 365.9
Kazakhmys . . . . . . .1062.0 -47.0 1493.0 730.0
Kenmare Resources . .55.7 -0.8 61.5 31.0
Lonmin . . . . . . . . . . .1107.0 4.0 1880.0 941.0
New WorId Resourc .527.0 -20.0 1060.0 409.4
PetropavIovsk . . . . . .675.5 -43.0 1090.0 543.5
PoIymetaI Interna . .1060.0 -24.0 1175.0 877.0
RandgoId Resource 7295.0 95.0 7565.0 4425.0
Rio Tinto . . . . . . . . .3594.5 10.5 4595.0 2712.5
Vedanta Resources 1464.0 24.0 4196.7 1424.0
Xstrata . . . . . . . . . . .1212.0 12.0 1550.0 764.0
Inmarsat . . . . . . . . . . .475.5 -4.1 685.5 389.3
Vodafone Group . . . .171.8 2.5 182.7 155.1
Genesis Emerging . .519.0 7.0 548.5 424.0
Afren . . . . . . . . . . . . . .136.1 2.3 171.2 73.6
BG Group . . . . . . . . .1526.0 8.5 1564.5 1144.0
BP . . . . . . . . . . . . . . . .496.4 4.0 501.7 363.2
Cairn Energy . . . . . . .338.6 -5.6 531.8 291.9
EnQuest . . . . . . . . . . .126.2 -0.6 158.5 85.7
Essar Energy . . . . . .109.4 4.5 517.5 104.6
ExiIIon Energy . . . . . .236.0 -1.0 469.7 184.2
Heritage OiI . . . . . . . .183.0 0.4 332.2 160.0
Ophir Energy . . . . . . .434.0 10.0 442.0 184.5
Premier OiI . . . . . . . . .440.6 0.0 520.5 310.0
RoyaI Dutch SheII . .2294.5 8.0 2402.0 1883.5
RoyaI Dutch SheII . .2347.5 18.0 2489.0 1890.5
SaIamander Energy .246.3 0.7 317.6 182.3
Soco Internationa . . .338.9 1.1 400.0 278.0
TuIIow OiI . . . . . . . . .1487.0 12.0 1601.0 945.5
Amec . . . . . . . . . . . .1122.0 16.0 1207.0 740.5
Hunting . . . . . . . . . . .845.5 22.5 845.5 530.0
Kentz Corporation . .474.3 3.6 508.0 347.0
LampreII . . . . . . . . . . .332.5 -7.5 395.2 220.7
Petrofac Ltd. . . . . . .1572.0 -19.0 1603.0 1108.0
Wood Group (John) .759.5 1.5 763.5 469.9
Burberry Group . . . .1446.0 34.0 1600.0 1092.0
PZ Cussons . . . . . . . .311.0 1.0 387.9 285.0
Supergroup . . . . . . . .540.0 -5.0 1600.0 435.2
AstraZeneca . . . . . .2822.5 15.0 3194.0 2543.5
BTG . . . . . . . . . . . . . .360.3 6.6 361.8 210.1
Genus . . . . . . . . . . . .1338.0 -30.0 1389.0 853.5
GIaxoSmithKIine . . .1405.0 18.0 1497.0 1138.5
Hikma Pharmaceuti .733.5 0.5 869.0 555.5
Shire PIc . . . . . . . . . .2206.0 8.0 2300.0 1719.0
CapitaI & Countie . . .193.3 3.0 203.7 153.4
Daejan HoIdings . . .2933.0 72.0 3030.0 2282.0
F&C CommerciaI Pr .102.7 -0.1 108.0 92.6
Grainger . . . . . . . . . . .110.0 0.1 133.2 77.3
London & Stamford .114.9 0.7 140.0 103.9
SaviIIs . . . . . . . . . . . . .370.2 7.1 427.1 256.2
UK CommerciaI Pro . .73.1 -0.3 85.5 65.1
Unite Group . . . . . . . .195.8 10.8 224.1 152.9
Big YeIIow Group . . .295.5 5.5 344.4 218.0
British Land Co . . . . .474.5 4.2 629.5 444.0
CapitaI Shopping . . .337.1 4.4 408.6 288.7
Derwent London . . .1730.0 40.0 1880.0 1400.0
Great PortIand Es . . .360.0 6.9 445.0 312.9
Hammerson . . . . . . . .399.4 7.6 490.9 345.2
Hansteen HoIdings . . .75.3 0.3 89.5 68.0
Land Securities G . . .683.0 8.0 885.0 612.0
SEGRO . . . . . . . . . . . .240.5 5.5 331.3 195.0
Shaftesbury . . . . . . . .499.0 9.0 539.0 441.2
Aveva Group . . . . . .1724.0 11.0 1799.0 1298.0
Computacenter . . . . .393.7 -6.5 490.0 324.7
Fidessa Group . . . . .1652.0 -8.0 2109.0 1444.0
Invensys . . . . . . . . . . .205.7 -2.4 357.3 180.9
Logica . . . . . . . . . . . . .87.1 1.0 144.8 59.0
Micro Focus Inter . . .454.8 4.8 458.4 242.9
Misys . . . . . . . . . . . . .318.8 -6.7 420.2 214.9
Sage Group . . . . . . . .311.8 1.2 312.6 231.7
SDL . . . . . . . . . . . . . . .718.5 8.5 720.0 586.0
TeIecity Group . . . . . .696.5 7.0 698.5 450.5
Aggreko . . . . . . . . . .2241.0 28.0 2250.1 1395.5
Ashtead Group . . . . .255.4 8.4 256.6 99.4
Atkins (WS) . . . . . . . .770.0 16.0 820.0 490.2
Babcock Internati . . .756.5 3.5 758.0 550.5
Berendsen . . . . . . . . .515.5 10.5 568.0 402.7
BunzI . . . . . . . . . . . . .973.0 11.0 979.5 676.5
Cape . . . . . . . . . . . . . .441.7 4.7 591.5 295.0
Capita . . . . . . . . . . . . .764.0 -3.0 786.5 611.5
CariIIion . . . . . . . . . . .330.0 5.0 403.2 281.0
De La Rue . . . . . . . . .968.5 16.0 1001.0 717.0
DipIoma . . . . . . . . . . .397.0 0.0 425.5 263.5
EIectrocomponents .246.6 5.1 294.9 182.2
Experian . . . . . . . . . . .955.5 10.0 960.0 665.0
FiItrona PLC . . . . . . . .449.1 -0.9 451.9 293.0
G4S . . . . . . . . . . . . . . .291.3 2.1 292.2 219.9
Hays . . . . . . . . . . . . . . .85.3 4.7 130.0 58.9
Homeserve . . . . . . . .221.2 -1.4 532.0 218.5
Howden Joinery Gr . .125.5 9.3 127.6 93.1
Interserve . . . . . . . . . .303.9 -1.2 341.3 245.0
Intertek Group . . . . .2350.0 35.0 2351.0 1744.0
MichaeI Page Inte . . .477.7 24.1 567.0 323.0
Mitie Group . . . . . . . .268.2 2.2 271.0 195.9
PayPoint . . . . . . . . . . .581.0 1.0 593.0 395.0
Premier FarneII . . . . .218.0 -0.1 308.8 144.5
Regus . . . . . . . . . . . . .112.8 2.1 119.0 64.0
RentokiI InitiaI . . . . . . .80.5 2.5 100.9 58.2
RPS Group . . . . . . . . .227.5 1.3 253.0 156.6
Serco Group . . . . . . .563.5 8.5 618.5 458.0
Shanks Group . . . . . .107.0 1.9 130.9 90.8
SIG . . . . . . . . . . . . . . .120.0 3.6 153.5 77.0
Travis Perkins . . . . .1086.0 12.0 1091.0 715.0
WoIseIey . . . . . . . . .2500.0 64.0 2500.0 1404.0
ARM HoIdings . . . . . .561.0 -8.5 645.0 464.0
CSR . . . . . . . . . . . . . .249.9 -4.9 391.4 154.1
Imagination Techn . .621.0 5.5 630.5 296.9
Spirent Communica .151.8 10.9 155.3 105.8
British American . .3223.0 46.0 3224.9 2300.0
ImperiaI Tobacco . .2534.0 43.0 2551.0 1878.0
Betfair Group . . . . . . .875.0 10.0 1030.0 567.0
Bwin.party Digita . . .158.5 0.0 204.0 100.6
CarnivaI . . . . . . . . . .1920.0 72.0 2672.0 1742.0
Compass Group . . . .637.0 7.0 641.0 512.5
Domino's Pizza UK . .444.5 0.6 526.0 377.0
easyJet . . . . . . . . . . . .439.8 0.3 476.1 301.0
FirstGroup . . . . . . . . .295.1 1.0 371.3 291.2
Go-Ahead Group . . .1302.0 19.0 1598.0 1190.0
Greene King . . . . . . .504.5 2.0 521.5 410.0
InterContinentaI . . .1450.0 16.0 1454.0 955.0
InternationaI Con . . .162.8 -1.4 258.7 132.0
JD Wetherspoon . . . .405.5 3.9 468.3 380.5
Ladbrokes . . . . . . . . .153.7 3.6 155.3 114.0
Marston's . . . . . . . . . . .98.2 0.3 112.0 84.6
MiIIennium& Copt . .491.0 7.1 563.0 371.2
MitcheIIs & ButIe . . . .267.7 5.2 336.8 215.6
NationaI Express . . .241.8 8.3 270.2 201.6
Rank Group . . . . . . . .137.4 -0.2 153.7 109.5
Restaurant Group . . .283.5 5.9 335.0 254.9
Spirit Pub Compan . . .57.8 -0.3 58.5 35.3
Stagecoach Group . .274.7 6.3 287.4 200.0
TUI TraveI . . . . . . . . . .198.7 0.7 250.0 136.7
Whitbread . . . . . . . .1687.0 -10.0 1737.0 1409.0
WiIIiamHiII . . . . . . . . .228.0 3.5 244.1 176.8
Abcam . . . . . . . . . . . .336.3 -3.0 460.0 320.0
Advanced MedicaI . . .92.5 0.0 96.0 64.8
AIbemarIe & Bond . .355.0 9.5 400.1 281.0
Amerisur Resource . .27.5 0.5 29.0 9.5
Andor TechnoIogy . .544.5 5.5 685.0 387.1
ArchipeIago Resou . . .66.8 -1.8 79.0 55.5
ASOS . . . . . . . . . . . .1782.0 -54.0 2468.0 1142.0
AureIian OiI & Ga . . . .20.5 0.8 92.0 16.0
Avanti Communicat .256.0 3.5 523.0 248.5
BIinkx . . . . . . . . . . . . . .79.0 -0.5 158.0 50.5
Borders & Souther . . .79.0 0.3 80.5 43.5
BowLeven . . . . . . . . . .92.8 -3.3 382.3 62.0
Brooks MacdonaId 1330.5 2.5 1372.5 940.0
CIuff GoId . . . . . . . . . . .97.8 -0.6 125.8 66.5
Cove Energy . . . . . . .226.0 -16.0 244.0 61.0
Daisy Group . . . . . . .107.5 -1.0 127.0 88.0
EMIS Group . . . . . . . .420.0 5.0 580.0 397.5
Faroe PetroIeum . . . .172.8 -0.8 186.0 130.0
GuIfsands PetroIe . . .170.0 -0.8 342.0 142.5
GWPharmaceuticaI . .92.8 -1.5 130.0 78.5
H&T Group . . . . . . . . .332.5 7.5 395.0 285.0
Hargreaves Servic .1253.0 13.0 1271.0 855.0
HeaIthcare Locums . . . .2.8 0.0 2.9 2.7
Immunodiagnostic . .358.0 -19.0 1218.0 288.8
ImpeIIamGroup . . . .342.5 2.5 387.5 225.0
Iomart Group . . . . . . .147.0 3.0 151.0 85.5
James HaIstead . . . . .508.1 7.6 520.0 410.0
London Mining . . . . .309.8 -5.3 436.5 257.5
Lupus CapitaI . . . . . .129.0 -2.3 150.0 86.0
M. P. Evans Group . .457.0 -1.5 475.0 371.0
Majestic Wine . . . . . .423.0 3.0 510.0 315.0
May Gurney Integr . .291.4 1.4 302.0 234.0
Monitise . . . . . . . . . . . .38.5 0.0 40.0 20.5
MuIberry Group . . . .1920.0 -10.0 1951.0 1199.0
Nanoco Group . . . . . . .73.5 7.5 93.3 38.0
NauticaI PetroIeu . . .370.0 0.8 444.3 223.5
NichoIs . . . . . . . . . . . .626.0 -1.5 642.0 410.0
Numis Corporation . . .94.0 -3.5 120.5 72.0
Pan African Resou . . .17.8 0.3 18.3 9.5
Patagonia GoId . . . . . .38.0 -0.5 70.0 36.8
Prezzo . . . . . . . . . . . . .65.0 0.0 71.5 53.5
Pursuit Dynamics . . . .83.5 1.5 392.0 67.0
Rockhopper ExpIor .385.8 9.5 393.5 141.0
RWS HoIdings . . . . . .520.0 20.0 530.0 354.8
Secure Trust Bank .1047.5 0.0 1070.0 755.0
Songbird Estates . . .110.0 3.5 160.3 103.0
VaIiant PetroIeum . . .508.0 8.5 638.5 400.0
Young & Co's Brew . .667.5 0.0 712.0 565.0
CabIe & WireIess W . .32.0 14.7
Man Group . . . . . . . . .147.5 12.7
Howden Joinery Gro .125.5 8.0
Spirent Communicat .151.8 7.7
Ocado Group . . . . . . .100.0 7.5
AZ EIectronic Mate . .299.6 5.9
Unite Group . . . . . . . .195.8 5.8
Hays . . . . . . . . . . . . . . .85.3 5.8
MichaeI Page Inter . .477.7 5.3
Hargreaves Lansdow 447.6 4.5
PetropavIovsk . . . . . .675.5 -6.0
AIIied GoId Mining . .105.0 -5.4
Chemring Group . . . .418.6 -4.6
Kazakhmys . . . . . . .1062.0 -4.2
New WorId Resource 527.0 -3.7
Weir Group . . . . . . .2030.0 -3.6
Drax Group . . . . . . . .505.0 -2.7
African Barrick Go . .457.7 -2.6
HochschiId Mining . .498.6 -2.4
JD Sports Fashion . .810.0 -2.4
Risers FaIIers
MAIN CHANGES UK 350
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Price Chg High Low Price Chg High Low
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MINING
NONEQUITY INVESTM. COMM.
Tsy 5.000 12 . . . .100.07 0.07 104.1 100.0
Tsy 5.250 12 . . . .101.28 -0.02 105.3 101.3
Tsy 9.000 12 . . . .103.66 0.00 111.1 102.4
Tsy 2.500 13 . . . .283.13 -0.03 287.7 281.2
Tsy 8.000 13 . . . . .111.80 -0.07 116.9 111.7
Tsy 4.500 13 . . . .104.10 -0.05 106.5 104.1
Tsy 5.000 14 . . . . .111.30 -0.16 112.9 109.3
Tsy 8.000 15 . . . .127.18 -0.27 129.2 123.8
Tsy 7.750 15 . . . .100.00 0.00 106.0 99.4
Tsy 4.750 15 . . . . .114.22 -0.27 115.4 109.1
Tsy 2.500 16 . . . . .343.11 -0.27 344.2 316.5
Tsy 4.000 16 . . . . .113.64 -0.31 114.7 105.6
Tsy 1.250 17 . . . . .115.40 -0.52 116.6 108.2
Tsy 12.000 17 . . .121.50 0.91 128.6 119.1
Tsy 8.750 17 . . . .140.40 -0.72 141.9 133.3
Tsy 5.000 18 . . . .121.40 -0.50 122.5 110.6
Tsy 4.500 19 . . . . .119.57 -0.55 120.7 106.5
Tsy 3.750 19 . . . . .114.39 -0.62 115.6 100.7
Tsy 2.500 20 . . . .363.74 -0.70 367.1 319.5
Tsy 4.750 20 . . . .121.81 -0.62 123.5 107.7
Tsy 8.000 21 . . . .150.46 -0.63 153.4 134.8
Tsy 4.000 22 . . . . .115.79 -0.75 118.2 100.0
Tsy 1.875 22 . . . .126.00 -0.91 129.1 113.2
Tsy 2.500 24 . . . .326.48 -0.88 334.7 280.6
Tsy 5.000 25 . . . .127.05 -0.78 130.6 108.5
Tsy 4.250 27 . . . . .118.06 -1.02 122.7 99.1
Tsy 1.250 27 . . . .121.54 -1.25 127.0 106.6
Tsy 6.000 28 . . . .142.51 -1.00 148.0 120.7
Tsy 4.125 30 . . . .309.60 -1.13 322.8 267.2
Tsy 4.750 30 . . . .124.67 -1.01 130.5 104.3
Tsy 4.250 32 . . . . .117.18 -1.06 123.1 97.5
Tsy 4.250 36 . . . . .117.31 -1.13 123.9 96.8
Tsy 4.750 38 . . . .126.88 -1.21 134.2 105.0
Tsy 4.500 42 . . . .123.29 -1.25 130.8 101.3
% %
YES, THE AIRCRAFT IN
THE PHOTO IS FOR SALE!
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Punter | Sport
SPORT TRADER BILL ESDAILE AND DAVID WILD WITH THE WEEKENDS BEST RACING AND RUGBY BETS
Fine Parchment
to give Charlie
Mann back-to-
back wins in
the Greatwood
T
HE calm before the storm will be
how the next 10 days are referred
to by countless racing people as
owners, trainers, jockeys and
punters nervously pray that their hors-
es get to Cheltenham in one piece.
There have been a number of high pro-
file withdrawals in the past week and
we just have to hope that the remain-
ing leading contenders make it.
Its Greatwood day at Newbury
tomorrow and the big race is the
Greatwood Gold Cup at 3.10pm. Paul
Nicholls holds a strong hand with
Aerial, Pasco and Woolcombe Folly and
this is a race the trainer likes to target
having won three of the last four
renewals.
Aerial, the mount of Ruby Walsh, is
easily the least exposed of the trio, but I
was disappointed with his run at
Cheltenham last time and he is oppos-
able at what is likely to be a short price.
Pasco hasnt won for two years, while
Woolcombe Folly carries top weight
and has been poor lately.
Charlie Mann won this race 12
months ago with FINE PARCHMENT
and they must have a big chance of
landing the prize again. The nine-year-
old has struggled so far this season, but
there have been excuses for his defeats
and Newbury seems to suit him well.
He is only 3lb higher than when suc-
cessful last year and with promising
10lb claimer Gavin Sheehan on board,
hes actually 4lb better off. This looks as
though its been the target before
another crack at the Topham and
Manns horses are running really well
at the moment.
Another who appeals down the bot-
tom of the weights is Gary Moores FIX
THE RIB and he is worth an each-way
saver. He isnt easy to win with, but his
last run at Kempton was more promis-
ing and hes on an attractive looking
mark.
Araldur and Daves Dream both have
the talent to win this, but one who
grabs me more is the giant Mad Max.
Formerly trained by Nicky Henderson,
he is now in the care of Neil
Mulholland and will love the decent
ground. Hes also three from three at
Newbury and will be very interesting if
the money comes.
Nicky Henderson is normally the
man to be feared in the Triumph
Hurdle, but by his own admission, his
juvenile team looks a little weaker this
year. The one who appears to be at the
top of the pecking order at Seven
Barrows is LYVIUS and he takes his
chance in the opener at Newbury
(1.50pm) this afternoon. He made an
impressive British debut at Kelso last
month and is expected to win this
before having a crack at the Triumph.
The weights for the handicaps at this
years Cheltenham Festival were
unveiled earlier this week and there are
certainly a couple worth adding to our
ante-post portfolio.
First up, in the ultra-competitive JLT
Specialty Handicap on the opening day,
I like the look of Nick Giffords
TULLAMORE DEW at 20/1 with Coral.
Now, the history book tells us that it
pays to side with a horse with previous
Cheltenham Festival experience and
our selection has been placed in his two
different assignments at both the last
two meetings.
He finished a gallant second to Spirit
River in the 2010 Coral Cup and fin-
ished third 12 months ago to Divers in
the Centenary Novices Chase. The trip
will play to his strengths and he only
just failed to reel in Massinis Maguire
on his latest start at Ascot. Tullamore
Dew looks sure to put up a bold display
and following the recent death of his
trainers legendary father, there wont
be a more emotional winner than a
Nick Gifford-trained horse.
With very little rain forecast, the
horse I was looking to side with in the
Byrne Group Plate was the Ferdy
Murphy-trained Divers who did us such
a favour last year. However, his price
collapsed yesterday on the back of the
news that AP McCoy will be in the sad-
dle, so Im not going to dive in at 10/1,
as he might not be that much shorter
on the day.
The other horse that catches my eye
in the race is Paul Nicholls CRACK
AWAY JACKwho I think has been laid
out for the race. He is another one with
an excellent Festival record having won
the Fred Winter in 2008 and finished
fourth in the following years
Champion Hurdle.
He was a well-backed disappoint-
ment at the Paddy Power meeting, but
picked up a nasty cut that day. He reap-
peared over hurdles at Ascot last
month, which would have blown all
the cobwebs away. Ive got a sneaky feel-
ing his trainer reckons hes extremely
well-handicapped and there is no way
he will start at the 12/1 currently on
offer with Blue Square, particularly
with a certain Ruby Walsh in the
saddle!
See our new racing centre at
www.cityam.com in the Punter section with
all the cards, chat and tips, as well as a com-
petition to win up to 1000.
You can follow me on Twitter @BillEsdaile
Fine Parchment won last years Greatwood Gold Cup Picture: Getty
POINTERS...
LYVIUS 1.50pm Newbury
(today)
FINE PARCHMENTe/w 3.10pm Newbury
(tomorrow)
FIX THE RIB e/w 3.10pm Newbury
(tomorrow)
TULLAMORE DEW20/1 JLT Specialty Hcap
(Cheltenham)
CRACK AWAY JACK 12/1 Byrne Group Plate
(Cheltenham)
THE rescheduled match at the
Stade de France takes place on
Sunday and neutrals could be in
for a treat. Both France and
Ireland are playing some of the
best attacking rugby seen in the
tournament so far.
The Boys in Green notched 42
points and five tries against Italy
last weekend and although
France found it much harder at
Murrayfield, they managed to
cross the try line twice against a
defensively sound Scotland and
four times against Italy in their
Six Nations opener. Only one of
the last six meetings between
the two teams in
the Six Nations
has featured
less than 40
points so
there seems
little down-
side to buy-
ing total
points at 44
with Sporting
Index. The Paris
meeting in 2006 yielded 74
points.
Philippe Saint-Andres (above)
men are given an eight-point
handicap with Coral but consid-
ering Irelands attacking threat
and experience, Im not certain
that will be covered. However,
Irelands record in Paris is poor:
just one win since 1972.
France have frequently put
their stamp on these matches
well before half-time, as they did
two years ago, when they led 17-3
at the break. Les Bleus should be
expected to be in control
throughout, even if they do not
manage to run away with the
game, so backing the half-
time/full-time double at 8/13
with Bet Butler appeals.
France too strong
for Boys in Green
at Stade de France
POINTERS...
France HT/FT at 8/13 with Bet Butler
Buy total points at 44 with Sporting Index
34
LIVERPOOL'S long wait for a trophy
is now finally over following
Sundays Carling Cup win, but
Kenny Dalglishs side were far
from impressive against Cardiff
and they will be facing a rejuvenat-
ed Arsenal outfit tomorrow.
The Gunners were looking in
trouble against Tottenham, going
2-0 down in the opening half,
before producing a barnstorming
comeback to win 5-2. Arsene
Wenger has an incredible knack of
turning things around when his
team have their backs to the wall
and that win could be a timely con-
fidence booster.
However, its been their away
form that has been the problem
since the turn of the year, losing at
Swansea and Fulham, and drawing
against Bolton. That said, Arsenals
last away league game was a win at
the Stadium Of Light and I just get
the feeling that the Gunners may
end the season with a flourish.
Liverpool havent quite given
up on claiming fourth spot, but its
going to be very tough for
Dalgishs men. They have a game
in hand on their rivals, but are still
seven points behind Arsenal in sev-
enth place.
The big worry for Anfield fans is
the prospect of a Carling Cup
hangover after last weekends emo-
tional penalty shootout win. That
game could well have left its mark
and its enough to put me off the
home side at a best-priced 21/20
with Bet Butler.
I was tempted to back the draw
at around 13/5, as eight of the 12
league games at Anfield have been
stalemates, but I just think the
value lies with Arsenal at 3/1 with
Bet Butler to inflict Liverpools first
home defeat of the season.
There have been plenty of goals
in recent contests between these
two, with only one of the last 17
producing less than two. Neither
side is particularly solid at the
back so the advice is to buy total
goals at 2.9 with Sporting Index.
AFTER the destruction derby against
Arsenal, Tottenham must pick them-
selves up off the floor pretty sharpish
or else face the prospect of undoing
much of the good work that has taken
them to the verge of a title challenge.
Any remaining hope of winning
the league has gone, but a good result
against Manchester United at home
on Sunday and they will be back on
track; a bad one and they will be nerv-
ously looking over their shoulders to
Arsenal and Chelsea.
There is no real let-up with the fix-
ture list in the next few weeks,
though, with trips to Everton and
Chelsea, as well as a tricky home tie
against Stoke.
Apart from their most recent per-
formance, there are a number of
other worrying factors to consider for
Harry Redknapp. His side is beginning
to appear over-worked and the timing
of this weeks England friendly has
been far from helpful.
Scott Parker, the man who led his
country on Wednesday, has been one
of the main reasons for Spurs great
No stopping United
at Spurs on Sunday
FORM often goes out of the window
in a derby game and both sides will
be hoping that rings true in
Sundays battle at the Sports Direct
Arena.
After their 5-0 defeat at
Tottenham, Newcastle surrendered
a two-goal lead in a 2-2 draw with
Wolves at home. Although, that is
at least a point more than
Sunderland managed in a 2-1 loss at
home to Arsenal and 4-0 walloping
at West Brom.
Being hosts, the Magpies start as
favourites, at 23/20 with Bet Butler,
as they aim to complete the double
over their great rivals for the first
time since the 2005/06 campaign.
Alan Pardews charges enjoyed a 1-0
win at the Stadium of Light in
August and can also fondly recall
last seasons 5-1 home win in this
fixture.
However, although Sunderland
have only a single victory to look
back on from the last 14 encounters
with Newcastle, theyve enjoyed the
end of season bragging rights for
the past three years after finishing
higher in the table.
That run will most likely end this
season, with Martin ONeill arriving
too late to help the Black Cats catch
the Magpies. But hes very clearly
worked his magic in a short time on
Wearside and his troops wont be
found wanting for motivation.
On Sunday, I think theres every
chance the teams will cancel each
other out. In the past three seasons
there has been a 1-1 draw and
theres a good chance we could see
another here. Back the stalemate at
27/10 with Bet Butler, the 1-1 correct
score at 6/1 with Coral and sell total
goals at 2.5 with Sporting Index.
SUNDAY 12.00PM ESPN
SUNDERLAND
NEWCASTLE
LEUNI
SUNDAY 4.10PM SKY SPORTS
MANCHESTER UNITED
TOTTENHAM
POINTERS...
Arsenal at 3/1 with Bet Butler
Buy total goals at 2.9 with Sporting Index
POINTERS...
Draw at 27/10 with Bet Butler
1-1 correct scoreline at 6/1 with Coral
Sell total goals at 2.5 with Sporting Index
TOMORROW 12.45PM SKY SPORTS
ARSENAL
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35
form, but he will sit this clash out after
being sent off against Arsenal. Meanwhile,
there are injury concerns over Kyle Walker
and Rafael van der Vaart.
Then theres Spurs record against the
Red Devils. A brace from Willem Korsten
helped them on their way the last time
they bagged three points from this fixture,
all the way back in May 2001, while the
most recent victory at Old Trafford was a
week before Christmas Day in 1989. More
recently United have won five of the past
six league meetings between the sides.
A draw, at 23/10 with Coral, is arguably
Tottenhams best hope of taking some-
thing, but I think the visitors can keep up
the pressure on their neighbours at the top
of the pile. Take the 8/5 with betting
concierge service Bet Butler for an away
win. For a limited time only, those who
qualify to join Bet Butlers exclusive VIP
club will get their first deposit matched up
to 1000. Check out www.betbutler.co.uk
for more details.
Only two clean sheets in eight league
outings shows Sir Alex Fergusons side are
more prone to conceding at the moment,
but more often than not, they have the
power to outscore opponents. They have
won thanks to a 2-1 scoreline three times
in five games. A repeat is worth a look at
9/1 with Coral, who are refunding bets if a
team wins from a losing position.
United players celebrate Ryan Giggs late winner at Norwich Picture: Getty
POINTERS...
Manchester United at 8/5 with Bet Butler
Manchester United to win 2-1 at 9/1 with Coral
LIVERPOOL
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Our customers can get a free rugby pack with pies and beer
delivered to their door before Englands RBS 6 Nations games.
Only with Priority Moments.
Text RUGBY to 2020
IN a season of dramatic comebacks
former Liverpool and England striker
Robbie Fowler is set to make the
unlikeliest return of them all by sign-
ing for Championship play-off hope-
fuls Blackpool.
Fowler, 36, who last played a com-
petitive game in England for
Blackburn three and a half years ago,
has been training for the last two days
with the Seasiders with a view to earn-
ing a deal until the end of the season.
He would follow other Premier
League legends, such as Paul Scholes,
who came out of retirement in
January to boost Manchester Uniteds
title hopes, and Thierry Henry, who
enjoyed a fruitful six-week return to
Arsenal that saw him score three goals
in seven appearances.
Since leaving Blackburn in 2008,
Fowler, the fourth highest scorer in
the history of the Premier League with
164 goals, has enjoyed a nomadic
career which has taken in Australia,
where he played for North
Queensland Fury and Perth Glory, and
Thailand, where he turned out 13
times for Muangthong United.
Fowler had been due to participate
in the inaugural Premier Soccer
League season in India alongside fel-
low veterans Robert Pires and Hernan
Crespo but pulled out following
doubts raised over the competitions
kick-off date.
Blackpool, meanwhile, six points
adrift of second-placed West Ham,
entertain fellow promotion hopefuls
Hull at Bloomfield Road tonight but
confirmed Fowler had not yet regis-
tered and would be unable to play.
CHELTENHAM hero Kauto Stars emo-
tional bid for third Gold Cup success is
rated at just 50-50 after trainer Paul
Nicholls-trained revealed 12-year-old took
a pretty awful fall under jockey Ruby
Walsh at his Somerset yard.
The 16 March Cheltenham showpiece
was expected to be a duel between Kauto
Star and defending champion Long Run,
who he beat to land a fifth King George
VI Chase victory at Kempton Park on
Boxing Day.
But Nicholls revealed: Theres no easy
way to say this but Kauto Star is only 50-
50 to make the Gold Cup.
As a trainer, it is all too easy to sit on
information when it comes to your hors-
es, but I am sad to report that his partici-
pation at the Cheltenham Festival is in
doubt.
BRITISH No1 Andy Murray will face
Australian Open champion Novak
Djokovic in todays semi-final at the
Dubai Championships after he
brushed aside Tomas Berdych in
straight sets yesterday.
Murray took one hour and 51 min-
utes to dispose of the former
Wimbledon finalist from the Czech
Republic, winning 6-3, 7-5.
Murray has struggled with a knee
injury throughout the tournament
and asked about his ailment, he said:
I had a problem with it since
Brisbane and its come and gone.
It was a bit sore right before the
tournament. I didnt feel it at all in
the first couple of matches, and then
right at the beginning of the second
set I felt it.
Its not something that stops me
sort of running around. I want to try
and get rid of it, because there are a
lot of the big events coming up.
Murray will face Djokovic for the
first time since their epic semi-final
in Melbourne in January which the
Serb won in five gruelling sets.
Kauto star rated only 50-50
for Cheltenham Gold Cup
HORSE RACING
TENNIS
Fowler hoping for

seaside swansong
BY JAMES GOLDMAN
FOOTBALL
Djokovic next
up as Murray
beats Berdych
Sport
Results
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email sport@cityam.com
SPORT | IN BRIEF
Poulter out with illness
GOLF: Englands Ian Poulter has
pulled out of the Honda Classic after
coming down with an illness. Poulter
revealed on Thursday he had been
diagnosed with pneumonia and may
struggle to have recovered in time
for the first Major of the season, the
Masters at Augusta which starts on
5 April.
No CAS appeal for Amir
CRICKET: Pakistan bowler
Mohammad Amir will not appeal to
the Court of Arbitration for Sport
against his five-year ban for spot-fix-
ing. Amir was released from Portland
Prison last month after serving half
of a six-month custodial sentence.
Agger out of Arsenal clash
FOOTBALL Liverpool defender Daniel
Agger will miss Saturdays clash with
Arsenal after fracturing his rib dur-
ing last Sundays Carling Cup final
victory over Cardiff City.
PORTSMOUTH may not be able to finish
the season, the clubs administrator has
warned, after learning they will not
receive any more parachute payments
from the Premier League.
The payments, made to help teams
adjust to relegation from the top flight,
will instead go to Pompeys former owner
Sacha Gaydamak, who is owed money by
the Championship club.
Administrator Trevor Birch said: We
previously stated there was a real danger
of the club running out of cash before
the end of the season. The risk of this
increases substantially without the
money from the football authorities.
FOOTBALL
Pompey cash could run out before

end of season, says administrator
Fowler is the fourth highest goalscorer in Premier League history Picture: REUTERS
Much has changed since Robbie
Fowler made his Liverpool debut as
an 18-year-old in September 1993
lThe Premier League contained 22
clubs including Swindon, Wimbledon
Oldham and Sheffield Wednesday
lArsenals squad at the time had
only three non British players com-
pared to 21 today
lManchester United had just broken
the British transfer record by spend-
ing 3.75m on Roy Keane
ROBBIE FOWLER | CHANGING TIMES
Sport
38
ENGLISH football clubs face being
placed at an unfair disadvantage to
their European rivals because of a
loophole regarding charitable dona-
tions in new Financial Fair Play rules,
City A.M. can reveal.
Top-flight sides last year donated a
total of 167.2m or 8.4m per club
to good causes and lower tier clubs
via the Premier League, but that gen-
erosity stands to count against them
in hard-hitting FFP calculations.
Because the money is top-sliced
from their central payments by the
league it is never credited as earnings,
making them more likely to fail FFP
tests and incur bans.
But Premier League chiefs are lob-
bying European governing body Uefa
to make allowances for the unique
nature of the top-flights donations
mechanism. A spokesperson told City
A.M.: We have informed Uefa that we
feel such central payments should be
taken into account as ignoring them
seems at odds with the principles of
FFP and could put our clubs at a dis-
advantage because of our recognised
and long-held league-wide commit-
ments in these important areas.
FFP states that clubs can make only
small losses over a rolling two-year
period, the first of which concludes at
the end of next season. Teams who
miss targets face punishments such
as transfer embargoes or even suspen-
sions from continental competitions
such as the Champions League.
The 167.2m figure includes 45m
to charity and community projects,
plus a range of central payments sup-
porting the health of the game in
England at all levels, according to the
leagues Creating Chances report, out
yesterday. Those include vital invest-
ments in youth development and sol-
idarity payments, both made to
Football League and Conference sides,
and parachute payments to help
clubs cope with relegation.
Uefa considers charitable dona-
tions an allowable expense under FFP
rules, along with spending on youth
teams and stadia, meaning they
should not affect calculations of a
clubs profit or loss.
But FFP does not currently take
into account top-sliced central pay-
ments, raising fears that Premier
League clubs could vote to scrap the
donations or face an 8m deficit that
could tip them into the red.
League officials have raised the
issue with Uefa but are concerned
their pleas have fallen on deaf ears,
with no indication yet that European
chiefs are ready to factor the central
donations system into FFP.
Premier League
clubs face raw
deal from Euro
financial rules
Lancaster may
be axed even
if England win
Six Nations
RFU chief executive Ritchie claims interim coach may be
axed even if he masterminds successful defence of title
EVEN winning the Six Nations might
not be enough to earn interim
England head coach Stuart Lancaster
the job on a permanent basis, the
Rugby Football Unions new chief exec-
utive Ian Ritchie has admitted.
Ritchie (inset) says he has been
impressed by former Saxons coach
Lancaster but adds that the RFU is
seeking the very best candidate, irre-
spective of nationality, and that
recent results will not be all-
important.
The former Wimbledon
tennis chief, who began
his new post this week,
indicated that Martin
Johnsons long-term suc-
cessor could even be
appointed before the end
of the Six Nations in a fort-
nights time.
That timeframe means the
highly-regarded Lancaster, who is due
to be interviewed for the role before
the championship concludes, could be
appointed or discarded regardless of
whether he goes on to clinch the title.
Lancaster, 42, has led England to
wins over Scotland and Italy and a nar-
row but lauded defeat against Wales
since being handed the reins follow-
ing Johnsons resignation in
November.
I think Stuart has done a fantastic
job, said Ritchie. He has clearly
entered in a very difficult position.
Hes done a lot of things that we
would all agree are the right things to
have done. He is an impressive person
and has done a great job.
Selection, however, is all about
comparisons. What we need to look at
is: how does Stuart stack up against
the other candidates?
What Stuart has undoubtedly done
is, by the strength of what hes
achieved, is put himself on the list. I
think its great that hes applied. But
its comparative: how does he compare
with the other people on the
list? And thats what were
going to have to look at.
Ritchie insists there is
no minimum target of
wins for Lancaster, say-
ing the appointment
would not be based on
whether he wins six
out of six, or loses six
out of six.
Former Italy and South
Africa coach Nick Mallett, ex-
Ireland chief Eddie OSullivan and
New Zealander John Kirwan are
thought to be among the internation-
al candidates Ritchie says have an
equal chance.
What Ive said applies irrespective
of nationality, he added. The most
important thing is: who is the best per-
son? It doesnt matter what their
nationality is.
Timetable-wise, we should be in a
position to do it before or by the end of
the Six Nations. Ideally he would be in
place for the South Africa tour.
BY FRANK DALLERES
RUGBY UNION
TOTTENHAM midfielder Scott Parker

intends to keep hold of the England
armband and lead the national side
at this summers European
Championships after he captained
his country for the first time in
Wednesdays 3-2 defeat against
Holland at Wembley.
Parker, 31, was controversially cho-
sen by caretaker boss Stuart Pearce to
captain the side ahead of the vastly
more experienced Steven
Gerrard and goalkeeper Joe
Hart, who has been ear-
marked as a potential future
skipper.
Despite being passed over,
Gerrard was among the
first to congratulate
Parker (right) on his
appointment and the
former West Ham and
Chelsea battler hopes
Wednesdays experi-
ence will prove to be
more than just a one-off.
Steve was fine. He was the ultra-
professional he is, Parker said. He
was the first person to come up to me
and congratulate me and said hed
support me. That was pleasing.
You wouldnt expect anything
else from such a great player.
Asked if he would like to
keep the armband, Parker
added: Of course I would. I
also understand theres a
many a player - no-one more
than Steven Gerrard and a
couple of others - whove obviously
been there before and done it.
Its going to be difficult for me but
I would obviously relish the chance to
lead the country out again and take it
into the Euros.
Whether thats me or its not me, I
know Ill be fully behind whoever it
may be, determined to make England
succeed.
It was pretty special experience,
really, a very proud moment for me
and something as a kid I dreamed of
many a time.
BY JAMES GOLDMAN
FOOTBALL
lEuropean regulation designed to make

clubs live within their means
l Clubs who fail test risk exclusion from
Euro competitions such as Champions
League, plus fines and transfer bans
l Teams assessed on rolling two-year
cycle starting this season
l Certain expenses, such as donations to
good causes, are supposed to be omitted
FAST FACTS | FINANCIAL FAIR PLAY
Parker wants Three Lions captaincy job for good
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39
TOTTENHAMS hopes of bouncing back
from last weeks crushing 5-2 north
London derby defeat have been dealt a
major blow after Gareth Bale was ruled
out of Sundays Premier League clash
against Manchester United.
Harry Redknapps side suffered their
fifth league defeat of the season at
Emirates Stadium after they squandered
an early two-goal lead and must aim to
reignite their flagging title hopes minus
the services Bale, who damaged a ham-
string training with Wales this week.
It is understood the tear is a grade one
the least severe but the usual healing
times of between 10 and 21 days for such
an injury means he will miss the FA Cup
replay against Stevenage on Wednesday
and potentially trips to Everton and
Chelsea in the Premier League as well.
Spurs, who now trail second-placed
United by eight points and leaders
Manchester City by a further two, will also
be without England skipper Scott Parker
who was sent off in the closing stages of
the defeat against Arsenal for a second
bookable offence.
Tottenham rocked as star man Bale ruled
out for three weeks with hamstring tear
BY JAMES GOLDMAN
FOOTBALL
Lancaster has led

England to win over
Scotland and Italy
Picture: GETTY
SEARCH FOR ENGLAND HEAD COACH:
HOW THE PROCESS WILL WORK
Q.
WHO WILL DECIDE THE IDENTITY
OF THE NEXT ENGLAND HEAD
COACH?
A.
Ian Ritchie says he will lead the
process, with guidance from a four-
man advisory panel and with the even-
tual recommendation needing to be
rubber-stamped by the Rugby Football
Unions board.
Q.
WHO IS ON RITCHIES ADVISORY
BOARD?
A.
Former British and Irish Lions
coach Ian McGeechan, Harlequins
boss Conor OShea, RFU professional
rugby director Rob Andrew and former
England player Richard Hill, now a
coach at Premiership champions
Saracens make up an illustrious quartet.
Q.
WHAT RUGBY EXPERTISE DOES
RITCHIE HAVE?
A.
Relatively little, he admits, having
moved after six years with the All
England Lawn Tennis & Croquet Club. A
former barrister and chief executive of
Channel 5, his background is in media
and sport but not rugby union. He has
vowed to improve his rugby intelli-
gence levels.
Q.
WHAT ROLE WILL HEAD-
HUNTERS PLAY?
A.
Eyebrows were raised when it
emerged recruiter Odgers
Berndtson would be helping the RFU
hire a new head coach, as it did with
the appointment of Ritchie himself.
However, he says Odgers will help han-
dle the process, for example making
calls to candidates, rather than having a
say in selection.
Q.
WHO WILL DECIDE THE IDENTITY
OF THE NEXT ENGLAND HEAD
COACH?
A.
Ritchie said yesterday an appoint-
ment could be made before the end
of the Six Nations, which concludes on
17 March. He added he hoped Martin
Johnsons successor would be in charge
for the summer tour of South Africa,
which begins in June, but that it was
not a pre-requisite for any candidate.
Q.
WILL THERE BE A PERFORMANCE
DIRECTOR TOO?
A.
Apparently not. Ritchie insists the
head coach will report directly to
him, without any other layers of hierar-
chy in between.
Q A
&
ENGLAND lock Courtney Lawes is in
danger of missing the rest of the Six
Nations with a shin injury.
The Northampton star had only just
returned from knee damage to make his
first appearance of the tournament as a
substitute in last weekends 19-12 defeat
against Wales at Twickenham. The 23-
year-old has suffered a stress fracture
and has been ordered to rest by his club
boss Jim Mallinder.
He will be out for a couple of weeks,
said Mallinder. Hopefully its not too
bad, nothing drastic. Its a question of
getting him off his feet for a couple of
weeks. Hes still young and the way he
plays is very physical.
[Its] a little bit disappointing and a
little bit of bad luck. Im sure hell come
back stronger. Hes been very unfortu-
nate and hes very disappointed but hes
got a long career ahead of him.
England are not in action again until
next Sunday against France in Paris,
before they conclude their campaign at
Twickenham against Ireland the follow-
ing week looking for revenge after last
years comprehensive defeat in Dublin
cost them the chance of completeing a
grand slam for the first time since 2003.
Lawes made an impact off the bench
against Wales but his one mistake
proved crucial, when Wales centre Scott
Williams ripped the ball from his grasp
and broke away for the decisive score.
England No8 Ben Morgan has been
ruled out of the Scarlets PRO12 game
against Connacht tonight night with a
calf strain.
Head coach Stuart Lancaster was
forced to release Morgan back to the
Scarlets against his wishes due to
International Rugby Board regulations.
Meanwhile, fly-half Owen Farrell, who
missed training on Wednesday through
illness, was involved in yesterdays ses-
sions at Loughborough but wing Chris
Ashton sat it out as he recovered from
sickness.
Lawes may miss crucial
French and Irish clashes
BY JAMES GOLDMAN
RUGBY UNION
MURRAY THROUGH TO
LAST FOUR IN DUBAI
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