GREECES economic nightmare continued

apace last month as industrial output plum-

meted again, according to figures released
yesterday, while Portugals banks were forced
to tap the European Central Bank (ECB) for a
record amount of funding.
Unemployment figures due out on
Thursday are expected to show another rise
in Greek joblessness in January 21 per
cent were unemployed in December, and
the situation is expected to worsen.
Weak domestic and export demand,
against a backdrop of tough austerity
measures, pushed industrial output down
by another 8.3 per cent in the year to
February.
The sovereign debt crisis also continued
to pound Portugal, where banks borrowed a
record 56.3bn (46.4bn) from the ECB last
month, up from 47.5bn in February.
Although the countrys borrowing costs
fell over March from a peak of 14.1 per cent
on 10-year debt to 11.1 per cent, they have
since risen to 12.2 per cent as worries
persist over the peripheral nations ability
to pay their debts.
Meanwhile, Greek dockworkers begin a
two-day strike against austerity today,
which will hit ferry services which are vital
to tourism.
social networking site as it has done
with previous acquisitions.
Spending $1bn in cash and stock
also marks a departure for Facebook,
which has typically focused on small-
er acquisitions worth less than
$100m. Zuckerberg said Facebook did
not plan on doing many more of
these [acquisitions], if any at all.
The company, which is expected to
launch a $5bn initial public offering
in May, said it expects to complete the
deal later this quarter.
Instagram was founded in October
2010 by Stanford University graduates
Kevin Systrom and Mike Krieger with
the aim of recreating snapshots taken
on old Polaroid cameras.
Mark Zuckerberg said Facebooks biggest-ever acquisition was a milestone for the firm
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Date: 19 April 2012
Time: 18.15 21.00
SOCIAL NETWORKING giant Facebook
has snapped up Instagram, a two-year-
old photo-sharing application that
employs just 13 staff, for $1bn
(629m) in its largest acquisition to
date.
The hugely popular application
allows users to add filters and special
effects to photos taken on their smart-
phones and share them through
Instagram or other networking sites
like Facebook, Twitter and Tumblr.
Since its launch in January last year,
Instagram has attracted some 30m
users. But despite a loyal following
the start-up has yet to book any profit.
In a post on his profile page yester-
day, Facebook chief executive Mark
Zuckerberg said the deal marked an
important milestone for the social
networking giant because its the
first time weve ever acquired a prod-
uct and company with so many
users.
He said the company planned to
grow Instagram independently
rather than integrating it into the
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Systrom has said he was first
approached by Mark Zuckerberg to
join Facebook in 2004 while he was
still at Stanford, but he turned down
the offer to finish his studies.
Systrom, who is said to own around
40 per cent of Instagram, is now likely
to land a windfall of around $400m as
a result of the deal. Krieger, who is
said to hold about a 10 per cent stake,
will net around $100m.
In a blog posted on Instagrams web-
site yesterday, Systrom said he and his
team were psyched to be joining
Facebook and reiterated plans to keep
the application independent.
With the support and cross-polli-
nation of ideas and talent at a place
like Facebook, we hope to create an
even more exciting future for
Instagram and Facebook alike, he
said.
The company, which counts Twitter
co-founder Jack Dorsey among its
investors, reportedly closed a $50m
funding round last week from
investors including Sequoia Capital
that valued the company at $500m.
Greece falls deeper into recession as Portuguese banks ask for record ECB funds
FACEBOOK TOPAY $1BN
FOR FIRMWITH 13 STAFF
BY TIM WALLACE
ALLISTER HEATH: Page 2

allister.heath@cityam.com
Follow me on Twitter: @allisterheath
AOL announced yesterday it is to
sell 800 of its technology patents to
Microsoft for nearly $1.1bn (690m),
sending shares in the internet firm
soaring by 43 per cent.
The company did not say what
these patents cover but they are
said to include rights from its
current and former businesses,
spanning from Netscape and
MapQuest to CompuServe and
Advertising.com.
Microsoft will also be granted a
non-exclusive licence to a portfolio
of over 300 patents that AOL has
decided to keep.
AOL, which has been facing
pressure from activist investors to
pursue the auction, said it intended
to return a significant portion of
the sale proceeds to them.
The agreement with Microsoft
represents the culmination of a
robust auction process for our
patent portfolio, said chief
executive, Tim Armstrong.
The sale process kicked off last
autumn and has attracted a string
of online suitors including Amazon
and eBay, in what has in recent
years become an increasingly
expensive battleground for patents.
Technology companies have been
spending billions on intellectual
property assets primarily to defend
themselves against the rising tide of
patent litigation.
Microsoft buys
patents from
AOL for $1.1bn
BY KASMIRA JEFFORD
G
E
T
T
Y
Firms wont be forced to
offer third way pensions
THE GOVERNMENT will not force
companies to offer new defined
ambition pensions, minister
Steve Webb said yesterday as he
announced plans to find a third
way for private sector workers to
save for their retirements.
Webb wants more businesses to
offer pensions that guarantee
some certainty for employees,
despite the near extinction of
defined benefit schemes yet will
not oblige them to do so.
This is another option for
firms, the pensions minister said.
Were not going to force anybody
to do this but we are aware that a
number of schemes are looking at
sharing risk with their employees
as part of auto-enrolment.
The coalition wants to help firms
move towards schemes that offer
more certainty than defined con-
tribution pensions, which are
prone to investment fluctuations.
Yet the government is not expect-
ed to back the move with cash,
instead expecting employers and
employees to share the risks asso-
ciated with retirement packages.
There must be somewhere in
the middle between the old final
salary schemes where absolutely
every risk was on the firm how
long you lived, what happened to
Pensions minister Steve Webb wants schemes to offer more certainty
2
NEWS
BY JULIAN HARRIS
To contact the newsdesk email news@cityam.com
W
HILE the City was enjoying
its Easter Monday off, Wall
Street was out in force. The
most astonishing deal
signed yesterday was Facebooks $1bn
purchase of Instagram. This was the
social networks biggest purchase to
date and comes as a prelude to
Facebooks flotation but the real
story was that Instagram is just 551
days old and employs no more than
13 employees.
The firm had just 100,000 users on
13 October 2010, 200,000 a week later,
300,000 eight days after that and
reached 1m by 21 December that year.
Six weeks later, it had doubled again,
and then again three months and a
bit later. It had 27m at last count,
which means that Facebook is paying
about $37 each. Nice work if you can
get it for Instagrams founders and
investors, and they have produced a
EDITORS
LETTER
ALLISTER HEATH
Facebook must beware a return to the dot.com bubble days
TUESDAY 10 APRIL 2012
great piece of software that allows
mobile users to share photographs
but as we learnt during the global
credit bonanza of the noughties, if it
feels and sounds like a crazed bubble,
it almost certainly is one.
It may just be that Facebook run
by the 27-year old Mark Zuckerberg
is clever enough to make its acquisi-
tion pay after all, Instagrams users
upload 5m pictures every day and its
new Android app has been phenome-
nally successful, with 1m downloads
in just 24 hours. But others should
beware: the last time people paid for-
tunes for users and eyeballs, rather
than for cash flows, it all ended in
tears. And even Facebook could stum-
ble: its corporate culture and the
rules it imposes on its users may not
mesh well with Instagrams
approach. There have been lots of dis-
astrous takeovers in the tech world in
recent years, where companies pay
huge amounts for an asset which sub-
sequently loses much of its value.
There are plenty of good internet
firms out there today, unlike in 1999-
2001, but that is no excuse to pay silly
prices for trendy properties and yes,
that means even you, Mark
Zuckerberg.
CREDIT BRITAIN
We all know that there has been mas-
sive deleveraging in the UK, right?
cent at peak in the first quarter of
2009 to 101 per cent late last year
but this was just 69 per cent 15 years
earlier. We wont need to go all the
way back down but greater delever-
aging will be required. For non-finan-
cial firms, debt as share of GDP is
down from 121 per cent in the fourth
quarter of 2008 to 105 per cent but
that remains far higher than the 82
per cent seen a decade ago or the 58
per cent seen 15 years ago even
before pension fund deficits, which
ensured that overall corporate liabili-
ties actually rose last year. The UK can
probably bear more debt than 15
years ago but not this much.
One thing is sure: we will all have to
tighten our belts for many more years
to come.
Wrong. As Citigroups excellent
Michael Saunders calculates, includ-
ing net public debt (which officially
rose to 64 per cent of GDP at the end
of last year), the total debt/GDP ratio
for the UK (excluding financial firms)
was 270 per cent at end-2011, similar
to the level of a year earlier (271 per
cent) and little changed from the
peak (278 per cent of GDP in the third
quarter of 2009). It remains far above
levels of 10 years ago (191 per cent in
late 2001) or 15 years ago (169 per cent
of GDP in late 1996).
The situation in the private sector is
better but not sufficiently so. The pri-
vate debt/GDP ratio (excluding finan-
cial firms) fell to 206 per cent at
end-2011 from 231 per cent in late
2008. But this remains far higher
than 10 years ago (160 per cent) or 15
years ago (127 per cent). Taking just
households, the ratio fell from 111 per
inflation, what happened to invest-
ments and a pure defined contri-
bution scheme where you put the
money in but you have absolutely
no idea what pension youre going
to get at the end, Webb told BBC
radio.
Henry Tapper of pensions firm
First Actuarial said that the govern-
ment would have to go further to
convince businesses and private sec-
tor workers. It is not enough to pro-
mote ways of rearranging deck
chairs on the Titanic, Tapper said.
Webb is going to have to offer some
genuine help to the private sector.
Shell became the final FTSE 100
firm to close its final salary scheme
at the beginning of this year. Yet
such pensions, which guarantee an
ongoing proportion of a workers
salary upon retirement, remain
available to workers in the govern-
ment sector.
The Institute of Directors respond-
ed unenthusiastically yesterday, say-
ing that employers would be very
nervous about government plans
for more private sector guarantees
on pensions.
Q
What is a defined
ambition pension
scheme?
A
These are
pensions that offer
some certainty to retired workers.
Yet unlike defined benefit schemes,
not all the risk is piled on employers.
And unlike defined contribution
schemes, less risk is left with the
pension holder.
Q
How does that work in practice?
A
In several ways. One is for a
scheme to come with a minimum
annual income, with more money
added if investments perform well
thus protecting pensioners if
investments turn sour.
Q
Is this an entirely new idea?
A
No, several companies already
offer such pensions. Supermarket
Morrisons guarantees a pension pot
for employees, which the firm tops
up if the stock market performs
badly. Yet payments also depend on
annuity rates, so there is still an
element of risk for the pensioner.
Other firms offer more guarantees if
employees work to an older age.
Q
Will this affect the auto-enrolment
scheme?
A
No, it shouldnt. Auto-enrolment
starts in October but will only
oblige firms to offer defined
contribution schemes.
Q
A
and
Dened ambition
pension schemes
AstraZeneca faces calls for shake-up
Some of the biggest investors in AstraZeneca
are calling for a radical shake-up of the board
and executive team, as a new chairman
prepares to join the underperforming Anglo-
Swedish pharma group. With the company
trading on the lowest price/earnings multiple
in the sector, some shareholders have been
lobbying to replace David Brennan as chief
exec and push for a fresh business strategy.
Spectrum sale in UK fans 4G hopes
Everything Everywhere, the UKs largest
mobile operator by customer numbers, has
appointed Morgan Stanley to sell spectrum
that could be used to roll out 4G mobile
broadband services in the UK.
Heathrow night flights proposed
Ministers are to study a contentious proposal
to fly A380 superjumbos in and out of
Londons Heathrow airport late at night.
Emirates Airline, the Gulf carrier, says it can
cut noise levels by flying the big airliners into
Heathrow on steeper-than-normal descents,
and landing them part way down the hub
airports runways, reducing the number of
homes in west London affected by the din
from jets.
Investors hold back over Indian tax
reforms
One of Indias most powerful bankers has hit
out at government proposals to hit foreign
companies with retrospective taxes on
investments they have made in India, warning
that the countrys rate of economic expansion
is likely to suffer. Chanda Kochhar, chief
executive of ICICI, Indias biggest private sector
bank, told The Times that the new tax rules
were forcing foreign investors to shelve plans
to invest in Asias third biggest economy a
trend that is likely to dent GDP growth. The tax
proposals would allow authorities potentially
to tax transactions dating back to 1962.
Russia: we would build safe UK nuclear
plants
Russia's state atomic energy agency has
played down fears over its safety record as it
confirmed its interest in building nuclear
power stations in Britain. Rosatom is said to
be eyeing a stake in Horizon, the joint
venture put up for sale by RWE and E.ON.
Olympic-hit businesses in court move
Scores of small businesses are planning a
class action lawsuit against the organisers of
the Olympics over planned road closures and
restrictions they claim will put jobs at risk.
Indian firm seeks to book the Plaza
An Indian conglomerate has made an
unsolicited $600m offer to acquire the Plaza
Hotel in New York, but the deal would need
approval of two owners: an Israeli-owned
holding company and a Saudi Arabian
prince.
Uniqlo plans store on US West Coast
Japanese clothing chain Uniqlo is opening its
first West Coast location as parent Fast
Retailing rolls out its plan to open hundreds of
stores in the US, even as American retailers are
retrenching.
WHAT THE OTHER PAPERS SAY THIS MORNING
The new jobs website for London professionals
CITYAMCAREERS.com
IN BRIEF
Clinton project picks IPO banks
n For-profit higher education company
Laureate Education, which has former US
President Bill Clinton as honorary
chancellor, has picked banks to lead an
initial public offering that could raise as
much as $750m. Laureate has chosen
Morgan Stanley and Barclays to lead the
proposed offering, sources said. Citigroup
is also an active bookrunner in the IPO.
GSK and Merck give cheap vaccines
n International vaccines group GAVI has
struck a deal for bulk buying rotavirus
shots from GlaxoSmithKline and Merck
which cuts the price by two-thirds and will
allow poor countries cheaper access. The
vaccines, GSK's Rotarix and Merck's
Rotateq, combat the main cause of
diarrhoea the second-largest killer of
children under the age of five worldwide.
TUESDAY 10 APRIL 2012
3
NEWS
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THE CITY jobs bloodbath has
helped drag property rental prices
down for the sixth month in a row,
according to research out today.
As banks cut headcounts and
freeze pay, rents in prime London
homes fell 0.1 per cent in March
and the very top of the market has
been hit hardest, claims estate
agent Knight Frank.
Houses with rents topping 1,500
a week in the most desirable areas
have seen rental prices fall 1.2 per
cent on last year, while properties
on Knight Franks books with rents
above 500 are up 1.5 per cent.
And renters are staying put
rather than risking a move, with
the number of new tenancies
falling seven per cent. This comes
City jobs cull hits prime rents
BY MARION DAKERS as vacancies in the financial sector
dropped eight per cent in March
alone, according to Morgan
McKinleys London research.
These figures underline that
the lettings market has been
struggling since November last
year. The Morgan McKinley data is
a strong indicator for corporate
relocation and is a concern, said
Knight Franks head of residential
lettings Tim Hyatt.
But he also pointed out that
recent drops have come in the
wake of record highs for prime
London property last year.
For owners outside the capital,
all but the most expensive country
piles are also seeing values eroded.
Prime country prices fell 0.5 per
cent in the first three months of
2012, Knight Frank said.
Bond bubble
fears grow as
investors query
debt valuation
GOVERNMENT bonds are increasing-
ly overvalued, according to a grow-
ing majority of personal finance
advisers, stoking fears that money-
printing and the markets flight to
safe haven assets are inflating a
catastrophic bond bubble.
More than three quarters of 520
professional investment advisers
quizzed by the CFA Society UK, their
industry body, now say that govern-
ment debt is overvalued, according
to research released today.
And the data shows that this view
is hardening: 78 per cent of invest-
ment advisers call the bonds over-
valued in the second quarter of
2012, versus 72 per cent in the first
quarter. Forty-three per cent of those
queried called government bonds
very overvalued.
They also call corporate bonds (49
per cent) and gold (61 per cent) over-
valued.
CFA UK chief executive Will
Goodhart said: While fixed income
securities have been attractive on
account of their perceived safe
haven status, our survey suggests
that they may no longer offer good
value.
Some economists have been warn-
ing for months that the cumulative
effect of money-printing and mis-
BY JULIET SAMUEL pricing of risk is leading to a bubble
in public debt.
Philip Booth of the Institute of
Economic Affairs said: Youd expect
quantitative easing to lead to a bub-
ble in bond values thats one of its
purposes. But he said that while
quantitative easing is a short-term
factor propping up gilt prices, there
is also a long-term problem.
I dont think people have quite
gotten to grips with the fiscal situa-
tion the UK is in, he said. Its pretty
grim [Investors] are underestimat-
ing the long-term risks in the UK, US
and EU government bond markets.
At a recent bond auction, the UK
was able to borrow at negative yields
paying interest at rates lower than
inflation, with investors effectively
paying the government to borrow
from them.
That has prompted the chancellor
to consult on issuing 100-year bonds,
but his plan could be dealt a blow if
demand for government debt soft-
ens. The CFA Survey is the second
sign of weakening demand after a
sharp sell-off in US Treasuries last
week.
Andrew Lilico, director of Europe
Economics, said: The market has
tended to be far too relaxed about
the inflation risk. Most of the risk
lies in a crash in [nominal bond]
prices rather than a rise.
ADVISERS ARE INCREASINGLY CONVINCED THAT BONDS ARE OVERVALUED
Very undervalued Somewhat undervalued Fair value Somewhat overvalued Very overvalued
%
43
13
7
1
35
%
10
32
18
1
39
%
26
23
12
4
35
GOVERNMENT BONDS CORPORATE BONDS GOLD
Iberia cancels
150 flights as
strikes begin
BY HARRY BANKS
G
E
T
T
Y
STRUGGLING holiday group
Thomas Cook confirmed yesterday
that it is close to a deal to roll over
some of its 1.2bn debt pile.
The 170-year-old firm said it is in
advanced talks and expects to
have an agreement with its lenders,
who include RBS and Barclays, in
time for its half-year results in May.
Thomas Cook added that it was
looking into selling and leasing
back some of its planes in order to
release cash.
The travel group has been forced
to consider a raft of fundraising
proposals after it issued three prof-
Thomas Cook
nears a 1.2bn
deal over debt
BY MARION DAKERS
it warnings last year due to families
cutting back on holidays and the
soaring popularity of travel web-
sites.
Those close to the firm said share-
holders could lose out as lenders
look to take an equity stake of up to
five per cent and hike interest rates
in return for extending the loan
deadlines.
Interim chief executive Sam
Weihagen has spent months trying
to thrash out a deal with lenders as
sales continued to slide.
A syndicate of 17 banks have been
in talks since November, when they
agreed a 200m rescue package,
over easing pressure on Thomas
Cook by extending its loan facilities
through to 2015.
Last month Thomas Cook reported
that bookings were beginning to sta-
bilise, following a dire 2011 that led
to the departure of veteran chief
executive Manny Fontenla-Novoa in
August.
The firm has seen a good level of
interest in its Indian business,
which was put up for sale in
February as part of a strategic
review. IAG, run by Willie Walsh, has been hit by the first of 30 strikes by Iberias pilots
Thomas Cook Group PLC
20.50
5Apr
2Apr 30Mar 3Apr 4Apr 5Apr
23.50
23.00
22.50
22.00
21.50
21.00
20.50
20.00
p
TUESDAY 10 APRIL 2012
4
NEWS
cityam.com
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PILOT STRIKES at British Airways
Spanish sister Iberia grounded 150
flights across Europe yesterday, in
the first phase of industrial action
that could cause travel misery
during the peak summer season.
Staff walked out yesterday in the
first of 30 one-day strikes to protest
against the start-up of low-cost
carrier Iberia Express, owned by
International Airlines Group,
which also controls BA.
Iberia estimates the strikes will
cause damages of 3m (2.47m) per
day.
Pilots union SEPLA says Iberia
Express is a threat to jobs and
conditions, but the company says it
is vital to increasing profitability.
The pilots, who plan to strike
every Monday and Friday until July,
say Iberias new low-cost service
contravenes deals struck when
Iberia and British Airways merged
in January 2011.
Last week, Iberia petitioned a
court to ban strikes by pilots and
cabin crew planned over the next
few months and to seek
compensation for 12 days of strikes
held between December and
March.
The strikes were briefly called off
in March and pilots went into talks
with the company, but
negotiations broke down.
No one at Iberia was available for
comment.
IN BRIEF
G
E
T
T
Y
BOTTOM
LINE
DAVID CROW
TUESDAY 10 APRIL 2012
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Why most investors dont care if Diamond gets rich
ter, a piddling amount compared to
the 30 per cent or so held by foreign
investors. Chief among these are the
ruling families of Abu Dhabi and
Qatar, who account for about 20 per
cent of the Barclays register, and
Blackrock, the US fund manager that
holds around 11 per cent. In the words
of Peter Mandelson, these foreign
investors are intensely relaxed about
Diamond getting filthy rich as long
as he is delivering when it comes to
strategy and shareholder value. On
the latter measure, the Abu Dhabi
royal family must be more than
happy. It has made about 3bn of
profit on its Barclays investment, a
sum that dwarfs the 18m or so that
Diamond stands to pocket.
It is true that Barclays is something
of a special case. The Qataris and Abu
Dhabi bought into the bank at the
height of the financial crisis in 2008
in a controversial deal brokered by
the impeccably-connected Amanda
Staveley. Existing shareholders felt
the terms on offer to the Middle
Eastern investors were too generous
(although its worth remembering
that most of them balked at the idea
of participating in a recapitalisation
themselves) while the government
wanted Barclays to accept a state
bailout.
But the rise of the foreign investor is
hardly limited to Barclays. Foreign
ownership of shares issued by British
companies now stands at 42 per cent,
up from a sixth in 1993 and just seven
per cent in 1964.
These international shareholders
dont give a fig about what the British
establishment thinks about bonuses.
They are global investors who take a
global view on executive pay, and
they have decided that Britain is pret-
ty competitive when it comes to
boardroom remuneration.
This internationalisation of British
shares will continue apace over the
coming years. UK institutions are
under pressure from the government
to huff and puff more vocally about
investor pay, but they are quickly los-
ing the power to do anything about it.
BARCLAYS is relaxed about the row
over bonuses for its top executives and
would be unfazed if an expected 10
per cent of shareholders vote against
its remuneration report, said a source
familiar with the banks thinking.
The bank has shrugged off criti-
cism amid suggestions that four of its
biggest British institutional share-
holders could cast their ballots
against the pay awarded to top man-
agement at Barclays annual general
meeting at the end of the month.
It is understood that in private
meetings with shareholders ahead of
the larger gathering, Barclays is keen
to emphasise its nine per cent
increase in dividend. It also points out
that average bonuses fell 26 per cent
last year.
Though returns have been a dismal
seven per cent below the cost of cap-
ital the bank argues it is midway
through a strategy of ditching or over-
hauling its failing businesses.
Four major shareholders in the
bank Fidelity, Standard Life, Aviva
and Scottish Widows are said to be
Barclays shrugs
off criticism of
executive pay
BY JULIET SAMUEL
planning to vote against the banks
remuneration report.
And the Pensions and Investors
Research Consultants (Pirc), a group
that represents institutional share-
holders, has recommended that chief
executive Bob Diamond should receive
no bonus at all for failing to deliver
returns.
Pirc also says that investors should
vote against the whole annual report,
claiming that the accounting stan-
dards the bank follows do not give a
true and fair view of its finances.
SharesSoc, a similar group for indi-
vidual shareholders, seconded the call
to vote against Barclays pay practices.
Barclays chief Bob Diamond is not bothered by complaints over his bonus
Barclays PLC
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david.crow@cityam.com
Follow me on Twitter: @davidcrow83
Abu Dhabi Sheikh Khalifa bin Zayed bin Sultan Al Nahyan (pictured): 12.4%
BlackRock (including funds): 10.9%
Qatar Investment Authority: 6.7%
Legal & General: 3.9%
Scottish Widows: 2.1%
Norges Bank: 2.1%
Upper Chance Group: 2%
Appleby Trust: 2%
Fidelity: 1.7%
Barclays Personal Investments: 1.6%
1
2
3
4
5
6
7
8
9
10
Top ten Barclays shareholders
I
T used to be big news if the likes
of Standard Life, Scottish Widows,
Fidelity and Aviva combined
forces to vote against a companys
remuneration report. Such a roster of
big British institutions would have
had the clout and the votes to make
the company reconsider its
intentions or risk a very bloody nose.
Hence all the excitement about the
fact that these four investors are
minded to vote against the pay
package of Barclays boss Bob
Diamond later this month.
Times have changed. Together these
shareholders account for just 6.45 per
cent of the Barclays shareholder regis-
As of September 2011
Fannie Mae to sell $500m bills
n Fannie Mae, the largest US home
funding source, said yesterday it will
sell $500m of benchmark bills on
Wednesday, 11 April. The sale will
include $250m of three-month
benchmark bills due 11 July 2012, and
$250m of six-month bills due 10
October 2012 in a Dutch auction. In
such uniform price auctions,
successful bidders pay only the price
of the lowest accepted bid rather
than the actual price as in a
conventional multiple-price auction.
Bids will be accepted from
authorized dealers from 9am (1pm
GMT) until 9.45am (1.45pm GMT).
Investor Icahn sues Amylin
n Carl Icahn has sued Amylin
Pharmaceuticals to block
enforcement of a bylaw that prevents
the billionaire investor from
launching a proxy fight that could
lead to a sale of the maker of
diabetes drugs. Icahn, whose 8.94
per cent stake has made him Amylin's
third-largest shareholder, faulted the
company for failing to reveal its
rejection of a $3.5bn unsolicited
takeover bid, or $22 per share, from
Bristol-Myers Squibb. In a complaint
filed in Delaware Chancery Court,
Icahn urged that Amylin not be
allowed to enforce a bylaw requiring
shareholders to provide advance
notice of board candidates. The
activist investor said shareholders
deserve another chance to nominate
directors who could push for a sale,
given developments since the
original 25 January deadline.
LABOUR candidate Ken Livingstone
will today pledge to introduce a
series of technological
improvements that he claims will
save London money and increase
efficiency.
His manifesto will include a
commitment to creating a Smart
City where City Hall uses data to
monitor the usage of services and
improve quality of life. Specific
proposals will include cutting
congestion by placing sensors in
parking spaces to enable drivers to
see where a space is available,
improving cycle safety by linking
traffic light sensors with microchips
on bicycles and cutting bills by
offering Londoners smart energy
and water meters.
At a time when Londoners are
struggling with the cost of living, we
need to embrace technological
advances that enable businesses and
services to be run more efficiently,
reducing prices, he will say.
Livingstone, who is trailing in the
polls, will also pledge to support
efforts to make local government
data easily available to thirdparty
developers.
Today also sees the launch of the
manifesto for Brian Paddick, the
Liberal Democrat candidate for
mayor. A former policeman, he is a
distant third in the polls and his
manifesto is expected to focus on his
experience fighting crime.
Ken pledges to
make capital
a Smart City
BY JAMES WATERSON
nesses to grow and hire more people
rather than concentrating on riskier
startups.
Funding would come from the
70m allocated to boost Londons eco-
nomic growth by chancellor George
Osborne in last months Budget.
Johnsons campaign is keen to
emphasise that its candidates close
relationship with the
Conservativeled government means
that he is well placed to lobby for
money from the Treasury.
City Hall plans to work alongside
partners such as the Federation of
Small Businesses to administer the
revolving fund, which would be man-
aged by privatesector fund man-
agers contracted through the London
Enterprise Panel.
At the launch Johnson will also
promise to increase the number of
Business Improvements Districts to
assist struggling high streets and
boost apprenticeship schemes, saying
he can generate up to 250,000 such
positions over the next mayoral term.
The current Mayor will also promise
to fund 100 paid Mayoral intern-
ships for young people at the likes of
TfL, City Hall and the Met Police.
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Boris Johnson and Ken Livingstone clash in the battle to be Mayor of London
BY JAMES
WATERSON
MAYORAL
ELECTION
BORIS Johnson will today announce
plans for a new 35m fund for
London that would provide low-cost
loans to the capitals small and medi-
umsized businesses, City A.M. can
reveal.
The fund would provide average
loans of around 100,000 for each
company, and if successful in attract-
ing other funds, could drive growth
for around 500 companies, Johnson
is expected to say at todays official
launch of his campaign.
The funding would be a loan
enabling repayments to be used
again and again to help more small
businesses in London throughout my
next term.
The Conservative candidate will
pledge to introduce the fund as soon
as possible if he is reelected, claim-
ing that it would boost Londons
economy by allowing existing busi-
Boris promises
35m fund for
London firms
EXCLUSIVE
DIRECTORS of Alliance Trust and the
activist investor leading a campaign
against its chief executive Katherine
Garrett-Cox are set to begin lobbying
shareholders in the run-up to a
crunch vote on the management of
the fund.
The 2.1bn investment trust believes
ensuring a high turnout will help it to
beat hedge fund Laxey Partners,
whose public call for the manage-
ment to be outsourced has piled pres-
sure on Garrett-Cox.
Aberdeen Asset Management, led by
Martin Gilbert, is waiting in the wings
Alliance set to
rouse investors
to fight Laxey
BY PETER EDWARDS
and is thought to have put proposals
to major shareholders about taking
over the management of the trust. It
will not launch a hostile approach but
is widely expected to tender for the
contract if the opportunity arises.
Alliance chairman Karin Forseke is
today due to meet Colin Kingsnorth,
her Laxey counterpart, who is con-
cerned about the discount to net asset
value (NAV) at which Alliances shares
trade. Forseke, who last week publicly
backed Garrett-Cox, is expected to crit-
icise his stance as short-termist.
Alliance shareholders, mostly long-
term individual investors, will vote on
Laxeys resolution on 27 April, when
turnout could be key. Last year
Alliance defeated Laxeys call for an
automatic buyback policy as turnout
hit an unprecedented 60 per cent,
nearly double the normal level.
Laxey, a 1.7 per cent shareholder, is
thought to have the backing of fellow
shareholders Brewin Dolphin and
investment management firm Speirs
& Jeffrey for its current questioning of
the role of Garrett-Cox.
Alliance, Laxey and Aberdeen
declined to comment.
Alliance Trust PLC
366.80
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372
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368
366
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p
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TUESDAY 10 APRIL 2012
cityam.com
8
NEWS
WORRIES over the Eurozone crisis
have made investors increasingly
cautious, pushing up the cost of
listing a company on AIM and
reducing the funds raised, a new
study revealed today.
Including listing fees and broker
charges, the cost of listing hit 10.6
per cent of all funds raised in 2011,
up from 7.3 per cent in 2010 the
biggest jump in costs in five years,
according to research from UHY
Hacker Young.
New listings on Aim raised 518m
last year down 46 per cent on
959m in 2010, as investors looked to
put their cash into less risky assets.
Capital markets worldwide are
still reeling from the global flight
from risk and AIM is no exception,
said UHY Hacker Youngs Laurence
Sacker. Many companies have
reportedly struggled to raise funds
through the markets as external
factors have caused investors to shy
away from equities in favour of more
traditional assets.
As a result, costs have risen as a
proportion of total funds raised.
The sheer fact that companies are
still coming to list on Aim is a
testament to the confidence
investors have in Aims long term
stability, said Sacker. Aim will need
to repay this confidence down the
line, by bouncing back strongly from
the economic slowdown.
Eurozone woes
raising the cost
of listing firms
BY TIM WALLACE
Alliance boss Katherine Garrett-Cox, top, Martin Gilbert, left and Colin Kingsnorth
Bank fees from private equity
firms fall 42pc during early 2012
FEES paid by private equity firms to
investment banks decreased by 42
per cent in the first quarter of 2012
after being hit by a decline in M&A
activity within the sector.
Research by data provider
Dealogic shows that financial
sponsors mainly private equity
investment funds who engage in
leveraged buyouts accounted for
just 15 per cent of total investment
BY JAMES WATERSON
bank revenue in the first three
months of 2012.
This is down from 21 per cent in
the same period last year. Before the
credit crunch private equity-backed
deals accounted for as much as a
quarter of all investment bank
income.
Total fees paid by financial
sponsors were $2.4bn (1.5bn) in the
last quarter.
Apollo Global Management led
the way, paying $180m in fees while
Goldman Sachs Capital Partners
was second with $139m and KKR
was third with $115m.
On the banking side, Credit
Suisse captured 10.1 per cent of the
market with $237m of financial
sponsor fees paid. JP Morgan and
Goldman Sachs followed with a 9.8
per cent and 7.4 per cent share
respectively.
Following a drop in both buyouts
and exits, worldwide financial spon-
sor M&A fees were just $435m.
Fees paid to investment banks by nancial sponsors
#1
Apollo
Global
$180m
$139m
$115m
$109m
$82m $79m
$55m
$49m $46m $44m
#2
Goldman
Sachs
#3
KKR
#4
Carlyle
Group
#5
Apax
Partners
#6
CVC
Capital
#7
Advent
International
#8
TPG
Capital
#9
Blackstone
Group
#10
Warburg
Pincus
$200m
$50m
$100m
$150m
Investment bank revenue from nancial sponsors
2,000
6,000
1,000
0
5,000
4,000
3,000
5%
25%
0
20%
15%
10%
2009 2010 2011 2012
3Q 4Q 3Q 4Q 3Q 4Q 1Q 1Q 1Q 2Q 2Q
IB revenue fromfinancial sponsors
% of IB revenue fromfinancial sponsors $m
NEW YORK REPORT: Page 19

TUESDAY 10 APRIL 2012
9
NEWS
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Portable hotel
firm looks for
a home on Aim
BY MARION DAKERS
Snoozeboxs shipping container hotel rooms have appeared at the Silverstone Grand Prix
PRIVATE equity house Oaktree Capital
Management will fire the starting
gun on an estimated $2.2bn (1.38bn)
listings bonanza in the US this week.
The Los Angeles buyout group is one
of eight firms due to price shares, stir-
ring hopes of a revival in the mori-
bund market for initial public
offerings (IPOs).
Energy and industrial companies
feature strongly, including waste-to-
biofuel firm Enerkem and Erickson
Air Crane, but Oaktrees move to go
public will attract most interest as the
market looks for clues to the IPO by
private equity giant Carlyle Group
Market watches
Oaktree IPO for
seeds of hope
BY PETER EDWARDS planned for later this quarter.
Oaktree, which had about $75bn in
assets under management at the end
of last year, expects an offering of
11.3m Class A shares to be priced
between $43 and $46 each.
Co-founders Howard Marks and
Bruce Karsh could pocket up to
$117.2m each by selling a slice of their
stakes in their debt-focused private
equity firm.
Proceeds from US-listed IPOs fell by
nearly 60 per cent to $6.5bn in the
first quarter from a year ago but ana-
lysts are more upbeat about the cur-
rent period.
Phil Drury, co-head of equity capital
markets in the Americas at Citigroup,
said: We feel constructive about the
US economic landscape for equities
and IPOs.
The other firms due to price shares
this week are aluminium producer
Aleris Corp, industrials company
MRC Global, oil and natural gas devel-
opment product maker Forum
Energy Technologies, solar thermal
power plant developer BrightSource
Energy and clean energy firm Luca
Technologies.
Dividends at UKs largest firms
increased by 16 per cent in 2011
DIVIDENDS at British businesses
rose by 16 per cent during 2011,
according to analysis by
stockbroker Shore Capital.
The report, which covered 191
of the UKs biggest quoted
companies, shows that a huge 80
per cent of the firms covered
increased their final year-on-year
dividend.
A further 15 per cent of
BY JAMES WATERSON
dividends were unchanged while
just five per cent of companies
decreased their payout.
[Last years] results have
confirmed strong dividend growth
in the UK. This was of no surprise
to us and we retain our bullish
stance on dividend growth in the
UK, based on strong corporate
balance sheets and macro
tailwinds improving, said Alex
Stewart, the analyst who wrote the
report.
The figures also reveal that many
firms decreased their final payout
from their interim results, possibly
because the Greek sovereign debt
crisis was at its peak while many
dividends were being set.
It also shows the range of stocks
that contribute to income has
become more balanced. In 2007,
more than a quarter of UK
dividend income came from the
banking sector; today it is just a
tenth.
THE REPERCUSSIONS of a weak US
jobs report were felt throughout
global equity markets yesterday,
with worries over the global
economic recovery weighing down
on stocks.
Crude oil also fell as investors
reacted to the disappointing
government report, which last
Friday showed that only 120,000 US
jobs were created in March well
below expectations for a further
200,000 new jobs.
Brent crude settled down 76 cents
Disappointing American jobs
data weighs on global stocks
BY JULIAN HARRIS
to $122.67 a barrel yesterday, while
US oil fell 85 cents to settle at
$102.46 a barrel.
On Wall Street the S&P 500 lost
1.14 per cent and the Dow Jones shed
one per cent. The MSCI Asia Pacific
Index, which includes Japan, was
down 0.3 per cent last night.
And MSCIs all-country world
equity index slipped 0.7 per cent to
trade near lows last seen a month
ago. Yet some losses were pared in
later trading, suggesting that traders
could finally be shrugging off the
jobs data.
SNOOZEBOX, which provides
portable hotel rooms at festivals and
sports events, plans to float on the
Alternative Investment Market (AIM)
by the end of the month.
The firm, whose upmarket rooms
offer flatscreen TVs, Wi-Fi and air
conditioning, has hired Panmure
Gordon to help it raise 10m to fund
expansion.
Im quite a big fan of Aim as a
market and the company fits in well
there, founder and chief executive
Robert Breare told City A.M. The
liquidity is important, as is the
availability of capital going forward.
Its a more flexible way of expanding
the company than private equity at
this stage.
Snoozebox launched at the
Silverstone Grand Prix last July and
Breare, who is also chairman at Ted
Baker, now hopes to license the
firms box designs to events and
companies across Europe.
Im a fan of motor racing myself,
and it was a natural place for us to
go and try our prototypes, but we are
very keen to be very broadly based
across all types of events, he said.
The firm also offers lower-
standard Contrax boxes aimed at
airports, work sites and even for
local government use. It has
bookings for boxes at the Download
rock festival, the Isle of Man TT races
and the Queens jubilee celebrations.
US LISTINGS THIS WEEK
Oaktree Capital Management Finance $43 to $46
Enerkem Energy $17 to $19
Erickson Air Crane Aviation $8 to $9
Aleris Corp Manufacturing $15 to $17
MRC Global Energy $21 to $23
ForumEnergy Technologies Energy $18 to $20
Brightsource Energy Energy $21 to $23
Luca Technologies Energy $11 to $13
Firm Sector Range
A MAJOR shareholder in
Tesco has called on the
retailer to rethink its
strategy and improve its
struggling domestic
business.
Legal & General
Investment Management
said the company needed
to think about its capital
allocation and return on
capital.
It needs to think long
and hard about what it
wants to be -- can it be
everything to everyone, or
should it focus on its gem,
the British grocery
business? asked Richard
Black of L&G.
Of course, this is likely
to raise questions about
other areas of the
business,
such as
America
and the
bank.
HARRY BANKS
G
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TUESDAY 10 APRIL 2012
10
NEWS
cityam.com
KOREA Development Bank, part
of state-owned KDB Financial
Group, said yesterday it has signed
a memorandum of understanding
to buy HSBC Holdings retail
businesses in South Korea.
No value was given to the deal,
which will see KDB acquire 11
HSBC branches, including all
deposits and mortgage-lending
bonds.
Kang Man-soo, the chairman of
Korea Development Bank inks
deal for HSBC local retail base
BY ELIZABETH FOURNIER
the Korean group, had indicated
early last week that a deal was
close to being completed.
HSBC has been selling off assets
in peripheral markets in recent
months to focus on its core client
bases in Europe and Asia.
KDB is planning to go public in
an initial public offering before
the end of this year, in a listing
that could raise in to $2.5bn,
including $1.5bn for the
government.
Tesco boss Philip Clarke is
under pressure from investors
Tesco facing investor
pressure over strategy
QATAR has built its stake in mining
giant Xstrata up to five per cent, in a
move that bankers said could help
smooth the path of a 23bn merger
with Glencore.
The Qatar Investment Authority
has boosted its Xstrata holding,
worth 1.7bn at current prices, to
five per cent through stock market
purchases, up from three per cent
before Glencore announced its merg-
er interest in February.
This makes Qatars sovereign
wealth fund the third biggest
investor in Xstrata, after Glencore
itself, which has a 34 per cent hold-
ing, and Blackrock, which has
around 5.4 per cent.
Getting the Qataris on board will
be good for Glencore. They are not
activist investors and wont be look-
ing at gaining management influ-
ence, said a Dubai-based banker.
But they are opportunistic and
wont commit a pound unless they
are seeing clear benefits.
Glencore chief Ivan Glasenberg and
Xstratas Mick Davis are preparing to
BY MARION DAKERS
set off on a global investor roadshow
this month, aimed at convincing
shareholders of the value of their
merger agreement.
The deal needs approval from 75 per
cent of investors, excluding Glencore.
But some large shareholders, includ-
ing Schroders and Standard Life, have
said the all-share agreement is a raw
deal for those holding Xstrata stock,
and are demanding a premium.
Qatar, which has spent billions of
pounds on energy and commodity
holdings in recent years, surprised
many observers when it decided not
to invest in Glencores enormous
stock market float last year.
Xstratas Mick Davis (left) and Glencores Ivan Glasenberg will hold investor roadshows soon
Xstrata PLC
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Qatar may ease
Glencores path
to Xstrata deal
G
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TECHNOLOGY group Sony is thought
to be cutting 10,000 jobs, about six
per cent of its workforce, as new
chief executive Kazuo Hirai looks to
steer the electronics and entertain-
ment giant back to profit after four
years in the red.
Investors will closely monitor a
briefing on Thursday by Hirai, who
formally took over this month as
chief executive from Howard
Stringer, for further clues on how
Sony plans to revamp its business.
Under a new CEO, its easier to cut
jobs or go in a new direction, said
Yuuki Sakurai, head of fund manag-
er Fukoku Capital, which holds a
small stake in Sony.
The Nikkei newspaper said half of
the latest round of job cuts would
come from consolidating the firms
BY HARRY BANKS
chemicals and small and midsize LCD
operations.
Sony said last month it was selling a
chemical products division, account-
ing for some 3,000 people, while on 1
April it merged its Sony Mobile dis-
play unit, which had about 2,000
workers, with the small LCD panel
businesses of Toshiba and Hitachi
into a new firm called Japan Display.
IN BRIEF
Brasserie Bar wins 6m injection
n Brasserie Bar Co, the restaurant group
fronted by celebrity chef Raymond Blanc
has secured a 6m facility from Barclays
to fund its expansion. The company,
which recently acquired eight former
Chez Gerard sites, plans to grow its
French eatery chain Brasserie Blanc from
11 to 19 restaurants by the end of the year
and a total of 40 outlets by 2016.
Hedgie boost in the first quarter
n Hedge funds enjoyed their best
quarter since 2006 at the beginning of
the year, according to the Hennessee
group of advisers. Hennessee announced
yesterday that its hedge fund index was
up 0.6 per cent in March, although funds
still lagged equity markets as managers
were conservatively positioned, the
group said.
LLOYDS TO SLIM SAVOY DEBT EXPOSURE
TUESDAY 10 APRIL 2012
11
NEWS
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LLOYDS will shrink its exposure to the growing debt of London's luxury Savoy Hotel
in its new round of refinancing this year. It is understood that when the hotel seeks
to roll over 230m of its debt following an expensive refurbishment, it is planning to
tap up a syndicate of investors rather than going back to Lloyds for the lot.
Avon calls on
McCoy to be its
new chief exec
BY HARRY BANKS
COSMETICS company Avon yesterday
named Johnson & Johnson executive
Sherilyn McCoy as its new chief
executive, ending a four-month
outside search for a fresh face to
refocus the company and turn
around sales at home and abroad.
The news comes a week after the
worlds largest direct seller of
cosmetics rejected a $10bn (6.3bn)
takeover bid from fragrance company
Coty.
This is likely a clear sign that
Avons board is actively resisting
Cotys acquisition offer, especially
given the timing of todays
announcement so quickly on the
back of last weeks public offer by
Coty, Bernsteins Ali
Dibadj said.
McCoy faces the
task of turning
around a company
that has suffered
sliding sales at
home and abroad.
Sherilyn McCoy
has taken the
top job at Avon
T
HERE is much that separates
BDO, Britains number six
accountancy firm, from the so-
called Big Four. One of the lesser
known differences is that Simon
Michaels, the managing partner of
BDO, didnt go to university, instead
taking a training place at the
accountant immediately after his A-
Levels in 1987.
It certainly hasnt held him back. In
February, he was elected for a second
term as managing partner of BDO,
which has global revenues of $5bn
(3bn) and around 50,000 staff.
When we meet in the groups Baker
Street offices, he is clearly passionate
about the school leavers that the firm
recruits these days. Over the next five
years it wouldnt surprise me if we take
on as many school leavers as we do
graduates, he tells me.
The kids are making different choic-
es themselves. They dont want to go to
university and load themselves up with
debt. They can join us from A Level and
in five years get the same accounting
qualification but with much more
experience and a salary of some sorts.
Although BDO is offering more oppor-
tunities to school leavers, Michaels says
there is a risk of a lost generation of
kids, because there are not enough jobs
out there to keep them happy. The eco-
nomic outlook is, he says, grim, while
the UK is facing five years of low
growth. The school leavers being pro-
duced are absolutely fantastic, he says,
but competition is fierce and there
are just not enough jobs to go around.
According to Michaels, one area
where competition just isnt fierce
enough is the audit sector, which is
dominated by the Big Four PwC, Ernst
& Young, KPMG and Deloitte. He is one
of the leading voices calling for new
rules that would force the market to
open up.
There are a lot of people talking
about how the profession doesnt need
to change, not us, but a number of our
competitors. That to me strikes as self-
serving. Self-serving to say everythings
fine, we cant do anything better. I dont
buy that.
The man with the B
He offers a variety of remedies that he
thinks would improve things.
Accountancy firms who audit a firm
could be banned from selling it other
lucrative services, such as advisory
work, meaning BDO and others would
get more business. He also wants to
ban banks from insisting that the firms
they lend to use a Big Four auditor.
Joint audits, where a Big Four firm
would be joined on the ticket by a
smaller player, would also open up the
market, he says. And he is clear about
one thing: There wont be a lot of
change until it is forced.
Many will say this is special pleading,
especially as BDO would profit consid-
erably if these measures were intro-
duced, but Michaels views are shared
by regulators in high places. The
Competition Commission is probing
the audit market following a referral by
Audit market must
be forced open, BDO
boss Simon Michaels
tells David Crow
INTERVIEW
12
TUESDAY 10 APRIL 2012
Simon Michaels, BDOs managing partner, in his office
There are a lot of
people who say that the
profession doesnt need
to change. That strikes
me as self-serving

ig Four in his sights

cityam.com
INTERVIEW
13
the Office of Fair Trading while the EU
is also pursuing its own shake-up.
Michaels insists that BDO is not too
small to take on the big boys. It is a per-
ception thing. BDO is an international
network that turns over $5bn. We have
over 50,000 people in 135 countries. Yet
sometimes were told were not big
enough. There is no other industry in
the world where with that sort of size
you would be told youre not big
enough.
But when I ask whether BDO would
be able to audit Barclays if it won the
contract tomorrow, he admits the
answer is no. There are about 35
companies in the FTSE 100, the largest
financial services companies, the
largest pharma, oil companies, that we
wouldnt have the capability to audit,
he says, adding that he is more interest-
ed in focusing on the firms core mar-
ket mid-market firms and FTSE 250
companies.
We could build the capability to
audit the very largest businesses over
time, but theres no point recruiting
hundreds of people to sit on the bench
when theres no likelihood in the short-
term that the market will open up.
Still, if regulators introduce the
reforms championed by Michaels, BDO
could soon have more work and more
accountants on its hands.
on Baker Street
L
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A
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CV: SIMON MICHAELS
AGE: 42
WORK HISTORY: Was first elected as manag-
ing partner in April 2008. Joined BDO in 1987
as a trainee. Headed up the firms Business
Restructuring division from 2004 until his
election as managing partner
EDUCATION: Went to school in Edgware
FAMILY: Married with two boys and two girls,
aged nine, eleven, thirteen and fifteen.
Theyre good at maths but I wouldnt go as
far as recommending them to accountancy.
LIVES: Hertfordshire
HOBBIES: Running marathons, most recently
in Dubai. Has set himself a target of running
one on every continent. Im really good
round the first half of the marathon and then
my legs start hurting, but I get round.
Enjoys skiing, especially in Canada.
PRIVATE equity firm KSL Corp has
raised its bid for Great Wolf Resorts
by 12 per cent to $234m (147m) as it
works to top rival buyout group
Apollo Global Management in their
battle to acquire North Americas
largest operator of indoor water
parks.
Great Wolf said it had received an
unsolicited letter from KSL
proposing to buy the company for $7
a share in cash. That bid came in
reaction to the companys latest
agreement to sell itself to Apollo for
$6.75 a share, or $225.7m.
Apollo originally struck a deal in
March to buy Great Wolf for $5 a
share, or around $165m. But KSL
made an unsolicited bid of $6.25 a
share for the water park company
last week, prompting larger rival
Apollo to strike a new, 35 per cent
higher deal on Friday.
Great Wolfs popularity as a
holiday destination has shielded it
from slow economic growth, making
it a hot property in the eyes of
buyout firms looking for assets with
strong cash flows.
In 2011, its earnings before
interest, tax, depreciation and
amortisation close to doubled to
$83m. As part of its arrangement
with Apollo, Great Wolf could have
to pay up to $9m for a breakup fee
and expenses should it walk away
from the deal.
KSL Corp has
another bite at
Great Wolf
BY HARRY BANKS
G
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AIRPORT retailer Dubai Duty Free
has mandated banks for a $1.1bn
(692m) multi-tranche loan facili-
ty to help fund the expansion of
Dubais international airport, the
company said in a statement yes-
terday.
Citibank along with Dubai
Islamic, HSBC and Emirates NBD
have been hired to arrange and
coordinate the debut internation-
al transaction, the company said
in an emailed statement.
Abu Dhabi Commercial Bank has
already committed to contribute
to the loan but will not be
involved in arranging it.
Dubai Duty Free (DDF), which is
owned by Investment Corporation
of Dubai, said the facility includes
Islamic and conventional tranch-
es.
Dubai was looking to raise at
least $500m by selling debt based
on future revenues at DDF.
The city, which has clawed back
from the depths of a crippling
2009 debt crisis, has been examin-
Dubai Duty Free
picks banks for
$1.1bn loan deal
BY HARRY BANKS
ing ways of raising finances to
expand its existing aviation infra-
structure after deciding to go slow
on a $34bn new Al Maktoum
Airport facility designed to become
the biggest in the world.
Sales at Dubai Duty Free, which
covers a sprawling 18,000 square
metres of retail space at Dubai
International Airport, rose 15.7 per
cent to a whopping $1.46bn in
2011. The firm is among the
biggest airport duty-free sellers in
the world.
The operator, which sponsors
high-profile sports events such as
the Dubai tennis championship
and is famous for lavish giveaways,
has seen business boom on the
back of sales of branded perfumes,
watches and designer clothes.
Duty Free is expected to add an
additional 8,000 square metres by
the end of 2012.
The purpose of the facilities is to
optimise DDFs capital structure in
order to support the further devel-
opment at Dubai International
Airport, DDF said in yesterdays
statement. Sales at Dubai Duty Free reached an eye-watering $1.46bn last year
TUESDAY 10 APRIL 2012
14
NEWS
cityam.com
R
OBERT Chote, chief of the
Office of Budgetary
Responsibility, recently
revealed his and the
Treasurys favoured means of
estimating the chances of a Eurozone
breakup: looking up the odds on
William Hill (its a 1/5 shot against, by
the way).
But there is another burning ques-
tion on bankers lips: who is going to
replace Bank of England governor
Mervyn King when he steps down next
year?
It turns out the book is open for bets
on his replacement with rival bookies
Paddy Power and following Chotes
advice weve checked out the odds.
Favourites include famous regulators
like Adair Turner (5/2) and Bank veter-
an Paul Tucker (5/2).
But The Capitalists favoured choice is
Harry Potter star Warwick Davis who
plays Professor Flitwick in the movies,
a great bet at 500/1. After all, who bet-
ter to continue the Banks flagship pol-
icy of conjuring money out of thin air?
T
imes are hard for investors
struggling even just to hold on to
their cash. But even so The
Capitalist was surprised to see a
particularly savvy and news-conscious
scammer touting access to a 15m
fund of the late Colonel Gaddafis
money via an investment made with
Fidelity in an account called SECRET
CODE INVESTMENT. Nice try, but even
FTSE 100 firms usually have better
secret code names than that.
The next Mervyn King?
*Conditions apply. See education.gov.uk/teacconditions for full details.
Brought to you by
IN ASSOCIATION with Repskan.com, City
A.M. is measuring the relative Olympic media
buzz around the London 2012 Olympic and
Paralympic Games partners, week by week.
The leaderboard, right, reflects their ranking
over the past week, in this case from
Wednesday 28 March to Wednesday 4 April.
British Airways has had a bumper Olympic
news week, with a set of stories that have
been well-reported in traditional and social
media alike. The first of nine aircraft with
special Dove liveries was unveiled by artist
Tracey Emin and the British designer Pascal
Anson. British Airways has also announced
that long-haul flights will have new menus,
inspired by earlier examples going back to
the last time London held the Olympics in
1948. A short film about a carpenter working
at the Velodrome will also be premiered on
flights.
OLYMPIC MEDIA BUZZ
LONDON 2012 PARTNERS
Brand Position change
British Airways 9
Coca-Cola 0
DOW 2
Adidas -3
Cisco -2
McDonalds 2
Samsung -1
Visa -4
Acer -2
Panasonic 2
%
7
77
4
3
6
Blogs
National News
Regional News
Topicals
Twitter
Other
3
BRITISH AIRWAYS OLYMPIC
MENTIONS BY CATEGORY
TOP TEN PARTNERS BY MENTIONS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist
15
cityam.com
cityam.com/the-capitalist
THECAPITALIST
TUESDAY 10 APRIL 2012
MY SUBWAYS BIGGER THAN YOURS
THEY might look like webs woven by confused spiders, but these strange squiggles are in fact to-scale maps of subways systems in
global cities, as drawn by graphic artist Neil Freeman. But can you guess which name matches which scribble? London, second from
the left, and New York, to its right, should be easy. And the others? Beijing on the far left and a diminutive Paris on the right.
Mervyns magical
money machine
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L
I
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&
S
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L
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SEE PAGE 27
SOHOS
HOTTEST NEW
RESTAURANT
REVIEWED
TUESDAY 10 APRIL 2012
16
NEWS
cityam.com
STRONG demand from a resurgent US
boosted Japans economy in February,
official data showed yesterday.
The countrys current account bal-
ance swung back into surplus as
exports jumped and gains from over-
seas investments reversed the record
deficit registered in February.
The surplus came in at 1.78 trillion
(13.7bn) according to finance min-
istry data the strongest surplus in
five months and well up on the
437.3bn deficit in January.
That remains 30.7 per cent smaller
than the surplus recorded a year earli-
er, in part reflecting the slowdown in
Asia and Europe which continues to
pose a risk to the economy.
We could still see some trade
deficits in the future, said Hiroaki
Muto, senior economist at Sumitomo
Japan returns
to surplus as
exports surge
BY TIM WALLACE
Mitsui Asset Management.
However, they will shrink as exports
recover due to a pickup in the global
economy, led by improvement in the
outlook for the US economy.
Meanwhile the economy watchers
survey rose to an eight-month high,
pointing to increased growth as the
yen weakened and reconstruction
projects continued.
2011 2012
Japans current-account balance (trillion)
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0

London leads UK recovery, but

large retailers drag on growth
THE ECONOMY is growing once
more and London led the recovery
in the first quarter, influential
survey data showed yesterday.
However, other indicators pointed
to weakness in some parts of the UK,
with increasing numbers of retailers
entering administration in the first
three months of the year.
Every English region except the
north east registered rising business
activity, Lloyds/Markit purchasing
managers indices showed.
For the UK as a whole the index
BY TIM WALLACE
rose to 53.3 in March, up from 52 in
February and firmly above the no
change level of 50.
Londons firms boomed in the
month, accelerating from 53.5 to
57.1, indicating much more rapid
growth in economic activity.
However, data out yesterday from
Deloitte showed a 15 per cent rise in
retail administrations compared
with the first quarter of 2011.
A total of 69 firms fell into
administration, up from 60 in the
same period of last year, and 10,000
people lost their jobs when major
firms like Peacocks and Game failed.
Whilst the quarterly rent day
often sets the timing for the
insolvency, a significant trigger in a
number of recent administrations is
that many retailers have too many
marginal stores, said Deloittes Lee
Manning. As online retailing grows
whilst overall spending is weak, the
fixed costs and poor performance of
some stores drags on the business.
Meanwhile the Centre for
Economics and Business Research
argued cutting bank holidays could
boost the economy as each one costs
2.3bn in lost output, even after
counting higher retail spending.
JOB vacancies in the UK rose at their
fastest rate since November 2008 last
month, led by a boom in IT hiring,
according to data out today from an
online recruiter.
Opportunities rose eight per cent
over the year to March, the Monster
Employment Index showed, with IT
vacancies up 25 per cent to their
highest level since February 2008.
The outlook for the UK does
remain mixed, but more than two
thirds of industries across the UK
have exhibited annual growth which
indicates that the job opportunities
online are picking up again, said
Monsters Julian Acquari.
However, forecasts out yesterday
from the Institute for Public Policy
Research (IPPR) pointed to a less
upbeat outlook for jobs.
Its analysis suggests 100,000 public
sector jobs will be lost this year and
200,000 private sector positions
created.
However, they also expect the
workforce to rise even more quickly,
leaving unemployment 100,000
higher by the end of 2012.
Rise in hiring
as economy
starts growing
BY TIM WALLACE
G
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CONSUMER prices in China rose
more sharply than expected in
March, official figures showed yes-
terday, raising fears that the author-
ities may have less room than hoped
to stimulate economic growth
through lower interest rates.
Inflation jumped to 3.6 per cent in
the year to March, up from 3.2 per
cent a month earlier and represent-
ing a substantial deviation from the
trend of declining price rises experi-
enced in recent months.
Pork and vegetables drove the rise,
with the price of the staple meat
shooting up 11.3 per cent and veg-
etable price inflation hitting 20.5
per cent.
Overall food prices rose 7.5 per
cent, while non-food prices
increased 1.8 per cent in the year,
Price jump hits
hopes of easy
money in China
BY TIM WALLACE
China economist at Barclays.
However, there will be no aggres-
sive monetary easing policymakers
are aware of the upside risks to infla-
tion from the pick-up in oil prices
and uncertain food prices, and
therefore will only ease at a meas-
ured pace.
Producer prices fell 0.3 per cent on
the year.
HIGHER taxes may boost the black
market, a pressure group claimed
yesterday as figures revealed the
Treasury loses tens of billions of
pounds from illicit sales of alcohol,
tobacco and fuel.
The government lost out to the
tune of 28.5bn from illegal sales
between 2005-06 and 2009-10,
figures from the Taxpayers
Alliance showed.
The group used data from HM
Revenue and Customs, and warned
higher taxes will make the
problem worse.
Duties on fuel, cigarettes and
Black market booze, cigarettes
and diesel lose taxman 30bn
BY TIM WALLACE
alcohol hit those on low and
middle incomes hardest. said
director Matthew Sinclair.
High taxes also create fat profits
for criminals.
With new tax hikes, and
proposals for a minimum price on
alcohol, the chancellor runs the
risk of making that black market
even more profitable.
Trade in illicit cigarettes was the
biggest cost to the taxman, losing
12.2bn in revenues.
Diesel followed at 6.4bn, with
illegal sales of hand rolling tobacco
worth 4.5bn in tax, illegal beer
sales accounting for 3.2bn and
spirits coming in at 2.3bn.
TUESDAY 10 APRIL 2012
17
NEWS
cityam.com
Not all illegal cigarettes are successfully found and destroyed Photo: AFP
NEW JOBS
NEW COMPANIES
EVERYDAY
CITYAMCAREERS.com
WWW.CITYAMCAREERS.COM
OVER
OR SCAN HERE
2500
FINANCE, LEGAL & I.T
SALARIES UP TO
JOBS
300K
The week ahead could
offer signs of recovery
T
HE Easter Bank Holiday may
have shortened the week,
but the market may not be
short on volatility. Given
the lack of major economic and
corporate announcements, this
week, volume could well be
below average. However, traders
would be unwise to take their
eyes off the ball. It is usually at
times like these that volatility
increases and the opportunity for
short-term profit ramps up a
couple of notches.
The job market could be a
theme this week. With the Lloyds
Employment Confidence num-
bers out today and recruitment
firms Hays and Michael Page also
reporting, analysts will be watch-
ing closely for signs of recovery.
TODAY
UK economic figures released:
Lloyds Employment Confidence.
UK corporates reporting:
MANOJ on
the MARKETS
MANOJ LADWA
THURSDAY
UK economic figures released:
Total Trade Balance
UK corporates reporting: Punch
Taverns, JD Sports, Aggreko,
Mothercare, Hays, Intertek.
FRIDAY
UK economic figures released:
Producer Price Index.
UK corporates reporting:
Kalahari Minerals.
Manoj Ladwa, professional trader at
ETX Capital, is running an open
long/short portfolio using his system-
atic trading method. To follow
Manojs trading journey more closely
go to: www.etxcapital.co.uk/manoj
Vedanta, United Energy,
Panmure Gordon, and Xtract
Energy.
WEDNESDAY
UK economic figures released:
British Retail Consortium sales
like-for-like year-on-year.
UK corporates reporting: Michael
Page, Matchtech, Gulf Keystone
Petroleum, and Ambrian
Capital.
Ex-dividends announcements:
BG Group, Charles Taylor,
Cenkos Securities, Filtrona,
John Wood Group, Logica, and
WSP Group.
compared with 1.7 per cent
in the 12 months to
February.
Rising oil prices also pose
an inflationary risk to the
economy, and economists
believe the two factors com-
bined will prevent any sharp
monetary loosening, despite
economic forecasts pointing
to growth of around eight
per cent this year the slow-
est rate in almost a decade.
The latest growth slow-
down and inflation rebound
are still within policymak-
ers expectations, and we
continue to expect selective
easing on credit, more fiscal
spending, and support for
new and continuing proj-
ects to ensure a soft landing
for the Chinese economy in
2012, said Jian Chang,
Chinese ination rose again in March
Jan 2009 Jan 2010 Jan 2011 Jan 2012
10
8
6
4
2
0
-2
%
a
n
n
u
a
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is
e
in
c
o
n
s
u
m
e
r
p
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ic
e
s
G
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G
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HOUSE prices fell again in March,
despite higher buying activity ahead
of the expiry of the stamp duty holi-
day, industry figures showed today.
Ten per cent more surveyors report-
ed prices falling than rising in the
BY TIM WALLACE three months to March, according to
the Royal Institution of Chartered
Surveyors (RICS) survey. The fall repre-
sents a slowdown from the net balance
of 13 per cent reporting falls in the
February survey, and is the strongest
reading since June 2010. New buyer
enquiries edged up, with nine per cent
Boeing inks Dreamliner deal
PLANEMAKER Boeing said
yesterday it has finalised a deal
with Russias Transaero Airlines
for four 787-8 Dreamliners,
worth $744m (468m) at list
prices.
Boeings Dreamliner is a
lightweight carbon-composite
aircraft that was three years late
to market but is popular with
customers.
The plane-maker, which
competes for orders with EADS
unit Airbus, has about 850
orders for the plane on its
books.
Boeing last week said it
delivered 137 commercial
airplanes in the first quarter, up
32 per cent from the same
period a year earlier.
The company is increasing
production on all of its
commercial airplane models to
meet increased demand. The
company also is ramping up
production on the 787 to 10 per
month by the end of next year.
H
OW many times since October
have you heard the words, I
think the equity market has
run up too fast and Im waiting
for a correction before I commit
money? The answer is lots, of course.
Second question: how many of these
people will be committing money to
the market now weve seen a bit of a
correction? The answer is not many.
Welcome to the wall of worry and
the lemming-like nature of the herd.
There are some really smart equity
market players out there who have
outperformed wonderfully since the
turnaround in these markets, but they
are in the minority.
The FTSE 100 is still up 16 per cent
from 4 October, when it was 4,944. Last
week the Footsie closed at 5,723, hav-
ing fallen just over four per cent from
its 2012 high.
All in all weve had a great run. Its
not quite as impressive as the 34 per
cent uptick weve seen in the Dax since
its September lows, but then UK stocks
never fell as far on the way down.
So for all those who said they would
buy the equity market once they saw a
correction but are now finding new
excuses, whats keeping them in not-
so-yummy yielding cash and gilts? Lots
of things, which on the surface are as
worrying as ever.
Last week, we saw yet more evidence
of the failure of Europe to create any
semblance of growth. From Spanish
employment and auctions to
European PMIs and auto data the pic-
ture was sadly familiar. In fact, the
prop that had come from the US also
fell away with payroll numbers that
were distinctly underwhelming.
On the corporate front, there is a per-
sistent school of thought that says
weve seen peak earnings on both sides
of the Atlantic. Many analysts are con-
cerned that the divergence in equity
market performance and earnings
expectations has gone way too far
since October and needs a serious cor-
rection. That said, estimates have been
scythed so much that there is a hope
we will get some nice surprises in the
season that starts officially again today
with Alcoa.
Were hardly being ebullient in fore-
casting low single digit growth in earn-
ings in the S&P for the first quarter.
This time last year we got nearly 20 per
cent growth. So what are the reasons
to buy? Goldman Sachs thinks we
should embrace a long good buy for
equities based on valuations compared
with government bonds and the fact
that we may all just be a tad too pes-
simistic in our economic projections.
Theres also the hope of easy money
to help prop up equities. This has been
a key part of the Eurozones more
constructive policy effort, says Brewin
Dolphins chief strategist Mike
Lenhoff. He says this, along with a
steady look to the US economy and
developing world growth, means equi-
ties remain supported.
These various cases could leave us in
equilibrium for a large part of 2012
and give us a prolonged, low volume
sideways move in the market. A bit of a
yawn if that proved to be the case, but
at least it will buy time for the herd to
line up their excuses when they fail to
capture the next big move when it
eventually comes.
Steve Sedgwick is an anchor at CNBC
House prices continued to decline in March
TUESDAY 10 APRIL 2012
18
NEWS
cityam.com
STEVE
SEDGWICK
CNBC COMMENT
Excuses and
fear could keep
markets down
House prices struggle
despite duty incentive
more surveyors reporting increases
rather than decreases in demand the
highest level in almost two years, sug-
gesting the final weeks of the stamp
duty holiday for first time buyers saw
more seeking to beat the deadline. Yet
the only region with rising prices was
London, where a net balance of 58 per
cent of surveyors saw prices rise.
There has been a gentle increase in
activity across the market in the early
part of the year but it remains to be
seen is whether this can continue,
given the changes in the Budget and
ongoing problems affecting the econo-
my, said RICS Simon Rubinsohn.
Meanwhile a Lloyds study of the
housing market across 2011 showed
the lowest number of sales since 2008.
Only 40 per cent of towns saw an
increase in activity in the year overall
sales fell four per cent to 630,389.
The overall level of housing market
activity across England and Wales has
weakened over the past year, reflecting
the concerns over the outlook for the
UK economy, said Lloyds Sureb Thiru.
Additionally, consumers are experi-
encing difficulties in raising the neces-
sary deposit, which is preventing many
potential home buyers from entering
the market.
SPLUNK, which makes software that
collects and indexes data, said it
expects its initial public offering of
13.5m shares to be priced between $8
and $10 apiece.
In a filing with the US Securities
and Exchange Commission, the
company said it plans to sell about
12.5m shares, with its selling
stockholders offering the rest. At the
top of its expected price range, the
company would have a market value
of about $925.3m.
Splunks revenue has nearly
doubled each year for the last five
years, but the company has not
posted a full-year profit in the
period. The company, which expects
to list its stock on the Nasdaq under
the symbol SPLK, is backed by private
equity firms Sevin Rosen, August
Capital and Ignition Partners.
Separately, Tumi Holdings, which
makes luxury baggage and travel
goods, said it expects its initial
public offering of 18.8m shares to be
priced between $15 to $17 each.
At the midpoint of the expected
price range, Tumi will raise about
$301m in gross proceeds.
Splunk expects
$10 IPO pricing
BY HARRY BANKS
AT&T will keep 43 per cent of the business
BY HARRY BANKS
AT&T sells off Yellow Pages
AT&T said on yesterday that it
would sell a 53 per cent stake in its
declining Yellow Pages business to
private equity firm Cerberus
Capital Management in a deal
worth $950m including debt.
Under the terms of the deal,
AT&T will receive $750m in cash,
subject to adjustment, and
Cerberus will take on $200m in
debt. AT&T will keep a 47 per
cent stake in the business, YP
Holdings.
BY HARRY BANKS
TUESDAY 10 APRIL 2012
19
Oriel Securities
The UK corporate and
institutional stockbroker and
advisory firm has announced the
appointment of David Knox as
head of equities. Knox joins in
June from JP Morgan Cazenove,
where he served as head of
equity research and a member of the executive
committee.
GW Pharmaceuticals
The AIM-listed pharmaceutical company has
announced that David Kirk, its finance director, is
stepping down from the board on 1 June. He has
spent 10 years in the role and will be replaced by
Adam George, who has served as company secretary
and group financial controller since 2007. George
has previously held the positions of finance director
at Believe It Group, a telecommunications service
provider, and group financial controller at Helphire
Group. Kirk will continue to be available to GW
Pharmaceuticals in a consulting capacity.
Artesian
Artesian, a provider of cloud-based social customer
relationship manager and brand relationship
software, has announced that Chris Hoskins is to be
appointed to the newly-formed role of chief
marketing officer. Hoskins has held a number of
senior roles in his 20 year marketing career. He joins
from Lithium Technologies, where he acted as head
of marketing. He will report to chief executive
Andrew Yates.
Mapfre Assistance UK
Pablo Alvert has been appointed to the position of
chief executive and regional director for Mapfre
Assistance, the UK arm of Mapfre Assistencia, Spains
largest insurance company. The firm provides
insurance solutions to the automotive, travel and
finance sectors, and has a presence in 43 countries.
Alvert has been with Mapfre Assistencia for the past
twenty years and has held various positions in the
company, including acting as general director for
several key subsidiaries and as regional director for
Europe.
Brown Brothers Harriman & Co
The privately-held financial institution has
announced the appointment of two new partners,
Christopher Remondi and Bill Rosenweig. Remondi
joined the firm in 1994 and is currently global head
of information technology in the firm. Rosenweig
joined Brown Brothers Harriman in 2001 and has
responsibility for the companys Asia Pacific investor
services clients. Prior to 2001 he was senior manager
at KPMG Consulting.
WHOS SWITCHING JOBS Edited by Tom Welsh
+44 (0)20 7092 0053
morganmckinley.com
SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT
T
HE Dow and the S&P 500
extended losses to a fourth
day yesterday, as investors
took their cues from last
weeks disappointing jobs report,
which raised fresh concerns about
the US economys recovery.
Despite yesterdays declines, the
Dow industrials and the S&P 500
ended above their session lows. But
trading has been choppy in recent
weeks, with a series of gains inter-
rupted by a few days of losses.
Banks and industrials led the S&P
500s slide, with the S&P financial
sector index and the S&P industrial
sector index each down 1.6 per cent.
The two sectors are closely tied to
the prospects for economic growth.
The latest jobs figures added to a
series of weaker-than-expected indi-
cators, which have taken the edge
off a strong multi-month rally.
The CBOE Volatility Index or VIX
jumped 12.63 per cent yesterday to
end at 18.81. The VIX is up about 21.4
per cent so far in April.
Were coming off a period of very
high optimism, which is often prob-
lematic even when the fundamen-
tal news isnt disappointing, said
Bruce McCain, chief investment
strategist of Key Private Bank in
Cleveland, Ohio.
The jobs report is a cautionary
note that we havent seen the last of
disappointing news, suggesting
there is probably a good stiff correc-
tion in our future, one tougher than
an average correction.
Stocks have rallied sharply in
recent months, with the S&P 500
climbing nearly 30 per cent from its
early October closing low to end at
nearly a four-year high a week ago.
Volume was extremely light, with
about 5.52bn shares traded on the
New York Stock Exchange, the
American Stock Exchange and the
Nasdaq, well below last years daily
average of 7.84bn. The S&P 500 slid
yesterday to a session low at
1,378.24, its lowest point in more
than three weeks. But the bench-
mark index recovered some of that
lost ground in afternoon trading
and held well above its 50-day mov-
ing average near 1,371. The Dow
Jones industrial average fell 130.55
points, or one per cent, to end at
12,929.59. The Standard & Poors
500 Index slid 15.88 points, or 1.14
per cent, to 1,382.20. The Nasdaq
Composite Index dropped 33.42
points, or 1.08 per cent, to 3,047.08.
Dow and S&P both end lower for fourth day
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NEW YORK REPORT
I
F YOU want to say that
something is too high or too low,
you need to know its current
level first. For instance, imagine
a survey that suggests a majority
of the public wants government to
increase spending on defence. I
would be immediately sceptical of
such findings for two reasons.
Firstly, the responder is rarely asked
to consider the costs involved (such
questions should also contain the
phrase and this would increase
your tax burden by x). And
secondly, the public is unlikely to
know the current level of spending
a follow up question should be by
how much? It is impossible to say
spending is the right amount
unless you know the level of current
I
MAGINE you return from the
Easter break to face the following
dilemma. You are a non-executive
director of a firm of fund
managers. One of your firms star
managers, Brian Poole, after spells as
a fund manager with a number of
competitors, has now been with your
firm for seven years. Due to his
consistent success and high profile,
Poole is a hugely valuable asset to you
firm and there are therefore plans to
invite him to join the board.
Currently, he is intended to be the
face of a major new fund that you are
about to launch.
But a few weeks ago, one of your
nephews mentioned that he had seen
Poole being interviewed on television.
He commented that he had been at
Casterbridge University with Poole
who, he recalled, had become ill mid-
way through his degree course, had
gone home and, your nephew
believes, never returned to complete
his degree.
At the time of this conversation, the
proposal to invite Poole to join the
board had not been made and, with a
number of other seemingly more
cityam.com/forum
The falsification of
ones CV is a breach of
the trust central to the
industrys functioning
In association with
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharp comment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.

20
TUESDAY 10 APRIL 2012
ANDREW HALL
Would YOU do the right thing? A
business ethics quiz with a twist
important matters on your mind, you
thought no more about it. But you
have now received papers for the next
board meeting, which include papers
relating to Pooles proposed member-
ship of the board. These include his
CV. On looking through this you see
that Pooles qualifications include a
BSc in economics from Casterbridge
University and you recall your conver-
sation with your nephew. Your papers
also include a mock-up of the adver-
tisement for the new fund where you
notice that Poole is described as
Brian Poole BSc.
At first, you are tempted to try to
rationalise the situation. You say to
yourself that your nephew must be
mistaken. Poole probably returned
later to complete his degree. Or, that
it was nearly 20 years ago, was only a
youthful indiscretion and what really
counts is Pooles performance for the
firm. Yet such thoughts represent a
soft option that should leave you feel-
ing very uncomfortable.
Some response is required. The cor-
rect course must be to take your con-
cerns to the chairman, who is in a
position to set in motion appropriate
action.
These actions, or inactions, could
include:
n Ignoring the matter as being of no
material concern
n Asking Poole for clarification and,
depending on his response, carrying
on as planned, while making sure
that any literature does not show
Poole as being a BSc
n Acknowledging the mistake and
imposing a financial penalty, such as
withholding Pooles bonus, or asking
him to pay it to charity
n Asking Poole to resign
n Sacking Poole
What would you choose? Take a few
seconds to think about it... and then
read on. Here goes: from an ethical
perspective, the correct course of
action must be to ask Poole to con-
firm whether or not he was awarded
his BSc degree and, assuming that he
was not, asking him to resign.
Arguments that his degree, or
absence of it, is not material to his
performance, and that lots of people
exaggerate their CVs the sort of
arguments people often tell them-
selves in such cases do not address
the issue that the falsification of
ones CV represents a breach of trust,
central to the proper functioning of
the industry. For the firm to impose a
financial sanction does not appropri-
ately address this issue and may even
be seen to condone it.
While the physical action of writing
that one has achieved a qualification
that one has not may not seem like a
major issue, particularly many years
after the event indeed, it may be
regarded as a victimless crime it is
no such thing. Qualifications are
awarded by bodies who are stakehold-
ers in and trustees of the standard dis-
played. To hold out that you have
achieved that standard, when you
have not, represents a fraud upon the
awarding body, students who have
achieved the standard and on all
those who expect holders of an award
to have actually achieved it.
Whether this represents the end of
Pooles career depends upon how he
responds. With his established track
record it is probable that he will
rebuild his career, but based upon
what he has achieved, rather than
what he has not. In fact, once the
truth comes out, it may be only a very
short time before he is offered anoth-
er job. But that does not mean you
should have any regrets: always,
always do the right thing.
Andrew Hall is head of professional stan-
dards at the Chartered Institute for
Securities and Investment (CISI).
spending. For instance, Britains
defence budget is the third highest
in the world, at around 40bn in
2011.
The same concept applies to tax
rates. Before declaring them too
high or too low its important to
know what they actually are.
When I teach public finance, I ask
students what they believe a fair tax
schedule would look like. In other
words, what proportion of the total
tax bill should the top 1 per cent
contribute, the top 2-5 per cent and
so on? Almost all students believe
that the top 1 per cent should pay a
greater share than the bottom 50
per cent. But how much?
Using data from HMRC and
published by the Office for National
Statistics, I can show how much
different income groups contribute
to the total amount of income tax
received (see pie chart, right).
The top 10 per cent of UK earners
contributes 58 per cent of all UK
income tax revenues. I hear many
claims lately that the 1 per cent
doesnt pay its fair share, but then
many people I ask are also surprised
at how high the 1 per cents
contribution already is (28 per cent
of UK income tax receipts). In the
US, the figure is even higher the
top 1 per cent of US earners
contributes 37 per cent of income
tax receipts. By contrast, the poorest
50 per cent of the UK population
supplies 10 per cent of income tax
revenues. And the same figure for
the US is just 2 per cent.
You may say that the rich should
pay even more and the poor even
less. But it strikes me that such
proclamations should be built on an
awareness of the status quo. That my
students and I daresay many
readers are surprised at just how
progressive the existing tax system
must surely be food for thought.
Anthony J. Evans is associate professor
of economics at Londons ESCP Europe
Business School.
Email him at anthonyjevans@gmail.com
www.anthonyjevans.com
FRONTLINE
ECONOMICS
ANTHONY J. EVANS
Why Britains income tax system is already astonishingly progressive
%
16
16
11
19
28
10
Top 1%
Top 2-5%
Top 6-10%
Top 11-25%
Top 26-50%
Bottom 50%
SHARE OF TOTAL INCOME TAX RECEIPTS
21
Crime mustnt pay
[Re: We need a more radical answer to
Londons crime-fighting nightmare,
Wednesday]
Jamie Whyte believes attaching revenue
to policing would reduce crime. He hasnt
considered the wider consequences of a
purely financially motivated police force:
more corruption, greater reluctance to
report crimes and reduced trust from the
public. The polices important impartial
public role should not be privatised.
Adam Riccoboni
Attaching monetary value to crimes in a
privatised system will open up the chance
of rival companies committing violent acts
to undermine their competitors profits.
Amanda Skelton
God is good
[Re: Should the government do God?,
Thursday]
Whether the Prime Minister wants to divert
attention away from the governments
recent negative publicity by speaking about
God, or not, it must be a good thing if David
Camerons comments encourage City work-
ers to take a break from studying the mar-
kets and pick up an eyewitness account like
Marks Gospel. They can analyse for them-
selves the much more profitable and reli-
able facts of Easter. Of course, God doesnt
need the Prime Minister to do His public
relations for Him. Raising Jesus from the
dead and providing the solution to death
itself, for all who trust Him, does that on its
own.
Wes Illingsworth, St. Helens Bishopsgate
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.
L
AST month saw the launch
of a small charity with a big
ambition to improve the
state of numeracy in the UK.
National Numeracy aims to
draw attention to a problem
known about for decades but
which, despite periodic hand-
wringing, weve not yet fixed.
Nearly 17m people in England
almost half the working-age
population have a numeracy level
roughly that expected of children
at primary school. Half of those
have the skills of a nine-year-old or
younger. That means they may not
be able to check deductions on a
wages slip, understand bus
timetables or pay household bills.
These figures were released by
the government at the end of 2011.
What they showed was not only
that numeracy was bad, but that it
had got worse in the eight years
since the last similar survey and
that the gap between numeracy
and literacy was growing.
The impact of all this is obvious,
both on the UK economy (KPMG
put the annual cost at 2.4bn) and
on the individual. If youve got low
numeracy, youre twice as likely to
be excluded from school, twice as
likely to be unemployed, twice as
likely to suffer from depression,
and some of the differences remain
after adjusting for other factors,
like poor literacy.
Having poor maths makes you a
poor consumer. Youll struggle
with personal finance; energy
tariffs and APR will remain a
mystery; instant credit offers will
lie in wait to trap you; youll be a
target for mis-selling of all sorts.
Worse still, youre likely to pass on
your lack of confidence to your
children. Poor numeracy can be a
vicious intergenerational spiral.
Underpinning all these
TOP TWEETS
Its time for Santorum to go. Hes ruining
Romney and the Republicans chances.
@aptsw1
Thanks to Stephen OBrien MP for responding
to my @cityamforum piece yesterday, but he
doesnt mention my main point.
@RaheemJKassam
I didnt know Jeremy Paxman was running
for Mayor of London until his performance on
the Newsnight debate.
@rodney1710
Are Boris Johnsons human frailties really
eclipsed by Ken Livingstones? Is this really
the best way to conduct an election?
@MartinShovel
After many years in a bull market, is it still
a good time to stake your wealth on gold?
YES
Gold isnt a traditional investment good: it is an alternative to
paper money. From that perspective, its allure is all too clear. The
purchasing power of gold is as good now as it was in 1900. The
pound lost 99 per cent of its value over the same period. As a
store of value, gold wins hands down because its supply is
inelastic: you cant create more of it every time you need to bail
out a bust financial sector or bankroll a profligate government.
Of course, I dont know whether the gold price will be higher
next week, next month, or even next year. But I do know that the
things which have driven golds surge uncertainty, money-
printing, and fiscal incontinence are here to stay. Monetary
debasement is the whole point of a fiat currency. Make of that
what you will.
Tom Clougherty is executive director of the Adam Smith
Institute.
Tom Clougherty
NO
Trevor Greetham
In recent weeks, I have sold out of physical gold in favour of more
diversified commodity exposure. There are a number of reasons for
this. Gold tends to do best in absolute terms when the US dollar is
weak and global growth is slowing. The US-led global upswing
could mean that neither condition holds true this year. The dollar has
been strong in recent months as the likelihood of additional
quantitative easing by the Federal Reserve has fallen. Gold is also
becoming less attractive within the commodity asset class. A pick up
in global growth tends to favour industrial metals like copper, while
oil offers a much better hedge against geopolitical shocks. Retail
holdings of gold have become enormous and survey readings
remain bullish. However, this suggests a significant downside risk if
sentiment takes a turn for the worse.
Trevor Greetham is a portfolio manager at Fidelity's Multi Asset
Funds.
RAPIDresponses
manifestations of the numeracy
problem is a peculiarly British
cultural trait: negative attitudes
that allow people across the social
spectrum to brag that theyre no
good at maths. Dismissing maths
as unimportant allows us to
tolerate an unimpressive national
record. It is highly damaging.
At National Numeracy, we
believe that that no-one child or
adult should be written off as
being no good at maths. Everyone
can learn to get better at it. Our
task is to change attitudes. We will
work with others on practical
projects to research and spread the
word on what is effective at school
and beyond, and identify gaps
where new thinking is needed. We
are open to collaboration with and
support from anyone who shares
our concern (our initial backers
include Nationwide).
Others have tried some of this
before, but never as single-
mindedly as National Numeracy
aims to. For a long time, numeracy
has sat within the shadow of
literacy: the debate about basic
skills usually centred on reading
and writing. Improvements in
literacy are to be welcomed. They
show what you can do if public
attention and effort are thrown at
a problem. Its time for a concerted
effort to do the same for numeracy.
Wendy Jones is a freelance journalist,
a former BBC education correspondent,
and trustee for National Numeracy.
www.nationalnumeracy.org
TUESDAY 10 APRIL 2012
WENDY JONES
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Bad numeracy is
a black mark for
British prospects
TUESDAY 10 APRIL 2012
22
MARKETS
cityam.com
LON GD ONCE FIX AM..................................1622.50 -9.25
SILVERLDN FIX AM..........................................31.67 0.40
MAPLE LEAF 1 OZ............................................34.04 -0.21
LON PLATINUM AM.....................................1605.00 -22.00
LON PALLADIUM AM....................................640.00 -5.00
ALUMINIUM CASH......................................2053.00 -6.00
COPPER CASH............................................8365.00 -86.00
LEAD CASH.................................................1993.00 20.50
NICKEL CASH............................................17860.00 -170.00
TIN CASH..................................................22475.00 -25.00
ZINC CASH ..................................................1975.00 -11.00
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SOYA...........................................................1434.00 14.50
COCOA........................................................2085.00 2.00
COFFEE..........................................................183.00 -1.75
KRUG..........................................................1696.80 0.00
WHEAT ..........................................................171.80 2.30
AIR LIQUIDE .....................................................98.70 -0.77 102.30 80.90
ALLIANZ...........................................................86.68 -0.39 107.45 56.16
ANHEUS-BUSCHINBEV.....................................53.76 -0.33 55.75 33.85
ARCELORMITTAL ................................................13.73 0.29 26.40 10.47
AXA ...................................................................11.68 -0.04 15.97 7.88
BANCO SANTANDER............................................5.41 0.00 8.36 4.94
BASF SE............................................................63.48 -0.07 70.22 42.19
BAYER..............................................................52.00 -0.37 59.44 35.36
BBVA..................................................................5.60 -0.01 8.79 4.94
BMW................................................................66.78 0.22 73.95 43.49
BNP PARIBAS ...................................................32.88 -0.32 55.44 22.72
CARREFOUR ........................................................17.11 0.05 28.37 14.66
CRH PLC ............................................................14.85 0.14 16.93 10.28
DAIMLER...........................................................42.86 -1.85 53.95 29.02
DANONE............................................................51.63 -0.31 53.46 41.92
DEUTSCHE BANK ...............................................35.16 0.04 44.56 20.79
DEUTSCHE BOERSE...........................................50.23 -0.32 57.68 35.65
DEUTSCHE TELEKOM...........................................8.80 -0.05 11.38 7.88
E.ON...................................................................17.25 -0.07 23.54 12.50
ENEL...................................................................2.58 -0.01 4.86 2.52
ENI.....................................................................17.20 0.06 18.72 11.83
FRANCE TELECOM..............................................10.63 -0.05 15.98 10.54
GDF SUEZ...........................................................18.61 0.01 28.16 17.65
GENERALI ASS. ..................................................11.04 -0.06 16.44 10.34
IBERDROLA........................................................4.00 -0.03 5.95 3.93
INDITEX.............................................................71.64 0.44 74.73 52.20
ING GROEP CVA...................................................5.81 0.07 9.27 4.21
INTESA SANPAOLO ..............................................1.24 -0.01 2.18 0.85
KON.PHILIPS ELECTR.........................................14.49 0.01 22.39 12.01
L'OREAL ............................................................91.40 0.21 93.00 68.83
LVMH..............................................................129.00 2.10 136.80 94.16
MUNICHRE.......................................................111.50 0.40 118.35 77.80
NOKIA ................................................................3.89 0.04 6.36 3.33
REPSOL YPF ......................................................18.09 0.09 24.90 17.31
RWE.................................................................34.80 -0.14 47.29 21.15
SAINT-GOBAIN ..................................................31.33 0.05 47.64 26.07
SANOFI .............................................................56.48 -0.57 59.56 42.85
SAP...................................................................50.78 -0.47 54.85 32.88
SCHNEIDER ELECTRIC ........................................47.28 0.87 61.80 35.00
SIEMENS...........................................................73.88 -0.04 99.07 62.13
SOCIETE GENERALE...........................................20.23 -0.15 48.24 14.32
TELECOM ITALIA..................................................0.85 -0.01 1.09 0.70
TELEFONICA.......................................................11.90 0.03 18.34 11.67
TOTAL ................................................................38.21 0.30 43.73 29.40
UNIBAIL-RODAMCO SE ....................................143.95 -0.35 162.95 123.30
UNICREDIT...........................................................3.31 -0.11 12.08 2.20
UNILEVER CVA ..................................................25.43 -0.24 27.16 20.96
VINCI ..................................................................37.13 0.12 45.48 28.46
VIVENDI .............................................................13.31 -0.09 21.37 13.18
VOLKSWAGEN VORZ........................................128.95 -0.45 152.20 86.40
Price Chg High Low
EU SHARES
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . . 5723.67 19.90 0.35
FTSE 250 INDEX . . . . . . . . . . . . . . . 11380.56 28.11 0.25
FTSE UK ALL SHARE . . . . . . . . . . . . 2977.03 10.01 0.34
FTSE AIM ALL SH . . . . . . . . . . . . . . . . 781.79 1.07 0.14
DOWJONES INDUS 30 . . . . . . . . . 12929.59 -130.55 -1.00
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1382.20 -15.88 -1.14
NASDAQ COMPOSITE . . . . . . . . . . . 3047.08 -33.42 -1.08
FTSEUROFIRST 300 . . . . . . . . . . . . . 1052.24 1.25 0.12
NIKKEI 225. . . . . . . . . . . . . . . . . . . 9546.26 -142.19 -1.47
DAX 30 PERFORMANCE . . . . . . . . . 6775.26 -8.80 -0.13
CAC 40 . . . . . . . . . . . . . . . . . . . . . . . 3319.81 6.34 0.19
SHANGHAI SE INDEX . . . . . . . . . . . 2302.24 39.45 1.74
HANG SENG . . . . . . . . . . . . . . . . . 20593.00 -197.98 -0.95
S&P/ASX 20 INDEX . . . . . . . . . . . . . 2574.00 -7.30 -0.28
ASX ALL ORDINARIES. . . . . . . . . . . 4402.30 -16.60 -0.38
BOVESPA SAO PAOLO . . . . . . . . . . 62923.21 -767.97 -1.21
ISEQ OVERALL INDEX . . . . . . . . . . . 3202.47 -0.28 -0.01
STRAITS TIMES . . . . . . . . . . . . . . . . 2960.10 -26.10 -0.87
IGBM . . . . . . . . . . . . . . . . . . . . . . . . . 772.16 -0.48 -0.06
SWISS MARKET INDEX . . . . . . . . . . 6163.49 -3.30 -0.05
Price Chg %chg
3M....................................................................86.33 -0.94 98.19 68.63
ABBOTT LABS...................................................60.97 -0.33 62.57 46.29
ALCOA................................................................9.60 -0.03 18.47 8.45
ALTRIA GROUP...................................................31.16 -0.20 31.37 23.20
AM INTL GRP.....................................................31.99 -0.90 35.57 19.18
AMAZON.COM..................................................191.87 -2.52 246.71 166.97
AMERICAN EXPRESS..........................................57.16 -0.94 59.26 41.30
APPLE ............................................................636.23 2.55 639.84 310.50
AT&T ................................................................30.64 -0.30 31.97 27.29
BANK OF AMERICA.............................................8.93 -0.30 13.88 4.92
BERKSHIRE HATAW B.......................................79.76 -1.15 83.72 65.35
BOEING CO........................................................72.43 -1.16 80.65 56.01
CATERPILLAR...................................................103.57 -2.30 116.95 67.54
CHEVRON........................................................103.49 -1.26 112.28 86.68
CISCO SYSTEMS.................................................19.96 -0.26 21.30 13.30
CITIGROUP........................................................33.97 -0.82 46.90 21.40
COCA-COLA.......................................................72.87 -0.60 74.39 63.34
COMCAST CLASS A............................................29.33 -0.23 30.41 19.19
CONOCOPHILLIPS..............................................75.05 -0.31 81.75 58.65
DU PONT(EI) DE NMR........................................51.95 -0.75 57.50 37.10
EMC CORP ........................................................28.64 -0.30 30.00 19.84
EXXON MOBIL...................................................83.88 -0.94 88.13 63.47
GENERAL ELECTRIC...........................................19.20 -0.29 21.00 14.02
GOOGLE A......................................................630.84 -1.48 670.25 473.02
HEWLETT PACKARD...........................................23.14 0.03 41.80 19.92
HOME DEPOT....................................................50.58 -0.04 50.69 28.13
IBM................................................................204.94 -0.53 210.69 157.13
INTEL CORP.......................................................27.76 -0.31 28.45 19.16
J.P.MORGAN CHASE..........................................43.89 -0.45 47.80 27.85
JOHNSON & JOHNSON.....................................64.92 -0.42 68.05 55.76
KRAFT FOODS A................................................37.59 -0.45 39.40 24.30
MC DONALD'S CORP.........................................98.88 0.26 102.22 75.66
MERCK AND CO. NEW.......................................38.73 -0.15 39.43 29.47
MICROSOFT........................................................31.10 -0.42 32.95 23.65
OCCID. PETROLEUM...........................................91.38 -1.91 117.89 66.36
ORACLE CORP ...................................................29.01 -0.55 36.50 24.72
PEPSICO ...........................................................65.35 -0.80 71.89 58.50
PFIZER .............................................................22.05 -0.29 22.80 16.63
PHILIP MORRIS INTL .........................................88.37 -0.27 90.10 60.45
PROCTER AND GAMBLE....................................66.81 -0.50 67.95 56.57
QUALCOMM INC ...............................................66.50 -0.69 68.87 45.98
SCHLUMBERGER...............................................67.59 -0.83 95.53 54.79
TRAVELERS CIES...............................................58.05 -0.83 64.17 45.97
UNITED TECHNOLOGIE......................................80.23 -1.37 91.83 66.87
UNITEDHEALTH GROUP.....................................58.14 -0.87 59.61 41.27
VERIZON COMMS ..............................................37.46 -0.20 40.48 32.28
VISA CL A ........................................................119.50 -1.51 121.15 73.11
WAL-MART STORES...........................................60.13 -0.54 62.63 48.31
WALT DISNEY CO ...............................................42.11 -0.97 44.50 28.19
WELLS FARGO & CO..........................................33.42 -0.31 34.59 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................................0.263 0.00
LIBOR Euro - 12 months................................1.365 0.00
LIBOR USD - overnight..................................0.151 0.00
LIBOR USD - 12 months................................1.050 0.00
Halifax 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 long bond yield ......................................3.180 -0.14
European repo rate......................................0.164 0.00
Euro Euribor .................................................0.317 0.00
The vix index................................................18.26 1.56
The baltic dry index ....................................928.0 2.00
Markit iBoxx ...............................................241.98 -0.51
Markit iTraxx...............................................134.68 5.38
Price Chg High Low
Price Chg %chg Price Chg %chg Price Chg %chg
US SHARES
BAE Systems . . . . . . . . .291.3 -4.1 340.8 248.1
Chemring Group . . . . . .387.2 -0.7 707.0 368.8
Cobham . . . . . . . . . . . .230.0 3.0 235.5 165.9
Meggitt . . . . . . . . . . . . .397.2 -1.3 412.0 304.9
QinetiQ Group . . . . . . . .151.6 -0.9 159.3 101.5
Rolls-Royce Holdi . . . . .816.0 5.0 842.5 557.5
Senior . . . . . . . . . . . . . .194.0 -0.3 203.0 135.6
Ultra Electronics . . . . .1726.0 -5.0 1780.0 1305.0
GKN . . . . . . . . . . . . . . . .199.8 0.9 245.0 157.0
Barclays . . . . . . . . . . . . .219.3 0.8 308.9 138.9
HSBC Holdings . . . . . . .554.5 -2.3 667.2 463.5
Lloyds Banking Gr . . . . . .31.4 -0.5 62.4 21.8
Royal Bank of Sco . . . . . .25.8 -0.3 44.4 17.3
Standard Chartere . . . .1524.5 -11.5 1690.0 1169.5
AG Barr . . . . . . . . . . . . .1147.0 12.0 1395.0 1031.0
Britvic . . . . . . . . . . . . . .380.0 -0.2 444.0 289.9
Diageo . . . . . . . . . . . . .1523.5 7.0 1553.0 1112.0
SABMiller . . . . . . . . . . .2544.5 9.5 2660.0 1979.0
AZ Electronic Mat . . . . .292.0 2.0 338.1 206.1
Croda Internation . . . .2072.0 -1.0 2238.0 1597.0
Elementis . . . . . . . . . . . .186.1 3.3 196.1 107.5
Johnson Matthey . . . .2330.0 6.0 2408.0 1523.0
Victrex . . . . . . . . . . . . .1375.0 9.0 1590.0 1025.0
Yule Catto & Co . . . . . . .238.5 -2.1 253.0 148.0
/$ 1.3125 0.0059
/ 0.8256 0.0001
/ 107.07 0.5365
/ 1.2114 0.5038
/$ 1.5895 0.0069
/ 129.70 0.6496
FTSE 100
5723.67
19.90
FTSE 250
11380.56
28.11
FTSE ALL SHARE
2977.03
10.01
DOW
12929.59
130.55
NASDAQ
3047.08
33.42
S&P500
1382.20
15.88
Brown (N.) Group . . . . .228.3 -2.1 304.5 227.0
Carpetright . . . . . . . . . .647.5 -0.5 741.0 375.0
Debenhams . . . . . . . . . .79.6 1.2 82.7 51.2
Dignity . . . . . . . . . . . . . .831.0 3.0 854.5 705.0
Dixons Retail . . . . . . . . .18.3 -0.2 19.9 9.4
DunelmGroup . . . . . . . .513.5 -6.5 533.0 389.0
Halfords Group . . . . . . .308.4 -7.0 405.9 268.6
Home Retail Group . . . .107.2 -2.2 228.5 72.5
Inchcape . . . . . . . . . . . .368.8 7.3 425.4 268.1
JD Sports Fashion . . . . .797.0 12.0 1030.0 570.0
Kesa Electricals . . . . . . . .65.6 2.0 151.4 60.2
Kingsher . . . . . . . . . . .306.1 4.8 313.8 217.0
Marks & Spencer G . . . .368.8 -1.2 402.2 301.8
Next . . . . . . . . . . . . . . .2967.0 30.0 3060.0 2052.0
Sports Direct Int . . . . . .285.0 4.5 296.1 183.2
WHSmith . . . . . . . . . . .546.0 3.0 559.0 442.3
Smith & Nephew . . . . . .615.0 -5.5 705.5 521.0
Synergy Health . . . . . .854.0 -1.5 981.0 809.5
Barratt Developme . . . .132.5 -0.1 151.5 67.5
Bellway . . . . . . . . . . . . .791.0 -6.5 859.5 540.5
Berkeley Group Ho . . .1327.0 4.0 1414.0 1019.0
Bovis Homes Group . . .466.6 -3.6 518.5 326.5
Persimmon . . . . . . . . .628.0 9.5 706.5 374.0
Balfour Beatty . . . . . . . .281.0 2.2 335.3 214.6
CRH . . . . . . . . . . . . . . . .1221.0 3.0 1665.5 1053.0
Galliford Try . . . . . . . . .602.5 -2.5 628.0 383.8
Kier Group . . . . . . . . . .1107.0 -1.0 1489.0 1096.0
Drax Group . . . . . . . . . .541.0 -2.5 581.5 413.2
SSE . . . . . . . . . . . . . . . .1322.0 -2.0 1423.0 1193.0
Domino Printing S . . . .558.0 -0.5 701.5 434.3
Halma . . . . . . . . . . . . . .387.4 4.1 429.6 306.3
Laird . . . . . . . . . . . . . . . .213.0 0.4 219.0 127.9
Morgan Crucible C . . . . .316.2 -0.8 360.0 224.0
Oxford Instrument . . . .1163.0 5.0 1262.0 714.0
Renishaw . . . . . . . . . . .1314.0 -16.0 1886.0 800.0
Spectris . . . . . . . . . . . .1790.0 15.0 1837.0 1039.0
Aberforth Smaller . . . .626.0 -2.0 714.0 494.0
Alliance Trust . . . . . . . .366.8 3.3 392.7 310.2
Bankers Inv Trust . . . . .420.0 2.2 433.8 346.5
BH Global Ltd. GB . . . . .1171.0 2.0 1212.0 1070.0
BH Global Ltd. US . . . . . . .11.6 -0.2 12.2 10.6
BH Macro Ltd. EUR . . . . . .19.7 -0.1 20.2 16.4
BH Macro Ltd. GBP . . .2045.0 -5.0 2078.0 1678.0
BH Macro Ltd. USD . . . . . .19.4 -0.0 20.2 16.2
BlackRock World M . . .659.0 10.5 815.5 574.5
BlueCrest AllBlue . . . . . .162.1 0.1 176.2 160.6
British Assets Tr . . . . . . .125.0 0.8 139.4 109.0
British Empire Se . . . . .422.0 1.9 533.0 404.0
Caledonia Investm. . . .1431.0 -11.0 1800.0 1337.0
City of London In . . . . .292.8 1.3 306.9 257.0
Dexion Absolute L . . . .140.0 0.3 150.0 130.0
Edinburgh Dragon . . . .249.0 3.0 253.1 201.4
Edinburgh Inv Tru . . . .494.0 3.9 504.0 422.5
Electra Private E . . . . .1720.0 7.0 1755.0 1287.0
Fidelity China Sp . . . . . . .78.8 1.0 114.3 70.0
Fidelity European . . . .1108.0 -9.0 1287.0 912.0
Foreign and Colon . . . . .312.0 1.5 327.9 261.5
Herald Inv Trust . . . . . . .515.0 0.0 545.5 419.0
HICL Infrastructu . . . . . .121.4 0.8 121.4 112.7
John Laing Infras . . . . .106.6 -0.1 110.6 103.8
JPMorgan American . .940.0 1.5 965.5 721.5
JPMorgan Asian In . . . .193.0 1.9 244.0 170.1
JPMorgan Emerging . .566.0 8.0 610.5 480.1
JPMorgan Indian I . . . .362.0 0.7 459.0 313.1
JPMorgan Russian . . . .569.0 0.5 731.0 415.1
LawDebenture Cor . . . .374.6 -1.7 398.7 323.0
Mercantile Invest . . . .1003.0 0.0 1119.0 823.0
Merchants Trust . . . . . . .379.1 2.1 431.8 341.5
Monks Inv Trust . . . . . . .331.5 0.9 367.9 298.1
Murray Income Tru . . . .649.5 1.0 674.0 568.0
Murray Internatio . . . . .980.5 0.5 1012.0 818.5
NB Global Floatin . . . . . .99.7 0.0 103.0 92.5
Perpetual Income . . . .268.0 -0.2 276.0 236.5
Personal Assets T . . .34120.0-150.0 35350.031062.5
Polar Capital Tec . . . . . .394.6 -1.4 404.0 299.5
RIT Capital Partn . . . . .1206.0 0.0 1360.0 1173.0
Scottish Inv Trus . . . . . .483.9 -4.1 524.0 417.0
Scottish Mortgage . . . .703.0 5.0 781.0 565.0
SVG Capital . . . . . . . . . .287.2 5.2 295.5 165.1
Temple Bar Inv Tr . . . . .921.0 10.0 970.0 791.0
Templeton Emergin . . .591.0 7.0 681.0 497.0
TRProperty Inv T . . . . .150.2 -0.1 206.1 136.2
TRProperty Inv T . . . . . .68.0 -0.7 94.0 59.8
Witan Inv Trust . . . . . . .489.5 0.7 533.0 401.5
3i Group . . . . . . . . . . . .206.3 0.0 294.1 166.9
3i Infrastructure . . . . . . .123.9 0.2 125.2 115.0
Aberdeen Asset Ma . . . .257.3 -2.3 269.1 167.8
Ashmore Group . . . . . .385.6 18.9 420.0 306.4
Brewin Dolphin Ho . . . .170.8 2.8 177.0 113.7
Camellia . . . . . . . . . . .9740.0 40.0 10950.0 8800.0
Charles Taylor Co . . . . . .156.3 0.3 160.5 115.6
City of London Gr . . . . . .69.0 0.5 90.0 61.3
City of London In . . . . .367.0 8.3 440.0 304.3
Close Brothers Gr . . . . . .761.0 -3.0 820.0 590.0
F&C Asset Managem . . .66.0 0.4 81.7 56.1
Hargreaves Lansdo . . .465.8 0.2 646.5 402.5
Helphire Group . . . . . . . . .1.8 -0.1 14.3 1.4
Henderson Group . . . . . .125.1 0.3 169.9 95.1
Highway Capital . . . . . . .13.0 0.0 21.0 7.0
ICAP . . . . . . . . . . . . . . . .378.6 -4.0 540.0 311.6
IG Group Holdings . . . .450.3 2.9 502.5 393.6
Intermediate Capi . . . .270.8 -1.1 345.0 197.9
International Per . . . . .252.2 -12.1 388.8 148.5
International Pub . . . . .119.4 0.1 121.5 112.7
Investec . . . . . . . . . . . . .367.0 0.3 522.0 318.4
IP Group . . . . . . . . . . . . .129.5 -0.5 134.0 36.0
Jupiter Fund Mana . . . .238.5 2.8 310.5 184.9
Liontrust Asset M . . . . . .121.8 -1.8 125.0 57.9
LMS Capital . . . . . . . . . . .59.1 0.9 64.8 54.0
London Finance & . . . . .19.5 0.0 23.5 18.5
London Stock Exch . . .1059.0 7.0 1076.0 756.5
Lonrho . . . . . . . . . . . . . . .12.3 -0.3 19.8 8.9
Man Group . . . . . . . . . . .119.7 -3.1 259.6 104.5
Paragon Group Of . . . .184.8 3.7 206.1 134.6
Provident Financi . . . . .1141.0 6.0 1181.0 915.0
Rathbone Brothers . . .1265.0 -2.0 1316.0 977.0
Record . . . . . . . . . . . . . . . .11.1 0.4 35.5 10.1
RSM Tenon Group . . . . . . .7.6 -0.2 37.0 5.6
Schroders . . . . . . . . . .1476.0 5.0 1906.0 1183.0
Schroders (Non-Vo . . .1147.0 5.0 1554.0 970.0
Tullett Prebon . . . . . . . .343.8 0.3 427.3 262.3
Walker Crips Grou . . . . .45.0 0.0 51.5 40.0
BT Group . . . . . . . . . . . .222.3 0.2 232.1 161.0
Cable & Wireless . . . . . . .32.1 -0.1 48.9 31.3
Cable & Wireless . . . . . .34.5 0.1 55.0 14.2
COLT Group SA . . . . . . . .103.0 -2.5 154.0 84.1
KCOM Group . . . . . . . . . . .71.3 -1.3 84.0 59.8
TalkTalk Telecom . . . . .136.2 -3.2 150.0 118.9
TelecomPlus . . . . . . . .692.0 0.0 802.0 470.0
Booker Group . . . . . . . . .81.3 -3.4 85.3 59.5
Greggs . . . . . . . . . . . . . .517.0 -0.5 558.0 445.0
Morrison (Wm) Sup . . .293.5 -1.0 328.0 277.0
Ocado Group . . . . . . . . .114.5 -0.4 237.0 52.9
Sainsbury (J) . . . . . . . . .303.2 0.5 362.8 263.5
Tesco . . . . . . . . . . . . . . .324.5 -1.5 420.1 310.5
Associated Britis . . . . .1205.0 -4.0 1233.0 977.0
Cranswick . . . . . . . . . . .810.0 3.0 841.0 588.5
Dairy Crest Group . . . . .324.5 -4.1 409.7 311.0
Devro . . . . . . . . . . . . . . .314.5 0.6 332.2 232.0
Tate & Lyle . . . . . . . . . .704.0 -0.5 720.5 544.5
Unilever . . . . . . . . . . .2043.0 -25.0 2189.0 1892.0
Mondi . . . . . . . . . . . . . .563.5 -5.0 664.0 413.5
Centrica . . . . . . . . . . . . .312.5 2.6 333.0 278.8
International Pow . . . .407.5 5.3 408.2 279.4
National Grid . . . . . . . .634.5 0.0 659.0 569.0
Pennon Group . . . . . . . .701.5 -3.0 737.5 620.0
Severn Trent . . . . . . . .1507.0 -14.0 1610.0 1375.0
United Utilities . . . . . . .596.5 0.5 637.0 560.0
Cookson Group . . . . . . .710.0 20.5 732.5 395.8
Rexam . . . . . . . . . . . . . .419.8 0.7 436.0 299.8
RPC Group . . . . . . . . . . .362.1 3.6 393.2 300.5
Smith (DS) . . . . . . . . . . .173.0 -2.0 183.7 113.3
Smiths Group . . . . . . . .1014.0 1.0 1340.0 869.5
Price Chg High Low
Reckitt Benckiser . . . . .3517.0 3.0 3599.0 3100.0
Redrow . . . . . . . . . . . . .124.5 -1.0 135.3 103.5
Taylor Wimpey . . . . . . . .48.5 -0.4 52.8 28.7
Bodycote . . . . . . . . . . . .376.4 2.9 426.5 225.6
Fenner . . . . . . . . . . . . . .427.5 2.5 483.7 280.0
IMI . . . . . . . . . . . . . . . . .975.5 18.0 1119.0 636.5
Melrose . . . . . . . . . . . . .409.8 1.5 434.9 268.0
Northgate . . . . . . . . . . .200.0 -4.1 346.7 190.9
Rotork . . . . . . . . . . . .2040.0 -12.0 2099.0 1501.0
Spirax-Sarco Engi . . . .2136.0 10.0 2184.0 1649.0
Weir Group . . . . . . . . . .1727.0 22.0 2236.0 1375.0
Evraz . . . . . . . . . . . . . . .361.0 7.4 460.5 315.0
Ferrexpo . . . . . . . . . . . .291.0 -0.9 499.0 238.7
Talvivaara Mining . . . . .239.6 16.5 550.5 195.2
BBA Aviation . . . . . . . . .210.7 -5.2 223.4 156.0
Stobart Group Ltd . . . . .125.5 0.6 152.2 112.0
Admiral Group . . . . . . .1207.0 18.0 1754.0 787.0
Amlin . . . . . . . . . . . . . . .317.2 1.3 427.0 270.6
Beazley . . . . . . . . . . . . .138.8 -1.3 151.8 109.6
Catlin Group Ltd. . . . . . .414.6 -2.7 449.0 337.0
Hiscox Ltd. . . . . . . . . . . .393.6 -2.5 424.7 340.5
ITV . . . . . . . . . . . . . . . . . .85.5 0.3 89.9 51.7
Johnston Press . . . . . . . . .6.3 0.6 8.2 4.1
MecomGroup . . . . . . . .173.8 0.8 310.0 134.5
Moneysupermarket. . . .126.4 -0.4 130.3 86.3
Pearson . . . . . . . . . . . .1135.0 -1.0 1255.0 1038.0
PerformGroup . . . . . . .295.0 0.3 317.2 150.0
Reed Elsevier . . . . . . . .543.0 2.5 578.0 461.3
Rightmove . . . . . . . . . .1414.0 -5.0 1462.0 933.0
STV Group . . . . . . . . . . .116.0 2.0 168.0 76.3
Tarsus Group . . . . . . . . .147.3 0.3 165.0 119.5
Trinity Mirror . . . . . . . . . .36.8 -0.3 54.3 35.3
UBM . . . . . . . . . . . . . . .608.5 -6.5 641.5 416.0
UTVMedia . . . . . . . . . . .152.3 -1.3 153.5 92.5
Wilmington Group . . . . .97.5 -0.3 154.8 78.5
WPP . . . . . . . . . . . . . . .844.0 17.0 880.0 578.0
Yell Group . . . . . . . . . . . . .3.7 -0.1 11.0 3.4
African Barrick G . . . . . .373.2 1.0 616.5 367.0
Anglo American . . . . .2298.5 29.0 3344.0 2138.5
Anglo Pacic Gro . . . . .302.5 0.5 340.0 237.9
Antofagasta . . . . . . . . .1129.0 26.0 1491.0 900.5
Aquarius Platinum. . . . .141.7 0.5 361.0 130.9
Avocet Mining . . . . . . . .170.4 -4.9 286.8 167.4
BHP Billiton . . . . . . . . .1907.0 30.0 2631.5 1667.0
Bumi . . . . . . . . . . . . . . .598.0 -1.09 615.0 591.0
Centamin (DI) . . . . . . . . .63.8 0.6 154.2 62.0
Jardine Lloyd Tho . . . . .690.5 0.5 764.5 576.0
Lancashire Holdin . . . . .787.0 2.5 800.5 618.5
RSA Insurance Gro . . . .104.3 0.8 139.8 99.6
Aviva . . . . . . . . . . . . . . .317.0 0.0 452.7 275.3
Legal & General G . . . . .127.8 -0.7 135.0 89.8
Old Mutual . . . . . . . . . . .157.1 1.1 164.6 98.1
Phoenix Group Hol . . . .557.5 12.0 688.0 451.1
Prudential . . . . . . . . . . .736.0 -4.0 797.5 509.0
Resolution Ltd. . . . . . . .252.0 -1.0 316.1 229.5
St James's Place . . . . . .342.8 -4.0 376.0 294.0
Standard Life . . . . . . . .222.2 -0.1 250.7 172.0
4Imprint Group . . . . . .300.0 -8.0 312.5 200.0
Aegis Group . . . . . . . . . .179.8 0.9 187.4 115.7
Bloomsbury Publis . . . .109.5 1.0 138.0 91.3
British Sky Broad . . . . .635.5 -22.5 850.0 618.5
Centaur Media . . . . . . . .36.4 -0.1 56.3 32.5
Chime Communicati . . .214.5 -2.5 298.5 163.0
Creston . . . . . . . . . . . . . .64.0 0.5 121.0 47.0
Daily Mail and Ge . . . . .443.1 -0.9 505.5 343.4
Euromoney Institu . . . .770.0 7.0 809.5 522.5
Future . . . . . . . . . . . . . . .12.3 -0.1 21.0 8.3
Haynes Publishing . . . .205.0 0.0 255.0 192.0
Huntsworth . . . . . . . . . . .47.5 -0.8 76.3 32.3
Informa . . . . . . . . . . . . .434.5 1.3 451.0 313.9
ITE Group . . . . . . . . . . . .221.0 4.3 258.0 157.7
Eurasian Natural . . . . .584.0 11.0 973.5 522.0
Fresnillo . . . . . . . . . . . .1539.0 6.0 2150.0 1302.0
GemDiamonds Ltd. . . .262.8 -5.7 310.6 179.8
Glencore Internat . . . . . .411.8 22.4 531.1 348.0
Hochschild Mining . . . . .471.7 16.7 633.0 365.9
Kazakhmys . . . . . . . . . .906.5 19.5 1493.0 730.0
Kenmare Resources . . . .47.8 -0.3 61.5 31.0
Lonmin . . . . . . . . . . . . .1012.0 13.5 1760.0 941.0
NewWorld Resourc . . .412.3 -7.2 1060.0 400.6
Petra Diamonds Lt . . . .166.9 -11.0 189.0 97.0
Petropavlovsk . . . . . . . .516.0 1.0 971.0 499.5
Polymetal Interna . . . .932.0 37.0 1175.0 877.0
Randgold Resource . . .5155.0 5.0 7565.0 4580.0
Rio Tinto . . . . . . . . . . .3460.0 53.5 4595.0 2712.5
Vedanta Resources . . .1235.0 25.0 2467.0 928.0
Xstrata . . . . . . . . . . . . . .1112.0 38.0 1550.0 764.0
Inmarsat . . . . . . . . . . . .437.6 -8.6 620.0 389.3
Vodafone Group . . . . . .172.0 -0.2 182.7 155.1
Genesis Emerging . . . .494.0 -3.9 546.0 424.0
Afren . . . . . . . . . . . . . . .134.7 2.5 171.0 73.6
BG Group . . . . . . . . . . .1421.0 12.0 1548.0 1144.0
BP . . . . . . . . . . . . . . . . . .456.1 4.1 504.6 363.2
Cairn Energy . . . . . . . . .334.9 2.5 515.1 291.9
EnQuest . . . . . . . . . . . . .128.3 -0.5 141.5 85.7
Essar Energy . . . . . . . . .158.1 6.1 471.8 101.6
Exillon Energy . . . . . . . .133.6 -7.4 469.7 130.6
Heritage Oil . . . . . . . . . .141.3 -0.2 282.8 138.0
Ophir Energy . . . . . . . .509.0 2.5 525.0 184.5
Premier Oil . . . . . . . . . .396.0 4.2 515.0 310.0
Royal Dutch Shell . . . . .2167.5 8.5 2402.0 1883.5
Royal Dutch Shell . . . .2196.5 9.0 2489.0 1890.5
Ruspetro . . . . . . . . . . . .210.3 -6.7 230.0 125.0
Salamander Energy . . .227.6 0.7 317.6 182.3
Soco Internationa . . . . .302.1 5.6 397.5 278.0
TullowOil . . . . . . . . . . .1492.0 12.0 1601.0 945.5
Amec . . . . . . . . . . . . . .1128.0 19.0 1207.0 740.5
Hunting . . . . . . . . . . . .920.0 6.5 968.0 530.0
Kentz Corporation . . . .444.0 6.2 508.0 375.0
Lamprell . . . . . . . . . . . . .331.2 6.7 395.2 220.7
Petrofac Ltd. . . . . . . . .1755.0 57.0 1772.0 1108.0
Wood Group (John) . . .721.5 8.5 763.5 469.9
Burberry Group . . . . . .1538.0 11.0 1600.0 1092.0
PZ Cussons . . . . . . . . . . .315.2 -4.9 387.9 285.0
Supergroup . . . . . . . . . .619.5 13.0 1600.0 435.2
AstraZeneca . . . . . . . .2777.0 -4.0 3194.0 2543.5
BTG . . . . . . . . . . . . . . . .348.7 1.6 365.0 232.1
Genus . . . . . . . . . . . . . .1267.0 2.0 1368.0 853.5
GlaxoSmithKline . . . . .1416.0 1.5 1497.0 1205.0
Hikma Pharmaceuti . . .660.5 1.5 869.0 555.5
Shire Plc . . . . . . . . . . . .2021.0 -4.0 2300.0 1791.0
Capital & Countie . . . . .189.3 -0.2 203.7 154.5
Daejan Holdings . . . . .3257.0 -28.0 3289.0 2282.0
F&C Commercial Pr . . . .102.2 0.7 108.0 92.6
Grainger . . . . . . . . . . . .105.5 3.2 133.2 77.3
London & Stamford . . . .110.5 1.0 140.0 103.9
Savills . . . . . . . . . . . . . .350.3 -4.9 427.1 256.2
UK Commercial Pro . . . . .74.1 0.3 85.5 65.1
Big Yellow Group . . . . .283.3 5.8 344.4 218.0
British Land Co . . . . . . .472.7 4.6 629.5 444.0
Capital Shopping . . . . .321.9 2.3 408.6 288.7
Derwent London . . . . .1716.0 17.0 1880.0 1400.0
Great Portland Es . . . . .358.3 2.4 445.0 312.9
Hammerson . . . . . . . . . .411.4 6.5 490.9 345.2
Hansteen Holdings . . . . .75.6 1.4 89.5 68.0
Land Securities G . . . . .724.0 5.0 885.0 612.0
SEGRO . . . . . . . . . . . . . .230.9 1.6 329.6 195.0
Shaftesbury . . . . . . . . . .491.7 5.2 539.0 441.2
Aveva Group . . . . . . . .1613.0 15.0 1799.0 1298.0
Computacenter . . . . . . .407.1 -12.7 490.0 324.7
Fidessa Group . . . . . . .1567.0 -8.0 2109.0 1444.0
Invensys . . . . . . . . . . . . .198.1 1.3 340.6 180.9
Logica . . . . . . . . . . . . . . .89.5 -2.1 144.8 59.0
Micro Focus Inter . . . . .470.0 16.1 475.0 242.9
Misys . . . . . . . . . . . . . . .348.2 -0.3 420.2 214.9
Sage Group . . . . . . . . . .295.1 7.6 312.4 231.7
SDL . . . . . . . . . . . . . . . .748.0 0.0 756.0 586.0
Telecity Group . . . . . . . .746.5 2.0 757.0 450.5
Aggreko . . . . . . . . . . . .2163.0 3.0 2316.0 1522.0
Ashtead Group . . . . . . .253.4 2.0 271.1 99.4
Atkins (WS) . . . . . . . . . .715.0 -3.0 820.0 490.2
Babcock Internati . . . . .815.0 9.5 828.0 570.5
Berendsen . . . . . . . . . .520.5 3.5 568.0 402.7
Bunzl . . . . . . . . . . . . . .1005.0 14.5 1028.0 676.5
Cape . . . . . . . . . . . . . . .394.8 -3.1 591.5 295.0
Capita . . . . . . . . . . . . . .723.0 3.0 767.0 611.5
Carillion . . . . . . . . . . . . .287.4 -1.2 403.2 281.0
De La Rue . . . . . . . . . . .890.0 -10.0 1001.0 730.0
Diploma . . . . . . . . . . . .436.3 -3.8 453.0 284.0
Electrocomponents . . . .237.6 1.1 294.9 182.2
Experian . . . . . . . . . . . .968.0 -3.5 996.5 665.0
Filtrona PLC . . . . . . . . . .476.1 -2.4 479.6 296.3
G4S . . . . . . . . . . . . . . . .269.6 2.6 292.1 219.9
Hays . . . . . . . . . . . . . . . .82.8 1.3 119.6 58.9
Homeserve . . . . . . . . . .231.2 1.2 532.0 214.7
Howden Joinery Gr . . . .123.0 1.8 130.8 93.1
Interserve . . . . . . . . . . .276.4 0.1 341.3 252.8
Intertek Group . . . . . .2498.0 20.0 2570.0 1744.0
Michael Page Inte . . . . .471.5 4.4 567.0 323.0
Mitie Group . . . . . . . . . .274.7 -1.3 288.3 199.9
PayPoint . . . . . . . . . . . .655.0 -15.0 670.0 434.5
Premier Farnell . . . . . . .207.2 0.3 301.0 144.5
Regus . . . . . . . . . . . . . . .113.0 -1.0 117.5 64.0
Rentokil Initial . . . . . . . .85.8 0.9 100.9 58.2
RPS Group . . . . . . . . . . .241.4 1.4 253.0 156.6
Serco Group . . . . . . . . . .541.5 2.0 597.5 458.0
Shanks Group . . . . . . . . .97.2 1.9 130.9 90.8
SIG . . . . . . . . . . . . . . . . .113.4 -0.7 153.5 77.0
Travis Perkins . . . . . . .1066.0 -4.0 1125.0 715.0
Wolseley . . . . . . . . . . .2342.0 20.0 2558.0 1404.0
ARM Holdings . . . . . . .600.0 7.5 645.0 464.0
CSR . . . . . . . . . . . . . . . . .218.6 -3.1 391.4 154.1
Imagination Techn . . . .679.5 -2.0 717.0 296.9
Spirent Communica . . . .161.6 4.8 162.2 105.8
British American . . . . .3176.5 0.5 3248.5 2485.5
Imperial Tobacco . . . .2500.0 -12.0 2591.0 1956.0
Betfair Group . . . . . . . .860.5 18.5 980.0 567.0
Bwin.party Digita . . . . .162.6 7.1 174.0 100.6
Carnival . . . . . . . . . . . .1919.0 -6.0 2642.0 1742.0
Compass Group . . . . . .645.0 5.5 671.0 512.5
Domino's Pizza UK . . . .431.7 0.9 526.0 377.0
easyJet . . . . . . . . . . . . .486.8 3.0 497.5 302.5
FirstGroup . . . . . . . . . . .213.9 -3.0 370.2 210.6
Go-Ahead Group . . . . .1207.0 -5.0 1598.0 1190.0
Greene King . . . . . . . . .510.5 3.0 523.5 410.0
InterContinental . . . .1440.0 15.0 1497.0 955.0
International Con . . . . .180.0 0.3 258.7 132.0
Ladbrokes . . . . . . . . . . .162.2 0.9 165.0 114.0
Marston's . . . . . . . . . . . . .97.5 0.0 112.0 84.6
Millennium& Copt . . . .474.5 0.8 540.0 371.2
Mitchells & Butle . . . . . .258.0 -2.7 336.8 215.6
National Express . . . . .236.5 8.0 270.2 201.6
Rank Group . . . . . . . . . .127.5 0.3 153.7 109.5
Restaurant Group . . . . .294.0 2.2 335.0 254.9
Spirit Pub Compan . . . . .59.3 0.3 62.8 35.3
Stagecoach Group . . . .244.8 -2.0 287.4 215.9
TUI Travel . . . . . . . . . . . .188.9 -0.4 250.0 136.7
Wetherspoon (J.D. . . . .409.1 3.1 468.3 380.5
Whitbread . . . . . . . . . .1849.0 4.0 1870.0 1409.0
WilliamHill . . . . . . . . . .262.1 -1.4 265.0 180.0
Abcam. . . . . . . . . . . . . .358.5 -4.5 460.0 320.0
Advanced Medical . . . . .78.5 0.5 95.0 64.8
Albemarle & Bond . . . .338.8 -4.3 400.1 281.0
Amerisur Resource . . . . .24.3 -1.3 29.0 9.5
Andes Energia . . . . . . . .49.8 0.3 82.8 17.5
Andor Technology . . . .505.0 0.0 685.0 423.5
Archipelago Resou . . . . .64.8 -0.3 79.0 56.5
ASOS . . . . . . . . . . . . . .1665.0 -35.0 2468.0 1142.0
Aurelian Oil & Ga . . . . . .20.6 -0.1 73.3 16.0
Avanti Communicat . . .249.3 -1.3 499.8 241.3
Blinkx . . . . . . . . . . . . . . .52.0 -1.3 158.0 50.5
Borders & Souther . . . . .68.0 2.5 80.5 43.5
BowLeven . . . . . . . . . . . .90.3 0.5 369.3 62.0
Brooks Macdonald . . .1315.0 0.0 1372.5 940.0
Cluf Gold . . . . . . . . . . . .83.9 -1.4 119.0 66.5
Cove Energy . . . . . . . . .210.3 0.3 242.0 61.0
Daisy Group . . . . . . . . . .115.0 4.5 127.0 93.0
EMIS Group . . . . . . . . . .560.0 10.0 585.8 397.5
Faroe Petroleum . . . . . .168.0 0.0 183.3 130.0
Gulfsands Petrole . . . . .146.8 0.8 315.5 126.0
GWPharmaceutical . . . .89.8 0.3 130.0 78.5
H&T Group . . . . . . . . . .288.9 2.9 395.0 285.1
Hargreaves Servic . . . .1205.0 -3.0 1258.0 855.0
Healthcare Locums . . . . . .2.4 -0.1 2.5 2.1
ImpellamGroup . . . . . .351.5 0.0 382.6 225.0
Iomart Group . . . . . . . . .137.5 2.5 151.0 85.5
James Halstead . . . . . . .515.0 14.0 529.0 410.3
London Mining . . . . . . .274.3 -1.5 436.5 257.5
Lupus Capital . . . . . . . .126.6 0.3 150.0 86.0
M. P. Evans Group . . . . .475.0 2.5 480.0 371.0
Majestic Wine . . . . . . . .435.8 6.8 510.0 315.0
May Gurney Integr . . . .277.5 5.5 302.0 239.9
Monitise . . . . . . . . . . . . .36.0 0.8 40.0 22.8
Mulberry Group . . . . .2000.0 25.0 2013.5 1290.0
Nanoco Group . . . . . . . . .67.0 -1.0 93.3 38.0
Nautical Petroleu . . . . .318.3 0.3 419.0 223.5
Nichols . . . . . . . . . . . . .640.0 1.0 653.8 482.5
Numis Corporation . . . . .88.3 -0.9 119.6 72.0
Pan African Resou . . . . .16.5 -0.3 18.3 9.5
Patagonia Gold . . . . . . . .35.0 -1.8 70.0 34.8
Prezzo . . . . . . . . . . . . . . .67.8 1.3 71.5 53.5
Rockhopper Explor . . . .319.0 -4.3 393.5 141.0
RWS Holdings . . . . . . . .535.0 14.5 560.0 377.0
Secure Trust Bank . . . .1075.0 0.0 1110.0 755.0
Sirius Minerals . . . . . . . . .19.3 0.0 32.0 6.4
Songbird Estates . . . . . .118.0 1.5 160.3 103.0
Valiant Petroleum . . . .549.0 7.0 628.5 400.0
Young & Co's Brew . . . .644.5 1.0 712.0 565.0
Talvivaara Mining . . . . . . . . . . .239.6 7.4
Glencore Internati . . . . . . . . . . . .411.8 5.8
Ashmore Group . . . . . . . . . . . . .385.6 5.2
Bwin.party Digital . . . . . . . . . . .162.6 4.6
Polymetal Internat . . . . . . . . . .932.0 4.1
Essar Energy . . . . . . . . . . . . . . . .158.1 4.0
Hochschild Mining . . . . . . . . . . .471.7 3.7
Micro Focus Intern . . . . . . . . . . .470.0 3.6
Xstrata . . . . . . . . . . . . . . . . . . . .1112.0 3.5
National Express G . . . . . . . . . . .236.5 3.5
Petra Diamonds Ltd . . . . . . . . . .166.9 -6.2
Exillon Energy . . . . . . . . . . . . . . .133.6 -5.3
International Pers . . . . . . . . . . .252.2 -4.6
Booker Group . . . . . . . . . . . . . . . .81.3 -4.0
British Sky Broadc . . . . . . . . . . .635.5 -3.4
Ruspetro . . . . . . . . . . . . . . . . . . .210.3 -3.1
Computacenter . . . . . . . . . . . . . .407.1 -3.0
Avocet Mining . . . . . . . . . . . . . . .170.4 -2.8
Man Group . . . . . . . . . . . . . . . . . .119.7 -2.5
BBA Aviation . . . . . . . . . . . . . . . .210.7 -2.4
Risers FaIIers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
GILTS
http://corporate.webfg.com
mailto:
globaltechsales@webfg.com
Tsy 5.250 12 . . . . . . .100.75 -0.06 105.0 100.8
Tsy 9.000 12 . . . . . .104.58 0.00 110.4 101.9
Tsy 8.000 13 . . . . . . .111.08 -0.06 116.4 111.0
Tsy 2.500 13 . . . . . . .283.57 -0.03 287.7 282.8
Tsy 4.500 13 . . . . . . .103.67 -0.05 106.4 103.6
Tsy 5.000 14 . . . . . . .111.04 0.00 112.9 109.3
Tsy 8.000 15 . . . . . . .126.71 0.05 129.2 123.8
Tsy 4.750 15 . . . . . . .113.94 0.07 115.4 109.1
Tsy 4.000 16 . . . . . . .113.44 0.13 114.7 105.6
Tsy 2.500 16 . . . . . .344.40 0.08 345.0 318.0
Tsy 12.000 17 . . . . . . .117.75 -1.34 127.9 117.8
Tsy 1.250 17 . . . . . . .116.54 0.09 116.8 108.4
Tsy 8.750 17 . . . . . . .139.76 0.15 141.9 133.3
Tsy 5.000 18 . . . . . . .121.33 0.22 122.5 110.6
Tsy 3.750 19 . . . . . . .114.86 0.34 115.6 100.7
Tsy 4.500 19 . . . . . . .119.92 0.29 120.7 106.5
Tsy 4.750 20 . . . . . .122.33 0.37 123.5 107.7
Tsy 2.500 20 . . . . . .366.28 0.29 367.1 322.1
Tsy 8.000 21 . . . . . .150.88 0.41 153.4 134.8
Tsy 1.875 22 . . . . . . . .127.71 0.44 129.1 113.3
Tsy 4.000 22 . . . . . . .116.37 0.51 118.2 100.0
Tsy 2.500 24 . . . . . .328.85 0.51 334.7 282.2
Tsy 5.000 25 . . . . . .127.42 0.63 130.6 108.5
Tsy 1.250 27 . . . . . . .123.85 0.51 127.0 106.6
Tsy 4.250 27 . . . . . . .118.57 0.67 122.7 99.1
Tsy 6.000 28 . . . . . .142.84 0.66 148.0 120.7
Tsy 4.125 30 . . . . . . .312.77 0.53 322.8 268.3
Tsy 4.750 30 . . . . . . .124.74 0.69 130.5 104.3
Tsy 4.250 32 . . . . . . .117.14 0.72 123.1 97.5
Tsy 4.250 36 . . . . . . .116.82 0.78 123.9 96.8
Tsy 4.750 38 . . . . . . .126.31 0.83 134.2 105.0
Tsy 4.500 42 . . . . . .122.74 0.90 130.8 101.3
% %
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23
cityam.com
G
E
T
T
Y
G
OOD intentions are rarely in
short supply, but most people
are running huge deficits in
acting on them. As always, the
lead-up to the end of the last
financial year saw a last-minute
flurry of activity, with people
rushing to sort out their tax,
pensions and Isas. Old habits die
hard, but it would pay dividends to
turn the 2012-13 tax year on its head
and get on top of your finances now.
TAX
Although HMRC pumps out the mes-
sage that tax need not be taxing, it
clearly is for many of us.
Unbiased.co.uk estimates that
British taxpayers will waste around
12.6bn on unnecessary tax this cal-
endar year. The labyrinthine tax code
hits the poorest hardest with
7.26bn lost in unclaimed tax cred-
its. But most people are losing out on
tax breaks: failure to make use of tax
relief on pensions contributions
(2.45bn) and inefficient charitable
donations (over 997m) hit the
wealthier too.
Christopher Groves, a partner at
Withers, suggests with the pro-
posed introduction of a cap on
income tax reliefs due to apply from
the tax year 2013/14, individuals
should consider whether they
should maximise their use of
uncapped reliefs in the current tax
year. He notes the examples of trad-
ing losses and gift aid, and thinks
people should consider whether
additional income should be trig-
gered for example by the payment
of dividends that can be relieved in
this year, rather than in future when
the reliefs will be capped.
PENSIONS
Jason Witcombe of Evolve Financial
Planners warns people to be aware
of various tax thresholds and plan
pension contributions and charita-
ble donations around these to max-
imise tax breaks and make your
money work harder for you. He
notes: 40 per cent tax now starts at
42,475, but there is still an effective
60 per cent tax rate for income
between 100,000 and 116,210.
Witcombe also notes that child bene-
fit is now lost from 50,000.
Sophie Dworetzsky, partner at
Withers, says dont even think
about buying UK properties through
companies in this tax year you
will now have to pay 15 per cent in
stamp duty for doing so. Dworetzsky
suggests thinking about maximis-
ing pension contributions while the
relief is still against 50 per cent
income tax and while youre at it,
you may want to get more income
next year at 45 per cent.
Killiks Sarah Lord says with the
last tax year (2011/12) seeing the
introduction of new rules to pension
contributions allowing an individ-
ual to carry forward any unused
allowance from the previous three
tax years to the current tax year and
receive tax relief at their highest mar-
ginal rate there is the potential to
pay in up to 200,000 gross in the cur-
rent tax year (2012/13) and receive tax
relief of up to 100,000.
ISA
JP Morgans Keith Evins thinks for
anyone looking to dip a toe in the
water and start investing this new tax
year, Isas are a great place to start
the tax benefits are well understood.
Its therefore no surprise we see a
rush in the first quarter of each tax
year, as people, quite sensibly, secure
their annual allowance. It pays to get
on top of your Isa early: The early
bird really does catch the worm in
this instance, says Catherine Penney
of Barclays Stockbrokers, investors
who use their Isa allowance from day
one have the opportunity to shelter
an extra years returns from tax, com-
pared to someone who chooses to
invest on the last day of the tax year.
Tim Cockerill of Rowan Dartington
notes that within an Isa any tax paid
on a fixed interest fund can be
reclaimed. As such, he says this is
particularly good for any taxpayer
but especially higher and additional
rate taxpayers who can save a con-
siderable amount, especially as many
people are protecting over 100,000.
Cockerill says that if in this new tax
year you are going to retire, or your
income is going to drop, then re-
arranging your Isa investments to
ensure that your fixed interest hold-
ings are in your Isa makes a great
deal of sense: Lots of investors dont
do this and many IFAs may need a
nudge too to ensure they maximise
their clients tax position. And even if
you arent retiring it still makes
sense. If you have 100,000 shelter-
ing under Isas generating 5 per cent
income via fixed interest funds, you
will generate 5,000 income.
However, outside of an Isa a higher
rate taxpayer would receive 3,000,
and even a basic rate taxpayer loses
1,000 in tax.
If you dont have 11,280 to hand,
regular monthly savings are the best
way to build up your Isa pot over the
year plus you benefit from pound-
cost-averaging potentially paying
less than the average price.
If one day a year you put your
finances first, make it near the start
of the tax year not a scramble
towards the end of it.
A lack of
backbone
can be
costly
TUESDAY 10 APRIL 2012
PERSONAL FINANCE MANAGEMENT WEALTH
A new tax year:
Start it as you
mean to go on
Ignorance is not bliss now is the time to
get on top of your tax affairs, pension
planning and Isa savings, says Philip Salter
Craig Drake takes a look at whats new
in the latest incarnation of the platform
THE TIPSTER
Vedanta hoping for a silver lining
Last year was not a good one for
Vedanta shareholders, as their
companys share price dropped from
an opening level of around 24 per
share to a low of around 9 before
recovering a little. PR worries, and a
rather opaque corporate structure,
meant that this company was
nevertheless a poor performer.
The next update will hopefully
provide more clarity on how the
company is progressing with its
stated desire to simplify its structure
and reduce its debt burden, but the
recent turn lower for the shares
suggests that investors still remain
sceptical. IG Indexs price on Vedanta
is 1,178p-1,183p.
Shares in London-listed Mexican silver
miner Fresnillo have fallen sharply
since the beginning of March. The
move closely follows the slump in the
silver price, triggered by Fed
chairman Ben Bernankes testimony
before Congress when he failed to
make any mention of additional
stimulus measures. But while silver
has fallen 15 per cent since then,
Fresnillo has lost 22 per cent over the
same period. The miner has suffered
from fears of slowing industrial
demand from China, while getting
caught up in last weeks general
equity market sell-off. The shares are
close to support around 1,500p. GFT
quotes its CFD for Fresnillo at 1,554p-
1,556p.
The recruitment sector has had some
pretty impressive earnings releases of
late, with Michael Page posting strong
figures in early March. So when its
interim management statement hits
the market on Tuesday, will the
recruiters objective of focusing on
emerging markets be paying off? Or
will there be a need to re-jig the
recruitment companys set-up once
again? Capital Spreads quotes a price
of 462.7p-464.6p for Michael Page
International.
Craig Drake
TUESDAY 10 APRIL 2012
24
MANAGEMENT WEALTH TRADING
cityam.com
Getting to
grips with
the all-new
MetaTrader
T
HE latest version of the
MetaTrader platform has
been launched in the UK.
MetaTrader 5 offers a raft of
new features, designed with the
aim of making the professional
trading experience available to
the retail trader (see below, right).
Alpari is one of the first to offer
the latest incarnation of the
MetaTrader platform. MT5 is a
highly advanced trading platform,
giving traders a great deal of
choice and flexibility, says Andrey
Vedikhin, chief executive of Alpari.
Technological innovation is piv-
otal in providing outstanding trad-
ing services and we aim to be at
the forefront of the forex market
by offering cutting edge platforms
and products. Vedikhin adds: It is
revolutionary that with
MetaTrader, retail clients can now
enjoy no dealing desk, direct mar-
ket access, market depth, one-click
trading and no re-quotes advan-
tages usually reserved for large-vol-
ume traders.
STRATEGY TESTING
The new Strategy Tester feature on
MetaTrader 5 allows traders to test,
tweak and tune strategies in min-
utes rather than hours. In order to
put strategies through their paces,
traders use historical data to find
out how well a particular strategy
would have performed in the past
allowing them to tune a strategy
before it is applied to live markets.
The Strategy Tester gives traders
access to a remote computer clus-
ter and the calculation capacity of
thousands of computers all over
the world to accelerate the optimi-
sation process. Though the usual
caveat that past performance is
not an indicator of future results
applies, by thoroughly testing out
a strategy, it allows traders to have
a better idea of how it will fare in
real world conditions.
BENEATH THE SURFACE
One of the most interesting devel-
opments for the MetaTrader plat-
form is its new depth-of-market
feature giving forex traders a
view of current market activity for
a particular pair. As forex is an
over-the-counter (OTC) market
with dealers negotiating directly
with each other, there is no cen-
tral exchange or clearing house
from which to derive the data in
the way that you would with an
equity. For an FX trader, the best
way to get market depth informa-
tion is to access a consolidated
view of available orders from a bro-
kers liquidity providers. A broker
with only one liquidity provider
reduces its ability to fill orders. A
broker with a large pool of liquidi-
ty providers will have a larger
range from which to match an
order, meaning faster execution,
fewer requotes and reduced price
slippage. To give an example, if you
were trying to buy one lot of ster-
ling-dollar and the depth-of-mar-
ket feature shows that there are 10
lots on the buy side at $1.5830, you
know that this buy order for one
lot will be filled immediately.
Without this, youre shooting into
the unknown, hoping your
$1.5830 buy will be filled.
BORIS SCHLOSSBERG
fx360.com
LONG TERM INVESTING IS
NO GUARANTEE OF WEALTH
twitter.com/fx360 facebook.com/fx360
DIRECTOR OF CURRENCY RESEARCH, GFT
T
HE other day I saw a chart that
astounded me. It was a simple
chart of the Dow Jones
Industrial Average over the
past 20 years against a single
upward sloping line. The line gently
rose at about 6 per cent per year
(which is the average historical
compounded rate of appreciation in
equities). While the line produced a
smoothly rising curve the actual
Dow Jones Average prices swung
wildly above and below that line
over the past twenty years. The
message from the author of the
chart was clear to make money in
the stock market you simply need
to invest for the long term, ignore
the daily, weekly, monthly and even
yearly fluctuations and in the end
you will be rich, or at least
wealthier than you were when you
started.
The premise looked seductively
easy, so I decided to test it. I
imagined an average working
person who would make monthly
contributions of $200 (86 20 years
ago) into the Dow Jones Industrial
Average. By executing such a simple
strategy I was following the two
cardinal rules of long term
investing. First I did not engage in
any market timing. I was practicing
what is known as dollar-cost-
averaging. Simply put I was buying
the same amount of shares every
single month. When equities were
expensive I bought fewer and when
they were cheap I bought more.
Secondly, by investing into the Dow
Jones Index I eliminated all risk of
individual stock picking. I wasnt
trying to beat the market
something that 85 per cent of
professional money managers fail
to do anyway I was simply trying
to match its returns.
I downloaded the historical data
from Yahoo Finance and quickly
constructed a spreadsheet. The
numbers were indeed impressive.
Over a 50-year time span $200
invested into the Dow Jones
Industrial Average grew into a cool
million bucks. (A bit more, actually.)
In short, $120,000 compounded to
more than 10 times its original
stake and our average bloke did not
have to know anything about the
stock market in order to profit
from the rising trend.
I was quite pleased with myself
until I decided to do one final
analytical test. I plotted a chart of
the account equity of our
everyman portfolio and instantly
saw something that disturbed me
greatly. It turns out that the
account grew to more than $1m
twice over its lifetime. It reached
that magic mark for the first time
in 2007, just before the global credit
crisis, but then it went into a
sickening spiral losing nearly 50 per
cent of its value in little more than
one year, before finally recovering
to historical highs this year. One
could argue that all is well that
ends well, but I wondered whether
most investors would be able to
withstand losing nearly half of their
lifes savings in one year.
Furthermore, I began to question
whether the buy and hold, dollar-
cost-average strategy was always a
wise choice in the end.
So I decided to run the numbers
on another equity index. I chose the
Nikkei 225, which had been in a
protracted bear market, to see if
the long term buy and hold strategy
worked. I used the exact same rules
$200 per month every month
but this time I shortened the
investment horizon to 30 years: still
a very long time for most people.
The results were disastrous. After
investing a total of $72,000 over a
period of 30 years, the average
Japanese account was worth a
measly $47,000. The investor would
have done better to stay in cash.
The moral of the story is that there
are no sure-fire strategies for
wealth building, not even ones that
advocate ultra-long holding periods.
Despite the conventional wisdom
that stocks over a long period of
time are a sound investment, the
truth of the matter is that they are
highly speculative instruments that
experience much greater volatility
than most investors realise. Indeed,
in some cases like Japan, stocks may
be a losing asset for several
lifetimes. So next time someone
MetaTrader 5 brings professional features to the retail trader
Dow Jones Industrial Average 1976 Present
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 78 76
14,500
13,500
2,000
9,500
7,000
3,000
2,500
2,000
500
1,000
1,500
Log
w Jo ndust Averag 976 sent
THE KEY BENEFITS OF
THE METATRADER 5
SYSTEM INCLUDE:
n No dealing desk (NDD)
execution with access to multiple
liquidity providers (bank liquidity)
n Direct market access (DMA) and
market depth to analyse market
liquidity
n One-click trading and no re-
quotes for speed of execution
n Spreads from 0 pips and up to
1:500 leverage
n New order types and advanced
order expiration types including
fill or kill
The contents of this column are provided for general information purposes only. One should consider the appropriateness
of the information in light of their own objectives, financial situation or needs before trading. CD11UK.074.010612
TRADING
COMMENT
ANGUS CAMPBELL
CURRENCY STRATEGIST
JOEL KRUGER
My pick: Looking to Buy euro-Swiss franc
Expertise: Fundamental and Technical Analysis
Average time frame of trades: 1 month to 3 months
We dont usually incorporate fundamentals into our trade ideas,
but its hard to ignore the Swiss National Bank SFr1.2000 floor.
Still, the market is technically in the process of carving a major
bottom on the longer-term chart, and we continue to project
additional upside from here. Favourable yield differentials also
dont hurt. Look for a test of SFr1.2000 or a break back above
SFr1.2100 to confirm and likely accelerate gains towards
SFr1.2500 further up. A close below SFr1.1900 negates.
ANALYST PICKS
Overcoming your fear of charting
cityamactivetrader.com
In association with
Produced by
Buy your ticket online at
CURRENCY STRATEGIST
ILYA SPIVAK
My pick: Short gold (pending)
Expertise: Global Macro
Average time frame of trades: 1 week to 6 months
With global growth slowing courtesy of a recession in Europe
and the Fed backing off its ultra-dovish posture, inflation is
likely to be contained. Meanwhile, fears of a credit crisis
triggered by a Eurozone default have been downgraded after
the ECBs LTRO efforts buffered the banks with close to 1
trillion in capital. This stands to sap store-of-value demand
for gold. I will enter short on a weekly close below rising
trend line support set from October 2008, now at $1,630.
CHIEF STRATEGIST
JOHN KICKLIGHTER
My pick: Short sterling-yen; long euro-Swissie
Expertise: Fundamental and Technical Analysis
Average time frame of trades: 1 day to 1 week
The opportunities out there for a sustained risk aversion
drive are plentiful. I see euro-dollar, euro-yen and Australian
dollar-yen as some of the most primed but they require
active management. More reserved and consistent for
developing trend would be a UK Oil (Brent) break from
congestion below $121.25 and sterling-yen clearing 130. In
the meantime, Im sticking with the SNBs vow to hold its
floor on euro-Swiss franc (from SFr1.2060).
TUESDAY 10 APRIL 2012
MANAGEMENT WEALTH
cityam.com
T
HE most important thing to
appreciate about charts is that
they dont bite. Any initial fear
can be overcome with just a
couple of hours of practice.
However, this does need to be done
in conjunction with watching a few
educational videos first. Many basic
videos are available online, but it is
best to check out the educational
material available from the
provider you are using, since each
charting package tends to be
unique. For example, at my firm we
have comprehensive help videos
that go through all the features of
the charting package starting with
the very basic setting and drawing
functionality to the more advanced
alerting and back-testing.
When starting out with charts for
the first time, it really helps to know
your trading strategy. This will assist
you in knowing what timeframe you
need to be setting your charts at and
which indicators are the best to use.
For example, for trades over the
medium to long term you need to be
considering four-hour or daily time
periods, whereas medium term you
should look at one-hour or 30-
minute periods. Anything short
term so for intraday trading, for
TRADING
25
instance you need 15 or 10-minute
intervals or even less.
Our charts are constantly evolving
and when we receive feedback on
them from clients we move fast to
act. For example, only recently peo-
ple had requested the ability to draw
point-to-point lines and within a few
weeks we developed the functionali-
ty and had the new feature released.
However, above all you should keep
things simple at the start. The last
thing you need is a chart that is
overloaded with lines, Fibonacci
fans, retracements, arcs, parabolics,
Bollingers and numerous indicators
as it can lead to serious confusion
and indecision.
Angus Campbell is head of market
analysis at Capital Spreads. Our brilliant
trading conference Active Trader at
which Campbell will speak is on 24 May
2012: www.cityamactivetrader.com You have nothing to fear
Steve Dinneen puts the best feet forward
with this guide to high-tech trainers
LIFE&STYLE
TUESDAY 10 APRIL 2012
26
cityam.com
HEALTH
FIT IN
THE CITY
LAURA WILLIAMS
EPISODE 52 IN WHICH WERE LIKE CALVES TO THE SLAUGHTER
W
ere just off the return flight from
Venice. Walking through the
terminal, Im speaking to Noel on
the telephone.
Were you good for Maria?
Yes daddy. Of course I was. But
Gwennie
The call is suddenly interrupted by a
flurry of incoming messages.
Noel, Im going to have to call you
back.
But daddy
A couple of minutes. Promise. Bye
darling. Emma looks at me disapprovingly.
Weve been back what? - five
minutes, she says.
Might be important, I reply.
CITY DAD
FITNESS & DIET EXPERT
Capoeira isnt just
fun, it also helped
to hone Man Us
flipping great Nani
The Man Utd player has something of a
martial arts past, hence the gymnastic
flips when hes celebrating on the pitch.
HOW HE DOES IT:
Nani spends most of his time in football
training nowadays but admits that he
misses the martial art of Capoeira he
grew up with on the streets of Lisbon.
The discipline I followed, La Capoeira,
is not well known in England but its
something I not only admire
and miss but it formed a
crucial part of my life
when I was 15 and 16.
Now I only allow myself
a somersault or two
when I score but I
learned some death-
defying flips when I practised
Capoeira, he said.
DO IT FOR YOURSELF:
So what is Capoeira?
Its a Brazilian martial
art that combines
combat, dance and
acrobatics for a lively
workout. As
well as being a great way
to burn up calories,
Capoeira is also good for
developing a wide range
of skills such as agility,
flexibility, strength, speed
and co-ordination. Many of
its moves involve a lot of
twisting, ducking and
energetic kicking (perfect for a
footballer).
Martial arts and dance are a good way
to boost your fitness levels and burn
calories if you ever feel like breaking the
monotony of the gym.
Nowadays many of us have so many
demands on our time that hobbies and
exercise get shelved, so combining the
two in a workout, like Capoeira, ticks both
boxes with one activity. Visit
capoeira.co.uk for a good little local
capoeira community.
IS THERE SUCH A THING AS A SAFE
QUICK-FIX FOR WEIGHT LOSS? I SEEM TO
HAVE GAINED HALF A STONE OVER
EASTER, WHICH IM KEEN TO GET RID OF
Drastic diets are very appealing at this
time of year as youre caught between
Easter excesses and the dreaded
bikini/Speedo season - no one wants to
go on holiday with their Easter excesses
still spilling over the front of their
swimwear. Whatever route you choose to
lose the weight will invariably involve
some sort of calorie reduction and the
lowest recommended daily calorie intake
is 1,000-1200 this should enable you to
lose weight at around two pounds a
week. My top tip for maintaining good
health while you reduce your calorie
intake is to eat plenty of high fibre foods
(whole grains, pulses, fruit and veg) -
these will keep you feeling fuller for
longer and less prone to energy slumps
and hunger pangs.
Calves?
Dammit David. Miss Plumb-Palmer. She
does work for you, doesnt she?
Juliette? Well, yes Sir Roderick.
Emma is looking daggers at me.
So, Juliette Plumb-Palmer. Can you
vouch for her?
I sit down. I sense bad news. And I need
to collect my thoughts.
Do I need to? Whats happened?
Emma drifts away and with her back to
me, looks out of the terminal window.
I jot down details from Sir Rodericks
sputtered narrative, using the beautiful
handmade fountain pen that Emma had
bought me in Venice.
It has suddenly lost its romantic lustre.
telephone rings. Sir Rodericks office. I
prepare myself for the metronomic Good
morning David, its Angela Valentine, the
chairmans executive assistant and
wonder whether her tone of voice will give
any clue as to our mercurial leaders state
of mind or current pre-occupations. I
havent so much as glanced at a
newspaper or the television news in three
days and dont want to get caught out.
So Im ill prepared for: Theres a hell of a
hoo-hah on here David.
Sir Roderick. Good after
Can you vouch for her? Your girl?
My
Your bag carrier. Girl with the elegant
calves.
Important? You were talking to our
son, David, she finesses. Venice
suddenly seems a long time ago.
As Im about to check my messages, the
Treat your feet with
these fab runners
HYPER ROCKET GIRL 5
55 from asics.co.uk
The Hyper Rocket Girl is the ultimate
trainer for the serious female track
athlete. The spiked shoes are
designed for middle distance running,
hurdle and jump events, making them
a great all-round track shoe. They are
lightweight and breathable perfect
for continuous wear.
INOV8 EVOSKIN
32 from sportsshoes.com
These silicone running shoes may look
like a cross between a verruca sock
and a pair of high-tech Crocs but they
are a great runners aid. The
supportless design will strengthen
your foot while offering more
protection than running barefoot.
NIKE FLYKNIT
TBA from nike.com
The Nike Flyknit have a novel USP: their
upper is almost entirely knitted making
them, in Nikes own words, ridiculously
light. They will be showcased by top
athletes at the Olympics before a
version goes on sale to the public. They
also look so cool they are enough to
make me want to take up running.
REEBOK REALFLEX
65 from jjbsports.com
These running shoes feature flexible
nodes that are designed to move
with your feet, improving support
while allowing for greater freedom.
The upper is a lightweight polyester
mesh that allows your feet to breath.
REEBOK SOULBOX X OMNIZONE
TBA from blog.solebox.de
Set for release later this week, these
trainers are more about bling than
performance. The collaboration
between Berlin-based retailer Solebox
and sporting giant Reebok has
resulted in a limited edition line of
light-up LED trainers, which are sure
to make you stand out at the gym.
TUESDAY 10 APRIL 2012
27
FOOD & DRINK
LIFE&STYLE
WORDS BY
ZOE STRIMPEL
New Peruvian
cevicheria hits
the spot well
Best-Mex: Sohos sizzling-hot
new eaterie deserves the hype
LA BODEGA NEGRA
9 Old Compton Street, W1 5JF,
020 7758 4100
FOOD hhhhh
SERVICE hhhhh
ATMOSPHERE hhhhh
Cost per person without wine: 50
CEVICHE
17 Frith St, W1D 4RG, 020 7292 2040
FOOD hhhhi
SERVICE hhhhi
ATMOSPHERE hhhhh
Cost per person without booze: 25
Y
ou know The Box? The
impossible-to-get-into night-
club, beloved of Keira Knightley
and Jude Law and every other
Soho-partying A-lister? Well, Serge
Becker who is behind The Box as
well as the super-cool LEsquina in
New York has teamed up with
restaurateur-about-town Will Ricker
to bring you La Bodega Negra, an
impossible-to-get-into restaurant,
lounge and caf.
OK, its not impossible to get in. But
its hard. The first time I tried, my
friend and I were turned away because
of a private party that had included,
according to certain newspapers the
next day, date night for a super-model.
But on Wednesday last week, I made it
in for dinner.
Now, it would be easy to be cynical
about the kind of buzz surrounding
Bodega London, particularly Soho, is
going through a rash of New York-
intensity fads and this is the latest. Its
just a Mexican, folks! Margaritas,
tacos, whats the fuss? Kate Moss likes
it; so what?
So: a lot. Its absolutely brilliant. Its
worth waiting for a booking, or suck-
ing up to whoever you need to in
order to get in because the chances
are, youll want to become a regular.
Rarely is this combination of atmos-
phere, cooking, cocktails and service
to be found, at least in London. You
not only feel like youre at the best
party in town, you feel like youre
being looked after at it. Staff smile,
they are not snooty, they do their best,
theyre efficient.
We skipped the ceviche bar and caf
which has a similar menu to the 100
seater restaurant and entered the
premises via the neon-lit sex shop
entrance (right next to Eds Diner on
the corner of Old Compton Street and
Moor Place). Head downstairs and you
find yourself in a large, dark room of
exposed brick, glittering cushions,
mirrors and nooks and crannies. Its
sexily boho rather than tacky seduc-
tively contoured, buzzing rather than
cacophonous.
You really must start at the bar
because the cocktails are good.
Fragrant, clean, not too sweet. The
margarita was lovely as were the
mojitos. The Mesqual had cucumber
water and lemon; the French 85 had
champagne and gin. Theyre quite
small, but only cost around 8. Have
the oaty, home-made tortillas with
very fresh guacamole to go with.
So heres what we had for dinner,
and I advise you order all of it, because
it was all fantastic. First, the tiger
prawns (served in ramekins and glis-
tening with oil, deeply herbed), bbq
octopus (punchy and warm, thickly
soaked in a deliciously burned-tasting
marinade); prawn tacos (the tacos
arrive beautifully lined up on a long
plate with special grooves for the
shells) and al pastor; pork tacos
which come in apple slices rather
than corn, topped with roasted
pineapple.
For your mains, you need to have
the slow-roasted lamb barbacoa salsa
borracha. I dont even like lamb. But
this was something else: silky,
caramelly and formidable in size.
Eating it was not only sensually satis-
fying, it felt regal; the sort of meat a
Renaissance king might tear into on a
feast-day.
Not far off the lamb is the whole
seabass with red and green adobe, a
sauce of ground chillies, herbs, garlic,
tomatoes and vinegar. In my opinion,
you cant go wrong with such a com-
bination of ingredients, and the
ballsiness of this bass was brilliant. It
made me wonder how Ive ever
enjoyed the blander sort served in
modern European restaurants. Spit-
roast chicken (half or whole) is a
homely, glistening platter of legs and
breast, served with a rich gravy and
marvellous roast potatoes.
For sides, we were unexpectedly
blown away by green rice and cowboy
beans; the former a pleasingly dry,
herby mixture that soaked up the
plethora of oils and marinades and
salsas oozing off the meat; the latter a
bowl of salty, gloopy white beans with
chorizo. Divine.
If you can manage dessert, churros
(dry donuts) with dolce de lecce and
chocolate are spot-on decadent with-
out being too sickly, and the panna-
cotta with hibiscus fruits is perfect.
By the time we left, Keira Knightley,
Stephen Merchant and Alison
Mosshart of The Kills were settling in
and if their experience was any-
thing like mine theyll be back.
Bodegas A-list appeal isnt going any-
where. But the rest of us arent going
anywhere, either until we get a
table, that is.
Bodega Negra is sexy and comfortable. Top: the restaurant, above: the cafe and ceviche bar.
The best things in life are...Mexican-inspired, it would appear
Seafood ceviche at Ceviche.
S
OUTH American madness
continues apace over on Frith
Street, with the really rather
excellent Peruvian bar and
restaurant Ceviche which along
with an increasing number of
restaurants in London features
that most delicious of poor mans
sushi. Ceviche does it really well,
though: the flavours are clean and
punchy, the fish silky and
generously portioned, and the
prices very, very right. In fact,
everythings under 10, including
steak and chicken dishes.
The brainchild of Peruvian
restaurateur Martin Morales,
Ceviche has another trick up its
sleeve: pisco. It takes this iconic
Peruvian cocktail, made with pisco
(grape brandy) and blended with
egg white, bitters, lemon and sugar,
and runs with it. The Pisco Sour is a
great drink: tart and frothy and in
my view better than a margarita.
The one here is delicious. But then,
so are the half-dozen or so other
spin-offs. Probably the best of these
is the purple Chicha Sour, with
purple maize-infused pisco. I had
three. The Soho is also excellent:
chilli-infused pisco with cucumber,
lime, egg white and cracked black
pepper, served in a martini glass.
Best of all, the cocktails are between
5.50 and 7.50. Oh-so-reasonable
(though dangerous).
One of the delights of Ceviche is
that you can be on a diet and still
enjoy. So many of Sohos other hot
tickets are all about fat: burgers,
bbq, American diner-style
naughtiness. Stick to the cleansing
Don Ceviche (seabass ceviche with
tigers milk, ie leftover ceviche
marinade; lemon and chilli); the
Sakura Maru: salmon with
satsumas, mirin, soy sauce and
chilli; and a couple of others (we
also loved the button mushroom
and squash ceviche) and youll
bounce out feeling virtuous. Of
course, then youd be missing the
utterly scrumptious Peruvian corn
cake with feta and the Lomo
Saltado: wok-cooked striploin beef
with onions, tomato, chilli, saltado
sauce (a mixture of coriander, chilli,
lemon juice, oil and other things)
and chips.
Staff are lovely, too: the bright-
eyed Alejandro in particular is a
cutie, and looked after us amazingly
well on two visits. We need more
places like this. Oh, and unlike so
many other Soho newbies, you can
actually book a table here.
TUESDAY 10 APRIL 2012
28
TV & GAMES
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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
digits1-9 and you must not
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a block. The same digit may
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COFFEE BREAK
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
WORDWHEEL
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
1 2 3 4 5 6
7
8 9
10 11
12 13 14 15
16
17 18
19
20 21
8 9 4
45
23 13
13 22
8 15 21
35
14 3 14
15 20
10 6
45
7 22 16
10
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9
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34
11
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12
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11
9
20
9
29
11
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19
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32
33
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17
ACROSS
1 Fundamental (5)
4 Scallywag (5)
7 Very drunk
(slang) (3-4)
8 Plans secretly (5)
10 Squeals like a pig (5)
12 Ancient port city in
south-west Spain (5)
14 Order of Greek
architecture (5)
16 Bent from a vertical
position (5)
17 Dark reddish-
brown (5)
19 Pair of pictures,
especially with a
religious theme,
painted on hinged
wooden panels (7)
20 At no time (5)
21 Religious
righteousness (5)
DOWN
1 Biographical
movie (6)
2 Milk pudding
ingredient (4)
3 Overturn (7)
5 Dark oily liquid
used as a wood
preservative (8)
6 Breakfast food (6)
9 Act of washing and
dressing oneself (8)
11 State of relatedness
by blood or
marriage (7)
13 Have a lofty goal (6)
15 Unpleasantly cool
and humid (6)
18 Long rod of wood,
metal or plastic (4)
F
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C A S S E R O L E
O M L U A S
T A B O O M O U S E
H E P U B R V
E E R I E A B A S E
R C A N
W A F E R S T O A T
I A E F T B E
S P L I T A N E L E
E S C I Y N
M E T H O D I S T
3 1 8 2 9 5 9
6 2 5 1 6 3 2 4
8 3 9 6 8 2 1
9 4 6 7 8 9 4 2
5 3 1 2 3 1
9 6 8 1 8 9 7 3
8 4 9 8 5 3
5 2 1 2 3 1 6 4
8 4 9 7 8 9 5
1 7 2 8 5 9 8 2
7 9 7 2 1 7 1
4
4
4
4
4
4
4
4
4
The nine-letter word was
GROUNDSEL
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
THE MATT LUCAS AWARDS
BBC1, 10.35PM
The funnyman hosts this comedy
awards ceremony, inviting celebrities to
join himto discuss the most deserving
winners in bizarre categories
THE MIGHTY MISSISSIPPI WITH
TREVOR MCDONALD ITV1, 9PM
New series. The broadcaster embarks
on a journey through the heart of
America, following the course of its
famous river, the Mississippi.
HIT THE ROAD JACK
CHANNEL4, 10.30PM
Comedian Jack Whitehall is joined by
Andrew Flintoff and Maverick Sabre
ahead of a stand-up gig at a church in
Manchester.
TVPICK
TUESDAY 10 APRIL 2012
29
SPORT
cityam.com
Visit ticketmaster.co.uk
Match Ticket with access to Exclusive Lounge area at Twickenham.
Offer includes free pie and a pint on arrival.
LIM
IT
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PREM
IERSHIP LO
UN
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G
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SARACENS boss Mark McCall has
backed his team to bounce back from
European disappointment and focus
on their Aviva Premiership title
defence, starting this weekend at
London Irish.
Defeat against Harlequins at
Wembley 10 days ago followed by a
22-3 Heineken Cup exit to Clermont
Auvergne on Easter Sunday leaves the
domestic champions with just two
wins from their last six games.
With Leicester Tigers breathing
down their necks in the Aviva
Premiership, suddenly Saracens pres-
ence in the 26 May final appears in
serious doubt, but McCall insists there
is no cause for panic.
We came up against an out-
standing team who were very
motivated, said McCall, whose
sides only points came
from Owen Farrell.
They had several
quarter-final losses
before this and you
could see how
much it meant to
them. This is def-
initely a level up
and you have to
experience a
Heineken Cup
Beaten English
readjust targets
quarter-final to realise that.
Harlequins thoughts now turn to
Saturdays clash with Wasps on their
route to Twickenham for the Aviva
Premiership final, after a Jonny
Wilkinson-inspired Toulon con-
demned them to elimination from the
Amlin Challenge Cup, 37-8.
Quins were firmly upstaged by
Wilkinson, who kicked 17 faultless
points in just 42 minutes, and
Toulon in the south of France, with
former London Irish flanker
Steffon Armitage also crossing.
London Wasps were also
knocked out by French oppo-
nents, losing 26-23 to Biarritz,
while Exeter went down 22-17 at
Stade Francais.
If you buy a ticket for this years Aviva
Premiership Final on 26 May you will
receive a free rugby shirt. Go to
www.premiershiprugby.com/freeshirt
to buy yours
BY TOM REYNOLDS
Wilkinson hit 17 points
CHELTENHAM Gold Cup winner Synchronised has one of racings oldest records in his
sights after he was confirmed as one of 48 acceptors for Saturdays Grand National. JP
McManuss charge is bidding to become the first horse since Golden Miller in 1934 to win
both races in the same year, and will again be ridden by Tony McCoy.
SYNCHRONISED TARGETS HISTORIC DOUBLE
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EUROPEAN SEMI-FINALS
Heineken Cup
Ulster v Edinburgh, Sat 28 April
Clermont Auvergne v Leinster,
Sun 29 April
Amlin Challenge Cup
Toulon v Paris, Fri 27 April
Biarritz v Brive, Sat 28 April
Results
Balotelli sorry
and eager to
stick with City
G
E
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G
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Champions League fight to
go to wire, says Di Matteo
T
HE WEEKEND saw a fantastic
Masters, by my reckoning one
of the best for many years,
which culminated in a great
and thoroughly deserved maiden
Major victory for Bubba Watson.
Apart from his first shot at the
10th during that decisive play-off,
which veered into trouble in the
trees, the American played
fantastically well throughout a
dramatic final day at Augusta.
Watson got a little lucky at the
10th to hit a wedge from there and
find the green was extraordinary.
Its almost impossible to find the
gap needed and then play that
banana shot, and he was fortunate
that, being a left-hander, he was
able to hook it like he did.
Its a huge shot to attempt but
that is the way Watson plays and
thats what they love about him. He
GOLF
COMMENT
SAM TORRANCE
Chelsea boss predicts
tight battle after late
Dempsey goal denies
Blues top-four boost
TUESDAY 10 APRIL 2012
30
SPORT
cityam.com/sport
BY FRANK DALLERES
He got lucky, but Watson deserved his win
is adventurous and it is absolutely
fantastic for spectators.
Runner-up Louis Oosthuizen had
showcased some incredible shots
himself, going up and down four or
five times on the back nine in a
superb short game display, but
ended up losing out.
Oosthuizen might have won a
Major before, but Watson was no
stranger to either big events or
winning. Yes this was bigger, but in
the end its all still golf and the key
was he just kept playing his game.
Of the others near the top of the
leaderboard, Phil Mickelson paid a
high price for his two triple bogeys.
Peter Hanson, who led going into
the final round, did okay. He birdied
at the last to tie for third and overall
it was a great Masters for him, but
he is bound to be disappointed.
Finally, Englands own Lee
Westwood was just so unlucky. He
played beautifully again, probably
better than anyone else, and he
ought to be delighted with that, but
he just could not buy a putt.
As his search for a first Major
continues, he just has to take the
positives away from the week and
keep working on the greens.
Sam Torrance OBE is a multiple Ryder
Cup-winning golfer and media
commentator. Follow him on Twitter
@torrancesam
Watson wept after winning the Masters on Sunday with a play-off defeat of Oosthuizen
WAYWARD Manchester City star
Mario Balotelli last night
apologised for the latest low point
in his rollercoaster career and
insisted he still loves manager
Roberto Mancini.
Balotellis red card in Sundays
defeat at Arsenal, a match that
appeared to end Citys hopes of
winning the Premier League,
prompted Mancini to admit he
intends to sell the striker, but the
21-year-old has not given up hope
of staying.
Im really sorry for what
happened, for the disappointment
Ive given to Man City and,
particularly, to Roberto Mancini,
for whom I have a great respect
and who I love, he said. As for
my future, we will see at the end
of the season. Ill talk with the
club and we will see.
Balotellis agent Mino Raiola
earlier said: Marios intention is
to remain in England and he has a
contract with City. I understand
they may be angry for the title
which has eluded them, but, I
repeat, I dont think so.
Mancini replied probably
when asked if Balotelli would be
offloaded in the summer,
following his fourth red card in
less than two full seasons at City.
The 24m star could be banned
for the rest of the season, if the
Football Association review his
high tackle on Alex Song, which
did not earn a booking on Sunday.
Balotelli is facing a long ban
CHELSEA manager Roberto di Matteo
expects the four-way skirmish for two
Champions League places to remain
unresolved until the final day of the
season, after local rivals Fulham dent-
ed their hopes last night.
Midfielder Frank Lampards
penalty looked to have set
the Blues on their way to a
derby victory that would
have lifted them level on
points with fourth-placed
Tottenham, beaten yester-
day by Norwich.
But free-scoring Clint
Dempseys late header the
Fulham stars 16th Premier
League goal of the season and 22nd
in all competitions pegged them
back to sixth in the table.
It means Chelsea lie four points
behind Arsenal, who look safe in third
with a game in hand, and two adrift
of Spurs and fast-finishing Newcastle,
with Di Matteo predicting more twists
in the final five fixtures.
I think it is going to go down to the
last game. It is a very competitive
league. We have an experienced team
and very good players and we will
raise our game for the next chal-
lenge, said the interim boss. When
FULHAM......................................1
CHELSEA .....................................1
BY FRANK DALLERES
PREMIER LEAGUE
sell him, so that is easy, said Jol.
Di Matteo changed more than half
of his starting XI for a third game
in six days, and with FA
Cup and Champions
League ties
a g a i n s t
Tottenham and
Barcelona on the
horizon.
The freshening
effect was largely cos-
metic, however, with
Chelsea labouring until refer-
ee Mark Clattenburg noticed
Stephen Kellys faint contact
with Salomon Kalou and awarded a
penalty. Lampard drove his spot-kick
low and to goalkeeper Mark
Schwarzers right to hand the visitors a
timely advantage just before half-time.
Kalou might have stretched the
Blues lead but missed a header, while
Fulhams John Arne Riise fired wide
and Chelsea goalkeeper Petr Cech
turned an Aaron Hughes header
behind for a corner. From that 82nd-
minute set-piece Dempsey escaped
John Terry, playing despite cracked
ribs, and planted a downward header
towards the far corner, which it found
via a deflection off Gary Cahill.
you are playing catch-up the
pressure is always on the team
behind. We have got another point
closer to Tottenham and that
is how I see it. We have to
think positively.
Fulham manager
Martin Jol, whose team
climbed to ninth,
labelled the penalty
award soft and reiter-
ated his determination to
keep Dempsey. We wont
Dempsey headed an 82nd-minute equaliser to grab Fulham a point and keep Chelsea pegged back in sixth place
22
Goals scored by
Clint Dempsey this
season
Cahill unwittingly deflected
Dempseys header into his net
P
A
P
A
31
This is definitely a level up and you have to
experience a Heineken Cup quarter-final to
realise that

cityam.com
TUESDAY 10 APRIL 2012
Teary Masters champ Bubba
still learning not to blubber
NEWLY-CROWNED Masters
champion Bubba Watson admits he
is yet to exert the same control over
his emotions as he does a golf ball.
Watson won his first Major title at
Augusta on Sunday after a fraught
play-off with South Africas Louis
Oosthuizen and promptly broke
down on the green.
Im just trying to figure out ways
to calm down, to breathe differently
and to control myself, said the 33-
year-old American. If the crowds
cheering and Im looking at them
and talking, then I get so pumped
up. The ball could go anywhere
because Ive got so much adrenalin
pumping through my veins.
Watson won after finding the
BY FRANK DALLERES
IN BRIEF
Toffees stick four past Black Cats
n FOOTBALL: Everton struck four
times in 29 minutes to thrash
Sunderland 4-0. The Toffees moved
four points clear of rivals Liverpool but
remain in seventh place.
Hammers snatch late point
n FOOTBALL: An 89th-minute penalty
from Ricardo Vaz Te salvaged West
Ham a 3-3 draw against Birmingham. It
keeps the Hammers third in the
Championship, three points off second.
Pilkingtons goal helped condemn Spurs to a fourth defeat in eight league games
TOTTENHAM manager Harry
Redknapp has all but conceded defeat
in the battle for third place after
their late-season slump deepened
with a shock home defeat to Premier
League surprise package Norwich.
Goals from Anthony Pilkington and
Elliott Bennett, either side of Jermain
Defoes equaliser, condemned Spurs
to a fourth defeat in eight games a
run that has yielded just six points
from a possible 24.
Having been a near-constant
presence in the top three since late
November, Tottenham are now two
points adrift of rivals Arsenal, who
have a game in hand, and Redknapp
admits top four is his revised target.
We have not been in bad form the
last few weeks, but today was a
setback. We had a bad day, said
Redknapp, whose side are only goal
difference ahead of Newcastle.
It is going to be close, but there
Redknapp concedes
third place to Arsenal
TOTTENHAM................................1
NORWICH...................................2
BY FRANK DALLERES
PREMIER LEAGUE
are still five games to go. Its the team
who wants it most. We would settle
for finishing fourth; Champions
League football is the key. It would be
lovely to finish above Arsenal, but
that is going to be tough now.
Norwich boss Paul Lambert, whose
side climbed into the top half of the
table, called it the best performance
in the three years Ive been here.
Lambert was less happy during the
90 minutes, after seeing his side
denied two penalties despite strong
claims the first immediately before
Defoes 33rd-minute strike.
Redknapps worries were worsened
by an injury to defender Younes
Kaboul, replaced at half-time by Ryan
Nelsen, with Sundays FA Cup semi-
final against Chelsea looming.
Man Utd 32 25 4 3 78 27 79
Man City 32 22 5 5 75 26 71
Arsenal 32 19 4 9 63 41 61
Tottenham 33 17 8 8 57 38 59
Newcastle 33 17 8 8 50 42 59
Chelsea 33 16 9 8 56 38 57
TOP SIX
TEAM PLD W D L F A PTS
Pardew dreams of top four
NEWCASTLE manager Alan Pardew
admits he now has one eye on a
Champions League place after his
side boosted their chances against
NEWCASTLE ...............................2
BOLTON .....................................0
BY TOM ROBINSON
PREMIER LEAGUE
relegation-threatened Bolton.
An insipid match was lit up by a
superb solo goal from midfielder
Hatem Ben Arfa, before striker
Papiss Cisses 10th in nine games
sealed the victory to put the
Magpies level on points with
fourth-placed Tottenham.
Ive never actually ruled it out,
said Pardew, whose men are on the
brink of clinching a Europa League
spot. There is nothing left to go
for but the Champions League.
green with a staggering improvised
hook shot from amid the trees at the
10th, the second and last extra hole
of the play-off.
FACTFILE: BUBBA WATSON
1978: Born 5 November in Bagdad, Florida. Named
Gerry but later nicknamed Bubba by his father
because of his fat and ugly appearance as a child
2003: Turns professional and qualies for the 2006
PGA Tour after nishing 21st on Nationwide Tour
money list in 2005
2007: Finishes tied-fth at the US Open
2010: Runner-up to Martin Kaymer at the US PGA
Championship and makes Ryder Cup debut
2012: Victory at the Masters gives him rst Major title
and lifts him to No4 in world rankings
Boss Mark McCall on Saracens European exit: Page 29