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INSURER AIG yesterday revealed a
$4bn (2.6bn) fourth quarter net loss
led by costs from Superstorm Sandy,
but better than expected earnings
cheered investors.
The group, which last year repaid
bailout money given by the US
government, booked a $1.3bn after-
tax loss from the storm, the second
largest US catastrophe ever to hit
AIG.
However, operating profit came
in at 20 cents a share, better than
the minus eight cents predicted,
sending AIG shares up last night.
AIG punctured
by hurricane
BY MICHAEL BOW
US ASSET manager Carlyle Group
yesterday pinned a 28 per cent
drop in fourth quarter earnings
on exiting investments, as it relied
more on company dividends to
return cash to shareholders.
Carlyle said economic net
income, a measure of profitability
that takes into account the mark-
to-market valuation of its assets,
came in at $182m (119.2m).
But the firm raised $14bn in
2012, up from $6.6bn the previous
year and bringing its total assets
under management to $170.2bn.
Earnings drop
28pc at Carlyle
BY CITY A.M. REPORTER
MAJOR European insurers yesterday
hiked their year-end dividend, reas-
suring investors who feared the indus-
try may cut returns in the face of low
bond yields.
Axa and Swiss Re both raised their
payout as they announced bumper
full-year results for 2012, while
Germanys Allianz maintained its
healthy return to shareholders.
Insurance investors were spooked
on Wednesday when Britains RSA
said it would slash its dividend by a
third in the face of weak investment
returns, sending its share price down
14 per cent. Traders then drove down
shares in other UK insurers amid fears
they may take similar action.
However, it appears that while the
entire industry is battling low bond
yields, major insurers on the conti-
nent have not felt the same squeeze
on returns.
Swiss Re said it would pay a special
dividend of four Swiss francs a share,
costing the company about $2.8bn
BY JAMES WATERSON (1.8bn), as well as raising its annual
payout by 17 per cent to SFr3.50.
The announcement came as Swiss Re
unveiled a 60 per cent rise in full-year
net income to $4.2bn thanks to a sub-
stantial rise in premium rates and rel-
atively few natural disasters.
Meanwhile, Axa announced a small
fall in net income but still upped its
dividend by four per cent.
Allianz said profits doubled to
5.2bn but faced criticism from ana-
lysts who wanted the company to
return more of its reserves to share-
holders.
THE EUROPEAN Banking Authority (EBA), headed by Andrea Enria, yesterday launched a
consultation to define highly liquid assets. It should give banks certainty on what they must
hold in their liquidity buffers, allowing them to build the required level of protection.
BANKS TO LEARN WHICH ASSETS COUNT AS LIQUID
Swiss Re
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FRIDAY 22 FEBRUARY 2013
8
NEWS
cityam.com
TROUBLED Franco-Belgian lender
Dexia reported losses in 2012
yesterday, and forecast more to
come through 2013.
The state-backed bank lost
2.9bn (2.5bn) in the year,
compared with 11.6bn in 2011.
It lost money on the sale of
Turkish, French and
Luxembourger units, as well as
paying 743m in government fees
for guarantees on borrowing.
Dexia hopes to reduce its losses
to 950m in 2013 as fewer units
are left to sell and as guarantee
fees fall because the bank is
shrinking its balance sheet.
Dexia reports
more losses
BY TIM WALLACE
HEWLETT-PACKARD, the largest PC
maker in the world, saw its first
quarter sales drop six per cent
after a sharp fall in consumer
notebook sales, the company said
last night.
Revenue from personal
notebooks was down 16 per cent
on the year and ten per cent on
the quarter, dragging total
revenues down to $28.4bn
(18.6bn) but beating estimates.
Profit, stripped out for costs,
also fell 11 per cent, down to 82
cents a share, underscoring the
difficulty facing traditional PC
makers in the smartphone era.
HP scuppered
by notebooks
BY MICHAEL BOW
THE YORKSHIRE Building Society
saw profits, savings deposits and
lending volumes all increase in
2012 as customers switched away
from banks, the mutual reported
yesterday.
And the building society
launched a 160m investment
programme to set up new
branchesand extend its mobile
and online offerings.
Pre-tax profits came in at
157.1m, up 21 per cent on the
year, while total membership hit
3.5m, up six per cent on the year.
It also expanded its mortgage
market share to 3.2 per cent.
Record growth
for Yorkshire
BY TIM WALLACE
LLOYDS of London insurer
Lancashire Holdings yesterday
launched a new capital
management division as it
unveiled a slight rise in year-end
income.
Net operating profit hit $220.3m
(144m), up $1.3m on last year,
despite the company booking a
$44.5m loss on claims associated
with superstorm Sandy.
Chief executive Richard Brindle
said the decision to set up
Lancashire Capital Management
would help the business grow by
partnering with third party
capital providers but he would
ensure that these projects dont
distract us from the mothership.
Lancashire
profit rises
BY JAMES WATERSON
MONEY manager Ashmore Group
yesterday said half-year profits fell
seven per cent in 2012 after a
slump in fees bit into revenues.
Performance fees fell from 23m
to 15.3m in the six months
ending December, leading to a ten
per cent fall in net revenue. But
the emerging market specialist
said Ebitda margin a key
measure of cost control
remained at 70 per cent, the best
margin in the sector.
Finance director Graeme Dell
told City A.M. it would try and
target domestic clients in
emerging market countries over
the next decade in a bid to grow
the firm.
Ashmore slides
on revenue fall
BY MICHAEL BOW
Top insurers
allay fears of
dividend cut
EASYJET clinched a narrow victory at
its AGM yesterday, with founder Sir
Stelios Haji-Iaonnou and other
investors lodging a significant protest
vote against director pay and outgo-
ing chairman Sir Mike Rake.
The budget airlines remuneration
report garnered just 55.29 per
cent support, after Sir
Stelios voted his familys 37
per cent stake against the
plans and others followed
suit.
Sir Mike was re-elected
with 55.6 per cent sup-
port, thwarting Sir
Stelioss plan to
oust him before
his planned
departure in
the summer.
But EasyJet
failed to pass
a special reso-
lution allow-
ing the board
EasyJet edges
win in face of
Stelios protest
BY MARION DAKERS
to authorise general meetings more
than once a year a measure that sev-
eral institutional investors have
opposed at other firms.
A spokesperson for Sir Stelios said he
will keep up his campaign for share-
holder value, and it will be public not
in private once Sir Mike leaves and
the firm joins the FTSE 100, which
could happen in Marchs reshuffle.
The chairman defended his record at
EasyJet, saying ahead of the meeting
that he and Sir Stelios had agreed to
temper the firms high-growth strate-
gy as far back as 2009.
This has created the basis for a spec-
tacular return for the companys
shareholders as Carolyn
[McCall, chief executive]
and her management
team have done an out-
standing job in execut-
ing the companys
strategy, he said.
FRIDAY 22 FEBRUARY 2013
10
NEWS
cityam.com
LADBROKES chief executive
Richard Glynn said yesterday he is
betting on the troublesome
revamp of its digital operation
finally paying off this year.
The bookies 50m online
facelift had been repeatedly
delayed, and saw the sacking of
digital operations head Richard
Ames in July last year.
The revamp finally started to go
live at the end of last year, and
Glynn said he expected much
higher online sales in 2013,
especially towards the second half
of the year. The company has
recently announced the 30m
(26m) purchase of Irish betting
website Betdaq in a bid to ramp up
digital revenues.
Yesterday, Ladbrokes revealed
Ladbrokes betting on digital
growth as revenues hit 1bn
BY JAMES TITCOMB
that annual profits had risen
above 1bn, up 7.4 per cent from
2011. Pre-tax profit rose by 49 per
cent to 201m.
Many sports bookies enjoyed a
bumper 2012 due to upsets such as
Chelseas Champions League
victory as well as surprising
defeats for the countrys top
football teams.
We expect... to drive growth in
digital revenues and earnings,
particularly during the second
half of the year, Glynn said.
Online bookie Sportingbets
shareholders yesterday approved
its 485m sale to Ladbrokes rival
William Hill. The takeover, which
had needed 75 per cent approval,
was waved through by
shareholders controlling 87.2 per
cent of the company. The deal will
now go through on 19 March.
Sir Stelios will
continue his public
fight for value
INSIDE
TRACK
DAVID HELLIER
N
ot so long ago I asked an
investment banker in London
how long he and his colleagues
had deliberated before
deciding to float a Salford-based
materials technology company called
Luxfer in New York.
About 30 seconds, he said, quickly
and pointedly. But then this was
October last year and the new issues
market in London was effectively
closed to all bar a few rare exceptions.
Today one hopes the decision-mak-
ing process might have taken just a
little bit longer.
The prospects for Londons new
issues market are looking healthier
by the day, thanks to the recent suc-
cesses of the insurance group Direct
Line and more recently the house-
builder Crest Nicholson.
Most importantly the shares of both
companies are trading above the
issue price, with Direct Line shares
23p above the level they listed at last
December and Crest Nicholson shares
at 39p above their 259p issue price.
Obviously no company wants to
price its shares too low when it comes
to the market simply for the sake of
helping attract buyers to future
issues.
But much of the negativity hanging
over London over the IPO market
stems from a series of issues that have
been disastrous simply in share price
performance.
Speak to jaundiced fund managers
and they will assail you with the
names of Ocado, Promethean World,
Betfair and Perform, each of them
responsible for their decision not to
go near new issues for the past few
years.
As Schroders Andy Brough told me
yesterday: Theres been some
progress but we really need three to
four successes to make us truly confi-
dent. As long as everybodys leaving
the party with a balloon, then the IPO
market will have a chance of coming
back.
Bankers say those working on IPOs
are working hard to ensure investors
find no surprises, something they
should have obviously done in the
more recent past; that they know
exactly whos selling shares, who is
being locked in and theres a certain
confidence about trading going for-
ward. The banks with wide geograph-
ical networks are also making sure
that an issue doesnt depend too
much on the London investment
pool, which is complemented by
investors globally but especially in
the US.
According to one investment
banker there is still a way to go: It
feels like were dipping our toes in
the water. But these are not unfamil-
iar names that are coming to market
and it is too early to say whether
things have fully changed.
LEAKS AND PROBES
Robert Swannell, the chairman of
retailer M&S, was sufficiently stung
by the recent leak of its Christmas
trading update that he ordered an
investigation into who was behind
the release of price-sensitive informa-
tion that was broadcast by my col-
league Mark Kleinman on Sky News.
No leaks yet, however, as to whether
the inquiry is complete and M&S is
not heeding my recent advice to be
more open. There was a strict no com-
ment from the group yesterday.
david.hellier@cityam.com
Londons new issues market is thawing, but slowly
ASDA is to expand its fast-growing
clothing brand George into Europe,
Britains second largest supermarket
revealed yesterday, as it reported a slow-
down in fourth quarter sales.
The Walmart-owned group said it will
launch the brands UK website in
24 countries by September after George
enjoyed a record year.
It also plans to open more stores
abroad after launching its first fran-
chise in Abu Dhabi last year.
The news came as Asda posted a
0.1 per cent rise in like-for-like
sales in the 14 weeks to 5 January,
down from one per cent last year.
Full year like-for-like sales
increased one per cent.
Finance chief Richard
Mayfield defended
the slowdown,
Asda to expand
George abroad
as UK sales slow
BY KASMIRA JEFFORD
saying Asda deliberately decided to keep
prices down to help squeezed shoppers
and grow volumes.
It has invested 100m in lowering
prices on basic products such as milk in
the last six months.
Commenting on the horsemeat fiasco,
chief executive Andy Clarke said he was
shocked after traces of horse DNA
were found in an Asda bolognese sauce
and vowed to leave no stone unturned
in addressing issues in its supply chain.
Clarke said the scandal had a small
impact on sales and that demand
for vegetarian ready-meals had
increased. He added that it was too
early to tell how much the tests
will cost. Tesco has said the horse
DNA tests could cost it at least 1m.
PREMIER Foods, the owner of Mr
Kipling and Hovis, swung to a full-
year profit yesterday after a
turbulent 12 months.
Pre-tax profits at the food firm,
whose new chief executive Gavin
Darby has been working to turn its
business around, jumped to 4.4m
from a 259.1m loss a year earlier.
Excluding disposals, underlying
trading profit came in towards the
top end of forecasts at 123.4m.
However, sales from its
continuing operations were down
12.2 per cent to 1.75bn.
Shares in the firm closed up 5.6
per cent at 94.75p.
Premier Foods
posts a profit
BY AMY-JO CROWLEY
FRIDAY 22 FEBRUARY 2013
12
NEWS
cityam.com
Kingfisher hopes efficiency
savings will recover ground
KINGFISHER is looking to further
efficiency savings to offset a
worse than expected sales fall and
allow it to meet full-year profit
forecasts.
The group, which owns B&Q in
the UK as well as Castorama and
Brico Depot in France, has been
hit along with other European
retailers by a weak demand for
big ticket items like kitchens,
which are particularly vulnerable
to fragile consumer confidence.
Yet the company said yesterday
it is offsetting weak demand with
a drive to improve profitability by
buying more goods directly from
BY A CITY A.M. REPORTER
cheaper manufacturing centres
such as China.
Kingfisher said fourth quarter
like-for-like sales fell 3.4 per
cent, worse than the 2.8 per cent
fall seen in the third quarter.
But it expects underlying pre-
tax profit for the year to
2 February to be in line with the
consensus forecast of 715m.
B&Qs like-for-like sales fell
6.4 per cent, reflecting the weak
consumer backdrop
particularly in Ireland, where
stores were placed into a form of
bankruptcy protection.
In France like-for-like sales fell
0.4 per cent at Castorama and
4.6 per cent at Brico Depot.
Asda chief executive Andy Clarke is
investigating the horsemeat scandal
LEGO yesterday proved that old-
fashioned toys can beat computer
games, as the Danish toymaker
posted a surge in annual sales and
picked up global market share.
The firms net profit for 2012 rose
35 per cent to 5.6bn krone
(650.6m), on revenues 25 per cent
higher at 23.4bn krone.
The Lego Friends range, which
was launched at the start of 2012
and aimed at girls, has performed
considerably above expectations,
the company said. Most regions
produced double-digit growth in the
year, and direct web sales now make
up 10 per cent of overall turnover.
Lego said its share of the global
toy industry has risen from 7.1 per
cent in 2011 to 8.6 per cent in 2012,
and it expects to maintain
momentum in spite of the growing
popularity of more high-tech
gadgets.
The very positive results are first
and foremost related to the
continued successful innovation of
the product portfolio, the board
said in Legos annual report.
New launches account for 60 per
cent of Legos sales, and the firm has
160 designers in Denmark working
on product development.
The firm said it does not expect to
match its stellar performance in
2013 due to the uncertain economy,
though it sees considerable
medium-term sales growth.
Lego builds its
market share
as sales soar
BY MARION DAKERS
SPORTS DIRECT has shrugged-off any
signs of gloom on the high street
after posting a 23 per cent rise in
third quarter profit yesterday.
The sports retailer, controlled by
Newcastle United owner Mike Ashley,
said group sales for the 13 weeks to
27 January rose 21 per cent to
589.5m, driven by strong growth in
its sports stores, where sales rose
21 per cent to 495.8m.
This excludes revenues from the 20
JJB stores it bought last year after its
rival collapsed into administration.
The group, which owns Lilywhites
as well as the Dunlop and Slazenger
brands, has benefited from the
demise of its competitors, a growing
online presence and a highly moti-
vated staff due to a lucrative bonus
scheme.
Gross profits increased 22.7 per
cent to 244.8m and chief executive
Dave Forsey said it was certain of
reaching its full-year earnings target
of 270m.
As we highlighted back in
December, the groups strong per-
formance continued during the
Sports Directs
profits continue
winning streak
BY KASMIRA JEFFORD
third quarter, primarily driven by our
sports retail division, including
online following the successful inte-
gration of our new operating plat-
form, Forsey said in a statement.
Shares have soared 43 per cent since
last year and closed 5.7 per cent high-
er yesterday at 440p.
In September the firm said it want-
ed to reintroduce a super-stretch
bonus scheme to award Ashley 10m
shares if performance targets were
met after shareholders revolted
against a similar proposal in
September.
The group will put the revised
bonus plan to shareholders at its next
annual general meeting this year.
Sports Direct, controlled by Mike Ashley, saw profit rise 23 per cent for the third quarter
Sports Direct International PLC
21 Feb 15 Feb 18Feb 19Feb 20Feb
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420
415
425
430
435
440
450 p
440.00
21Feb
FRIDAY 22 FEBRUARY 2013
13
NEWS
cityam.com
The company continues to benet from recent acquisitions, strong
momentum with the internet and capacity coming out of the market. The stock,
however, is expensive ... but with newsow on sales expected to remain
positive, we believe the shares will continue to perform.
ANALYST VIEWS
Sports Direct has reported group sales up 21.1 per cent (excluding JJB
stores). This is an acceleration on the underlying run-rate in the rst half of 20.6
per cent. Importantly, this strong sales growth has been achieved with
an improving gross margin prole.
22
FRIDAY 22 FEBRUARY 2013
WILL TANNER
Coalition U-turn on private prisons
will undo 20 years of real progress
instead. HMP Wolds, a privately-run
prison, was handed back to the public
sector, and the competition processes
for three others were suspended.
But the evidence points towards the
need for more competition, not less.
New Reform analysis of Ministry of
Justice figures shows that companies
are better at running prisons than the
public sector. Private prisons are more
effective at preventing prisoners from
committing crimes after they leave,
and they perform better than compara-
ble public sector institutions on most
official performance measures. This is
about cost as well as quality: the first
prison to be transferred from the public
sector to the private sector, HMP
Birmingham, is being run 8m a year
cheaper under its new management.
The innovations range from smart
tweaks to cultural transformation.
Companies have pioneered new tech-
nologies, like electronic cell locking to
improve security, or self-service kiosks
to give inmates a greater sense of
responsibility in preparation for their
release. Private sector ways of working
have transformed an outdated employ-
ment culture and traditionally hostile
staff-prisoner relations. In privately-run
prisons, officers do not carry batons or
have power of arrest, and managers can
use flexible staffing arrangements to
improve rehabilitation and meet pris-
ons needs.
At Doncaster Prison, the private com-
pany Serco has used its business experi-
ence to drive partnerships with local
charities and employers to prevent pris-
oners committing crimes when they
leave the prison gates. Over 92 per cent
of prisoners are released to suitable
accommodation, while 23 per cent
double the national target are
released into employment or training.
In 2011, Sercos prison director at
Doncaster John Biggin was named The
Guardians Public Servant of the Year.
Better numbers are matched by aca-
demic evaluation: a major longitudinal
study by Cambridge academics recently
found that privately managed prisons
had more positive staff-prisoner rela-
tionships, better internal prison cul-
tures, and more satisfied workers.
The threat of competition has also
made the public sector raise its game.
In 2003, the National Audit Office
found that competition has been
important within the prison system for
improving both management and con-
ditions for prisoners. More recently,
evidence of the positive impact of com-
petition has come from an unlikely
source: public sector prison managers.
In 2011, a major survey of senior prison
leaders found overwhelming recogni-
tion of the value of competition. One
respondent said: I dont think the
improvements weve seen in the Prison
Service in delivery and outputs would
have happened without the threat of
privatisation, and without the reality of
privatisation, because we wouldnt have
done it ourselves. There wouldve been
no incentive.
The government has argued that
there has been no U-turn. Yet ministers
own announcements make clear that
competition will be limited to a small
number of specific services. The prison
workforce, which accounts for over 70
per cent of costs, will remain in the
public sector, despite there being no
statutory requirement for it to do so. It
is bewildering that the government has
backtracked on such a successful policy
that commands cross-party support.
There was no public uproar demanding
a retreat from two decades of successful
policy. Far from reaping the rewards of
reform, ministers are throwing in the
towel after the fight has been won.
Will Tanner is a senior researcher at the
independent thinktank Reform.
be a curse as well as a blessing. But
even if Google Glass doesnt set fire to
your imagination, you dont have to
search far to be reminded that we
live in an age of man-made wonders.
Download the new Kickstarter app,
or look at projects like the 3Doodler,
a 3D printer in a pen that lets you
draw real objects.
Ironically, a short story from 1895
captures these mixed blessings
better, finding a path between the
wide-eyed optimism of corporate PR
and the savage denunciation of
Brooker. The Remarkable Case of
Davidsons Eyes was written by sci-fi
master HG Wells on the back of
popular belief in a paranormal
experience called remote viewing. Yet
it serves today as a parable of the
challenge and the miracle of living
with one foot in the real and virtual
worlds. It records how Davidson, a
Londoner, is suddenly struck with a
vision as if standing on an island in
the south seas. It is at first
compelling and paradisical. But his
inability to navigate the London in
which he lives, while his eyes see only
sand and palm trees, turns the
experience into a nightmare.
Davidson is eventually cured, only to
regret the window to a wider world
he has lost.
We all suffer when barriers prevent
us from seeing the human face of
those who need our help. As a result,
the technologies produced by private
enterprise reflect our need for better
connections. We love our gadgets
because they are designed and used
to bridge the gaps from person to
person. Mobile phones helped some
of the doomed passengers of 9/11 say
goodbye to their loved ones.
Television brings the suffering of
strangers on the other side of the
world into our living rooms,
demanding our attention. Our
gadgets can be misused, but they are
built to tear down barriers, not to
erect them.
Technology, in combination with
trade, serves to link the worlds
people in a network devoted to
serving one anothers needs. Neither
offers a cure for lifes tragedies or
human folly and vice. Life is not a
Google promo. But our recent
national scandals of abuse and
neglect have revealed the wilderness
of inhumanity possible within
institutions devoted to public service.
We need to be clear-eyed about the
darkness we bring with us to the
future, however we build it. But we
should cheer the larger, richer world
technology can show us as well.
Marc Sidwell is managing editor at
City A.M.
THE LONG
VIEW
MARC SIDWELL
Google Glass wont save humanity but could show us a larger richer world
In association with
BREST IS
For the best in sailing, seafood and local history, y to Brest from just 129 return.
23
FRIDAY 22 FEBRUARY 2013
Runaway inflation
[Re: Sorry savers: More easing is still
needed to support UK recovery, yesterday]
Employment is at its highest level since 1971.
Meanwhile, real wages are being driven
down by runaway inflation induced by the
Bank of Englands weak pound policy. In
past recessions, it was the UK consumer that
was the driving force behind recovery. But
this time, the Banks failure to meet its
mandate is suffocating real spending power.
The Monetary Policy Committee is confused.
In 2008, it was rightly fearful of deflation.
But since 2009, its fears have proven
misguided, and it has made the situation
worse by further rounds of quantitative
easing. Now the Bank is looking to get back
to its target in the long run. It would have
been interesting to see the UKs
economic performance if the Bank of
England had not let inflation spike as high
as 5.2 per cent in September 2011.
John Trader
[Re: Taxing the poor less wont make them
back hikes for the rest, yesterday]
Matthew Sinclairs article leaves a big
question unanswered. If taking people out
of tax doesnt turn them into supporters or
opponents of higher taxation for others,
what does? He implies there is a mixture of
reasons. Political will is clearly hugely
important.. Margaret Thatcher could cut tax
because she showed the benefits of lower
taxation to all voters, not just to small
sections of the public.
Malcolm Cliff
B
RITAINS roads are being
choked by a swarm of
unnecessary, expensive, and
damaging restrictions.
Between 2000 and 2008, the
number of traffic lights rose by over
30 per cent, boosted by an extra 1,800
imposed on Londons streets under
former mayor Ken Livingstone. There
are now over 30,000 signal-controlled
junctions and 25,000 pelican
crossings across the country.
The nature of these controls has
also changed. Between 2007 and
2008, the number of signals giving
priority to buses more than doubled
to 8,500. Junctions with a full pedes-
trian crossing -- when all vehicles are
held at a complete standstill have
also become increasingly popular.
There has been little appreciation,
however, of the economic costs asso-
ciated with such controls. This is
unsurprising given the absence of
commercial incentives facing trans-
port planners. With approximately
33m vehicles in the UK, unnecessary
delays at junctions translate into
major economic losses.
To give some idea of the scale, it has
been estimated that just two minutes
added to all vehicle trips costs 12bn
annually. There is also the burden on
taxpayers for installing and main-
taining infrastructure and equip-
ment. And traffic jams resulting
from controls increase fuel use and
pollution levels, while driver behav-
iour near traffic lights (speeding up
to beat the green) heightens danger.
The latest safety audit from
Westminster City Council showed
that no less than 44 per cent of per-
sonal injury accidents occurred at
traffic lights.
A handful of local authorities have
begun to recognise these negative
effects. In 2009, lights were switched
off at the Cabstand double junction
in Portishead, near Bristol. Despite an
After interest on QE gilts boosted UKs 11.4bn
January surplus, do the figures lack credibility?
YES
The public sector finances demonstrate the problems caused by the
statistical fudges of the past couple of years like the transfer of
coupon interest that the Bank of England has earned from buying
gilts under its programme of quantitative easing. Its difficult to
decipher the underlying trends. It appears that the state of the
public finances is worse than the government had hoped for, and
there is virtually no chance that borrowing will be lower this year on
a like-for-like basis. Further, the Office for National Statistics has put
a ceiling of 9.1bn on the amount of cash that can be transferred
from the Bank of England to the government this year, meaning
that the reduction in borrowing caused by the transfers will be 5bn
less than the Office for Budgetary Responsibility (OBR) has
forecast. Therefore, the government is on course to miss the OBRs
borrowing forecast by a distance of almost 11bn.
Nida Ali is an economic adviser to the Ernst & Young ITEM Club.
Nida Ali
NO
Robert Wood
The latest public sector finances figures show a surplus of 11.4bn
in January, and include the first transfer of accumulated interest
on the Bank of Englands gilt holdings of 3.8bn. Excluding this,
the underlying surplus was 7.6bn 1.2bn better than in
January 2012. But the transfer of coupon payments is not
fundamentally that big a deal its just a transfer of cash from
one part of the public sector (Bank of England) to another (the
Treasury). Its more important politically, since the chancellor has
used the transfers to disguise the governments borrowing
trajectory. He cannot hide the fact that deficit reduction has gone
into reverse. Borrowing is now likely to overshoot the
chancellors forecasts. So expect a repeat of George Osbornes
Autumn Statement performance at next months Budget
growth down and deficits up.
Robert Wood is an economist at Berenberg Bank.
How clever traffic
management can
boost UK growth
increase in traffic, queues disap-
peared, journey times fell by over 50
per cent, and there was no decline in
road safety.
A more recent and wider-ranging
study suggests that the benefits of
removing controls go further. In the
biggest scheme seen in the UK so far,
Poynton in Cheshire has removed
traffic lights and highway clutter at
Fountain Place, a major crossroads
carrying 26,000 vehicles a day
through the heart of the village. Now
there is an attractive, open
streetscape in which free-flowing
traffic interacts sociably with pedes-
trians. Not only have delays dropped
markedly, but since the scheme was
unveiled six months ago, trading
activity in local shops has doubled.
This alternative approach to traffic
management has brought substan-
tial regeneration benefits as a result
of reducing the delays and negative
environmental effects associated
with traffic controls.
The accumulating evidence from
such studies strengthens the case for
an about-turn on traffic policy. A first
step would be to end the funding of
new traffic control schemes, which
threaten to increase further the costs
imposed on road users, taxpayers and
local residents. Policymakers should
look closely at Poynton a blueprint
for delivering substantial economic
and quality of life benefits stemming
from a different approach to traffic.
Martin Cassini is a TV programme
maker and traffic campaigner, and a
writer for the Institute for Economic Affairs.
MARTIN CASSINI
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From London City Airport. Book at cityjet.com
Government borrowing is still up by 1.6 per
cent on last year, despite the healthy surplus
in January because of weak growth.
@WilliamsonChris
George Osbornes smoke and mirrors
disappears in a puff of smoke. How will he
claim that borrowing is falling now?
@West_GP
Osborne included 4G receipts and gilt
interest payments to make it appear the
deficit will fall this year.
@Fusty_Luggs
Its a year since the EU solved the Greek
crisis with its final, definite, massive bailout.
Hows that working out for them?
@DanHannanMEP
BEST OF TWITTER
LETTERSto the editor
WE WANT TO HEAR YOUR VIEWS
E: theforum@cityam.com | Comment: cityam.com/forum | @cityamforum
24
FRIDAY 22 FEBRUARY 2013
cityam.com
PROPERTY
W
ITH ECONOMIC output
falling in the final quarter
of 2012, hopes were high
that the residential market
would recover at the start of 2013. So
far, things are looking positive.
After what was a tough year in
2012 with the extreme weather, the
Olympic and Paralympic Games and
a stagnating economy, I am cau-
tiously optimistic about the
prospects for the prime London
market in 2013, says Nick Barnes,
head of research at Chesterton
Humberts. A number of key indica-
tors are looking very positive and
the success of Circus West has pro-
vided further proof of the high level
of demand for prime residential
property in London.
Analysts report that last month was
the best January for the past two years
and according to a survey compiled
by property analysts Hometrack, 79
per cent of estate agents are more
upbeat about the market than they
were last year.
In January, house prices were gener-
ally flat after six months of signifi-
cant falls, with only 16 per cent of
postcodes in the capital experiencing
a decline.
Low levels of transactions have
meant that positive developments
have been localised but estate agents
are optimistic that things will pick up
in the spring. The pipeline at
Chesterton Humberts, for example, is
already 41 per cent higher than the
same time last year and the highest it
has been since 2009.
One of the key areas of improve-
ments is with mortgages. Lenders
have reduced their rates and
increased lending. This should go
some way towards restoring customer
confidence and releasing the pent-up
sales demand of the past few years,
says the estate agent.
But its not all good news. A report
issued by Knight Frank says it is
unclear whether hopes for a signifi-
cant boost in mortgage lending, fol-
lowing the Bank of Englands
multi-billion Funding for Lending
scheme, will be met. This is because,
despite the reduced rates, the num-
ber of mortgage approvals is current-
ly the same as it was in the wake of
the financial crisis. Some economists
have argued that it is too early to see
any real change and that any effects
will be apparent later into the year.
The success of the rental sector has
been mixed. While the questionable
impact of the Funding for Lending
scheme, combined with the rise in
credit problems, particularly among
young people, has had a negative
effect on mortgages, it has increased
demand for the private rental sector.
However, its not all plain sailing.
Knight Franks report highlights that
the continued economic uncertainty,
combined with threats to employ-
ment in the financial sector, has
meant that the 1,000-2,000 a week
market, which has traditionally been
supported by affluent City workers,
has suffered.
Central London is among the more
promising areas in the UK. The
appetite for real estate there, which
sharpened last year, looks set to grow
in 2013. Knight Frank found that the
proportion of 1m plus sales in
London to non-UK buyers rose to 51
per cent late last year, with their
share of sales of properties priced
above 5m rising to 60 per cent.
South Kensington is a consistently
popular choice for international buy-
ers looking to London as a safe haven
to store their wealth amid the global
economic instability. Affluent areas
like Knightsbridge and Belgravia were
also in demand, with house prices in
the former climbing by 14.6 per cent
and the latter, by 12.4 per cent in
2012.
Experts have found that buyers are
attracted to the capitals political sta-
bility, competitive exchange rate and
top class universities and schools, and
problems in the Eurozone has enticed
the French, Greek and Spanish, who
have become among the fasting grow-
ing nationalities by market share.
And its not only central London
that is benefiting. According to
Chesterton Humberts: There is
demand for properties in decen-
tralised locations, offering proximity
to good local schools and easy access
to central London, with the new
build market in areas like Docklands
doing particularly well. Singapore
and Hong Kong investors took a 23
and 16 per cent share respectively in
the sector, according to Knight Frank,
and are increasingly prepared to gam-
ble on competitively priced develop-
ments.
These factors have helped the capi-
tal start the year on a high note, with
experts recording a healthy 8.7 per
cent price growth compared to a 1.4
per cent growth in New York and a
four per cent decrease in Paris.
The residential property market
shows signs of recovery for 2013
Analysts report the best January in two years, says Naomi Mdudu, with central London booming and rental demand high
The outlook for
the prime London
market is one of
cautious optimism.
4
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P O S S E Y I K E S
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B A T E D G E C K O
L I A S S H S
E X C E L T H E M E
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1 2 8 1 3 7
2 3 1 4 5 8 1 2
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The nine-letter word was
OBJURGATE
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BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5
FRIDAY 22 FEBRUARY 2013
ROOM101
BBC1, 8.30PM
Craig Revel Horwood, Sheila Hancock
and Jon Richardson debate their pet
hates, which include womens toilets,
scented candles and dancing.
PIERS MORGANS LIFE STORIES:
ESTHER RANTZEN ITV, 9PM
The broadcaster joins Piers to talk
about her career, including her 21
years as the presenter of BBC
consumer magazine Thats Life!.
THE MENTALIST
CHANNEL5, 9PM
Lisbon and Jane investigate the
murder of a botanist who was working
on a new strain of marijuana. Simon
Baker stars.
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Evs Notts County 12/5 Draw Bury 11/4
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17/2 2 - 0 22/1
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18/1 3 - 0 60/1
18/1 3 - 1 40/1
Notts County Bury Notts County Bury
CORRECT SCORE
7/1 N. Ajose (B)
7/1 A. Bishop (B)
7/1 D. Healy (B)
8/1 S. Schumacher (B)
11/2 Y. Arquin (N)
11/2 J. Cofie (N)
11/2 E. Showunmi (N)
11/2 F. Zoko (N)
FI RST GOALSCORER
All above prices subject to fluctuation.
7/4 Leeds 16/1 Draw Melbourne 1/2
8:00pm, Live on Sky Sports 1
Evs Melbourne / Melbourne
11/4 Leeds / Leeds
11/2 Leeds / Melbourne
9/1 Melbourne / Leeds
16/1 Draw / Melbourne
20/1 Draw / Leeds
33/1 Leeds / Draw
33/1 Melbourne / Draw
66/1 Draw / Draw
HALF-TI ME / FULL-TI ME
7/1 B. Slater (M)
8/1 R. Hall (L)
9/1 M. Fonua (M)
9/1 S. Waqa (M)
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FI RST TRYSCORER
BY THE time Manchester City
kick off on Sunday they could
be 15 points behind
Manchester United in the
Premier League title race.
While United seemingly have a
straightforward game visiting
bottom-of-the-table Queens
Park Rangers on Saturday, City
face the more daunting task of
hosting Chelsea.
Failure to beat the Blues will
surely spell the end of any slim
hopes Roberto Mancinis side
have of retaining the Premier
League title.
City have failed to win any of
their last three league games
and the 3-1 reverse at
Southampton was their worst
performance in three years,
according to Mancini. His
players did respond to that
criticism with a comprehensive
4-0 win over Leeds in the FA
Cup fifth round last Sunday,
though, and the home win
looks a big price at evens with
Blue Square Bet.
Chelsea ran out comfortable
winners in their FA Cup fourth
round replay with Brentford,
but a 4-0 scoreline probably
flattered the west London
club, as it was still goalless at
half-time and the Bees left
themselves vulnerable chasing
the game when they went a
goal down.
Rafael Benitezs men
continue to blow hot and cold
and have lost on their last
three visits to the Etihad.
There is no doubt City will
have enjoyed a far more
relaxed build up to this big
game than their opponents
who were in action only last
night in the Europa League.
Forwards Sergio Aguero and
Carlos Tevez looked in great
form against Leeds in stark
contrast to Chelseas strikers
at the moment and their
superior options up front
should see the hosts take all
three points.
The sacking of Nigel Adkins
as Southampton boss last
month was greeted with
disbelief but his successor,
Mauricio Pochettino, has made
a solid start. The Argentine has
lost only one of four games in
charge a narrow 2-1 defeat at
Old Trafford and the triumph
over City last time out suggests
they have enough to get a draw
at Newcastle on Sunday.
The French invasion at St
James Park paid immediate
dividends in that brilliant 3-2
win over Chelsea at the start of
the month, but the Magpies
werent quite as good in the
E
NGLAND are the only side
remaining in this years
RBS Six Nations with a
chance of landing the
Grand Slam and they can take
a significant step towards that
achievement by beating France
at Twickenham tomorrow
afternoon.
After the tournaments
opening two rounds England
boast a 100 per cent record and
France are in pole position to
be left holding the wooden
spoon for the first time since
1957. This titanic clash has
come to be known as Le
Crunch and thats exactly what
it will be, even though the
table suggests otherwise.
With the competition all but
over for the French they would
like nothing more than to ruin
Englands Grand Slam dreams.
It makes them a dangerous
proposition that cannot be
underestimated.
Stuart Lancasters side
proved in Dublin they can
grind out results and, when
given the opportunity, utilise
the backs for a more expansive
game like they demonstrated
in the 38-18 win over Scotland.
Brave decisions have been at
the forefront of Englands
campaign and Lancaster has
made another in bringing back
centre Manu Tuilagi for the
faultless Billy Twelvetrees. A
fascinating midfield encounter
between Tuilagi and Mathieu
Bastereaud adds another
intriguing element to this
contest.
France centre Wesley Fofana
is one of the best around and
he is set to move from the wing
to his favoured position to give
England another headache.
The Red Rose edged a tense
match in Paris last year to
make it two consecutive
tournament wins over France.
On their last visit to
Twickenham they failed to
score a try in a 17-9 defeat. That
loss made it three Six Nations
games on the spin that Les
Bleus have lost at HQ. England
know the importance of
maintaining that record on
Saturday as they have never
captured the Six Nations when
losing at home to France.
Including World Cups,
England have won five of the
last seven meetings against
France, although its two
apiece from the previous four
internationals. Those last four
were all tight games with the
average winning margin at just
4.8 points. The French backlash
against the Welsh failed to
materialise, but with personnel
changes the scene is set for
tomorrow.
Both nations have had an
extended break and that will
be a particular boost for France
having been involved in a
gruelling Top 14 calendar,
where the players are not
afforded games off like
Englands before the
tournament begins.
I believe England will win,
but Im siding with France
with the +7 handicap at 10/11
with Coral as they will be fired
up and desperate to save any
face they have remaining after
a disastrous tournament so far.
Backing England to win by 1-5
points at 9/2 with Blue Square
Bet is also recommended.
City have the firepower to claim
another home win against Chelsea
England should expect a bruising clash against the wounded French
FRIDAY 22 FEBRUARY 2013
40
THEPUNTER
SPORT TRADER
WILLIAM CHRIMES AND BEN CLEMINSON PREVIEW THE BEST OF THE WEEKEND'S ACTION
nPointers
Manchester City at evens with Blue Square Bet
Draw (Newcastle v Southampton) at 5/2 with
Coral
WWW.STARSPORTSBET.CO.UK 08000 521 321
The Jewson Novices Chase, run on day
three of the Cheltenham Festival, looks
a wide-open affair and the betting is
currently headed by Nicky Hendersons
Captain Conan and Willie Mullins
Aupcharlie.
Both are hugely respected and,
more importantly, are being aimed at
the two mile and five furlong chase.
Others with prominent positions in
plenty of bookmakers lists have
alternative preferred targets and are
unlikely to line-up Dynaste and
Boston Bob (RSA Chase), Fago and
Arvika Ligeonniere (Arkle) are just four
high-profile examples.
That means that there are plenty of
others quoted with huge potential to
shorten dramatically in the betting and
none more so than the Tom George-
trained Module.
The French-bred six-year-old
landed a huge touch on his British
debut when winning over hurdles at
Cheltenham a year ago and has won
two of the three novice chases hes
competed in since.
His only defeat came when tipping
up on his chasing bow at Exeter last
October when travelling ominously
well. Wins at Newbury and Leicester
since have shown hes right out of the
top drawer and his trainer has gone on
record saying hell need three miles
soon, as he shapes like a real stayer.
He can currently be backed at 12/1
and will surely trade at half that price
on the big day.
BY BILL ESDAILE
England can win
again but expect
a tight encounter
against Les Bleus
nPointers
France with +7 handicap at 10/11 with Coral
England to win by 1-5 points at 9/2 with Blue
Square Bet
2-1 defeat at Tottenham. A long
trip to the Ukraine to play
Metalist Kharkiv last night is
hardly ideal preparation and a
team that has lost six of 13
league games at home this
term can be opposed. The draw
is 5/2 with Coral and that is
worth a punt.
nPointers
MODULE 12/1 e/w Jewson Novices Chase
(Cheltenham Festival)
T
OMORROWS card at
Kempton is the final
significant trial meeting for
next months Cheltenham
Festival and the highlight is
undoubtedly the Racing Plus
Chase at 3.50pm.
Nacarat bids for a historic third
win in the race and he shouldnt
be discounted with the ground
drying out and Tom Georges yard
in flying form. He is only 1lb
higher in his impressive victory 12
months ago, yet is now 12-years-
old and you just have to wonder if
something with younger legs will
have too much speed for him.
That may well be Paul Nicholls
Rolling Aces who is on a hat-trick
after two decent wins at Newbury
and Wincanton. However, the
yard have saddled five of the last
six beaten favourites and this
seven-year-old has only had three
runs over fences. He also prefers a
stiffer track than Kempton.
A couple of weeks ago I advised
you to snap up the 6/1 available
about WYCK HILL and JP
McManus new purchase is now
no bigger than 11/4 with Blue
Square Bet. His credentials are
obvious. He won well at Wetherby
on his seasonal reappearance
before going on to give Katenko a
four-length beating at Ascot in
December.
That rival has since gone up
22lb following two facile victories
and although he has undoubtedly
improved, whos to say that Wyck
Hill hasnt? Jump racings leading
owner clearly didnt have to be
convinced and a good win
tomorrow would leave Wyck Hill
looking attractively handicapped
for Aprils Grand National.
As were on at 6/1 there is little
point in going in again at 11/4, so
lets just hope AP McCoy can get
David Bridgwaters nine-year-old
out in a prominent position and
set up a third win in the race for
the champion jockey. With the
ground drying out Im tempted to
fire another bullet and Im
interested in DUKE OF LUCCA
each-way at 12/1 with Coral.
Philip Hobbs has an enviable
record in this race, winning it
four times, including two years
ago with Quinz who lines up
again tomorrow.
Some may feel that Duke Of
Luccas chance has been
compromised by Richard Johnson
deserting him for his stablemate,
but that may have something to
do with politics rather than the
chances of the duo.
Duke Of Lucca ran a cracker on
his reappearance at Ascot in
November, finishing second to
another of tomorrows rivals,
Roberto Goldback. He then
disappointed in the Hennessy
Gold Cup, but that contest was
never likely to suit and Hobbs has
always said he needs better
ground. I dont think hes got
quite as much scope as Wyck Hill,
despite being a younger horse, but
I could see him going close and
12/1 is a more than fair price.
Ill leave the Racing UK Adonis
Hurdle (2.05pm) alone as it looks
very trappy. Word from Seven
Barrows is that Courtesy Call
could be pretty decent, especially
on good ground, so he may be the
one. Im happy to sit this one out,
though.
Alan King doesnt have quite
the same firepower that he used
to, but he has an excellent record
in the William Hill Dovecote
Novices Hurdle (3.15pm), winning
it three times in the last seven
years, including with Grumeti 12
months ago.
FAIR TRADE was impressive in
a jumpers bumper at this track
last month and this has always
been the target. He finally gets
the good ground he needs
tomorrow and can go close at
what should be a reasonable
price.
Conditions are set to be very
different up at Newcastle where
the big race is the marathon 4m1f
Betfred Eider Chase (2.55pm). The
one I am most keen on is the
11-year-old CAPTAIN AMERICO
who finished third in this race
last year and has stamina in
abundance.
He was only beaten by a length
on his seasonal debut in the
Borders National at Kelso and you
can be sure he will be staying on
when the others have cried
enough. He has the attributes to
cope with this brutal test and
looks a solid each-way bet at 10/1
with Star Sports.
Its the final of the hugely
successful Blue Square Bet Sprint
Series tomorrow (1.55pm) at
Lingfield Park Racecourse and it
promises to be a fast and furious
affair.
The market leaders Temple
Road and Black Cadillac won their
respective qualifiers last weekend,
but the former has gone up 7lb
and breaks from 10, while the
latter is drawn widest of all in 12.
Instead it might be worth
chancing SPEAK THE TRUTH
each-way at 7/1 with Blue Square
Bet. Roger Ingrams charge has
contested four previous qualifiers
and finally got his head in front
last time.
You can follow me on Twitter
@BillEsdaile.
41
RACING TRADER
BILL ESDAILE PREVIEWS THE BEST OF THE WEEKENDS RACING
cityam.com
FRIDAY 22 FEBRUARY 2013
nPointers
SPEAK THE TRUTH e/w 1.55pm Lingfield
(tomorrow)
CAPTAIN AMERICO e/w 2.55pm Newcastle
(tomorrow)
FAIR TRADE 3.15pm Kempton
(tomorrow)
WYCK HILL (already advised) 3.50pm Kempton
(tomorrow)
DUKE OF LUCCA e/w 3.50pm Kempton
(tomorrow)
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was one of the most impressive
winners during the heats and the five-year-
old can follow up last weeks win by taking
the main prize.
Both previous winners of the Blue Square
Bet Sprint Series had won a heat and
although a few horses take part after
consistent placed efforts, we need to focus
on those that have got their head in front in
recent weeks.
The 2.30pm Bluesquare.com Cleves
Stakes is a terrific Listed contest that can go
the way of Kevin Ryans YORK GLORY. A
winner over course and distance back in
November, this five-year-old has been in
good form.
Philip Makin is on board and he is a jockey
who rides the tight Lingfield track extremely
well with a leading strike-rate of 25%.
The Blue Square Bet Winter Derby Trial at
3.05pm is another Listed contest on a
fantastic all-weather card. This race has gone
the way of the favourite in the last four years
and PLANTEUR from Marco Bottis stable
might be a worthy market-leader. The long
break shouldnt be a problem as this talented
six-year-old has won on his seasonal
reappearance three out of four times.
Blue Square Bet will refund losing bets
(up to 20 as a free bet token) if your horse
is second by less than a length in the Sprint
Series Grand Final and also the feature races
at 2.30pm and 3.05pm.
WITH ALAN ALGER
FROM BLUE SQUARE BET
Wyck Hill (right) will race in JP McManus famous silks tomorrow and should be hard to beat
No reason to desert
Wyck Hill but Duke Of
Lucca is each-way value
IN BRIEF
More golden glory for GB cyclists
nCYCLING: Olympic champions Laura
Trott and Dani King won World Track
Cycling gold in the team pursuit with
Elinor Barker yesterday. Becky James
won a 500m time trial bronze and
Northern Irishman Michael Irvine won
gold and silver his nations first
championships medals since 1897.
Ponting set to play for Surrey
nCRICKET: Former Australia captain
Ricky Ponting will spend two months
with County Championship side Surrey
this summer. The 38-year-old will act
as cover for Graeme Smith while the
South African batsman is at the ICC
Champions Trophy in June and July.
Drogba transfer under scrutiny
nFOOTBALL: German giants Schalke
have asked European chiefs to look
into the legitimacy of former Chelsea
striker Didier Drogbas recent transfer
from Chinese club Shanghai Shenhua
to Turkish team Galatasaray.
Portsmouth set court deadline
nFOOTBALL: Portsmouths court
hearing to determine the valuation of
their Fratton Park home, the purchase
of which a potential takeover of the
club from the Pompey Supporters
Trust relies upon, will be held before
19 April.
CRISIS-HIT South African
police chiefs insist the case
against Paralympic star Oscar
Pistorius has not been weak-
ened despite the lead detective
being thrown off after it
emerged he himself faces
seven charges of attempted
murder.
On another day of extraordi-
nary twists in the bail hearing
of Pistorius, who denies delib-
erately killing girlfriend Reeva
Steenkamp, National Police
Commissioner Mangwashi
Phiyega denied the removal of
detective Hilton Botha had
caused embarrassment.
The charges against Botha
were only reinstated on
Wednesday, having previously
been dropped, and relate to a
2011 incident in which he and
other officers fired at a
minibus taxi carrying seven
passengers. Botha denies he
was drunk at the time. Botha,
whose faltering appearance in
court on Wednesday was wide-
ly perceived to have harmed
the prosecutions argument
that Pistorius should not be
granted bail, has been replaced
by the countrys top detective.
There is nothing embarrass-
ing for the police. I know
Botha. He is an excellent offi-
cer, said Phiyega, who added
that she could not explain
whether the timing of the
renewed charges against Botha
were merely a coincidence.
I wish I had a crystal ball.
Id be able to answer that, she
continued.
We will look at the decision
and act appropriately.
Botha indicated he felt the
timing to be suspicious, telling
a South African news channel:
I can only think this is related
to my work on Oscar Pistorius.
The drama came on the day
that sportswear giant Nike sus-
pended its contract with the
26-year-old, who is nicknamed
Blade Runner for his trade-
mark prosthetic legs.
Pistorius is accused of mur-
dering model Steenkamp, 29,
at his home early on
Valentines Day morning last
week. He says he fired shots
through a toilet door at what
he thought was an intruder,
believing her to still be in bed.
The athlete is set to find out
this morning whether he has
been granted bail or faces
months in jail awaiting trial in
a case that has stunned the
world, after court formalities
delayed a decision.
Pistoriuss defence lawyer
Barry Roux argued yesterday
that Bothas statements had
exposed the disastrous short-
comings of the states case.
Prosecutor Gerrie Nel said
Pistorius was bound to be con-
victed of murder, whoever he
believed he was shooting.
Police hit back over
Pistorius cop chaos
FRIDAY 22 FEBRUARY 2013
42
SPORT
cityam.com/sport
BY FRANK DALLERES
@cityam_sport
A BUSI NESS CLUB EXCLUSI VELY FOR THOSE AT THE VERY TOP OF THEI R GAME
The Tulip Club
Adorning the palaces and private rooms of Sultans, and the upper echelons of society,
the Parrot Tulip is synonymous with success. Its the territory of the highest ranking,
the most afuent, and the most inuential.
The Tulip Club will bring together the cream of the business community for the nest
in rugby hospitality at Saracens new state-of-the-art stadium, Allianz Park, in the heart of London.
As well as exclusive networking opportunities and special themed events in the heart of the city.
To join the waiting list, email hughvyvyan@saracens.net
Oscar Pistorius on a
dramatic day in court
as his wait to hear
whether or not he is
granted bail continued
43
RUGBY
COMMENT
JASON LEONARD
PRESSURE intensified on Chelsea
manager Rafael Benitez last night
after his side limped through to the
Europa League last 16, but the
Spanish boss insisted the Blues
deserved to progress.
Chelsea held a 1-0 advantage
from the first-leg in the Czech
capital, but the Stamford Bridge
crowd were stunned when Prague
took the lead through David
Lafata before half-time.
With the match
seemingly headed for extra
time, and the locals
becoming increasingly
restless, midfielder
Eden Hazard came
off the bench to
score with
virtually the
final kick of the game to spare
Chelsea and Benitezs blushes.
We had so many chances but, in
the end, we deserved to score, said
Benitez, who rested key players
Frank Lampard and Branislav
Ivanovic, while Ashley Cole and
Hazard started from the bench.
We rested some players and still
had 22 shots. I was pleased with the
performance of the team.
Chelsea, who will play Romanian
club Steaua Bucharest in the last 16,
started well, but fell behind on 17
minutes when Vaclav Kadlec set up
Lafata to fire in from close range.
The home side went close soon
after the break when Brazilian
midfielder Ramires turned
Oscars cross onto the near post.
But it was the introduction of
Hazard for Oscar on 67 minutes,
a switch Blues fans initially
vented their anger against,
which turned the game.
The 22-year-old Belgian
blasted in from a
difficult angle to spare
the supporters extra
time and Benitez more
barracking.
England have lost only once when Manu
Tuilagi, recalled at centre for tomorrows
game against France, has scored a try
cityam.com
FRIDAY 22 FEBRUARY 2013
Hazard comes off the bench
to rescue Blues and Benitez
MIDFIELDER Mousa Dembele set
up a mouthwatering Europa
League last 16 tie with Inter Milan,
after a 90th-minute goal saw
Tottenham progress in France.
Spurs held a 2-1 advantage from
last weeks first leg, but Maxime
Gonalons headed in before half-
time to give Lyon the lead on the
night and on away goals overall.
Midfielder Lewis Holtby and
striker Emmanuel Adebayor both
hit the woodwork as Spurs pressed
for an equaliser.
But Dembele got the crucial
goal his second for the club
just as Spurs appeared to be
heading out of the competition,
firing in low from 25 yards.
Spurs march on with dramatic
Dembele goal to set up Inter tie
Results
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French line-out a threat to England hopes
E
NGLAND must be confident
going into tomorrows RBS Six
Nations showdown with France.
They are playing better with
each match and are at home, but Im
surprised at predictions of a landslide.
Thats not going to happen.
France may have lost both games
so far but are due a big performance,
and what better occasion than at
their bitter rivals when everyone has
written them off? It wouldnt erase
their defeats but it would go a long
way to making up for them.
The danger with playing France is
that they are capable of scoring two
or three tries in quick succession, so
even with a healthy lead in the last
15 minutes England will not be able
to relax. When they get their tails
up, France are possibly the best
attacking side in the world.
Englands changes reflect the fact
its likely to be a confrontational
fixture. The French pack have
underperformed but will want a big
game in the scrum, where the
returning Dylan Hartley can provide
the hosts with extra feistiness.
France also pose a major threat at
the line-out. England lost to
Australia and South Africa in the
autumn both teams with strong
line-outs and Stuart Lancasters
selection of Courtney Lawes is an
attempt to combat that danger.
Lancasters willingness to make
changes, despite having won both
games, shows England are in a
position of strength and confidence.
Its hard on the guys dropping to the
bench James Haskell, Tom Youngs
and Billy Twelvetrees but it keeps
people on their toes and shows its
all about the next game.
I think England will win, but its
important they replicate their start
in Ireland; keep the scoreboard
ticking over and demoralise the
opposition something France are
susceptible to. I dont see it being
decided until the last quarter,
though, with a score of around 28-18.
Englands most capped player Jason
Leonard is a Senior Advisor for Besso
Insurance Group, an independent Lloyds
Insurance Broker specialising in all forms
of Commercial and Personal Lines
insurance www.besso.co.uk
Mousa Dembele helped Tottenham beat Lyon over two legs with a late goal
OLYMPIQUE LYONNAIS ...............1
TOTTENHAM HOTSPUR...............1
BY JOSH RICHARDS
EUROPA LEAGUE
CHELSEA .....................................1
SPARTA PRAGUE.........................1
BY JOSH RICHARDS
EUROPA LEAGUE
Eden Hazard scored in the
last minute for Chelsea
(2-3 on aggregate )
(2-1 on aggregate )
f i a t . c o . u k
FIAT PANDA 4x4
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