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NOTHING IS AS STRONG
AS TEAM SPIRIT
R E TA I L B A N K I N G - C O R P O R AT E & I N V E S T M E N T B A N K I N G
SPECIALISED FINANCIAL SERVICES & INSURANCE
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Societe Generale is a credit institution and investment services provider (entitled to perform banking activities and/or to provide investment services other than the operation of Multilateral Trading Facilities) authorised and
regulated by the French Autorité de Contrôle Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services
Authority («FSA») for the conduct of its business in the United Kingdom. Details of the extent of its regulation by the FSA are available from us on request. Societe Generale benefits from the EC passport authorising the provision of
certain banking and investment services within the EEA. This material has been prepared solely for information purposes and does not constitute an offer from Societe Generale to buy or sell any securities or financial instruments,
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BUSINESS WITH PERSONALITY
FTSE 100 ▲6,009.92 +101.16 DOW ▲12,376.72 +56.99 NASDAQ ▲2,789.60 +8.53 £/$ 1.61 ▲+0.01 £/¤ 1.13 unc ¤/$ 1.42 unc Certified Distribution
31/01/11 - 27/02/11 is 107,265
2 News CITYA.M. 4 APRIL 2011
Distribution helpline ket level of seven per cent, but 2.5 per Greece and Ireland can both sus- Exchange Commission. His salary for
If you have any comments about the distribution BY JENNY FORSYTH
of City A.M. Please ring 0207 015 1230, or email cent higher than Portugal paid at tain their governments’ debts, Klaus 2011 has been increased to $2m from
distribution@cityam.com auctions of similar bonds last year. Regling, head of the European GOLDMAN Sachs doubled its chief $600,000 in 2010.
While the sale raised cash, analysts Financial Stability Facility, said last executive Lloyd Blankfein’s annual Goldman’s board said executive
Editorial Statement point to high borrowing costs and week. bonus for 2010, awarding him $18m pay was based in part on how well the
This newspaper adheres to the system of tumbling confidence in the peripher- (£11.2m) in cash and shares. bank performed in comparison to
self-regulation overseen by the Press Complaints al Eurozone state, which is edging Troubled Portugal Blankfein received the pay-out, competitors.
Commission. The PCC takes complaints about the closer to a bailout. which included $5.4m in cash and “Our performance over the last
editorial content of publications under the Editor’s faces a snap election
Code of Practice, a copy of which can be found at Prime Minister Jose Socrates’ resig- restricted shares valued at $12.6m, three-year period was strong, particu-
www.pcc.org.uk nation, following parliament’s rejec- on 5 June, after Prime after a rollercoaster year for the bank. larly in relation to our competitors:
Printed by Newsfax International,
tion of his latest austerity package, Minister Jose Socrates’ He steered Goldman through the Bank of America, Citigroup,
Beam Reach 5 Business Park, has sparked a snap election to be held resignation twin challenges of weaker trading JPMorgan Chase and Morgan
Marsh Way, Rainham, Essex, RM13 8RS on 5 June. and a $550m fine to settle civil Stanley,” the bank said.
BP returns to
Oil firms may
ANALYSIS | HOW NORTH SEA MARGINAL TAX RATES COMPARE
UK Gulf of Mexico
move rigs out
The highest tax rate
is levied on oil fields
developed before
1993, which must
well drilling
pay an extra 50 per
cent petroleum rev- NORWAY
of UK waters
ENERGY
▲
enue tax
Marginal tax rate:
BP PLANS to return to deepwater oil
78%
Substantial incentives
production in the Gulf of Mexico
this summer – just over a year after
the Transocean oil spill disaster,
sources told City A.M. yesterday.
offered. Rate has been It reached a deal with US regula-
▲
ENERGY “We are assessing the impact of the stable for decades tors to enable the oil major to
BY ALISON LOCK proposed tax increase on all of our
UK resume drilling work on ten wells
operations and projects that we have Marginal tax rate: halted since the explosion and oil
62-81%
MAJOR UK oil and gas firms are draw- in our plan and that includes the spill from its Deepwater Horizon rig
H
ing up plans to move their drilling £700m investment,” he said. in April 2010.
rigs out of the North Sea’s British Michael Tholen, economics and The Gulf of Mexico wells are all in
waters to avoid punitive changes to commercial director at UK Oil and Rate has been increased deep water but will be drilled purely
the tax regime, City A.M. has learned. Gas, said rigs could be easily moved three times in the to maintain or supplement oil pro-
British gas owner Centrica and oth- across borders by tug boat or internal past nine years duction to existing platforms.
ers are considering plans to move rigs engines and linked to new pipelines. Sources close to BP told City A.M. it
out of UK waters to Norwegian and “It is wholly understandable that was “looking to resume drilling”
Dutch areas of the sea to avoid a 12 companies which have operations in there as a number of other compa-
per cent hike in oil production taxes. both the UK and the Netherlands THE NETHERLANDS nies had already done so. But it has
Centrica told Treasury officials and may now switch investment abroad,” agreed to tough new regulatory over-
government ministers at meetings he said. Marginal tax rate: sight including allowing US govern-
last week that it is also reconsidering
£700m of new North Sea investment
it announced only in February.
Sources close to Centrica told City
ANALYSIS l Centrica
350
p 330.20
1 Apr
50%Stable for
ment officials 24-hour access to its
operations there, and agreed to meet
strict safety standards.
It has also called a last-ditch tribu-
A.M. that “a number of companies are 345 two decades nal hearing today to try to save its
looking at their options” and that 340 $16bn (£11.2bn) share swap deal with
they could “refocus their production” 335
Russia’s Rosneft.
in the region if the tax was imposed. Even if the share swap is allowed
330
A Centrica spokesman said no deci- to proceed, the pair have already
sion had been made on moving rigs 325 been forced to put their Arctic explo-
out of UK waters but said the firm 320 ration plans on ice after BP’s Russian
was “assessing the impact” of the tax 315 partners in TNK-BP objected to the
raid. ANALYSIS l Centrica
350
345
340
335
330
325
320
315
p
10 Jan 28 Jan
330.20
28 Feb
1 Apr
29 Mar
10 Jan 28 Jan 28 Feb 29 Mar deal.
NORWAY
Marginal tax rate:
78%
Substantial incentives
offered. Rate has been
UK stable for decades
Marginal tax rate:
H
62-81%
Rate has been increased
three times in the
past nine years
THE NETHERLANDS
Marginal tax rate:
50%Stable for
two decades
A 5 year savings
bond with a sky
high rate
5 year fixed rate savings bond
Limited offer which may be withdrawn at any time. Rates are fixed for the 5 year term. Minimum deposit of £500 required. Maximum deposit of £1 million. Additional deposits are not allowed during the term of the bond.
Conditions apply. Rates correct at time of going to press 01/04/2011. Gross rate: Is the rate of interest payable before the deduction of income tax. Interest is payable gross to non-taxpayers subject to their providing the required
certification. Please note: This bond does not meet the criteria for a Qualifying Time Deposit (see clause 5 of the Barclays Savings Bond Terms and Conditions) and income tax will be deducted at the lower rate, but may be
reclaimed by non-taxpayers. The interest paid forms part of the investor’s taxable income and should be reported on any self-assessment return. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest
was paid and compounded once each year. For BT residential customers calls will cost no more than 4.5p per minute, plus 11.5p call set-up fee (current at February 2011). The price on non-BT phone lines may be different. Calls
may be monitored or recorded for security and training purposes. Barclays Bank PLC is authorised and regulated by the Financial Services Authority (FSA). Registered No 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
4 News CITYA.M. 4 APRIL 2011
Commission
mulls higher
capital ratios
▲
▲
BANKING
Theiner/City A.M. BY HARRY BANKS banks are starving SMEs of cash.
Banks claim they are lending to as
BANKS who turn down loan requests many healthy SMEs as is possible but
from small businesses (SMEs) will have that the demand is not there, as firms
their decision reviewed by a rival undergo an often painful process of
lender, as part of a new appeals de-leveraging.
process designed to boost credit to Under the new process, SMEs will
SMEs. learn the result of their appeal within
The banking sector hopes the new 30 days and banks will have to offer
regime will help repair its image, guidance on alternative sources of
which has suffered the face of repeat- finance, such as equity financing.
Banks reject
claims over
competition
Other large banks also dismissed
▲
BANKING
BY JULIET SAMUEL the committee’s view. HSBC said: “The
UK retail market is very competitive at
SANTANDER UK has rejected a sugges- the moment – it’s probably the most
tion by MPs that its purchase of 318 competitive in Europe.”
RBS branches last year was a “missed The Treasury Committee report said
opportunity” to improve the competi- that some banks’ “too big to fail” sta-
tiveness of high street banking in tus gives them an unfair advantage
Britain. that contributes to an “oligopoly”,
“'The deal to buy the RBS branches with “high barriers to exit”, or bank-
was approved by the EU. Santander is a ruptcy. It added that banks are not
challenger bank in the UK, not an clear enough about current account
incumbent,” a spokesman for the bank fees and horde information such as
told City A.M., objecting to the commit- access to the payments system.
tee’s decision to group Santander UK Despite concern about concentra-
with Britain’s biggest retail banks – tion, however, the committee said the
Barclays, Lloyds, HSBC and RBS. Lloyds-HBOS merger should not be
The bank was reacting to a report reversed for fear of damaging govern-
published at the weekend by the influ- ment “credibility”.
ential Treasury Select Committee,
chaired by Tory Andrew Tyrie, which ANALYSIS l Lloyds Banking
said that Santander “was already a 70 p
leading player” in UK banking and
that the government let its desire for a 61.00
good return from the RBS sale trump 66 1 Apr
its effect on competitiveness.
Santander is keen to stress its “chal- 62
lenger” status, adding that it is “pro-
viding a competitive alternative to the
UK’s incumbent banks”, rather than 58
contributing to concentration in the
market. 10 Jan 28 Jan 17 Feb 9 Mar 29 Mar
REMUNERATION TECHNOLOGY
DEUTSCHE Bank has officially con- THE e-mails and names of customers
firmed its intention to appeal a tribu- of Citigroup, Walgreen and other
nal decision which ruled against a large US companies were exposed in a
scheme it established to avoid taxes massive and growing data breach,
on bonuses. after a computer hacker penetrated
The January decision against the online marketer Epsilon.
bank by Judge David Williams affects In what could be one of the biggest
a £92m pay pot Deutsche set up in the such breaches in US history, diverse
Cayman Islands before rule changes companies that did business with
made the arrangement illegal. Epsilon stepped forward over the
A spokesman for the bank said: weekend to warn customers some of
“This was a one-off arrangement from their electronic information could
seven years ago and hasn’t been have been exposed. Affected firms
repeated. We believe it met all included video recorder TiVo, credit
requirements at the time and are card lender Capital One Financial and
appealing the decision.” teleshopping company HSN.
6 News CITYA.M. 4 APRIL 2011
Financial firms
Glencore gets say business is
a green light back on track
▲
ENERGY
SUEK set to
join FTSE 100
Richard Desmond Ophir Energy plans $2bn
London float or stake sale
in June IPO mulls Mail merger
▲
MINING
M&A year and further talks may Energy, which is backed by Indian The company, which was set up in
▲
RUSSIAN coal giant SUEK is likely to BY JENNY FORSYTH be held within a few weeks. steel magnate Lakshmi Mittal, is 2004, is 70 per cent owned by four
join the FTSE 100 when it floats in a Any deal would mark an preparing for a $2bn (£1bn) float in investors.
London IPO in June. The group’s THE owners of the Daily Express and end to the hostilities London. Mittal, the wealthiest man in
intention to tap investors for around the Daily Mail are said to have held between the proprietors, The company, which has a portfo- Britain, owns 21 per cent after invest-
$1bn (£623m) this summer was first informal talks about a potential which for several years lio of oil fields across Africa, plans to ing three years ago.
revealed in City A.M. last Thursday. merger of the national newspa- were played out raise up to $500m by selling a quarter Ophir is the latest firm keen to
With a valuation of between $5bn per titles. through the papers. of its shares before the summer to cash in on soaring commodities
and $10bn, the group – the Siberian According to Sky News, Circulation fig- fund the development of recent prices. The price of oil hit $118 a bar-
Coal Energy Company in full – is like- Richard Desmond (r), the ures show a merger finds. rel last week as political unrest con-
ly to become a constituent of the chairman of the Express would create a Ophir is understood to have lined tinued in Libya and protests spread
blue-chip FTSE 100 index. It has been owner, Northern & Shell, and newspaper power- up Credit Suisse and JPMorgan to to other Middle Eastern oil produc-
tightening up its corporate gover- Lord Rothermere, chairman of house, with week- lead the listing. ers.
nance procedures to comply with Daily Mail & General Trust, day sales of more However, the group is also looking Ophir was not available for com-
London’s strict listing rules. discussed the idea earlier this than 3m copies. at selling a stake in one of its projects ment.
How did oil prices
get so pumped up?
Will the rise Costs hit
UK UK drivers at
protect sterling’s
inflation the petrol
value?
rises. pump.
Take a position at
igindex.co.uk
MPC considers
Political unrest Libyan oil raising
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streets of Cairo Suez trade route
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Spike in
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Demand for
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8 News CITYA.M. 4 APRIL 2011
Japan nuclear
Stalemate in leaks could take
Libya as Gulf months to halt
markets rally
JAPAN
▲
JAPAN’S government yesterday
warned that it could take months to
stem radiation leaks from the dam-
aged Fukushima Daiichi nuclear
plant, as the plant’s operator said
attempts to seal the latest reactor leak
▲
MIDDLE EAST tion forces, the UK said it had sent had so far failed.
BY ELIZABETH FOURNIER diplomats on a fact-finding trip to A crack in the concrete pit at
meet rebel leaders in Benghazi – the Fukushima’s number 2 reactor was
KEY oil town Brega was at the centre of insurgents’ stronghold in the east. confirmed at the weekend, and radia-
clashes in Libya yesterday, as rebels Meanwhile, thousands of Syrians tion readings remained high last night
fought Gaddafi’s troops for control of called for freedom at the funeral of despite efforts to repair the fracture.
the eastern settlement and coalition eight protesters yesterday after Meanwhile two nuclear plant work-
warplanes launched targeted attacks. President Bashar al-Assad named a for- ers were named as the first official
Fighting in Brega has been at a stale- mer agriculture minister to form a deaths at Fukushima.
mate for several days, with Western air new government. Speaking on national television,
power failing to give insurgents the Unrest also continued in Yemen yes- prime ministerial aid Goshi Hosono
upper hand in clashes. terday, where two protesters were admitted that overheated nuclear rods
A Western coalition air strike killed reported to have died when police at the plant still presented a crisis situ-
13 rebels late on Friday near the settle- used live ammunition and tear gas to ation. “How long will it take to achieve
ment’s eastern gate. The rebel leader- disperse anti-government protests in (the goal of stopping the radiation
ship said that the bombing was an Taiz, south of the capital Sana’a. leakage)? I think several months would
unfortunate mistake, and that air Despite ongoing turmoil across the be one target,” he said.
strikes were still needed against Middle East, Gulf markets have made Plant operator Tokyo Electric Power
Gaddafi’s better-armed units. positive gains in the past week, as their Company (Tepco) yesterday said that
Meanwhile, reports yesterday sug- political risk premium appeared to General Electric had promised to help
gested Libya’s deputy foreign minister decline. with supply generation in the coming
Abdelati Obeidi had flown to Athens Both the Egyptian and Omani months.
with a message for the Greek Prime bourses made small gains yesterday, A Tepco spokesman said that GE,
Minister George Papandreou. with Egypt up 1.7 per cent – the fifth which helped build three of six reac-
A meeting was expected to take time in seven sessions that it has risen. tors at the Fukushima plant, “would
place late last night, raising hopes of a Crude oil was at a 30-month high in cooperate with Tepco on restarting
diplomatic solution to the war. New York on Friday, with May deliver- and strengthening its thermal power
As Nato assumed control of coali- ies hitting $107.94 a barrel. Political unrest in Syria is part of widespread turmoil in the Middle East Picture: GETTY generation”.
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The Capitalist
CITYA.M. 4 APRIL 2011 9
EDITED BY
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
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I
T is all but certain that the ECB will ther down the road. Drilling down fur- better than set policy for the whole of recent weeks. This may change. The are still too many unknowns: both
raise rates this week. It has been ther, rates are not in any way the area. True, but is the ECB really cost of recapitalising the country’s sav- the ECB and investors should tread
itching to do so for some time. Now appropriate for the big economies of prepared to feed the weakest members ings banks is still unknown, as is the very carefully.
that the moment has arrived what France and Germany, which are well of its flock to the wolves? Despite ongo- impact of tighter money on the broad- Guy Johnson co-anchors European Closing
will the move actually mean for the on their way to recovery. ing liquidity support, an abrupt er economy. Spain has large numbers Bell weekdays on CNBC.
M&S to add to
retail gloom
heavy footfall of 21m customers a
▲
RETAIL
BY DAVID CROW week and the wide range of merchan-
dise it sells.
MARKS and Spencer, the retail bell- The slide in sales at M&S comes hot
wether, is likely to add to the sense of on the heels of a raft of gloomy news
impending doom on the High Street from some of the best-known High
when it reports a sharp drop in sales Street names.
later this week. Last week, Dixons Retail, the owner
Analysts expect like-for-like sales of of Currys and PC World, warned on
general merchandise – which exclude its profits for the second time in as
food – to have fallen by a “grisly” six many months, after like-for-like sales
per cent in the fourth quarter. Food fell by seven per cent in the 11 weeks
sales are likely to have held up, how- to the end of March.
ever, growing by around 1 per cent at Justin King, the chief executive of J
stores open for a year or more. Sainsbury, also recently said sales at
The drop in sales will be exacerbat- the supermarket had fallen signifi-
ed by an unusually good performance cantly since Christmas.
in the same quarter a year ago, when Even Domino’s Pizza, which has
M&S grew non-food sales by 9 per been seen as one of the biggest benefi-
cent. ciaries of the recession, last week said
The late timing of Easter and first quarter sales had dropped by
Mother’s Day is also likely to be cited over 10 per cent.
as a factor by management.
But bears are sure to seize on the ANALYSIS l Marks & Spencer
figures, which follow a slew of bad 390 p
news from retailers, as proof of an
impending “Nightmare on the High 338.90
Street”. 370 1 Apr
“M&S should have suffered from a
mix of tougher comparatives and a 350
more cautious consumer at the start
of 2011,” analysts at Société Générale
said in a note. 330
M&S is seen as a bellwether for the
rest of the retail sector, due to its 10 Jan 28 Jan 17 Feb 9 Mar 29 Mar
BY JULIAN HARRIS regulations allow fathers of children year. He will be working on the project
born from yesterday onwards to take a with private equity firm Fore Fitness.
BUSINESS groups and trade unions share of the mother’s maternity leave Robin Osmond has resigned to pursue other opportunities Pic: Micha Theiner/City A.M. Like other “easy” brands, the gyms will
clashed yesterday over the introduc- if she returns to work. Fathers can focus on value for money, with no con-
ness and cut red tape, these two new this,” a Federation of Small Businesses BY DAVID CROW it unveiled its maiden results as a who will one day become the Easter
pieces of employment regulation will spokesperson told City A.M. yesterday. public company early last month. Bunny, easily outdistanced thriller
hit businesses hard,” said David Frost “We’re still not sure what regulations THE chief executive of Betfair’s finan- Yesterday, sources close to the firm Source Code, which collected $15m.
of the British Chambers of Commerce the proposed three year moratorium cial betting exchange LMAX has quit were playing down expectations for Rounding out the top three was
(BCC), which conducted the survey. refers to.” just three months after the platform LMAX’s trading so far, insisting it was Insidious with $13.5m. All three movies
However, TUC general secretary “The Budget revealed a policy to was launched for retail investors. “still very early days”. were in their first weekends in theatres.
Brendan Barber said businesses exempt start-ups and existing firms Robin Osmond, a former head of Osmond will be replaced by David "Hop" was released by Universal
should be grateful for the regulations with fewer than ten employees from global investment banking at Morgan Mercer, who will become interim Pictures, part of the NBC Universal
on paternity leave. new domestic regulation,” added Stanley, is leaving to “pursue other chief executive with immediate media company run by Comcast Corp.
“The extension of family-friendly Frost. “But arguably, any exemptions opportunities in the City”, LMAX said effect. Most recently, Mercer worked It was released in the UK on Friday.
working over the last decade has should include a wider scope of firms, in a statement. at specialist forex and derivatives
helped to drive record employment not just micros,” Frost said. Betfair, which owns a majority 75 provider Velocity Trade. Correction
rates for working families, which busi- per cent stake after investing £25m in City A.M. understands that while In our edition dated Friday 1 April, an
nesses have hugely benefited from,” Government must cut the start-up, said it remained “fully Betfair was happy with the technical article on the potential sale of Odeon
Barber said. red tape to allow British committed to LMAX”. performance of LMAX under and UCI cinemas by Terra Firma said
Four in 10 employers are still unpre- But the departure of Osmond so Osmond, it felt Mercer had more the private equity house was also
pared for the changes to paternity
businesses to grow, said soon after the platform was launched appropriate commercial experience. mulling a sale of Cineworld. It does not
leave regulations, according to recent David Frost of the British for retail investors is sure to raise Prior to Velocity Trade, Mercer had own the Cineworld chain, which is
research from the charity Working Chambers of Commerce. questions among some in the City, spells at IFX Markets, City Index and owned by public company Cineworld
Families. especially after Betfair declined to Saxo Bank. Group.
W
HAT is London? A city, yes, to encourage international stu- promote London. And what a time
but so much more. It is a
global centre of finance,
sure. It is by some meas-
dents, and Visit London, to encour-
age tourists. They all did a good job
within their sector, but businesses
to do it! This month we have the
Royal wedding, next year the
Queen’s diamond Jubilee closely fol-
5 shirts for £100
ures the world’s creative capital, urged the Mayor to merge them so lowed by the Olympics and
from media to theatre to film; home we can take a more strategic and Paralympics, with the world’s eyes
to the world’s most popular music flexible approach, and get more pro- upon us. London and Partners will Finishes Tuesday 5th April 2011
venue and its most popular modern motional bang for our buck. Uniting be leading the charge in using the
art gallery. The university capital of them, we can promote a coherent 2012 games to promote all that our
the world, with more top universi- message about London with a single great city has to offer the world. Shop 14, The Old Truman Brewery
ties and international students than brand, and promote whichever sec- London might be glowing, but it is
any other city. A global leader in tors give the greatest economic set to shine even brighter. 91 Brick Lane, London E1 6QL
medical research, and the European returns. By combining forces, we Planning an event for 2012? Share Tel: 020 7434 2001
leader in digital technology. We can reduce duplication and increase details by 31 March 2011 and be part
might not be the fashion capital the firepower. of a unique and exciting year.
quite yet, but we did give the world After two years of preparations, Cultural events: http://www.thecul- All major credit cards accepted
the business suit. The best restau- we last week launched the capital’s turediary.com
rants, even the French are starting new promotional agency – London Other events: Terms & Conditions apply
to say. More museums than Paris, and Partners. Despite cuts from cen- http://www.london.gov.uk/eventsin
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CITYA.M. 4 APRIL 2011 News 13
W
ITH the debate over how to developing countries but we must Chinese centres want to become opportunities forged on the invested into infrastructure schemes
stimulate UK economic continue to make the case. financial gateways to Asia and basis of strong links between finan- to keep pace with domestic consump-
growth still raging, one area That is why I will be leading a sen- beyond. cial centres. tion.
we can ill afford to neglect is ior City business delegation to China Hong Kong is already established To this end, I look forward to sign- Michael Bear is Lord Mayor of the City of
strengthening our trading relation- later this week. As the world’s second among the top three world financial ing a renewal of a Memorandum of London
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see £4m loss Gain an edge in a
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CITYA.M. 4 APRIL 2011 News 15
PwC: Budget
Business polls was good for
still point to businesses
UK recovery
▲
UK ECONOMY
BY JULIAN HARRIS
CHANCELLOR George Osborne
received a boost today, when a poll
revealed that three quarters (74 per
UK ECONOMY which makes up 93 per cent of GDP -- cent) of businesses believe that the
▲
BY JULIAN HARRIS was 0.7 per cent above its quarter Budget made the UK a more attrac-
four average,” Ward said. tive place to do business.
BUSINESS surveys continue to point “And the economy is already rebal- Construction data for March is released today Picture: Micha Theiner/City A.M. Osborne pledged several incre-
to a rebound in growth for the first ancing, with a 12 per cent rise in ments of cuts in corporation tax as
three months of this year, but econo- business investment in the year to
mists are divided on the extent to quarter four. This contributed one ECONOMISTS’ VIEWS: IS THE UK ON COURSE TO well as reforms to Controlled Foreign
Company rules, in last month’s
which the UK economy will recover.
Business surveys due out today and
percentage point to GDP growth,
which is the equivalent of a 1.6 per BOUNCE BACK IN QUARTER ONE? Interviews by Julian Harris Budget.
Among multinational companies,
tomorrow, which cover March, will cent increase in consumer spending,” 83 per cent believe last month’s
reveal the level of progress in the con- Ward added. Budget was “good for business,”
struction and services sectors, which On Wednesday, official data will SIMON WARD | HENDERSON PricewaterhouseCoopers (PwC)
“
together account for around 85 per report on industrial output in revealed today.
cent of the UK economy. February, providing more evidence Last year, just over half (56 per
“Last month’s services purchasing for the likely expansion of GDP in the I am encouraged by the strength of employment expec- cent) thought the previous Budget
”
managers’ index fell back to 52.6 first three months of the year. tations in EU surveys for March, suggesting that firms have has been good for business.
from January’s 54.5, consistent with “Overall industrial production is “The 2011 Budget contained a wide
lacklustre growth,” said Investec’s expected to have expanded by 0.3 per
weathered recent events with their optimism intact. range of measures aimed at making
Philip Shaw. cent month-on-month,” said Howard the UK tax system more competitive
Figures over 50 in PMI surveys Archer of IHS Global Insight, “with globally,” said PwC’s Justin O’Hagan.
reflect expansion in a sector. the manufacturing part up by 0.5 per PHILIP SHAW | INVESTEC “Businesses will welcome these
“
“Given gloomy evidence from cent.” measures,” O’Hagan said, citing tax
retailers over recent weeks, we sus- The UK’s factory industry has been simplification measures and the new
pect that the level of the services PMI the good news story of the recovery, We expect to see GDP rebounding by 0.8 per cent in the patent box tax relief.
”
will remain in the doldrums tomor- yet the sector’s PMI score dropped to first quarter of the year. That would reflect around 0.5 per cent However, over half (56 per cent)
row, and accordingly we are forecast- 57.1 in March – down from 60.9 in 'lost' last year as well as 0.3 per cent ‘genuine’ growth. doubt whether the full corporation
ing it to remain at 52.6,” Shaw added. February, and a record high of 61.2 in tax reform will be in place by the
The services sector alone makes up January. summer of 2012.
around three quarters of the British “Manufacturers reported an And there remains widespread
economy. unwelcome combination of slower HOWARD ARCHER | IHS GLOBAL INSIGHT scepticism over whether the chancel-
“
Other business surveys, conducted growth and rising price pressures in lor can successfully reduce the UK’s
for the European Commission, point March,” said Rob Dobson of Markit, annual government deficit.
to a positive outlook for the first which conducts the surveys. Signs that consumers are reining in their spending is a Only 28 per cent of respondents
”
quarter of 2011, according to Simon The sector’s growth still remains particular concern. As consumer spending accounts for 65 per think the austerity plans are realistic
Ward, chief economist at Henderson. significantly above the long run aver- cent of GDP this is very worrying for growth prospects. and achievable, compared with 60
“Services and industrial output -- age of 51.3. per cent in the last year’s poll.
Sterling
31%
28%
41%
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Weak recovery in the Eurozone blown off course by global economic Manufacturers oppose rate rise
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gish in 2012, while the single currency Eurozone debt crisis,” said Ernst and UK “cannot be taken for granted,” SULQWHGDQGGLVSDWFKHGWR1HZ<RUNIRUQH[WGD\
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area faces strong downside risks, Young economist Marie Diron. manufacturers’ group EEF said today.
Ernst and Young’s spring economic Unemployment across the Eurozone “Interest rates must remain on hold
forecast will state today. The euro could still be around 14m in 2015, until much stronger evidence emerges CALL US TO DISCUSS
area economy is recovering “at a according to the forecast – consider- of a healthier economy,” said EEF RUFIND
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STORERQZZZFRORUFRXN
much slower pace than expected,” ably above 2007 levels. Given the economist Lee Hopley. “Any bounce
with forecast GDP growth of just 1.5 frailty of the economy, the European back in the first quarter will not neces-
per cent this year and 1.7 per cent in Central Bank could be making a mis- sarily signal a rebound in economic for-
2012, Ernst and Young will announce. take by raising interest rates, Diron tunes,” she added. “Growth is
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recovery for the Eurozone over the hike interest rates when it meets on tor contributions from trade and
next 12 months that could easily be Thursday of this week. investment.”
16 News CITYA.M. 4 APRIL 2011
▲
BY HARRY BANKS like-for-like sales of £326m in the year
to 30 January 2011.
▲
AUTOMOTIVE
JEWELLER Aurum Holdings, owned Aurum is controlled by the resolu-
FINANCIAL SERVICES
▲
looking to use cash reserves from dis- by failed Icelandic bank Landsbanki, tion committee of failed Icelandic SUPERMARKET chain Tesco yesterday
BY ELIZABETH FOURNIER posals – including the $459m has been put on the block for as bank Landsbanki, which acquired its launched an online used-car sales serv-
(£285m) sale of its prepaid currency much as £200m. stake when Iceland’s Baugur Group ice, giving customers access to thou-
FOREIGN exchange company card unit to MasterCard last year – to Aurum, which owns 165 Mappin & placed its UK arm into administra- sands of pre-checked vehicles at set
Travelex is poised to appoint bankers fund expansion of its currency serv- Webb, Watches of Switzerland and tion in 2009. Aurum’s chairman and prices.
to advise on the sale of its global ices in markets across Asia and Goldsmiths stores, posted core earn- management team also own stakes. To avoid the pitfalls usually associat-
business services, as it builds up cash South America. ed with buying a second-hand vehicle,
reserves to expand its currency serv-
ices in global markets.
The company added 139 new
stores in 2010, expanding the brand
MEET THE ADVISERS all cars will undergo an RAC inspec-
tion and be provided with full service
Travelex’s global business services to 950 stores across 24 countries. It history and details of any damage.
operation is currently the largest also acquired a minority stake in UK mid-market jewellers and a number Tesco claims the service will offer
non-bank provider of foreign South African peer FX Africa last PAUL HERMAN of firms based in the Middle East. He cheaper prices than the traditional
exchange services to businesses and year, predicted the sale process would cul- forecourt model by supplying the cars
financial institutions. Travelex has been the subject of CAVENDISH minate in a two-way run between a UK direct to customers, sourced from a
A source close to the company said listing rumours since the middle of CORPORATE player and a Middle East buyer. variety of business and retail stock.
that talks with banks and advisers last year, after chairman Lloyd FINANCE Herman, a chartered accountant who Though customers won’t be able to
were ongoing following strong Dorfman admitted that its private is fluent in French, joined Cavendish in test drive the car before purchase, the
financial results last month, and equity majority owner Apax Group 2000 and heads the retail team at the website includes videos of the vehicles
that although no banks had been was looking at exit strategies. advisory firm. He has led transactions being tested for performance and safe-
officially hired yet an appointment The company released its second PAUL Herman is advising Aurum on the for top clients such as stationers ty.
is likely to be made “very shortly”. best-ever set of profits on 21 March, sale of the jewellers. Yesterday, he said Smythson, womenswear retailer Etam The new service is chaired by Sir
Chief executive Peter Jackson said despite being hit by the Icelandic vol- the business had received interest from and portrait photographer Olan Mills. Trevor Chinn, former chair of both
in late March that the company was cano and travel strikes last year. Kwik-Fit and the RAC.
T
HE first 100-point gain for the about a premature ending by the 7,000
FTSE 100 index on Friday since Federal Reserve of its quantitative eas-
the start of the year is likely to ing programme – currently scheduled 6,800
prove too much of a temptation to end in June – and maybe even flag- 6,600
for those looking to bag some profits ging a potential rise in US interest
this morning, with the usual rates later in the year. 6,400
headaches still tormenting the mar- With it seemingly only a matter of 12 Jan 1 Feb 21 Feb 11 Mar 31 Mar
%$
#3*5"*/(0&4065
%$
Investec Derby Festival – 3rd & 4th June 2011 The Investec Derby Festival is one of the most iconic events of the sporting
and social calendars. With an anticipated 125,000 on Investec Derby Day
Featuring the world’s greatest flat race alone, the Festival is one of the most popular sporting events in Britain. And
for good reason. The Festival attracts a diverse range of people, creating
CITYA.M. 4 APRIL 2011 News 17
CITY MOVES | WHO’S SWITCHING JOBS Edited by Harriet Dennys in association with
executive director. Panko has more head of business services at the Bank of Scotland.
Bibby Financial Services than 25 years’ experience in financ- operational improvement consultan-
The invoice finance specialist has appointed ing and was previously a director of cy. Carvell, who was previously chief KPMG
Andy Leopold as sales director for the south, Coral Resources, Renaissance executive of Business Post Group, The consultancy group has appointed
based in London. Leopold, who has been pro- Structures and Eagle Gold Mines. has more than 30 years’ experience Dan Roman, formerly of Ernst &
moted from the role of sales director for in logistics, supply chain manage- Young, as a partner in its hedge
London and Hastings, brings more than 19 Eversheds ment and transport. funds tax practice.
years’ experience working in the financial The international law firm has
services sector. He will be responsible for appointed Howard Barrie as a part- Barclays Corporate Investor Relations Society
securing new business and supporting the ner in its project and infrastructure Mark Lee has been appointed as Richard Davies will retire as chair-
company’s expanding network in the team. Barrie joins from SNR Denton, head of manufacturing, transport man at the society’s annual general
Midlands, London and the south of England. where he was a partner. and logistics at Barclays Corporate, meeting on 21 June, to be replaced
reporting to Graham Buckland, head by John Dawson, currently deputy
Ascot Mining strengthened its board of directors Alexander Proudfoot of London industry teams. Prior to chairman and director of investor
The Costa Rican gold miner has by appointing Alex Panko as non- Paul Carvell has been appointed as Barclays, Lee worked at the Royal relations at National Grid.
To appear in CITYMOVES please email your career +44 (0)20 7557 7245
updates and pictures to citymoves@cityam.com SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT morganmckinley.com
BEST OF THE BROKERS To appear in Best of the Brokers email your research to notes@cityam.com
ANALYSIS l Tate & Lyle ANALYSIS l Serco Group ANALYSIS l Future Plc
600 p 620 p
573.00 30 p
21.00
1 Apr 548.00 1 Apr
580 600 1 Apr 28
560 580 26
540 560 24
520 540 22
500 520 20
14 Feb 21 Feb 28 Feb 7 Mar 29 Mar 14 Feb 21 Feb 28 Feb 7 Mar 29 Mar 14 Feb 21 Feb 28 Feb 7 Mar 29 Mar
T
HE Standard & Poor’s 500 index tion has turned a corner, but the risks money policies before schedule and programme, known as quantitative Corporates, a floor broker at the
is poised to hit its highest mark that sent stocks cascading between increase interest rates in the second easing, or QE2, is slated to end in NYSE.
in nearly three years this week mid-February and mid-March are as half of the year. June. One Fed official poured cold water
after more signs of life from the real as ever. That could spell trouble for risk “The Fed is now going to much on that idea on Friday, saying he saw
jobs market, but think twice before In addition, the surprisingly robust assets such as stocks and commodi- more seriously consider early with- no reason to reverse course even as
betting the house. recovery shown in recent economic ties that have benefited from the drawal of QE2 because these numbers the economy adds jobs. The com-
Many investors are coming to the data has some investors nervous that added liquidity provided by the Fed’s are getting stronger,” said Kenneth ments helped cement optimism over
view that the US employment situa- the Federal Reserve may end its easy $600bn Treasury bond buying. The Polcari, managing director at Icap the jobs data.
an exhilarating carnival atmosphere. This year’s Investec Derby Festival will be no exception. The two–day Festival
starts with Investec Ladies’ Day on Friday 3rd June, followed by Investec Derby Day on Saturday 4th June.
Hospitality packages are available. Book ahead and you can be there for the whole show.
Book now: 0844 848 3256 | epsomdowns.co.uk
18 CITYA.M. 4 APRIL 2011
THE TIPSTER
NOT JUST
ANY SHARE
Taking a punt
T
INCREASE...
HIS week sees a fourth quarter trading
update from Marks & Spencer. The
impact of the VAT hike, rising commod-
on FTSE 250
ity prices and careful consumers will
make for interesting reading. With so many
others on the high street struggling, there is no
real hope of a good performance from M&S.
Overseas ambitions may well help in the
longer term, but are unlikely to be enough to
compensate for a drop in traditional, store-
companies
based demand from this retail mainstay.
Current IG Index price is 335.96p-336.84p Betting on, instead of owning, shares
BP had been on a downtrend since the
beginning of the week, falling around 30p, has lots of advantages if you are fine
but on Friday it received a boost from
JPMorgan, who issued a bullish note. This
weekend’s good news on exploring in the
taking on the risk, says Philip Salter
Gulf of Mexico will also help, despite
T
Russian uncertainties. The recent strength HERE are tax, leverage and to the FTSE 100. qRio Tinto and
in oil prices also underpins the share price. other advantages to using Barclays are highly liquid, well
Capital Spreads quotes 463.6p-464.2p for spread betting to get expo- traded, and volatile within a small
BP’s shares. sure to equities. For some range. This means that for short-
ARM Holdings has so far offered the investors, of course, these benefits term traders there will always be
best performance of the FTSE 100 from may not offset the time and skill some movement and profits to be
the beginning of year to date and has just needed to negotiate the spread bet- made. Ian O’Sullivan of Spread Co
broken above its 50-day moving average ting markets. However, some mar- says the smarter traders know how
while still some 70 off its high for the year. kets are easier than others to to trade these by playing the levels
This is still some way off the top end of the manage, with the FTSE 250 the best and using charts. However, the
range on the Relative Strength Index. place to start. skills required for such short-term
WorldSpreads offers a 578.4p-580.6p The main advantage is that “any trading may be unfamiliar to equi-
spread. profits you make on spread betting ty investors so the FTSE 100 is
J Sainsbury shares have fallen some 15 are not subject to tax of any kind,” arguably not the best place to start.
per cent from their early January highs as says Michael Hewson of CMC With the FTSE 250, it is harder to
sales growth slowed and lower disposable Markets. Unlike dealing directly in profit from day-to-day volatility in
income has affected sales. The slide has equities, there is no capital gains the same way as the FTSE 100, yet it
paused on a long term support line going tax or stamp duty to pay. The only offers an opportunity for new bet-
back to mid 2008, but with this line now tax downside is that “because it is a ters in equities. David Jones of IG
very vulnerable, and food commodities bet, traders cannot offset losses Index suggests that the FTSE 250
soaring yesterday on the back of US crop against capital gains,” says Manoj can be a good play over three or
reports, Sainsbury’s could well test Ladwa of ETX Capital. four months. If traders use a quar-
317/307p before we see a recovery. Spread Spread betting is a leveraged terly contract – in which all the
Co quotes 333.2p-334p on J Sainsbury. product so the potential for profit- costs are in the spread – they can
The slew of poor updates from retailers ing on rising share prices is huge. run their positions more like a
has pushed Kesa Electricals to the edge But this is a “double-edged sword”, portfolio, provided they set up sen-
of a precipice, which may see its shares according to Angus Campbell of sible stop losses to offset the down-
fall a further 10-15 per cent. The 10 per London Capital Group. On the one side risk. Jones sees this as a “less
cent fall last week from 131p to under hand, being able to leverage your manic way” to spread bet. Good
118p pushed it below an important sup- position lowers the barrier to mak- recent bets on the FTSE 250 include than just owning the equity. Smaller more risk than comes with buying
port trend line at 120p that goes back to ing serious profits compared with Bodcote, SVG Capital, Mondi and cap firms outside the FTSE 250 can equities, even when dealing in the
2008. Past price history may suggest it owning the equities, but on the Rightmove. An investor with a posi- be harder to deal in though, due to relatively longer-term FTSE 250. But
could hit 110p or even 100p soon. Spread other hand, traders can also lose a tion on Rightmove from 2009 their wider spreads, increased for any investors thinking of moving
Co offers a spread on Kesa Electricals of lot very quickly, potentially more could have had some of the action volatility and illiquidity. from equities to spread betting, dip-
117.6p-117.9p than their original deposit. in its steady rise from 160p to Alongside these advantages, ping your toe in the relatively calm
Craig Drake The most popular individual 1,011p. A leveraged spread bet spread betters need to be more waters of the FTSE 250 is the place to
equities for spread betters belong would have earned much more proactive and willing to take on start.
)L'&' )'L'&'
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E
ARLY morning Melbourne, the
A brilliant cafe culture, exciting food, world-class sun is rising, and we are drifting
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Rising high above the city, we gaze
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One racetrack, Government House,
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Yarra River far below.
When Melbourne hosted the
Olympics back in 1956, it was seen as a
quaint backwater, but this city, the sec-
ond biggest in Australia, is now dynam-
ic, cutting-edge, and sophisticated.
Penetrate the heart of the city, and
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and a big dose of European chic. Walk
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With so much to do and see, you
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For the non-faint-hearted (and non-
vertigo sufferers) it’s well worth trying
an experience known as “The Edge”,
which involves stepping into a 10ft
glass cube jutting out from the tower. retailers.
From this observation deck, the You’ll get to see the loft and base-
highest public vantage point in ment businesses, the boutiques that are
Melbourne, you can gaze down over unique to the city, and the chocolate,
the streets of the city a long, long way confectionary and cafes which send the
below. smell of fresh coffee wafting through
If, after that, you’re still looking for a the streets.
buzz, jump on the back of a Harley Spend a few hours getting under the
Davidson for a tour of the city’s sites skin of this city with a well-versed
with your very own bearded biker- guide, and you soon begin to realise
chauffeur. After meeting at a pre- that Melbourne is far richer in history
arranged pick-up in the centre of town, than you might have first imagined.
I was kitted out in helmet and leathers, While you’ll find it tricky to run out
and spent an exhilarating hour roaring of things to do in the city itself, if you
through the city and cruising out can tear yourself away for a few days,
along the open road to the beach sub- you’ll find there’s plenty more to the
urb of St Kilda – a kind of Brighton- state of Victoria than Melbourne.
down-under – complete with its very Just 45 minutes from the city is the
own theme park and pier. Yarra Valley – Melbourne’s premier
Once here, you’ll be in no hurry to wine-growing region. Home to acres of
leave, as there’s no better place to sam- vineyards and 40 cellar doors – the
ple the city’s food culture – the streets bushland is dotted with vines and
are brimming with cafes and cake mountain ash forests for as far as the
shops, as well as top-notch bars and eye can see.
bistros. If you’re looking for luxury travel,
For a slightly less adrenaline-filled take one of the Melbourne Private
introduction to the city, join one of the Tours, as these chauffeured excursions
Hidden Secrets walking tours which through the region can be personalised
take you from funky Federation Square to suit your itinerary.
– the new see-and-be-seen fusion of Spend your day stopping off at vine-
arts, eateries and museums in the city yards to find out how the wine is
centre – through the lanes and arcades crushed, fermented, and bottled, and
past designer start-ups and specialty get a peek behind the scenes with the
people who make it.
If you love your wines, I spent a very enjoyable few hours at
Dominique Portet (www.dominique-
but fancy something a portet.com), one of the newer wineries
in the Yarra Valley, tasting the estate’s
little different, then wines under the guidance of the uber-
charming Dominique, the ninth
head out to the recorded generation in this family of
vignerons dating back to eighteenth
Mornington Peninsula century France.
From here, I wobbled on to the beau-
and explore the region tiful TarraWarra Estate (www.tarrawar-
ra.com.au) – famous for its Pinot Noir
on horseback and Chardonnay – where visitors can
enjoy a lunch of delights such as saf-
CITYA.M. 4 APRIL 2011 In association with 23
THE RISE OF LONDON’S
TOWNHOUSE HOTELS
IN TOMORROW’S
NEWSPAPER
fron-cured ocean trout, followed by of the local produce. For more info: Global ballooning (global-
seared venison with sautéed chicory, You’ll stop off at wineries such as T ballooning.com.au) costs from AU$315 per THINK ROOMS... with
while sitting out on the terrace, gazing Gallant (www.tgallant.com.au) and Ten person; the Eureka Skydeck and the Edge
out over the expanse of vineyards. Minutes by Tractor (www.tenminutes- Experience (eurekaskydeck.com.au) costs
If you love your wines, but fancy bytractor.com.au) for a tipple – or, if AU$28.50. The Harley Davidson tour with
something a little different, then head you can afford the time, a longer gour- HD Chauffeur Ride
out to the Mornington Peninsula met lunch surrounded by the patch- (www.harleyrides.com.au) costs from
which curves southwards from work of bushland, pasture, hills and AU$115.50, and the Hidden Secrets tours ROYCE HOTEL 5*
Melbourne to Port Phillip Bay, and vineyards. (www.hiddensecretstours.com) cost AU$115
explore the region on horseback. Sitting back in the southern per person. A tour of the Yarra Valley with
379 St Kilda Road | Melbourne | VIC 3004
Once you’ve slipped into the saddle Australian sunshine, Pinot Noir in Melbourne Private Tours Having once been a Rolls Royce showroom, this
and bonded with your trusty steed, you hand, marveling at the breathtaking (melbprivatetours.com.au) costs from hotel certainly hasn’t forgotten its exclusive roots. It
head off into the vineyard region of vineyards before me, I can think of few AU$560 for one person, while the Horseback lies next to the Royal Botanic Gardens on
Red Hill and Shoreham, dismounting better ways to while away an afternoon Winery Tours (horsebackwinery Melbourne’s famous boulevard, St Kilda Road, and
every now and then to sample a little – or two. tours.com.au) cost from AU$110 per person. boasts lovely boutique décor blended with a touch
of glitz and glamour. The award-winning ‘Dish’
restaurant is a delight and it even includes the
Melbourne and the Yarra Valley: eat, drink, stay, fly Royce Ballroom – see, we told you it was glamorous!
Swiss refinement
Widder.
T
HE well-heeled traveller auto- There’s wireless throughout. But the
matically thinks of the impos- point about this hotel is the extras,
ing Dolder Grand when staying not the ticked boxes.
in Switzerland’s financial cen- Guests are issued with person-
tre. He is wrong to do so. alised, attractively printed business
Filling nine lovingly restored, his- cards with your direct line and the
toric townhouses in the very heart of hotel’s details, to give to contacts if
Zurich, the Widder Hotel is a deluxe you wish whilst you’re in Zurich. Each
little hotel in a quiet street just off suite comes with a courtesy iPad for
Bahnhoffstrasse, the top class shop- the duration of your stay. The Bang
ping street. The effort that has gone and Olufson sound system in each
into preserving beautiful original fea- room is perfect. Eames chairs unique
tures while creating a genuinely first to the hotel are in each room.
class hotel over the past fifteen years And you’re treated like a grown-up
@
is quite extraordinary. The oldest here. The windows actually open (the soundproofing is total when they’re ed to suit each room, each of which
closed – and the only noise is the has been tailored uniquely by a
sound of church bells anyway). One designer. Each of the nine houses has
can smoke in one’s room, and – a its own subtle but distinct style and
vociferous non-smoker being with me atmosphere, from the hand-carved
on our stay – I can say that there’s curlicues to the individually designed
genuinely no smell of smoke in doors and rich paintings. This is a
rooms later. There is provision made hotel that remembers and values
for smokers as well as non-smokers in every detail of décor and of your stay.
the hotel’s three restaurants. The bar This is the antithesis of the standard
features the country’s biggest collec- large luxury hotel with identikit
tion of single malts, and hosts (good) rooms and identikit staff – and it is all
jazz nightly, which can only be heard the better for that. It cannot be rec-
in the bar; you simply wouldn’t know ommended more highly.
it was going on in any other room. Rooms from 560 CHF (£380) per night–
@
The hotel is spotlessly clean. details available onine: www.widder
Each aspect of decoration is select- hotel.ch
@
Book now and take advantage of our amazing Smartphone?
Scan the code to
special offers. check availability.
Book online at
apexhotels.co.uk
MORE NEWS or call 0845 365 0000
ONLINE
Apex Hotels
www.cityam.com
Business Features | Entrepreneurs
25
F
ORGET Silicon Valley and
Cambridge’s Silicon Fen, the Silicon
Roundabout celebrated by David
Cameron in a speech late last year is
the UK’s newest and coolest hub of entre-
preneurship. Dozens and dozens of IT start-
ups lie just around London’s Old Street
roundabout, spreading into Shoreditch
and further east. The area’s cheap rent
drew them in initially, but now serves to
facilitate what economists call
“clustering.” Clustering is not just what the
gentlemen in the pictures on this page are
doing, but it is part of it. Businesses often
benefit from grouping together in the
same area because it allows easy network-
ing and the sharing of ideas, and people
looking for their services know where to
find them.
At the start of this year, City A.M. asked
investors in new enterprise what type of
business they were looking for. Almost all
those questioned said they had their sights
set on east London, searching out the next
Facebook. Some took this more seriously
than others. Just last month Index
Ventures, a venture capital firm, moved software and commands a high price for
into one of the shared office spaces that are his services. Motley designs the framework Above: Ollie Maitland,
popular in the area alongside Moo, a digital for the products Byng fleshes out and sells. founder of Byng
design and print company. And Push Technologies collaborates with Systems (left, in glass-
The shared office space is just one way Byng on projects for their customers. It all es), and Sean Bowen,
that the silicon community is making the turns on an intricate web of relationships. founder of Push
most of their cluster. Three of the people Bowen explains: “Push isn’t based out Technology (centre)
pictured here – Ollie Maitland, Sean Bowen here, but I come down here a lot to work socialising in The Book
and Ross Motley – are fine examples of how with these guys. I’m an ex-City boy and Club in Shoreditch
the area’s dynamic works. Maitland’s com- work with banks, so it’s all a bit too trendy
pany Byng Systems designs cloud comput- for my liking. This stuff seems to keep the Right: Maitland just
ing software, Bowen’s company Push creative juices flowing for them – and before a game of ping-
Technology pushes content around the that’s all good.” pong
internet at super speed and Motley is what Maitland thinks the environment helps:
is known as a “nomad”. An Imperial “Being based out here is great for business.
College maths graduate and part-time DJ, IT start-ups need to be based around here to
Motley is a freelance software architect. He attract the best creative people. They’re
comes up with the original outlines for attracted to the atmosphere.”
SKY SPORTS 1 12am WWE: Afterburn 1am Weddings 10pm Step Kids Don’t 1am Ugly Betty 1.45am Beauty Colour 4.40am Nasa’s Greatest
SATELLITE & CABLE
7pm US Masters Official Film – WWE: NXT 2am Live WWE: Late Ruin My Big Day 11pm Criminal and the Geek 2.25am Important Missions 5.30am-6am Destroyed
Night – Raw 4.15am-5.15am Minds 12am Ghost Whisperer 1am Things with Demetri Martin in Seconds
Ballesteros 1983 7.30pm Live
WWE Hall Of Fame CSI: Crime Scene Investigation 2.50am David Blaine: Drowned
Football League 10pm Masters –
Golf’s First Major 11pm Premier
2.40am Charmed 4.20am Alive 3.35am Privileged DISCOVERY HOME &
League Review 12am Netbusters BRITISH EUROSPORT Nothing to Declare 5.10am-6am 4.15am-6am Switched
HEALTH
12.30am SPL Round-Up 1am 5.30pm MotoGP 7.30pm Maury LAMBING LIVE
Football League 2.30am Sports Strongest Man 8.30pm Cycling HISTORY 7pm A Baby Story 8pm Kate: Her BBC2, 8.30PM
Unlimited 3.30am Watersports 9.30pm Live Curling 11.30pm BBC THREE 7pm America: The Story of the US Story 9pm Trauma Unit 10pm New series. Kate Humble and Adam
7pm Doctor Who 7.45pm Doctor 8pm Pawn Stars 9.30pm Mud Untold Stories of the ER 11pm
World 4.30am Max Power Rallying 11.45pm-12.45am Henson reveal the challenges and risks
Who Confidential 8pm Snog, Men 10.30pm IRT Deadliest Critical Condition 11.30pm A&E
5.30am-6am FIFA Futbol Mundial Cycling faced by sheep and their owners on a
Marry, Avoid? 8.30pm The Lock Roads 11.30pm Pawn Stars 12am 12am Trauma Unit 1am Untold
Stories of the ER 2am Critical
farm during lambing season.
Up 9pm My Brother the Islamist Mud Men 1am Pawn Stars 2am
SKY SPORTS 2 ESPN 10pm EastEnders 10.30pm IRT Deadliest Roads 3am America: Condition 2.30am A&E 3am Kate:
7pm The Sky Sports Years 8pm 6.30pm Talk of the Terrace 8pm Her Story 4am Bringing Home
Bizarre ER 11pm Family Guy The Story of the US 4am The
How the 2011 ICC Cricket World French Top 14 Rugby Union Baby 5am-6am A Baby Story
11.45pm My Brother the Islamist Universe 5am-6am Ice Road
Cup Was Won 10pm The Sky 8.30pm Premiership Rugby Union 12.45am Bizarre ER 1.15am Police Truckers
Sports Years 11pm Soccer AM: 10pm Between The Lines Academy UK 2.15am The Lock Up SKY1
The Best Bits 12am How the 2011 10.30pm ESPN Pardon the 2.45am Snog, Marry, Avoid? DISCOVERY 8pm Rooftop Rainforest 9pm Ross
ICC Cricket World Cup Was Won Interruption 11pm ESPN Game of 3.15am A Dangerous Place to 8pm How Do They Do It? 8.30pm Kemp in Search of Pirates 10pm
2am NASCAR 3am European Tour the Week 11.30pm This Week in Meet My Family 4.15am-5.15am How It’s Made 9pm Mythbusters: Spartacus: Gods of the Arena
Golf 4am-5am PGA Tour Golf Baseball 12am Live Major League Police Academy UK Testing a famous assassination 11.15pm A League of Their Own
Baseball 3am Live NHL Ice Hockey attempt. 10pm Dual Survival 11pm 12.15am Night Cops 1.15am Road THE EVENT
SKY SPORTS 3 5.30am-6am ESPN Press Pass E4 Monsters Inside Me 12am Bear Wars 2.10am Glenn Martin, DDS CHANNEL4, 11.05PM
7pm Wild Spirits 7.30pm Live 7pm Hollyoaks 7.30pm Friends Grylls: Born Survivor 1am 2.40am Cold Case 3.30am Lost President Martinez and Blake Sterling
Speedway 9.30pm Wild Spirits SKY LIVING 9pm Glee 10pm Great British Deadliest Catch 2am Future 4.20am Dom Joly’s Happy Hour have the Sleepers surrounded – but
10pm WWE Hall Of Fame 11pm 7pm CSI: Crime Scene Hairdresser 11pm Beauty and the Weapons 3am Hitler’s Henchmen 5.10am-6am Liza and Huey’s Pet negotiations have to take place when
WWE: Late Night – Bottom Line Investigation 8pm Katie 9pm Four Geek 12am My Name Is Earl 3.50am World War Two in HD Nation Sophia triggers a national disaster.
COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk
QUICK CROSSWORD
SUDOKU KAKURO
8 13 18 5 15 21
16 4 10
27 33 7
45
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 Fill the grid so that each block 11 11
23 12
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 30 14
above or to the left of it. 20 26 14
You can only use the digits 1-9 6 34
and you must not use the
35
12 22 7
same digit twice in a block. 18 28
The same digit may occur 16 22
22
more than once in a row or
column, but it must be in a 3
17
11
10
13 15
separate block.
6 13 14
45
9 6 17
ACROSS DOWN
2 Trait of lacking 1 Republic in Central
WORDWHEEL R A
courage (9)
6 Bring dishonour
upon (5)
America (5,4)
2 American raccoon (5)
3 In what place? (5)
Using only the letters in the Wordwheel, you have 8 Iridescent internal layer 4 Hindu queens (5)
ten minutes to find as many words as possible,
E W of a mollusc shell (5) 5 Deserving of a
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters D 11 Discolour, usually with
use or wear (7)
scratch (5)
7 Relatively coarse lace
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
B I 12 A Town Like ___,
Nevil Shute novel later
made by weaving and
knotting cords (7)
SOLUTIONS KAKURO is at least one nine-letter word in the wheel.
Y L made into a film (5) 9 Bedazzle with
13 Painful eyelid wonder (7)
QUICK CROSSWORD 1 3 7 4 1 2 7 swellings (5) 10 Elliptical chocolate
S I N B A D A M
7 6 9 8 3 5 1 9 SUDOKU 14 Perfect type (5) treat associated with
T O A T O M I C
4 8 2 1 9 6 8
17 Fruit pulp (5) a spring festival (6,3)
9 7 4 2 1 6 3 5
O P E N A I R O C 19 Suppose (7) 15 Number (5)
I S S I G N O 1 2 6 5 9 8
C H E A P P G U Y 3 1 4 2 2 5 1 3
20 Hand tool for 16 Immature insect (5)
boring holes (5) 17 Fragment (5)
WORDWHEEL
D I S C U S S 8 9 3 7 5
9
S R I Y P A T C H
3 4 7 5 1 2 3 7 21 Derive, evoke (5) 18 Put back into service
O T A C T L A
L I H O R I Z O N
1 7 9 6 9 8 7 The nine-letter word was 22 Private conversation after processing (5)
A Z O R E S V K 4 8 3 4 7 6 8 9 between two
R N S C A N T Y 5 9 1 2 1 2 3
TURNTABLE
people (4-1-4)
CITYA.M. 4 APRIL 2011 Sport 27
C
ELEBRATIONS in India are prob- abundance of egos ble evidence Mumbai on Saturday, though, and it It was an object lesson in timing,
ably only just starting to die in the dressing of how that was fitting that his innings helped get patience and precision. Finding the
down after Saturday’s thorough- room. has rubbed his side over the line. boundary by trying to hit the cover
ly deserved World Cup final vic- As a off on his India are now world champions, off the ball is always a fast way back
tory over gallant losers Sri Lanka. c o a c h , side, just top of the Test rankings and heading to the pavilion. Jaywardene proved
Sachin Tendulkar is currently Kirsten has take a look here this summer – if you’ve got a this game will always be brain over
bathing in unprecedented adulation, instantly at how ticket you won’t be disappointed. brawn. England should take note.
Results
Five-star City =FFK98CC
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RUGBY UNION Strettle enjoyed a lively afternoon that has made it easy to stay focused
BY JAMES GOLDMAN and scored the only try while and be healthy. I feel like a 20 Van Zyl in a play-off. Horsey played a 8M@M8GI<D@<IJ?@G
Alex Goode kicked five year-old who’s just started fine iron shot to within two feet for a >cflZ\jk\i%%%%%%%%%%%%%%%%%%%%%%%%*+ E\nZXjkc\%%%%%%%%%%%%%%%%%%%%%%%%%%0
ENGLAND World Cup hopeful Matt penalties, but it was the the game.” birdie at the second extra hole to claim ?Xic\hl`ej%%%%%%%%%%%%%%%%%%%%%%%% (* C\`Z\jk\i%%%%%%%%%%%%%%%%%%%%%%%%%%%(.
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Stevens produced an inspired display forwards that did the Elsewhere, London the title. P\jk\i[Xp
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ond place in the Premiership with a Saracens with every- ish as they came from FOOTBALL: Tottenham winger Gareth
20-9 victory. thing sorted out. behind to beat Wasps Bale has flown to Spain with his team- D8>E<IJC<8>L<
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capped 32 times by England but not something I keep an Stadium. The visitors League quarter-final against Real Fjgi\pj%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )( :Xi[`]]9cl\j%%%%%%%%%%%%%%%%%%% )(
once since 2008, faced his former eye on and I’m in a had held an early 12-3 Madrid. His manager Harry Redknapp P\jk\i[Xp
club for the first time since leaving very stable environ- lead but Exiles winger claims the Welshman has an 80 per E\ngfik$>n\ek;Ë^fej%%%** 9\e\kkfeKi\m`jf%%%%%%%%%%%%% ('
the Recreation Ground in the wake of ment,” said Stevens Tom Horner then kicked cent chance of playing. Defender Alan
failing a drugs test that landed him (right). “It’s not just about six penalties and a try from Hutton is out for the season with a knee
with a two-year ban. Winger David what happens on the park and David Paice settled matters. injury he picked up in training last week. email sport@cityam.com
Sport
28 CITYA.M. 4 APRIL 2011
GO TO HELL
Fulham chairman Al Fayed sparks fury among
fans by hitting out at critics of Jackson statue Zamora makes
Fulham fans hit back at Al Fayed on
it easy as 1, 2, 3
▲
▲
suggested fans who did not like it eventually removed. FOOTBALL
were not welcome and should follow Fanzine editor David Lloyd, of BY JAMES GOLDMAN, CRAVEN COTTAGE
west London rivals Chelsea instead. There’s Only One F In Fulham, strong-
His remarks sparked such fury ly defended Al Fayed’s tenure but FULHAM manager Mark Hughes
among disbelieving Cottagers admitted his comments were believes his side can now turn their
fans that the club had to “potentially divisive”. attention to cementing a top half finish
delete a discussion “To come out with that after yesterday’s win over Blackpool.
thread on their official is a bit brash but fairly The Cottagers are now six points
website in which sup- typical of him,” Lloyd clear of the relegation zone and five
porters were angrily told City A.M. “The ahead of yesterday’s opponents who
deriding Al Fayed chairman’s the were beaten by a Bobby Zamora first-
and the monu- bedrock and what’s half brace and Dickson Etuhu’s first
ment. keeping us afloat. Premier League goal since August.
Al Fayed rounded He has barely put a Fulham are now up into tenth, and
on his critics when foot wrong as chair- with last season’s top scorer, Zamora,
asked if he thought man. I don’t think now back to full fitness, Hughes is look-
it a little bizarre to it’s worth throwing ing forward to an enjoyable run-in.
house the statue of toys out of the pram.” “We’ve never wavered from the view
Jackson, a friend of his Al Fayed originally that we are a top-half team and obvi-
but with little other associa- intended the statue of ously tonight we’re in that position,” he
tion with Fulham, at the club’s Jackson, who died in 2009, to be said. “We’re something like three points
ground. displayed in Harrods but switched its from seventh. It’s possible we can really
“Bizarre? Why? Football fans love location to Fulham after selling the establish ourselves from now until the
it,” he said. “And if some stupid fans Knightsbridge store last year. He end of the season in that top half.
don’t understand and appreciate added: “It is nice to see a memory “And that’s what we anticipated we
such a gift that this guy gave to the that can stay forever. And it’s such a Fulham’s Jackson would do this season and obviously we
world, they can just go to hell. I don’t beautiful statue.” tribute has angered lost key personnel, Bobby being the
want them to be fans if they don’t Jackson attended a game in 1999 a section of fans main one in that respect, and that ham-
understand and believe in the things with the chairman but was otherwise pered our season. But we are really
that I believe in. If not, they can go to not associated with the club, although Picture: Micha starting to progress as a group and the
Chelsea or to anywhere else.” Al Fayed talked up his interest. Theiner/City A.M. players are all really receptive.”
FOOTBALL
something we will have to look at.”
ing time on his 20- want to enjoy and live it to its MANCHESTER UNITED striker Wayne United, whose manager Sir Alex
▲
CRICKET
year career. fullest. Rooney will discover today whether Ferguson is serving a five-match
BY JAMES GOLDMAN But with a box “I started playing cricket he is to face punishment for his foul- touchline ban for his criticism of a
INDIA’S talisman Sachin Tendulkar office tour of dreaming of lifting the trophy mouthed goal celebration in referee, released a statement on
maintains thoughts of retirement England on the hori- one day and that is where it Saturday’s win at West Ham. Saturday evening in which Rooney
couldn’t be further from his mind zon this summer, and all started. I am speechless Rooney shouted a stream of exple- apologised for his “heat of the
following Saturday’s World Cup final the chance to register to be honest. tives into a television camera after moment reaction”.
victory. that landmark ton at “This was the reason why completing his hat-trick in a 4-2 come- The controversy overshadowed an
A hundredth international centu- Lord’s, the 37-year- I started playing cricket. I back victory that stretched United’s otherwise triumphant day for the
ry may have eluded the Little Master, old isn’t ready for wanted to achieve something, Premier League lead to seven points. club, who saw title rivals Arsenal and
as captain MS Dhoni and Gautam retirement yet. do something for the country. Football Association director Sir Chelsea slip further behind after both
Gambhir steered India to a six-wicket He said: “No. This is a The process has been a long Trevor Brooking said the governing were unable to keep pace.
victory over Sri Lanka, but with a moment to enjoy and celebrate. one and I’ve continued to body would investigate the incident The Gunners failed to sparkle in a
World Cup winners’ medal now part It’s not about what I’m going to enjoy my game. I don’t see and decide whether to bring a charge 0-0 draw at home to struggling
of his astonishing array of honours do in the future. This is a spe- any reason why I need to against the England star today. Blackburn, while the Blues were held
Tendulkar could be forgiven for call- cial moment which I really change anything right now.” “Tomorrow there will be a deci- to a 1-1 stalemate at Stoke.
NOTHING IS AS STRONG
AS TEAM SPIRIT
R E TA I L B A N K I N G - C O R P O R AT E & I N V E S T M E N T B A N K I N G
SPECIALISED FINANCIAL SERVICES & INSURANCE
P R I VAT E B A N K I N G , G L O B A L I N V E S T M E N T M A N A G E M E N T & S E RV I C E S
Societe Generale is a credit institution and investment services provider (entitled to perform banking activities and/or to provide investment services other than the operation of Multilateral Trading Facilities) authorised and
regulated by the French Autorité de Contrôle Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services
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NOTHING IS AS STRONG
AS TEAM SPIRIT
R E TA I L B A N K I N G - C O R P O R AT E & I N V E S T M E N T B A N K I N G
SPECIALISED FINANCIAL SERVICES & INSURANCE
P R I VAT E B A N K I N G , G L O B A L I N V E S T M E N T M A N A G E M E N T & S E RV I C E S
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regulated by the French Autorité de Contrôle Prudentiel (Prudential Control Authority) and Autorité des Marchés Financiers (Financial Markets Authority). Societe Generale is subject to limited regulation by the UK Financial Services
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