BUSINESS WITH PERSONALITY
WHY FUND MANAGERS
Issue 1,396 Monday 6 June 2011
IS THE UK REALLY OPEN FOR BUSINESS, MR CAMERON? IF SO...
DON'T LIST
BROADGATE
PROPERTY
▲
BY MARION DAKERS
CITY A.M. today launches a campaign
against proposals to give listed build-
ing status to the Square Mile’s
Broadgate estate, and calls on the
government to prove the UK is open
for business by rejecting the plans.
If the government decides to list
the 1980s site then plans to redevelop
it into a new headquarters for invest-
ment bank UBS will have to be torn
up. This would send a message that
London is no longer a serious destina-
tion for global firms
On Friday, English Heritage recom-
mended that the Peter Foggo-
designed Broadgate estate should be
protected by listed status.
The label is normally used to pre-
serve historic and architectural treas-
ures. It is only ever given to buildings
less than 30 years old if they are of
“outstanding quality”.
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Current tenant UBS hopes to move
into a purpose-built European head-
quarters on the site of two of the
estate’s buildings, first opened in
1985, with the developers aiming to
spend £340m on the project.
Despite winning planning permis-
sion in April, the site’s development
has now been jeopardised after
English Heritage recommended giv-
ing all 13 buildings on the estate
Grade II listed status. The architectur-
al watchdog claims that the proper-
ties “are exemplars of their time and
place”.
City A.M. is campaigning for the
new development to go ahead, allow-
ing a global bank to remain in the
Square Mile and sending a signal to
financial firms around the world
that the City welcomes fresh devel-
opment.
The final decision rests with cul-
ture secretary Jeremy Hunt, and this
newspaper urges the minister to give
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priority to the wishes of the site’s
owners, as well as the needs of the
City as a financial hub.
In his Budget in March, chancellor
George Osborne said the current
planning system has “held back
investment and created distortions
in the way that businesses compete,
deterring development and growth”.
For the government to overhaul
planning laws in favour of develop-
ment while allowing a £340m proj-
ect to stall would be hypocritical.
Hunt is expected to announce a
final decision by the end of July.
Writing in City A.M. today, the City
of London’s top executive warns that
existing planning laws could prevent
London from attracting the world’s
top companies.
Stuart Fraser (pictured) argues
that imposing the same planning
and preservation laws on the coun-
try’s financial centre as the rest of
the country does “not take account
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of the City’s unique pri-
mary purpose as a busi-
ness district”, and that
the bureaucratic tangle
could push firms away
from London.
“If we truly want to
support economic
growth the government
must not hinder the
City’s ability to provide
suitable office space for the
world’s leading firms and
any future legislative pro-
posals must reflect this,” he
warns.
ALLISTER HEATH: P2
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04/04/11 - 01/05/11 is 103,899
 2 News
Broadgate: symbol of red tape Britain
EDITOR’S LETTER
ALLISTER HEATH
ON the face of it, it is hardly a major
story that English Heritage wants to
list the Broadgate office and retail
estate in the City, a rather ugly 1980s
construct in desperate need of mod-
ernisation. It is, however, a deeply sym-
bolic move that confirms not only that
Britain isn’t open for business but that
public sector bureaucracies are still
thinking and behaving as if the pur-
suit of economic growth and jobs sim-
ply didn’t matter. UBS wants to build
its new offices in Broadgate; a listing
would jeopardise its plans and suggest
that the City is not a serious competi-
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Editorial
Editor Allister Heath
Deputy Editor David Hellier
News Editor David Crow
Night Editor Katie Hope
Business Features Editor Marc Sidwell
Lifestyle Editor Zoe Strimpel
Sports Editor Frank Dalleres
Art Director Craig Gaymer
Pictures Alice Hepple
Commercial
Sales Director Jeremy Slattery
Commercial Director Harry Owen
Head of Distribution Nick Owen
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WHAT THE OTHER PAPERS SAY THIS MORNING
PAULSON FUND FALLS 6PC IN MAY
Paulson & Co, the world’s third-
largest hedge fund, saw the value of its
flagship fund drop close to 6 per cent
in May, echoing losses across the
industry. The loss tops negative
returns in the first quarter at the
$37bn (£22.5bn) New York-based
money manager, famed for the big
returns gained by shorting the US
mortgage market in 2007, and will
again raise questions over its portfo-
lio’s volatility.
LOBBYING PLAN BRINGS PROPRIETARY
TRADING OUT OF SHADOWS
Fifteen of the largest trading firms
that use their own money to trade in
equities, derivatives and foreign
exchange markets are setting up a
European lobby group as regulators
intensify their scrutiny of rapid elec-
tronic trading. It is a sign that such
firms are becoming less secretive.
tor for global HQs. Nobody is arguing
for the destruction of truly iconic
buildings such as Tower Bridge or the
House of Commons – but English
Heritage doesn’t seem to understand
that Broadgate is not of the same cali-
bre. Its obsession with preserving at
any cost makes no sense; if the
Chancellor is looking to make cuts,
that out-of-touch bureaucracy is one
place where he should begin. Jeremy
Hunt, the Culture Secretary, must veto
English Heritage’s recommendation.
The Broadgate fiasco is merely a
microcosm of the UK’s problems – red
tape, red tape and yet more red tape,
with a myriad more labour market
and other rules introduced over the
past year and in the pipeline. In addi-
tion to its austerity measures, the gov-
ernment must introduce real
supply-side measures to boost enter-
prise and jobs. So here are three,
immediate pro-growth policies for the
government to mull over.
First, actually deliver the shake-up in
planning law promised earlier this
Lloyds readies
branches sale
BANKING
▲
BY HARRY BANKS
INVESTMENT banks are finalising sale
documents that will start the bidding
process for £4.4bn worth of assets at
Lloyds Banking Group and Northern
Rock.
Citigroup and JP Morgan are put-
ting the finishing touches to the infor-
mation memorandum for the £3bn
Lloyds branches, which will then be
delivered to potential bidders over the
next week.
Britain finished with a 41 per cent
stake in Lloyds after it had to bail it
out with billions of pounds of taxpay-
ers’ money. The bank was then
ordered by regulators to sell 600
branches, although the government’s
Independent Commission on Banking
(ICB) has suggested it might yet have
to sell more to boost competition.
LEGENDARY PICTURES CALLS ACTION ON
$700M FILM FINANCING DEAL
Legendary Pictures, the company
behind Inception, The Dark Knight
and The Hangover, will this week
finalise a $700m (£426m) financing,
production and a refinancing of its
senior debt. The company, founded in
2004 by the financier Thomas Tull, has
scored with its latest move, The
Hangover Part II.
COST OF EXECUTIVE STYLE POISED TO
INCREASE AS PRICE OF WOOL DOUBLES
Chinese demand and flooding and
droughts in Australia are set to make
the suit, the uniform of executives and
politicians across the world, at least 10
per cent more expensive as wool prices
have doubled in the pat year to a
record high. In Australia, the world’s
largest producer of wool, benchmark
prices hit a high of $14.85 a kilo last
week, having doubled over the past 12
months in US dollar terms. The sharp
cost increases are working their way
through the global supply chain.
year but which has run out of steam. It
is too difficult for companies and indi-
viduals to build or extend residential
or commercial properties. This must
change. Opposition to development
should have to be justified, not the
other way around. Obviously, residents
need protection from noise and distur-
bance but at the moment the balance
is completely wrong. Private property
rights have been weakened too much.
Second, immediately repeal our
archaic Sunday trading laws, which
restrict larger stores to just six hours’
opening. All shops should be allowed
to open any hours they want on
Sunday, as they can already Monday-
Saturday. This would hit a few smaller
shops which are partly shielded from
competition one day a week but on bal-
ance would create thousands of extra
jobs as retailers put in place Sunday
cover. It would also enhance millions
of consumers’ quality of life.
Third, halt all the looming labour
market regulation that the govern-
ment wants to introduce. Far from
The sale document, containing
details of which branches Lloyds has
included, will start a six-month
process to select a bidder for the
estate.
Lloyds declined to comment.
Deutsche Bank is also said to be
compiling an information memoran-
dum to market state-owned Northern
Rock and its 70 branches. This is
expected to generate about £1.4bn for
the Treasury.
“We are still exploring options for
sale,” a Northern Rock spokeswoman
said.
Lloyds chief executive
Antonio Horta-Osorio is
gearing up to sell 600
branches with the help
of investment banks
HEINEKEN STANDS ACCUSED OF
RENEGING ON PENSION PROMISE
Parliament has been asked to investi-
gate the conduct of Heineken after
members of the main pension plan of
Scottish & Newcastle, which the
Dutch company bought in 2008,
accused it of breaking its word and
watering down their pensions. Fund
members said that Heineken had
gone back on a promise that helped
to smooth the way for the takeover.
BIG SIX REACH PEACE DEAL OVER
ENERGY REFORMS
Britain’s big energy companies have
avoided the prospect of a damaging
Competition Commission inquiry by
agreeing to co-operate with a market
investigation by the energy regulator.
The initial consultation regarding
Ofgem’s proposals to break the firms’
dominance and secure a better deal
for consumers ended last Wednesday.
deregulating in this area, the coalition
keeps doing the opposite. It should
stop doing any more damage – and
then start to actually repeal rules. If
that means a row with Brussels, so be
it. The civil service seems unable to
embrace real change, so an outside
executive should be brought in with a
simple mission: identify £20bn a year
worth of red tape and eliminate it
within one year. Legalistic objections
should be overridden.
There are plenty of other policies
that could be pursued. Instead of
increasing spending on foreign aid,
most of which will be squandered or
go to countries that don’t need it, that
budget could be reallocated to pro-
enterprise tax cuts. The raid on oil and
gas North Sea firms, which has led to
many projects being halted, should be
reversed. With the global economy
slowing again, the coalition must
show that it is putting growth and job
creation first.
allister.heath@cityam.com
Follow me on Twitter: @allisterheath
Dominique Strauss-Kahn will deny sex attack charges in what could be a drawn out case
Strauss-Kahn case begins
COURTS
▲
BY HARRY BANKS
FORMER IMF chief Dominique
Strauss-Kahn will today plead not
guilty to charges he tried to rape a
New York hotel maid, an accusation
that has wrecked his chance of
becoming France’s next president.
Strauss-Kahn, 62, is facing up to 25
years in prison if convicted on
charges of a criminal sexual act,
attempted rape, sex abuse, unlawful
imprisonment and forcible touching.
UK FARMING IN CRISIS AS DROUGHT
HITS CROP YIELDS
The prolonged dry spell is severely
impacting on the production of grain,
leading to higher prices of foodstuffs
such as bread and peas and supplies of
beer. An official state of drought is
likely to be declared in East Anglia,
where only a fifth of the usual rainfall
has dropped on the region’s thirsty
plants.
BANK CHIEFS FACE MP GRILLING ON
LENDING
The bosses of Britain’s largest banks
will this week face tough questioning
from MPs on their failure so far to hit
the lending targets agreed earlier this
year as pressure grows for a new tax
on bankers’ bonuses. Stephen Hester,
chief executive of RBS, and Bob
Diamond, chief executive of Barclays,
will be appearing before the Treasury
Select Committee on Wednesday.
CITYA.M. 6 JUNE 2011
NEWS | IN BRIEF
Royal Mail may cut 40,000 jobs
The Royal Mail could slash 40,000 jobs
over the next five years in order to
revamp its business model in the face of
falling post volumes and impending pri-
vatisation. The postal service is in the
middle of a modernisation drive, agreed
with the Communication Workers Union.
The programme includes about 24,000
job cuts. But as many as 15,000 addi-
tional jobs could be cut, as chief execu-
tive Moya Greene looks to pull the ailing
business into shape.
Clearing call for derivatives
The    world’s top 14 derivatives dealers
may need extra cash to handle a surge in
transaction clearing, especially in chop-
py markets, the Bank for International
Settlements (BIS) said. Clearing is being
favoured by regulators because it is
backed by a default fund that ensures a
trade is completed even if one side goes
bust, as with the collapse of Lehman
Brothers during the financial crisis.
World leaders have agreed that chunks
of the $600 trillion (£365 trillion) off-
exchange derivatives market must be
standardised and cleared by the end of
2012.
His lawyer, Benjamin Brafman,
said Strauss-Kahn will deny the
charges in New York Supreme Court
before Judge Michael Obus.
Strauss-Kahn quit as managing
director of the International
Monetary Fund a few days after his 14
May arrest in the first-class section of
an Air France plane, minutes before it
was to depart New York for Paris.
He is accused of attacking a 32-year-
old African immigrant a few hours
earlier when she came to clean his
suite at the luxury Sofitel hotel.
NOVARTIS DRUG EXTENDS LIVES IN
GASTROINTESTINAL CANCER
Novartis’ cancer pill Gleevec extend-
ed the lives of patients with a type of
gastrointestinal cancer over the long-
term when they took the drug for
three years after surgery, as com-
pared with the commonly used regi-
men of just a single year. Gleevec is a
targeted therapy that essentially
turns off certain proteins within can-
cer cells that cause them to grow and
spread.
US PROBING TECH GIANTS' PATENT
DEALS
The Justice Department is scrutinis-
ing likely bidders for a trove of
patents being sold by the bankrupt
Canadian telecom-equipment maker
Nortel Networks amid concerns the
patents could be used to unfairly hob-
ble competition, according to people
familiar with the matter.
CITYA.M. 6 JUNE 2011 News 3

All eyes on Havas chair Vincent Bolloré

WILL he or won’t he? That is the
question that markets will be asking
this morning of Vincent Bolloré, the
chairman of French marketing
group Havas, who is also the biggest
shareholder in Aegis.
Because if Ipsos Mori’s unsolicited
offer for Aegis’ market research arm
Synovate is eventually accepted, it
makes it more likely that Bolloré will
launch a long-touted takeover bid for
the remainder of the group.
For Ipsos, whose offer is said to
value Synovate at £500m, this deal
makes sense. Increasingly, clients are
asking market research companies to
perform multi-country surveys, an
area where Synovate does well.
Aegis chief executive Jerry Buhlmann has said he plans to keep the Synovate unit
Last year, Synovate grew its multi-
country survey sales by 26 per cent.
Its strength in emerging markets like
Latin America and China, the result
of a series of bolt-on acquisitions in
recent years, is especially attractive.
Synovate, which is run almost
entirely separately from Aegis Media,
would be easy to pick apart and sell
off. But it accounts for 41 per cent of
revenues, leaving the parent much
smaller.
That’s where Bolloré comes in. In
recent months, he has talked down
his chances of buying the rest of
Aegis, suggesting he could even sell
his stake.
But he won’t have failed to notice
that the 9.1 per cent organic growth
achieved by Aegis in the first quarter
of 2011 managed to best most of the
sector.
The Aegis management has
always had an uneasy relationship
with their most dissident and
largest shareholder, fearing that his
presence could prove a distraction
(thankfully, it hasn’t). But shares in
the firm are likely to rally today as
one of the City’s oldest takeover
rumours gains fresh impetus.
Over to you Mr Bolloré.
BOTTOMLINE
Analysis by David Crow

Aegis in talks
over sale of
research arm
He has been linked to a full
▲

MEDIA
BY STEVE DINNEEN
AEGIS is involved in “early stage”
talks with Ipsos Mori over the sale of
its Synovate market research busi-
ness, according to people close to the
matter.
Sources told City A.M. “very prelim-
inary” discussions had taken place
but could not confirm when they
began. Aegis is expected to issue a
statement to the London Stock
Exchange this morning confirming
the talks.
Aegis chief executive Jerry
Buhlmann has laid out plans to con-
tinue running Synovate and advertis-
ing agency Aegis Media as distinct
entities for the foreseeable future.
But it is understood the firm
would consider serious offers for the
market research business, which
could fetch up to £500m.
UBS is advising Ipsos Mori on any
potential bid while Greenhill is act-
ing as an adviser for Aegis.
Attention will now turn to French
billionaire Vincent Bolloré, who
owns 26.5 per cent of Aegis in addi-
tion to 33 per cent of advertising
group Havas, which he chairs.
takeover of Aegis in the past, and
could find it easier to launch a bid
for a slimmer group that had divest-
ed Synovate.
WPP was interested in taking con-
trol of Synovate in 2005 but is unlike-
ly to mount a bid after buying rival
TNS. Publicis is seen as a possible
rival bidder.
Last month Aegis posted organic
revenue growth of 9.1 per cent for
the first-quarter, helped by strong
performances in Asia Pacific and
North America. It said the recovery
in ad spending would continue.
It confirmed its 2011 target of
growing organic revenue by at least
the 5.8 per cent seen in 2010.
ANALYSIS l Aegis
p
145 141.00
3 June
140
135
1 Apr 1 May 1 Jun

Portuguese Social Democrats set

to topple Socialist government
▲

EUROZONE vote, far ahead of the Socialists who

BY RICHARD PARTINGTON
PORTUGAL’S centre-right Social
Democrats (PSD) appeared on course
to secure victory in the country’s gen-
eral election yesterday, exit polls
showed.
Led by Pedro Passos Coelho, the
party is expected to defeat Prime
Minister Jose Socrates’ Socialists after
they sought a €78bn (£69bn) bailout
that will usher in an era of austerity
for the country.
Exit polls by three television sta-
tions gave the Social Democrats
between 37 and 42.5 per cent of the
scored between 24.4 per cent and 30
per cent.
“These are clear results which the
Socialist Party wants to recognise. All
the results point to a win for the PSD
and a defeat for the Socialists,”
incumbent economy minister Jose
Vieira da Silva said shortly after the
exit polls were published.
The election ends a period of politi-
cal uncertainty that started with the
collapse of the Socialist government
in March and led Lisbon to become
the third country in the Eurozone to
seek a bailout after Greece and
Ireland. MORE EUROZONE: P8
 4 Retail

HMV nears refinancing

deal with its lenders
its debt pile.

▲
RETAIL
EMBATTLED retailer HMV is close to
securing a vital refinancing from its
lenders, a source close to the company
confirmed yesterday.
Months-long talks with HMV’s lend-
ing syndicate, led by Lloyds Banking
Group and RBS, are close to yielding a
two-year refinancing of between
TRADE IN... £210m and £230m, allowing the firm
some breathing space to get its restruc-
turing on track.
The company agreed to sell its
Waterstone’s book chain to Russian
tycoon Alexander Mamut last month,
with the £53m proceeds helping to cut
The firm will put the sale to share-
holders for approval and expects the
deal to be finalised by the end of the
month, around the time of results for
the full year to the end of April.
HMV, which is approaching its 90th
anniversary, has been ramping up
sales of gaming and technology prod-
ucts to try and offset an industry-wide
decline in CD sales. The company said
in March that its underlying pre-tax ...MORE CORNERS...
profit for the year would be below
market expectations of £45m.
A spokesperson for HMV declined to
comment yesterday, while its banks
did not return calls for comment.

Jane Norman lenders

ask PwC to find buyer
House filing, with a £13.1m pre-tax did not return calls for comment
▲

RETAIL
profit. yesterday.
BY MARION DAKERS The firm trimmed its head- The firm has past form in buying
HIGH STREET fashion chain Jane count in 2010 by 7.5 per up struggling concessionaires,
Norman has been put on the block cent to just over 1,600 in a having rescued the Principles
by PwC at the request of its lending bid to reduce operating brand after it collapsed in 2009.
syndicate, a source familiar with the costs as the UK high street Jane Norman was founded by
process said yesterday. as a whole encountered the Freed family in north
PwC is thought to have sent out lower sales. London in 1952, and had around
sale information on Jane Norman, The UK-focused store has 50 outlets when it was bought
which is majority owned by a group over 200 branches, out by management and
of 11 banks following the collapse of around roughly half Graphite Capital in 2003
Kaupthing in 2008. of which are con- for £60m. The business
Jane Norman, which aims to sell cessions within changed hands again
mid-market fashionable clothes to Debenhams in 2005 when
16-to-25 year olds, renegotiated the department stores. Icelandic retail-
terms of its banking facilities at the It also operates a focused investor
end of 2009, postponing all debt handful of franchis- Baugur, backed
repayments until March 2011 and es in Europe and heavily by
relaxing future debt covenants. the Middle East. Kaupthing,
As part of the deal it was taken Debenhams, cur- spent £117m on
over by its lenders, including Royal rently led by new a takeover.
Bank of Scotland, with the syndicate British Retail PwC declined to
taking advice from PwC since the Consortium head Rob comment yesterday,
deal. Templeman (pictured while a spokesperson
The firm reported sales of right), has been iden- for Jane Norman did
£144.1m in the year to March 2010, tified as a potential not respond to calls
Jane Norman, which is popular with 16-25-year-olds, is for sale at its lenders’ request according to its latest Companies rescuer, but the firm for comment.

...OF THE GLOBE Decline in sales and

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RETAIL The momentum created by April’s

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THE UK high street has reported a drop
in sales and footfall after April’s
bumper figures, but the latest num-
bers suggest the underlying decline in
retailers’ fortunes is slowing down.
Total sales in May fell 0.1 per cent
year-on-year, with good weather and
seasonal promotions boosting trade,
according to the May figures from
BDO’s High Street Sales Tracker.
High-street data firm Springboard
also said that footfall on the UK’s shop-
ping streets had fallen in May, drop-
ping 1.5 per cent compared to last year.
But the slump in footfall was far
smaller than in 2010 (-3.2 per cent) and
2009 (-4.3 per cent), suggesting that
annual declines are softening.
good weather and extended bank holi- If you want to deal
days seems to have continued into the
on the world stage,
first few weeks in May as sales carried
on growing on a like-for-like basis, but International Trader
this dropped away steeply in the final
week, when overall results were down can take you there.
6.9 per cent, said BDO.
Online sales propped up the overall
picture, up an average of 24.5 per cent
over the month, and offsetting heavy
losses in homewares in particular.
“Consumers started to spend in
April but the fact remains that we all
have less money than we did a year
ago,” said BDO’s Don Williams. “There
are still opportunities for retailers, Registered No. 920880. All companies are registered in England at
however, the lack of sales growth 1 Churchill Place, London, EH14 5HP; the registered VAT No. is 243 8522 62.
shows that they can’t rest on their lau- All companies are authorised and regulated by the Financial Services
Authority.
rels in their bid to woo shoppers.”
CITYA.M. 6 JUNE 2011 News 5

Betfred sets out Tote’s future

▲

LEISURE
BY RICHARD PARTINGTON
SENIOR executives from Betfred will
meet with management from the Tote
this week to set out the future direc-
tion of the company.
The bookmaker has assured Tote
staff that no more than 150 redundan-
cies will be made when the two firms
merge, with jobs instead being cut
from head office over the next 12
months.
The executives will discuss plans to
re-brand the Tote’s betting shops as
Betfred and will agree to allow the bet-
ting pool’s racecourse sites to remain
Tote branded.
Led by founder Fred Done, Betfred
has ambitions of expanding the Tote
pool on an international scale. Done is
said to be keen on improving pool liq-
uidity in markets like France, South
Africa and Hong Kong, as well as
breathing life into the existing opera-
tion.
Betfred is set to finalise its bid for
the Tote within four weeks, and will
hold further meetings with the gov-
ernment to tie up loose ends.
The enlarged company will have
1,350 stores and 9,000 employees.
The hunt is now on for a new chief
executive for the company, on the
insistence of the banks financing the
deal. Done will remain chairman of
the company.
Betfred’s £265m bid beat a rival
offer from former Liverpool Football
Club chairman Sir Martin Broughton’s
Sports Investment Partners last week.
Although Betfred was the initial
favourite, its eventual triumph came Betfred founder
as a surprise. Sir Martin’s bid had Fred Done is to
appeared to take pole position in meet Tote bosses
recent weeks, thanks to support from to plan changes
a powerful lobby of racing industry at the betting pool
bodies.

Bean sprouts
may be cause Waste not,
of killer bug want more?
attacking the kidneys. WorldSpreads Platinum Account holders have already
▲

HEALTH
BY RICHARD PARTINGTON
BEAN SPROUTS locally grown in
northern Germany have been identi-
fied as the likely cause of the E.coli
outbreak sweeping across Europe.
Gert Hahne, a spokesman for the
agriculture ministry in Lower
Saxony, said health officials had
identified the sprouts as the possible
source of the deadly bug.
The source of the contamination
could have been poor hygiene at
either a farm, in transit or in a shop
or restaurant, scientists say.
An alert is being sent out in
Germany to warn people against eat-
ing the sprouts, which are often used
in mixed salads and stir fries.
The bacteria has already killed 22
people and infected thousands more
across Europe. British health officials
have so far identified 11 people in the
UK who may be afflicted with the
outbreak, all of whom have recently
travelled to or from Germany.
The killer strain of E.coli has
caused haemolytic uraemic syn-
drome amongst some of those infect-
ed, a potentially deadly complication
OPEC likely to boost output to
bring down price of crude oil
▲
The outbreak was first blamed on
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Spanish authorities reacted angri-
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break, as the disease continues to
spread.
German health minister Daniel
Bahr has said that hospitals in the
region are struggling to provide
enough beds to care for the sick.
Patients with less serious illnesses
are being discharged early to deal
with the surge of people stricken by
the rare bacteria.
British authorities are continuing
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GULF Arab OPEC members led by
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in supplies at a meeting of the oil car-
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flagging world economic growth by
bringing crude prices back below
$100 a barrel.
Data indicating that economic
recovery may be stalling in the West
is worrying OPEC’s core Gulf mem-
bers Saudi Arabia, Kuwait and the
United Arab Emirates.
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SEE CNBC COLUMN: P22
 6 News CITYA.M. 6 JUNE 2011

Irish police arrest men

for following INM boss
Brian Hillery is preparing to quit the ANALYSIS l Independent News & Media
▲

MEDIA
BY STEVE DINNEEN firm despite being re-elected to the 0.64 0.57
board with 99 per cent support at €
0.63 3 June
INDEPENDENT News and Media (INM) Friday’s annual meeting.
yesterday confirmed Irish police have A statement from INM said it will 0.62
detained a number of individuals who announce any changes to the board 0.61
were following the car of its chief exec- “in line with listing rules” but that it 0.6
utive Gavin O’Reilly. does not currently have any obligation 0.59
It is not yet clear who is behind the to do so. 0.58
surveillance operation tracking But dissident shareholder Denis
0.57
O’Reilly. O’Brien called for Hillery to go, claim-
The news came as INM distanced ing the firm had lost €2bn (£1.78bn) in 0.56
7 Mar 25 Mar 14 Apr 10 Mar 31 May
itself from speculation chairman value during his tenure.

Gavin O’Reilly’s car was followed by a group of men last week Picture: GETTY
CITYA.M. 6 JUNE 2011 News 7

The rock’n’roll banker that is set to chair Aviva

with a stint fronting a Scottish rock and a refocusing of the bank’s Holdings and Old Oak Holdings.
INSURANCE
▲

BY ELIZABETH FOURNIER
FORMER Australia and New Zealand
Banking Group (ANZ) chief execu-
tive John McFarlane is being touted
as the next chairman of insurance
group Aviva, after Sir Richard
Broadbent passed over the role last
month in favour of a move to Tesco.
The appointment of McFarlane,
who currently sits on the board of
RBS, is believed to be in its final
stages, with an announcement
expected in the next few weeks
once FSA approval is given.
Born in Dumfries, McFarlane’s
career actually began on the stage,
ANALYSIS l Aviva
480
p
470 429.30
460
3 June
450
440
430
420
410
7 Mar 25 Mar 14 Apr 10 Mar
group called The Sekrets during his efforts on its retail business, replac- The appointment of McFarlane at
university days in Edinburgh. ing the high-risk and emerging mar- Aviva will herald the end of a 10-
McFarlane then started work at kets investments that its previous month hunt for outgoing chairman
carmaker Ford in 1969, spending six model had relied on. Lord Sharman’s replacement.
years in manufacturing before com- After a decade Down Under he It will also see him join
pleting an MBA at Cranfield and was widely tipped to take over from Australian-born Trevor Matthews at
moving into banking. Sir Tom McKillop as RBS chairman the company, after the Friends
After stretches at both Standard in 2008, when the bank was close to Provident veteran was made UK
Chartered and Citibank, he moved collapse as a result of the financial chief executive on Friday in a sur-
to Sydney in 1997 and ran ANZ for crisis. prise appointment following news
10 years, during which he improved But Philip Hampton took that job that Matthew Hodges had left for
the bank’s cost-to-income ratio from and McFarlane has since main- insurance broker Towergate.
63 per cent to a much more reason- tained a number of non-exec posi- An Aviva spokesman declined to
able 45.6 per cent. tions, including at RBS, Westfield comment on the appointment.
While at ANZ, McFarlane was
also faced with the tough job of
JOHN MCFARLANE
dragging the bank out of a reputa-
tional hole, after it got caught up in
a cash-for-comment scandal.
McFarlane was quick to admit his
embarrassment in 1999 when ANZ
was named as one of a number of
Australian companies that had paid
radio DJs to run favourable cover-
age of them disguised as impartial
commentary.
McFarlane has been otherwise
much praised for his structural
reshaping of ANZ, termed the
“breakout” programme. His plan
involved widespread cost cutting
31 May
 8 News
AT A GLANCE | IMF REVIEW OF GREEK FINANCES
● Joint statement
The “troika”, consisting of the IMF, ECB
and European Commission, concluded a
review of Greece’s finances on Friday and
announced that Athens will be able to
receive its next instalment of aid in July
due to agreement on “strict implementa-
tion” of a deficit-cutting plan and economic
reforms. Markets had been spooked by pre-
vious statements that the IMF could with-
hold the next €12bn ( £10.7bn) tranche of
aid due to Greece failing to get its financing
in place for next year.
● Privatisation scheme
Greece has agreed to set up an independ-
ent government agency to administer its
planned €50bn of asset sales. The move
allows Athens to draw on expertise and
manpower supplied internationally to get
the sales off the ground while ducking criti-
cism that it is giving up its sovereignty by
handing over administration of the sales
entirely to the IMF or EU. It has also prom-
ised to speed up the process to get it done
by 2015.
● Administrative help
In addition to help with its privatisation
scheme, Greece has asked for bilateral
assistance from Eurozone countries and
help from the EU to establish a civil service
capable of carrying out the planned
reforms. Prime Minister George
Papandreou said he hopes the technical
assistance will cover every aspect from
cutting bureaucracy to health policy and
boosting the tourist industry.
● Growth
There was little that was new on the gov-
ernment’s economic reforms, except a
restatement of Greece’s commitment to
reform the labour market, liberalise trans-
port and exports policy and overhaul
healthcare and state administration.
● Second bailout
There is not yet an agreement on extend-
ing the maturity of Athens’ first bailout
loans or increasing their size, although
Greece confirmed that it is in discussions
about it. There is an ongoing debate about
the extend to which Athens’ private credi-
tors will share the cost, with Germany in
favour of burden-sharing. But the ECB
insists that any private sector involvement
must be voluntary and very mild.
Merkel ally:
Greece needs
firmer hand
▲
EUROZONE
BY JULIET SAMUEL
EUROPE must be more hardline with
Greece to push the country towards
economic reform, according to the par-
liamentary leader of Germany’s ruling
Christian Democrats.
Valder Kauder, an ally of Chancellor
Angela Merkel, said that Germany has
not yet decided whether to boost its
bailout loan to Greece, despite a state-
ment by the IMF, European
Commission and ECB on Friday that
Athens had agreed on a set of reforms
that would keep its aid money flowing.
“Greece is trying but its efforts are
insufficient,” Kauder said, in a sign of
Berlin’s increasing impatience with
Greece’s pace of reform.
“We’ve got to use a firmer hand to
lead Greece on the route to solidarity
(with the Eurozone)… It’s time that
Greece finally becomes a state with
central European standards. That’s the
only way we can prevent Europe from
going to seed,” he said.
Greece affirmed on Friday that it
agreed to a series of structural reforms
to sort out its finances and overhaul its
economy, but the country’s unions
have promised repercussions if the
CITYA.M. 6 JUNE 2011
Protestors hoist a
placard lambasting
Greek prime minister
George Papandreou as
a stooge of the IMF.
Picture: REUTERS
government goes ahead with privatisa-
tion plans, with GENOP, union for the
part-state owned power company PPC,
threatening to impose blackouts.
But Kauder said: “We can’t let our-
selves be influenced by the demonstra-
tions in Greece.”
Protestors are objecting to austerity
measures that include a €50bn (£45bn)
privatisation programme. On Friday,
Greece said it had requested expertise
and technical assistance from the EU
and Eurozone member states “for
capacity building in the civil service”.
Athens is hoping that external help
will lend credibility to a new agency it
is creating to pull off the asset sales.
Friday also saw the IMF row back
from suggestions that it might not pay
out Greece’s next tranche of bailout
aid, crediting “further progress” on an
“agreed comprehensive policy pack-
age” for making it possible to release
the cash in July.
Eurogroup president and Greek
Prime Minister George Papandreou
also confirmed that talks on a second
bailout are ongoing. “We have seen
that the markets remain sceptical. And
this is why we are now discussing
about additional financial support,”
said Papandreou.
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 The Capitalist
CITYA.M. 6 JUNE 2011 EDITED BY 11
HARRIET DENNYS
Got A Story? Email
thecapitalist@cityam.com
Follow The Capitalist
on Twitter: @citycapitalist

PADDY POWER BLOWS

£11K DERBY WINNINGS
OVER THREE-DAY STAG
THE QUEEN was not amused by her head of property Sam Hackner, joint
loss at the Investec Derby, for which chief executive David Van Der Walt
City A.M. proudly served as the official and head of investment banking David
newspaper. But Paddy Power, the pub- Currie.
lic face of the bookmaker of the same Their guests included Downton
name, was still celebrating on Sunday Abbey actress Michelle Dockery,
afternoon after winning £11,000 the accompanied by the period drama’s
previous day. writer Julian Fellowes, who talked plot One is not amused: The Queen was a picture of disappointment as her horse Carlton House is beaten in The Derby Picture: GETTY
Power told his wife Jane he would twists with Jilly Cooper. Expect some
make £200 at the Derby, so he was as even more eye-raising moments when
surprised as anyone to win five figures the next instalment returns to our
thanks to two straight forecasts and a screens later this year.
20/1 stake on Pour Moi in the day’s big
race. “My tips are usually terrible,” he Forex & CFD Trading. Worldwide.
told The Capitalist. “I am a worse judge
than Pontius Pilate.”
So far, so good – the only problem
was that Power was halfway through a
three-day stag party for his friend
Normski McBrien that started at the
Derby on Ladies Day on Friday.
By Sunday afternoon, Power’s entire
winnings had been spent on hotels,
champagne and a lock-in at O’Neill’s
Focus your Forex trading potential
pub in Richmond that lasted until
9am yesterday after the landlord pro-
duced a good bottle of whisky. Plot twist: Jilly Cooper at The Derby
“It seemed like a good idea at the
time but I might regret it in the morn-
ing,” said Power of his £11k spending
spree. “Easy come, easy go.”
BANKER BASHING
QUESTIONS will be asked at the Bank
of England this morning, after their
team failed to score a single goal in yes-
DOWNTIME ABBEY terday’s Diageo City Challenge football
ALSO at the races were parties hosted tournament.
by Betfair and Rank Group, while The bank limped home in last place,
Luberon corporate financier Hugo outplayed by rival City institutions
Nash and John Morton, founder of such as CNBC and the Times, which
European Wealth Management Group, dominated the five-a-side tournament
cleaned out the bookies from City from start to finish, beating Reuters
A.M.’s box thanks to tips from Paddy five-nil in the final after an unbroken
Power’s head of brand Adam Perrin. winning run through the group
Representing Investec were Bernard stages.
Kantor, the specialist bank’s global
managing director, alongside global

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uncle banned his 16-year-old nephew from lighting up –
the party rolled out into the Friday night £4,784 lighter.
 12 News
Brits probed
over Swiss
bank assets
▲
BANKING
BY RICHARD PARTINGTON
THOUSANDS of HSBC customers with
money in Swiss bank accounts are to
be investigated by the taxman.
The details of 7,000 British clients
have been obtained by HM Revenue &
Customs, after a whistleblower leaked
the data.
The accounts in question hold com-
bined assets of about £13bn and could
net HMRC millions of pounds in
unpaid tax revenues.
It is understood that as many as
3,000 of the bank’s British clients have
engaged in tax evasion.
The British customers’ details were
found on a disk leaked to the French
authorities, which is said to contain
the names of 79,000 HSBC clients in
180 countries.
Herve Falciani, an IT expert who
worked for HSBC in Geneva, leaked
the data to French officials, who
passed it onto the UK
Investigations in Belgium, Italy and
several other countries have already
been launched.
CITYA.M. 6 JUNE 2011
Critics hit out
at economists’
Plan B letter
POLITICS
▲
BY RICHARD PARTINGTON
A LETTER to a Sunday newspaper call-
ing on the chancellor to consider a
“Plan B” for the economy has been
exposed as a publicity stunt, after it
emerged that just 15 of the 52 signa-
Governments worldwide are heap- tories were practising economists.
ing pressure on tax havens to reveal According to an analysis by the
the names of customers who have Adam Smith Institute, only 15 of the
assets there. authors behind the letter to the
Treasury minister David Gauke Ed Balls called for a Plan B for the economy Picture: Micha Theiner/City A.M. Observer newspaper were “practising
said: “The options for hiding money mainstream economists”.
offshore to evade UK tax are narrow- The Adam Smith Institute found
ing all the time. that several of the signatories were
“I would strongly urge anyone who either retired or had limited experi-
is at all concerned that they may not ence of the British economy. Others
have been paying the right tax on were campaigners, or specialised in
their off shore investments to talk to organisational studies or the theory
HMRC.” of social policy.
A spokesperson for HSBC said: The letter called on chancellor
“HSBC in no way condones tax eva- George Osborne to reconsider his eco-
sion and in no way do we assist it” nomic policy, claiming that the econ-
omy is too fragile to withstand his
ANALYSIS l HSBC Holdings spending cuts.
680 Shadow chancellor Ed Balls seized
p
670 627.30 on the letter as proof that Osborne is
3 June cutting too fast. “If the plan isn’t
660 working the right and credible thing
650 to do is to change course,” he said.
640 But the coalition said it could not
afford to change tack. “The reality is
630
that Ed Balls and Gordon Brown did-
620 n’t leave the country with the luxury
610 of a Plan B,” said Tory MP Matthew
ANALYSIS l HSBC Holdings
680
670
660
650
640
630
620
610
p
7 Mar 25 Mar 14 Apr
627.30
3 June
10 Mar 31 May
7 Mar 25 Mar 14 Apr 10 Mar 31 May George Osborne will stick to his deficit cutting plans Picture: Micha Theiner/City A.M. Hancock.
CITYA.M. 6 JUNE 2011
AC Grayling, the famous philosopher
New private
university in
£10m placing
▲
EDUCATION
BY DAVID CROW
SOME of Britain’s most celebrated
academics have secured almost £10m
in a private placement to launch a for-
profit university that will charge
£18,000 a year in tuition fees.
AC Grayling, the famous philoso-
pher, will become Master of the
Bloomsbury-based New College of
Humanities, which will offer degrees
in English, history, philosophy, eco-
nomics and law.
He will be joined on the teaching
staff by 14 star professors, including
Richard Dawkins, the evolutionary
biologist; Niall Ferguson, the histori-
an; and Peter Singer, the Australian
ethicist.
Cavendish Corporate Finance ran
the private placing, which attracted
investments from individuals and
family funds. There are around 30
investors in the venture, including
Grayling and most of the academics.
The biggest investor is a family trust,
which has a 35 per cent stake.
Charles Watson, the former chief
executive of City PR firm Financial
Dynamics, is chairman of the venture
and a shareholder. He is joined on the
board by John Singer, the European
chairman of private equity house
Advent International.
“The people who have put their
money in have invested for the long
term. They are not looking to achieve
MEET THE ADVISER
SIMON RAMERY
CAVENDISH
CAPITAL
SIMON Ramery, a partner at advisory
firm Cavendish Capital, led the private
placing that raised almost £10m for
the New College of Humanities.
Ramery, who read law and interna-
tional politics at Keele University,
joined Bank of Scotland (BoS) on
graduation, where he spent six years
working in the acquisition and lever-
News 13
Historian Niall Ferguson Australian ethicist Peter Singer Richard Dawkins, author of The God Delusion
Pictures: PA, REUTERS, REX
How we help
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Watson told City A.M. yesterday.
Watson said the near-£10m
fundraising would cover the universi-
ty’s running costs for the first two
years and that the venture plans to
break even in year three.
The university will this week sign a
lease on headquarters in
Bloomsbury’s Bedford Square, and
will rent library and lecture facilities
from nearby University of London. It
will also award University of London
degrees, alongside a New College
diploma.
The university will start taking
applications from prospective stu-
dents next month, who are expected
to have at least three ‘A’s at A-Level,
and degree courses will start in
Autumn 2012.
Tuition fees will be £18,000 per
annum but a quarter of places will be
taken by students on 100 per cent
scholarships or those paying reduced
fees of £7,200. Because New College is
a private for-profit enterprise, it is not
subject to the £9,000-a-year cap.
The government is keen to encour-
age private higher education
providers in a bid to shake-up the
fusty universities sector.
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 14 News
UK loses out
in competitive
league tables
▲
UK ECONOMY
BY JULIAN HARRIS
BRITAIN’S international competitive-
ness has plummeted since 1997, a
Westminster think-tank will claim
today.
The UK has dropped out of the top
10 countries for business conditions
in three leading international com-
parisons, the Centre for Policy
Studies (CPS) states in a new report.
As well as reducing the govern-
ment’s mammoth annual deficit,
the coalition must “open up public
services to competitive pressures,
deregulate enterprise and lower the
tax burden,” said acting director Tim
Knox of the CPS.
“Our fall down the league tables
shows that these are steps we cannot
afford not to take.”
The UK has tumbled from 9th to
22nd in the world competitiveness
yearbook, published by the Institute
for Management Development; from
7th to 12th in the World Economic
Forum’s global competitiveness
report; and from 5th to 16th in an
index of economic freedoms com-
piled by the Heritage Foundation, a
think-tank in Washington DC.
Government, not business, is to
blame for the poor performance, the
CPS will argue.
While the UK benefits from “the
efficiency of its labour market” and
a strong take-up of new technologies
by “sophisticated and innovative
businesses,” it ranks poorly in areas
such as wasteful government spend-
ing and the burden of regulation.
“Over the past 14 years, our com-
petitiveness has been undermined
by excessive regulation, high taxes
and mismanagement of government
finances,” Knox added.
FAST FACTS | UK RANKINGS
● 12th (out of 139) in the World Economic
Forum’s global competitiveness survey.
● 22nd (out of 59) in the competitiveness year-
book (Institute of Management Development)
● 16th (of 183) by the Heritage Foundation.
The young and wealthy are most likely to wish they were more disciplined Picture: REX
Wealthy individuals fear
they lack financial rigour
INVESTMENT
▲
BY JULIAN HARRIS
WEALTHY people are more likely to
have misgivings over their lack of
financial self-discipline, despite having
more spare cash, a survey from
Barclays Wealth reveals today.
One third of wealthy individuals
wish they had more self-control over
their financial behaviour, it said.
Almost half (45 per cent) of people
worth over £10m expressed a desire for
greater self-discipline, the report said.
“Many people will be surprised to
see that wealthy individuals want
greater financial discipline,” com-
mented Greg Davies, head of behav-
ioural finance at Barclays Wealth.
“However you have to remember
that with increased wealth comes an
increased complexity of investment
decisions.”
Younger people are far more likely
to be discontent with their financial
self-control, the report also found.
CITYA.M. 6 JUNE 2011
Job vacancies
dropped in May
EMPLOYMENT
▲
JOB opportunities have slipped for
the second straight month, yet
remain 18 per cent higher than the
same stage last year, a survey by Reed
showed today.
Vacancies have increased by 21 per
cent since December 2009, the
recruitment firm said.
“Private sector growth is responsi-
ble for this increase across the board,”
Reed said.
Vacancies slipped by three per cent
from April to May, however.
Calls to reform
tribunal awards
▲
EMPLOYMENT
PAYOUTS for discrimination cases
should be capped at £50,000, a senior
City of London policy official has said.
Employees that lose discrimination
cases should be liable to pay some of
the employer’s legal costs, Sir Michael
Snyder has advised the government.
Snyder’s comments echo the senti-
ment of many business groups in call-
ing for swift reform of the UK’s
tribunal system, to combat the bur-
den of spurious claims on employers.
CITYA.M. 6 JUNE 2011 News 15

ECONOMISTS’ VIEWS: IS IT TIME TO START

NORMALISING INTEREST RATES? Interviews by Julian Harris Bank’s rate-setters welcome
PATRICK MINFORD | CARDIFF BUSINESS SCHOOL
Broadbent to the committee
“
Yes, because more easing will be counterproductive. They
have to accept that there’s an environment of slow growth now. The

”
danger is the Bank could push sterling down even more, by staying make up over 90 per cent of GDP. Sentance has voted consistently for

▲
UK ECONOMY
loose while the rest of the world tightens, resulting in longer- BY JULIAN HARRIS Yet consumer price inflation a rise in Bank rate since last summer,
term inflationary effects. spiked to a two and a half year high of but was only joined by two other
FORMER Goldman Sachs economist 4.5 per cent in April, with the Bank committee members in the early
Ben Broadbent makes his debut on forecasting CPI to hit five per cent months of this year.
SIMON WARD | HENDERSON GLOBAL INVESTORS the Bank of England’s rate-setting this year and remain above target Senior official Paul Fisher reiterat-
committee this week, with stuttering throughout next year. ed the MPC’s dovish message last

“
growth and stubborn inflation With Broadbent replacing the week. “There remains time to allow
On the basis of recent inflation news, it is certainly time to heightening its dilemma. monetary policy committee’s arch- the economy to recover before the
begin normalisation. I think trend productivity growth is 1.5 per Only sluggish expansion was hawk Andrew Sentance, some ana- eventual tightening begins,” Fisher
recorded for May in the UK’s service lysts expect the MPC to take a more said, arguing that downside risks to

”
cent rather than two per cent, so earnings growth of 3.5 per cent and manufacturing sectors, which dovish turn. growth outweigh inflation risks.
or more is inconsistent with the inflation target. And last
week we saw private sector wage growth of three per cent.

PHILIP SHAW | INVESTEC

“ We firmly believe that the committee is correct in keeping

interest rates low. An inflation target is in place not for its own

”
sake, but to help foster economic stability, especially in the context
of the high inflationary periods during the 1970s and 1980s.
A November hike is the most likely outcome. The 160 hours our business
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While the economy as a whole sup-
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UK ECONOMY
BY JULIAN HARRIS
BRITAIN’S manufacturers remain
confident that they can drive the
economy forwards, leading industry
group EEF revealed today.
Despite the sector accounting for
only 13 per cent of GDP, manufactur-
ing has contributed one third of
growth since the recovery began, a
report from EEF said.
And a positive balance of 27 per
cent of factories are planning for con-
tinued output growth, the wide-
spread survey shows.
“Recent data appears to indicate
that manufacturing may be heading
for more turbulent times,” said EEF
economist Lee Hopley.
“However, cutting through some of
the noise from temporary factors over
the past few months our survey con-
tinues to show underlying strength in
output and orders.”
posedly stagnated over the final quar-
ter of last year and first quarter of
2011, manufacturing grew by 2.3 per 4 hours
cent. of well-earned coffee breaks
Output was bolstered by one per
cent in the first three months of the 35 hours
year, EEF said, culminating in the on the nuts and bolts of
strongest 18-month period for British all our products
factories since 1989.
“Providing buoyant demand from
overseas markets holds firm, we 25 hours
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The number of manufacturers
reporting growth in exports 18 hours
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more respondents said exports had 4 hours
increased, than those reporting slow- of hot-off-the-press updates
er demand.
High input and commodity prices,
however, have “become tougher to
manage,” Hopley said.

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WORLD ECONOMY
HEIGHTENED inflation is forcing
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The world economy faces a “long
term upward trend in inflation
caused by lax monetary policies glob-
ally, which will significantly erode
the value of low return assets and
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economist Thomas Mayer.
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the next five to ten years inflation
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CITYA.M. 6 JUNE 2011 News 17

Why planning laws must not damage the City

high-end restaurants, substantial
parts of the Square Mile are hundreds
of years old.
But while the City of London
Corporation is rightly proud of the
City’s heritage and goes to great
lengths to protect it, the Square Mile
is – and always has been – first and
foremost a place of business.
CITY COMMENT It is not just the City’s ancient
STUART FRASER buildings and walkways that are pro-
tected; English Heritage last week rec-
ommended that Broadgate – a
ty and sequence of the open spaces
that are the cornerstone of
Broadgate’s long-standing appeal, we
must also be responsive to the busi-
ness needs of current and potential
future occupiers of the Square Mile.
As the local planning authority for
the Square Mile, the City of London is
subject to the same legislation and
legal precedent that other councils
have to adhere to. Unfortunately, gen-
eral principles such as these often do
not take account of the City’s unique
rules for change of use from commer-
cial to residential is a case in point.
While the government’s ambition
of supporting economic growth and
driving an increase in the supply of
land for housing is laudable and
entirely appropriate in certain areas,
such changes to planning law could
dilute the concentration of offices
and the agglomeration of firms that
make the Square Mile a world-class
place to do business.
The quality and quantity of office
the long-term business needs of cur-
rent and future occupiers.
If developers were to turn offices
into residential blocks when times
were tough, the City’s ability to
attract new firms when the market
picked up would be reduced.
Clearly such changes could pose a
significant threat to the City of
London’s international competitive-
ness. That is why, when I go to see the
Secretary of State for Communities
and Local Government Eric Pickles in

I
T is easy to forget that between
the tall buildings and the state of
the art office blocks and in
amongst the fashionable bars and
development that is barely 30 years purpose as a business district. space available in the Square Mile is the coming weeks, this issue will be
old – be listed. The Communities and Local carefully planned many years in at the top of my agenda.
And while the City has made clear Government Department’s consulta- advance, taking into account not only Stuart Fraser is the Policy Chairman of
its determination to retain the quali- tion on whether to relax planning prevailing market conditions but also the City of London Corporation

Airlines slam
EU emissions Your business can talk to
1/3 of the UK for free
trade scheme slash industry profit expectations.
▲

AVIATION Governments and airlines have

BY HARRY BANKS
GLOBAL airlines attacked the
European Union yesterday over its
plan to force them into the bloc’s
emissions trading scheme, as the EU
vowed to stand firm against threats of
retaliation.
Aviation chiefs spoke out against
the EU move at a meeting in
Singapore, with some warning of the
danger of a trade war and airlines
from poorer nations saying they
would pay a high price.
The EU will require all airlines fly-
ing to Europe to be included in the
Emissions Trading Scheme (ETS) from
the start of next year. The system
forces polluters to buy permits for
each tonne of carbon dioxide they
emit above a certain cap.
The scheme is meant to tackle
growing emissions from the $500bn
(£304bn) aviation sector, which is
responsible for about two per cent of
mankind’s greenhouse gas pollution.
Airlines say the scheme will
increase costs and comes at a time
when fears are growing about a falter-
ing global economy, which could
been piling on pressure, some
describing the forced inclusion of
global airlines as illegal.
“The last thing that we want to see
is a trade war,” said Giovanni
Bisignani, director-general of the
International Air Transport
Association. The EU had to heed a
“growing chorus of countries strong-
ly opposing an illegal extraterritorial
scheme”.
“We have to absolutely avoid this
because the risk of retaliation for
Europe that is in survival mode
would be the kiss of death,” he said.
Chinese and US airlines have been
among the most vocal, with Beijing’s
aviation authority saying the EU
move will cost Chinese airlines 800m
yuan (£75m) in the first year and
more than triple that by 2020.
Industry and diplomatic sources
have said China has threatened retali-
ation against European airlines and
French planemaker Airbus if the EU
goes ahead with its plans.
The US industry group Air
Transport Association of America is
challenging the move in EU courts.
The suit is due to be heard on 5 July.

Arctic activists Sainsbury’s car

stop Cairn drill insurance tie-up
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OIL explorer Cairn Energy was forced
to stop drilling at one of its Greenland
wells over the weekend after environ-
mental activists boarded the rig,
breaching an exclusion zone.
Greenpeace said 18 of its protestors
were arrested after storming the Leiv
Eiriksson rig on Saturday in a bid to
highlight safety and environmental
concerns about drilling in the Arctic.
Cairn last week applied for an
injunction to prevent protestors from
interfering with the drilling work.
The British firm is seeking fines of
up to €2m (£1.78m) per day of disrup-
tion caused by Greenpeace.
SAINSBURY’S Finance is planning to It helps you keep costs down. And profits up.
launch a new reward scheme for
shoppers, aimed at tapping the car
insurance market.
The scheme, underwritten by RBS
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 18 News
ANALYSIS l Debt owed by sovereign governments to the Export Credits Guarantee Department

Zimbabwe Serbia
£190.34m £178.65m

Sudan Iraq
£663.68m £290.18m

Indonesia Burma
£445.96m £53.06m

Cuba Egypt
£187.18m £100.07m

Foreign states
owe UK £2.3bn
POLITICS Cable and Ed Davey. It acts as the UK’s
▲

BY HARRY BANKS Export Credit Agency, designed to

THE UK government is owed more than
£2.3bn by foreign states, including a
number of the most undemocratic and
despotic regimes in the world.
Some of the largest debts to
Whitehall’s Export Credits Guarantee
Department (ECGD) are owed by
Zimbabwe (£190m) and Sudan (£664m).
The list of debts owed to the ECGD by
25 foreign governments was exposed in
a written answer to a Parliamentary
question by Labour MP Andrew Gwynn.
Gwynne’s question to Liberal
Democrat minister Ed Davey also
unveiled the expected final payment
dates for the outstanding debts. Ten
out of the 25 had no final agreed date
for repayment.
The ECGD reports to the Department
of Business, Innovation and Skills –
headed by Liberal Democrats Vince
boost British exports by providing guar-
antees, insurance and reinsurance
against loss.
The department holds a key posi-
tion, given the coalition government’s
aim of “rebalancing” the economy
towards exports, to offset the effects of
weak domestic demand following the
credit crunch.
Yet it now faces a wave of scrutiny
from MPs and campaigning groups,
who may seek to extract further
details via freedom of information
requests.
The ECGD is no stranger to criticism,
having previously drawn attacks from
groups opposed to the arms trade.
“In most years between a third and
half of the Export Credits Guarantee
Department support is for military
goods,” the Campaign Against Arms
Trade claimed in 2006.

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CITYA.M. 6 JUNE 2011 News 19

When should interest rates go up?

3% June
July

9% August

PoliticsHome.com
September
October
34% November

%
PoliticsHome.com

December
29% Not Until 2012

In association with PoliticsHome.com Beyond 2012

6% Don’t Know

Apply to join today at www.cityam.com/panel 1% 9%

2%
2 3% 4
4%

City: rates must rise in Autumn at latest

When will interest rates go up?
3 3% 3%
4% June (0%)

When should interest rates go up?

29%

1%2
2% 3%
9%
9%

4
4%
3%

%
34%

6%
June
July
August
September
October
November
December
Not Until 2012
Beyond 2012
Don’t Know

6% July
August
September
thought the MPC should wait until “The MPC and, therefore, the ing a material impact on the infla-
▲

POLITICS
2012 while a further nine per cent Bank of England, is risking its repu- tion rate.” 16% October
BY DAVID CROW November

THE Bank of England’s monetary

policy committee (MPC) should
raise interest rates by early autumn
at the latest, according to members
of the City A.M./PoliticsHome Voice
of the City panel.
Fifty-three per cent of panellists
said the MPC should hike rates by
September at the latest.
Over a third (34 per cent) said
they should be hiked at this week’s
said the committee should put off
a rate rise until beyond 2012.
Although more than a third
think the Bank should hike rates
this week, no member of the panel
thinks it will actually do so, sug-
gesting the MPC is out of touch
with the City.
Most panellists (56 per cent)
think the Bank will either raise
rates this winter on in 2012.
Even most of the dovish mem-
bers of the panel think high infla-
tation and future reliability on
long-term low interest rates,”
said one panellist.
• City A.M. and PoliticsHome
interviewed 420 members of the
Voice of the City panel by email 41%
December
Not Until 2012
%
Another added: “The Bank last week. 12% Beyond 2012
Don’t Know
of England has a target but it The panel has been specially
is ignoring it. In so doing it is recruited to represent a cross 11%
now acting just as politi- section of London’s
cians did when they were financial and business
4%
in control and defeating community.
the object of an independ- Members of the Is the MPC taking sufficient account of inflation when setting rates?
ent rate setter.” panel that respond 2%
However, another pan- to at least 80 per
ellist countered: “I think 3

41%

cent of surveys
When will interest rates go up?

4%3%

4%
3%
6%

12%

11%
16%
June (0%)
July
August
September
October
November
December
Not Until 2012
Beyond 2012
Don’t Know

meeting of the committee. Six per tion has hurt the British economy. the Bank of England is between now and 13%
cent favoured a rate rise in July; An overwhelming majority (88 per on the right track. Most September will be
five per cent in August; and nine cent) said above target inflation of the factors lead- entered into a prize 25% Yes. Totally sufficient
Yes. Somewhat sufficient
per cent in September. had been “damaging”. ing to high infla- draw to win a luxu-
Three per cent of panellists said
the MPC should wait until winter
A slender majority (51 per cent)
thought the MPC, chaired by Bank
tion are outside
its control so raising
ry weekend in Paris.
Full Ts&Cs available 34%
No. Somewhat insufficient
No. Totally insufficient
Don’t Know
%
before hiking rates. governor Mervyn King (pictured) had interest rates now on request. New 26%
However, there were still a signif- not taken sufficient account of the would cause further members can apply
icant number of doves on the need to control inflation when pain to companies and to join at
panel. Twenty-nine per cent making decisions on interest rates. consumers without hav- cityam.com/panel

Is the MPC taking sufficient account of inflation when setting rates?

2%

13%
25% Yes. Totally sufficient
Yes. Somewhat sufficient

% 34%
No. Somewhat insufficient
No. Totally insufficient
Don’t Know
26%
CITYA.M. 6 JUNE 2011
Alan Miller believes that traditional wealth managers need to get their act together Picture: Micha Theiner/City A.M.
Why critics of ETFs
should be ignored
Alan Miller, one of the UK’s top fund
managers, says that attacks on these
investment vehicles are wrong-headed
I
N the UK, like in many other
countries, Exchange Traded
Funds (ETFs) are increasingly
becoming a threat to old-
school fund managers. ETFs, for
those not yet familiar with the prod-
uct, are investment funds that are
traded on stock markets – like ordi-
nary shares. But perhaps because of
their growing popularity with
investors, who enjoy their low cost,
they have come in for increasing
criticism of late, especially by promi-
nent wealth managers who feel
threatened by their rise. The truth is
that the so-called dangers of ETFs
are in reality less about the actual
product, as some would have you
believe, but more about their
impact on the long-established fund
management industry. There have
been five principal arguments criti-
cising ETFs – and as we shall see,
they all fail to stand up to scrutiny.
1.COUNTERPARTY
OR COLLATERAL RISKS
There are two types of ETF in the
UK – those that own the underlying
constituents of the index, and those
where a third party guarantees the
index return in exchange for a col-
lection of assets (collateral).
The first kind – physical ETFs –
often lend out stocks to ensure that
the fund receives some of the associ-
ated income. The borrower posts
collateral. In such cases, disclosures
are indeed terrible as investors do
not know how much is lent or the
exact collateral deposited. But this is
a wealth management industry-
wide problem, with many unit
trusts also lending out investors’
holdings without full disclosure.
At least in the UK, the maximum
counterparty risk for synthetic ETFs
– the second kind – is 10 per cent,
but in practice many of the largest
providers over-collaterise, posting
over 100 per cent, and there are
strict rules governing what is allow-
able in this context.
Also, you can see the quality of
the collateral as it is often shown
daily – one major provider just posts
collateral in the form of T-Bills and
cash, for example.
2.TRANSPARENCY
This is another common attack but
the facts are the exact opposite. An
ETF clearly shows which index it
tracks and the constituents of the
index. Investors can see all of what
is held either directly (in physical
ETFs) or indirectly in synthetic ETFs.
In comparison, the average
Investment Management
Association (IMA) unit trust has just
40 per cent transparency.
3.LIQUIDITY AND
SHORT SELLING
The criticism here is that were an
ETF to become huge, compared to
its underlying market, it might
become illiquid.
Of course this is true, but most of
the largest ETFs follow very large liq-
uid indexes and are comparatively
small, and the same issue also
applies to unit trusts.
If you invest in a large small-com-
pany unit trust and everyone want-
ed to sell, it would probably be
impossible and the fund would have
to be suspended. At least the ETF
would have a dealing price which
you might not like but you could
ANALYSIS l Daily trading of exchange traded funds and products on the London Stock Exchange
20,000
Trades
Turnover
15,000
10,000
5,000
1 Feb
News
accept or reject.
The negative consequences of
short selling ETFs are less applicable
to the actual holders of ETFs, and
cause more of a problem to the per-
son who shorts or lends on the ETF.
In fact the more volume there is in
an ETF, normally the lower the deal-
ing spread and so the lower the cost
for the everyday investors.
4.CHOICE AND
NUMBER OF ETFS
This would seem one of the most
bizarre attacks. The criticism is
based on the growing number of
ETFs and assumes this somehow
poses huge problems. Is this differ-
ent from the whole investment
industry launching products where
they foresee demand?
Investors can either completely
bypass the old school investment
industry by assembling their own
portfolio in an efficient, low cost
way, or they can ask an investment
professional to pick the best ETFs to
suit their investment strategy and
risk profile.
ETFs empower the individual as
they give them a choice to invest in
almost anything and cheaply. As
long as each ETF clearly explains
what it invests in, it is up to the indi-
vidual (not the fund managers) to
choose what suits.
5.LEVERAGED
SHORT ETFS
AND
I believe in always looking at the
full underlying exposure rather
than just the margin. Because these
tend to be rebalanced daily, extra
risks are clearly explained. Again
this is about buyer beware. If some-
1 Mar
21
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one wants to buy the 2x FTSE 100 ETF, that
is their perogative. Some people want such
products and as long as it is properly
explained to investors exactly how they
work, they can make an informed choice.
A SIGNIFICANT INDUSTRY
So what is the real truth behind many of
these attacks on the ETF industry? The real
danger is actually to the fund manage-
ment companies rather than investors.
The ETF industry is now becoming signif-
icant, not just in terms of its growth but its
actual size; and it is making a real impact
on the old industry growth and profits.
Over the last 12 months to end March
2011, the UK mutual fund industry has
grown by 14.5 per cent – this compares to
growth in London listed ETF assets of 31.8
per cent.
UK mutual fund fees are also under
pressure, as the following facts reveal:
• The average expense ratio of 2,340 UK
unit trusts we analysed was 1.54 per cent.
• The average expense ratio of 987 LSE list-
ed ETFs we analysed was 0.53 per cent.
• The average ETF charges one third of the
fees of the average UK unit trust.
This may be the reason several large
£m 1,200
1,000
800
600
400
200
1 Apr source: London Stock Exchange
original collages
SPONSORED BY
Opening April 1st
Saturday 11:00 am - 5:00 pm
fund management companies, including
JP Morgan and Schroders, are now launch-
ing low-cost funds.
UK intermediaries are increasingly cut-
ting-out traditional retail fund managers.
They are buying passive lower cost index
funds/ETFs either themselves or through a
low cost specialist fund manager.
Jupiter, the wealth manager, has already
warned this year of the pressure on its
margins from more of the cake coming
from the independent financial advisers
(IFAs) rather than the fund managers.
One of the fastest growing areas in
fund management is discretionary port-
folios – enabling each investor to have
their own set portfolio rather than units
in a common fund. Many of these discre-
tionary portfolios use either index or ETF
funds.
TRADITIONAL FUNDS UNDERPERFORM
It is clear that investors are waking up to
the fact that most traditional fund man-
agers underperform. Statistically, accord-
ing to iShares, the BlackRock-owned ETF
provider, the chance of a manager beating
their benchmark three years on the trot is
just 4 per cent.
Investors also understandably like trans-
parency, greater liquidity, more diversifica-
tion, knowing the price before they deal
rather than afterwards, paying lower fees,
and – more than anything else – being
treated with respect.
The reason for the growth of ETFs is that
they offer what is unavailable elsewhere.
Rather than finding reasons to reject this
force for change, traditional fund man-
agers should look to embrace the trans-
parency, liquidity and low fees charged by
the ETF industry.
Alan Miller is the chief investment officer and
founding partner of SCM Private, and manages
Exchange Traded Funds (ETFs).
 22 News CITYA.M. 6 JUNE 2011

Opec may finally turn the production tap on

the importance of this Thursday’s President Mahmoud Ahmadinejad going to talk about raising oil output the upside and the downside risks
meeting of the Organisation of the recently declared himself the tempo- for the first time in four years, it balance each other out. He has an oil
Petroleum Exporting Countries rary oil minister of the country, peo- seems that they slowly, but surely, are price target of $110 per barrel for WTI
(Opec) can’t be understated. ple weren’t happy. (He since retracted getting ready to respond to an envi- and $115 per barrel for Brent crude.
Usually, a bunch of oil ministers the move). ronment of higher oil prices and Tchilinguiria points out that the
get together, they talk a bit about out- lower growth. particular quality of Libyan oil isn’t
put, they talk about supply, and they OPEC CONSIDERING RAISING OUTPUT This is important. Especially as the easy to replace, and even if the tur-
(mostly) decide not to hike produc- Apart from the politics of who is the International Energy Agency (IEA) moil in that North African nation
tion. But this Opec get-together could going and why, oil ministers find seems to be signalling the same readi- were to end today, it still would take a
CITY COMMENT be different. themselves in the midst of a whole lot ness to act, given that it recently long time to assess the damage to the
LOUISA BOJESEN IRAN AND LIBYA MINISTER UNKNOWN
of volatility. The Arab Spring is here to
stay and looks set to have an impact
asked oil producers to boost supplies,
something it hardly ever does.
infrastructure, security on the
ground, and to work out who the
For starters, we’re still not sure who’s on all countries across the Middle rightful owner of Libyan oil is.

I
F you aren’t following the oil
story, maybe you should be. I
mean, sure, you probably know
that oil prices are higher, and that
you’re paying more at the pumps, but
going from Iran and Libya. “Why East and North Africa. OIL PRICE LIKELY TO MOVE SIDEWAYS So even if you usually find Opec
should we care about who is going There have been production cuts in Harry Tchilinguiria, head of commod- meetings mind-numbingly boring,
from Iran?”, you ask. Well, Iran is the Libya – gaps in the oil market that ity markets strategy at BNP Paribas, pay close attention to this one.
second largest oil producer in the Opec hasn’t stepped in to fill – and, told me he thinks we’ll move side- Louisa Bojesen is an anchor for CNBC.
Opec cartel, and when Iranian given that Opec ministers actually are ways on oil prices for some time as Twitter: @louisabojesen

Nintendo says
it was hacked
but users safe
giants PBS television and Fox.com.
▲

TECHNOLOGY
BY STEVE DINNEEN
NINTENDO has revealed it is the lat-
est victim of online hackers after a
security breach at a US data centre.
The Japanese firm said it had expe-
rienced a “possible hacking attack”
but said no customer or company
information was accessed.
Nintendo will be desperate to
ensure it is not drawn into a crisis like
the one that struck Sony last month,
when personal details of over 100m
users were stolen by hackers.
A Nintendo of America spokesman
said: “The server contained no con-
sumer information. The protection of
our customer information is our
utmost priority... We constantly mon-
itor our security.”
It is not yet clear who is responsible
for the breach, which occurred a few
weeks ago. However, hacker group
Last week the Obama administra-
tion said it would consider cyber
attacks from other countries as an act
of war.
The US is increasingly worried by
attacks, believed to originate in
China, on the email accounts of its
government officials and military
suppliers. Google in particular has
come under sustained pressure from
foreign hackers.
Meanwhile, Nintendo is expected
to unveil the successor to its hit gam-
ing console the Wii tomorrow at the
E3 games showcase. It will be the first
home console to enter the market in
five years.
ANALYSIS l Nintendo Co Ltd
¥ 18,200.00
23,000 3 Jun
22,000

Team Up, Get Cooking, Lulzsec yesterday claimed responsibil-

ity for an attack on Nintendo on its 21,000

Twitter feed.
Build Better Lives Lulzsec is the group that broke into
servers that run Sony Pictures
20,000

19,000
Entertainment websites last week,
18,000
and claimed attacks on US media
For all who enjoy cooking , novice to ANALYSIS l Nintendo Co Ltd
23,000

22,000

21,000

20,000

19,000

18,000
¥

Apr
18,200.00

May
3 Jun

Jun
Apr May Jun

talented, Big City Cook is the ideal challenge

Tony Hayward’s latest project
Heats kick off 10th September 2011 Vallares set for a summer IPO
thelordmayorsappeal.org.uk/cook
thelordmayorsappeal.org.uk/cook
▲

ENERGY
020 7520 0425 FORMER BP chief executive Tony
City grandees in the frame to join
the board of Vallares include Petrofac
Hayward’s latest project, an oil acqui- chairman Rodney Chase, former
Enter your trio sition vehicle set up with Nathaniel
Rothschild, is due to unveil its inten-
Goldman Sachs UK investment bank-
ing head Julian Metherell, former
tion to float as soon as this week. Corus chairman Jim Leng and
of chefs now! The project, known as Vallares, is in Graham Hearne, formerly of
early talks with investors to raise Enterprise Oil.
Kindly sponsored by around £1bn to buy up oil assets, and The company is the second acquisi-
is thought to be targeting projects tions vehicle backed by Nat
Official Media Par tner already in operation but in need of Rothschild in as many years, follow-
cash to expand. ing the float of his Vallar mining
A source yesterday said the prospec- shell last year.
tus is due to be “privately distributed A spokesperson for Vallares
The Thomas Cor
Coram
am F
Foundation
oundation ffor
or Children (registered char
charity
ity no
no.. 312278) w
was
as estab
established
lished b
by
y Ro
Royal
yal Char
Charter
ter in 1739. RedR UK is registered char
charity
ity no
no.. 1079752. to a very, very large group of declined to comment on the plans
investors”. yesterday.
From Monday 6th to Sunday 12th June, Motorexpo returns to Canary Wharf for the 16th annual
event; transforming London’s premier business and shopping district into a free for the public
to visit display of the latest vehicle’s from many of the world’s leading motor manufacturers.

Highlights include the opportunity to test drive cutting-edge electric vehicles, a display of Jaguar
E-Types to celebrate its 50th anniversary plus the latest models from manufacturers including
Bentley, BMW, Harley-Davidson, Lotus, Mercedes-Benz, Morgan, Nissan, Vauxhall and many more!

WWW.MOTOREXPO.COM
24 News CITYA.M. 6 JUNE 2011

CITY MOVES | WHO’S SWITCHING JOBS in association with

BEST OF THE BROKERS
Edited by Harriet Dennys
ANALYSIS l AXA AXA
AXA Real Estate Reynolds Porter Chamberlain 58 p
51.50 Goldman Sachs rates the firm “neu-
Merchant Securities The real estate manager has appoint- The City law firm has promoted 57 3 Jun
Lindsey Hamilton, ed Matthias Leube as regional head of Richard Burger and Alison Clarke to its 56 tral” and has raised its target price by
formerly head of the Property Services Group and local all-equity partnership. Burger is a for- 55 €0.50 to €16.50 (£14.70). The broker
54
wealth manage- head of Germany, based in Cologne. mer senior enforcement lawyer at the expects the bulk of capital generated
53
ment at WH Ireland He joins from Deutsche Bank, where FSA who joined RPC in 2008, and over the 2011 to 2015 period to be
52
Group, has been he was managing director of the Clarke, who joined RPC in 2001, advis- 51
appointed as sales bank’s EMEA real estate portfolio. es on insurance coverage and defence. used shoring up its balance sheet.
50
director of 7 Mar 25 Mar 14 Apr 10 May 31 May
Merchant Securities Mills & Reeve Brown Rudnick ANALYSIS l InterContinental Hotels Group INTERCONTINENTAL HOTELS
Wealth Management. In addition, The law firm has promoted associates The law firm has appointed Massimo 1340 p
Chris Theis will join Merchant David Gooding, Neil Howes and Stephen Galli as a partner in its London office. 1320 1229.00 Deutsche Bank rates the hotels group
Securities Limited in August as head Hamilton, who specialise in professional Galli joins from White & Case, where he 3 Jun a “hold” and has raised its target
1300
of institutional sales and research, negligence, insurance and corporate developed a cross-border capital mar-
1280
price from 1030p to 1365p. The bro-
moving from Daniel Stewart & Co. finance respectively, to the partnership, kets, M&A and finance practice with a ker thinks IHG will be set to invest in
bringing the number of partners to 97. focus on Italy and emerging markets. 1260
1240
growth opportunities in 2012 after a
To appear in CITYMOVES please email your career updates and pictures to citymoves@cityam.com 1220
share buyback or dividend this year.
7 Mar 25 Mar 14 Apr 10 May 31 May

SPECIALISTS IN GLOBAL PROFESSIONAL RECRUITMENT +44 (0)20 7092 0053 ANALYSIS l Reed Elsevier REED ELSEVIER
morganmckinley.com 570 p
552.50 Societe Generale rates the media
560 3 Jun
550 group “neutral” and with a target
540 price of €12.40. The broker sees Reed
530 as a low-risk play on a sector recov-
510 ery, with a two-year forecast of eight
500 per cent annual earnings growth.
7 Mar 25 Mar 14 Apr 10 May 31 May

FTSE set to drop

as Dow has worst
losses since 2004
was anticipated, and US shares lost
MARTIN ON further ground after the European
markets closed.

THEMARKETS Growing unrest in Saudi Arabia

neighbour Yemen is also going to
add some investor uncertainty to
the mix today, and energy prices are
facing another choppy week.
Interest rate decisions are due
from both the Bank of England and
the ECB on Thursday.
Still no change is expected in the
UK, with this the first meeting since
Andrew Sentance departed, who
had voted for a half-point increase in
May.
MARTIN SLANEY Most analysts are pushing out
their forecasts of the timeline for an
increase in base rates out to next
year.

T
HE FTSE is set to take a nega- In Europe, a rate hike is expected
tive steer from the US this to be signalled. The announcement
morning, with the Dow Jones late on Friday that Greece would
blue chip index hitting the receive its next €12bn (£10.7bn)
headlines for all the wrong reasons installment of its bailout as early as
in the weekend press, having hit its July will have eased fears of a
worst losing streak since 2004. default, although longer-term con-
In out-of-hours trading, GFT is cerns will no doubt persist.
forecasting the UK index to trade Martin Slaney is director of global deal-
lower from Friday’s close by about ing for GFT.
25 points, at around 5,930.
European bourses are also expected
to start the week lower, with the
German DAX called down 30 points
at 7,079 and the French CAC quoted
down 16 points at 3,874.
The benchmark US index closed
down nearly 100 points on Friday,
following the key government jobs
report which showed non-farm pay-
rolls rose at a much worse level than

ANALYSIS l FTSE 100 ANALYSIS l DAX

6,100 7,600

6,000 7,200

5,855.01 7,109.03
5,900 3 June 6,800 3 June

5,800 6,400
16 Mar 5 Apr 27 Apr 19 May 25Mar 14Apr 6 May 26 May
 Wealth Management | Spread Betting
25

THE TIPSTER
AMBITIOUS
ASOS MIGHT
BE SLIPPING
Expect a roller-coaster of a
S
HARES in online clothes retailer
Asos tumbled nearly £2 on
Friday, despite pre-tax profits
rising 41 per cent to £28.6m.
time with European equities
Asos is an AIM-listed company with a
market cap of £1.6bn, so the question These are uncertain times for
remains how sustainable the price is
at almost five times sales. You can’t stocks, as the Eurozone teeters
knock the ambition though. It has big
plans for further global expansion, on the brink, says Philip Salter
with Australia potentially the largest
growth area. Capital Spreads quotes
You can profit from

2,068.3p-2,076.7p.
It was hardly full steam ahead for
Hornby, the maker of model rail-
ways, as earnings faltered at the end
of last week. But the announcement
of a licensing agreement with the
Star Wars franchise had a stellar
impact on the company’s share price,
adding over 8 per cent during
Friday’s trade. The stock is now trad-
ing at its highest level since the profit
warning was issued back in January,
but ambitions for the profitability of
this licensing deal must be high if this
rally isn’t to quickly run into the
buffers. IG Index offers 130.2p-
131.1p.
Crude oil futures have been on a
roller-coaster ride lately. But if you
take a closer look at the charts, crude
has been trading in a tight range for
a month now, between $103.30 and
$96. If you draw a Fibonacci retrace-
ment between the $84 to $115
move, the 50 per cent retracement
level comes in at $99.55, with the
38.2 per cent level at $103.30 and
the 61.8 per cent at $95.83. A
Fibonacci follower’s dream. Look to
play the edges of this range until it
breaks. Spread Co offers a spread on
July US Crude of $98.52-$98.56.
Security services firm G4S has
risen nearly 20p in the past two
weeks and sentiment is still strong. It
recently announced the acquisition of
Detcon, which designs and installs
fire detection and CCTV systems.
Currently trading at an all time high,
the stock is above its 20 and 50 day
moving averages, which is a positive
signal for traders. Capital Spreads
quotes 290.8p-291.4p.
Philip Salter
A
FTER a decent year, European
equities had a volatile and the downs as well as
underwhelming time of the ups
things last month. Looking for- Picture:
ward, it is a tale of two futures: either GETTY
strong international companies prof-
iting on the back of emerging market
growth, or national divisions bringing
an end to monetary union. Either
way, there will be opportunities for
spread betters to profit from the
volatility.
FORTUNE FAVOURS THE BRAVE
The slow-motion car crash of the
Eurozone – caused by fiscally irre-
sponsible politicians and an almighty
binge on cheap money and credit – is
looking increasingly messy. On the
back of the Greek tragedy, the FTSE
Euro 100 dropped 2.85 per cent in
May, though is up 13.69 per cent on
the year. Stephen Barber of Selftrade
says that even though “the Eurozone
sovereign debt crisis is causing
headaches for some investors,” this
presents “opportunities for those with
a stronger constitution. For those
seeking volatility and speculative
opportunities, forex, bonds and good
old equities are in focus.”
thinks that with the climate of low conclusion was stark: “The EMU break you can take a position long or short
FOR THE OPTIMISTS interest rates likely to persist, equities up will lead to a strong stock market on large cap stocks in most major
According to Stephen Macklow-Smith, should continue to benefit. correction,” with the periphery markets.”
manager of the JPMorgan European nations hit the hardest. Of course, a Angus Campbell of London Capital
Investment Trust, European equities NOT SO UNTHINKABLE Eurozone collapse is not inevitable, Group says that currently “most of
look good. Macklow-Smith says that However, it is hard to ignore the debt but with demagoguery becoming the the bad news is priced in, but if
although Portuguese and Greek debt crisis. Without a straightforward politics of choice, a political solution things do get much worse in the
are dominating the news, “Europe has mechanism for leaving the euro, a col- is looking increasingly difficult. respect of contagion, there could be
long been recognised as a home to lapse of the currency could be a disas- more opportunities to make money
world-leading companies, and ter for equities. Last year, ING released EVERY CLOUD from shorting European stocks.” It is
demand for their products is strong a report, Quantifying the As Malcolm Pryor of www.spreadbet- not yet clear how the Eurozone crisis
both in emerging markets and devel- Unthinkable, in which the authors tingcentral.co.uk puts it, the great will play out, but traders should be
oped markets alike.” Macklow-Smith contemplated a euro collapse. Their thing about spread betting is “that ready for the worst and hold on tight.

THE WEEK AHEAD in association with

COMPANIES ECONOMICS POLITICS Capital Spreads trading app

l Today, Eckoh reports its
earnings. It provides the
technology for automated
call centres. Sorry, could you
please repeat that?
l Also today, Gesco, which
works with oil and gas com-
panies, will report. Investors
will hope that – like others in
the sector – it has been able
to drill into the gushing prof-
its from rising prices.
l On Wednesday, Gooch &
Housego, a manufacturer of
precision optical compo-
nents, puts its interim earn-
ings under the microscope.
l On Friday, Share, which is
the parent company for The
Share Centre and related
businesses, will be holding
its latest Annual General
l It is a week of central
bank rate decisions. On
Tuesday, the Reserve Bank
of Australia announces its
decision on interest rates.
l The Eurozone’s GDP fig-
ures will be released on
Wednesday. A rising trend
should push the euro up,
while a negative trend will
cause it to fall.
l Also on Wednesday, the
Reserve Bank of New
Zealand will announce its
decision on interest rates.
They currently sit at 2.5 per
cent.
l The Bank of England and
the European Central Bank
announce rate decisions on
Thursday.
The former is at 0.5 per
cent and the latter at 1.25
for the iPhone and Android
l Pilots at Aer Lingus are
threatening industrial anytime, anytrade, anywhere.
action on Tuesday, poten-
tially impacting the jour-
neys of thousands of
travellers. The action is part
of a row over rosters.
l On Thursday in the US,
Republican and Democrat
negotiators will meet again
to discuss increasing the
debt ceiling and deficit
reduction measures. If they
don’t come to an agree-
ment soon, Moody’s has
warned it will downgrade
the US’s credit rating.
Apply now at capitalspreads.com
l Also on Thursday, Spread betting and CFD trading carry a high level of risk
Japan’s main opposition to your capital and you can lose more than your initial
deposit. These trading products may not be suitable for
party, the LDP, has suggest- all investors so seek independent advice if necessary.
ed that it will submit a no
confidence motion against Capital Spreads is a trading name of London Capital Group, which is authorised and regulated
Prime Minister Kan. Can he by the Financial Services Authority.

Meeting per cent. defeat it? Yes, he Kan.

 26 Wealth Management | Markets CITYA.M. 6 JUNE 2011

FTSE 100 FTSE 250 FTSE ALLSHARE DOW NASDAQ S&P 500 / 1.1230 0.0084 /$ 1.4629 0.0138
5855.01 11972.66 3058.58 12151.26 2732.78 1300.16 /$ 1.6427 0.0058 /£ 0.8904 0.0051
7.09 9.63 3.60 -97.29 -40.53 -12.78 /¥ 131.86 0.6354 /¥ 117.40 0.0600
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
GILTS Yule Catto & Co . . . . .219.4 0.8 240.5 112.7 Brewin Dolphin Ho . .162.4 -4.3 185.4 114.0 Rexam . . . . . . . . . . . .390.0 -1.4 400.0 290.4 Amlin . . . . . . . . . . . . .424.5 1.3 433.0 369.3 Centamin Egypt Lt . .122.4 0.9 197.1 115.8 Hammerson . . . . . . . .479.0 5.3 486.3 336.3 JD Wetherspoon . . . .438.4 -1.6 468.3 386.5
CONSTRUCTION & MATERIALS Camellia . . . . . . . . .10175.0 0.010700.0 7410.0 RPC Group . . . . . . . .355.0 -2.9 361.1 192.3 Beazley . . . . . . . . . . . .130.0 1.6 139.2 109.1 Eurasian Natural . . .815.0 -2.5 1125.0 801.0 Hansteen Holdings . . .86.0 -0.7 89.3 59.4 Ladbrokes . . . . . . . . .146.5 -1.6 152.2 122.7
Tsy 3.250 11 . . . . .101.40 -0.02 103.8 101.4 Charles Taylor Co . . .128.3 4.3 240.0 122.0 Smiths Group . . . . .1210.0 -8.0 1429.0 1018.0 Catlin Group Ltd. . . .419.1 -2.2 422.2 319.9 Fresnillo . . . . . . . . . .1404.0 -24.0 1682.0 897.5 Land Securities G . . .833.0 2.0 840.5 545.0 Marston's . . . . . . . . . .105.5 -0.7 117.1 90.4
Tsy 9.000 11 . . . . .100.85 -0.08 109.2 100.8 Balfour Beatty . . . . . .305.8 -0.5 357.3 229.8 City of London Gr . . . .85.0 0.0 93.6 65.8 Hiscox Ltd. . . . . . . . . .424.7 0.7 427.7 335.5 Gem Diamonds Ltd. .269.0 2.0 306.0 186.3 SEGRO . . . . . . . . . . . .324.8 4.1 331.3 250.2 Millennium & Copt . .513.0 1.0 600.5 392.0
Tsy 2.500 11 . . . . .307.71 -0.02 310.0 307.7 Keller Group . . . . . . .520.0 0.0 698.5 513.0 City of London In . . .431.8 0.3 461.5 273.5 GENERAL RETAILERS Jardine Lloyd Tho . . .688.5 4.0 709.0 521.5 Hochschild Mining . .546.5 17.0 680.0 280.0 Shaftesbury . . . . . . . .530.5 2.0 538.5 349.3 Mitchells & Butle . . . .315.9 0.7 361.0 274.0
Tsy 5.000 12 . . . .103.31 -0.05 107.3 103.3 Kier Group . . . . . . . .1277.0 -21.0 1418.0 886.5 Close Brothers Gr . . .791.0 1.0 888.5 664.0 Brown (N.) Group . . .285.7 -2.4 311.2 221.0 Lancashire Holdin . . .650.0 -5.0 657.0 474.6 Kazakhmys . . . . . . .1263.0 -8.0 1671.0 965.0 National Express . . .254.3 -1.3 270.2 213.4
Tsy 5.250 12 . . . .104.54 -0.05 108.5 104.5 Collins Stewart H . . . .80.5 1.0 90.8 67.3 Carpetright . . . . . . . . .741.0 12.0 835.5 631.0 RSA Insurance Gro . .136.8 0.7 143.5 117.3 Kenmare Resources . .45.8 -1.7 50.3 11.5 SOFTWARE & COMPUTER SERV. Punch Taverns . . . . . .69.9 -0.7 90.4 58.0
Tsy 9.000 12 . . . .109.51 0.00 116.9 108.6 ELECTRICITY
Evolution Group . . . . .68.5 -0.5 98.0 67.0 Debenhams . . . . . . . . .71.3 -0.3 77.4 53.0 LIFE INSURANCE Lonmin . . . . . . . . . . .1577.0 1.0 1983.0 1355.0 Autonomy Corporat 1825.0 70.0 1975.0 1271.0 Rank Group . . . . . . . .150.4 -0.8 153.0 94.8
Tsy 4.500 13 . . . .106.27 -0.05 109.2 105.8 Drax Group . . . . . . . .474.3 5.1 475.3 333.0 F&C Asset Managem .77.6 -1.5 92.9 47.5 Dignity . . . . . . . . . . . .781.5 -0.5 795.0 623.5 Petropavlovsk . . . . . .742.5 -12.5 1365.0 720.5 Aveva Group . . . . . .1730.0 27.0 1739.0 1125.0 Restaurant Group . . .296.6 -1.1 335.0 208.2
Tsy 2.500 13 . . . .286.21 -0.07 286.5 274.0 Scottish & Southe . .1380.0 -7.0 1394.0 1062.0 Hargreaves Lansdo .630.5 -4.5 646.5 317.4 Dixons Retail . . . . . . .18.7 0.5 28.5 11.8 Aviva . . . . . . . . . . . . . .429.3 1.4 477.9 305.8 Randgold Resource 4923.0 14.0 6655.0 4425.0 Computacenter . . . . .460.0 -1.5 489.7 260.0 Stagecoach Group . .249.1 9.0 254.3 160.7
Tsy 8.000 13 . . . . .116.03 -0.09 121.3 115.8 Helphire Group . . . . . . .3.9 0.0 45.0 3.3 Dunelm Group . . . . . .465.1 1.4 550.0 325.3 Legal & General G . . .113.6 -0.1 123.8 75.6 Rio Tinto . . . . . . . . .4107.5 -35.0 4712.0 2880.5 Fidessa Group . . . . .1920.0 10.0 1956.0 1300.0 Thomas Cook Group 144.7 -1.9 206.1 143.3
Tsy 5.000 14 . . . . .111.03 -0.09 114.1 109.2 ELECTRONIC & ELECTRICAL EQ.
Henderson Group . . .147.4 -0.4 173.1 118.1 Halfords Group . . . . .395.3 -3.2 550.0 348.2 Old Mutual . . . . . . . . .128.2 -0.2 145.2 102.0 Vedanta Resources 2076.0 -26.0 2583.0 1839.0 Invensys . . . . . . . . . . .310.8 8.6 364.3 230.2 TUI Travel . . . . . . . . . .227.6 -2.5 271.9 190.0
Tsy 7.750 15 . . . .104.45 0.00 111.0 76.0 Domino Printing S . .659.5 -2.5 705.0 386.0 Highway Capital . . . . .17.0 -1.0 23.0 6.0 Home Retail Group . .211.6 2.6 250.4 188.5 Phoenix Group Hol . .664.5 -0.5 758.0 584.5 Xstrata . . . . . . . . . . .1363.5 -12.0 1550.0 845.8 Kofax . . . . . . . . . . . . .466.0 -2.0 535.0 231.0 Whitbread . . . . . . . .1584.0 2.0 1887.0 1344.0
Tsy 8.000 15 . . . .126.23 -0.15 131.6 123.7 Halma . . . . . . . . . . . . .394.4 -0.2 396.7 249.4 ICAP . . . . . . . . . . . . . .472.0 0.5 570.5 380.2 Inchcape . . . . . . . . . .389.8 0.1 414.0 237.1 Prudential . . . . . . . . .713.5 -2.5 777.0 489.2 Logica . . . . . . . . . . . .132.4 -1.1 147.2 101.7 William Hill . . . . . . . . .213.2 -0.3 223.5 155.5
Tsy 4.750 15 . . . . .111.66 -0.11 114.7 108.6 MOBILE TELECOMS
Laird . . . . . . . . . . . . . .140.0 3.5 179.0 98.8 IG Group Holdings . .444.1 2.7 553.0 392.2 JD Sports Fashion .1005.0 16.0 1005.0 683.0 Resolution Ltd. . . . . .303.9 4.8 311.7 211.3 Micro Focus Inter . . .380.0 -3.4 541.5 276.0
Tsy 2.500 16 . . . .329.48 -0.08 330.3 304.4 AIM 50
Morgan Crucible C . .307.5 1.5 333.0 173.5 Intermediate Capi . . .323.6 -21.4 360.3 240.4 Kesa Electricals . . . .146.0 -3.2 174.0 99.2 St James's Place . . . .345.9 7.7 360.4 204.2 Inmarsat . . . . . . . . . . .592.5 -2.0 821.0 575.0 Misys . . . . . . . . . . . . .373.7 1.8 376.4 227.0
Tsy 4.000 16 . . . .108.80 -0.11 111.4 104.9 Renishaw . . . . . . . . .1770.0 23.0 1819.0 683.0 International Per . . . .372.0 0.5 386.6 183.3 Kingfisher . . . . . . . . .280.2 0.9 287.1 198.5 Standard Life . . . . . . .204.5 -1.0 244.7 173.0 Vodafone Group . . . .163.9 3.1 181.9 135.4 Sage Group . . . . . . . .289.8 2.2 302.0 222.7 Abcam . . . . . . . . . . . .423.5 -1.5 428.5 237.4
Tsy 12.000 17 . . .126.96 0.00 185.9 126.0 Spectris . . . . . . . . . .1539.0 7.0 1575.0 740.5 International Pub . . . .116.6 0.3 118.3 108.6 Marks & Spencer G . .381.5 0.9 427.5 327.2 SDL . . . . . . . . . . . . . . .705.0 4.0 713.2 441.2 Albemarle & Bond . .335.0 4.5 335.0 218.0
Tsy 1.250 17 . . . . .110.84 -0.16 111.2 104.9 Investec . . . . . . . . . . .509.0 1.0 538.0 429.2 Mothercare . . . . . . . .428.2 4.2 627.5 382.0 MEDIA NONEQUITY INVESTM. COMM. Telecity Group . . . . . .543.0 6.0 548.5 374.0 Amerisur Resource . .27.0 -0.8 29.0 11.5
Tsy 8.750 17 . . . .136.59 -0.19 142.2 132.9 EQUITY INVESTMENT INSTRUM.
IP Group . . . . . . . . . . . .53.8 0.6 54.0 27.9 Next . . . . . . . . . . . . .2268.0 14.0 2326.0 1868.0 4imprint Group . . . . .270.5 1.0 276.0 195.0 Genesis Emerging . .529.5 0.5 568.0 433.3 Archipelago Resou . . .61.9 0.5 66.8 32.3
Tsy 5.000 18 . . . . .114.41 -0.17 117.6 109.7 Aberforth Smaller . . .707.0 2.5 707.0 498.0 Jupiter Fund Mana . .286.8 2.0 337.3 180.3 Sports Direct Int . . . .230.0 -4.1 234.1 94.2 Aegis Group . . . . . . .141.2 0.5 148.3 103.6 SUPPORT SERVICES ASOS . . . . . . . . . . . .2001.0-143.0 2432.0 632.5
Tsy 4.500 19 . . . . .110.59 -0.21 113.8 105.4 OIL & GAS PRODUCERS
Alliance Trust . . . . . .378.1 2.6 385.0 293.5 LMS Capital . . . . . . . . .63.6 0.4 64.8 40.0 WH Smith . . . . . . . . . .485.4 -2.9 523.0 398.2 Bloomsbury Publis . .128.4 0.4 138.0 108.0 Aggreko . . . . . . . . . .1880.0 7.0 1893.0 1330.0 Aurelian Oil & Ga . . . .51.0 0.0 92.0 35.8
Tsy 3.750 19 . . . .104.80 -0.22 107.7 99.4 Bankers Inv Trust . . .422.3 4.7 428.0 337.0 London Finance & . . .23.5 1.0 23.5 16.5 British Sky Broad . . .834.5 6.0 849.0 563.5 Afren . . . . . . . . . . . . . .164.2 1.2 171.2 79.2 Ashtead Group . . . . .175.0 3.8 207.9 77.0 Avanti Communicat .418.3 7.0 735.0 376.0
Tsy 4.750 20 . . . . .112.01 -0.23 115.9 106.6 HEALTH CARE EQUIPMENT & S.
BH Global Ltd. GB .1092.0 0.0 1174.0 1058.0 London Stock Exch .972.0 1.0 990.0 544.0 Centaur Media . . . . . . .55.1 0.1 73.0 45.8 BG Group . . . . . . . . .1342.0 12.0 1564.5 1002.0 Atkins (WS) . . . . . . . .811.5 0.5 820.5 650.0 Avocet Mining . . . . . .197.0 -1.0 253.5 112.0
Tsy 2.500 20 . . . .336.07 -0.19 337.6 303.8 BH Global Ltd. US . . . .10.6 0.0 11.6 10.4 Man Group . . . . . . . . .250.4 -0.2 311.0 206.4 Smith & Nephew . . . .670.0 -4.5 742.0 537.5 Chime Communicati .276.0 -4.8 298.5 158.0 BP . . . . . . . . . . . . . . . .454.4 -1.3 509.0 302.9 Babcock Internati . . .691.5 0.5 704.5 492.8 Blinkx . . . . . . . . . . . . .136.5 -0.5 148.8 33.0
Tsy 8.000 21 . . . .140.34 -0.26 147.1 133.8 BH Macro Ltd. EUR . . .16.9 0.0 17.2 15.8 Paragon Group Of . .206.1 1.3 206.7 114.4 Synergy Health . . . . .875.0 0.5 948.0 607.0 Creston . . . . . . . . . . . .117.3 1.3 117.8 78.5 Cairn Energy . . . . . . .425.0 -0.1 493.2 366.0 Berendsen . . . . . . . . .492.9 0.4 519.5 360.2 Borders & Souther . . .56.8 1.8 93.0 55.0
Tsy 1.875 22 . . . . .116.32 -0.21 117.8 108.5 BH Macro Ltd. GBP 1749.0 10.0 1780.0 1630.0 Provident Financi . . .976.0 13.5 1033.0 728.5 Daily Mail and Ge . . .445.9 2.6 594.5 433.0 EnQuest . . . . . . . . . . .130.8 -1.1 158.5 96.0 Bunzl . . . . . . . . . . . . .777.0 1.5 783.0 658.0 BowLeven . . . . . . . . .298.0 -1.0 398.0 115.0
Tsy 4.000 22 . . . .104.44 -0.23 108.4 99.0 BH Macro Ltd. USD . . .16.9 0.0 17.1 15.8 Rathbone Brothers .1188.0 -1.0 1257.0 762.5 HHOLD GDS & HOME CONSTR. Euromoney Institu . .667.5 -7.5 736.0 562.5 Essar Energy . . . . . .432.5 -6.4 589.5 387.1 Capita Group . . . . . . .734.0 -3.5 810.0 635.5 Caledon Resources .104.0 0.3 107.0 23.3
Tsy 2.500 24 . . . .294.16 -0.15 296.0 262.1 BlackRock World M .764.5 3.0 815.5 533.0 Real Estate Credi . . . . .1.4 0.0 2.4 0.9 Barratt Developme . .111.5 0.0 119.0 70.1 Future . . . . . . . . . . . . . .18.3 0.0 30.0 15.8 Exillon Energy . . . . . .455.0 2.0 469.7 166.0 Carillion . . . . . . . . . . .374.3 -2.7 403.2 291.2 Cape . . . . . . . . . . . . . .560.5 26.5 568.5 190.5
Tsy 5.000 25 . . . . .113.33 -0.27 118.5 107.4 BlueCrest AllBlue . . .174.9 0.0 176.2 161.6 RSM Tenon Group . . .25.0 0.0 66.3 21.3 Heritage Oil . . . . . . . .243.7 -0.5 486.0 227.8 De La Rue . . . . . . . . .792.5 -4.0 984.0 549.5 Conygar Investmen .115.8 -0.3 120.0 101.3
Tsy 1.250 27 . . . .109.52 -0.36 111.2 100.5 British Assets Tr . . . .136.0 -0.2 140.5 105.0 S & U . . . . . . . . . . . . .630.0 0.0 708.5 482.5 JKX Oil & Gas . . . . . .285.2 0.0 335.1 228.0 Electrocomponents .292.6 2.2 294.9 205.7 Cove Energy . . . . . . . .83.8 -1.8 112.8 47.5
Tsy 4.250 27 . . . .103.63
Tsy 6.000 28 . . . .125.91
-0.36
-0.36
108.8
132.7
97.9
119.5
British Empire Se . . .528.0
Caledonia Investm .1772.0
3.0
2.0
529.0 404.1
1928.0 1539.0
Schroders . . . . . . . .1593.0 -1.0 1922.0 1154.0
Schroders (Non-Vo .1323.0 -5.0 1554.0 950.5
MAIN CHANGES UK 350 Premier Oil . . . . . . . . .485.0
Royal Dutch Shell . .2133.5
0.6
11.5
535.0 283.3
2326.5 1624.0
Experian . . . . . . . . . . .792.0 1.5
Filtrona PLC . . . . . . . .371.5 0.5
819.0 578.0
385.5 193.8
Daisy Group . . . . . . .101.3 3.5 108.5
Desire Petroleum . . . .14.8 1.8 168.5
86.0
11.3
Tsy 4.750 30 . . . .109.35 -0.37 115.0 103.0 City of London In . . .298.2 0.7 303.2 235.0 Tullett Prebon . . . . . .372.0 -6.5 428.6 307.5 Royal Dutch Shell . .2135.5 10.0 2336.0 1554.0 G4S . . . . . . . . . . . . . . .290.6 0.1 294.7 237.7 EMIS Group . . . . . . . .550.0 24.0 555.5 303.5
Tsy 4.125 30 . . . .278.55 -0.32 280.6 248.7 Dexion Absolute L . .148.2 0.9 151.0 131.2 Walker Crips Grou . . .49.0 0.0 50.0 45.0
Risers % Fallers %
Salamander Energy .280.0 -2.9 317.6 210.0 Hays . . . . . . . . . . . . . .108.5 0.2 133.6 88.4 Encore Oil . . . . . . . . . .63.8 4.8 151.5 28.0
Tsy 4.250 32 . . . .102.38 -0.38 107.8 96.0 Edinburgh Dragon . .242.2 0.4 262.1 201.1 Autonomy Corporati1825.0 4.0 Supergroup . . . . . . .1037.0 -6.3 Soco Internationa . . .381.9 -2.2 484.2 292.0 Homeserve . . . . . . . .519.5 3.0 532.0 398.6 Faroe Petroleum . . . .165.0 -0.5 218.3 113.5
Tsy 4.250 36 . . . .101.87 -0.44 107.4 95.0 FIXED LINE TELECOMS
Edinburgh Inv Tru . . .486.9 1.8 492.2 372.2 Cable & Wireless W . .53.5 3.8 Intermediate Capit . .323.6 -6.2 Tullow Oil . . . . . . . . .1314.0 12.0 1493.0 991.5 Howden Joinery Gr . .110.3 -1.5 127.5 56.8 Gulfsands Petrole . . .247.0 12.3 401.5 232.8
Tsy 4.750 38 . . . . .110.51 -0.46 116.5 102.8 Electra Private E . . .1740.0 1.0 1755.0 1177.0 BT Group . . . . . . . . . .198.0 -1.5 201.9 125.6 Intertek Group . . . . .2002.0 8.0 2148.0 1379.0 GW Pharmaceutical .118.5 -1.5 141.0 83.0
Tsy 4.500 42 . . . .106.85 0.00 112.8 98.9 Stagecoach Group . .249.1 3.8 Kenmare Resources . .45.8 -3.6 OIL EQUIPMENT & SERVICES
F&C Inv Trust . . . . . .313.8 0.8 317.5 251.4 Cable & Wireless . . . .42.8 -0.5 62.9 42.4 Hochschild Mining . .546.5 3.2 Redrow . . . . . . . . . . . .119.0 -3.2 Michael Page Inte . . .541.0 -1.0 567.0 349.4 Hamworthy . . . . . . . .578.0 27.5 582.0 292.5
Fidelity China Sp . . . .103.3 0.8 128.7 96.0 Cable & Wireless . . . .53.5 2.0 92.0 46.6 Invensys . . . . . . . . . .310.8 2.9 Serco Group . . . . . . .580.5 -2.9 Amec . . . . . . . . . . . .1124.0 1.0 1251.0 803.5 Mitie Group . . . . . . . .228.7 1.0 241.1 188.7 Hargreaves Servic .1006.0 5.0 1040.0 556.5
ALTERNATIVE ENERGY Fidelity European . .1257.0 11.0 1287.0 916.0 COLT Group SA . . . .143.0 0.0 156.2 109.0 Hunting . . . . . . . . . . .750.0 -12.5 817.0 439.4 Premier Farnell . . . . .292.3 2.4 308.8 210.2 Healthcare Locums . .112.5 0.0 112.5 112.5
Glencore Internat . . .505.0 -5.9 531.1 504.0 Fidelity Special . . . . .570.0 0.5 595.0 503.0 TalkTalk Telecom . . .145.4 -0.6 168.3 114.3 Dixons Retail . . . . . . .18.7 2.8 Brewin Dolphin Hol . .162.4 -2.6 John Wood Group . .627.0 1.5 706.0 293.1 Regus . . . . . . . . . . . . .111.7 -0.6 119.0 66.1 Immunodiagnostic . .948.5 23.5 980.0 575.0
Herald Inv Trust . . . . .523.0 5.5 541.0 350.5 Telecom Plus . . . . . . .575.0 5.5 575.0 327.0 Laird . . . . . . . . . . . . . .140.0 2.6 Kesa Electricals . . . .146.0 -2.1 Lamprell . . . . . . . . . . .394.0 -2.0 400.9 195.3 Rentokil Initial . . . . . . .97.6 -0.2 121.7 84.3 Impellam Group . . . .330.0 2.5 387.5 73.0
AEROSPACE & DEFENCE HICL Infrastructu . . . .118.2 0.2 121.3 112.0 Chemring Group . . . .674.5 2.4 Moneysupermarket.c .99.0 -2.0 Petrofac Ltd. . . . . . .1540.0 -10.0 1685.0 1141.0 RPS Group . . . . . . . . .242.9 -0.7 251.4 169.8 James Halstead . . . . .450.0 -5.0 485.0 306.0
BAE Systems . . . . . .324.2 -1.2 369.9 294.7 Impax Environment .120.4 0.7 130.5 106.5 FOOD & DRUG RETAILERS St James's Place . . . .345.9 2.3 Law Debenture Corp .363.4 -1.9 Serco Group . . . . . . .580.5 -17.0 640.0 529.5 Kalahari Minerals . . .232.8 2.8 301.0 142.0
PERSONAL GOODS
Chemring Group . . . .674.5 16.0 736.5 519.6 JPMorgan American .864.0 -3.0 909.0 673.0 Booker Group . . . . . . .68.8 -0.1 70.3 39.5 Ashtead Group . . . . .175.0 2.2 Enterprise Inns . . . . . .78.3 -1.9 Shanks Group . . . . . .127.0 2.6 127.0 96.5 London Mining . . . . .390.0 0.0 436.5 194.0
Cobham . . . . . . . . . . .222.1 1.3 247.6 192.3 JPMorgan Asian In . .235.0 -0.1 250.8 187.0 Greggs . . . . . . . . . . . .536.0 6.0 536.2 418.7 Burberry Group . . . .1305.0 -3.0 1365.0 724.5 SIG . . . . . . . . . . . . . . .148.3 -0.9 153.5 90.7 Lupus Capital . . . . . .123.0 -9.0 150.0 72.0
Meggitt . . . . . . . . . . . .365.2 2.6 380.9 261.7 JPMorgan Emerging .587.0 5.0 639.0 479.5 Morrison (Wm) Sup .301.1 -0.1 308.3 257.7 Price Chg High Low Price Chg High Low PZ Cussons . . . . . . . .375.0 5.8 409.0 291.6 SThree . . . . . . . . . . . .408.8 -3.2 447.6 231.1 M. P. Evans Group . .415.0 -1.0 500.5 317.5
QinetiQ Group . . . . . .116.8 1.9 136.3 96.7 JPMorgan European .930.0 7.5 983.5 614.0 Ocado Group . . . . . . .222.0 -1.5 285.0 123.5 Supergroup . . . . . . .1037.0 -70.0 1820.0 609.0 Travis Perkins . . . . .1062.0 10.0 1127.0 709.0 Majestic Wine . . . . . .445.0 6.0 447.9 268.0
Rolls-Royce Group . .629.0 6.5 665.0 535.0 JPMorgan Indian I . . .416.0 0.0 502.0 393.0 Sainsbury (J) . . . . . . .339.7 1.0 395.0 317.2 Bellway . . . . . . . . . . . .714.0 -6.0 753.5 511.0 Haynes Publishing . .247.5 1.0 262.5 202.5 AstraZeneca . . . . . .3129.0 4.0 3385.0 2801.5 Wolseley . . . . . . . . .1954.0 -5.0 2261.0 1223.0 May Gurney Integr . .281.0 1.0 284.4 177.0
Senior . . . . . . . . . . . . .151.8 -1.0 159.5 111.2 JPMorgan Russian .653.0 2.5 755.0 502.0 Tesco . . . . . . . . . . . . .414.6 0.2 440.7 377.5 Berkeley Group Ho .1118.0 7.0 1156.0 751.0 Huntsworth . . . . . . . . .75.8 0.5 87.5 65.0 PHARMACEUTICALS & BIOTECH Monitise . . . . . . . . . . . .27.0 -0.3 29.5 17.8
Law Debenture Cor . .363.4 -7.0 372.4 273.3 TECHNOLOGY HARDW. & EQUIP. Mulberry Group . . . .1365.0 -45.0 1610.0 200.5
Ultra Electronics . . .1689.0 5.0 1895.0 1522.0 Bovis Homes Group .437.6 -1.5 464.7 326.6 Informa . . . . . . . . . . . .427.6 2.7 461.1 342.1
Mercantile Inv Tr . . .1085.0 1.0 1137.0 840.0 FOOD PRODUCERS BTG . . . . . . . . . . . . . .274.6 1.9 276.0 180.0 ARM Holdings . . . . . .571.0 0.0 651.0 264.3 Nanoco Group . . . . . . .77.8 1.8 115.8 68.0
AUTOMOBILES & PARTS Persimmon . . . . . . . .465.1 -1.2 502.5 336.5 ITE Group . . . . . . . . . .247.1 0.0 258.2 136.2
Merchants Trust . . . .425.8 -3.4 431.8 320.0 Associated Britis . .1077.0 0.0 1182.0 940.0 Reckitt Benckiser . .3390.0 -8.0 3648.0 3015.0 ITV . . . . . . . . . . . . . . . . .69.1 -0.8 93.5 48.3 Genus . . . . . . . . . . . .1007.0 18.5 1010.0 704.5 CSR . . . . . . . . . . . . . .337.0 0.0 447.0 280.9 Nautical Petroleu . . .337.8 -0.3 547.0 111.0
GKN . . . . . . . . . . . . . .212.2 -0.4 237.1 109.3 Monks Inv Trust . . . .354.2 1.0 367.9 275.5 Cranswick . . . . . . . . .782.0 16.5 907.5 735.0 Redrow . . . . . . . . . . . .119.0 -3.9 139.0 97.5 Johnston Press . . . . . . .6.0 0.4 20.0 4.6 GlaxoSmithKline . . .1295.5 14.0 1348.5 1095.0 Imagination Techn . .498.0 -4.0 504.5 235.0 Nichols . . . . . . . . . . . .557.8 -2.3 574.6 370.0
Murray Income Tru . .660.0 -3.0 672.0 518.0 Dairy Crest Group . . .393.6 -1.4 424.9 339.7 Taylor Wimpey . . . . . . .36.0 -0.3 43.3 22.3 Mecom Group . . . . . .246.0 1.0 310.0 162.0 Hikma Pharmaceuti .857.0 5.0 900.0 674.5 Pace . . . . . . . . . . . . . .115.0 0.0 231.8 93.0 Numis Corporation . .111.0 0.5 146.5 94.0
BANKS Murray Internatio . . .960.0 7.5 966.0 803.0 Devro . . . . . . . . . . . . .286.0 4.5 296.9 172.0 Shire Plc . . . . . . . . . .1878.0 -13.0 1961.0 1341.0 Spirent Communica .149.7 -2.4 160.3 104.5 Patagonia Gold . . . . . .43.5 -1.5 59.3 12.5
Moneysupermarket. . .99.0 -2.1 102.7 64.6
Barclays . . . . . . . . . . .265.5 -0.2 344.0 255.4 Perpetual Income . . .275.5 1.0 276.6 212.0 Premier Foods . . . . . . .31.3 -0.6 35.1 16.0 INDUSTRIAL ENGINEERING Pearson . . . . . . . . . .1137.0 2.0 1171.0 864.0 Pursuit Dynamics . . .390.0 20.0 700.0 188.0
Polar Cap Technol . .350.1 -0.1 391.2 273.6 Tate & Lyle . . . . . . . . .636.0 -4.0 651.5 409.1 REAL ESTATE INVEST. & SERV. TOBACCO Rockhopper Explor .265.0 2.0 510.0 202.5
HSBC Holdings . . . . .627.3 0.1 730.9 596.2 Bodycote . . . . . . . . . .373.8 0.3 397.7 182.5 Reed Elsevier . . . . . .552.5 4.0 590.5 471.4
Lloyds Banking Gr . . .48.7 0.2 77.6 47.5 RIT Capital Partn . . .1288.0 1.0 1328.0 1056.0 Unilever . . . . . . . . . .1972.0 14.0 2000.0 1688.0 Charter Internati . . . .772.0 6.0 853.5 567.0 Rightmove . . . . . . . .1086.0 -8.0 1104.0 596.5 Capital & Countie . . .178.2 1.4 180.1 100.2 British American . .2716.5 0.5 2745.5 2091.0 RWS Holdings . . . . . .435.0 30.0 435.0 239.0
Royal Bank of Sco . . .41.5 -0.2 52.1 37.6 Schroder Asia Pac . .224.5 0.1 233.6 182.8 Fenner . . . . . . . . . . . .383.2 -1.0 391.9 186.8 STV Group . . . . . . . . .136.0 2.0 168.0 66.0 Daejan Holdings . . .2789.0 -11.0 2919.0 2220.0 Imperial Tobacco . .2178.0 -6.0 2231.0 1784.0 Songbird Estates . . .157.0 2.3 159.5 133.8
Scottish Inv Trus . . . .505.0 4.0 517.0 401.5 FORESTRY & PAPER F&C Commercial Pr .103.8 -0.4 108.0 88.0 Sterling Energy . . . . . .47.8 -2.0 147.0 44.0
Standard Chartere .1586.0 0.5 1950.0 1522.2 IMI . . . . . . . . . . . . . . .1021.0 -4.0 1112.0 642.0 Tarsus Group . . . . . .147.0 3.0 165.0 108.0
Scottish Mortgage . .733.5 3.5 764.0 533.0 Mondi . . . . . . . . . . . . .604.0 -7.0 617.5 367.6 Grainger . . . . . . . . . . .125.0 -0.6 128.2 86.3 TRAVEL & LEISURE Valiant Petroleum . . .593.0 5.0 761.5 504.0
BEVERAGES Melrose . . . . . . . . . . .338.9 -1.9 355.5 203.4 Trinity Mirror . . . . . . . .44.8 0.0 124.3 44.1
SVG Capital . . . . . . . .263.0 2.0 279.8 137.8 GAS, WATER & MULTIUTILITIES Northgate . . . . . . . . . .326.6 0.6 346.7 152.3 United Business M . .565.0 -1.5 725.0 483.8 Helical Bar . . . . . . . . .264.9 1.2 339.5 255.3 Avis Europe . . . . . . . .190.0 3.5 267.9 184.0 Vatukoula Gold Mi . . .109.8 -3.0 227.0 84.0
AG Barr . . . . . . . . . .1360.0 5.0 1395.0 1000.0 Temple Bar Inv Tr . . .934.0 4.5 947.5 717.0 Rotork . . . . . . . . . . .1707.0 -5.0 1895.0 1254.0 UTV Media . . . . . . . . .128.0 1.5 151.0 106.0 London & Stamford .136.5 1.5 136.5 110.3 Betfair Group . . . . . . .815.0 -9.0 1550.0 753.0 Young & Co's Brew . .680.0 -4.0 685.0 510.0
Britvic . . . . . . . . . . . . .431.1 -7.7 518.0 364.5 Templeton Emergin .640.0 0.5 689.5 515.0 Centrica . . . . . . . . . . .314.1 -0.5 346.1 277.3 Spirax-Sarco Engi . .2001.0 2.0 2063.0 1346.0 Wilmington Group . .121.0 1.3 183.0 118.0 Savills . . . . . . . . . . . . .422.9 -2.7 432.0 273.1 Bwin.party Digita . . .142.0 -0.7 309.5 127.5
Diageo . . . . . . . . . . .1291.0 -6.0 1301.0 1033.0 TR Property Inv T . . .197.7 1.7 201.0 132.3 International Pow . . .315.9 -0.8 448.6 289.6 Weir Group . . . . . . .1960.0 1.0 1995.0 894.0 WPP . . . . . . . . . . . . . .739.0 7.0 846.5 614.5 St. Modwen Proper . .186.6 1.6 193.1 135.4 Carnival . . . . . . . . . .2373.0 -22.0 3153.0 2037.0
SABMiller . . . . . . . . .2213.5 -3.0 2306.0 1827.0 TR Property Inv T . . . .90.1 0.7 91.0 59.5 National Grid . . . . . . .593.0 1.0 632.5 484.2 Ferrexpo . . . . . . . . . . .443.7 -5.9 499.0 235.0 Yell Group . . . . . . . . . . .6.0 -0.1 32.5 5.8 UK Commercial Pro . .84.4 0.0 85.0 74.3 Compass Group . . . .588.5 -5.0 595.5 501.0
CHEMICALS Witan Inv Trust . . . . .513.5 3.0 528.0 409.9 Northumbrian Wate .356.9 -3.7 362.7 280.9 Talvivaara Mining . . .480.0 2.4 622.0 351.6 Unite Group . . . . . . . .220.9 0.1 229.8 163.0 Domino's Pizza UK . .397.2 -5.2 586.0 349.6
Pennon Group . . . . . .658.0 -7.0 675.0 527.0 MINING easyJet . . . . . . . . . . . .359.7 -0.4 479.0 322.3
FINANCIAL SERVICES INDUSTRIAL TRANSPORTATION REAL ESTATE INVEST. TRUSTS
AZ Electronic Mat . . .313.1 -2.9 338.1 248.5 Severn Trent . . . . . .1480.0 -13.0 1517.0 1216.0 African Barrick G . . .451.6 -1.6 670.0 445.0 Enterprise Inns . . . . . .78.3 -1.5 122.7 76.4
Croda Internation . .1901.0 -19.0 1949.0 971.0 3i Group . . . . . . . . . . .281.0 -3.5 340.0 254.1 United Utilities . . . . .610.0 -3.0 632.0 520.0 BBA Aviation . . . . . . .216.8 0.3 240.8 175.0 Anglo American . . .2940.0 -10.0 3437.0 2254.0 Big Yellow Group . . .331.8 -1.4 353.3 284.4 FirstGroup . . . . . . . . .337.8 1.4 412.6 311.3
Elementis . . . . . . . . . .158.0 -2.2 169.8 58.8 3i Infrastructure . . . .123.8 0.0 125.2 106.6
GENERAL INDUSTRIALS Stobart Group Ltd . . .139.2 2.1 163.6 124.1 Anglo Pacific Gro . . .301.9 3.4 369.3 241.5 British Land Co . . . . .591.0 9.5 604.5 429.0 Go-Ahead Group . . .1490.0 29.0 1540.0 1042.0 http://corporate.webfg.com
Johnson Matthey . .2052.0 39.0 2119.0 1460.0 Aberdeen Asset Ma .231.7 0.6 240.0 123.0 Antofagasta . . . . . . .1275.0 6.0 1634.0 761.0 Capital Shopping . . .387.6 0.9 424.8 301.3 Greene King . . . . . . .494.6 -1.4 502.5 376.2 mailto:
Victrex . . . . . . . . . . .1421.0 -17.0 1525.0 1049.0 Ashmore Group . . . .380.9 1.5 383.7 236.5 Cookson Group . . . . .673.5 1.5 724.5 367.4 NON LIFE INSURANCE Aquarius Platinum . .337.4 -0.8 419.0 227.1 Derwent London . . .1841.0 9.0 1844.0 1208.0 InterContinental . . .1229.0 -18.0 1435.0 982.0
Berkeley Technolo . . . .4.3 0.0 9.0 2.2 DS Smith . . . . . . . . . .213.2 0.7 226.0 108.0 Admiral Group . . . . .1700.0 16.0 1754.0 1315.0 BHP Billiton . . . . . . .2305.5 -21.5 2631.5 1684.5 Great Portland Es . . .435.6 0.1 441.6 280.5 International Con . . .236.7 2.2 305.0 186.5 globaltechsales@webfg.com

EUSHARES USSHARES
Price Chg High Low

Don’t miss breaking

Price Chg High Low
AIR LIQUIDE........................................93.06 -0.03 100.65 78.81 3M ........................................................90.70 -0.76 97.95 72.72
ALLIANZ ..............................................92.99 0.43 108.85 77.48 ABBOTT LABS ...................................51.08 -0.17 54.24 44.59
ALSTOM ..............................................41.66 0.04 45.32 30.78 ALCOA ................................................15.92 -0.28 18.47 9.81

news with our

ANHEUS-BUSCH INBEV ....................40.63 -0.35 46.33 38.37 ALTRIA GROUP ..................................27.60 0.03 28.13 19.53
ARCELORMITTAL...............................22.09 -0.12 28.55 20.26 AMAZON.COM..................................188.32 -5.33 206.39 105.80
AXA......................................................14.75 0.09 16.16 10.88 AMERICAN EXPRESS........................49.28 -0.81 51.97 37.13

10:30 AM EMAIL
BANCO SANTANDER...........................8.09 0.06 10.23 7.00 AMGEN INC.........................................58.69 -0.56 61.53 50.34
BASF SE..............................................62.42 0.96 70.22 40.74 APPLE ...............................................343.44 -2.66 364.90 236.78
BAYER .................................................55.43 0.30 59.44 43.27 AT&T....................................................30.65 -0.32 31.94 23.88
BBVA......................................................8.03 0.11 10.71 6.75 BANK OF AMERICA ...........................11.28 -0.01 16.10 10.91
BMW ....................................................60.29 0.15 65.49 37.31 BERKSHIRE HATAW B.......................76.25 -0.91 87.65 69.61
BNP PARIBAS.....................................53.55 1.14 59.93 40.81 BOEING CO.........................................74.84 -0.85 80.65 59.48
CARREFOUR ......................................30.19 -0.05 41.28 29.83 Each day we’ll cover the morning’s breaking news, BRISTOL MYERS SQUI......................27.98 -0.11 28.99 22.31
CREDIT AGRICOLE ............................10.58 0.23 12.92 7.87 CATERPILLAR..................................101.10 -1.09 116.55 54.89
CRH PLC .............................................14.48
DAIMLER .............................................47.57
-0.19
0.25
19.92
59.09
11.51
37.03
give you current market analysis and CHEVRON .........................................101.00
CISCO SYSTEMS................................16.01
-0.12
-0.24
109.94
26.00
66.83
15.98
DANONE..............................................50.36
DEUTSCHE BANK ..............................40.88
0.09
0.77
51.33
51.61
41.00
35.93
the most up-to-date financial headlines. CITIGROUP .........................................39.85
COCA-COLA .......................................65.53
-0.16
-0.51
51.50
68.77
36.20
49.47
DEUTSCHE BOERSE .........................54.40 0.37 62.48 46.33 COLGATE PALMOLIVE ......................84.11 -1.37 87.58 73.12
DEUTSCHE TELEKOM .......................10.04 -0.01 11.38 8.97 CONOCOPHILLIPS.............................72.39 0.24 81.80 48.06
E.ON.....................................................18.84
ENEL......................................................4.72
-0.23
-0.02
25.54
4.86
18.56
3.42
Sign up now to ensure you DU PONT(EI) DE NMR........................50.29
EMC CORP..........................................27.93
-0.88
-0.43
57.00
28.73
33.73
17.72
ENI........................................................16.11
FRANCE TELECOM............................15.40
-0.10
-0.02
18.66
17.45
14.59
14.01
receive our free email. EXXON MOBIL....................................81.18
GENERAL ELECTRIC.........................18.82
-0.15
-0.27
88.23
21.65
55.94
13.75
GDF SUEZ ...........................................24.61 -0.17 30.05 22.64 GOLDMAN SACHS GRP ..................135.33 0.92 175.34 129.50

www.CityAM.com/newsletter
GENERALI ASS...................................15.01 0.05 17.05 13.31 GOOGLE A........................................523.08 -4.98 642.96 433.63
IBERDROLA ..........................................6.09 -0.01 6.50 4.38 HEWLETT PACKARD .........................36.11 -0.32 49.39 35.44
Visit:
ING GROEP CVA...................................8.19 0.08 9.50 5.86 HOME DEPOT.....................................34.63 -0.46 39.38 26.62
INTESA SANPAOLO .............................1.83 0.09 2.53 1.65 IBM.....................................................165.05 -1.04 173.54 120.61
KON.PHILIPS ELECTR .......................18.55 -0.16 26.87 18.38 INTEL CORP .......................................21.73 -0.36 23.96 17.60
L'OREAL..............................................85.19 -0.61 90.00 74.50 J.P.MORGAN CHASE .........................41.57 -0.04 48.36 35.16
LVMH..................................................118.25 0.10 129.05 84.85 WORLD INDICES JOHNSON & JOHNSON.....................66.09 -0.39 67.37 56.86
MUNICH RE .......................................104.00 0.00 126.00 98.38 KRAFT FOODS A................................34.10 -0.32 35.44 27.59
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
NOKIA....................................................4.48 -0.23 8.49 4.27 MC DONALD'S CORP ........................80.54 -0.21 83.08 65.31
FTSE 100 . . . . . . . . . . . . . . 5855.01 7.09 0.12 S&P 500 . . . . . . . . . . . . . . . 1300.16 -12.78 -0.97 CAC 40 . . . . . . . . . . . . . . . . 3890.68 0.81 0.02 BOVESPA SAO PAOLO . . 64340.50 122.42 0.19
REPSOL YPF.......................................22.72 0.02 24.90 15.67 MERCK AND CO. NEW ......................35.82 -0.33 37.68 31.06
FTSE 250 INDEX. . . . . . . . 11972.66 9.63 0.08 NASDAQ COMPOSITE . . . 2732.78 -40.53 -1.46 SHANGHAI SE INDEX . . . . 2728.02 22.84 0.84 ISEQ OVERALL INDEX . . . 2940.50 -23.16 -0.78
RWE .....................................................38.19 -1.05 59.85 37.63 MICROSOFT........................................23.91 -0.32 29.46 22.73
FTSE UK ALL SHARE . . . . 3058.58 3.60 0.12 FTSEUROFIRST 300. . . . . . 1111.51 -4.41 -0.40 HANG SENG. . . . . . . . . . . 22949.56 -304.28 -1.31 STI . . . . . . . . . . . . . . . . . . . . 3172.87 12.94 0.41
SAINT-GOBAIN ...................................44.49 -0.21 47.64 27.81 OCCID. PETROLEUM.......................104.20 0.41 117.89 72.13
FTSE AIM ALL SH . . . . . . . . 880.11 1.44 0.16 NIKKEI 225 AVERAGE . . . . 9492.21 -62.83 -0.66 S&P/ASX 20 INDEX . . . . . . 2749.20 -10.80 -0.39 IGBM . . . . . . . . . . . . . . . . . . 1047.86 2.53 0.24
SANOFI................................................52.43 -0.77 56.50 44.01 ORACLE CORP...................................32.33 -0.39 36.50 21.24
DOW JONES INDUS 30 . . 12151.26 -97.29 -0.79 DAX 30 PERFORMANCE. . 7109.03 34.91 0.49 ASX ALL ORDINARIES . . . 4666.60 -16.60 -0.35 SWISS MARKET INDEX. . . 6407.39 -89.08 -1.37
SAP ......................................................42.17 0.17 46.15 34.13 PEPSICO .............................................68.97 -0.54 71.89 60.32
SCHNEIDER ELECTRIC....................111.50
SIEMENS .............................................91.00
0.00
1.17
123.65
99.39
79.70
70.02
COMMODITIES CREDIT & RATES PFIZER ................................................20.84
PHILIP MORRIS INTL .........................68.99
-0.16
-0.92
21.45
71.75
14.00
42.94
SOCIETE GENERALE.........................40.99 0.79 52.70 29.71 LON GD ONCE FIX AM...........1531.00 -9.75 TIN CASH.............................27350.00 -495.00 BoE IR Overnight ............................0.500 0.00 Euro Base Rate ...............................1.250 0.00 PROCTER AND GAMBLE ..................65.43 -0.58 67.72 56.57
TELECOM ITALIA..................................0.97 -0.01 1.16 0.88 SILVER LDN FIX AM ..................35.67 -0.12 ZINC CASH ............................2225.50 0.00 BoE IR 7 days .................................0.500 0.00 Finance house base rate ................1.000 0.00 QUALCOMM INC ................................57.04 -0.76 59.84 31.63
TELEFONICA ......................................16.53 -0.04 19.69 14.83 MAPLE LEAF 1 OZ ....................58.00 0.00 BoE IR 1 month ..............................0.500 0.00 US Fed funds...................................0.250 0.00 SCHLUMBERGER ..............................85.04 0.75 95.64 52.91
BRENT SPOT INDEX ................114.49 -1.60 BoE IR 3 months ............................0.500 0.00 US long bond yield .........................4.020 0.03
TOTAL..................................................38.36 -0.28 44.55 35.66 LON PLATINUM AM................1819.00 -2.00 TRAVELERS CIES ..............................61.18 0.00 64.17 47.77
SOYA .....................................1407.00 20.75 BoE IR 6 months ............................0.545 0.00 European repo rate .........................0.880 0.02
UNIBAIL-RODAMCO SE...................152.85 -0.30 159.30 108.66 LON PALLADIUM AM ...............773.00 -2.00 UNITED TECHNOLOGIE ....................83.24 -1.05 90.67 62.88
COCOA ..................................2904.00 -49.00 LIBOR Euro - overnight ..................0.895 0.02 Euro Euribor ....................................1.017 0.00
UNICREDIT............................................1.57 0.03 2.24 1.46 ALUMINIUM CASH .................2631.00 -21.50 LIBOR Euro - 12 months ................2.106 0.00 The vix index ...................................17.76 -0.35 VERIZON COMMS ..............................35.63 -0.54 38.95 25.30
UNILEVER CVA...................................22.38 0.05 24.11 20.68 COPPER CASH ......................9037.00 -133.00 COFFEE...................................261.25 5.30 WAL-MART STORES..........................53.66 0.11 57.90 47.77
LIBOR USD - overnight...................0.126 0.00 The baltic dry index ........................1.489 0.00
VINCI....................................................43.30 -0.27 45.48 33.01 LEAD CASH ...........................2484.00 -28.50 KRUG.....................................1593.40 12.20 LIBOR USD - 12 months .................0.727 0.00 Markit iBoxx...................................220.82 -0.12 WALT DISNEY CO ..............................39.38 -0.68 44.34 30.72
VIVENDI ...............................................19.07 0.12 22.07 16.25 NICKEL CASH ......................22950.00 -380.00 WHEAT ....................................193.50 2.02 Halifax mortgage rate .....................3.500 0.00 Markit iTraxx ....................................95.06 0.00 WELLS FARGO & CO.........................26.86 -0.30 34.25 23.02
 Business Features
A man on a mission
to the Moonpig.com
Donata Huggins asks Nick Jenkins,
online innovator and ex-Glencore
trader, how he launched into cards
M
OONPIG was a nick-
name I had at school,”
says Nick Jenkins. “I
needed a two syllable
domain name, something comic
and unique on Google.” It took
him four days of checking poten-
tial names on Network Solutions
to stumble upon Moonpig. Now a
household name, it is also one of
the UK’s fastest growing and most
profitable companies, according
to the Sunday Times Profit Track
and Fast Track league tables.
Jenkins came up with the idea
after leaving life as a commodi-
ties trader at Glencore in Russia
to do an MBA at Cranfield. “The
purpose of going to business
school was to spend some time
thinking of a business idea and
drawing up business plans,” says
Jenkins. With five in total at the
end of the year, he set his heart
on Moonpig. “There were plenty
of doubters. Just because people
Investor knowledge is business power
For those who learn how to play the
investment game, money really can
grow on trees, writes Stephanie Broll
T
HE news is never short of
headlines about small busi-
nesses struggling to get hold
of start-up capital and nobody
is ever short of an opinion on the
matter. But until now, few have put
their heads together to find a solu-
tion. Stepping into the breach, City
A.M. and Entrepreneurs World have
created a conference to help busi-
ness owners and investors alike.
The plan is simple: bring both
sides together. We have tracked
down top quality speakers including
Edward Wray, the co-founder of
Betfair, and high-profile investors
such as Lord Stanley Fink, a hedge
fund manager, and plan to put them
in a room together on 22 June to dis-
cuss the challenge of raising entre-
preneurial capital.
This will be no ordinary confer-
ence. Each table will be hosted by a
successful entrepreneur or investor.
Together, they will consider what
makes a business ready and appeal-
ing to angels, hedge funds, private
equity and venture capital.
“The idea is great,” says Tim
Weller, the founder of Incisive
Media. “If I’d had people to tell me
what I know today, I would have
grown my business much faster.”
think your idea was rubbish,
doesn’t mean it is rubbish.”
RAISING CAPITAL
He had spent eight years working
as a trader and knew he wanted
to start his own business, saving
£750,000 while at Glencore. “I’m
not the best example of an entre-
preneur as I had this capital to
start with.” Jenkins did raise a fur-
ther £1.35m to kick-start the busi-
ness, confessing that he “burnt
through” it in the first five years.
It took Moonpig five years to
become profitable. “It was a chal-
lenge,” confesses Jenkins. “We
started from zero customers on a
product that had not existed
before.” But with its famous TV
adverts, the concept established
itself steadily. “We chipped away
at our losses over five years until
we broke even.”
“Building something and see-
ing it take on a life of its own is
Weller cites blunders he made early
on, giving away large stakes in the
business to early investors that he
had to buy back later. “If only some-
one had warned me of the pitfalls,”
he added.
THE RIGHT DIRECTION
The idea is to save entrepreneurs
time and equip them with the
knowledge and skills they need. The
conference organiser and founder of
Entrepreneurs World Ivor Tucker
explains: “Most entrepreneurs are
very busy, with limited resources
and time to deal with everything
that needs their attention. Raising
capital is a complicated process that
in many cases is almost a full-time
job in itself. Coming along to the
conference will speed up the process
and give entrepreneurs the knowl-
edge and network to put them on a
surer footing.” The conference hopes
to give entrepreneurs a head-start by
pointing them in the direction of
the information “they don’t know
they don’t know.”
David Soskin, the co-founder of
Cheapflights Media, says the social
element will be fantastic: “Meeting
up with other entrepreneurs can be
a great way to learn.”
27
| Entrepreneurs
really satisfying. I mean, it was
really challenging at times. If
there had been a way to hand
back the keys, I would have.” The
logistics of printing was a con-
cern for Jenkins. Printers claim-
ing to churn out 2,000 cards an
hour were in reality only capable
of 200: “The complex digital
images just took so long for the
computer to generate back in
those days.”
Boldly, Jenkins chose not to do
any market research: “There’s no
point asking people what they
think about something that does-
n’t exist yet. Not to mention the
fact that a certain type of person
answers questionnaires – namely From nickname to household name Picture: Micha Theiner/City A.M.
people with time on their hands.”
CV | NICK JENKINS
INSURANCE POLICY
Jenkins moved to become chair- Company name: Moonpig Drinking: Malbec
man in 2005. “When you’re run-
ning a company, sometimes you
Company turnover: £40m Idol: “Bill Gates – for giving it all away.”
don’t have time to stop and think
Number of staff: 100 Origin of the company name: “It was my
about the direction because Founded: 2000 nickname at school and a domain name
you’re so consumed by the nitty- Job title: Founder and Chairman that hadn’t already been taken.”
gritty. I have time to do that now.” Age: 44 Growth: Ranked third in the Sunday Times
Has he ever regretted the jour- Born: Droitwich, Worcestershire Profit Track 2011 and 17th in the Sunday
ney? Certainly not. “It’s a risk, but Lives: Battersea, London Times Fast Track 2011 league tables
– if you’re successful – it’s the best Studied: Russian Literature at Birmingham Trivia: Moonpig is currently sending out
insurance policy going – you’ve and MBA at Cranfield 12m cards a year.
employed yourself.”
Harvest sustainable funding by HELIX CONFERENCE | NEED TO KNOW
understanding investors
Who: This conference is for business lead- Lord Stanley Fink, the hedge fund manager;
Picture: ers, investors and those interested in entre- and David Soskin, the founder of Incisive
ALAMY preneurship. Media.
What: This conference, run jointly by City Cost: £395 plus VAT.
A.M. and Entrepreneurs World, will be a Book: www.cityam-helix.com
highly interactive seminar led by high-pro- Special offer: The next thirty people will
file entrepreneurs. be able to bring along a guest for free.
When: 8:30am-3:20pm, 22 June 2011 Visit www.cityam-helix.eventbrite.com, to
Where: Grange Tower Bridge Hotel, London. book using the code “EWGUEST” to secure a
Speakers: The line-up of speakers includes subsidised place. But remember, this is a
Edward Wray, the co-founder of Betfair; limited offer.
 Lifestyle
28 In association with CITYA.M. 6 JUNE 2011

| Travel

Two spectacular Mexican

resorts, two special locations
One is on the east coast, the other is in the west coast. Both
O
NE is The Tides, Riviera Maya, a
five star resort on Mexico’s
are sensational hotels. Laura Ivill compared and contrasted east coast in the upmarket dis-
trict of Riviera Maya, south of
Cancun and surrounded by lush,
tropical rainforests.
The other is Las Ventanas al
Paraiso, Cabo San Lucas, an equally
lavish resort on Mexico’s west coast,
on the Pacific side of the desert of Los
Cabos peninsula, in Baja California.
Both are spectacular destinations
with scenic swimming pools, expan-
sive suites, and top notch service
(along with celebrity followings to
boot) but offer different experiences
of the country. Which is best for your
holiday this summer? City A.M. com-
pared and contrasted the two.

EAST COAST CARIBBEAN

BEACH HIDEAWAY: THE TIDES, RIVIERA
MAYA, MEXICO
THE VIBE:
Your private villa is tucked away with-
in the tall palms of the Mexican jun-
gle, yet the resort itself opens onto a
pristine beachfront, where the warm
Caribbean waters lap at pure white
sand. There is genuine peace and a
soulful chilled-out vibe here. Swim
before breakfast, take a yoga class on
the beach and spend the afternoon
listening to the birds from a poolside
lounger.

DESIGN NOTES:
From the informal outdoor reception
under a thatched canopy, to the spa
hidden within the forest, The Tides’
charming rustic chic is never over-
stated. Shells, petals, rope, wood, can-
dles, textiles, hand-made soap… it’s a
couples’ heaven of design simplicity,
yet with five-star service.

IN RESIDENCE:
A winding path leads to your villa, a
traditional thatched casita enveloped
by the jungle and hidden from the
other 29. You can shower in your
petal-strewn bathroom or take an
outdoor shower where you might
spot a monkey in the trees above.
Your secluded terrace invites you to
relax undisturbed. Here, you can have
your breakfast delivered to your table
as you awake. You can flop on the
daybed or in the hammock with an
absorbing read, grab a drink from the
mini-bar or have a dip in your private
plunge pool (set to the exact tempera-
ture you request, naturellement.) The
world’s your oyster.
DRINK AND DINE:
By night, flame torches guide you to
the beach BBQ for informal dining, or
the traditional palapa (thatched)
Marea Restaurant serves fresh ceviche
and an extensive list of Mexican beer
and wine. Breakfast by the pool can
be healthy and hearty or light and
detoxing – start with a cucumber,
pineapple and mint juice. The out-
door pool bar will keep you refreshed
all day.
SPA CULTURE:
The Mayan spa is at the heart of the
resort. A shamen will welcome you
with copal (the local incense) and
when you step inside the spa, the
It’s one of the world’s
most upscale resorts.
Kate Winslet has swum
in its infinity pools and
Cindy Crawford takes
her family for horse
rides on the beach
thatched circular airy roof is a real
wow. But it is the outdoor treatment
rooms, with their natural waterfalls
and tropical canopy, that are especial-
ly restful. All the herbs used are
grown in the spa’s garden.
EXPLORE:
For culture lovers, the biggest city of
the ancient Mayas, Coba, is nearby
and includes the tallest pyramid of
the Yucatan Peninsula. Take a bike
ride and see the whole site. Also, an
hour’s drive away, is the spectacular
site of Tulum which was the most
important city of the post-Classical
period. Or, for a more leisurely excus-
rion, take a boat ride to a pristine
turquoise fresh-water lagoon and
CITYA.M. 6 JUNE 2011
swim in the warm waters of the man-
grove (www.siankaantours.org).
The Tides, Riviera Maya, Mexico
(www.tidesrivieramaya.com). Villas from
$585US per night, plus tax and service.
Thomson Airways flies direct from
Heathrow to Cancun, from £499 return
0871 231 5595, www.thomson.co.uk/flights
WEST COAST PACIFIC UBER-LUXURY
RESORT: LAS VENTANAS AL PARADISO
THE VIBE:
On the very tip of Los Cabos
peninsula where the deep blue of the
Sea of Cortez meets the golden crag-
giness of the Baja Pacific coast, Las
Ventanas is one of the most upscale
resorts in the world. Kate Winslet has
swum in its infinity pools and Cindy
Crawford takes her family for horse
rides on the beach. With 350 days of
sunshine, the swaths of bright purple
bougainvillea last for half the year.
DESIGN NOTES:
Facing towards the pristine beach
and the pounding surf of the Pacific,
the $24 million resort, with 71 suites,
has used local materials and crafts-
men, and has planted hundreds of
tress, cacti and succulents in its man-
In association with
icured gardens of raked sand. What
feels like a spacious village of low-rise
white stone buildings is linked by
curving paths and bathing pools,
which, after an everlasting sunset,
seems to glow in the lantern light.
IN RESIDENCE:
Suites start at 960 sq ft, so throw open
the huge doors to your patio or ter-
race and create a vast indoor-outdoor
apartment – the sound of Las
Ventanas is of pounding surf and
birdsong. As well as patio sofas, some
suites have a Jacuzzi so friends can
drop in for a dip. Interiors are all fire-
places, marble showers and
limestone floors, but it’s the giant
pebble-inlaid headboard that gives
the room its wow-factor and local
charm.
DRINK AND DINE:
Innovation has made Las Ventanas so
imitated across the world. On a
Saturday morning, have your glass
filled with Taittinger at the executive
chef’s outdoor cookery school, as
Fabrice Guisset shows you how to
make Yucatan sea bass ceviche. Or, if
you want to know about tequila,
Epifanio Alvarez will give you a tast-
ing masterclass. At night, the tequila
and ceviche bar becomes the tequila
and sushi bar for a Mexico-Japan
THE GILBERT SCOTT
RESTAURANT
REVIEWED IN
TOMORROW’S PAPER
Left: The pool at The
Tides, Riviera Maya.
Below left, a four-
poster hanging day
bed at The Tides
Below middle, The
pool at Las Ventanas,
Al Paradiso. Below
right, king-size opu-
lence at Las Ventanas
fusion menu. Or, for a perfect
moment of relaxation, climb into a
hammock on the beach, order a cock-
tail, close your eyes and let the ocean
sounds wash over you.
SPA CULTURE:
Take your time choosing from the
extensive menu while you relax
around a central pool. On the breeze
you’ll hear the haunting sounds of
Tibetan singing bowls played by an
attendant. If you’ve never tried
hydrotherapy, enliven your senses by
alternating the icy plunge pool with
the Jacuzzi, sauna and steam room.
EXPLORE:
To experience the desert and ocean
views, you can rent one of the hotel’s
Porsche Boxsters or a Mini Cooper S
convertible. Or for a four-legged
adrenalin rush, take a two-hour
horseride in the Mexican bush, cul-
minating in a gallop along the beach.
Breathtaking.
Las Ventanas al Paraiso, Cabo San Lucas,
Baja California Sur, Mexico (www.lasven-
tanas.com). Suites from $655US per night,
plus tax and service. American Airlines flies
from London Heathrow to Dallas Fort
Worth for onward connections to Los
Cabos, Mexico, from £852 return (0844
4997300, www.aa.com).
29
TRAVEL NOTES | by Lucie Greene
THE AYADA MALDIVES TO OPEN SUMMER LUXURY DEALS
Not that you need many excuses to Just the thing for a last minute spot of
visit the crystal blue waters of the escapism. Small Luxury Hotels of the
Maldives, but now, at least there’s an World has launched a series of summer
extra-timely motivation to book offers on its collection of 95
a flight. Ayada Maldives is a hotels, including extra
new resort set to open in complimentary nights
autumn (pictured and 20 percent
above), a brand added value on
spanking new 112- stays, including a
villa extravaganza massage and din-
on Maguhdhuvaa ner at the Historic
Island in the sensa- Ettikettu restau-
tional Gaafu Dhaalu rant at its lavish
Atoll. Each of the Kerala hotspot
resort’s luxurious The Kumarakom
villas, pictured above, Lake in India; ten
will have its own sleek per cent off the best
swimming pool. The available rate at its
resort will boast a 3,500 chic Barcelona hotel the
square foot spa for relaxation, ABaC Resort, pictured left,
24 hour butler, an array of water and seven nights for the price of five
sports, a kids club, two a la carte at it’s spectacular destination the Coco
restaurants, a pool bar (most impor- Palm Dhuni Kolhu Hotel in the
tantly) and a traditional Turkish cafe. Maldives. We’re already packing our
www.ayadamaldives.com suitcases. Info: www.slh.com
THINK ROOMS... with
VIVA WYNDHAM MAYA 4*
Paseo Xaman-ha | Lote Hotelero No.5 | Playa del
Carmen | Quintana Roo | 77710
The exclusive Viva Wyndham Maya places you right in
the middle of Mexico’s Mayan Riviera. And what a per-
fect location that is. From diving the world’s second
largest barrier reef to exploring the Mayan ruins, there’s
a bundle of things to see and do. But that’s only if you
can drag yourself away from this impressive hotel first –
or more specifically, from the fantastic swimming pool
and gorgeous beach.
EUROSTARS ZONA ROSA SUITES 5*
Londres 115 | Colonia Juarez | Delegacion
Cuauhtemoc | Mexico DF | 06600
Slide into the outdoor terrace Jacuzzi of this hotel and
enjoy panoramic vistas over Mexico City – it’s a real treat.
In the heart of the bustling metropolis, Eurostars Zona
Rosa Suites is in a fab location providing a luxurious and
relaxing stay. If you’re away for a little little longer, choose
one of the suites for even more space and comfort.
CASANTICA 4*
Avenue Morales 601 | Col. Centro | Oaxaca | 68000
Housed in an 18th century convent in Oaxaca’s city centre,
this hotel is just bursting with charm and character. The
traditional stone architecture, pillars, arches, fountains and
patios conjure up a real authentic flavour throughout,
whilst the internal courtyard complete with heated pool
and waterfall is beautiful. A lovely, tranquil stay.
To book your stay at any of these fabulous hotels, or to dis-
cover a whole world of other accommodation possibilities,
visit LateRooms.com or call 0161 831 3894.
To book your stay at any of these fabulous hotels, or to discover a whole world of other
accommodation possibilities, visit LateRooms.com or call 0161 831 3894.
 30 Lifestyle | Focus on Kids
Q&A
Clare Rous & Kara Iland
FOUNDERS OF ROUS ILAND MEMBERS’ BOUTIQUE,
WWW.ROUSILAND.COM
HOW TO STAY
STYLISH DURING
YOUR PREGNANCY
Q.
I am 4 months pregnant and
feel like I am running out of
options in my existing wardrobe.
I can’t justify spending money on
expensive maternity wear that I will
only use for a few more months. Can
you suggest any alternative options?
A.As your bump gets bigger anything
with a waistband is going to become
uncomfortable. If you insist on wearing
trousers then there is no alternative and
you will need to consider investing in a
pair with a special maternity band. Slacks
& Co offer good options for work.
Alternatively consider taking a favourite
pair to a good alterations company (like
Simply Tailored at department store
Liberty) who will adapt them for you.
However, with the start of the warm
weather the best thing would be to focus
on finding some flattering dresses. If you
are selective about the right cuts and fab-
rics you will still be wearing these dresses
long after your baby is born. One main
celebrity led trend is to be proud of your
bump and show it off. For this you need
fitted dresses in luxurious man made fab-
rics that contain a large element of
stretch to snap them back into shape
when washed. Neoprene dresses by
Brazilian designer Madame X are perfect
examples being both fashion forward and
practical.
If you would prefer to conceal your
bump then opt for cocoon shaped dresses
which skim over your tummy but critical-
ly come in again at the leg. This will stop
you from feeling like you are wearing a
giant tent. Once the bump becomes a
baby then just belt the dress to synch in
and show off your waist again. If you
want to hide your legs then maxi dresses
in soft jersey fabrics that skim are still far
more comfortable than separates.
Rebecca Taylor’s gorgeous Leopard Maxi
Dresses are a great example of a style
that works just as well pre-baby as post.
Remember also that not only your bump
will be growing over the next few months.
Slightly lower necklines will also be more
flattering as your bust also balloons. It is
worth also investing in a boyfriend style
blazer to add structure to your look and
softly conceal your bump.
Luxury’s new wave of miniature fashion fans
G
UCCI, Burberry, Missoni, our
small but perfectly formed
progeny are getting increas-
ingly luxurious tastes. Or,
more to the point, we are on their
behalf. Luxury designer clothing,
gadgets and home wears for children
are booming as parents – even
throughout a recession – lavish
increasing amounts on
their little darlings.
According to the
Datamonitor
Group, a very trend aware and
c o n s u m e r
research compa-
ny, children’s
wear in
Europe is
outper-
On the road:
It-buggies put
through paces
A Bugaboo or a Phil & Teds? Katie Hope tries
out the brands’ latest must-have luxe prams
F
orget the gleaming red sports cars –
the four-wheeled mean machines
creating the most envy on the high
street right now are... prams. These
aren’t just any prams though: they’re dou-
ble prams – de rigeur for London parents
forced to nanny share to reduce extortion-
ate childcare costs; or, having left it later
to start a family, have children closer
together.
Bugaboo last month launched its first
double buggy – The Donkey. With a start-
ing price tag of £1,099 it is the first UK
pram to break through the £1,000 mark
and its arrival puts it in direct
competition with Phil & Teds. (The brand
BUGABOO DONKEY
With all the excitement, I was hoping the
Donkey had some remote-control device
enabling us to send our testers off on a
pre-programmed jaunt while we sipped
coffee in a cafe. Sadly not, but it was
incredibly manoeuvrable – possible to
steer one-handed while sipping afore-
mentioned coffee and very flexible in
terms of configuration. You can convert
from double to single use – and vice-versa
– and have any mix of seat, carrycot or
car seat positioned par-
ent-facing
forming all other markets.
“We’ve experienced a significant
growth in designer children's wear
over the last few years,” says Torly
Grimshawe, Children’s merchandise
manager at Harrods. It’s a similar
story at online designer kid’s retailer
Alex and Alexa. “We’ve grown 100 per
cent every year since launching in
2007,” says CEO Alex
Theophanous. “It’s a
lifestyle statement.”
“New parents are
dress their offspring
as a ‘mini me’, to
reflect their own style,”
explains Lynn Crook,
children’s buyer at
Selfridges, where chil-
which, until now, has been the main
provider of high-end double prams to the
capital’s yummy mummies.)
Hot on Bugaboo’s heels, Phil & Teds’ lat-
est double – Verve 4WD inline – also hap-
pens to have just launched.
With healthy competition in mind, we
decided to give each a test run. (We were
lucky to get them, it turns out. The much-
hyped Donkey – described by the New
York Daily News as a “pimped out must-
have, hotter than the iPad2”– was in such
demand that our expert testers – my son
James, and a colleague’s one-year old
Stanley were only granted a 24-hour spin.)
Here’s how we fared.
or forward facing – or with the babies
facing each other. It’s also very easy to
recline the seats to a sleeping position –
perfect for when snoozling time arrives.
For a double, it’s unusually narrow – just
74cm wide – allowing it to fit through any
modern building doors, but a bit of a
squeeze on narrower City ones. It
bumped down steps easily enough, but –
unsurprisingly – as a double was heavy to
take up steps. Folding it down was easy
even with both seats on, but it was still
quite large when closed up. And, if you
made use of the large, detachable shop-
ping basket – which comes with the pram
– you would take up even more space.
Cost: The Mono is £899. This includes a
chassis, 1 carry cot fabric set, 1 seat unit
fabric set, under seat basket, side basket,
and rain cover. Duo is £1,099. This
includes a chassis, one carry cot fabric
set, two seat unit fabric sets, a storage
basket, an under seat basket and rain cov-
ers; Twin £1,219, this includes a chassis, 2
carry cot fabric sets, 2 seat unit fabric
sets, storage basket, under seat basket
and rain covers.
Pros: Easy to convert for one or two kids,
lshopping/storage space, easy to steer,
reversible seats, one-handed seat-recline.
Cons: Feels quite heavy, big when folded,
expensive.
dren’s wear and accessories is also
being ramped up. “Customers are
influenced by how celebrities dress
their children. Also, children them-
selves through media streams such as
TV, and magazines are keen to dress
like their idols.”
It helps that today, every designer
label worth their salt is launching
children’s wear. Stella McCartney (fol-
lowing her hip children’s designs for
Gap) launched her own kids line this
year. Versace is set to launch chil-
dren’s wear next year; Lanvin, the
impossibly chic label designed by
Alber Elbaz, is introducing children’s
designs. They follow Gucci, Dior, Paul
Smith (right) and Marc Jacobs.
Then there’s the accessories.
Harrods just introduced a raft of new
CITYA.M. 6 JUNE 2011
PHIL & TEDS VERVE recline the seat as much or as little was
you want with a string and a toggle –
Phil & Teds’ Verve comes with a tagline
"kids are optional, style is not", and offers making it very flexible for tots fussy about
sleeping positions.
similar flexibility to the Donkey with the
ability to convert to a double from a sin- Cost: Phil & Teds Verve 4WD inline is
£599.95. Kit to convert pram into a dou-
gle. With four wheels – two foam filled at
the front and two pneumatic ones at the ble is £109.95. A carrycot for the pram
(Peanut) is £149.95.
rear, it is equally manoeuvrable. The main
difference is that this pram is stacked, Pros: Can attach second seat, easy to fold
even with second seat on, can stand
with one child on top and one underneath,
causing an immediate problem for my son when folded, easy-to-use hand-operated
and his friend Shiven – also 23 months – brake, big shop-
who both fought over who got to ride on ping
the top. James won, and Shiven, though basket.
closer to the ground, had enough space to Cons:
see well from either side of the pram. His Feels long
seat was easy to slide into the frame, but when push-
slightly harder to get him into it once ing, heavy
attached with the limited space under- taking
neath. Again, it was possible to steer it upstairs.
with just one hand, but it did feel long and
was hard to judge potential obstacles on
the ground at the front of the pram,
before you went over them. Again, it felt
heavy taking it up stairs. But its folding
mechanism is simple and it can fit easily
into a mid-sized car boot. A key advan-
tage was a handlebar, rather than a
foot-operated, brake – making it incredi-
bly easy to lock into place regardless of
your footwear. It also allows you to
covetable brands to its children
department including a glam £880
limited-edition Missoni Bugaboo
pram (complete with matching knit
blanket); luxury baby skincare prod-
ucts by Beginning, and hip baby bags
from Pink Lining. They’re also stock-
ing the 50th Anniversary limited edi-
tion Babybjörn, made with corduroy
and floral fabric from its archives.
The trend has also transformed the
way luxury children’s products are
marketed. Forget cutesy pictures
taken in studios, Burberry’s children’s
campaigns are shot by Mario Testino.
Gucci’s features Jennifer Lopez.
Meanwhile, Alex and Alexa’s looks
like a sophisticated glossy fashion
magazine. What will your child be Left: Bag, by Pink Lining. Clothes, Gucci.
wearing this season? Lucie Greene Harrods.com. Above: Alexandalexa.com
CITYA.M. 6 JUNE 2011 Lifestyle | TV& Games 31

BBC1 BBC2 ITV1 CHANNEL4 CHANNEL5 TV PICK

TERRESTRIAL
6pm BBC News
6.30pm BBC London News
7pm The One Show
7.30pm Saints and Scroungers:
BBC News
8pm CHOICE EastEnders
8.30pm A Job to Get Work –
Panorama
9pm Case Histories
10pm BBC News
10.25pm Regional News 10.35pm
A Question of Sport 11.05pm The
Graham Norton Show 11.50pm
FILM A Lot Like Love 2005
1.35am Sign Zone: Wonders of the
Universe 2.35am Inside the Human
Body 3.35am Great British Railway
Journeys 4.05am-6am BBC News
6pm Eggheads
6.30pm Britain’s Empty Homes
7pm The Story of Ireland: The
country’s battle for home rule
in the 19th century
8pm Springwatch 2011
9pm All Watched Over by
Machines of Loving Grace
10pm Psychoville 2: Dark
comedy thriller, starring Reece
Shearsmith. Last in the series
10.30pm Newsnight: Weather
11.20pm D-Day to Berlin
12.20am Richard Hammond’s
Engineering Connections
1.10am BBC News 4.05am-6am
Close
6pm London Tonight 6pm The Simpsons 6pm Home and Away
6.30pm ITV News 6.30pm Hollyoaks 6.25pm OK! TV
7pm Emmerdale 7pm Channel 4 News 6.55pm 5 News at 7
7.30pm Coronation Street 7.55pm 4thought.tv 7pm Cricket
8pm The Dales 8pm America’s Secret Killers: 8pm The Gadget Show: 5
8.30pm Coronation Street Dispatches News at 9
9pm CHOICE Injustice 9pm CHOICE Embarrassing 9pm The Hotel Inspector
10pm ITV News at Ten Fat Bodies 10pm The Restaurant
10.30pm London News 10pm FILM 27 Dresses 2008 Inspector
10.35pm FILM Taking Lives 12.10am Poker EASTENDERS
11pm FILM Gothika: Horror, BBC1, 8PM
1.15am 24 Hours in A&E. Dealing
2004 starring Halle Berry. 2003. Eddie Moon (David Essex) arrives in
with alcohol-related injuries.
12.30am The Zone: ITV News 12.50am Rough Guide To
2.10am Embarrassing Bodies: Live Albert Square – but while Alfie is
Headlines from the Clinic 3.05am Laid Off 1.05am SuperCasino 4am The delighted to see him, Kat and Michael
2.30am Nightwatch with Steve 3.15am Reasons to Be Cheerful Family Recipe 4.10am Michaela’s are far less welcoming.
Scott 3.25am ITV Nightscreen 3.30am When Hell Freezes 4.50am Wild Challenge 4.55am County
4.35am-5.30am The Jeremy Kyle Wogan’s Perfect Recall Secrets 5.10am Wildlife SOS
Show 5.15am-6.10am Hill Street Blues 5.35am-6am House Doctor

SKY SPORTS 1 WWE: Late Night – Afterburn SKY LIVING E4 Future Weapons 4.40am Nasa’s
SATELLITE & CABLE

6.30pm Live International One-
Day Cricket 10pm Test Cricket
12am The Sky Sports Years 1am
Football’s Greatest 1.30am FIFA
Futbol Mundial 2am Sports
Unlimited 3am Football’s
Greatest 3.30am Watersports
World 4.30am Max Power
5.30am-6am FIFA Futbol
Mundial
SKY SPORTS 2
7pm Prizefighter Boxing 7.30pm
Live Elite League Speedway
9.30pm Wild Spirits 10pm The
Sky Sports Years 11pm Boots ’n’
All 12am Elite League Speedway
2am European Tour Golf 3am
PGA Tour Golf 4am-5.30am
Wonderful World of Golf
SKY SPORTS 3
7pm NASCAR 8pm Test Cricket
10pm NASCAR 11pm WWE:
Late Night – Bottom Line 12am
1am WWE: NXT 2am Live
WWE: Late Night – Raw
4.15am-4.30am Sky Sports
Classics
BRITISH EUROSPORT
12.15pm Live ATP Tennis
8.15pm ATP Tennis 10.15pm
Tennis: Mats Point 10.45pm
Cycling 11.45pm Tennis: Mats
Point 12.15am-12.45am Le
Mans 24 Minutes
ESPN
5pm NBA 7.30pm ESPN Press
Pass 8pm Live International
Football 10pm FIA GT1 World
Championship 11pm
Superleague Formula 12am Live
Major League Baseball 3am
Baseball Tonight 4am ESPN
Press Pass 4.30am WRC:
Access All Areas 5.30am-6am
This Week in Baseball
7pm CSI: Crime Scene
Investigation 8pm Dating in the
Dark 9pm FILM Beverly Hills
Cop 1984. 11pm Criminal Minds
12am CSI: Crime Scene
Investigation 1.50am Ghost
Whisperer 3.30am Charmed
4.20am Nothing to Declare
5.10am-6am Maury
BBC THREE
7pm Don’t Tell the Bride 8pm
Snog, Marry, Avoid? 8.30pm
Young, Rich and Househunting
9pm Gavin & Stacey 10pm
EastEnders 10.30pm World’s
Craziest Fools 11pm Family Guy
11.45pm Young, Rich and
Househunting 12.15am Gavin &
Stacey 1.15am World’s Craziest
Fools 1.45am Don’t Tell the
Bride 2.45am Secrets of the
Superbrands 3.45am Snog,
Marry, Avoid? 4.15am-5.10am
Misbehaving Mums-to-Be
7pm Hollyoaks 7.30pm Friends Greatest Missions 5.30am-6am
9pm Glee 10pm Made in Destroyed in Seconds
Chelsea 11pm Beauty and the
Geek 12am My Name Is Earl DISCOVERY HOME &
1am Ugly Betty 1.45am Beauty HEALTH INJUSTICE
and the Geek 2.30am Being 7pm Bringing Home Baby 8pm ITV1, 9PM
Erica 3.10am Heartland 3.55am Little People, Big World 9pm New series. The professional lives of a
Reaper 4.35am-6am Switched Quints By Surprise 10pm The barrister and a detective intertwine
Mummy Diaries 11pm A&E after a murder at a deserted farm in
HISTORY 12am Quints By Surprise 1am Suffolk. Thriller, with James Purefoy.
7pm Heir Hunters 8pm Pawn The Mummy Diaries 2am A&E
Stars 10pm American Pickers 3am Little People, Big World
11pm IRT Deadliest Roads 12am 4am A Baby Story 5am-6am
Pawn Stars 1am American Bringing Home Baby
Pickers 2am IRT Deadliest
Roads 3am Heir Hunters 4am SKY1
The Universe 5am-6am Ax Men 8pm Stargate Universe 9pm
Cop Squad 10pm Spartacus:
DISCOVERY Blood and Sand 11.15pm
8pm How It’s Made 9pm Bear Caprica 12.15am Drug Wars: EMBARRASSING FAT BODIES
Grylls 10pm Britain’s Toughest DEA 1.15am Night Cops 2.05am CHANNEL 4, 9PM
Cops 11pm Through the Stargate Atlantis 3.35am Bite New series. Doctors Dawn Harper,
Wormhole 12am Bear Grylls Size Brainiac 3.55am Oops TV Christian Jessen and Pixie McKenna
2am Britain’s Toughest Cops 4.20am Airline 5.10am-6am offer medical advice to people who are
3am Deadliest Catch 3.50am Don’t Forget the Lyrics or have been overweight.

COFFEE BREAK
Copyright Puzzle Press Ltd, www.puzzlepress.co.uk

QUICK CROSSWORD
    

SUDOKU KAKURO
39 15 24 38 12 13
14 17 16
7 9 8    
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 3 13
19 38
from 1 to 9 to solve this tricky Sudoku puzzle. adds up to the total in the box 21 22
   
above or to the left of it. 17 16
You can only use the digits 1-9 15 6 11
   and you must not use the
9 22 19
45      
same digit twice in a block.
     The same digit may occur 17 8 3 
23 6
 more than once in a row or
column, but it must be in a
9
10
20
11
 
30 4
   separate block.
13 7 11
45
   5 7 10
 

   ACROSS DOWN
1 Implied (5) 1 Severely damaged by
 
  WORDWHEEL A R
4
7
9
Humble (5)
Constricted (6)
Graven image (4)
tearing or crushing (7)
2 Protective garment (5)
3 Treasure of unknown
Using only the letters in the Wordwheel, you have 11 ownership (5)
   ten minutes to find as many words as possible,
P N
Religious cult practised
chiefly in Caribbean 5 Hollywood’s Beau,
none of which may be plurals, foreign words or
proper nouns. Each word must be of three letters A 12
countries (6)
Cavalryman (6)
Jeff and Lloyd (7)
6 Trail left by an
LAST ISSUE’S or more, all must contain the central letter and
letters can only be used once in every word. There
D E 14
16
Minute life-form (4) animal (5)
8 Tightly twisted
SOLUTIONS
Daybreak (4)
KAKURO is at least one nine-letter word in the wheel.
M S 19 Bunch of cords woollen yarn (7)
10 Mature female deer (3)
fastened at one end (6)
QUICK CROSSWORD 6 1 1 5 6 2 1 22 Official responsible 13 Unite (7)
S C Y S C O W L
9 6 1 4 8 2 7 5 3 SUDOKU          for managing and 15 Sweet Madeira wine (7)
8 6 9 6 8 7 5 protecting an area 17 Bouquet (5)
T O R P E D O A A         
8 9 3 9
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E L I D E P A S S E 3 2 1 1 4 1 7
D S I N L L 7 4 3 6 2 1 9 5 8
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20 Battleground (5)
WORDWHEEL
P E R I S C O P E          ore (4)
9 7 9 7 1 2 5
B G A H A B
1 8 4 9          24 Scattered wreckage (6) 21 Enchantress (5)
A S T E R B A L S A         
L A O I L G
5 3 2 4 1 2 9 The nine-letter words were 25 Coat with fat during
8 9 3 7 2 4 1 6 5         
E L S U N R I S E
BACTERIAL and CALIBRATE cooking (5)
D E L A Y S D L 9 7 5 8 9 3 9         
26 Make angry (5)
 Sport
32

Results
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email sport@cityam.com tive endorsement deals that would “I think right now is the best time Mortensen. in the world.”

‘He’s only 19’: Pour
Moi trainer sticks
up for Barzalona
▲
HORSE RACING
BY FRANK DALLERES
INVESTEC Derby-winning trainer
Andre Fabre has defended 19-year-old
jockey Mickael Barzalona for begin-
ning his celebration before he had
clinched a famous victory in
Saturday’s Classic at Epsom.
The precocious Barzalona stood up
in his riding irons and saluted the
120,000-strong crowd as Pour Moi
neared the end of a race in which he
put the favourite, the Queen’s
Carlton House, firmly in the shade.
But the 22-times French champion
trainer Fabre insisted the teenage
rider had merely been acting with
youthful impulse – before praising
the colt for landing him his first
Derby win at the 10th attempt.
“He’s only 19,” Fabre said of
Barzalona, adding of Pour Moi: “This
is special as he has great speed and
style which wouldn’t fit Epsom. His
acceleration is that of a champion.”
'BJSXBZ
'VSMPOH
The Royal Ascot
Golf Day and Charity Ball
in aid of Cancer Research UK
hosted by Derek Thompson
and horseracing stars
Cancer Research UK is a registered charity in England
& Wa
ales (1089464) and in Scotland (SC041666)
33
“ANOTHER GAME ISN’T GOING
TO MAKE A DIFFERENCE AT ALL”
TERRY DISPUTES TIREDNESS PLAYED A
PART IN ENGLAND’S SWISS MISS: P34
Noren has
no time to
celebrate
Welsh win
Pour Moi’s triumph prompted
bookmakers to slash his odds for the
▲
GOLF
Prix de l’Arc de Triomphe in October
from as long as 16-1 pre-Derby to BY JAMES GOLDMAN
around 4-1 last night. SWEDEN’S Alex Noren sealed the
However, Barzalona was brought second European Tour title of his
down to earth yesterday in the Group career yesterday but revealed he’s
Three Prix de Royaumont Stakes at got no time to celebrate his achieve-
Chantilly, where came last on anoth- ment.
er Fabre-trained horse, Avongrove. The 28-year-old claimed the Wales
Open at Celtic Manor by two shots
Reliable Man wins from France’s Gregory Bourdy and
Denmark’s Anders Hansen.
But instead of toasting his success,
French Derby Noren now heads to Sunningdale for
today’s qualifying tournament for
the Open at Royal St George’s.
RELIABLE MAN summoned a late “It will be weird, but I will look for-
charge to win the French Derby yes- ward to it,” he said. “My driving has
terday, earning trainer Alain de Royer been the best it’s ever been. I never
Dupre his sixth victory in the race. really believed I could do well on
Veteran Gerald Mosse steered Reliable tough courses, but now we play
Man through the field before overhaul- them all the time.
ing Bubble Chic – runner-up ahead of “I’ve proved to myself I can hit a
favourite Baraan – in the final stages. lot of greens and not just rely on my
Barzalona rode Pour Moi to victory in the Investec Derby Picture: ACTION IMAGES short game.”
 34 Sport
TERRY AND FABIO
l Capello: England’s poor show and Euro 2012 slip-up was down to tiredness
l Terry: We weren’t tired – what’s another game when you’ve played 50?
about the Chelsea defender’s private
ENGLAND 2 life before restoring him to the role
earlier this year, which suggested
the two had patched up their differ-
SWITZERLAND 2 ences.
But Capello may take a dim view
of his skipper disagreeing with him
in public. Rather than tiredness,
▲
FOOTBALL
BY JAMES GOLDMAN Terry blamed the concession of two
first half Tranquillo Barnetta free-
ENGLAND captain John Terry has kicks – both of which goalkeeper Joe
risked the wrath of manager Fabio Hart should have dealt better with –
Capello by contradicting the on sloppiness and lethargy.
Italian’s reasoning behind his side’s “They weren’t particularly good
lacklustre display against free-kicks at all, either of them,” said
Switzerland on Saturday. the defender. “We should deal with
The Italian saw his side miss the stuff like that.
opportunity to take control of Group “The first one, there’s enough of
G and enhance their prospects of us in the box to clear it, and it’s gone
qualifying automatically for next straight in. So we’re disappointed
summer’s European Championships with that one.
by stumbling to a 2-2 draw. “I haven’t seen the second one.
Capello blamed the loss of two But it’s not about digging out indi-
valuable points on tiredness and viduals. We work on that as a team
fatigue, but Terry rejected that theo- and collectively we take that respon-
ry out of hand and refused to hide sibility.”
behind such a flimsy excuse. England immediately
“We’re certainly not going to pulled a goal back through
come out here and use an excuse Frank Lampard’s penalty
like that,” he said. “We’ve had 50, 60 after John Djourou had
games this year so another game’s fouled his Arsenal team-
not going to make any difference at mate Jack Wilshere and
all.” Ashley Young came off the
It is far from the first
time Terry has aired his
grievances with his
bench to equalise early in the
second half with a fine
low strike.
inter national
manager with
Striker Darren
Bent then wast-
the infa- ed two glorious
mous press chances – the
conference second an
he held dur- open goal
ing last year’s – to seal
World Cup all three
described at points.
the time as an Te r r y
act of mutiny. said: “I
C a p e l l o thought we
stripped Terry of showed an awful
the captaincy last lot of character
February follow- to come back in
ing allegations the game and
Arsenal star Nasri leaves the door open
for shock transfer to rivals Man United
▲
FOOTBALL
BY JAMES GOLDMAN
ARSENAL midfielder Samir Nasri
admits he could be willing to sever
ties with the north London club and
would consider a controversial move
to Manchester United should the
reigning Premier League champions
make a “concrete” offer.
The former Marseille star, who
joined Arsenal in the summer of
2008 for £15.8m, has one year left on
his current contract and is thought
to be seeking a deal that would bring
Nasri joined him in line with the club’s top earn-
Arsenal in 2008 ers such as Spain World Cup winner
from Marseille Cesc Fabregas and last season’s top
goalscorer Robin van Persie.
Picture: ACTION Arsenal manager Arsene Wenger
IMAGES last week confirmed that talks had
reached deadlock but that under no
CITYA.M. 6 JUNE 2011
give ourselves a few chances to go on
and win it.
“First half, we didn’t really get out
of the blocks and the tempo was a
little bit slow.
“I thought the way we played sec-
ond half was quite encouraging and
I thought we had enough chances to
go on and win the game 3-2 or 4-2.
“We didn’t get the luck we
deserved but we’ve got three games
left and hope to win all three.”
Montenegro failed to make
England pay by dropping two points
themselves in a 1-1 draw against
Bulgaria.
The two sides therefore remain
level on points going into their final
three qualifiers, one of which will
see England travel to Podgorica.
“We’re right in the race still,” said
Terry. “We still need to go there and
that now becomes a must-win game,
so we’re looking forward to that.
“Absolutely [it’s a must-win game]
– it was always looking like that any-
way.
“We get four weeks off now, so go
away, have a couple of weeks off and
get going again. We need to pick up
a win after this.”
Rose strike sparks
England into life
A SOLO goal from Danny Rose helped
England cruise to victory against
Norway in their final friendly before the
European Under-21 Championships.
Chelsea striker Daniel Sturridge
put England ahead inside nine minutes Terry played 49
and Tottenham midfielder Rose struck times for club
a brilliant second five minutes before and country this
the end of the first half. England begin season
their tournament campaign against Picture: GETTY
Spain on Sunday.
Frustrated Bendtner
set to quit Gunners
ARSENAL striker Nicklas Bendtner
says he’s ready to leave the club in
circumstances would the player be last 18 games once he was shunted order to further his career.
sold to United. out to the wing when Fabregas had The Denmark international, who
Nasri, however, appears open to recovered from injury. scored just to Premier League goals
the idea of switching allegiances. Despite that dip in form the 23- last term, spent much of the season on
He said: “Let’s find out if their year-old was voted into the PFA team the substitutes’ bench and, on the
interest is true first, and then we’ll of the year and heads a list of cre- occasions he was given time to
talk about it. ative schemers, which also includes impress, he often found himself out of
“I don’t know if I will sign a new Tottenham’s Luka Modric and Inter position on the right wing.
contract. Anyway, the discussions are Milan’s Wesley Sneijder, who have Primera Liga outfit Sevilla are the
on-going. For the moment, I don’t been linked with summer moves to latest club to become linked with a
want to think about this. Old Trafford. possible move for the 23-year-old,
“We will speak about it after the Although Sir Alex Ferguson is yet with AC Milan and Bayern Munich also
match with Poland [tomorrow]. Do I to confirm his interest United left- rumoured to be considering a bid.
want to go to United? We should see back Patrice Evra last month encour- “I can promise that there won’t be
if their interest is real and if it is con- aged his international colleague to another season like this one,” said
crete first.” turn his back on Arsenal and join Bendtner. “I have decided 100 per
Nasri was Arsenal’s outstanding United in order to win trophies. cent that I must leave Arsenal.
player during the first half of last sea- Nasri played in France’s 1-1 draw “I’ve considered this for a long time
son when he contributed 13 goals by in Belarus on Friday and is expected and was quite clear when I arrived at
the turn of year, but his influence to feature in tomorrow’s friendly in my decision. I’m quite calm and confi-
diminished as the campaign wore on Poland; it is anticipated that talks dent that I’ll be fine at a new club.”
and found the net just once in his will resume upon his return.
 CITYA.M. 6 JUNE 2011 Sport 35

AT ODDS
Brooking blasts Parker wants to protect his England career Picture: ACTION IMAGES

England quitters Parker ready to tell

Allardyce: I want
▲

FOOTBALL teams. There appears to be a reluc-

BY FRANK DALLERES tance with one or two youngsters to
get that tournament experience. I
FORMER England star Sir Trevor come from a generation where I

to quit West Ham

Brooking has slammed the growing
number of players who turn their
backs on international duty, follow-
ing suggestions Tottenham striker
Peter Crouch has become the latest to
opt out.
Crouch is said to have decided not
couldn’t even contemplate such a
thing. I find it amazing.
“There are great rewards out there.
You can become a multi-millionaire
as a club player without playing inter-
national football. But international
football is about individual pride and England career. “Oh yeah, for sure,”

to play for England again while Fabio
Capello is manager, which is likely to
be for another 12 months, after he
did not even make it onto the substi-
tutes’ bench against Switzerland on
Saturday.
It comes after Birmingham goal-
keeper Ben Foster announced he was
taking a temporary break from the
international arena, while Blackburn
stopper Paul Robinson and
Manchester United defender Wes
Brown both retired from England
service last summer.
And it follows the row over
whether senior squad regulars, such
as Arsenal’s Jack Wilshere and Andy
Carroll of Liverpool, should have
performing at the highest level.
“If I got picked at 41, I would have
played, even if I thought I would
make a fool of myself. I just wanted to
play for my country.”
Crouch, 30, has an enviable
goalscoring record for England but
has failed to nail down a regular start-
ing place during Capello’s three and a
half years at the helm.
The former Liverpool, Portsmouth
and Aston Villa striker has scored 22
international goals in 42 appearances
– a better goals-to-game ration
than England’s all-time lead-
ing scorer, Sir Bobby
Charlton.
However, he has started
▲
FOOTBALL
BY FRANK DALLERES
WEST HAM captain Scott Parker has
confirmed he intends to tell new
manager Sam Allardyce that he
wants to quit the club for a return to
the Premier League.
The midfielder, 30, has only a few
seasons left and is not prepared to
wait and see whether Allardyce can
guide the Hammers back into the top
flight at the first attempt.
Tottenham and Arsenal are
thought to be interested in the man
voted Football Writers’ Player of the
Year – and Parker is preparing to ask
for a move in order to safeguard his
said Parker, who played in the 2-2
draw with Switzerland. “That’s where
everyone wants to play, in the
Premier League, and I’m no different.
I’m sure he’ll give me a call and we’ll
go through things.”
The former Charlton and Chelsea
star insists he has given little thought
to who his next club might be and,
following Saturday’s match at
Wembley, is prepared to put thoughts
of his next destination on the back-
burner.
He added: “As soon as that game
ended, I think my main focus was
having a rest and just shutting the
body down.”

SPORT
been part of England’s squad for this only five times in Capello’s 37
summer’s Under-21 European matches in charge and was
Championships. overlooked for the matchday
“No matter what peo- squad for Saturday’s 2-2
ple think about individ-
uals, it is about playing
for your country. You
draw at Wembley,
despite a striker short-
age.
NADAL REIGNS SUPREME
turn up regardless. I Crouch is known
would have turned up
if I was No23 in the
for his easy-going tem-
perament, making the
Spanish ace claims sixth French Open title
squad,” said Brooking,
now the Football
possibility of his with-
drawal from England
Tennis: Page 32
Association’s director availability a surprise
of football develop-
ment.
and another question
mark against the popu-
Fabre sticks up for young Derby hero Barzalona
“We had one or two
issues with age group
larity of Capello’s man-
agement style.
Horse Racing: Page 33

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and are not suitable for every investor. You can lose more than your initial
deposit and you should ensure you fully understand all the risks involved.

Saxo Bank A/S is authorised by Finanstilsynet,

the Danish Financial Supervisory Authority.
Tel: 020 7151 2100 | www.saxobank.co.uk Use a QR scanner on
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